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  • (DF) S&P Global Re-affirms Bulgaria's BBB Credit Rating, Stable Outlook

    November 28 (BTA)- S&P Global Ratings announced re-affirming its long- and short-term foreign and local currency sovereign credit ratings on Bulgaria at BBB/A-2, and keeping a stable outlook. Its expectations are for Bulgaria's economy to rebound quickly after the Covid-19 pandemic. The credit ratings agency said that it expected Bulgaria's 2020 gross domestic product to shrink by 4.5 per cent, compared to a decline of 6.5 per cent projected back in May, as domestic demand was more resilient than expected and mitigated a sharp drop in external demand. Bulgaria was in a "relatively strong external and fiscal position" at the beginning of the coronavirus crisis, which should enable a robust recovery over the coming years. "Fiscal space is available, since prudent financial policies over recent years have kept net general government debt below 15 per cent of GDP so far. We think external vulnerabilities are manageable after years of external net deleveraging thanks to recurring current and capital account surpluses, also supported by EU fund inflows," S&P Global said. The agency said that Bulgaria's economy would benefit from a rise in external demand as it expected the country's most important trade partners to recover in 2021. This was seen resulting in a four per cent economic growth rebound for Bulgaria next year. S&P Global attributed Bulgaria's "somewhat milder economic contraction" in 2020, compared to other countries in the region, to the Cabinet's swift policy response of imposing tight restrictions while Covid-19 infections were low, coupled with fiscal support measures. The credit ratings agency also notes Bulgaria recent political volatility and the anti-government protests earlier this year. "In the absence of a major political shift, we expect the new parliament's composition could mirror the current fragmented political landscape, which will make the formation of a viable government coalition challenging," S&P Global said. "In all likelihood, this could result in a protracted coalition forming or even the necessity for a rerun of the elections. In any case, we expect the political decision-making process to become more complicated." Going forward, S&P Global said it could raise Bulgaria's credit ratings if its economic recovery coincides with quicker fiscal consolidation or a stronger external performance than currently projected, or if Bulgaria makes progress in joining the euro zone. On the downside, ratings could be cut if the economic contraction was deeper or the subsequent recovery was delayed. "This would likely result in protracted fiscal consolidation and continuously rising net public debt over the next few years. Although unlikely over the medium term, we could also take a negative rating action if we observed increased imbalances in Bulgaria's financial sector," the credit ratings agency said. * * * Commenting the re-affirmed credit rating by S&P, Prime Minister Boyko Borissov said in a Facebook post that according to the rating agency's world experts, Bulgaria is one of the countries with the lowest pace of GDP decline and that with the viable external competitiveness the country will soon return to a swift GDP growth. Together with a report by Moody's of nearly two months ago, this is the latest good assessment of Bulgaria coming from a reputable international agency which shows that the measures of the government are in the right direction and yield results. "The world experts disprove the assumptions of our opponents about a bankruptcy of the State. The government is successful in keeping the country's economy and the finances despite the pandemic which has been torturing the entire world," Borissov said. LN/ZH
    29 Noviembre 2020, 08:00
  • Над 100 години застраховане и над 10 млн. евро

    Една от знаковите сгради за стара София - бившата централа на ДЗИ на бул. "Цар Освободител", има нов собственик. Тя е продадена от Весела Кюлева на собственика на "Хидрострой" Велико Желев за 10.85 млн. евро. Застрахователят ще запази офиса си там, а новият собственик обещава да съхрани автентичния ѝ облик. Едва ли са много столичаните, които няма да я разпознаят. Дългогодишната централа на ДЗИ на бул. "Цар Освободител" е една от знаковите сгради на стара София, а куполът ѝ със статуята на...
    28 Noviembre 2020, 08:00
  • Потиснати хотели в Италия стават апетитна плячка за чуждестранните инвеститори

    Кризата създава риск от принудителни продажби във фрагментирания и затънал в дългове сектор
    28 Noviembre 2020, 08:00
  • (DF) President Radev Slams Next Year's Budget, Won't Veto It

    November 27 (BTA) - President Rumen Radev described next year's State Budget as devastating and based on the "After me, the deluge" philosophy. The head of State, however, said he will not veto the 2021 State Budget Act. He was speaking here on Friday to journalists during the foundation-stone laying ceremony for a new church in Sofia's Izgrev residential district. The event was also attended by Vice President Iliana Iotova and Sofia Mayor Yordanka Fandakova. The budget is not just unrealistic, but is already inadequate in the current circumstances, let alone the challenges expected next year, said Radev. The next government will be faced with a very unfavourable situation, the President noted, adding that this budget will plunge the country further into debt with its ever less competitive economy. Asked to comment on the declared anti-epidemic measures, which will be in effect between November 28 and December 21, Radev described them as hasty and belated in terms of a balance between health, economic and social measures. He further said that opportunities were missed to take action this summer and now the Government is trying to suggest that the sick are the ones to blame. Bulgarians are dying not because of the coronavirus, but mostly because of the chaos in managing the crisis and because they are denied access to health care, which is enshrined in the Constitution. They are dying of poor quality of life, lack of preventive health care and the hampered treatment of other diseases that are no less dangerous, Radev said. Later on Friday, Deputy Prime Minister Tomislav Donchev commented in Parliament on Radev's assessment of the conclusively adopted 2021 State Budget Act by saying that the President is using a "disgusting technology for political dividends". According to Donchev, Radev's words are not confirmed by the data of a single international financial institution; on the contrary, Bulgaria will continue to be among the countries with the lowest debt. Labour and Social Policy Minister Denitsa Sacheva in turn described the President's criticism against the measures that are being applied and next year's State Budget as "yet another political quibble", which continues to undermine trust in the institutions, instead of offering alternative solutions. According to Sacheva, this budget is exclusively aimed at the people, as it includes a number of social measures for the elderly, people with disabilities and employment retention schemes. *** Commenting on the Republic of North Macedonia's European perspective, Rumen Radev said that for many years the Government had been making generous promises about unconditional support for its neighbour's EU membership, and the results are visible today. "Very late, after a huge delay, the Government remembered that it has to uphold the national interest, which is why it found itself in isolation after failing to convince our European partners that the conditions of Bulgaria's national framework position, adopted by Parliament with a consensus, should be included in the negotiating framework," he said. According to Radev, it would be a grave mistake if prime ministers Boyko Borissov (of Bulgaria) and Zoran Zaev (of North Macedonia) "pull off a theatrical performance in front of the audience" and sign yet another wishful declaration, like the agreement from 2017, without clear criteria, without verification mechanisms and without means to measure compliance. Bulgaria has the biggest interest and desire for the Republic of North Macedonia to get its European perspective, Radev said. "In this situation, after Bulgaria failed to include its requirements in the negotiating framework, it has to agree on the start of negotiations after the objective historical facts are recognized and after the process of eliminating hate speech and the abuse of our national identity and sovereignty becomes sustainable and irreversible," the Bulgarian head of State said. Asked about Parliament' decision not to convene a Grand National Assembly, Radev said that the incumbents' draft constitution came to an end that is even more humiliating than its inception. According to him, the Prime Minister is using the Constitution only to win a few more months in power so that the incumbents can hold the next general elections according to their system. According to Radev, the ambassadorial appointments must be put on hold until the next parliamentary elections. He noted that there is a cycle of changing ambassadors, adding that he insists that proven professionals and career diplomats should be appointed. The political quota of appointed ambassadors has dropped from 35 per cent to less than 20 per cent, the President said, adding that has worked towards this. Bulgaria should not be just sending ambassadors to run embassies, but send people who uphold this country's interests, broaden partnerships and help Bulgarian businesses in every possible way so that there can be a more aggressive export-oriented policy. NV/MY /МЙ/
    28 Noviembre 2020, 08:00
  • Пандемията се отрази сериозно на бизнеса с къщи за гости

    Резервациите намаляват още от миналия месец след ръста на новозаразени с коронавирус, твърдят от бранша
    27 Noviembre 2020, 08:00
  • (DF) Sofia Welcomes Remarks by North Macedonia's Prime Minister as "Small Step in Right Direction"

    November 26 (BTA) - An opinion expressed by North Macedonia's Prime Minister Zoran Zaev in an interview for a Bulgarian news agency on Wednesday was described by Bulgaria's Deputy Prime Minister and Defence Minister Krassimir Karakachanov on Thursday as "a small step in the right direction."
    27 Noviembre 2020, 08:00
  • Airbnb и други загуби

    Докато при покупко-продажби на имоти спадът в сделките вече е преодолян, а цените останаха стабилни, при наемите COVID-19 успя да сгъсти облаците. С разразяването на пандемията наемният пазар в София, а и в повечето големи градове на страната усети няколко труса. Първият дойде с приземяването на авиацията и чуждестранния туристически поток от хора в София и удари директно краткосрочния пазар и имотите, предлагани през Airbnb и Booking. А към това се прибави неизвестността по отношение на бъдещат...
    26 Noviembre 2020, 08:00
  • Нова Зеландия ограничава кредитирането заради страх от жилищен балон

    Цените на жилищата са нараснали с 20% по време на най-тежката рецесия в историята на страната
    26 Noviembre 2020, 08:00
  • (DF) Parliament Continues Adopting 2021 State Budget Act

    November 25 (BTA) - The National Assembly continued adopting the 2021 State Budget Act on second reading at an over seven-hour sitting on Wednesday. Independent MP Pavel Shopov was made to leave the debating chamber after refusing to put on a face mask. The state budget scheme for next year envisages that revenues will total 27,051,399,400 leva, expenditures 15,817,840,100 leva, and transfers 15,268,824,000 leva. Bulgaria's GDP is forecast to grow by 2.5 per cent in 2021, and the state budget deficit is projected at over 5 billion leva. A cushion of 600 million leva is planned in case the COVID-19 situation worsens and extra resources are necessary. BSP for Bulgaria, the main opposition group in the National Assembly, did not support the state budget, arguing that it would undermine financial stability and plunge the country into a debt spiral. For the budget of the Council of Ministers, the legislature approved an expenditure cap of 66,930,000 leva, including 66,903,300 leva in newly incurred liabilities. The National Assembly's revenues are set at 1,500,000 leva, and expenditures at 83,015,400 leva. The expenditures of the President's Administration will amount to 8,976,500 leva. The expenditures of the judicial system will total 880,317,000 leva, including 330,268,400 leva for the prosecution service, 434,162,200 leva for the courts, 4,387,100 leva for the National Institute of Justice, and 9,871,500 leva for the Inspectorate of the Supreme Judicial Council. A reserve of 600,000 leva will be set aside for unforeseen expenditures and/or emergencies in the system. The Constitutional Court will have 5,579,600 leva to spend next year. Revenues in the Justice Ministry's budget are set at 61,500,000 leva, and expenditures at 364,814,900 leva. The National Ombudsman will use 3,639,200 leva in public money. In the field of healthcare, the MPs approved 783,982,000 leva in Health Ministry expenditures. The policy of public health promotion and control will be financed with 144,455,300 leva. An expenditure cap of 449,838,700 leva was approved for the Health Ministry. This is the limit for newly incurred liabilities. The Ministry's revenues, including aid and donations, are projected at 37,500,000 leva. For the labour and social policy portfolio, expenditures will amount to 1,838,147,400 leva. An allocation of 47 million leva will go towards supporting pensioners whose pension(-s) is/are no more than 369 leva per month. Each one of them will receive a one-off food allowance of 120 leva. The National Assembly defeated a motion by Dora Yankova of BSP for Bulgaria and other MPs to allocate 3 million leva for protection against domestic violence. Another failed proposal was that of the Movement for Rights and Freedoms, who suggested that the association should be granted a state subsidy of over 1 million leva. Defence, Police, Foreign Affairs Defence spending includes resources for a multi-role patrol ship for the Navy and armoured vehicles for the Land Forces, as well as for an integrated system and infrastructure for the introduction and operation of the new F-16 fighter jets. The Defence Ministry's budget is set at 1,625,116,700 leva. The Interior Ministry's expenditures are projected at 1,950,273,400 leva. The Foreign Ministry's budget of 150,557,900 leva includes 128,447,700 leva for the development of an effective diplomatic service, 1,189,700 leva for public diplomacy, and 20,920,500 leva for active bilateral and multilateral diplomacy. Education and Science The Education and Science Ministry's budget totals 808,219,600 leva. The transfer to the Bulgarian Academy of Sciences is set at 117,857,000 leva. The Macedonian Scientific Institute will get 100,000 leva in financing. The Bulgarian Association of Families from Macedonia was allocated 35,000 leva on a proposal by United Patriots. The MPs rejected a proposal by the Bulgarian Socialist Party for an allocation of 100,000 leva to the Thracian Scientific Institute. Environment, Economy, Energy, Tourism The budget of the Environment and Water Ministry was set at 64,645,800 leva; of the Economy Ministry at 101,329,300 leva; of the Energy Ministry at 73,724,000 leva; and of the Tourism Ministry at 25,053,000 leva. Culture The Culture Ministry's expenditure was set at 245 million leva. The Chitalishta Union as a nationally representative organization of the community centres (chitalishta) was allocated 140,000 leva. Agriculture, Regional Development, Transport The expenditures of the Transport, Information Technology and Communications Ministry were set at 330,870,000 leva. Subsidies and other current transfers to non-financial enterprises total 250,561,000 leva. Capital expenditures are projected at 8,490,900 leva, while revenues, grants and donations total 175,930,700 leva. The Regional Development and Public Works Ministry will have a budget of 910,921,100 leva. The revenues and expenditures of the Agriculture, Food and Forestry Ministry are projected at 149,386,000 leva and 243,475,200 leva respectively. Special Services The expenditures of the State Agency for National Security were set at 137,551,000 leva. The expenditures of the State Intelligence Agency are projected at 49,958,900 leva, of the National Service for Protection at 47,879,500 leva, and of the Counter-corruption and Unlawfully Acquired Assets Forfeiture Commission at 23,400,700 leva. Central Election Commission (CEC), Council for Electronic Media (CEM), Energy and Water Regulatory Commission (EWRC) The CEC was allocated 5,791,000 leva for the holding of fair, lawful and free elections and national referendums. CEM's budget envisages revenues, grants and donations of 1,200,000 leva and expenditures for the regulation of the radio and television market of 2,916,000 leva. EWRC's revenues and expenditures are projected at 10,720,000 leva and 9,333,900 leva respectively. Payroll expenses were set at 7,714,300 leva and capital expenditures at 176,000 leva. Transport Subsidies and Transfers Subsidies of 32 million leva were approved for unprofitable bus services (urban passenger transport and transport in mountain and other regions). Sofia Municipality will get 11 million leva for urban transport. The National Railway Infrastructure Company will get an allocation of 195 million leva and a transfer of 140 million leva. A transfer of 109 million leva was approved for BDZ Passenger Services. The Bulgarian Ports Infrastructure Company will get a transfer of 148,471,000 leva. State Fund Agriculture The expenditures of State Fund Agriculture were capped at 370.9 million leva. Its own revenues are projected at about 3.5 million leva. The maximum expenditure commitments are projected at 327.4 million leva, while new commitments were capped at 325.4 million leva. Public media In 2021, the Bulgarian News Agency will receive 6,649,000 leva, the Bulgarian National Television 82,322,700 leva, and the Bulgarian National Radio 54,070,900 leva. The State e-Government Agency will have a budget of 33,066,000 leva. The National Bureau for Control of Special Surveillance Means will receive 1,693,700 leva. RI/VE, DD //
    26 Noviembre 2020, 08:00
  • Сингапур е новият притегателен център за купувачи на имоти от Хонконг

    Градът държава отдавна привлича вниманието на дългосрочни инвеститори заради стабилността си, а това може да повиши цените
    25 Noviembre 2020, 08:00