Gov't Drafting Amendments to 2024 Budget
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The government is drafting amendments to this year's budget and preparing next year's, Finance Minister Mihály Varga said on Tuesday, after meeting with Gábor Horváth, the head of the Fiscal Council, according to a report by state news wire MTI.
Work on the amendments to the 2024 budget and the drafting of the 2025 budget is "moving forward as planned", Varga said.
He noted that the government now targeted a general government deficit of 4.5% of GDP for this year because of unfavorable external economic factors. He added that the gap would be gradually reduced and brought under the 3%-of-GDP Maastricht threshold in the coming years, reaching 3.7% in 2025 and 2.9pc in 2026.
"The government is committed to reducing the budget deficit and state debt, and is drafting next year's budget in line with that commitment," Varga said. "The government is reducing the scale of the deficit gradually in the interest of sustainable economic growth," he added.
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