BUDAPEST, June 4 (Xinhua) -- Hungarian Minister of Finance Mihaly Varga submitted Hungary's 2020 budget bill to parliament here on Tuesday, according to official sources.
"The bill is designed to support families," Varga was quoted by the government's website, while presenting the document to Hungarian Parliament Speaker Laszlo Kover.
The budget stands on four pillars, Varga added, listing increased support for families, the economy protection action plan, tax cuts as well as an increased spending on security.
The 2020 budget is based on an annual economic growth of 4 percent and a budget deficit of only 1 percent of GDP, Varga underlined. "The government had once again drafted a balanced budget," he said.
The government will spend an extra 224 billion forints (782 million U.S. dollars) on family support while the economy protection action plan will pump another 500 billion forints into the economy, according to Varga.
Meanwhile, Kover confirmed that lawmakers would vote on the budget on July 12. (1 U.S. dollar = 286.59 HUF)