In accordance with the MoU concluded by the Government, the European Bank for Reconstruction and Development (EBRD) and Erste Bank AG, the Government has decided to purchase a 15 percent stake in Erste Bank Hungary Ltd, Minister for National Economy Mihály Varga announced earlier today. Key terms and conditions have already been laid down, and as soon as there is consensus on the remainder of details, a contract is expected to be signed up to the middle of June, he added.
The domestic defence sector, one of the most profitable industrial branches, may significantly bolster the national economy, Minister for National Economy Mihály Varga said at a forum on the export control of defence industry products organized by the Hungarian Trade Licensing Office.
The Cabinet has submitted Hungary’s Convergence Programme for 2016-2020 to the European Commission.
According to the regular annual IMF report that summarizes findings of the Article IV consultation, Hungary’s financial exposure has significantly diminished and the Hungarian economy has grown stronger.
Minister for National Economy Mihály Varga and EC Commissioner for Education, Culture, Youth and Sport Tibor Navracsics discussed the European Commission’s Country Report on Hungary published at the end of February. As Mihály Varga said, the Report is much more balanced and objective than that of 2016.
The 2017 Budget enables every Hungarian to make one step further, Minister for National Economy Mihály Varga said on Tuesday, before he handed over the 2017 Budget Bill to the Deputy President of Hungary’s National Assembly.
Hungary has utilized a lot of the good practices of the OECD and its member countries over the past 20 years, but we have also enriched the organization with our own experiences, Minister of State for Financial Affairs and OECD National Commission President Ágnes Hornung said in her welcome speech at the special session held on the 20th anniversary of Hungary’s OECD membership in the grand hall of the Academy of Sciences in Budapest.
The volume of retail sales grew by 6.6 percent and 4.4 percent, respectively, in February 2016 and in the initial two months of the year. Thus, an upward sales trend has been in place for the 32nd month in a row. The growth figure of February is the fifth largest within the European Union.
The aim of the forum organized jointly by the IIB and the NGM is to inform stakeholders of the Hungarian financial and business sectors of the bank’s activities and promote beneficial business relations, Minister of State for Financial Affairs Ágnes Hornung stressed at the opening of the conference.
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