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Govt approves proposal on 2012 draft budget in first reading

The government has discussed and approved proposed legislation on the 2012 budget and related proposals in a first reading, Prime Minister spokesman Péter Szijjártó said in a statement sent to MTI on Wednesday.

To avoid the effects of the debt crisis in the eurozone on Hungary, the government is standing by its fiscal deficit target of 2.5% of GDP for 2012, the statement said. Hungary started reducing state debt as a percentage of GDP this year and will take steps in the near future to cut it further, it added.

Hungary will raise its economic growth over the European Union average through economic policy measures, the statement said.

A state assistance program for borrowers with foreign currency-denominated loans will be implemented, it added.