Bulgarian FinMin: President Is Clueless about Economy

Bulgarian President, Georgi Parvanov, has shown many times that he is clueless when it comes to economy and his experts have no clue either.

The statement was made Tuesday by Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, in the aftermath of Parvanov's televised words that Bulgarian retirees are paying the social price of the economic crisis.

"I will have to visit the hometown of Pernik of our Communist President (Parvanov is the former leader of the Bulgarian Socialist Party, BSP) when during the time of his term, the term of a Socialist cabinet and a Communist Mayor they could not get organized to fix the damage of the city's theater. The building burned down during their term as well, and now I have to fix it," Djankov said.

The Deputy PM stated that he would not allow money from the State budget to be spent on election campaigning as it was the norm during previous cabinets in the last months of their terms in office.

Djankov assessed the privatization of the Bulgarian State-owned tobacco monopoly Bulgartabac Holding as "successful," but declined comments if part of the funds from the deal is going to be used to up the minimum retirement pensions.

The money from the sale is supposed to be deposited in the Retirement Fund, not the State budget.

The Deputy PM voiced optimism about revenues in the budget, saying the National Revenue Agency, NRA, has been able to make up their delay in collecting revenues by BGN 30 M and the Customs Agency – by BGN 80 M.

When asked if Bulgarians are to expect another increase in the work wages for 2012, Djankov replied:

"We can make better forecasts for next year unlike the current one – Bulgarian public finances are more stable, so as early as November we will know what opportunities we will have."