The updated revenue plans are moving at a good pace, but the actual financial crisis is expected to unfold at the beginning of next year, said Prime Minister Boyko Borissov during a regular meeting of the government.
He said global economies are still not recovering and there are no indicators that Bulgaria has managed to take hold of the health and economic crisis in the country.
Borissov stressed that democracy is not just rights but also responsibilities. He urged the public to abide by the current coronavirus measures in order to avoid city closures and the introduction of new and more strict restrictions.
“Writing an executive order takes minutes, however, the situation calls for national unity led by the political elite. Dire times lie ahead of us. Earlier this month we spoke of entire sectors threaten by bankruptcy. The updated version of the 60/40 job protection measure works at full pace. We offer not only loans but direct financing as well and we are very cautious in our approach because funds are extremely limited. Only as very recently Melburn served as an example for one of the most prosperous cities in the world and yet it went under lockdown for six weeks. Imagine us coming up with such an executive order. Do we really need to resort to such measures,” said PM Borissov.
“I find quite intriguing the calls of the right political specter for the introduction of new lockdown measures. Each member of the public is perfectly aware that wearing a mask, maintaining high levels of hygiene, and keeping safe social distance prevent the spread of the virus.”
PM Borissov stressed that the reintroduction of lockdown measures would be devastating for the Bulgarian economy. Social and financial systems won’t be able to cope with the situation if we keep walking towards 80/20 with little to no revenue, he said.
“The system is going to collapse if the funds for crucial state sectors get preemptively depleted. Shutting down the economy is easy, learning to live with the virus, however, is what we should be aiming at right now.”
