Josef hírek

2013.06.15. 21:28

Hungary to repay IMF loan in 2014 at latest, says minister

Budapest, June 13 (MTI) - Hungary will repay the loan raised from the International Monetary Fund in 2008 by next year at the latest, Economy Minister Mihaly Varga said in Budapest on Thursday.

Budapest, June 13 (MTI) - Hungary will repay the loan raised from the International Monetary Fund in 2008 by next year at the latest, Economy Minister Mihaly Varga said in Budapest on Thursday.

Assessing the economic policy of the past three years, he said that the Fidesz-led government faced two major challenges when it came to power in 2010: the debt trap and high unemployment.

 

Varga noted that three years ago Hungary had been one of the ten most vulnerable economies, belonging to the same category as Greece. By now even the IMF has admitted that the crisis had been mismanaged in Greece. It follows that the Hungarian government made the right decision when it defined under what conditions it was prepared to negotiate with the IMF, he said.

 

By now Hungary has become one of the five EU member states that could reduce their public debt. The debt-to-GDP was cut from 83 percent in 2010 to 78 percent by now, and will be further reduced to below 77 percent in 2014, he said. By the government s lump-sum loan repayment scheme, 170,000 indebted families have been helped while some 150,000 have opted for the capped-rate loan repayment option.

 

Further, Hungary managed to keep its budget deficit below 3 percent of GDP in both 2011 and 2012, Varga said, expressing optimism that the trend will continue this year and the next, too.

 

The minister said that 140,000 to 150,000 jobs have been created since 2010, resulting in a decrease in the jobless rate.

 

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