Government deficit reached HUF 2.165 tln in July

Debt

kozhedub_nc / Shutterstock.com

Hungaryʼs general government deficit, excluding local councils, reached HUF 2.165 trillion at the end of July, widened by pandemic defense spending, economic stimulus and pre-financing for European Union-funded projects, the Ministry of Finance said in a detailed release of data, according to state news agency MTI. 

 

Photo by kozhedub_nc / Shutterstock.com

The central budget ran a HUF 1.841 bln deficit and the social insurance funds were HUF 336.3 bln in the red, while separate state funds had a HUF 12.7 bln surplus.

 

The ministry said spending on pandemic defense, such as acquisitions of personal protective equipment and ventilators, came to more than HUF 520 bln by the end of July. 

It said that payouts for EU-funded projects approached HUF 1.2749 tln by the end of July, while transfers from Brussels came to just HUF 489.5 bln, unchanged from a month earlier.

 The government has been pre-financing EU-funded projects for years to avoid backups and ensure all available monies are used up.

"Resources necessary for jump-starting the economy and for pandemic defense are covered entirely from the Hungarian budget," the ministry said.

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