5.69 billion euro heads to Sofia - finally
Bulgaria's revised recovery and resilience plan was finally approved by European finance ministers today. Brussels' approval of the plan frees up a total of 5.69 billion euro in grants for Sofia. Bulgaria's initial plan had been sharply rebuked by the EC.
Bulgaria has pledged to implement 57 projects and 46 reforms by the end of 2026. The government submitted a draft revised plan after the sum allocated to Bulgaria was cut by 578 million euros due to a better than anticipated economic performance in 2021 and 2022. To fit the new budget, 17 projects were removed from the plan.
Industrial production down but rate of decline steadies
The industrial production index in Bulgaria continues to fall, but is declining at a slower pace, according to the calendar-adjusted data of the National Statistical Institute for October. On an annual basis, the industry shrank by 5.4%. Compared to September, there is a slight increase of 2.6%.
The overall decline is due to the worsening economic situation in Bulgaria's main trading partners. On an annual basis, the biggest decline is in the production and distribution of electricity and heat and gas - by 10.1%, in the processing industry - by 5.5%, and in the mining
industry - by 1.5%.
National holiday will still be on March 3rd
A proposal to make May 24 the new national holiday instead of the current March 3, which commemorates National Liberation Day, has been dropped between the first and second reading in parliament.
In the beginning, the proposal sparked debates and a commission was formed which collected signatures for a referendum on the subject. This was supported by GERB, but party leader Boyko Borissov subsequently withdrew the proposal.
May 24 commemorates the Day of Slavonic Alphabet.