Bulgaria to raise its fiscal deficit target over F-16 purchase

Bulgaria plans to raise its 2019 fiscal deficit target to about 2% of economic output from current 0.5% to finance the $1.26 billion deal to buy eight new F-16 aircraft from the United States, Finance Minister Vladislav Goranov said on Friday.

Goranov said the government will propose the changes in the state budget on Monday, pointing that Sofia plans to pay for the war planes in full, but funds have not been earmarked in the budget.

"Bulgaria can pay its dues on the deal in full. After the changes the fiscal deficit target will increase to 2%," the finance ministry quoted Goranov as saying.