Bulgaria's Eurozone Aspirations: Fitch Ratings Affirms Positive Outlook
Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
Bulgaria is grappling with significant challenges in its defense sector, as revealed in the 2023 Defense Status Report. The report, accepted by the Bulgarian government, underscores the pressing need for legislative measures to address critical shortages and prepare the nation's reserve forces for potential threats.
According to the report, the shortage within the Bulgarian army has surged from just over 19 to 21 percent within a year. Particularly alarming is the increase among officers and sailors, rising from 23 to 26 percent and 24 to 27 percent, respectively. Furthermore, the voluntary reserve stands at a meager 16 percent, highlighting a concerning lack of readiness in case of emergencies.
One of the primary reasons cited for the unattractiveness of the military profession is the discrepancy between military salaries and those offered in the civilian labor market. Despite multiple salary increases, the report notes that military pay remains uncompetitive, failing to entice prospective recruits. Additionally, poor working conditions and outdated weaponry further deter young people from considering a career in the armed forces.
Medical examinations pose another hurdle, with 25 percent of applicants failing to meet the required standards. Moreover, malicious information campaigns aimed at manipulating public opinion regarding Russia's actions in Ukraine have exacerbated the negative perception of the military and the state's role in security.
The report also highlights a concerning trend in the decline of individuals who have undergone mandatory military training, discontinued in 2007. At a rate of 5 to 7 percent per year, the number of trained individuals is dwindling, with projections suggesting the reserve could be completely depleted within 15 years. In response, the report recommends initiating a public discourse on the potential reintroduction of mandatory military training to bolster national defense capabilities.
The findings of the 2023 Defense Status Report underscore the urgent need for action to address critical deficiencies within Bulgaria's defense sector. With looming threats and a shrinking reserve, swift legislative measures are imperative to safeguard the nation's security and preparedness for unforeseen challenges.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Bulgaria's Parliament has taken a significant step towards acquiring eight multi-role F-16 Block 70 aircraft and associated support by ratifying Amendment No. 2 to the Letter of Agreement (LOA) BU-D-SAB.
In an announcement made on Friday, Flotilla Admiral Georgi Penev, Deputy Commander of the Bulgarian Navy, revealed plans for significant upgrades and modernization within the naval forces
Specialists from the United States have conducted an inspection of the repair work at Bulgaria's air base near Graf Ignatievo
Vazovsky Machine Building Plants (VMZ) in Sopot have achieved a remarkable milestone, recording a staggering BGN 828 million in net sales revenue for the year 2023, doubling compared to the previous year
The Bulgarian National Assembly has unanimously voted in favor of a 30% salary increase for military personnel
Tensions in the Black Sea region have escalated, following Russia's invasion of Ukraine, as NATO announces plans to bolster its military presence, with a new base set to be established in Bulgaria
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022