Hungary: First Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria: Staff Report; Staff Statement; and Press Release on the Executive Board Discussion
March 30, 2009
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This paper discusses key findings of the First Review for Hungary under the Stand-By Arrangement. All end-December 2008 quantitative performance criteria and the continuous performance criterion on nonaccumulation of external arrears were met. The structural performance criterion on submission to parliament of a draft support package for domestic banks by November 10, 2008, was observed. The end-December 2008 structural benchmarks of passage of the fiscal responsibility law and submission to parliament of amendments granting the Hungarian Financial Supervision Agency (HFSA) special remedial powers were also observed.
Subject: Banking, Currencies, External debt, Financial institutions, Fiscal stance, Inflation, Loans, Money, Prices, Public debt
Keywords: CDS spread, CR, Currencies, financial market condition, Global, holdings of SDR, Hungarian forint, Inflation, ISCR, Loans, output data, policy implementation, staff appraisal
Pages:
59
Volume:
2009
DOI:
Issue:
105
Series:
Country Report No. 2009/105
Stock No:
1HUNEA2009002
ISBN:
9781451818130
ISSN:
1934-7685
