Hungary: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement
June 21, 2011
Download PDF
More Formats on IMF eLibrary
Order a Print CopySummary
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.
Subject: Banking, Financial crises, Financial institutions, Fiscal policy, Fiscal stance, Foreign banks, Foreign exchange, Public debt
Keywords: authorities' pension reform, bank, cash position, CR, EU state aid rule, fiscal policy, Fiscal stance, Foreign banks, Global, government, government capital, government financing difficulty, government net, ISCR, minority government, regime law
Pages:
40
Volume:
2011
DOI:
Issue:
145
Series:
Country Report No. 2011/145
Stock No:
1HUNEA2011003
ISBN:
9781455279562
ISSN:
1934-7685
