March 26, 2020 / 7:47 AM / 15 days ago

Hungary finance minister flags fiscal loosening to offset virus impact

BUDAPEST, March 26 (Reuters) - Hungary’s 2020 budget has substantial reserves to tackle an economic slowdown due to the coronavirus pandemic, but if these are insufficient, keeping the budget deficit under 3% of economic output would be a mistake, the country’s finance minister said.

“The 2020 Hungarian budget has substantial reserves, so we have resources to tap now as trouble has reared its head,” Varga said in a post on his Facebook page on Thursday. “However, if this is not enough, sticking staunchly to a deficit below 3% would be a mistake.” (Reporting by Gergely Szakacs; Editing by Toby Chopra)

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