Gov't submits 2023 budget draft to Fiscal Council

Government

The government's 2023 budget draft has been submitted to the Fiscal Council, Finance Minister Mihály Varga said in a post on Facebook early Friday, according to a report by state news wire MTI.

"The goal is to build an economy resilient to crisis, which is why we're proposing a budget deficit of 3.5pc and a state debt level of 73.8% for next year," Varga said, referring to targets relative to GDP.

The Fiscal Council, established to weigh in on budget matters, will issue an opinion on the draft later.

Varga added to the post that Hungary's economy could grow 4.1% in 2023.

He also noted that the government is setting up funds to protect Hungary's regulated price system for household utilities and to upgrade the country's military defense.

"We are strengthening Hungary's stability," he said.

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