IMF official urges quick approval of planned Act on Public Finances

Hungary’s approval of a planned law on Public Finances would produce the favorable effect of strengthening the credibility of the country for global financial and capital markets, Christoph Rosenberg, IMF official responsible for Central Europe and the Baltic States, told MTI in Budapest on Wednesday.

Rosenberg supported the creation of an independent budget office to oversee and analyze budgetary developments, planned in a bill submitted by the government to Parliament late last year. The new institution could reinforce budget discipline in the country over the long term, which markets would receive as a positive signal, Rosenberg said. When asked to comment on central bank President András Simor’s remark in a recent newspaper article about the need for a cut of around Ft 2,000 billion ($12.3 billion) in Hungary’s public spending, the IMF official responded that he does not know about this specific proposal. Rosenberg said, however, that Hungary’s general government is certainly oversized and that the country’s social spending is too high in comparison to its economic strength, therefore public spending must be significantly reduced to put the central budget in order. (MTI-Econews)

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