Bulgaria's Ministry of Finance published comments from Finance Minister Temenuzhka Petkova stating that Bulgaria has met the numerical Maastricht criteria and has submitted a request to the European Commission and the European Central Bank to prepare extraordinary convergence reports as part of its push to join the euro area. The update links the euro adoption objective to the need for a regular government and public finance stabilisation, and criticises the prior "Radev model" period for weakening public finances. It flags pressure in the energy sector, pointing to the Botas contract as requiring about BGN 1.050 million per day and describing Bulgargaz as being close to bankruptcy, while also claiming efforts to restore momentum under the Recovery and Resilience Plan. Separately, it highlights municipal capital spending in Targovishte, including 25 projects listed in Appendix 3 to the State Budget Act with a total value of BGN 52 million. Next steps centre on the European Commission and European Central Bank preparing the requested convergence reports.
Ministry of Finance (Bulgaria) 2025-04-25
Bulgaria's Ministry of Finance says it meets Maastricht criteria and seeks extraordinary euro area convergence reports
Bulgaria's Ministry of Finance announced meeting the Maastricht criteria and requested convergence reports from the European Commission and European Central Bank to advance euro area accession. Finance Minister Temenuzhka Petkova linked euro adoption to stabilizing public finances and criticized the previous administration for fiscal weakening. The ministry also highlighted financial pressures in the energy sector and municipal capital spending initiatives.