Bulgaria revises 2020 budget to run fiscal deficit of 2.9%/GDP

Bulgaria revised its fiscal target to a deficit of 2.9% of economic output this year from initial plan to run a balanced budget to reflect the increased spending and an expected drop of revenues due to the coronavirus crisis, the government said on Monday.

The government also raised the ceiling on new debt it can raise in 2020 to 10 billion levs from 2.2 billion levs, it said in a statement.

The government will seek parliament approval for the 2020 budget revision.