Bulgaria wants defence spending excluded from budget deficit, PM says
Tweet
Share
E-mail
FILE PHOTO: Rosen Zhelyazkov, the prime minister-designate of Bulgaria's centre-right GERB party, speaks as he presents cabinet proposal to Bulgarian President Rumen Radev, in Sofia, Bulgaria January 15, 2025. REUTERS/Spasiyana Sergieva/File photo
(Reuters) -Bulgaria will ask for defence spending to be excluded from its budget deficit, BTA news agency quoted its prime minister as saying on Monday, as Sofia tries to meet key requirements for joining the euro zone next year.
In March, Bulgaria approved a 2025 budget targeting a deficit of 3% of economic output.
But European Union member states are being encouraged to increase spending on defence under EU rearmament plans driven by Russia's war in Ukraine and fears that Europe can no longer be sure of U.S. protection.
The European Commission, the EU executive body, has already proposed that defence spending be exempt from limits imposed by EU rules on government debt.
BTA quoted Prime Minister Rosen Zhelyazkov as saying during talks with European Council President Antonio Costa that Sofia would ask the Commission to adopt a national derogation clause for defence to allowing non-compliance with EU budgetary rules.
Defence spending in Bulgaria will account for over 2% of GDP this year, Zhelyazkov was quoted as saying, with a further increase possible if an exclusion clause is in place.
(Reporting by Daria Sito-Sucic; Editing by Timothy Heritage)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jensen to market: We're so back
- Former Malaysian PM Ismail Sabri charged with concealing assets
- Factbox-List of nationalities of missing tourists in Nepal flood
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
