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Hungary Expects Brussels to Transfer HUF 350bn by Year-End

2018.10.05.

Hungary expects 350 billion forints (EUR 1.01bn) in European Union transfers the country has already invoiced to arrive from Brussels before year-end, Finance Minister Mihály Varga said on the sidelines of a conference in Budapest on Thursday.

The scale of EU transfers is expected to rise as the end of the year approaches, just as it did in 2017, Varga said at the conference organised by Portfolio.hu.

Hungary’s cash flow-based budget deficit has recently risen above the full-year target due to pre-financing for EU-funded projects. According to the finance ministry’s latest statement on the balance, government pre-financing for EU-funded projects reached 1,388.5 billion forints by the end of August, while transfers from Brussels came to just 183 billion.

via MTI
featured photo by ekathimerini.com