Bulgaria may enter ERM II, the so-called “waiting room of the Eurozone”, in July as long as it meets one last condition, Valdis Dombrovskis, Executive Vice-President of the European Commission, told Bulgarian National Radio.
Small enterprises with at least 20% dip in revenue will be eligible to apply for a piece of the BGN 173m grant funding that is being provided by the EU. The money will be enough for about 20,000 businesses, while the government will seek another BGN 200-300m in support for medium-sized enterprises. The news came from Prime Minister Boyko Borissov after the European Council meeting on tackling the COVID-19 pandemic held via videoconferencing.
Minister of Finance Vladislav Goranov presented the measures that are being taken in support of businesses and citizens at a briefing held at the Council of Ministers headquarters. The eight economic instruments devised by the government will be providing a total of BGN 4.5bn to help businesses, the self-employed, and people who have been forced to take unpaid leave because of the coronavirus crisis.
Before the end of the week Bulgaria will send the documents needed to apply for membership of the European Exchange Rate Mechanism, ERM 2. This became clear from the words of Prime Minister Boyko Borissov during a briefing at the Council of Ministers dedicated to the package of financial measures aimed at coping with the economic consequences of the coronavirus epidemic. He stressed that until this moment Bulgaria has not drawn a loan.
Bulgaria will not give up on its announced plans for entering the Eurozone waiting room. If we enter the waiting room now we will be able to use European aid for overcoming the crisis. This became clear from a statement of Prime Minister Boyko Borissov. He was adamant that the budget deficit will not prevent Bulgaria from applying for Eurozone accession.
Bulgaria is planning to restart its ERM II application procedure by the end of April. This became clear from a statement made Thursday by PM Boyko Borissov. He assured that the country will make up for the delay within a period of 2-3 weeks. The premier shared that he had spoken to ECB President Christine Lagarde and Commissioner Valdis Dombrovskis, who serves as vice-president for the euro. Borissov also noted that Bulgaria is applying alongside Croatia.
Bulgargaz and Gazprom Export have finalized their agreement on a 40.3 per cent reduction of the price at which Russia supplies natural gas to Bulgaria, backdated to August 5, 2019, the Bulgarian company's CEO Nikolai Pavlov told a news briefing at the Council of Ministers on Tuesday.
The economic imbalances of the last year are no longer observed in Bulgaria. This is noted in the winter semester assessment of the European Commission reviewing the economies and reforms in the Member States.
There will be direct flights between Bulgaria and Croatia as of 1 May, the Bulgarian Foreign Ministry said. Croatia's national airline Croatia Airlines will service the flights between Sofia and Zagreb three times a week until the end of October 2020.