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Hungary plans to cut spending in 2006

Hungary's government plans to cut spending by Ft 150 bln next year, taking more than half of the sum out of the budgets of local municipalities, daily Világgazdaság reported. Prime Minister Ferenc Gyurcsány's cabinet over the weekend approved the version of the budget that it will submit to parliament on September 30, according to the newspaper. The government must wait for a report by the European Union on the accounting of motorway costs before it publishes the planned deficit. Hungary's budget deficit this year will breach the government's target for a fourth consecutive year, drawing criticism from the EU. The country has to meet conditions to adopt the euro, including squeezing budget deficits to less than 3% of gross domestic product.