There will be a new cabinet too
On November 13th, the Bulgarian people elected the Socialist-backed Mr. Rumen Radev, a general and a former commander of the Bulgarian Air Force, to be their new president. Mrs. Iliana Iotova, current Member of the European Parliament, will become the 5th Vice President of Bulgaria.
The ruling party’s candidate Mrs. Tsetska Tsacheva, nominated by the now former Prime Minister Mr. Boyko Borisov, was left far behind with only 36.16% of the vote. Following the result of the second round of the elections, Mr. Borisov tendered his resignation on Monday, 14th November, as he felt that the national support was no longer rested with the sitting Parliament and the respective cabinet. The National Assembly voted and accepted the resignation of the cabinet, which means that premature parliamentary elections will take place, most probably in March or April 2017. In the meantime, an interim government will be appointed.
This political shuffle is a positive sign for the Bulgarian business and investment environment, as it is expected to create a more predictable and better balanced government. The newly elected President and Vice President have announced foreign investment as one of their top priorities, which should result in an improved business climate and stronger investment opportunities. As a result, the Bulgarian investor program for residence and citizenship is expected to reach an even higher level of efficiency, competitiveness and attractiveness among immigrant investors across the globe.
Even though the administration is expected to go through a couple of turbulent months, the financial and economic outlook of the country will be improved in the medium to long run. In 2016, Bulgaria has registered the second highest economic growth in the European Union, following that of Romania.