Gov lowers spending freeze, raises dividend target

Deals

Hungary's government has lowered spending freezes at ministries but raised the target for dividend payments at state-owned companies in a resolution published in the fresh issue of official gazette Magyar Közlöny.
The resolution lowers government spending freezes to a combined HUF 40 billion this year from HUF 44.7 billion in a resolution published at the end of April, shortly after the government unveiled the Széll Kálmán Plan 2.0, an updated structural reform program.
The new resolution eliminates a HUF 3.1 billion spending freeze at the Defense Ministry and reduces the spending cut at the National Development Ministry to HUF 3 billion from HUF 4.5 billion in the earlier resolution.
At the same time, the new resolution mandates the national development minister to raise revenue from dividends paid by state-owned companies by at least HUF 1.5 billion. Dividend paid on the state's stake in Hungarian oil and gas company MOL is exempted from the mandate. The new resolution also mandates the national economy minister to keep material costs of central budget-funded institutions next year at 2012 nominal levels.

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