Hungary: Third Review Under the Stand-By Arrangement, Requests for Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criterion

International Monetary Fund

No 2009/304, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Hungary. The end-June 2009 quantitative performance criteria, as well as the structural benchmark related to government lending to banks, were all met. The end-June indicative target on central government debt (excluding official financing) was not met for technical reasons. The key objectives of the program remain to improve fiscal sustainability and preserve financial stability. The macroeconomic outlook for 2009–10 has changed only modestly since the second review, reflecting in part the stabilization of the global outlook.

Keywords: ISCR; CR; government financial support; reform; government; Executive Board's discussion; GDP; bond issue; long-term debt; flat yield curve; debt outlook; debt-service-to-income burden; liquidity facility; Loans; Credit; Global (search for similar items in EconPapers)
Pages: 59
Date: 2009-10-19
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