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Hungary calls €14 bln of IMF loan by late June

Finance Minister Péter Oszkó told parliament's budget committee that the Hungarian government will have called down €14 billion of the International Monetary Fund's €20 billion loan by the end of June, utilizing €8 billion of the called-down sum and placing the remaining €6 billion in reserves.

In response to a question, Oszkó told the committee that the government has not been in talks with the IMF regarding further credit, noting that the government's aim is to avoid asking for more credit.

The finance minister confirmed that the government expects GDP contraction of 6.7%, a government budget deficit of 3.9% and inflation of 4.5% in 2009.

The IMF, the EU and the World Bank approved Hungary a combined €20 billion standby credit last autumn when the financial crisis hit Hungary. (MTI – Econews)