The draft state budget for 2027 does not solve the problems facing society, has no vision or prospects, and envisages high inflation, a larger deficit and tax increases. This was stated by former Finance Minister Temenuzhka Petkova on the NOVA program „Offensive with Lyubo Ognyanov“.
Petkova commented on the projected deficit of 4.2% of gross domestic product and the forecast inflation rate of 4%. According to her, raising the maximum insurable income represents a hidden increase in social security contributions.
In her words, if Prime Minister Rumen Radev describes the budget as a „truck without brakes“, she sees it as „a plane with no pilot“. Petkova said that those in power had increased spending by nearly €2.8 billion and had contributed to the deficit being presented as 5.7% of GDP. She also challenged the way the 2025 budget balance had been reported.
The Dispute Over the Road Infrastructure Agency’s Expenses
The former finance minister also commented on the reports by the National Audit Office concerning the expenses of the Road Infrastructure Agency. Petkova rejected claims about unpaid liabilities and invoices that had not been recorded in the accounts.
„There is not a single invoice that has been issued and not paid,“ Temenuzhka Petkova said.According to her, the report mentions 1,077 certificates that had not been accepted and approved by the Governing Board of the Road Infrastructure Agency. Petkova said this meant that the relevant work had not been accepted and that there were no grounds for the expenses to be reported for 2025. She also questioned the way the audit had been commissioned, claiming that the terms of reference had specified in advance what the auditors were expected to establish.
Criticism of Revenue and the Pension Pillar
Petkova described the projected growth in total revenue for 2027 compared with 2026 as insufficient. According to her, the increase amounts to €1.45 billion. By comparison, she said that the government of Rosen Zhelyazkov had collected €7 billion more in revenue in 2025 than in the previous year, while tax and social security revenue had risen by €4 billion.
She also commented on the abolition of 5,000 established positions, saying that these were vacant posts and that the impact on the budget would be limited.
Petkova also criticized the communication surrounding the possible redirection of funds from the second pension pillar to the National Social Security Institute. „If the prime minister did not know, that is already a problem,“ she said. In an official position, Finance Minister Galab Donev stated that no such proposal existed in the documents submitted to the European Commission or in the draft budget.
According to Petkova, citizens and businesses will directly feel the expected increases in taxes, electricity costs and toll fees. The budget procedure is expected to begin with a meeting of the National Council for Tripartite Cooperation.
Sources: nova.bg