Bulgaria‘s Finance Minister Reveals EU Recovery Fund Payment Delays; PNV Renegotiation Imminent
In a maiden appearance before the budgetary committee, Finance Minister Ludmila Petkova shed light on the intricate details surrounding the country’s Next Generation EU (NGEU) funds, also referred to as the Plan for Recovery and Resilience (PRR). The minister’s candor provided valuable insights into the challenges faced and the upcomingprocesses to secure Bulgaria’s financial future.
Delayed Payments and Hesitation
The minister divulged that Bulgaria has so far received only one installment from the EU’s recovery fund, with a second payment being halted due to unmet reform conditions. Meanwhile, neighboring Croatia is on track to fulfill its entire national plan, as per the finance minister’s account.
Adding to the financial conundrum, Petkova confirmed that Bulgaria’s own PRR is flawed and needs a complete overhaul. Each delay, she warned, puts the already commenced investments at risk of not being completed using European funds, potentially burdening the national budget instead.
In Patrician candor, Petkova disclosed that 9 billion leva intended for capital expenditure in the first two installments have not been disbursed yet.
The Road Ahead: Renegotiation
The minister’s revelations signal the immediate need for negotiations with the European Commission to renegotiate and re-write Bulgaria’s PRR. With the first payment already secured and lessons learned, these discussions could help secure the remaining funds and ensure a smoother disbursement process.
Despite the hurdles, Minister Petkova’s transparency has set the stage for proactive steps towards rectifying the situation and ensuring Bulgaria remains on course for economic recovery and modernisation. Meanwhile, all eyes await the EU’s response and the progress on renegotiating Bulgaria’s PRR.
