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Orbán: Growth below 0.5%

An interview with Prime Minister Viktor Orbán was aired on public television in Hungary on Sunday evening, with some details released by newswire MTI a day before. According to the premier, parliamentary debate of ratifying the EU "fiscal compact" agreement may begin as soon as Monday. Orbán is confident that in spite of its "inherited" economic problems and the current euro crisis, Hungary will remain standing firm.
The key points were the following; please scroll down for details of the interview.
Outgoing Development Minister Tamás Fellegi is to remain part of the government, in what capacity is yet uncertain.
Hungary's economic growth forecast will have to be lowered to maximum 0.5%, while projected forint exchange rates must be raised; fiscal planning will be based on the new figures after an upcoming budget overhaul.
Orbán believes major overhauls are not needed as Hungary has sufficiently large budget reserves, however the aim is to make sure these reserves are not depleted but remain there in the budget.
Hungary is not going to participate in the provision of funds to the IMF. (It remains unclear whether it would be required to. According to some earlier interpretations of the agreement, it is understood that all states signing the treaty will be required to contribute.)
As concerns FX loans, banks have finally understood that this kind of financial product should disappear from Hungary, and are jointly working towards a solution. "If the solution which I have proposed, and along which we have begun to work, will remain unchanged, they [the banking sector] may not survive - therefore, everyone is working towards a solution," the PM said.

Last Updated on Friday, 30 August 2013 09:11



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