Hungary: Péter Magyar Presents New Government's First Budget

Hungarian Prime Minister Péter Magyar presented the framework for the Tisza party government's first state budget in parliament, Hungarian news outlets Portfolio.hu and 24.hu reported. The economic plan sets a fiscal deficit target of 4.9% of GDP, alongside a range of spending measures and deficit-reduction steps.

According to the reports, the government plans to reduce income tax for 2.5 million workers, double family allowances, and substantially raise the minimum pension as well as salaries for healthcare and social sector employees. Concurrently, corporate taxes and levies on the energy and retail sectors will increase.

Political analyst Gábor Török noted on 24.hu that left-wing economic policies dominate the proposed budget. Further details regarding the budget have not yet been released.