April 12, 2010 / 10:14 AM / 9 years ago

FACTBOX-What next and plans of Hungary's vote winner Fidesz

April 12 (Reuters) - Hungary’s centre-right Fidesz party won a landslide victory in Sunday’s election and has a good chance of securing two-thirds of seats in the next parliament by extending its gains in the second round of voting on April 25.

The following is what we know about Fidesz’ economic plans at this stage.

Fidesz leader and Hungary’s next prime minister Viktor Orban will hold a news conference at 1130 GMT.


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* April 25 - second round of elections: Fidesz will aim to secure a two-thirds majority.

* President Laszlo Solyom has 40 days after the second round to ask the leader of the largest parliamentary group to form a government.

* Next IMF/EU review due in late May, early June.

* Govt needs to submit 2011 budget to parliament by end Oct.

* Solyom’s five-year mandate expires on Aug 5. The next parliament will have to elect a president at least 30 days before that date. Solyom can also be re-elected.

* Top economic strategist Gyorgy Matolcsy said Fidesz would propose a new financing deal to international lenders in Sept.


* Initially an anti-communist liberal party, Fidesz is now centre-right, pro-church and pro-family.

* Wants to boost Hungary’s growth and medium-term growth potential.

* Wants to attract foreign investment but favours supporting domestic entrepreneurs and farmers.

* Wants to improve the economy’s competitiveness via tax cuts and its top economic strategist Matolcsy envisaged tax cuts over the next three years starting from January 2011.

* Said it would rewrite the 2010 budget to boost economic growth and enact policies to create a million jobs in 10 years.

* Has said the 2010 budget deficit could be double the targeted 3.8 percent of GDP, set in Hungary’s IMF/EU deal due to a lag in revenues and some items not included in the present budget. Matolcsy told Reuters Fidesz would not tolerate a deficit above 6.5-7 percent and a gap between 4.5 and 6.5 percent could still be “safely financed”.

* Matolcsy also said Fidesz would cut the deficit gradually in coming years. [ID:nLDE62I1NA]

* Wants to cut red tape and curb corruption.

* Plans to sign a new precautionary standby deal with international lenders after the current financing deal expires in the second half of this year.

* Not planning to set euro adoption target date, for now. (Reporting by Sandor Peto, Marton Dunai and Gergely Szakacs; Editing by Alison Williams)

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