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Economic protection, education and health improvements, financing cultural activities, paying hospital debts and supporting a number of local initiatives are also included in the government’s year-end financing decision. The more than HUF 860 billion package the Ministry of Finance maintains that adequate tax incentives are needed to address the crisis caused by the epidemic.
The Ministry of Finance continues to anticipate that as a result of the epidemic Gross domestic product will fall 6.4 percent this year as a whole, while the deficit will be around 9 percent of GDP. at the same time, the objective remains to reduce the budget deficit and debt in the coming years. Many elements of the HUF 861.8 billion budget support now announced are those that pre-finance a development or investment next year.
- Local governments and cities with county status can count on an additional source of approximately HUF 28.6 billion.
- In addition to modernizing the road network, nurseries, kindergartens and schools can be renovated in many places.
- The government is spending HUF 44.5 billion on debt financing for hospitals.
- The burden for various higher education institutions is reduced by activating PPP schemes.
- The purpose of the funds for economic protection is, among other things, the preparation of the implementation of the National Vaccine Factory and the 4 billion HUF destined to partially compensate the loss of income resulting from the failed reserves of the suppliers of Accommodation Services.
- 59,000 million HUF will be used to finance the additional expenses of the Bethlen Gábor Fund,
- The government spends HUF 43 billion on individual sports investments,
- ITM receives 21 billion HUF in college and university support,
- 244 billion will be allocated to the capital increase, additional payments and investments of the companies subject to the ownership of the NRDP,
- and the cash and cash equivalents of the Tihany Foundation will amount to HUF 94.5 billion.
An important part of the benefits that are now being adopted is the financing of health, cultural and educational programs. In this way, the money will go towards the establishment of an ambulance station, investments related to the renovation of the capital’s hospitals for disinfection purposes and the start of the development of the student city of Budapest. For example, the renovation of the castles of Esterházy and Hédervár in Fertőd can be started with the sums earmarked for the protection of heritage protection and the national memory policy. A similar priority is to support investments in churches, talent development programs and developments in the Carpathian Basin, such as the reconstruction of the Church of St. Michael in Cluj-Napoca and the Franciscan Monastery in Samosújvár and the renovation of the building of the small synagogue in Zenta.
Cover image: Getty Images
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