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Translation exercises #5.

Public Finance Part 2

Public Finance


Some title

The laws will allow Hungary to keep its budget deficit at a level not higher than 3.9% of GDP in 2009 and thus meet the IMF's requirements. Owing to this it will have the lowest budget deficit rate among all other Central European countries. Additionally, Hungary will keep the lowest level of public finance deficit in the region (which covers not only the central budget but also the budgets of local governments and state agencies). According to the European Commission's forecasts, it will reach 3.4% of GDP in Hungary (for comparison: 4.3% in the Czech Republic, 4.7% in Slovakia, 5.5% in Slovenia and 6.6% in Poland).


At the end of November the parliament will vote on the budget act for 2010 which provides for a continuation of the Hungarian government's restrictive fiscal policy. According to this bill, in Hungary the recession will continue (GDP will decrease by 0.9%), the unemployment rate will grow to 10% and the budget gap will slightly shrink to 3.8% of GDP (as with this year, this is one of the lowest expected budget deficits in the region). The bill is likely to be passed with small amendments; the socialists and the liberals, who support the government, have promised to support it, while the opposition Fidesz party is unable to block


The prospects for a stabilisation of Hungary's public finances are good owing to the recent reforms and the IMF's declared readiness to extend its potential assistance to Hungary (this has been signified for example by the Fund's decision this October to extend the credit line for Hungary from March to October 2010).


However, Fidesz's expected economic policy (the party is as of now the most likely winner of the parliamentary elections scheduled for spring 2010) may raise concern. The party has criticised the draft budget for the next year and promised to revise it when it forms the government. At the same time, Fidesz's leader and the probable future prime minister, Viktor Orban has declared his will to adopt a less restrictive fiscal policy in order to stimulate economic growth. However, it seems that declarations like this have to be interpreted first of all in the context of pre-electoral rhetoric. The new government will be formed by the middle of the next year, and any adjustment of the fiscal policy will be possible in 2011 at the earliest.

Test your knowledge of the terms related to contracts and parties thereto

The correct use of preposition is always a headache. Gain experience in using them correctly:
Prepositions 1
Insert the prepositions in the text

Let's complicate thing further. Use prepositions in time expressions:
Prepositions in time expressions

Are you ready for the lesson on the second part of the property sales and purchase contract? Click here:
Lesson 3 - Sales contract Part 2