IMF warns about need for new loan to Hungary in 2011.

By bne IntelliNews August 17, 2010
Hungary might need a new stand-by loan from the IMF in 2011, the leader of the IMF mission to the country, Christoph Rosenberg, told French daily Le Monde . The current stand-by agreement of Hungary with the IMF expires in October and its renewal is doubtful after the latest round of talks between the two sides failed due to the IMF objections on the new financial sector tax and the introduction of caps on central bank wages. At that time, PM Viktor Orban stressed that the country is able to finance its budget borrowing requirement through the market and does not need IMF financing. Rosenberg, however, pointed out that a large amount of government debt was due to expire in 2011, which could create problems with its refinancing. He added that the domestic economic situation remained vulnerable, making its ability to access financial markets uncertain, and thus highlighting the possible need for a new loan from the IMF.

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