Hungary is making good progress implementing the European Union’s stabilisation programme facilitated by financial support from the EU and other organisations, Finance Minister Peter Oszko said after a meeting of EU finance ministers on Tuesday, citing EU Commissioner Joaquin Almunia.
“Hungary has made serious and rapid progress in financial stabilisation and laying the foundations for future growth,” Oszko said at the meeting, adding that the European programme had contributed to those achievements.
The finance minister said he was optimistic about Hungary’s ability to cut its budget deficit and said that the process was faster than in most European countries.
“The excessive deficit procedure could be over for Hungary when other countries have just started working on the problem,” Oszko said.
Under a decision adopted in November last year, Hungary has been granted a 20 billion euro mid-term credit line from the EU, the International Monetary Fund and the International Bank for Reconstruction and Development.