Mediafax (Mediafax)
Markets  |  July 14, 2012 09:16:09

Begin on Tuesday between representatives of the IMF and Hungary talks on prevention of credit

WASHINGTON (MEDIAFAX) - The mission of the International Monetary Fund (IMF) should arrive on Tuesday to Hungary to open talks on stand-by arrangement for the country. The opening of negotiations with the IMF's recent approval of changes to allow the controversial law on the Hungarian central bank policymakers.

According to Thursday's statement the IMF spokesman Gerry Rice for the negotiation of "preventative loan", the Hungarians have not yet plan to draw on the loan.

"Mission in the country (Hungary) starting on Tuesday," Rice said on Thursday.

The Hungarian Parliament is passed end of the first week in July, changes in the controversial law on central bank. Hungarian lawmakers removed the last obstacle to the Budapest negotiations with the International Monetary Fund and the European Union for financial assistance which the country needs to reduce its cost of borrowing in the markets.

The law in its original form by the EU and the IMF threatened the independence of the Hungarian central bank. Adoption Act late last year became the reason to discontinue the preparatory meeting between the Hungarian government and international lenders to provide standby credit.

Hungarian State Secretary Mihaly Varga, who is responsible for negotiations with the IMF recently said that he expects Hungary by the end of October signed an agreement on a standby loan of around 15 billion euros.

Tomáš Králíček,

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