Are you sure?

Decree establishing stability reserves mandates HUF 237 bln in budget freezes, savings

A government decree published in the fresh issue of official gazette Magyar Közlöny establishing a fiscal stability reserve details a combined HUF 237 billion in frozen funds, savings and payments.

National Economy Minister György Matolcsy proposed setting up the HUF 250 billion fund in early February as a buffer against external risks.

The decree freezes HUF 15.8 billion of the budget of the Public Administration and Justice Ministry, HUF 18.7 billion at the Rural Development Ministry, HUF 26.3 billion at the Defense Ministry, HUF 35.0 billion at the Interior Ministry, HUF 5.9 billion at the National Economy Ministry, HUF 21.1 billion at the National Development Ministry, HUF 7.6 billion at the Foreign Ministry and HUF 39.2 billion at the National Resources Ministry. A further HUF 13.3 billion is to be frozen at the National Tax and Excise Office, almost HUF 1 billion at the Central Statistical Office, HUF 1.1 billion at state pension institutions and HUF 1.1 billion at state health insurance institutions. Some HUF 600 million allocated for European Union-supported developments is to be frozen as well.

The decree mandates a combined HUF 3.1 billion in payments from local governments, the National Transport Authority and the Hungarian Mining Office.

It stipulates savings of HUF 10 billion in the area of management of state assets, HUF 500 million at the National Land Fund, HUF 9 billion at the Research and Technological Innovation Fund and HUF 1 billion at the National Cultural Fund. Savings of HUF 16 billion are to be made at the Labor Force Fund and expenditures on consumer price subsidies are to be cut by HUF 10 billion.

A combined HUF 565 million in savings are to be made at the National Patent Office and the Hungarian Energy Office.

The measures add up to about HUF 237 billion in frozen funds and savings. MTI learnt that the remaining HUF 12.7 billion will come from a cut in subsidies for institutions overseen by Parliament and for public media. (MTI-Econews)