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FinMin to draw up new convergence programme in December

The Finance Ministry will draw up a proposal for a new convergence programme in December, laying the foundations for the introduction of the euro in 2010, Finance Minister János Veres told a conference of the Central European Business Centre in Budapest on Thursday. In order to achieve the target, a nearly Ft 1,000 bln general government budget correction -- mostly on the expenditure side, and to a limited extent on the revenue side -- will be necessary over the next three years, Veres said. Veres said next year's accrual-based general government deficit, including the effects of pension reforms, could be narrowed by at most 1.4 percentage points from this year's expected deficit of 6.1% of GDP without sacrificing prospects for economic growth.