Finance Minister: Plans for the 2025 budget are in the pipeline
Minister Varga said the government was committed to reducing the budget deficit and the public debt with a view to ensuring sustainable growth.
Minister Varga said the government was committed to reducing the budget deficit and the public debt with a view to ensuring sustainable growth.
Hungary’s economic output is now 5% above pre-pandemic levels, while the EU average is 3.5% higher than before the pandemic.
The Finance Ministry, in consultation with the European Central Bank, is considering extending the powers of the central bank’s supervisory board over activities external to the bank’s core tasks.
“We’ll keep the economy on a growth path, reduce the budget deficit and the state debt this year,” the finance minister said.
Finance Minister Mihály Varga said inflation fell to 5.5% in December from 25.7% in January 2023.
Minister Varga said the solidarity contribution is paid by 724 cities, including Budapest, Hungary’s richest city.
Finance Minister Mihály Varga said the projected 2.4% growth for Hungary is well above the EU average of 1.3%.
While 2023 had been a better year for the central budget than 2022, it was not as good as what the government expects from this year, the finance minister said.
This latest transfer and the 779.5 million euros in recovery funding received last week bring the total funding received by Hungary in recent days to 470 billion forints.
Minister Varga said the protection of the EU borders was based on a consensus dating back many decades, and the original intent was for member states to ensure protection using common funding.
Hungary has become the “number one” target for Chinese investors in Central and Eastern Europe, Minister Varga said.
Minister Varga said Hungary would get 3.9 billion euros of RRF loans and 0.7 billion euros of REPowerEU grants on top of a 5.8 billion euro grant.
“We’re in an era when curbing public debt and budget deficit are priorities,” Minister Varga said.