Hungary is preparing to announce a package of nearly 30 billion USD in measures to support its economy, a senior government official said the factories are closing and the likelihood of a recession.

Parliament, where the Fidesz ruling party has a large majority, has given Prime Minister Viktor Orban the authority to rule in coronavirus ordinances without complying with calls from opponents and human rights groups to set a timetable for his additional powers.

Viktor Orban, who has been in power for ten years, offers the largest package of economic measures in the country’s history to offset the impact on the pandemic to the country’s economy. It has already led to the loss of tens of thousands of jobs in the country.

The prime minister is expected to announce the measures on Monday after the government approves them, his office chief, Gergely Gulyas, told a press conference. The Hungarian National Bank will announce the steps after the Monetary Council met on Tuesday.

Gergely Gulyas said the total package would amount to 18 to 22% of Hungary’s GDP, amounting to about 30 billion USD. It is not yet clear where the funds will be directed, although some steps have already been taken.

The government has imposed a moratorium on all payments to businesses and households this year, and the central bank has taken a series of steps to provide liquidity to banks.

It has also set up a 2 billion USD special fund to help combat the new coronavirus, which will include contributions from banks and foreign retailers.

Local banks are expected to inject 55 billion HUG (163 million USD) into the fund this year, and foreign retailers are expected to add 36 billion HUF.

Another 4 billion USD fund has been set up for economic assistance and employment support. The Hungarian economy posted a 4.9% growth last year, but a number of analysts are expecting a recession this year as major carmakers have announced a temporary shutdown of their plants for several weeks and sectors such as tourism are collapsing.

Goulash also said the central bank acted on time Wednesday to prevent a “strong speculative attack” against the forint, which led to a weakening of the currency to a record high of 360-370 HUF against the euro this week.

The central bank has offered banks a new one-week deposit facility at an interest rate of 0.9%, a measure that economic analysts call a tacit interest rate hike. The move successfully counteracted the rapid weakening of the forint and raised interbank interest rates.