Hungary receives further aid

Hungary has received a further $3.19 billion (£2.2 billion) of aid from the International Monetary Fund (IMF) after a review of the country’s economic performance.

The move brings the total amount of capital disbursed by the fund to Hungary up to $9.56 billion. The figure accounts for about two-thirds of the $15.94 billion stand-by arrangement agreed with the IMF in November.

Further IMF aid is conditional on the successful implementation of an economic programme under which Hungary is required to meet the IMF’s “quantitative performance criteria and indicative target and the structural performance criterion and benchmarks”.

In a statement, the organisation stressed that efforts by the IMF, the European Union, the World Bank and other institutions should ensure that Hungary will weather the crisis.


Related Articles:
Out of proportion
Analysis: emerging Europe’s new crunch