Borissov: Bulgaria will apply again for the Eurozone by the end of April

PM Boyko Borissov

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.

If it joins the so-called waiting room to the Eurozone, Bulgaria will have access to more financial resources. “Payments will be approved for us and we will connect to the 'water-main' of the EU,” Borissov said. He reminded that it was no coincidence that Bulgaria has low external debt and sound public finances.

“I should not have wavered when we were so confidently striding towards the waiting room of the Eurozone. You can see how much money they are granting - trillions,” the premier expounded. “We have one more requirement left to meet; we will do it immediately and apply once again for the Eurozone. This latest crisis has shown us that those who are in the waiting room or the Eurozone itself will receive billions (in relief funding), while the rest will have to take out loans. We will apply for the Eurozone by the end of April. I am convinced that we will get in,” Borissov said.

According to the premier, Bulgaria is in excellent financial and economic state, better than even some Eurozone countries. “We are making some changes to the economy so that we do not run into trouble later,” Borissov said. He pointed out that the country has over BGN 10bn in fiscal reserves. The option to borrow another BGN 10bn, which was laid out in the recently reviewed public budget, is to be used when the money runs out so that there are enough funds for doctors, police officers and the army, and in order to avoid delayed payments of pensions and salaries.

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