Hungary to leave fifth tranche of IMF loan untapped

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The board of the International Monetary Fund (IMF) concluded on Friday that Hungary had fulfilled the terms of its stand-by loan agreement and can now call down the fifth tranche of SDR 725.1 million (about EUR 796m). The country, however, will not draw this amount because of its progress in economic stabilisation, the Finance Ministry told MTI on Friday.

The IMF loan is part of a EUR 20bn financial support package approved by Hungary last autumn, that also involved the European Union and the World Bank.

Hungary has so far drawn 8.345 million euros in four tranches from the stand-by loan, which is available to it until October 5, 2010.

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