Hungary is preparing to announce a roughly $30 billion package of measures to help jump-start the economy, a top government official said on Saturday, as the coronavirus outbreak shutters factories and raises the specter of recession.
FILE PHOTO: Hungarian Prime Minister Viktor Orban arrives to attend the plenary session of the Parliament ahead of a vote to grant the government special powers to combat the coronavirus disease crisis in Budapest, Hungary, March 30, 2020. MTI Zoltan Mathe/Pool via REUTERS/File Photo
Orban, who has been in power for a decade, has flagged the biggest economic package of the country’s history to offset the economic impacts of the pandemic, which has already led to tens of thousands of job losses. Gulyas said the total package would amount to 18-22% of Hungary’s GDP, equivalent to about $30 billion. It was not immediately clear where the cash would be targeted, though some steps have already been taken.
It has also created a $2 billion special fund to aid the fight against the novel coronavirus, which will include contributions from banks and foreign retailers.
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