He said the new Szechenyi plan is for the period until 2020 and its objective is to create 1m new jobs.

The programme is scheduled to start on January 15, 2011 and includes 7 priority programmes.

Matolcsy said the new Szechenyi plan is part of a longer plan by which Hungary aims to surpass the EU average in terms of economic development by 2030.

A financial consolidation should be carried out in the second half of this year, to be followed by a structural consolidation in 2011 and 2012, which will allow a period of growth to follow, he said noting that this will require a rapid utilisation of development resources.

The new Szechenyi plan will focus on developments in seven areas: on the health industry, on the "green economy", on home construction and property development, on the field of science and innovation, on employment and utilisating Hungary's geographical position as a transit economy, the minister said.

The minister emphasised that, under the new government's economic policy, fiscal balance will be the outcome rather than a starting-point and the new development policy will support investments and developments in a focused way. (MTI-ECONEWS)