Publication: Magyar Közlöny
Issue: MK-2008-169 (Year: 2008, Number: 169)
Era: 2004-2010
Section: 214/1996. (XII. 23.) Korm. rendelet, valamint az azt módosító 191/2003. (XI. 26.) Korm. rendelet és 79/2005.
Paragraph Index: 268

2. The assistance will be disbursed in four instalments. The amount of the first instalment will be EUR 2 billion and shall be released subject to the entry into force of the Loan Agreement and the present Memorandum of Understanding, which will be approved after the consultation of the Economic and Financial Committee (EFC), and will be based on the submission to Parliament of the legislative amendments to the draft 2009 budget proposal, which target a deficit of 2.6% of GDP and include the underpinning budgetary measures (notably (i) a nominal wage freeze in the public sector in 2009; (ii) eliminating the 13th monthly salary for all public servants in 2009; and (iii) capping the 13th monthly pension payment at HUF 80 000 (around the level of the average pension) as well as abolishing it for some groups of early pensioners). A second instalment will be made in the amount of up to EUR 2 billion, followed by a third instalment of up to EUR 1.5 billion and a fourth disbursement of up to EUR 1 billion. The disbursement of the four instalments is tentatively foreseen for the fourth quarter of 2008, the first and second quarters of 2009 and the fourth quarter of 2009. The European Commission („the Commission”) shall decide on the release of the instalments following the first one after having obtained the opinion of the EFC. The disbursement of each further instalment shall be made on the basis of the implementation of the new economic policy programme of the Hungarian Government which is backed by the IMF arrangement and will be included in the forthcoming Convergence Programme of Hungary. More particularly, the release of the funds will be based on a positive evaluation of progress made with respect to specific economic policy criteria as detailed in Annex I.

Source: https://magyarkozlony.hu/hivatalos-lapok/4c11cb38ce6bdd4730cbd9405ce0a85e8fc50b32/dokumentumok/570a9ec392485b0a9748011d99d4041fa9bed95b/letoltes