Hungarian Premier Viktor Orban reiterated his Cabinet’s pledge to cut the budget deficit to no more than 3 percent of economic output in 2011 as the country braces for currency volatility.
“This year we can’t stretch further than 3.8 percent and for next year, I don’t suggest stretching further than 3 percent,” Orban said in a speech to Parliament, referring to the budget targets.
“This year we can’t stretch further than 3.8 percent and for next year, I don’t suggest stretching further than 3 percent,” Orban said in a speech to Parliament, referring to the budget targets.
Hungary last week gave up a drive to raise next year’s deficit target, bowing to pressure from the European Union, which helped give a 20 billion-euro bailout ($26 billion) to the country two years ago. The government’s commitment to the target came after EU finance ministers told Hungarian officials during a meeting in Brussels last week that they had no other choice if the country wanted backing from the bloc, Economy Minister Gyorgy Matolcsy said on Sept. 8.
The Economy Ministry will submit the 2011 budget and future tax plans to the government in the middle of October, Matolcsy said today.
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