UPDATE: Hungary PM: No Confidence Vote To Be Held April 14

UPDATE: Hungary PM: No Confidence Vote To Be Held April 14 (Adds quotes, details.) BUDAPEST -(Dow Jones)- Hungary's Prime Minister Ferenc Gyurcsany said Sunday that the Hungarian parliament will hold a vote of no confidence against him and his cabinet on April 14 after he unexpectedly announced Saturday his intention to step down. Gyurcsany's Socialist Party will put forward the motion for a no confidence vote on April 6, a day after the party's extraordinary congress, at which the nominee for new prime minister is likely to be revealed. Should the no confidence vote receive a parliamentary majority, the nominee for prime minister will automatically become the new premier. Gyurcsany announced his intention to step down Saturday, saying a new cabinet headed by a new premier will be better equipped to lead the country out of the economic crisis. The new government will have to launch further fiscal measures as the international economic crisis appears to be longer and deeper than previously thought, Gyurcsany said at a press conference Sunday. The government now projects that theeconomy will contract by 3%-3.5%, but analysts believe the recession could be much deeper, reaching 4%-5%. "The new government will have to do more...than what had been announced by us Feb. 16," Gyurcsany said. The government unveiled a tax reform package Feb. 16 aimed at reducing labor-related taxes, while hiking value-added tax and certain excise taxes. "We want a new government that has a stable majority and a more comprehensive program," said Gyurcsany, who was re-elected chairman of the ruling Socialist Party Saturday. Gyurcsany indicated that his government, which will remain in place until the new cabinet is sworn in, will launch further fiscal measures until the new cabinet takes over. He also said that his party will start consultations with all parliamentary parties on who to nominate as the new prime minister. "We will be able to reach an agreement on this," Gyurcsany said.