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Hungary will meet 2007 deficit target, Veres says

Hungary will meet its 6.8% of GDP general government deficit target for 2007, even if changes to the budget's main figures are made during parliamentary debate on Tuesday, because the expenditure and revenue sides will move in concert Finance Minister János Veres said.

Veres stressed in an interview with public broadcaster Magyar Rádió on Tuesday morning, that Hungary can not allow itself to exceed the target for 2007, because the credibility of the country's economic policy is at stake. Veres said Hungary's assessment by foreign investors had reached a level in the middle of 2006 which required the country to turn over a new leaf.

"To turn over this new leaf, we must meet three targets: this year we must have a corrected deficit of 10.1%. Today, I believe the country will meet this target," he said. Veres named the 2007 deficit target as the second important target. The third important factor for Hungary is the assessment of the budget at the end of the Q1 of 2007, he said. "I think it is very important for the government to do what it has been committed to. Hungary will be judged on the basis of this next year", Veres said. (Mti-Eco)