Hungary will not lose EU funding because of proposed suspension

EU

Hungary will not lose any of its European Union convergence or Cohesion Fund support because of a suspension proposed by the European Commission, Prime Minister Viktor Orbán told journalists after a summit of EU leaders in Brussels on Friday.

The EC said in February it proposed the suspension of €495 million of Cohesion Fund allocations for Hungary for 2013 because of the country's failure to address its excessive deficit.

Orbán said on Friday that EU finance ministers would approve the proposal at a meeting on March 13, but, by that time, they would have before them Hungary's adjustments to correct the situation. He added the Commission had already received information on the adjustments.

He added that Hungary's high degree of internal stability gives it an advantage over other member states from the point of view of making structural adjustments.

He said the government's choice of tools for putting Hungary on the right track could still be debated, but he added that it was indisputable that the country is on the right track.

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