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Economy Ministry’s budget to nearly double in 2007

The Ministry of Economy and Transport’s budget in 2007 will nearly double compared to 2006 because of more spending on road and railway developments and due to the merger of other institutions, such as the IT portfolio, with the ministry, Minister of Economy and Transport János Kóka said on Tuesday.

The ministry will have a budget of Ft 982.7 billion in 2007, compared to Ft 534 billion in 2006. Some Ft 210 billion will be available for highway developments and Ft 107 billion for other public road developments. Ft 111.6 billion has been set aside for raising capital at railway company Máv Zrt, and Ft 102.9 billion will go toward ensuring the operation of passenger services. In 2006, only Ft 50 billion was allocated for this purpose, Kóka added.
The ministry will cut its own staff and staff at its subsidiary institutions by a combined 1,100, he said. The move will save the ministry Ft 15 billion in costs. Kóka noted that the state would spend just Ft 102 billion on gas price subsidies in 2007, compared to Ft 160 billion allocated in 2006. Sources allocated for R&D funding will rise to Ft 20.5 billion from Ft 12.3 billion in 2006, he said.