Hungarian Conservative

Péter Szijjártó welcomed the continuous development of bilateral economic relations and the breaking of export records. He also praised Qatar’s role in the release of some hostages abducted by Hamas, including three Hungarian citizens, and revealed that another Hungarian citizen might be held by terrorist organization and requested assistance from Qatar in facilitating their prompt return.

The government’s primary focus for the current year is the restoration of economic growth while continuing to reduce the budget deficit and national debt.

Despite constant criticism from the left, Hungary is one of the few EU countries that have managed to fully draw down the EU funds for the 2014–2020 period. The €32.08 billion has been allocated to several tangible projects in recent years.

Under the scope of the Union’s REPowerEU programme, €779.5 billion have been transferred to Budapest and the amount is now included in the government budget, Finance Minister Mihály Varga announced today. According to Minister for Regional Development Tibor Navracsics, an additional €445 million will also arrive from Brussels soon.

OTP Bank made several commitments regarding its future plans in the Russian market in an agreement concluded with the Ukrainian National Agency on Corruption Prevention, mediated by the European External Action Service. The Ukrainian authorities have removed the bank from the list of international sponsors of the war, and stated that now they expect OTP Bank ‘to promptly adhere to the agreement.’

The director of the National Bank of Hungary (MNB) András Balatoni explained that the strict monetary policy, decreasing global commodity prices compared to last year, restrained consumption, and market-boosting measures by the government are increasingly exerting a disinflationary effect.

As reported on motogp.com, under the previously signed and now updated agreement, Dorna and HUMDA aim to have the Balaton Park Circuit included as a venue in the 2024 Superbike World Championship calendar, where it would serve as a reserve venue in the MotoGP programme. Starting from 2025, MotoGP races would be held at the Hungaroring.

President Novák and President Zelenskyy engaged in a fruitful one-on-one in Kyiv, which may pave the way for more constructive bilateral relations.

The Ministry of Economic Development said in a statement that the increased demand for government bonds has both directly and indirectly improved the government’s self-financing capability, reduced government interest expenditures, and managed to preserve the real value of citizens’ savings. Additionally, government measures have contributed to the fact that individuals are making more conscious decisions about their savings, turning towards higher-yielding assets in a high yield environment.

The minister reminded all that the independent Hungarian Ministry of Finance was the first lasting success of the revolution. In April 1848, Lajos Kossuth began working on the establishment of the ministry, and it started its operations in May of that year.

The controversial document highlights the ongoing concerns of the EU Commission regarding the rule of law in Hungary. While the country has introduced legislative reforms and anti-corruption measures, there are persistent challenges in areas such as judicial independence, media pluralism, legal certainty, and civil society rights.

The 2024 budget is a defence budget because during times of war, Hungary needs a budget that guarantees its security, protects families, pensions, jobs, and reduces utility costs, the Hungarian finance minister stated in parliament on Tuesday.

Alex Soros will be heading the Open Society Foundations from now on, taking the position over from his 92-year-old father, George Soros. In a recent interview, the new chair claimed he is ‘more political’ than his father, and that he will make abortion and voting rights his top priorities.

During a joint press conference with his Egyptian counterpart, Sameh Shoukry, Péter Szijjártó emphasised that the relationship between the two countries has always been based on mutual respect, and Hungary greatly benefits from it in terms of security and economy.

The brand new modern racetrack at Lake Balaton is ready to host any motorsport event except for Formula 1 and MotoGP races.

Despite OTP’s continued support of Ukraine, the Ukrainian National Agency on Corruption Prevention has recently classified the Budapest-based bank as an ‘international war sponsor’ for not shutting down its Russian subsidiary.

The ‘survival programme’ was approved with 18 votes in favour and 12 abstentions. As a result, the city will take out a 16.6 billion forint loan for project development in 2023. The loan is going to match the support provided in EU funding, central budget allocations and loans granted by the European Investment Bank.

Hungary has recently announced that it is leaving the International Investment Bank, soon after the US Treasury imposed sanctions on the IIB and its leadership. But what is the story behind this controversial financial institution and what led to its demise?

Corvinus University of Budapest is the only institution in Hungary to have been awarded the international BSIS certification for its contribution to local and regional socio-economic development.

While in 2010 only three percent of the national debt could be covered by government securities, today this rate stands at around 25%.