IMF, EC welcome Hungary's fiscal goal

WASHINGTON Thu Jun 10, 2010 12:21am IST

A woman walks past a money changer in Budapest on June 4, 2010. The International Monetary Fund and European Commission on Wednesday welcomed Hungary's commitment to its stated budget deficit target for 2010 and plans to take additional corrective measures if needed. REUTERS/Laszlo Balogh/Files

A woman walks past a money changer in Budapest on June 4, 2010. The International Monetary Fund and European Commission on Wednesday welcomed Hungary's commitment to its stated budget deficit target for 2010 and plans to take additional corrective measures if needed.

Credit: Reuters/Laszlo Balogh/Files

Related Topics

WASHINGTON (Reuters) - The International Monetary Fund and European Commission on Wednesday welcomed Hungary's commitment to its stated budget deficit target for 2010 and plans to take additional corrective measures if needed.

In separate statements after talks with Hungarian authorities in Budapest, IMF and EC officials said they would hold further policy discussions with the government in July.

Hungary received a $25 billion bailout from the European Union and IMF in November 2008 to avoid collapse after a run on its currency in the wake of the global financial crisis.

Hungarian officials last week caused panic in financial markets by suggesting the country may face a Greek-style debt scenario. Ministers have since backtracked on those comments, emphasizing a budget deficit target of 3.8 percent of gross domestic product remained their goal.

"We welcome the authorities' commitment to the fiscal target of 3.8 percent of GDP for 2010 agreed under the IMF-EU supported program, and their intention to implement corrective measures as needed to ensure that this target is achieved and that the Hungarian economy continues on a sustainable path," IMF mission chief to Hungary Christoph Rosenberg said in a statement.

He said these measures and other policies would be formally discussed in early July during the next review of the loan program.

(Reporting by Lesley Wroughton; Editing by Leslie Adler)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage