Ex-finance minister wary of Bulgarian Development Bank
Simeon Djankov, the newly appointed chairman of Bulgaria's Fiscal Council, labeled the Bulgarian Development Bank (BDB) a "parasitic structure" and expressed concern over the possible appointment of BDB executive Rosen Karadimov as head of the Competition Protection Commission.
Djankov, a former finance minister under Boyko Borissov, criticized the bank despite the government's recent allocation of an additional 4 billion leva to support its operations. He also pledged to prioritize a Fiscal Council report evaluating BDB, asserting that the bank has failed to deliver meaningful projects in recent years.
Additionally, Djankov warned that corruption scandals involving Bulgaria's EU prosecutor and gas storage contracts could delay the country's entry into the eurozone. However, he remains committed to securing eurozone membership by January 1, 2026, leveraging his relationships with key EU officials, including Christine Lagarde and Valdis Dombrovskis.
Reduced demand lowers gas prices
State-owned company Bulgargaz has proposed a natural gas price of 75.08 levs per megawatt-hour (MWh) for April, marking a 14.3% decrease compared to March, according to BNR.
The proposal was announced by Bulgargaz CEO Veselin Sinabov during an open session of the Energy and Water Regulatory Commission (KEVR). Sinabov attributed the price drop to reduced demand, as the end of the winter season lowers consumption, increasing the influence of Azerbaijani gas in the pricing mix.
This adjustment reflects the broader seasonal decline in energy demand and the resulting price benefits from diverse supply sources.
Industrial sector declines, whilst construction rises
In March, the overall business climate indicator fell by 0.5 points compared to February, driven solely by a 3.9-point decline in the industrial sector, according to a National Statistical Institute (NSI) survey of business managers.
Persistent challenges include an uncertain economic environment and labor shortages across all sectors. The decline in industry reflects more cautious assessments and subdued expectations from industrial entrepreneurs regarding their business outlook, along with less optimistic forecasts for production activity over the next three months.
Meanwhile, the construction sector saw a 0.9-point improvement, with a growing share of managers expecting construction prices to rise in the near term.
Ex-finance minister wary of Bulgarian Development Bank
Simeon Djankov, the newly appointed chairman of Bulgaria's Fiscal Council, labeled the Bulgarian Development Bank (BDB) a "parasitic structure" and expressed concern over the possible appointment of BDB executive Rosen Karadimov as head of the Competition Protection Commission.
