World Bank Welcomes Hungary’s Agreement With The International Monetary Fund

Washington DC, October 28, 2008 - The World Bank welcomes the agreement reached between Hungary and the International Monetary Fund on a policy package to address economic and financial vulnerabilities in the wake of the global economic crisis, and is ready to provide one billion euros as part of a program supported by the European Union and International Monetary Fund.

“As part of the international effort, the World Bank stands ready to do its part to provide financing and help tackle long-term structural problems,” said Shigeo Katsu, Vice President of the World Bank for Europe and Central Asia. 

Orsalia Kalantzopoulos, World Bank Director for Central Europe and the Baltic Countries said, "We are working with the Hungarian authorities to see how we can best support a faster economic recovery. Proposed World Bank assistance would support the design and implementation of reforms in key areas, such as the financial sector, fiscal management, and social sector reforms. These measures would support the country’s longer-term stabilization and economic restructuring.”

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