Government to spend bulk of Country Protection Fund

Telco

The Hungarian government decided yesterday that it would transfer HUF 25.8 bln for various purposes from the so-called Country Protection Fund, the respective government resolution, according to an article published on Tuesday in the official gazette, Magyar Közlöny.

The Country Protection Fund is a special budget reserve that serves as risk insurance against unforeseen events that could cause a deficit overshoot.

This yearʼs budget contains a HUF 30 bln Country Protection Fund which will be almost completely depleted by the transfer.

The government has already used up the HUF 100 bln general reserves (under various extraordinary measures) in the budget, in part for managing the migrant crisis, and has proposed raising allocation of the reserves to HUF 160 bln.

The biggest recipients of the additional budget funds will be the ministry of defense, the interior ministry, namely the police and prisons, the Prime Ministerʼs Office, to be spent on government offices nation-wide and the ministry of foreign affairs and trade, whose share will go mainly towards embassies and other foreign representations, and HUF 2.4 bln will be paid as contributions to international development and humanitarian funds.

In a separate resolution, the government also freed up HUF 218.9 bln of residuals from the 2014 budget, authorizing the use of HUF 212.3 bln, tied up by commitments but unpaid until June 30, and freezing until further notice the remaining HUF 6.6 bln.

About one-fourth or HUF 54 bln of the residuals the spending of which will be freed up by the move are commitments related to EU-funded developments; HUF 36 bln is currently with the Human Resources Ministry, HUF 32 bln with the development ministry and HUF 25 bln with the ministry of agriculture.

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