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Gov't to Roll out Economic Protection Plan

Government

Prime Minister Viktor Orbán

Image by Alexandra Pandrea / Shutterstock.com

Prime Minister Viktor Orbán said the government would introduce an economic protection plan to mitigate the impact of the war and "bad" European Union directives in a weekly interview on a public radio broadcast on Friday, according to a report by state news wire MTI.

In addition to the impact of the war, Orbán pointed to the negative effect on the economy of EU directives requiring higher excise taxes on vehicle fuel and regulations on packaging that will raise the cost of waste management.

The economic protection plan aims to give "new dynamism, energy and impetus" to the economy, he said.

The government is "putting the final touches" on the plan and will outline the measures at a regular government press briefing in the coming week, he added.

Addressing a recent government measure applying a 13% contribution to earned interest on bank deposits, but not returns on government securities, Orbán said the move was intended to "persuade" people to move their savings from bank deposits to bonds and Treasury bills.

It "helps the country in wartime" if people keep their savings in government securities, and they also need to get higher interest on those savings than they would for savings at the bank, he added.

 "This is a temporary measure. We'll keep it in place...as long as the war lasts," Orbán said.

Commenting on a political agreement reached by EU member state ministers a week earlier that would establish a new mechanism for the resettlement of migrants, Orbán said migration policy was "exclusively an internal matter" for Hungarians to decide. Noting amendments to the constitution approved after a national referendum on migration, he said the EU measures were "not in line" with Hungarian law.

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