IMF, EC welcome Hungary's fiscal goal
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)
- Tweet this
- Share this
- Digg this
- Kerry seeks Qatari, Turkish help to find Israeli soldier
- India says WTO deal not dead, can sign in Sept if concerns addressed
- UPDATE 4-African leaders agree steps to fight runaway Ebola outbreak
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling
- Nine reasons why India's WTO veto shocked the world
Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article