#ThePossibleBudget – BESCO’s Vision for a Financial Framework with a New Philosophy

BESCO, the Bulgarian Entrepreneurial Association, supports the decision of the Council of Ministers to present a new draft budget and expresses its readiness to contribute expertise to the creation of a draft with a new philosophy — a budget of wellbeing and growth.

#ThePossibleBudget places emphasis on economic growth, investment, innovation and support for honest businesses and entrepreneurs across the country.

Our vision is for an optimistic and ambitious financial framework for Bulgaria in 2026, one that supports the light economy, creates incentives for development and helps conscientious workers and employers.

For us, #ThePossibleBudget is grounded in economic growth, investment and innovation, as well as in the encouragement of business, entrepreneurs and conscientious workers throughout Bulgaria.

To emerge from the grey economy, we extend a hand to honest business through concrete solutions across two time horizons.

In the short term, we see the need to preserve the tax and social security framework and to drop the envisaged increases in contributions and the dividend tax. A reduction of personnel costs to below 10% of GDP is needed, along with swift measures to reduce overall expenditure by at least 1% of GDP.

Political will is also important for a common plan for the long-term limitation of budget expenditure, including new rules for public sector wages linked to real economic growth, rationalisation of public sector employment and the introduction of a fair minimum wage model that protects both the state and business.

In the long term, we propose the adoption of a multi-fund pension model that stimulates genuine investment activity and higher returns. Incentives for angel investment and research and development are needed to unlock the country's innovation potential.

BESCO also supports a reform of legislation with clear criteria for public-private partnerships, which can bring more investment to key sectors.

The partial privatisation of inefficient state companies through the stock exchange in the form of minority stakes will contribute to more effective management, stronger public oversight and greater investor interest.

Also important is the transition of employees from the administration to the private sector through joint programmes between the state and business, which improve labour force mobility and reduce the administrative burden.

BESCO believes that these ideas can contribute substantially to the wellbeing of Bulgaria. In 2026, our country can make a choice for a financial framework that creates opportunities and clear conditions for the development of the economy.