Bulgaria can raise up to $5.5 bln in new debt in 2020-parliament

Bulgaria can raise up to 10 billion levs ($5.52 billion) this year, almost five times more than initially planned to alleviate the economic impact of the coronavirus pandemic and finance an expected its fiscal gap, the parliament decided on Monday.

The lawmakers rubber-stamped a revision in the 2020 state budget that sets a new fiscal deficit target of 3% of GDP and expects the small and open economy to contract by 3% this year over the stringent measures to contain the decease.

Bulgaria, one of the least indebted European Union member states, can raise up to 4.8 billion euros ($5.19 billion) on global markets. It can also raise debt on the local market or seek loans at international financial institutions. ($1 = 1.8123 leva)