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Prime Minister admits plan to tap second-pillar pension funds

Deputy Prime Minister and Minister of Finance Galab Donev has acknowledged a plan to withdraw funds from contributions intended for second pensions and has signed a letter to the European Commission regarding these funds. This development comes after the government had previously reversed a stance on seizing second-pillar pension funds. Bozhidar Bozhanov, Co-chair of Yes, Bulgaria, reportedly caused a stir by revealing the letter.

The government of Prime Minister Rumen Radev has presented the draft 2027 national budget, which forecasts a 3.5% deficit, a reduction of 5000 positions, and measures to control salary increases. The budget also includes new social benefits and a plan to increase all insurance thresholds. Opposition parties, including GERB–SDS, Democratic Bulgaria, Vazrazhdane, and Movement for Rights and Freedoms, have sharply criticized the proposed fiscal framework, describing it as inflationary and warning of increased public debt.

In other developments, judges are currently voting to elect six new members to the Supreme Judicial Council, a crucial step for judicial reform. A drone found near the Shabla coast has been identified as a Russian Geran-2 and was detonated by the military, though Tourism Minister Ilian Dimitrov stated the incident has not harmed the country's tourism reputation. Additionally, Bulgargaz is demanding that Toplofikatsia Sofia settle an outstanding debt exceeding 900 million euros.

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Deputy Prime Minister Donev Confirms Pension Fund Withdrawal Plan

Deputy Prime Minister and Minister of Finance Galab Donev has acknowledged a plan to withdraw funds from contributions intended for second pensions and has signed a letter to the European Commission regarding these funds. This development follows earlier reports of the government reversing its stance on seizing second-pillar pension funds. Bozhidar Bozhanov has reportedly caused a stir by revealing this letter.

Government Presents Austere 2027 Budget Amid Opposition Outcry

Prime Minister Rumen Radev's government has presented the draft 2027 national budget, forecasting a 3.5% deficit, a reduction of 5000 positions, and measures to control salary increases. The budget also includes new social benefits and a plan to increase all insurance thresholds. Opposition parties, including GERB–SDS, Democratic Bulgaria, Vazrazhdane, and Movement for Rights and Freedoms, have sharply criticized the proposed fiscal framework, calling it inflationary, a "terrible slide," and a…

Judges Vote for Supreme Judicial Council Members

Judges are currently casting their votes to elect six new members to the Supreme Judicial Council (VSS), a critical step for the reform and functioning of Bulgaria's judicial system. Questions are being raised about potential negotiations and agreements among the new members.

Russian Geran-2 Drone Found and Detonated Near Shabla

A drone discovered near the Shabla coast has been identified as a Russian Geran-2 and was subsequently detonated by the military. Tourism Minister Ilian Dimitrov stated that the incident has not damaged Bulgaria's tourism reputation, with interest in the country reportedly increasing.

Political Commentary and Stock Market Perspectives

Ivo Hristov, Deputy Prime Minister, has declared the democratic opposition in Bulgaria to be politically defunct, reflecting a critical view of the current political parties. Separately, Manio Moravenov, a Professor at the University of Finance, Business and Entrepreneurship, suggests that Bulgaria should embrace the stock exchange as a vital instrument for economic growth, with recent reports highlighting a "second peak" and resurgence in the SOFIX stock index.

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