PM says less chance of deal with IMF

History

Hungary's chance of reaching an agreement on precautionary financial assistance from the International Monetary Fund has fallen because the IMF is unwilling to ensure a flexible credit line for the country, Prime Minister Viktor Orbán told journalists in Brussels on Wednesday.
The IMF said no to Hungary's request for a flexible credit line, Orbán said, after delivering a lecture at Bruegel, a Brussels-based think tank. Hungary does not want a loan from the IMF, because it does not need one; it can finance itself from the market, he added. The IMF insists on a loan, he said.
The IMF's Flexible Credit Line (FCL) is a construction for "countries with very strong fundamentals, policies, and track records of policy implementation", according to the fund. Disbursements under the FCL are not conditional on the implementation of specific policy understandings, as is the case under Stand-By Arrangements, the construction of Hungary's 2008 IMF loan.
Orbán said the government respects the independence of the National Bank of Hungary, answering a question.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.