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Minister Does Not Expect Frozen EU Funds to be Fully Unlocked

HUNGARY
  • The European Commission probably won’t lift its current freeze on funds to Hungary even if all the requirements are fulfilled in time, Bloomberg report citing Development Minister Navracsics who spoke in an interview aired on Wednesday. “I truly don’t think the freeze will be fully cancelled as politically this would be a step too big for the EU Commission to take” given opposition by the European Parliament. Hungary will nevertheless continue talks with the EU in an attempt to access the $30bln of frozen funds eventually, he added, with Hungary’s parliament expected to pass bills in March to unlock the payments.
  • The government has launched several programmes to counter the negative effects of global challenges on the economy, MTI report citing economic development minister Nagy who spoke at an event organised by the German-Hungarian Chamber of Industry and Commerce on Wednesday. The Baross Gabor Reindustrialisation Credit Programme, worth HUF700bln (EUR 1.84bln), gives businesses access to cheap investment and working capital loans. Nagy said the government needed to maintain existing economic support programmes, while coming up with new ones, too.
  • There are no major economic releases or speakers scheduled today.
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