The Hungarian government will submit for approval to the parliament the 2014 state budget bill by September 30, Hungary Around the Clock reported, citing a document of the economy ministry.
According to the schedule, once the ministries submit their budget plans, the economy ministry will forward its draft budget proposal to the government by the end-August. The cabinet will submit the budget bill to the Fiscal Council on September 12.
The ministry has kept unchanged the 2014 budget deficit target at 2.7% of GDP. Inflation is projected at 2.7%. The detailed macroeconomic framework has not been published yet.
As noted the government targets an ESA95 deficit of 2.7% of GDP in 2013 as well.
The Council of EU finance ministers (ECOFIN) backed on June 21 a proposal of the European Commission to lift the excessive deficit procedure against Hungary, which was initiated in 2004 after the country joined the EU. The Commission made its recommendation on May 29, concluding that the country has taken adequate adjustment measures to keep the fiscal deficit below the 3% threshold in both 2013 and 2014.
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