Hungary: Fifth Review Under the Stand-By Arrangement, and Request for Modification of Performance Criterion
IMF Staff Country Reports, March 26, 2010
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- Canonical URL
- Hungary: Fifth Review Under the Stand-By Arrangement, and Request for Modification of Performance Criterion
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Bibliographic details
- Published: March 26, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451981896.002
Summary of review findings
- All end-December 2009 quantitative performance criteria were met.
- The continuous performance criterion on nonaccumulation of external arrears was met.
- The indicative target on central government debt was met.
- The structural benchmarks on government lending to banks were met.
- The structural benchmark for passage by parliament of amendments strengthening the remedial powers of the Hungarian Financial Supervisory Authority (HFSA) was met.
- The structural benchmark for submission of amendments strengthening the bank resolution framework was met.
- Further strengthening of policies is required to ensure macroeconomic stability and growth over the medium term.
Key subjects and keywords covered
- Subjects: Banking, Credit, External debt, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Public debt
- Keywords: annex, central bank, CR, Credit, Fiscal stance, Global, government spending, ISCR, liquidity support, Loans, modification, performance, potential GDP, request, request for modification
Actionable policy implications (as stated)
- Strengthen policies further to secure macroeconomic stability over the medium term.
- Continue reforms related to bank supervision and resolution frameworks to support financial stability.
- Maintain adherence to quantitative performance criteria and continuous performance criteria to preserve program performance.
International Monetary Fund. "Hungary: Fifth Review Under the Stand-By Arrangement, and Request for Modification of Performance Criterion", IMF Staff Country Reports 2010, 080 (2010), https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-fifth-review-under-the-stand-by-arrangement-and-request-for-modification-of-23746