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Hungarian FinMin Says "We Don't Need IMF Money Any More," PM Says "We Must Grow Faster than the EU"

HungaryPosted by Chambers of Commerce Sweden - Southeast Europe Mon, February 01, 2010 10:29:24

"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," said Finance Minister Péter Oszkó to the Financial Times in an interview. After the EUR 20 billion IMF-led standby loan became available from November 2008 in a few tranches, IMF reviewed several times the progression of the crisis management program. The program was implemented by the technocratic government of PM Gordon Bajnai, who stressed several times that the country's intention is to substitute the loan with self-financing ability. Thanks to the austerity measures and the reform since the service of the budgetary stability CDS indices improved rapidly and by the summer 2009 Hungary managed to issue the first foreign currency-denominated state bonds worth HUF 17 billion.
PM Bajnai has declared at the Central and Eastern European Forum organized by Euromoney in Vienna that in order to guarantee the country's economic line up, Hungary must perform bigger growth than Europe. According to the experts, the growth could reach 4 pct by 2012 but that requires the next government to stick to the economic plans acknowledged by the international community.

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