Economy
Hungary government gazettes unprecedented resolution
The bare bones of the resolution appeared in the Hungarian Gazette as a succinct one-liner, however it is clear that the government is re-allocating HUF 306.8 billion across various chapters of the 2016 budget.
A 8-page appendix to the resolution provides the specifics in minute detail, including plans to withdraw funds from certain areas and re-allocating them to others. The major changes that are of interest, in Portfolio.hu’s opinion, are as follows:- The government is taking HUF 80.7 billion away from a planned capital raise for the Paks 2 Nuclear Plant Development Company.
- Funding for high-priority road infrastructure projects is to be shrunken by HUF 40.2 billion.
- In contrast, narrow-gauge railway projects are to receive HUF 10 billion additional funding.
- Funding for the development of the Bozsik Stadium is to be reduced HUF 3.4 billion.
- The National Olympic Centre project is to receive HUF 59 billion less in funds.
- On the other hand, HUF 39 billion more will go toward other one-off sports facility development projects.
- HUF 10 billion additional funding has been earmarked for state aid for competitive sports.
- The Szeged Youth Centre is to receive HUF 9.7 billion in additional funds before the year is out.
- The government is also re-allocating HUF 10 billion more for the overhaul of the Népliget park in Budapest.
- Meanwhile, Budapest’s sports fields development programme will have to shrink its budget by HUF 5 billion.
- The government is spending HUF 118 billion more on “ecclesiastical community programmes and development projects."
- The National Employment Fund will likewise need to tighten the purse strings and spend HUF 40 billion less this year.
- HUF 27 billion in extra funding has been allocated to the Gábor Bethlen Foundation.
