Finance Minister Mihály Varga said early in July that the gap would have to be recalculated. (Foto: MTI)

Finance Minister: Budget needs adjusting to ‘war, sanctions’

The protracted war in Ukraine and the energy crisis caused by the European Union's sanctions have "fundamentally" changed the economic environment, so the government must adjust the budget in the interest of protecting families and the economy, the finance minister said on Wednesday during a parliamentary debate on amendments to the 2023 budget.

“The government is sticking to its goals of protecting families, pensioners, jobs and the Hungarian economy, as well as ensuring Hungarian security,” Mihaly Varga said.

The amendment bill would serve to provide “a basis for protecting achievements in these times of hardship and danger”, he said. The bill “aims to protect Hungarian families, businesses, and jobs while at the same time improving the country’s financial balance,” he added.

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