According to the ministry, on Tuesday, the government submitted a bill to amend the 2021 budget to parliament, by having the unanimous opinion of the Budget Council (FB) published on Thursday. As indicated by the Council, major economic decisions and changes have been taken since the budget was approved as a result of the Coronavirus epidemic, so the amendment of the Budget Law is justified in all respects, as they wrote.
The Prime Minister explained that as a result of measures to restart the economy and prevent the epidemic, the deficit target will change to 7.5 percent. The new deficit target could also guarantee a reduction in public debt: public debt as a share of GDP is expected to decline from 80.4 percent at the end of 2020 to 79.9 percent by the end of this year. The bill predicts 4.3 percent economic growth by 2021.
It has been reported that in addition to further improving healthcare, supporting families, and tax breaks to help revitalize the economy, the budget revision is also an additional resource for local governments. Compared to the originally agreed HF 865 billion, local governments can expect budget support of 908 billion HUF this year.
The prime minister said the bill just introduced can be approved by the National Assembly in the spring.
Cover photo: Paul Lakatos / SOPA Images / LightRocket via Getty Images
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