BULGARIAN ECONOMY
Bulgaria's President Imposes Partial Veto on Budget Revision Act
The President Rosen Plevneliev returned some provisions of the Law amending the 2013 State Budget Law for reconsideration in the National Assembly, saying the government have not shown enough transparency in its use of public money.The budget revision proposal has passed second reading in Parliament on 1st August, 2013.
The President explained that the package of social measures included in the budget update constituted a very small share of the earmarked expenses.
Plevneliev pointed out that there was insufficient information about how the new debt of BGN 1 B would be spent.
He noted that he failed to see serious plans about policies and reforms in support of competition and economic growth.
The President of the Republic stated his motives for issuing a decree and exercising his right of a veto within the meaning of Article 101, paragraph 1 of the Constitution of the Republic of Bulgaria and returns for a reconsideration in Parliament the provisions of § 1, concerning Article 1, paragraph 1, section I. "Revenue", item 1 "Tax Revenue", § 1 concerning Article 1, paragraph 2, section "II. Expenditure", item 4 "Contingency Reserve", § 2, item 3 (which amends the wording of § 13, paragraph 1 of the Transitional and Final Provisions of the 2013 State Budget of the Republic of Bulgaria Law) and item 4 (which establishes a new § 14а) of the Law amending the 2013 State Budget of the Republic of Bulgaria Law.
The Speaker of the National Assembly, Mihail Mikov, is convening an extraordinary sitting of the National Assembly at 10 am, Friday, August 30th, 2013. The agenda foresees revision of the Law on amendment and supplement of the 2013 State Budget Act of the Republic of Bulgaria.
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