Hungary wants to extend its agreement with the IMF

Publish date: 02-07-2010
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The Hungarian Government intends to obtain a new loan from the IMF next year, and does not want to access the last six billion Euro of the 20 in the loan provided to it in 2008.

Hungary is seeking to obtain a new loan from the International Monetary Fund (IMF), a "safety" loan meant to consolidate trust in the Hungarian market and to ensure a low interest rate in case there will be a need for another loan. The announcement was made by one of Prime Minister Viktor Orban's economic counselors, Gyorgy Szapary, who added that the loan is scheduled for next year. Hungary doesn't want to touch the money it already borrowed from the IMF, European Union and World Bank in 2008, nor the ones borrowed afterwards from the IMF alone.

"There are plans, but no discussions yet, for signing a preventative agreement for 2011. This means that the government does not intend to access the funds, because the Hungarian state is solvent, but to reach an agreement that would consolidate market trust, and reduce the risk premiums. We would access the money only if something were to happen on international markets that would make it difficult for the Hungarian state to access loans", stated Szapary.


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