Hungary to Call First Tranche of EU Loan in December

Hungary will call the first tranche of a EUR 6.5 billion loan from the European Union in December, Finance Minister Janos Veres said at a conference on November 20th 2008.


The loan - which was signed for by Economic and Monetary Affairs Commissioner Joaquin Almunia on November 19th 2008 - will be called in four tranches, Mr Veres said. The money may not be used for businesses, he added.

Hungary will use the first part of a HUF 12.5 billion stand-by loan from the IMF in Q1 2009. The money will be used to renew maturing foreign currency debts, Mr Veres said.

(HUF 100 = EUR 0.3679)

News Monitoring