Fiscal Council receives 2015 budget draft

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Hungary's Fiscal Council received the draft of next year's central budget act on Monday, and intends to prepare its opinion on the draft by October 27 or 28, Council president Árpád Kovács informed Hungarian news agency MTI late yesterday. Legislation gives the Fiscal Council ten days to formulate its opinion on the draft.

The budget drafts reflects efforts to make 2015 the year of holding banks accountable, leaving families with more money and strengthening domestic demand, the National Economy Ministry said earlier on Monday. The government also aims to launch a large-scale reduction of bureaucracy to improve competitiveness, it added.

The government will submit the budget bill to Parliament no later than October 31, as required by law, the ministry said. The draft will be made public upon its submission, it added. The submission deadline was recently extended to October 31 in election years.

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