Publication: Magyar Közlöny
Issue: MK-2010-19 (Year: 2010, Number: 19)
Era: contemporary
Section: A Kormány 28/2010. (II. 16.) Korm. rendelete
Paragraph Index: 12

7. Based on the findings of the mission and the monthly progress reports as well as the compliance note of the authorities (signed on 26 November 2009), and after having consulted with the Economic and Financial Committee, the economic policy criteria for the fourth instalment as laid down in the Memorandum and the two SMoUs are considered to be broadly fulfilled. The government made progress towards achieving the general government deficit target of 3.9% of GDP in 2009 although there are still some risks. It also submitted a budget for 2010 that is in line with the general government deficit target of 3.8% of GDP. However, it is subject to significant risks which could materialize in the form of lower than expected revenues as well as from lower than planned savings in the long-distance public transport system and the local government sector. Against this background, the reserves of 0.8% of GDP have been considered to provide sufficient caution so far while the authorities are committed to take steps should the downward risks materialize. The authorities also presented the details of the planned restructuring in the long-distance public transport system in order to further substantiate the planned budgetary savings in this area. In particular, the Government decided to suspend the operation on 29 railway lines from 1 January 2010 and publicly announced on 9 December 2009 to increase fares. Moreover, the cut in the subsidies for public transport has been published in the Official Gazette on 11 December 2009 as part of the adopted 2010 budget. Progress was made in the field of fiscal governance, and the authorities took first steps to cooperate with the newly established Fiscal Council. A review of budgetary procedures against the background of the new fiscal framework was published on 15 December 2009. Progress in the financial sector area was satisfactory, while it was broadly satisfactory in the area of structural reforms. In particular, the long-run sustainability of the pension system was improved, and a number of social transfers became better targeted whereas some progress was achieved in adopting structural measures to support savings in the local government sphere.

Source: https://magyarkozlony.hu/hivatalos-lapok/797efede7efdaeb5c0cbe3cfdcb0e66ea7acb28e/dokumentumok/fb170d51c43c4b8beb68faf2ce6d0ea6baa19848/letoltes