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.

Hungary has bought back a 21.2% stake held by Russia’s Surgutneftegaz in fuels group MOL. The deal, to be completed August 31st this year, is worth EUR 1.88 billion and will be paid for from previously drawn IMF grants.

Hungary’s state-owned railway company MÁV has signed an agreement with China Railway Construction Coproration to receive technological, construction and financing tools for the modernisation of MÁV from the Chinese company.

Hungary's New Széchenyi Plan, an economic development plan, will invest HUF 7,000 billion (EUR 25.5bn) between 2011 and 2014 in various business projects and infrastructure, boosting the investment rate by an annual 5 percentage points.