Economy Ministry announces HUF 343 billion in reserves
The government expects to close this year’s budget with some HUF 343 billion of untapped reserves, daily Magyar Nemzet reported on Friday, citing the National Economy Ministry. The ministry said the cash flow-based budget deficit was expected to fall below the target this year.
The government originally set aside HUF 400 billion of reserves in the “National Protection Fund” within the 2013 budget to cover any negative developments. The reserves were tapped to make up for a shortfall in consumption-based tax revenue resulting from low consumer price inflation, among other items, but were not fully exploited.
The unspent reserves will contribute towards keeping the accrual-based deficit below the European Union threshold of 3% of GDP.
In addition to the money left in the National Protection Fund, almost HUF 27 billion have remained in reserves set aside for extraordinary government measures, according to the ‘paper.
Next year’s budget allocates HUF 100 billion for the National Protection Fund and a further HUF 120 billion in security reserves.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.