Bulgaria's government debt has not increased by 10 billion euros in a year. Data from the Bulgarian National Bank show that the gross external debt of the "General Government" sector reached 18.846 billion euros at the end of July 2026. This is an increase of 1.0508 billion euros, or 5.9%, compared to July 2025.
The figure of about 10 billion euros refers to the growth of short-term external liabilities of all sectors of the economy, not to the government debt. They increased by 10.1003 billion euros, or 109%, and at the end of July amounted to 19.3626 billion euros.
The main growth is in the liabilities of the BNB
The country's total gross external debt is 69.8143 billion euros, which is 14.572 billion euros more than a year earlier. The most significant change is in the external liabilities of the Bulgarian National Bank. They increase by 8.715 billion euros and reach 10.6042 billion euros.
The BNB points out that the increase is related to the distribution of euro banknotes within the Eurosystem after Bulgaria's accession to the euro area on January 1, 2026. This obligation is reported in the central bank's statistics and does not represent new debt assumed by the government to finance budget expenditures.
New financing approaches the annual limit
Separate from the external debt statistics, in 2026 the state actively issued new bonds on the domestic and international markets. The maximum amount of new government debt that can be taken on during the year is EUR 10.1 billion, including up to EUR 3.26 billion under the European SAFE instrument.
“The financing provided since the beginning of the year to date in the form of government securities on the domestic and international markets amounts to EUR 6.5 billion“, the Ministry of Finance states. Together with the ratified SAFE agreement, the used capacity reaches about 97% of the annual limit.
The adopted budget framework sets the government debt to reach about EUR 37.7 billion at the end of 2026. This is a forecast for the total amount of liabilities at the end of the year, and not equivalent to an annual growth of EUR 10 billion.
Sources: mediapool.bg