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IMF ready to start negotiations with Hungary after cen bank independence steps

The International Monetary Fund welcomes progress Hungary has made in talks with the European Commission and is ready to start negotiations on precautionary financial assistance the country is seeking as soon as steps to ensure the independence of the National Bank of Hungary are taken, the IMF's resident representative in Hungary Iryna Ivaschenko said on Thursday responding to a query.

"The Fund welcomes recent progress in Hungary's discussions with the European Commission. The Fund is ready to start negotiations as soon as adequate steps are taken to ensure central bank independence as has been discussed with the Hungarian government," Ivaschenko said.

The European Commission said on Wednesday Hungary had taken "sufficient action and commitments" with regard to an infringement procedure on the independence of the country's central bank to start talks on the precautionary financial assistance.