Still on course for Eurozone in 2025
Bulgaria is preparing to join the euro no later than January 1, 2025 according to the Ministry of Finance.
The country's progress was reportedly discussed at meetings held between Finance Minister Rossitsa Velkova with the President of the eurogroup Pascal Donahue and with the European Commissioner Valdis Dombrovskis during the ECOFIN meeting on April 27-28. Bulgaria's measures to control inflation and lower the budget deficit were also broached.
The ministry stressed that postponing the deadline for eurozone entry after January 1, 2025 was not discussed and that joining the single currency remains a priority and work is continuing to achieve this. The talks came against the backdrop of some media reports that Bulgaria would delay entry until 2026 or 2027.
Vazrazhdane wants to pause solar installations
Bulgarian nationalist party Vazrazhdane is pressing for a moratorium on the construction of solar installations on agricultural land. The party, which is pushing forward a bill to that effect, also claims that the law does not differentiate how state or municipal land is being lent to investors.
The idea is to stop all solar projects, which are planned to be built on municipal or state land, until an ordinance is passed to regulate how the status of the lands gets changed.
The draft decision is already in parliament and can be voted on within days. However, the request is supported by contentious arguments and most likely will not receive majority support from MPs.
Bulgarian military complex sells more arms
The state owned weapons company (VMZ) has sharply increased its sales in the first quarter of 2023. As expected, the company reports an increased demand for its production, likely due to the war in Ukraine. However, the arms dealer Kintex obviously did not take advantage and its revenues dwindled, reporting a loss.
Overall, VMZ's sales increased 830% in the first quarter.
Still on course for Eurozone in 2025
Bulgaria is preparing to join the euro no later than January 1, 2025 according to the Ministry of Finance.
