EBRD Supports Accord between Hungary and IMF

The European Bank of Reconstruction and Development (EBRD) is supportive of the agreement between IMF and Hungary.

 

In a statement released on its website on October 27th 2008, the European Bank of Reconstruction and Development (EBRD) welcomed international moves to help Hungary to weather the current financial market turmoil and an agreement in preparation with the IMF.

According to the statement "the EBRD welcomes the international efforts to support the Hungarian economy to weather the current turbulent conditions in the international financial markets. The outline program which has now been agreed with the IMF provides a strong basis for confidence in the country’s financial framework. The Hungarian Government embarked on the path of fiscal consolidation in 2006 and has demonstrated its sustained commitment to it.

Since the start of its operations in Hungary in 1991 the EBRD has invested close to EUR 2 billion in more than 100 projects in all sectors of the country’s economy. The Bank has been playing a major role in promoting and supporting Hungary’s transition to a market economy and remains fully committed to the country and the region."

News Monitoring