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Gen gov't deficit narrows on April surplus

Debt

Hungary's cash flow-based general government, excluding local councils, reached nearly HUF 1.044 trillion at the end of April, narrowing from the previous month on a HUF 100.5 billion April surplus, state news wire MTI reports, citing preliminary data released by the Ministry of Finance.

The central budget deficit reached HUF 890 bln at the end of April, the social insurance funds were HUF 139.1 bln in the red and separate state funds showed a HUF 14.5 bln gap.

Spending on pandemic defense exceeded HUF 398.8 bln by end-April, the ministry said. Other expenditures it noted included HUF 86.1 bln in grants to boost competitiveness amid the coronavirus crisis, HUF 60.2 bln for railway developments, HUF 59.4 bln for public transport programs, HUF 57.9 bln for road developments, HUF 42.2 bln for projects undertaken in the framework of the Modern Cities Program and HUF 37.5 bln for tourism developments. 

he ministry noted that wage support for sectors hardest hit by pandemic restrictions had been extended through May.

The ministry said amendments to the 2021 budget submitted to lawmakers in April would "ensure resources for pandemic measures and economic recovery measures, while putting state debt [relative to GDP] on a decline", adding that the Economic Recovery Action Plan would allow "everyone in a difficult situation because of the pandemic to get back on their feet".

"Parallel with pandemic defense, the jump-start of the economy can begin in 2021, too," the ministry said. 

The amendments to the 2021 budget submitted by the government in April would raise the full-year cash flow-based deficit target to almost HUF 2.288 tln.

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