Hungary’s budget deficit EUR 6.175 billion at end-July

Hungary’s budget deficit, excluding local councils, was 2,165 billion forints at the end of July, the Finance Ministry said in a detailed release of data on Wednesday.

Additional spending on virus protection, economic stimulus and pre-financing for European Union-funded projects, increased the shortfall.

Payouts for EU-funded projects came to 1,274.9 billion forints by the end of July, while transfers from Brussels were 489.5 billion.

“Resources necessary for jump-starting the economy and for pandemic defence are covered entirely from the Hungarian budget,” the ministry said.

“Although the economic recovery has begun, the jump-start after the state of emergency will continue to require resources of a large scale. It is the government’s intention to give Hungarian businesses all means of support and to create as many workplaces as have been lost because of the pandemic,”

the ministry said.

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Source: MTI