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Parliament approves 2007 budget act

Hungary's Parliament approved the 2007 Budget Act in a final vote with a 208 vote and 163 against with no abstentions on Thursday.

The cashflow-based general government deficit, which includes the central budget, as well as healthcare, pension and independent state funds, is targeted at Ft 1,668 billion. The corresponding ESA95 general government deficit is 6.8% of GDP in 2007, in line with the goal set in Hungary's convergence program. The central budget alone is targeted to have a deficit of Ft 1,656 billion deficit next year, based on revenue of Ft 6,669 billion and expenditures of Ft 8.326 billion. Revenue of the state pension and healthcare funds is targeted Ft 4,202 billion and expenditures will be Ft 4,230 billion, resulting in a deficit of Ft 27.5 billion. The healthcare fund alone will have revenue of Ft 1.638 billion and expenditures of Ft 1.665 billion, a deficit of Ft 27.5 billion while the pension fund is projected to break even. (Mti-Eco)