UDF demands the introduction of a fiscal board in Bulgaria

UDF (Union of Democratic Forces) will propose a fiscal board to be introduced in Bulgaria, stated yesterday UDF Chairman Martin Dimitrov after a meeting of the National Executive Council. He added that this could happen only after the Law for the Structure of the State Budget and the Constitution were amended.

Dimitrov explained that the introduction of the Board will lead to the reduction of interest rates, increased foreign investments and GDP growth. The UDF leader called on Finance Minister Simeon Djankov to support the idea. Dimitrov further explained that the fiscal board should be based on calculations of the budget balance in compliance with the methodology of the European Commission (EC). "Germany has recently introduced such a board and the first positive impact of it was the reduction of interest rates," commented the UDF leader. He added that the board would guarantee that our country would not be fined by the EC because of excessive deficits. According to the rightists, another positive effect of the proposal will be the possibility for tighter parliamentary control over the spending of the public funds. Dimitrov explained that currently two of the parties in Parliament - GERB (Citizens for European Development of Bulgaria) and Ataka party - could vote any budget deficit they want.