Publication: Magyar Közlöny
Issue: MK-2010-19 (Year: 2010, Number: 19)
Era: contemporary
Section: A Kormány 28/2010. (II. 16.) Korm. rendelete
Paragraph Index: 7

3. In February 2009, a first review mission was carried out by the Commission services in cooperation with the IMF staff. The Commissionservicesconcluded that the conditionslinkedto the releaseof the secondinstalmentof the European Union loan of EUR 2 billion were met. In the light of the deteriorated growth outlook for 2009 (GDP was expected to contract by 3 to 3.5% rather than by 1% expected in autumn 2008) it was agreed that the deficit target for 2009 would be revised from 2.6% of GDP to 2.9% of GDP in spite of the additional savings measures of 0.7% of GDP. The revision, as well as a number of additional economic policy conditions, was laid down in a first Supplemental Memorandum of Understanding (SMoU). Following the consultation of the Economic and Financial Committee (EFC), this first SMoU was signed on 11 March 2009, and the second instalment of EUR 2 billion was disbursed on 26 March 2009. 1 Ex Article 119. 2 As amended by Regulation No 431/2009.

Source: https://magyarkozlony.hu/hivatalos-lapok/797efede7efdaeb5c0cbe3cfdcb0e66ea7acb28e/dokumentumok/fb170d51c43c4b8beb68faf2ce6d0ea6baa19848/letoltes