Hungary: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement

International Monetary Fund

No 2011/145, IMF Staff Country Reports from International Monetary Fund

Abstract: The program was successful in strengthening the economy and stabilizing market conditions, although part of the fiscal achievements were reversed after the program lapsed. The 2008 Stand-By Arrangement (SBA) with Hungary successfully stabilized financial market conditions and strengthened the economy through sizable fiscal consolidation and important structural reforms, despite significant challenges. The program was a successful example of joint collaboration between the authorities, the EU, and the IMF, setting an important precedent for future joint programs. Much of the structural fiscal adjustment has since been reversed.

Keywords: ISCR; CR; government; bank; government financing difficulty; cash position; minority government; EU state aid rule; fiscal policy; regime law; authorities' pension reform; government net; government capital; Foreign banks; Fiscal stance; Global (search for similar items in EconPapers)
Pages: 40
Date: 2011-06-21
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