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IMF delegation due to visit Hungary for monitoring in Q2, ministry says

History

An International Monetary Fund (IMF) delegation could visit Hungary in the second quarter to conduct biannual monitoring connected with Hungary’s 2008 loan, while the consultation pursuant to Article IV of the IMF’s Articles of Agreement is expected to take place in a year, the Ministry of National Economy (NGM) said after the IMF published its annual country report on Hungary on Wednesday.

The ministry notes that under Article IV, the IMF prepares economic policy reports on every member state at least once a year.

In order to prepare the report, a delegation of the IMF stayed in Budapest between November 9-21, 2011. During the talks - attended by representatives of the European Commission and the European Central Bank as observers - they met with government leaders and specialists, officials from the National Bank of Hungary and the Hungarian Financial Supervisory Authority (PSZAF) as well as financial market players, the statement said.

Six-monthly post-program monitoring related to the 2008 loan constituted part of the visit.

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