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Hungary-IMF talks may start early summer

D&T
May 17, 2012

Hungary future IMF negotiator, Mihály Varga, expects formal negotiations with the International Monetary Fund (IMF) and the European Union on a financial assistance program start as soon as early summer thanks to meeting the preconditions for the talks

Speaking on Hungarian Television, Mihály Varga, Hungary’s incoming aid negotiator, said these talks may start as soon as early summer thanks to meeting the preconditions for the talks. Varga, currently the Prime Minister’s chief of staff as state secretary, will take over from Tamás Fellegi as the head of the negotiating mission as of June 1.

Varga said that while no substantial improvement can be expected in the economy in the next 6 to 12 months, either, Hungary’s economic performance should strengthen in the second half of the year thanks to cyclical recovery in Germany.

He reiterated that it is in the interest of the Hungarian government to reach an agreement with international lenders on a credit line as soon as possible, and that it still strives to secure a precautionary deal. The country primarily needs a safety net so that it can finance itself from the market, he added.

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