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Orban presents 5-point economic plan, announces 13th pension

Christian Fernsby |
The government aims to create as many jobs as the number of jobs destroyed by novel coronavirus, Prime Minister Viktor Orbán told public news channel M1 that no Hungarian would be left alone.

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Topics: ORBAN   

“After ten years of hard and persistent work, Hungary was just on the right track when the coronavirus epidemic arrived in Europe and threatened everything we have worked for,” Orbán said.

He said Hungary dedicated itself to financial stability and responsible fiscal management ten years ago, and this would not change now.

He presented new economic protection measures, including a wage support scheme, reintroducing 13th month pensions, restoring highlighted sectors of the national economy and granting over 2,000 billion forints (EUR 5.5bn) in loans with interest subsidies or state guarantees to companies.

An economic protection action plan will be implemented in three stages, he said. “We have already taken the first step involving the reduction in social security payments, help offered to those paying KATA simplified business tax and the suspension of bank loan repayments,” he added.

The next step starting on Monday comprises five measures, he said. The entire action plan will involve reshuffling 18-20 percent of GDP, including schemes launched by the central bank, he said.

The government must deviate from the 2020 budget under the changed circumstances and raise the budget deficit from 1 percent to 2.7 percent of GDP this year, Orbán said. A resolution on this will be published on Monday, he added.

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