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Government freezes HUF 110 bln in spending

Deals

The Hungarian government will freeze HUF 110 bln in the expenditures of the central budget in order to meet this year’s GDP deficit target of 2.9%, National Economy Minister Mihály Varga announced today at a conference held by the Hungarian Economic Association and the Fiscal Council of Hungary.

The freeze concerns government expenditures but will not affect families and businesses, Varga assured.

As an example, some HUF 39.5 bln allocated by the central budget to the ministries will be frozen, said the National Economy Ministry in a statement. These allocations are related to extraordinary government measures which have a significant impact on the expenditures of the Investment Fund, on separate state funds and on spending related to asset management, the ministry added.

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