In the program “Offensive with Lyubo Ognyanov” on NOVA NEWS, former Minister of Economy Lachezar Borisov commented on the topic of Budget 2026. According to him, Boyko Borisov's decision to “freeze” the budget procedure after the numerous criticisms was correct and economically justified.
Lachezar Borisov pointed out that in macroeconomic theory there is a principle for achieving maximum efficiency, in which two interested parties - in this case unions and employers - can improve their situation through dialogue, without harming the interests of the others.
“This will lead, if we reduce the revenue side, to a certain reduction in some expenses. This balance must be found here, but the important thing is that we maintain the deficit at the 3% norm“, commented the former minister.
He stressed that Bulgaria remains one of the leaders in Europe in fiscal stability, measured by the state debt relative to GDP. Borisov gave the example of countries such as Greece, Italy and Spain, where the debt is well over 100%, while the average level for the EU is around 81.8%.
Expenditure and structural deficits
Regarding the criticism from the opposition about the large expenditures, Lachezar Borisov noted that the current situation is a consequence of the policies of the last four years.
“Over the past four years, budgets have been filled with inflation. The Finance Ministry took money from every citizen through the higher accounts - 20% of them went to VAT revenue“, he said and added that the funds went to long-term policies, which led to a structural deficit.
According to him, it is necessary to return to the financial stability of before 2020 and to maintain the consensus for low tax rates.
Investments and economic growth
Lachezar Borisov highlighted a positive trend in foreign direct investment. According to him, for the period January-September alone, reinvested profit amounted to over 3 billion euros, which is an increase of nearly 30% compared to the previous year.
“This means that this business, which has already invested in Bulgaria, sees and realizes the benefits of the Eurozone and leaves its profit on our territory“, the economist commented. He also noted that investments in the GDP structure have grown by over 9% in real terms.
The Future of “Lukoil“ and Concessions
Regarding the situation with the “Lukoil“ refinery, Borisov stated that it is structurally determining for the economy, the chemical industry and transport. According to him, the measures taken by the government and the derogation have mastered the process at the moment.