July 19, 2019 / 12:47 PM / 3 months ago

Bulgaria parliament approves fiscal deficit of 2.1% of GDP for 2019

SOFIA, July 19 (Reuters) - Bulgaria’s parliament approved changes on Friday to the 2019 budget bill that will see Balkan country’s fiscal deficit quadruple from its initial target to 2.1% of economic output.

The one-off jump in spending is needed to finance a $1.26 billion deal to purchase eight F-16 aircraft from the United States this year.

Finance Minister Vladislav Goranov said the positive economic outlook and tax collection year-to-date would allow Sofia to make the payment without putting the country’s finances at risk.

The head of the budget commission in parliament, Menda Stoyanova, said she expected Bulgaria to end the year with a deficit below 2% of GDP, given robust economic development. (Reporting by Tsvetelia Tsolova)

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