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2020 budget needs radical restructuring, Orbán says

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.