Hungary plans to increase defense spending in 2024 as it expects the conflict in Ukraine to drag on, Hungarian Finance Minister Mihaly Varga said on Thursday
BUDAPEST (Pakistan Point News / Sputnik - 25th May, 2023) Hungary plans to increase defense spending in 2024 as it expects the conflict in Ukraine to drag on, Hungarian Finance Minister Mihaly Varga said on Thursday.
"In 2024, more funds will go to military spending strengthening the defense fund... We expect that the military situation (in Ukraine) may drag on, the Hungarian budget needs to prepare for the fact that the war will not end in the near future, will continue in 2024 and its consequences will affect us," Varga told a government briefing.
The planned spending from the defense fund in 2024 will amount to more than 1.3 billion forints ($3.73 million), Varga added.
At the end of May 2022, the Hungarian government declared a state of emergency due to the situation in Ukraine. Budapest introduced an excess profits tax, the income from which is sent to the fund for reducing utility costs and the defense fund.
At the same time, in March 2022, the Hungarian parliament issued a decree prohibiting arms supplies to Ukraine from Hungarian territory. Hungarian Foreign Minister Peter Szijjarto explained that Budapest seeks the security of the Zakarpattia region, where ethnic Hungarians live, since the supply of weapons through its territory would make it a legitimate military target for Russia.
