Lawmakers raise 2019 budget revenue, expenditure targets

Parliament on Monday voted to raise the revenue and expenditure targets of the 2019 budget by 267.5 million forints (EUR 830,000).

Lawmakers approved the amendments with 123 in favour and 49 against.

The amendments raise the revenue and expenditure targets to 19,580.4 billion forints and 20,578.8 billion forints, respectively, leaving the cash-flow based deficit unchanged at 998.434 billion forints.

One of the most substantial amendments is one that raises the cap on the surety stock undertaken by guarantor Garantiqa Hitelgarancia with state counter-guarantee to 750 billion forints from 650 billion forints at the end of December 2019, with the aim of facilitating access to credit for SMEs, in particular micro enterprises.

Moreover, the government submitted a bill on highlighted developments in Budapest.

The bill defines how the state will be involved in major developments in Budapest, including a new Student City.

According to the bill sponsored by Gergely Gulyás, the head of the Prime Minister’s Office, future developments in Budapest will receive highlighted status if, among other conditions, they are financed by the government or by the European Union. The bill also defines “top international sporting event”.

A state nonprofit will be responsible for the preparation of key developments in Budapest, investments, planning and licensing, as well as the organisation of major international sporting events.