Hungarian government official: Talks on funding programs tie up EU transfers
Talks on some of Hungary's programs for allocating European Union funding have resulted in a HUF 170 billion fall in fiscal revenue, daily Magyar Nemzet said on Monday.
The negotiations on the programs resulted in reduced transfers or a complete halt in transfers, Magyar Nemzet said, citing deputy state secretary Peter Banai. Banai also blamed the revenue shortfall on the European Commission's liquidity problems.
He noted among the other impacts on the general government deficit some HUF 68 billion in repayments of local council debt taken over by the central government as well as HUF 130 billion in payroll costs due to the early transfer of wages before the May 1 holiday. He said the fiscal deficit was "front-loaded" and would only remain high temporarily.
Hungary's cashflow-based general government deficit, excluding local councils, reached 96.6% of the full-year target in April.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.