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Bulgaria State to Grant BGN 400 M to Support Business

Wednesday, Oct 29, 2008

The ruling triple coalition has approved additional measures to help the real businesses in Bulgaria in the conditions of the global financial crisis, according to the Bulgarian Prime Minister (PM) and leader of the Bulgarian Socialist Party (BSP), Sergey Stanishev.

Stanishev spoke Tuesday, after the conclusion of the meeting of the BSP leadership.

The Premier stated that the three ruling parties have united around the idea to establish an additional investment program, aimed at supporting the Bulgarian economy.

"This program would provide for an additional BGN 400 M off capital investments, on top of the 7% from the Gross Domestic Product that have already been planned," the PM pointed out.

The Premier also spoke about the upcoming significant capitalization of the Bulgarian Bank for Development, which would receive BGN 500 M to use for crediting of the commercial banks.

Stanishev also said that the fuels' excise and taxes would not be increased in 2009 and new industrial zones would be created in different areas of the country.

The Cabinet further plans to increase the retirement pensions in Bulgaria in two steps - first on April 1, 2009 and then on July 1, 2009. The Premier explained that all details about the upcoming economic measures would become clear at the Thursday meeting of the Ministries Council.

Source: Sofia News Agency