Hungarian National Development minister resigns

The Hungarian Minister for National Development Tamás Fellegi announced that he had tendered his resignation, asking the prime minister to relieve him of his post so that he has time to perform other important duties.

Tamás Fellegi said that as he will be leading the talks with the International Monetary Fund (IMF) on a financial assistance for the country he will not be able to tend to his work as minister.

His tasks as head of the Hungarian delegation will be to (i) come up with a negotiating position; (ii) create a solid foundation to the Hungarian government’s standpoint and for back office work; (iii) co-ordinate the required government measures; (iv) keep relations with analysts and credit rating agencies and finally (v) to conduct the talks.

"This is an extremely broad assignment that includes many tasks. I cannot simultaneously lead the talks and the National Development Ministry," he added. That is why he asked the PM to request the President to relieve him from his position as minister.

Fellegi also said he would travel to London on Monday to meet the representatives of all three credit rating agencies (S&P, Fitch and Moody’s) and to consult with large investors who have interests in the region.