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Details of IMF talks to be revealed in afternoon

Details of talks on the next tranche of Hungary's standby credit from the IMF with a delegation from the fund will be revealed at a press conference in the afternoon on Wednesday, the Finance Ministry told MTI.

Finance Minister Péter Oszkó and National Bank of Hungary (MNB) governor András Simor will speak at the press conference, together with representatives of delegations from the IMF and the EU.

Both Simor and Oszkó said earlier that Hungary aimed to extend the deadline for drawing on the IMF loan.

MNB deputy-governor Ferenc Karvalits said earlier that Hungary wanted to extend the availability of the remaining two tranches of the IMF standby credit by six to nine months from the original March 2010 deadline.

The IMF approved the €12.4 billion standby loan for Hungary in November after the country's bond market locked up. The loan was part of a €20 billion financial support package that also involved the EU and the World Bank. Hungary has drawn around €8.6 billion of the IMF loan in three tranches. The loan is to be drawn in five tranches by March 2010. The fourth tranche, worth around €1.5 billion, has to be drawn by the middle of November. (MTI – Econews)