Orban announces more economic measures amid virus

Hungarian Prime Minister Viktor Orban on Monday announced a second package of economic measures meant to protect the country's economy from the effects of the new coronavirus pandemic.

Orban said that the measures would reallocate some 18-20% of Hungary's state budget, which would be roughly as much as 32 billion US dollars.

He said the state budget deficit would rise from 1% of GDP to 2.7%.

Without providing specifics, Orban said that in some cases, the state would provide wages for employees in the private sector and would spend about 450 billion forints (1.3 billion US dollars),"to support investments" and create jobs.

"The aim is for us to create as many jobs as the virus ruins," Orban said.

Hungary will also make available 2 trillion forints (5.9 billion US dollars) in loans for businesses and gradually restore a 13th annual pension payment beginning in February 2021.

Measures announced earlier included the elimination of payroll taxes for industries most affected by the pandemic and a moratorium until 2021 of all loan repayments by households and businesses.

As of Monday, Hungary had registered 744 coronavirus cases, with 38 deaths linked to COVID-19.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks.

For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, and could lead to death.

The vast majority of people recover.