Hungary to get $25.1 bn aid from IMF

Hungary to get $25.1 bn aid from IMF
AP
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First Published: Wed, Oct 29 2008. 04 09 PM IST
Updated: Wed, Oct 29 2008. 04 09 PM IST
Budapest: Hungary’s currency and stock market are rising after the International Monetary Fund said the country is getting an aid package of up to $25.1 billion (20 billion euros) to rescue its economy hit hard by the global financial crisis.
The IMF will provide a 17-month standby loan of $15.7 billion (12.5 billion euros), the European Union is ready to lend Hungary $8.1 billion (6.5 billion euros), and the World Bank will provide $1.3 billion (1 billion euros).
The access to the IMF-led funds should allow Hungary to attenuate investors’ fears about its ability to meet debt payments.
Hungary’s currency _ the forint _ and the Budapest Stock Exchange’s benchmark BUX index were both significantly higher Wednesday after slumping for weeks.
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First Published: Wed, Oct 29 2008. 04 09 PM IST