articleimg-1
Mar 31, 2020

Coronavirus Update: PM says budget must be radically restructured in order to manage the crisis

Prime Minister Viktor Orbán said this year’s budget must be radically restructured in order to manage the crisis caused by the coronavirus outbreak and to revitalize the economy.

Prime Minister Viktor Orbán said this year’s budget must be radically restructured in order to manage the crisis caused by the coronavirus outbreak and to revitalize the economy.

Following a video conference with representatives of the government and the economic chambers, PM Orbán said the 2020 budget needs to be adjusted to the current situation and changes forecast until the end of the year.

“For next year, we need to draw up a stripped-down budget that will leave the most room for crisis management and revitalizing the economy,” the prime minister told senior officials of the central bank, the economic chambers and employers’ associations. “We must launch the biggest economic stimulus action plan of all time, setting growth, job creation and job retention as our goals,” he said.

Concerning the 2020 budget, PM Orbán said it would be wrong to implement across-the-board cuts. He said the ministries must retain the resources that are absolutely necessary in their budgets while the funds that can be released should be used to set up funds for crisis management and revitalizing the economy.

According to MTI, the prime minister also said preparations were under way for drawing up the 2021 budget. “Together with the central bank, we need to plan how monetary and fiscal instruments can be used in a way as to give the greatest possible boost to the Hungarian economy,” he said.

A call center set up for advice on the coronavirus can be reached on +36-80-277-455 and +36-80-277-456 or by email koronavirus@bm.gov.hu