Govʼt expects transfers of HUF 100 bln from Brussels in coming weeks

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The government expects European Union transfers of HUF 100 billion to arrive from Brussels in the coming weeks, state news wire MTI reports citing a Facebook post by Minister of Finance Mihály Varga.

Photo by artjazz/Shutterstock.com

Varga said transfers of EU funding from Brussels had come to HUF 300 bln so far this year. For the full year, transfers are expected to reach about HUF 1.3 trillion.

He noted that the government is pre-financing EU-funded projects with budget monies before the transfers arrive from Brussels.

The practice of pre-financing has caused the cash flow-based general government deficit to widen before those expenditures are matched by the transfers from Brussels.

The Finance Ministry earlier noted that payouts for EU-funded projects came to HUF 691.2 bln in January-March, while transfers from Brussels reached just HUF 63.4 bln.

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