Hungarys cabinet plans to raise 2012 cash flow deficit by 16.6%.

By bne IntelliNews November 20, 2012
Hungarian government has submitted a bill to the parliament that would raise the planned expenditure under 2012 budget bill by HUF 95.7bn (EUR 336.8mn) to HUF 15,109bn, MTI news agency reported. The revenues will remain unchanged thus the cash flow deficit target has been set to increase by 16.6% to HUF 671.9bn. The amendments to the budget bill are necessary because of the government's plan to take over 100% of the local council debt of communities with fewer than 5,000 residents by end-2012. As MTI reported in late October, the measure will affect some 1,673 communities. The takeover for bigger municipalities is expected to be carried on by mid-2013. The debt consolidation will not affect the ESA-95 budget deficit.

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