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Economy Ministry announces HUF 343 billion in reserves

Telco

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. 

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