Bulgaria risks losing at least 2 billion leva (1 billion euros) in European funding due to the National Assembly’s failure to approve amendments to the Recovery and Sustainability Plan, along with the new chapter and updated roadmap for climate neutrality. Acting Deputy Prime Minister and Finance Minister Lyudmila Petkova warned at a media briefing following the Council of Ministers meeting that the worst-case scenario could see the country losing several billion levs, forcing the national budget to cover the shortfall.
Petkova explained that Bulgaria is still on its second payment under the plan and cannot request subsequent installments without completing the required investments. There is also a risk that the country might have to return part of the funds from the first payment.
The changes to the Recovery and Resilience Plan must be submitted by mid-October to avoid losing the funding, as the European Commission and Council require time for internal approval, which could take up to two months.
Petkova noted that the potential loss of EU funds is not accounted for in next year’s draft budget, but acknowledged that it could jeopardize the fiscal sustainability criteria needed for the introduction of the euro. She added that while the impact on fiscal sustainability is uncertain, it poses a significant risk that could affect the overall budget.
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Publish date : 2024-09-27 08:46:00
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The post Bulgaria Faces Risk of Losing 1 Billion Euros in EU Funding, Warns Finance Minister – Novinite.com first appeared on Love Europe.
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Author : love-europe
Publish date : 2024-09-27 15:47:51
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