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VARGA ENCOURAGES BIG CITIES TO SET ASIDE RESERVES

 

Finance Minister Mihály Varga urged Hungary’s county seats and cities with over 50,000 residents to set aside reserves to ensure investments can be completed if circumstances turn difficult, at an assembly of local council leaders.

He noted that the central government was supporting 250 municipal investment projects with 3,700 billion forints (EUR 11.9bn) of funding in the framework of the Modern Cities program, speaking to a meeting of the Association of Cities with County Seat Standing. He added that the government had earmarked 360 billion forints of reserves in the 2019 budget to manage the impact of a possible economic slowdown.