Hungary Looks to IMF to Secure Financial Independence

The Hungarian Ministry of Finance announced Thursday that it will seek cooperation from the IMF to "support the financial and economic sovereignty" of the country.

The ministry has said that the "rescue plan" it hopes to negotiate does not consist in loans.

What is at stake is said to be "a guarantee, a safeguard intended to boost investor confidence in Hungary."

The statement produced a positive effect on financial markets that resulted in an increase in the value of the Hungarian forint, which had been declining for weeks.

According to the Ministry of Finance, the plan to be brokered with the International Monetary Fund will secure rather than decrease the financial independence of the country.

Over the past year, Hungary's rightist PM Viktor Orban has taken up a string of protectionist economy moves and has been skeptical toward cooperation with the IMF.

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