Fiscal Council clears 2017 budget bill, 2016 budget amendments

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The Fiscal Council has cleared the 2017 budget bill as well as amendments to this yearʼs budget for final votes by Parliament, according to a report published by Hungarian news agency MTI yesterday.

The Fiscal Council said the 2017 budget bill targets a reduction in state debt as a percentage of GDP, in line with the law. It added that risk reserves in the budget are “sufficient”.

The Council said that amendments raising both the expenditure and revenue targets in the 2016 budget act by HUF 421.7 billion are well founded, based on fiscal data from January-May.

It added that the rate of GDP growth assumed in the 2016 budget can still be achieved in spite of a slowdown in the first quarter.

In the interest of maintaining favorable budget trends, the government should continue its responsible fiscal management, the Council said.

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