After more than half a month of work, Ferdinand finally finalized the main outline of the "Third Five-Year Plan." But when Finance Minister Kennedy saw the final total investment, he exploded!
"Your Majesty, isn't this figure too large? Eight billion lev! You're planning to pour all of Bulgaria's fiscal revenue for the next five years into this!" Kennedy said in horror.
Ferdinand's expression did not change. He had expected this. Given Bulgaria's current fiscal revenue, let alone eight billion lev—even half that sum was beyond what the government could produce!
Even though Bulgaria's fiscal revenue had reached 1.86 billion lev in 1907, rising revenue also meant rising expenditure!
After thinking for a moment, Ferdinand did the math with Kennedy. "We both understand that. Judging by Bulgaria's current economic conditions, fiscal revenue in 1908 will probably remain level with 1907's. This shows that our economic transition after the Russo-Japanese War has gone rather well!
Under normal circumstances, based on our estimated economic growth, fiscal revenue in 1909 should at least surpass two billion lev. Reaching three billion lev by 1914 would also be perfectly normal!
On average, it shouldn't be difficult for the government to take five hundred million lev from annual fiscal revenue and invest it in the 'Third Five-Year Plan,' should it?
That makes 2.5 billion lev. We can also issue a batch of government bonds! Given Bulgaria's domestic conditions, surely we can sell one or two billion lev worth? And over five years, selling another one or two billion lev worth on the international market should not be a problem either?
With an optimistic estimate, that gives us more than six billion lev in funds! As for the remaining one or two billion lev shortfall, your Ministry of Finance can borrow from foreign financial groups. The British and