Bulgaria's Bold Budget Reforms: Aiming for Stability by 2028

Bulgaria plans to curb its budget deficit to 5.7% by 2026, aiming for a 3% target by 2028, according to Finance Minister Galab Donev. The European Commission recently proposed disciplinary action for exceeding EU deficit limits, with Bulgaria's deficit potentially reaching 7.4% this year.

Bulgaria is making strides to manage its budget deficit, planning to decrease it to 5.7% by 2026, with a target of reaching 3% by 2028. This announcement was made by Finance Minister Galab Donev during the government's presentation of the 2026 budget proposal.

Earlier proposals from the European Commission suggested disciplinary actions against Bulgaria due to its excessive budget deficit, which currently exceeds EU-imposed limits. Donev emphasized the urgency to address the deficit, which might escalate to 7.4% this year.

The outlined financial reforms aim to stabilize the country's economy over the coming years, aligning closer with EU regulations and avoiding further sanctions.