Gov’t shortens terms on subsidy payments to speed impact on economy

Tweet
Comment

Prime Minister Ferenc Gyurcsany promised Hungarians a “hair of the dog” cure for the effects of the financial crisis after a cabinet meeting on Wednesday, unveiling regulations that will inject HUF 100bn-150bn into the economy.

From Wednesday, regulations will allow companies that have won EU grants to draw an advance of 40pc of the money — up to any amount — within 15 days of signing their grant contracts, Mr Gyurcsany said. The regulations will be retroactive, allowing companies that have already signed for their EU funding to draw on the advance too, he added.

Local councils that have won EU grants will be allowed to draw a 25pc advance, though the amount will be capped at HUF 300m.

Leading Hungarian IT firm Synergon announces “preventative” layoffs

Comments

The All Hungary Media Group is firmly committed to freedom of expression and therefore applies a mostly "hands off" approach to comment moderation. Comments left by readers represent their own views and do not necessarily reflect the opinions or beliefs of the staff, editors or owner of the All Hungary Media Group, who nonetheless reserve the right to remove comments that are off-topic or which moderators consider to constitute "hate speech." Also note that in order to prevent spam we generally close entries off to comments several days after publication.

Comments are closed.