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Hungary on the right path, IMF president says

Hungary is on the right path, IMF president Dominique Strauss-Kahn said in an interview appearing in the Austrian paper Der Standard in connection with the role played by the IMF in the stabilization of the region.

The IMF supported a comprehensive government program in Hungary, Strauss-Kahn told the paper. “I would not say that everything is satisfactory there, but the country is on the right path,” Mr Strauss-Kahn said.

The IMF approved a SDR 10.5 billion (€12.4 billion at the time) standby loan for Hungary in November 2008 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. (MTI – Econews)