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Hungary voices support for €200 bln EU support package

Hungary supports a €200 billion economic stimulus package for the EU announced in Brussels on Wednesday, as it will boost its biggest export market, the Finance Ministry said in a statement.

As more than 70% of Hungary's exports go to other EU member states, the country's growth prospects are greatly affected by the efficiency of the region's defense against recession, the ministry said.

The package proposed by the European Commission states that those countries - Hungary included - whose budget positions do not allow them to boot their economies with fiscal tools should continue to focus first on continuing their stability and balance programs. In line with this, Hungary wants to take steps to lessen the effects of the global financial crisis that are in harmony with its announced targets to improve economic equilibrium and that ensure the general government financing requirement is reduced.

The ministry noted that the EU's economic stimulus package includes measures to improve the liquidity of SMEs and help keep jobs. Hungary is also taking advantage of these tools, the ministry said referring to a recently announced program. (MTI – Econews)