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Hungary's planned fiscal reforms to trim HUF 600 – 660 bln from 2011-2013 deficits

Hungary's planned fiscal reforms will help trim a total HUF 600 billion to HUF 660 billion from government budget deficits in 2011-2013, deputy state secretary Roland Natran told Dow Jones Newswires.

The government targets measures amounting to 1% of GDP, or HUF 200 billion to HUF 260 billion in 2011, and 2% of GDP, or about HUF 400 billion, in 2012 and 2013 combined, Natran told Dow Jones at the sidelines of a Euromoney conference in Vienna.

“At least two thirds of the measures will affect the spending side,” Natran said.

The deputy state secretary said the government was also mulling new “green taxes” related to emissions and waste disposal.

Hungarian National Economy Minister György Matolcsy said at the end of November that the government would announce in February structural reforms that will result in HUF 600 billion-800 billion savings of budget expenditure.

Prime Minister Viktor Orbán said last week that the cabinet would discuss by February 15 the National Economy Ministry's plan for the pension system, reducing unemployment benefits, drug subsidies and a reform of the public transport system. (MTI – Econews)