The President of Bulgaria Rumen Radev announced on May 5, 2021, that he will call a snap parliamentary election for July 2021. He also added that he will name a technocrat interim cabinet next week after the politicians failed in a third attempt to form a government a month after an inconclusive vote.
Prime Minister of Bulgaria Boyko Borissov failed to form a new coalition government after the widespread anger at the corruption in the poorest country of Europe had hit support for his center-right GERB Party in the elections of April 4, even though the party remained the biggest group in Parliament.
After PM Borissov’s attempts failed, so did the attempts by a new anti-elite party led by the TV host Slavi Trifonov. Even any efforts of forming the government by third-largest party, the Socialists also failed, who finally abandoned their attempts on May 5.
Bulgaria’s President to form interim cabinet:
While commenting on an ongoing political crisis in the country, the President of Bulgaria stated that the country needs a strong-willed political alternative, which the current Parliament has failed to provide.
He added that next week he will be dissolving the Parliament and will appoint an interim government and that in this situation, an election is expected to take place on July 11.
President Radev further added that he planned on appointing experts to the caretaker cabinet. He, however, did not reveal his choice to be Prime Minister.
The Cabinet has been expected to include the members of the Socialist Party which have already confirmed that it will support Radev in his own re-election bid in a Presidential vote due in autumn.
Will there be a stable coalition in Bulgaria?
A recent poll has shown that GERB has remained the most popular party, however, its major rival, Trifonov’s There Is Such a People, is a close second.
The poll raises a clear prospect of continued fragmentation in Bulgaria which the politicians will continue to struggle to form a stable coalition.
Prolonged political uncertainty can delay reforms:
The ratings agency Fitch stated on May 4, 2021, that the prolonged political uncertainty in the country is unlikely to undermine the prudent fiscal policies of Bulgaria and its commitment to adopt the euro currency, mainly because of the broad political consensus on these issues in Sofia (capital of Bulgaria).
Fitch, which also rates Bulgaria at investment BBB grade with a positive outlook, stated that a political deadlock can delay reforms that are required for the efficient tapping of the EU’s 750 billion Euro coronavirus Recovery Fund.
Challenged to be faced by the caretaker government:
The caretaker government to be formed by the President of Bulgaria will mainly face a challenging agenda of managing the economic and health crisis that has been triggered by the COVID-19 pandemic within a tight budget that it cannot amend. Another challenge will be of ensuring a fair election in the country.