Gov’t to announce structural reforms on March 1, says PM’s spokesman

Budapest, February 24 (MTI) – The government will announce structural reform plans on March 1, Peter Szijjarto, the prime minister’s spokesman, told a press conference on Thursday.

The main role in outlining the reforms will be taken up by National Economy Minister Gyorgy Matolcsy, he said.

    The cabinet will discuss final draft of the measures on Saturday, Szijjarto added.

    Government spokeswoman Anna Nagy said earlier in the week that the reforms would focus on creating an environment for sustainable economic growth in Hungary.

    The government plans to reduce the debt/GDP ratio from last year’s 80 percent of GDP to 70 percent, she said, adding that the country could not take any substantive steps as long as its debt level is so high.

    The interest paid out on debt in 2010 alone amounted to 57 percent of personal income tax revenues, Nagy said.

    Earlier an economic package containing a fiscal improvement of around 600 billion (EUR 2.2bn) to 700 billion forints (EUR 2.5bn) by 2013 was reported in the local press.

    Markets are eyeing the plans in the hope they will detail spending reforms aimed at ensuring the budget’s sustainability beyond “crisis taxes” which expire in 2012.








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