Radev warns of debt spiral, slams 2026 budget plan

President Rumen Radev has said that the refinery in Burgas should be managed by a reliable owner with the resources to support its development, describing government control as an option only in extreme situations. During remarks made in Karlovo, Radev voiced concerns that the current administration could repeat past missteps, referencing the case of Bulgartabac, if the state assumes control of Lukoil Neftochim Burgas.

Turning to the proposed 2026 state budget, Radev criticized it as a political tool crafted to meet eurozone requirements, rather than a document that encourages economic growth. He argued the draft law lacks vision, necessary reforms, and growth incentives, and warned it could deepen debt. The president also called for more respectful and transparent consultations with social partners, noting it was unreasonable to expect feedback on hundreds of pages of budget documents within hours. Responding to questions about sanctions under the Magnitsky Act, Radev commented on the shifting political alliances, saying efforts to mislead the international community would ultimately fail.