Economy Is Recovering, Job Retention Scheme to Be Kept for June, July - Deputy PM Donev
NW 14:53:32 04-06-2021
LG1452NW.113
113 ECONOMY - EMPLOYMENT - CONTINUING MEASURES
Economy Is Recovering, Job Retention Scheme
to Be Kept for June, July -
Deputy PM Donev
Sofia, June 4 (BTA) - The 60/40 job retention measure will remain in effect for two more months (June and July), Bulgarian caretaker Deputy Prime Minister for Economic and Social Policy and Labour and Social Policy Minister Galab Donev told a news briefing at the Council of Ministers on Friday.
Statistics show that the economy is recovering and returning back to normal turnovers and employment levels for Bulgaria, he pointed out.
"Additional stimuli are being developed jointly with the ministries of finance and economy, so that Bulgarian business, Bulgarian employers and employees could feel solid State support for the implementation of their regular economic activities," Donev said.
The 60/40 measure will continue for another two months within the notified amount of State aid: 1.5 billion leva. Slightly over 1.4 billion leva have been disbursed so far. The balance will be spent to keep the measure going with some adjustments of eligibility thresholds after the European Commission unit in charge of State aid, Donev said.
The National Council for Tripartite Cooperation is expected to meet next week for consultations on the parameters of the measure.
The Government proposes a guarantee under which nearly 250 million leva will be available for guarantees of loans contracted by small and medium-sized enterprises, caretaker Finance Minister Assen Vassilev and Economy Minister Kiril Petkov said at the news briefing.
Under the programme, the State will cover 50 per cent of the bank risk incurred by business. An agreement has already been reached with banks to waive collateral requirements for new loans to SMEs and extend them within ten days of the submission of the application. The loans will be extended to the companies by the banks they use, and the maximum amount that can be borrowed will be equivalent to 70 per cent of the enterprises' revenues for 2019 or 2020. The maturity will be seven years, and the interest will be low, Petkov told BTA.
Vassilev said he is drawing up a Bulgarian Economic Recovery Programme. A revision of the state budget is also being drafted, restructuring the expenditures without increasing the government debt limit, the Finance Minister said.
The Bulgarian prosecution service will check the operation and debts of a company previously owned by National Revenue Agency (NRA) Director General Rumen Spetsov, Vassilev said without specifying a timeframe for the check. Soon after Spetsov was appointed to the office, it transpired that Granex Trader, a company that he sold in April 2016, owes the Exchequer 1.1 million leva which are still outstanding. The NRA has said that the huge debt was built up after the sale. RY/BR/LG
//
LG1452NW.113
113 ECONOMY - EMPLOYMENT - CONTINUING MEASURES
Economy Is Recovering, Job Retention Scheme
to Be Kept for June, July -
Deputy PM Donev
Sofia, June 4 (BTA) - The 60/40 job retention measure will remain in effect for two more months (June and July), Bulgarian caretaker Deputy Prime Minister for Economic and Social Policy and Labour and Social Policy Minister Galab Donev told a news briefing at the Council of Ministers on Friday.
Statistics show that the economy is recovering and returning back to normal turnovers and employment levels for Bulgaria, he pointed out.
"Additional stimuli are being developed jointly with the ministries of finance and economy, so that Bulgarian business, Bulgarian employers and employees could feel solid State support for the implementation of their regular economic activities," Donev said.
The 60/40 measure will continue for another two months within the notified amount of State aid: 1.5 billion leva. Slightly over 1.4 billion leva have been disbursed so far. The balance will be spent to keep the measure going with some adjustments of eligibility thresholds after the European Commission unit in charge of State aid, Donev said.
The National Council for Tripartite Cooperation is expected to meet next week for consultations on the parameters of the measure.
The Government proposes a guarantee under which nearly 250 million leva will be available for guarantees of loans contracted by small and medium-sized enterprises, caretaker Finance Minister Assen Vassilev and Economy Minister Kiril Petkov said at the news briefing.
Under the programme, the State will cover 50 per cent of the bank risk incurred by business. An agreement has already been reached with banks to waive collateral requirements for new loans to SMEs and extend them within ten days of the submission of the application. The loans will be extended to the companies by the banks they use, and the maximum amount that can be borrowed will be equivalent to 70 per cent of the enterprises' revenues for 2019 or 2020. The maturity will be seven years, and the interest will be low, Petkov told BTA.
Vassilev said he is drawing up a Bulgarian Economic Recovery Programme. A revision of the state budget is also being drafted, restructuring the expenditures without increasing the government debt limit, the Finance Minister said.
The Bulgarian prosecution service will check the operation and debts of a company previously owned by National Revenue Agency (NRA) Director General Rumen Spetsov, Vassilev said without specifying a timeframe for the check. Soon after Spetsov was appointed to the office, it transpired that Granex Trader, a company that he sold in April 2016, owes the Exchequer 1.1 million leva which are still outstanding. The NRA has said that the huge debt was built up after the sale. RY/BR/LG
//
EUR 1.9558
USD 1.724
CHF 1.8657