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Breaking: Hungarian government raises budget deficit target
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Due to the need to increase spending to protect key programmes in the budget amid the current crisis situation, the government has decided to raise the budget deficit target to 5.2% of GDP, which is 1 percentage point lower than the shortfall last year, but 1.3 percentage points higher than this year’s original target.
The finance ministry’s statement cited the “dangerous international situation” which had put the budget under extraordinary strain.
It cited the high cost of protecting subsidised household utility bills, while national defence spending hit 2% of GDP this year with the added pressures of the war in Ukraine.
The ministry noted that for years Hungary had asked the European Commission to reimburse the cost of protecting the EU’s external border, by now a bill of HUF 650 billion (EUR 1.68 billion). The deficit would be almost 1 percentage point lower if it did so, the statement added.
Someone promised 100s of times he would build a border wall and at his presidential announcement speech even said: “I will have Mexico pay for that wall, mark my words,”
Unfortunately, he did not coordinate this spending, Mexico paid zero, the domestic taxpayers footed the bill.
Did our Politicians ever coordinate with the EU? I believe I know the answer. And who is now paying for it.
Thought: perhaps we should buy an airport?
Mihaly Varga – Finance Minister, a “Founding” Father of Fidesz, continues to FEED into Hungarian life, figures, making statements, giving Economic & Financial opinions and expectations, that are FACTLESS.
“Stable foundations of the Hungarian Economy.”
Laughable representation, of a situation, that in FACT – is in a Gargantuan mess.
You know what happened in 79AD?
That’s factually what is HAPPENING to the Hungarian Economy – the difference being, its already ERUPTED.