Finance Minister Mihaly Varga – Photo: MTI

Varga: Budget working group holds inaugural meeting

The Hungarian budget working group, tasked with protecting the fiscal balance, held its inaugural meeting on Monday, Finance Minister Mihaly Varga, the group's head, said.

The body weighed 54 proposals, approving most before the cabinet considered them, and “vetoing or delivering a negative opinion” on six, Varga said in a video message posted on Facebook.

“The goal is clear: the strict defence of the budget balance and the further reduction of deficit and public debt levels,” he added.

He said Hungary aimed to reduce state debt relative to GDP to below 60 percent by 2026, adding that high GDP growth, further tax cuts, a reduction of the debt burden and improving economic outlooks would provide the foundation to achieve that target.

The budget working group, established early in December, is composed of the head of the Prime Minister’s Office, the head of the Prime Minister’s Cabinet Office and the prime minister’s political director, as well as the finance minister.

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