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The IMF, the European Union, and the World Bank announced a joint financing package for
The IMF is ready to lend
The IMF said in the statement that the Hungarian authorities have developed a comprehensive policy package designed to restore investor confidence and alleviate the stress experienced in recent weeks in the Hungarian financial markets. It will bolster the economy's near-term stability and improve its long-term growth potential, the IMF said.
Core measures under the program are designed to improve fiscal sustainability and strengthen the financial sector. Specifically, the package includes measures to secure adequate domestic and foreign currency liquidity, as well as strong levels of capital for the banking system.
"We will continue assisting the Hungarian authorities on how to adapt to the current global financial turmoil and to catalyze financing as needed," IMF Managing Director Dominique Strauss-Kahn said.
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