imf
March 10, 2010, 09:36 CET
Euro entry in 2015 or 2016, former central bank head says
The situation in Hungary is "not ripe" for the euro; the European currency could only be adopted in 2015 or 2016, former central bank governor Zsigmond Jarai said in Budapest on Tuesday. Speaking at a conference of the Association of... [read complete entry]
March 03, 2010, 09:58 CET
IMF held no talks with Hungary opposition leaders, fund representative says
The International Monetary Fund has not held negotiations with main Hungarian opposition party Fidesz, IMF representative in Hungary Iryna Ivaschenko told Reuters on Tuesday. Fidesz is widely expected to win the general election due in April. The meeting in February... [read complete entry]
March 03, 2010, 09:49 CET
Analysts say parties offer similar prescriptions for Hungary's ills
Tax cuts and employment growth are the main prescriptions offered by Hungary's major political parties to cure the country's lackluster competitiveness and its social ills. Gordon Bajnai, who is standing down as prime minister, has been a cheerleader for tax... [read complete entry]
March 03, 2010, 09:38 CET
Fidesz leader says pact with IMF premature
Viktor Orban, leader of conservative party Fidesz, said on Tuesday he had not tried to negotiate a deal with the IMF ahead of the spring elections. Orban spoke in response to calls from the ruling Socialists to make public the... [read complete entry]
March 02, 2010, 09:54 CET
Fidesz confirms it is seeking new terms with IMF
Hungary's conservative Fidesz party is preparing the ground for renegotiating terms with the IMF if they assume power after the April elections, Mihaly Varga, the party's deputy leader and senior economic policymaker, said in a television interview. Fidesz has met... [read complete entry]
March 01, 2010, 09:36 CET
Rumors spreading of Fidesz-IMF deal
Fidesz representatives and the IMF have held preliminary negotiations, according to rumours that were rife in London on Friday. The IMF has allegedly told Fidesz - the clear favourite to win the national elections in April - that it would... [read complete entry]
February 25, 2010, 11:59 CET
Hungary central bank sees budget deficit of 4.2% of GDP in 2010
Hungary's central bank has said that the budget deficit could reach 4.2 percent of gross domestic product this year, which could be reduced to around 4.0 percent if all reserves in the budget stay frozen. The budget shortfall is also... [read complete entry]
February 16, 2010, 09:58 CET
IMF-EU delegation gives Hungary good marks but says further measures necessary
Hungary's government has taken sufficient measures to stabilise the economy, but a strict fiscal policy as well as maintaining risk reserves is still necessary, and further measures must be taken in 2011 to bring the general government deficit under 3pc... [read complete entry]
February 05, 2010, 10:56 CET
IMF, EU delegations start post-bailout review of Hungary
Delegations from the International Monetary Fund and the European Commission on Wednesday began the latest reviews of a EUR 20bn financial support package Hungary was granted in November 2008. The quarterly review is the fifth by the IMF and the... [read complete entry]
January 21, 2010, 09:47 CET
IMF warns Hungary opposition that 7% of GDP deficit too high
The International Monetary Fund (IMF) warned Hungary on Wednesday that it would not tolerate a rise in the country's budget deficit to 7 percent of gross domestic product (GDP), Dow Jones reported on Wednesday. The main opposition party Fidesz, likely... [read complete entry]
January 19, 2010, 09:30 CET
Finance minister says Hungary no longer needs IMF support
Finance Minister Peter Oszko told the Financial Times that Hungary no longer needs the International Monetary Fund's financial support, the newspaper reported on Monday. Mr Oszko told Financial Times that Hungary has become able to generate the country's external-financing requirements... [read complete entry]
January 04, 2010, 09:39 CET
Controversy over bonuses for tax and customs officials
Hungary's finance ministry has denied a report in Wednesday's issue of the political daily Magyar Nemzet that the International Monetary Fund had induced the ministry to pay HUF 5.1bn (EUR 18.72m) in bonuses to employees of the Hungarian tax office... [read complete entry]
December 21, 2009, 10:23 CET
Hungary to leave fifth tranche of IMF loan untapped
The board of the International Monetary Fund (IMF) concluded on Friday that Hungary had fulfilled the terms of its stand-by loan agreement and can now call down the fifth tranche of SDR 725.1 million (about EUR 796m). The country, however,... [read complete entry]
December 11, 2009, 09:55 CET
Hungary's economy policy cannot be changed in short term, PM says
Hungary's economy policy cannot be changed in the short term - no matter who will form the next government, Prime Minister Gordon Bajnai said in an interview published in German weekly Die Zeit on Thursday. For another year Hungary will... [read complete entry]
December 03, 2009, 11:32 CET
PM says Hungary needs IMF support, but not more bailout funds
Hungary continues to need the support of the International Monetary Fund but will no longer draw on its USD 25.1 million dollar IMF stand-by loan, Prime Minister Gordon Bajnai said in Washington after talks with IMF Managing Director Dominique Strauss-Kahn... [read complete entry]
November 25, 2009, 11:56 CET
National Bank sees fiscal gap at 4% of GDP in '09, higher in '10
The National Bank of Hungary (NBH) expects Hungary's government deficit according to ESA to be 4.0pc of GDP in 2009 after 3.8pc last year, and 3.8pc to 4.3pc of GDP in 2010, the bank reported in its new inflation report... [read complete entry]
November 17, 2009, 08:34 CET
Hungary not to call down next scheduled installment of IMF bailout loan
Hungary will not call down the next installment of its IMF loan, and it is preparing an agreement on postponing the call-down of its next installment of a loan from the European Union, Finance Minister Peter Oszko said at a... [read complete entry]
November 17, 2009, 08:31 CET
2010 deficit target realistic, says IMF delegation head
Based on the budget structure approved for 2010, Hungary's 3.8pc-of-GDP general government deficit target for next year is realistic, IMF delegation head James Morsink said at a press conference on Monday, after the delegation completed a review. The IMF would... [read complete entry]
November 13, 2009, 08:58 CET
Opposition expert says Fidesz plans to negotiate new bailout loan with IMF, EU
Hungary will record a much higher deficit than foreseen in the 2010 budget and should conclude a new agreement with the IMF when the present one expires next October, Fidesz former economy minister György Matolcsy said yesterday. Addressing a National... [read complete entry]
November 12, 2009, 10:15 CET
IMF said worried about fiscal slip in Hungary
This year's budget deficit is likely to be bigger than the government's target of 3.9 percent of gross domestic product, and the International Monetary Fund is asking tough questions about whether Hungary can stick to its targets, Nepszabadsag daily said... [read complete entry]
November 04, 2009, 12:10 CET
Opposition spokesman says 2010 fiscal gap to greatly exceed gov't estimates
The main opposition party Fidesz projects a budget deficit of 5-7pc of GDP in 2010, although the party -- if it takes office after general elections in the spring -- wants to do its best to prevent the deficit from... [read complete entry]
October 30, 2009, 11:09 CET
IMF representative says budget risks remain
The Hungarian government is committed to keeping its general government deficit target, but there is still risk in the budget, for example that related to the revenue from corporate tax which will be known only in December Iryna Ivaschenko, who... [read complete entry]
October 21, 2009, 10:20 CET
IMF urges Hungary to stick to budget deficit targets
The IMF on Tuesday underlined the importance of limiting Hungary's budget deficit to 3.9 percent of gross domestic product this year and 3.8 percent in 2010. The adoption of a budget consistent with this target will be a condition for... [read complete entry]
October 08, 2009, 11:29 CET
PM says Hungary can come off IMF aid, but must stick to budget cuts
Hungary has escaped financial collapse and can come off IMF aid, but the country is not completely in the clear yet and must stick to budget cuts if it is to adopt the euro, Prime Minister Gordon Bajnai told Reuters... [read complete entry]
September 28, 2009, 09:41 CET
IMF approves extension of Hungarian bailout by six month
The board of the International Monetary Fund (IMF) approved a request by Hungary to extend the deadline for calling down the remainder of its SDR 10.5bn (EUR 11.7bn) standby arrangement until October 5, 2010 from the original deadline of March... [read complete entry]
September 21, 2009, 10:45 CET
IMF offical says state debt could begin falling in 2011
Hungary's state debt as a percentage of GDP could start falling in 2011 if strict fiscal discipline is maintained and if fiscal reforms already started as well as ones planned are carried out, Iryna Ivaschenko, the IMF's resident representative in... [read complete entry]
September 08, 2009, 10:09 CET
IMF too optimistic on Hungarian economy, say opposition
The International Monetary Fund's assessment of Hungary's economic condition is too optimistic, an opposition Fidesz MP said on Monday. "As a result of the Hungarian government's absolute incompetence, the country's situation continues to be serious," said Laszlo Domokos in reaction... [read complete entry]
September 08, 2009, 10:01 CET
Hungary, IMF agree to extend stand-by credit deadline
The IMF has announced that it will extend the deadline of its €5.2 billion credit line to Hungary by six months, to October 2010. The credit can be called in four equal payments. “Hungary will soon sign a similar contract... [read complete entry]
September 07, 2009, 11:05 CET
IMF standby loan deadlines to be extended
Details of talks on the next tranche of Hungary's SDR 10.5bn standby credit from the IMF with a delegation from the fund will be revealed at a press conference in the afternoon on Wednesday, the Finance Ministry told MTI. Finance... [read complete entry]
August 27, 2009, 10:12 CET
Hungary and IMF begin talks on next tranche of stand-by credit
A delegation of the International Monetary Fund on Wednesday started consultations with Hungarian officials on calling down the next tranche of a 11.7 billion euro stand-by loan, Irina Ivashchenko, head of IMF's permanent office in Budapest, told MTI. Ivashchenko said... [read complete entry]
August 26, 2009, 11:32 CET
Consumer inflation expected to peak at 6.3% in Q1 2010
Hungary's consumer price inflation will peak at 6.3pc in Q1 2010, but fall to 2.5pc -- well under the National Bank of Hungary's 3pc mid-term "price stability" target -- by Q3 2010, when the effect of tax hikes in July... [read complete entry]
August 12, 2009, 11:00 CET
Government expects state revenue to fall Ft 300 billion next year
The government expects its revenue to decline by at least HUF 300bn (EUR 1.2bn) in 2010 as compared to 2009, Finance Minister Peter Oszko said on a television program on Wednesday morning. The finance minister noted that the government must... [read complete entry]
July 27, 2009, 09:47 CET
Hungary seen benefiting from easing of conditions on IMF bailout loans
The lending conditions for Hungary's EUR 20bn financial support package from the International Monetary Fund (IMF), European Union (EU) and World Bank have been modified as part of changes by the IMF to all of its lending agreements with countries... [read complete entry]
July 24, 2009, 11:12 CET
IMF representative says Hungary's eurobond good sign, but cutting debt key
Hungary's sale of a eurobond last week was a sign of growing investor confidence in the government's policies, but it was an expensive debt issue and the country must focus on cutting its debt, Iryna Ivaschenko, the International Monetary Fund's... [read complete entry]
July 22, 2009, 10:13 CET
Hungarian banks soaked up €2.1 billion in IMF-funded loans in Q2
Loans of around EUR 2.1bn were disbursed to Hungarian banks during the second quarter of the year from the IMF loan approved for Hungary last autumn, the latest quarterly report by the National Bank of Hungary (NBH) said. All the... [read complete entry]
July 21, 2009, 09:57 CET
Congratulations Hungary on your €1 billion in new state debt. Oh wait…
Not to rain on everyone's parade, but it seems to me that all the merriment and back-slapping over Hungary's surprise €1 billion bond issue last week is perhaps a bit overdone. Yes, sure, it is not a bad sign that... [read complete entry]
July 10, 2009, 09:58 CET
PM says gov't focused on addressing long-term structural challenges
Prime Minister Gordon Bajnai said in a magazine interview published on Thursday that the government is taking measures to correct structural weaknesses in Hungary's economy in addition to those aimed at managing the effects of the global economic crisis. Speaking... [read complete entry]
July 03, 2009, 10:29 CET
PM says further spending cuts needed to keep deficit target
Hungary needs further spending cuts to meet the 2010 budget deficit target, but revoking the crisis management measures as pledged by the opposition would bring the country to an immediate economic and financial collapse, Prime Minister Gordon Bajnai told national... [read complete entry]
July 02, 2009, 10:51 CET
IMF and markets expect 3.8% budget deficit for 2010
Hungary's budget deficit should not exceed 3.8 percent of GDP next year; this is what both the International Monetary Fund and the markets expect from the country, Finance Minister Peter Oszko told public television on Wednesday morning. To this effect,... [read complete entry]
July 01, 2009, 10:38 CET
IMF says Hungary's economic policies on track, though outlook has dimmed
The International Monetary Fund (IMF) said in a report published late on Tuesday that the macroeconomic and financial policies of Hungary are proceeding according to plan, though the country's economic outlook has worsened due to a deterioration in the global... [read complete entry]
June 24, 2009, 10:53 CET
€14 billion of €20 billion IMF loan to be called down by end-June
Finance Minister Peter Oszko told parliament's budget committee on Tuesday that the Hungarian government will have called down EUR 14bn of the International Monetary Fund's EUR 20bn loan by the end of June, utilizing EUR 8bn of the called-down sum... [read complete entry]
June 24, 2009, 10:52 CET
IMF approves disbursing of €1.4 tranche of standby loan to Hungary
The International Monetary Fund (IMF) announced on Tuesday that it would immediately disburse a further EUR 1.4bn tranche of the EUR 20bn stand-by loan that the organization granted to Hungary together with the EU and the World Bank last November.... [read complete entry]
June 15, 2009, 09:58 CET
Hungary takes third tranche of IMF loan
Hungary has signed a supplementary agreement with the European Union that will allow it to draw on the third tranche of a loan from Brussels, the Finance Ministry said on Friday. Hungary will call down the 1.5 billion euro tranche... [read complete entry]
June 12, 2009, 09:35 CET
Bajnai shoots down opposition proposal to ditch deficit target
Prime Minister Gordon Bajnai said a general government deficit over 3.9pc of GDP -- the most recent limit approved under Hungary's loan agreement with the IMF and EU -- would be unacceptable to foreign investors, when asked by MTI at... [read complete entry]
June 11, 2009, 08:52 CET
Opposition calls for new IMF deal, says euro adoption unlikely before 2014
Hungary's centre-right opposition will initiate talks with the IMF next year about a new financing package if it wins the parliamentary elections, opposition leader Viktor Orban told Reuters on Wednesday. Main opposition Fidesz party chair Orban said the new government... [read complete entry]
June 10, 2009, 10:47 CET
Key economist says growth won't return to Hungary until at least 2011
Hungary's economy will see further shrinkage before it starts growing again in 2011 at the earliest, economist Laszlo Bekesi told Nepszabadsag daily on Wednesday. The assessment of the one-time finance minister is based on a best-case scenario of optimal conditions... [read complete entry]
June 10, 2009, 10:46 CET
PM says Hungary may switch IMF financing for debt issue
Hungary may not have to spend all of its IMF loan and if a recent improvement in investor sentiment remains lasting could return to the debt market, Prime Minister Gordon Bajnai said on Tuesday. The IMF told Hungary in the... [read complete entry]
June 10, 2009, 10:44 CET
Hungarian National Bank official warns against premature rate-cutting
Recent signs of improving market sentiment must be carefully weighed before interest rates can be cut, the Deputy Governor of Hungary central bank told Reuters on Tuesday. Ferenc Karvalits told the news agency the bank must exercise caution since an... [read complete entry]
May 25, 2009, 10:08 CET
Government to make IMF deal public, denies need for further bank bailout
The finance ministry will make the documents on its accord with the International Monetary Fund public as soon as the IMF approves it, the ministry's press chief said on Friday. Ferenc Pichler reacted to the main opposition Fidesz party spokesman's... [read complete entry]
May 19, 2009, 08:46 CET
IMF clears rise in Hungary's deficit target, set to continue bailout
A delegation of the International Monetary Fund, visiting Hungary to review conditions for a bailout loan it granted last year, on Monday agreed to the government's raised budget deficit goals and to making a new tranche of the loan available... [read complete entry]
May 19, 2009, 08:44 CET
Analysts unsurprised by jump in government's deficit forecast
Analysts told MTI that Finance Minister Peter Oszko's announcement that Hungary's general government deficit could reach 3.9pc of GDP in 2009 before falling to under 3pc by 2011 caused no surprise on the market, since news of this forecast was... [read complete entry]
May 19, 2009, 08:41 CET
Opposition renews calls for abandoning austerity drive
The macro-economic figures published in Hungary on Monday suggest that the government's austerity measures taken since last autumn have been totally misjudged. For this reason, there is a need for an economic policy turn, a senior official of the main... [read complete entry]
May 15, 2009, 12:15 CET
Who pays for Fidesz' trillions in budget giveaways?
As the old saying goes, the only things certain in life are death and taxes. But like all such proverbs, this isn't exactly true. In Hungary's case, there are some additional certainties, among them that by next May Gordon Bajnai... [read complete entry]
May 14, 2009, 10:48 CET
PM says government to plan for deeper recession
Hungary's government will modify the macroeconomic track within the upcoming weeks to fit predictions of deeper economic recession, Prime Minister Gordon Bajnai told online news portal index.hu on Wednesday. Bajnai, whose tax bill including a VAT hike and cuts in... [read complete entry]
May 14, 2009, 10:32 CET
IMF, gov't reportedly planning for larger fiscal gap in 2009
Hungary's budget deficit target for this year may rise from the present 2.9 percent to 3.9 percent of GDP, the economic daily Vilaggazdasag said on Wednesday. According to the paper, this is the consensus between the IMF delegation currently in... [read complete entry]
May 13, 2009, 10:13 CET
IMF says Hungary's external financing needs lower than expected
The International Monetary Fund on Tuesday lowered its projection of the external financing needs of several central and Eastern European countries, among them Hungary's. The IMF said that it had earlier overestimated Hungary's external financing need and revised its outlook... [read complete entry]
May 04, 2009, 10:11 CET
Finance Minister says no new IMF bailout on agenda
Hungary currently has no plan to take up a new loan from the International Monetary Fund, Finance Minister Peter Oszko told Monday's Magyar Nemzet daily.... [read complete entry]
April 30, 2009, 10:34 CET
Bokros warns Hungary will need to extend IMF loan
Hungary should extend its standby loan agreement with the International Monetary Fund, former Finance Minister Lajos Bokros told MTI in Washington on Wednesday after talks with IMF officials.... [read complete entry]
April 30, 2009, 09:42 CET
FinMin says parliament could adopt gov't tax package in June
Hungary's parliament could adopt the Bajnai government's tax package for next year as early as the end of June, Finance Minister Peter Oszko said in an interview with the daily newspaper Nepszabadsag published on Wednesday.... [read complete entry]
April 28, 2009, 08:22 CET
Opposition's economic strategist calls for new IMF deal, tax cuts
Hungary needs a new deal with the International Monetary Fund which would allow slightly higher budget deficit, a former economy minister and strategist of the main opposition Fidesz party told Reuters on Monday.... [read complete entry]
April 28, 2009, 08:17 CET
FinMin says Hungary to adhere to 2.9% deficit target
Finance Minister Peter Oszko reassured IMF and World Bank representatives that the Bajnai government will honour all agreements signed, including the target under a last November agreement on a EUR 12.5bn standby loan with the IMF that the 2009 general... [read complete entry]
April 27, 2009, 07:20 CET
State debt agency expects to use up to €8 billion of bailout loans this year
Hungary is expected to use EUR 7-8bn of the EUR 20bn international credit line it received from the IMF, the EU and the World Bank last autumn to finance the budget deficit and renew expiring debt in 2009, Laszlo Andras... [read complete entry]
April 27, 2009, 07:15 CET
IMF official says capital markets sentiment sign Hungary's program working
The International Monetary Fund (IMF) welcomes the positive developments on Hungary's capital markets, including the successful auctioning of long-term government bonds, head of the IMF's European Department Marek Belka said in Washington on Friday.... [read complete entry]
April 23, 2009, 10:04 CET
IMF report more optimistic on Hungary's economic contraction than gov't
The International Monetary Fund (IMF) projects Hungary's economy will contract by 3.3pc in 2009, according to its fresh World Economic Outlook published on Wednesday.... [read complete entry]
April 20, 2009, 10:50 CET
Bajnai unveils details on crisis-management package
"The cabinet will draw up a clear and transparent action plan to show people what it is doing to lead the country out of the crisis in the next few days," Prime Minister Gordon Bajnai announced yesterday, while outlining the... [read complete entry]
April 17, 2009, 09:46 CET
Incoming PM says economic plan based on GDP contraction of up to 6%
Incoming Hungarian Prime Minister Gordon Bajnai's economic package calculates with a 5.5-6 percent recession for this year, MTI learnt on Thursday.... [read complete entry]
April 09, 2009, 09:30 CET
Opposition mulls need for new IMF bailout if returned to power
If the conservative opposition Fidesz party won next year's general elections in Hungary, they would possibly have to start negotiations about a new IMF loan, the daily Nepszabadsag wrote on Wednesday.... [read complete entry]
March 27, 2009, 10:22 CET
IMF says Hungary meeting terms of bailout deal, coy on political shakeup
Hungary has so far satisfactorily met the conditions of its loan contract with the International Monetary Fund, IMF mission chief in Hungary James Morsink said in a telephone conference from Washington on Wednesday.... [read complete entry]
March 26, 2009, 08:21 CET
IMF gives Hungary go-ahead for draw-down of second loan tranche
The International Monetary Fund has approved the second tranche of a standby credit line to Hungary, the Finance Ministry told MTI on Wednesday.... [read complete entry]
March 25, 2009, 08:20 CET
IMF to open office in Budapest to oversee bailout
The International Monetary Fund will open a permanent office in Budapest in April to ease the negotiations on its stand-by arrangement, the IMF office in Washington was quoted by the daily Nepszabadsag as saying on Wednesday.... [read complete entry]
February 17, 2009, 09:45 CET
Visiting IMF official calls economic correction in Hungary unavoidable
An economic correction will be unavoidable in Hungary, due to high state debt and the difficulties of external financing, the head of IMF's delegation told the press in Budapest on Monday.... [read complete entry]
January 26, 2009, 10:02 CET
Gov't vows to be more cautious with economic growth projections
The government will be more cautions with its projections than ones for 2009 and 2010 by the European Commission and the International Monetary Fund, Prime Minister Ferenc Gyurcsany said on Friday, after talk on the economy with analysts.... [read complete entry]
January 23, 2009, 09:33 CET
Fitch analyst warns financing risks for Hungary remain despite bailouts
The "huge" IMF-led financial package that Hungary received following the severe hit its assets had suffered late last year has significantly mitigated the external financing and currency risks for this year, but has not completely eliminated "the issues", a senior... [read complete entry]
January 13, 2009, 10:03 CET
IMF: Hungary's financial conditions improved faster than expected
Hungarian Finance Minister Janos Veres told foreign journalists on Tuesday that rumours about discord between the International Monetary Fund and the government, which aided a slide in the forint, were unfounded, Reuters reported.... [read complete entry]
January 13, 2009, 09:03 CET
Forint continues to weaken, trades at 280 to the euro
The forint weakened to Ft 280.7 per euro on Monday afternoon, its lowest level since October. Some analysts attributed the weakening to the Russian-Ukrainian gas dispute. Others blame the fall on rumours that the IMF is not happy with the... [read complete entry]
December 15, 2008, 03:01 CET
Head of IMF delegation says room for more rate cuts
The International Monetary Fund (IMF) believes that the National Bank of Hungary's recent rate cuts have been appropriate, reflecting the fall in projected inflation and the stability of the exchange rate, James Morsink, head of an IMF's delegation to Hungary... [read complete entry]
December 10, 2008, 08:42 CET
IMF team to visit Budapest to review progress of loan deal
A delegation of experts from the International Monetary Fund (IMF) will hold a review in Budapest this week to assess the fulfillment of conditions attached to the IMF credit line to Hungary, MTI learnt from the Washington-based institution on Tuesday.... [read complete entry]
November 18, 2008, 12:38 CET
IMF expects slow recovery for Hungary; sharp cut in current-account gap
The International Monetary Fund (IMF) said in a staff report published on Monday that it expects Hungary's economy to recover slowly from recession, though anticipates that the country's current-account deficit will drop sharply.... [read complete entry]
November 13, 2008, 03:19 CET
Veres continues to predict 2009 ERM 2 entry for Hungary
The government continues to expect Hungary to meet the requirements for joining the ERM 2 -- the waiting room for the adopting the euro -- in 2009, Finance Minister Janos Veres said at an economic summit on Thursday.... [read complete entry]
November 13, 2008, 03:05 CET
Government discusses growth programs with opposition, business leaders
Business leaders and politicians participating in an economic summit on Thursday, convening to address the hardships facing Hungary's enterprises due to the global financial crisis, emphasised the need for stimulus measures while keeping tight control over spending.... [read complete entry]
November 13, 2008, 08:18 CET
Hungary draws down first tranche of IMF bailout funds
Hungary has drawn down the equivalent of 4.9 billion euros, the first tranche of an International Monetary Fund (IMF) stand-by loan, Deputy Finance Minister Almos Kovacs told MTI on Monday.... [read complete entry]
November 10, 2008, 08:46 CET
Downgrades hit Hungary, Moody's says metrics "far, far worse" than peers
Moody's credit-rating agency downgraded its sovereign risk of Hungary from A2 to A3 with a negative outlook on Friday afternoon. It also lowered its foreign currency deposit ratings on banks OTP, CIB, K&H, MKB, Erste, Budapest Bank and state-owned MFB.... [read complete entry]
November 07, 2008, 09:11 CET
IMF formally approves €12.3 billion bailout package for Hungary
The International Monetary Fund has rubber-stamped a 12.3 billion euro financing package for Hungary.... [read complete entry]
November 06, 2008, 05:12 CET
Finance Ministry, Central Bank publish details of €12.5 billion IMF program
The Finance Ministry and the National Bank of Hungary (NBH) on Thursday published a letter of intent on a EUR 12.5bn, 17-month stand-by arrangement with the International Monetary Fund (IMF) to support a programme that aims to "firmly anchor macroeconomic... [read complete entry]
November 06, 2008, 05:05 CET
Ft 600 billion financial package proposed for Hungarian banks
The National Bank of Hungary has proposed that a HUF 600bn financial package be made available to Hungarian banks as part of an agreement with the International Monetary Fund (IMF) on a EUR 20bn support package for the country, central... [read complete entry]
November 05, 2008, 09:43 CET
Hungary's credit default swaps fall sharply
Default insurance costs for Hungary's debt which had already been on a steady tightening path over the past week fell sharply on Tuesday as default concerns over Hungary's debt obligations diminish, London-based market analysts said.... [read complete entry]
November 03, 2008, 02:07 CET
EU boss Almunia stresses importance of budget consolidation
The most important condition for a EUR 20bn financial support package for Hungary from the IMF, EU and World Bank is a reduction in the country's budget deficit, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said in an interview... [read complete entry]
October 31, 2008, 07:45 CET
Analysts see Hungary's crisis spurring beneficial reforms
Hungary's vulnerability in the central and eastern European region does not stand out; indeed the crisis could help Hungary in the long term, a leading analyst said on Thursday.... [read complete entry]
October 30, 2008, 09:28 CET
Bailout package more than big enough to cover Hungary's external debts
A EUR 20bn stand-by credit line provided Hungary by the IMF, the EU and the World Bank is more than enough to cover Hungary's gross state external financing requirement until the end of March 2010, when the credit line expires,... [read complete entry]
October 30, 2008, 09:09 CET
Confidence in Hungary improved, say foreign analysts, but challenges remain
The USD 25.1bn joint financial bailout package announced by the IMF, the EU and the World Bank on Wednesday is set to give a "significant boost" to investor confidence towards Hungarian assets, with default insurance costs for Hungary's debt already... [read complete entry]
October 29, 2008, 09:36 CET
IMF, World Bank and EU offer Hungary $25 billion lifeline
Hungary will receive a 25.1 billion dollar line of credit from the International Monetary Fund, the World Bank and the European Union, MTI's Washington correspondent reported on Wednesday, citing IMF information.... [read complete entry]
October 28, 2008, 06:22 CET
Gyurcsány proposes recession budget for 2009, outlines spending cuts
Hungary's Prime Minister Ferenc Gyurcsany on Tuesday outlined plans to slash spending and said the government was preparing for a lower growth forecast next year.... [read complete entry]
October 28, 2008, 03:00 CET
European Commission preparing financial support plan for Hungary
The European Commission is preparing a financial support plan for Hungary, spokeswoman Amelia Torres said in Brussels on Tuesday.... [read complete entry]
October 28, 2008, 09:39 CET
Veres says growth target may be reduced to "below zero" for 2009
Hungary's government is considering cutting its growth target for 2009 to below zero compared to the 1.2 percent forecast envisaged in its revised budget last week, Finance Minister Janos Veres told public television on Tuesday.... [read complete entry]
October 27, 2008, 09:01 CET
IMF set to announce substantial financing package for Hungary
The International Monetary Fund will announce in the next few days a substantial financing package in support of policies to bolster the Hungarian economy, Reuters reported on Monday quoting a statement by the IMF managing director issued in Washington.... [read complete entry]
October 20, 2008, 10:00 CET
FinMin defends IMF discussions, dismisses press speculation
Seeking the support of the International Monetary Fund (IMF) as a contingency measure in the global financial crisis has been a useful step, and negative press reactions will not make investors uncertain, Finance Minister Janos Veres said during a break... [read complete entry]
October 16, 2008, 08:50 CET
Reassuring markets about Hungary's stability is key task, Gyurcsány says
Prime Minister Ferenc Gyurcsany stressed the need to convince markets of the stability of Hungary's economy and finances before the European Union summit in Brussels on Wednesday.... [read complete entry]
October 13, 2008, 04:14 CET
Gyurcsány in talks with IMF as contingency against speculators
Hungary has been the first in its region to seek the support of the International Monetary Fund (IMF) and the European Union as a contingency measure, Prime Minister Ferenc Gyurcsany told journalists on Monday.... [read complete entry]
September 25, 2008, 07:49 CET
IMF urges spending restraint on Hungary
The International Monetary Fund has recommended to Hungary's government that it continue pursuing strict spending to achieve further consolidation in 2009, the National Bank of Hungary reported on Wednesday quoting the IMF executive board 2008 consultation with Hungary.... [read complete entry]
March 27, 2008, 10:28 CET
Hungarian government receives international praise for efforts to clean up public finances
Hungary won plaudits from the IMF for its plan to establish an independent budget office. [read complete entry]