The IMF described Hungary's fiscal policy response as "large and timely." It noted that the deficit increased to 8.1% of GDP and public debt rose above 80% of GDP. In addition, the National Bank of Hungary (MNB) swiftly reacted to market pressures by providing ample liquidity through a variety of policy tools, the report said.
"The continued, significant economic support embedded in the revised 2021 and 2022 budgets appeared justified when they were prepared, considering significant uncertainty, the severity of the pandemic's third wave, and the need to avoid abrupt adjustments that could jeopardize the recovery," the IMF added.
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