IMF Staff Country Reports

Hungary: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement

Publication Date:

June 21, 2011

Electronic Access:

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Summary:

The program was successful in strengthening the economy and stabilizing market conditions, although part of the fiscal achievements were reversed after the program lapsed. The 2008 Stand-By Arrangement (SBA) with Hungary successfully stabilized financial market conditions and strengthened the economy through sizable fiscal consolidation and important structural reforms, despite significant challenges. The program was a successful example of joint collaboration between the authorities, the EU, and the IMF, setting an important precedent for future joint programs. Much of the structural fiscal adjustment has since been reversed.

Series:

Country Report No. 2011/145

Subject:

Banking Financial crises Financial institutions Fiscal policy Fiscal stance Foreign banks Foreign exchange Public debt