Bulgarian State Pension Fund Gap Seen at 250 Million Lev in 2011

Bulgaria’s National Insurance Institute, the state-run pension fund, will have a deficit of 250 million lev at the end of the year, Finance Minister Simeon Djankov said in the Sofia-based parliament today answering a lawmaker’s querry. The deficit will be financed by revenue from the customs service and not from the fiscal reserve, Djankov said.

Bulgaria’s fiscal reserve was 5 billion lev at the end of August, while the eight-month budget deficit narrowed to 1 percent of estimated economic output from 2.2 percent a year ago, according to the Finance Ministry.

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