EU, IMF, World Bank Loan Hungary EUR 20 B amidst Global Financial Turmoil

Politics » BULGARIA IN EU | October 29, 2008, Wednesday // 00:00

The European Union, the International Monetary Fund, and the World Bank are ready to provide Hungary with loans of the total amount of EUR 20 B in order to prop up the country's economy amidst the raging global financial crisis.

According to the joint statement of the Presidency of the Ecofin Council and the European Commission, the EU is ready to provide Hungary with a loan of EUR 6,5 B.

This aid will be added to the IMF assistance of EUR 12,5 B, and World Bank's loan of EUR 1 B. The specifics of the financial agreements are to be negotiated with the Hungarian authorities.

The EU supports the IMF invitation to the large financial institutions operating in Hungary to continue providing adequate financing of the economy.

Its statement points out that the Hungarian authorities have adopted a package of measures in order to accelerate the fiscal consolidation and to shore up market liquidity and financial stability.

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