Caretaker Finance Minister Georgi Klisurski addressed questions regarding the recent reduction of the Bulgarian Development Bank’s (BDB) capital, explaining the timing of the decision. Speaking at a joint press conference with caretaker Regional Development Minister Nikolay Naydenov, Klisurski stated that the caretaker Cabinet waited until after the elections to approve the withdrawal of EUR 1.4 billion in unused capital from the BDB, preventing the issue from becoming a “political football.”
The decision, passed during the Council of Ministers’ weekly meeting on Wednesday, allows the withdrawn funds to flow back into the State budget. Caretaker Prime Minister Andrey Gurov had previously described the BDB as a “piggy bank” that issues large loans without ensuring full repayment.
Klisurski affirmed that the caretaker Government remains operational, validating its actions. He emphasized that the State is the sole owner of the BDB’s capital and retains the authority to adjust it. While the cabinet decision was the first step, the minister noted that subsequent approval from the Bulgarian National Bank and the European Central Bank is mandatory.
Addressing concerns about the disbursement of EUR 80 million under the Municipal Investment Programme, Klisurski expressed confidence in the bank’s ability to pay out the funds. He detailed that the BDB’s current capital level remains robust relative to the program’s approved expenditure. The minister concluded by stating that future adjustments to the bank’s capital and other state-owned companies will fall under the purview of the incoming government.
Topics: #caretaker #minister #cabinet
