Bulgaria is a net beneficiary of the budget and would lose out if the EU fails to plug an expected annual revenue gap of nearly 10 per cent caused by Brexit.
Germany and France, the biggest EU economies, have said they could increase their contributions, with certain conditions, but a group of other wealthier member states led by the Dutch are opposed to having to chip in more.
Finance Minister Vladislav Goranov of Bulgaria, which holds the EU’s rotating six-month presidency, said his country was also prepared to increase its own contribution to the budget by 10 percent, as was currently being discussed.
He said: ”We support the opinion of some countries that in order to maintain the Cohesion Policy and the Common Agriculture Policy an increase of contributions may be necessary.
“In that sense, we are ready to support such a decision.”
The EU’s cohesion policy aims to channel funds to poorer countries and regions through infrastructure and other projects.
EU Budget Commissioner Guenther Oettinger, who will also attend the conference in Sofia, has suggested the next EU budget should be equal to 1.1 or 1.2 percent of the bloc’s total gross domestic product, up from 1.0 percent at present.
EU member states are trying to reach a conclusion for funding loss after Britain’s planned 2019 departure.
Germany and France have warned that funding cuts to EU programmes could damage efforts to tackle immigration and terrorism.
In addition to the forecasted deficit, Europe is also facing the prospect of needing to find an additional £8.85 billion to fund border protection, tackling terrorism and defence projects.
The European Commission has made positive comments regarding Bulgaria’s economy.
The Commission said: “The Favourable economic situation in Bulgaria could help with the implementation of the measures for overcoming the disbalance. 02The strong economic growth and the solid fiscal position represent an opportunity for structural reform, which will accelerate the closeness with the rest of the EU and to decrease the high levels of poverty and inequality.”