MoF expects a deficit of BGN 183.2 million under the Consolidated Fiscal Programme as of end-November 2020

Based on the preliminary data and estimates, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of November 2020 is expected to be negative, amounting to BGN 183.2 million (0.2% of the forecast GDP).

Key CFP parameters based on preliminary data and estimates:

As of November 2020, CFP revenues, grants and donations are expected to be BGN 39,707.3 million, or 89.4% of the annual estimates^[1]. Compared to the same period of the previous year, CFP revenues have shrunk by BGN 146.5 million, with tax and non-tax revenues being lower by BGN 587.4 million, while grant proceeds have risen by BGN 440.9 million. There has been a gradual improvement in the major taxes in the recent months, which gradually sets off the delay in the first months after the pandemic outbreak.

As of November 2020, the Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 39,890.5 million, which accounts for 83.3% of the annual estimates. For comparison, the CFP expenditures as of November 2019 amount to BGN 38,553.0 million. Expenditures were generated this month in relation to some socio-economic measures aimed at minimising the crisis implications, including payments under the 60/40 measure, a monthly pension allowance of BGN 50, payments for farmers, as well as other expenditures under the measures approved.

The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.11.2020, amounts to BGN 1,184.8 million, which complies with the existing legislation in the area of EU own resources, i.e. Council Decision 2014/335/EU on the system of own resources of the European Union, Council Regulation (EU, Euratom) No 608/2014 of 26 May 2014 laying down implementing measures for the system of own resources of the European Union and Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements, as amended by Council Regulation (EU, Euratom) 2016/804 of 17 May 2016.

The statistical data and the Information Bulletin on the Execution of the State Budget and the key Consolidated Fiscal Programme indicators based on the monthly data on cash execution of first-level spending units as of November 2020 will be published on the website of the Ministry of Finance at the end of December 2020.

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^[1] Estimates to the Law amending the 2020 State Budget of the Republic of Bulgaria Law (promulgated in the State Gazette, issue 34/2020, effective as from 9.4.2020).