The cabinet will send a first draft of the reform plan to the EU and the OECD, as agreed by Economy Minister Gyorgy Matolcsy and European Finance Commissioner Olli Rehn.

The document will include structural reforms that will touch every field of governing, Nagy said.

Commenting after Moody's downgraded Hungarian debt on Monday, Matolcsy said the government will announce structural reforms in the spring, and expressed hope that the credit-rating agency will take that into account at its next evaluation."

Source: Hungary Around the Clock.

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