Prime Minister Denkov: With a sustainable budget, income growth is possible every year

Prime Minister Acad. Nikolai Denkov and Minister of Finance Assen Vassilev discussed the preparation of the framework of the state budget for 2024 and the government's income policy with the leaderships of the CITUB and "Podkrepa" trade unions on November 2. In the course of the meeting, the Ministry of Finance undertook to provide the trade unions with detailed analyses on the basis of which the social partners will elaborate their opinions on the issue, the government press service said.

Regarding the macro framework, Minister Vassilev pointed out that the government intends to stick to a deficit below 3%. Discussions with individual ministries on the spending side of the budget are ongoing. Achieving specific results will be key in the determining of funding.

Income growth will outpace inflation. Public sector incomes policy is currently being developed so that it is implemented on the basis of actual measures and imbalances are addressed.

"The calculations are being done carefully. The budget has to be sustainable - under this condition there can be income growth every year. High incomes and education is our goal," said PM Acad. Nikolai Denkov.

According to him, the principle of "cheap labour", followed for years, does not work for the development of the economy and does not motivate people.

The Prime Minister also highlighted the need for political stability in the country, attraction of serious investments, intolerance to corruption and conducting judicial reform as important prerequisites for economic development. Prime Minister Acad. Denkov was adamant that the government would propose spending public funds in the most efficient way possible.