BCCI does not approve the proposed bill to update the 2014 State Budget, except the increase of health funds
Representatives of employers’ organisations and trade unions were introduced to the Budget Update on 10th November 2014 at the Ministry of Finance.
In the first place, BCCI is of the opinion that when there are more funds planned for the various sectors, each institution should provide information to the taxpayers on what exactly it tends to improve in its activities to reach a better and of higher quality service.
From the other hand, businesses have concerns that we won’t hold the 3-percent deficit limit by setting its value on a cash basis up to 3.7% of the consolidated fiscal program (BGN 2 992.7 billion). This means moving away from the criteria for acceptance in ERM II and distancing from the positive effects on Bulgarian economy.
BCCI thinks that the increase in public debt will adversely affect the overall economic environment in our country, and will worsen international assessment of Bulgaria, which shall be bad signal to investors. In terms of the proposal to issue new public debt, the BCCI is of the opinion that it is necessary to exploit the potential of the fiscal reserve.
BCCI does not approve the proposed bill to update the 2014 state budget, except the increase of health funds. Regarding the budget on NHIF for 2014, the BCCI deems it as extreme, but with the clear position that allocation of additional funds in unreformed systems without being bound to specific reforms in any area, shall bring negative results.