/ world today news/ The budget update will be presented by the Acting Minister of Finance Asen Vasilev to the participants of the Third Public Council initiated by him. For now, it is known that additional revenues can be secured in the treasury, with which to ensure the modernization of pensions already this year and a resource for new measures in case of potential restrictions on business activity due to a new wave of Covid-19.
About a month ago, the minister Asen Vassilev announced that a budget update is being prepared, which will be submitted to the 46th National Assembly
“At the moment, what we are seeing is an anticipatory implementation of the revenues, as a result of one time the better economic situation, the second time – the actions of the NRA on collection.
We expect this revenue overrun to be between a billion and a billion and a half, respectively, additional costs of between a billion and a billion and a half can be set in the expenditure part, without disturbing the deficit,” explained Minister Vasilev.
For updating pensions – the indicative deadline is the beginning of October, and the idea is to include the 50 BGN supplement in the basic payment. For now, we are mainly working on two options, presented by the Deputy Prime Minister and the line minister Dove Donev:
“One option is a recalculation of pensions with insurance income, whether 2018 or 2019, the estimates are different. The funds needed for this are different, about BGN 3 billion, and the other option is the contribution that each pensioner has from the participation in the insurance – the work experience and the coefficient by which each year of work experience is multiplied by participation in the insurance”.
How this will combine with new measures to support business in the event of a new lockdown in the autumn and without an increase in the deficit, as well as with the need for more payments on contracts revealed by ministers – mainly in road construction and repair, which weigh on the treasury, remains to be seen let’s find out.
#Acting #Minister #Finance #presents #budget #update
