IMF to Provide Hungary with Financing Package

The International Monetary Fund (IMF) has reached agreement with Hungary regarding substantial financing package.

 

The International Monetary Fund (IMF) has reached agreement with Hungary regarding substantial financing package to be announced after the program is finalized within a few days, IMF Managing Director Dominique Strauss-Kahn announced on October 26th 2008.

Mr Strauss-Kahn stated in an October 26 press release that "An IMF staff mission and the Hungarian authorities, in close consultation with the EU, have reached a broad agreement on a set of policies that will bolster the Hungarian economy's near-term stability and improve its long-term growth potential. The authorities' program will ensure fiscal sustainability and strengthen the financial sector."

"A substantial financing package in support of these strong policies will be announced when the program is finalized in the next few days. Participants will include the IMF, the EU, and some individual European governments, together with regional and other multilateral institutions," the IMF leader added.

News Monitoring