Thanks to the amendment, for the remainder of the year the budget has sufficient funds to cover expenses related to migration, the debt consolidation of public service media and other potentially arising issues. The Government continues to be committed to a predictable and responsible fiscal policy and it maintains the end-of-year fiscal deficit target of 2.4 percent of GDP.
The fund for extraordinary Government measures, which includes financing costs related to the migration issue and relevant Government steps, has been added HUF 60bn, of which HUF 30bn has been earmarked for costs related to measures combating illegal economic migration.
The Government has also assumed debt of HUF 47.2bn of MTVA, the umbrella organization for public service media. Thus, the organization has been freed of debt accumulated through the transformation and development of Hungary’s public media services. For the financing of the Modern Cities Programme, HUF 25bn has been allocated in the budget. This amount is expected to be covered by higher than formerly projected tax revenues generated by robust economic growth and the Government’s pro-transparency measures.
This proves that Hungarian reforms are working and thus the amendment of the budget does not place any additional burden either on economic stakeholders or households.
(Ministry for National Economy)