Bulgaria’s government will request extraordinary convergence reports from the European Central Bank and the European Commission for entry in the eurozone as it has met the last criterion, on price stability, Prime Minister Rossen Zhelyazkov said in a statement on February 24.

Earlier on the same day, Eurostat released inflation data showing that the average inflation over the past twelve months for the European Union is 2.6%, while that of the members of the eurozone is 2.3%. Bulgaria’s inflation over the past twelve months was also 2.6% and the government said that meets the final criterion.

The government has drafted and will table to parliament a budget for 2025 targeting a 3% deficit, which is also in line with the Maastricht criteria.

A week earlier, Finance Minister Temenuzhka Petkova presented Bulgaria’s draft budget for 2025 to the Eurogroup along with the three-year budget forecast. After the presentation, Petkova got a green light to ask for the extraordinary convergence reports.

The outcome from the reports is expected before the start of summer and Bulgaria expects to receive an invitation to join the eurozone as of January 1, 2026.

Although the government targets a 3% deficit for 2025, some economists have criticised the draft, saying it was unrealistic and the real budget will be much higher. The cabinet projects revenues will increase by BGN2.6bn (€1.3bn), which is seen as risky.

Meanwhile, the government plans to borrow up to BGN16.9bn this year, which would lift the total debt to BGN59.7bn (27.7% of projected end-year GDP) this year, BGN72.4bn (31.9% of GDP) next year, BGN81.5bn (34.3% of GDP) in 2027 and BGN88.9bn (36% of GDP) in 2028.

That would also meet the Maastricht criteria as Bulgaria’s debt should not go beyond 40% of GDP.

“We have faced challenges that we did not address and personalize as we are guided by the principle that whoever looks back is very likely to stumble forward,” Prime Minister Rosen Zhelyazkov said at the start of the February 24 government session.

Parliament should hold a session to vote on the draft budget on February 26. However, the far-right pro-Russian Vazrazhdane party has threatened to block the parliament’s work and prevent the adoption of the budget, thus preventing any chance of euro adoption.

A few days earlier, party members attacked the building hosting the offices of the European Commission and European Parliament in Bulgaria, throwing red paint, Molotov cocktails and stones. Among them were several MPs from the party.