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June 26, 2022

Hungary repays 2008 IMF loan in full – government

Hungary repaid ahead of schedule on Monday all of its outstanding debt, worth EUR 2.15 bln, owed to the International Monetary Fund from a 2008 emergency loan programme, the Economy Ministry said in a statement, according to euronews.com.
The central European country, which used a EUR 20 bln aid deal from the IMF and the European Union to avoid insolvency as the crisis gripped its markets in 2008, has been at odds with the Fund under its current government, which took power in 2010. Prime Minister Viktor Orban’s government, which faces an election in 2014, has sought to end what is has portrayed as undue foreign influence over its economic policies. The last instalment of the loan was due in the third quarter of 2014 and the early repayment saved 3.5 billion forints (GBP 10 M) in interest expenses, the ministry said.

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