Raising budget reserves was 'right decision' - Varga

Government

Hungary's government took "the right decision" when it chose late last year to raise fiscal reserves and lower the budget deficit target for this year, Finance Minister Mihály Varga said in a post on Facebook, according to a report by state news wire MTI.

"With this measure, we achieved more than HUF 1 trillion in savings, so Hungary is better prepared to face global economic risks," Varga said.

The government earlier decided to postpone HUF 755 bln of investments scheduled for this year, while also reducing the general government deficit target, relative to GDP, to 4.9% from 5.9%.

"We will not allow Hungary to be dragged into this war," Varga added to his post.

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