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VARGA DITCHES DEFICIT TARGET, BUT SAYS RESERVES COULD KEEP GAP UNDER 3%

 

Hungary will not be able to achieve its 1.0% of GDP deficit target this year because of the impact of the coronavirus pandemic, but the goal remains to keep the gap under the 3% threshold stipulated by the European Union’s Maastricht criteria, Finance Minister Mihály Varga said on public radio. Varga said on Kossuth Rádió that the budget has more than 400 billion forints (EUR 1.2bn) in reserves, leaving sufficient room to manage a 3% deficit. But if the economy needs to be restarted, the deficit could be higher, he added.