Financial and business news from Bulgaria

Economy Minister with very good news for the hard hit by K-19

Up to 6900 BGN of interest-free credit can take all individuals hit by the crisis. This was announced by Minister of Economy Lachezar Borisov in front of Nova TV.
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So far the ceiling is 4500 BGN The interest-free loan is taken by commercial banks that have concluded an agreement with the Bulgarian Development Bank - it is the guarantor of this measure.

The credit moratorium until 31 March 2021 is a breath for people. Yesterday I spoke with the Association of Banks, which prepare their regulation and will soon announce it, said Minister of Economy Lachezar Borisov.

Based on the materials to be prepared and submitted to the National Bank for approval, the procedure for rescheduling the loans will become clear. The decision is taken jointly across the EU, the European regulatory body gives uniform guidance.

For the last 3 months, BGN 1.1 billion have helped businesses through the measures of two ministries - social and economic, Borissov said.

He explained that because European money is being worked, procedures may be slower because of the large bureaucracy. But anyone who wished and their documents were fine received help, the minister said.

Our policy is to reach all the victims - whoever has asked for help, to receive it, he said.

Two and a half months 60 assessors from the ministry worked around the clock to examine 27 000 applications from small businesses, Borisov added.

He also commented on the new measure to compensate up to 20% of the turnover of the affected businesses. He explained that in addition to the companies, there is also direct assistance for the workers through the social ministry - 24 BGN per day.

According to Borisov, the budget has buffers and even in crisis implements policies - health care, recovery of the economy.

The second quarter was most affected by the whole economy - not only in the EU but also in Bulgaria - then we had over 8% decline, but it was smaller than other member states.

However, we have seen an increase in consumption, which is thanks to the government's measures, Lachezar Borissov said.

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