Are you sure?

Hungary to complete convergence plan by mid-April

The Hungarian government will complete its EU convergence program by the middle of April, a senior official announced.

The plan lays out the government’s state debt reduction commitment, 2.9% of GDP for 23011, 2.5% in 2012, 2.2% in 20103 and 1.9% in the final year of the reigning cabinet’s term.

State secretary to the National Economy Ministry András Kármán said the convergence plan’s specific provision will rely to a great extent on the recently launched Széll Kálmán reform strategy. Since the plan is already in place, it means Hungary will have no problems completing the convergence plans by the determined mid-April date, he added.

Kármán also highlighted a number of decisions reached at the latest Ecofin summit, the meeting of the EU’s finance ministers. For instance, the ministers resolved that countries being investigated for excessive deficits can redeem themselves if they are able to reduce their state debts to below 3.5% of GDP. The Ecofin meeting also concluded on a resolution declaring that countries – like Hungary that have terminated the system of private pensions funds will not bear any repercussions.