2020 budget needs radical restructuring, Orbán says

Visits

Alexandros Michailidis / Shutterstock.com

This yearʼs central budget must be radically restructured in order to manage the crisis and revitalize the economy, Prime Minister Viktor Orban said after holding a videoconference with representatives of the government and the economic chambers on Monday, state news wire MTI reports.

Prime Minister Viktor Orbán (Alexandros Michailidis / Shutterstock.com)

Orbán said the 2020 budget needs to be adjusted to the current situation and changes forecast until the end of this year. 

"For next year, we need to draw up a ʼstripped-downʼ budget that will give the most room for crisis management and revitalizing the economy", the prime minister told senior officials of the central banks, the economic chambers and employersʼ associations.

The videoconference was also attended by Minister of Innovation and Technology László Palkovics.

"We must launch the biggest economic stimulus action plan of all times, setting growth, job creation and job retention as our goals", Orbán said.

Speaking of the 2020 central budget, Orbán said it would be wrong to implement across-the-board cuts. He said the ministries must retain the resources that are absolutely necessary in their budgets while the funds that can be released should be used to set up funds for crisis management and revitalising the economy.

Preparations have already been started for drawing up the 2021 central budget. 

"Together with the central bank, we need to plan how monetary and fiscal instruments can be used in a way as to give the greatest possible boost to the Hungarian economy", the prime minister said.

Scope Assigns MOL BBB- Issuer Rating Ratings

Scope Assigns MOL BBB- Issuer Rating

Budapest Residents to Weigh in on Rákosrendező Development P... Issues

Budapest Residents to Weigh in on Rákosrendező Development P...

AutoWallis Becomes Importer of Geely Group’s Commercial EV B... Automotive

AutoWallis Becomes Importer of Geely Group’s Commercial EV B...

These Are the Most Sleep-friendly Hotels in Hungary Hotels

These Are the Most Sleep-friendly Hotels in Hungary

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.