Hungary: Third Review Under the Stand-By Arrangement, Requests for Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criterion
October 19, 2009
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This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Hungary. The end-June 2009 quantitative performance criteria, as well as the structural benchmark related to government lending to banks, were all met. The end-June indicative target on central government debt (excluding official financing) was not met for technical reasons. The key objectives of the program remain to improve fiscal sustainability and preserve financial stability. The macroeconomic outlook for 2009–10 has changed only modestly since the second review, reflecting in part the stabilization of the global outlook.
Subject: Banking, Credit, Expenditure, External debt, Financial institutions, Loans, Money, Public debt
Keywords: bond issue, CR, Credit, debt outlook, debt-service-to-income burden, Executive Board's discussion, flat yield curve, GDP, Global, government, government financial support, ISCR, liquidity facility, Loans, long-term debt, reform
Pages:
59
Volume:
2009
DOI:
Issue:
304
Series:
Country Report No. 2009/304
Stock No:
1HUNEA2009004
ISBN:
9781451818154
ISSN:
1934-7685
