Bulgaria's Parliament has taken a historic step by approving the nation's inaugural state budget denominated in euros during its first reading. The legislative body cast 131 votes in favor, 87 in opposition, and recorded zero abstentions on this groundbreaking fiscal document. This marks a significant milestone as Bulgaria prepares for eurozone integration, yet the approval process revealed deep fissures within the political establishment and sparked considerable alarm among business circles and economic observers.

The Coalition's Narrow Victory

The ruling party GERB contributed 63 parliamentary votes, while the Movement for Rights and Freedoms (DPS), now operating under the "New Beginning" banner, provided 28 endorsements. The Bulgarian Socialist Party offered 19 votes, "There is Such a People" contributed 17, and four independent deputies rounded out the 131-vote majority. Notably, the ruling coalition expedited the parliamentary process by reducing the period for amendments between the first and second readings from fourteen days to merely three, signaling an urgency that opponents characterized as circumventing adequate democratic scrutiny.

The opposition mobilized significant numbers, with 33 deputies from "Revival" voting against the measure, 34 from "We Continue the Change-Democratic Bulgaria," 10 from the Alliance for Rights and Freedoms, and 10 from "Morality, Unity, Honor" (MECH). The legislative body separately rejected the Supreme Judicial Council's proposed budget by a single vote, with 133 MPs abstaining and 84 opposing - a decision that eliminated salary increases for judicial personnel who would have received an additional 6,000 leva monthly (approximately 3,070 euros) atop their existing 24,000 leva (approximately 12,300 euros) compensation.

The Fiscal Framework's Magnitude

This budget framework represents unprecedented expenditure levels for the Bulgarian state. Total revenue and expenditure projections exceed 50 billion euros, with the state budget deficit anticipated at 3.6 billion euros. The framework authorizes new debt issuance of 10.8 billion euros and establishes a maximum external debt ceiling of 37.6 billion euros by 2026's conclusion - equivalent to approximately 31 percent of gross domestic product. Notably, Finance Minister Temenuzhka Petkova emphasized that Bulgaria maintains among Europe's lowest debt-to-GDP ratios, though this assertion drew sharp rebuke from opposition benches.

The exchange rate utilized in budget calculations stands at 1.95583 leva per euro, the official conversion rate applied throughout the document. Significantly, state expenditures reach 45.8 percent of gross domestic product, representing a record-high proportion of economic output allocated to government operations.

Social Provisions and Wage Adjustments