Bulgaria promises aid after two devastating earthquakes hit Turkey
President Radev has sent an official letter of condolence to Turkey's President Erdogan following today's devastating earthquakes in Turkey that have led to initial reports of more than 2000 deaths, with the death toll expected to rise dramatically.
The whole southeast region of Turkey, including parts of northern Syria, were hit by two earthquakes in quick succession, registering a magnitude of 7.8 and 7.7.
Bulgaria has promised to send two "Spartan" jets to the Turkish city Adana, as well as rescue teams, including doctors and volunteers. Defence Minister Dimitar Stoyanov added that Bulgaria was ready and willing to supply further humanitarian aid to Turkey.
Moody's says Bulgaria may have to wait for Eurozone entry
Bulgaria is capable of entering the Eurozone in 2024 but this will likely be delayed until at least 2025, according to Moody's Bulgaria, the business rating company.
Moody's also confirmed that the long-term rating of Bulgaria in foreign and local currencies is Baa1 with a stable outlook for the future.
The country's rating was upgraded from Baa2 to Baa1 in October 2020. This was mostly related to the country's entry into the waiting room of the Eurozone - ERM II.
New minimum wage mechanism
A new mechanism determining the minimum wage was adopted last week following years of delay. The formula will fix the minimum wage at 50% of the national average based on a period of 12 months, and will be implemented next year. While this is expected to bring predictability to businesses and employees, employers' organizations and unions have reacted derisively.
If the mechanism were already applied, the minimum wage this year would be around BGN 809 instead of the current BGN 780. The expectations for next year are that it will reach around BGN 900.