IMF Expects ‘Tangible Steps’ From Hungary Before Aid Talks |
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January 13, 2012
The International Monetary Fund expects “tangible steps” from Hungary before deciding “when and whether” to start negotiations for financial aid, Managing Director Christine Lagarde said after meeting the country’s envoy.
The IMF “will need to see tangible steps that show the authorities’ strong commitment to engage on all the policy issues that are relevant to macroeconomic stability,” Lagarde said in an e-mailed statement yesterday. “Support of the European authorities and institutions would also be critical for successful discussions of a new program.”
Hungary is reviving bailout talks with the IMF and the European Union after international creditors suspended negotiations last month on concern new central bank legislation violates monetary-policy independence. Hungary was the first EU member to obtain an IMF-led bailout in 2008 and has to start reimbursing the IMF share of the 20-billion euros ($25.6 billion) package this year.
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