Bloomberg News

Hungary Nearing IMF Deal After EU Budget Report, Orban Tells MTI

November 10, 2012

Hungary is nearing an aid deal with the International Monetary Fund and the European Union after the European Commission forecast this week that the budget gap would stay within the bloc’s 3 percent of output limit in 2012 and 2013, MTI said, citing an interview with Premier Viktor Orban.

“In the past two months we made huge strides towards an IMF-EU agreement,” Orban said today, according to the state news service. “By now it’s obvious that Hungary’s budgets in 2012 and 2013 are okay. We consider that the biggest obstacles blocking an aid deal have now been removed.”

The IMF, which has urged Hungary to implement pro-growth policies instead of ad hoc measures aimed at plugging budget holes, has no date set to continue aid talks which Hungary requested one year ago, Gerry Rice, a spokesman for the Washington-based lender, said Nov. 1. The EU forecast Hungary’s shortfall would breach the bloc’s limit in 2014.

To contact the editor responsible for this story: Zoltan Simon at zsimon@bloomberg.net


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