MNB Pledges Nearly EUR 14 million to IMF Concessional Financing Vehicle

MNB

The National Bank of Hungary (MNB) has pledged nearly EUR 14 mln to the International Monetary Fund's Poverty Reduction and Growth Trust, the IMF's main vehicle for providing concessional financing to low-income countries, according to a report by state news wire MTI.

The pledge was officially announced by MNB deputy governor Barnabás Virág on the sidelines of the annual meetings of the IMF and the World Bank Group which took place in Marrakech on October 9-15.

MNB considered the IMF's request for a pledge in the framework of a fund-raising campaign for the Poverty Reduction and Growth Trust, weighing legal, liquidity, and credit risk factors, and decided to pledge SDR 11 million through the return on a specific investment made at the IMF.

The pledge is "historic" because it is the first time that Hungary - a previous IMF program country - appears as an investor, and because it is the largest pledge among emerging market countries in the European Union in the fund-raising campaign, MNB said.

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