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Fellegi says precautionary agreement with IMF and EU sufficient for Hungary

Minister without Portfolio-designate Tamas Fellegi said on Thursday that conclusion of a precautionary credit agreement at upoming talks with the International Monetary Fund (IMF) and the European Union (EU) would be sufficient for Hungary.

Speaking at joint hearing of the parliament’s Economic and IT Committee and Audit and Budget Committee, Mr Fellegi, who will serve as Hungary’s chief negotiator at the negotiations, said he is not aware of the size or the conditions of the credit line that the IMF and EU will propose during the talks.

Mr Fellegi said that Hungary, the IMF and the EU should formulate the stipulations of the agreement by the middle of January.

Mr Fellegi, who served as national development minister until submitting his resignation last week to focus on the talks with the IMF and EU, said that his position as minister without portfolio would entail maintaining connections with foreign financial institutions as well as leading Hungary’s delegation in the upcoming talks.

Mr Fellegi said that he had discussed the credit agreement with National Bank of Hungary (MNB) Governor Andras Simor, noting that MNB Deputy Governor Ferenc Karvalits will serve as a member of Hungary’s delegation during talks with the IMF and EU.