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IMF, World Bank regard Hungary economy well

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The Hungarian economy received favorable assessment by the International Monetary Fund and the World Bank thanks to the government's early repayment of a 2008 loan and measures to consolidate the economy, Economy Minister Mihály Varga announced yesterday.

Hungary received much attention from investors, too, Varga told news service MTI after attending the autumn annual meeting of the IMF and the World Bank in Washington. The minister added that he had positive feedback regarding Hungary's economy at meetings on the sidelines of a session of the International Monetary and Financial Committee (IMFC) on Saturday as well.

Varga said he had met representatives of General Electric, a partner who has been hurt by measures targeting the banking sector in Hungary, but who will nevertheless face a favorable position in the production sector and other sectors of the economy.

The Hungarian state-owned Eximbank's AAA bond issue was unanimously well received, Varga said.

Varga reported that there was no lobbying regarding the government's banking tax. “Although the government has kept the budget deficit below 3% of GDP last year, this year and expectedly next year as well, it believes that the banking tax is still an important source of revenue for the state budget,” he stated, adding that in the 2014 budget draft the amount of the banking tax remained level.

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