Finance Minister Mihaly Varga – Photo: MTI

Varga: Next year’s draft budget submitted to Fiscal Council includes 3.5 percent deficit target

The draft budget for next year submitted to the Fiscal Council sets a stricter deficit target of 3.5 percent of GDP and the public debt level of 73.8 percent, Mihaly Varga, the finance minister, said on Friday.

Varga said in a comment posted on social media that the government’s aim was to create a crisis-proof economy.

The economy is expected to grow by 4.1 percent in 2023, he said.

The minister said the government is establishing a special protection fund as a bulwark against the effects of the war and the related European Union sanctions, as well as higher energy prices.

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