Bulgarian Ministry of Finance said on the first meeting of new cabinet that the economy is set for 6.3% decline in 2009.

The Ministry estimates that the budget is in worse condition than projected by the previous government.

He forecasts that the budget revenues will fall 16% in 2009, which equals to BGN2.5 billion gap (€1.28 bilion), which is BGN0.5 billion (€0.25 billion) more than previous projection.

The new government announces that it will be seeking ways to reduce costs in the next months and any amendments to the budget will be proposed in autumn.