Fiscal Council clears 2015 budget draft but calls for bigger reserves

Telco

Hungary's Fiscal Council said on Monday it cleared the government's draft for the 2015 budget bill but added that safely delivering the planned 2.4%-of-GDP ESA2010 general government deficit would require higher reserves against risks.

The Council said that the planned reduction of the exchange-rate-adjusted state debt ratio, to 75.4% of GDP at the end of 2015 from an expected 76.3% at the end of this year, could be met even if GDP grew slighty less and the deficit were slightly higher than projected in the draft. The Fiscal Council discussed the draft budget bill at a meeting yesterday.

It received the draft from the government on October 20. The Council has to publish its opinion or eventual disagreement with the budget draft before the government submits the bill to Parliament. The deadline for submitting the bill to parliament was recently extended to October 31.

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