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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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2009. "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," IMF Staff Country Reports 2009/105, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2009/105
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