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Finance minister tells Financial Times that Hungary no longer needs IMF support

Finance Minister Péter Oszkó told the Financial Times that Hungary no longer needs the International Monetary Fund's financial support, the newspaper reported.

Oszkó told Financial Times that Hungary has become able to generate the country's external-financing requirements exclusively from financial markets. “We don't need IMF money any more and my expectation is that since Hungary is targeting the same track for the future, we won't need financial help,” Hungary's finance minister told the newspaper.

Oszkó stressed that Hungary continued to benefit from the IMF's regular interviews, which made the country's effort to implement fiscal reform more credible in the estimation of financial markets.

Hungary received a €20 billion standby loan from the IMF, the European Union and the World Bank in October 2008.

Oszkó said that Hungary has made a significant effort to restore fiscal integrity since Prime Minister Gordon Bajnai took office in April 2009. “If you compare our targets to our achievements, it's going well,” the finance minister said. “We had to find a way of keeping the fiscal balance while . . . increasing potential growth, which is not an easy exercise,” Oszkó told the newspaper. (MTI – Econews)