Bulgaria will have to raise $2.36 bln this year amid virus crisis -finance minister

The coronavirus crisis will prompt Bulgaria to raise 4.2 billion levs ($2.36 billion) in debt this year to finance an expected fiscal gap and pledges for loan guarantees to businesses, its finance minister said on Tuesday.

Vladislav Goranov said that under an adverse scenario he expected the small and open economy to contract by 3% versus previous estimates of 3.3% growth.

On Monday, the government revamped its fiscal plans to run a deficit of 2.9% of economic output this year and raised the ceiling on the new debt it can raise to 10 billion levs due to the coronavirus pandemic.