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Varga: Slowing Down Inflation 'Most Important' Task of Economic Policy

Government

Image by Alexandros Michailidis / Shutterstock.com

Finance Minister Mihály Varga said that putting the brakes on inflation was "the most important task of economic policy" at present, addressing a conference of economists in Eger on Thursday, according to a report by state news wire MTI.

Measures the government has taken to reduce inflation risks have paid off, as seen in the positive assessments of credit rating agencies, Varga said.

The government is sticking to its tight fiscal policy and will continue to reduce state debt and budget deficit levels, he added.

He said the budget deficit would continue to decline this year, too, and would fall to the 2.9%-of-GDP target in the 2024 budget bill next year.

He noted that a number of big state investments had been postponed at the end of 2021, and said projects underway now could also be delayed, if necessary. He said the government could weigh tax measures to boost budget revenue if banks book record profits this year. The cabinet could also consider delaying acquisitions of equipment by the Defense Ministry and undertake a review of subsidized credit programs, he added.

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