Hungary Repays IMF Loan ahead of Deadline

Finance | August 12, 2013, Monday // 18:37|  views

Hungarian PM Viktor Orban. Photo by EPA/BGNES

Hungary has now fully repaid a USD 25.5 B loan from the IMF ahead of deadline, reported the Hungarian Ministry of Economy as quoted by the Bulgarian News Agency.

Monday the Hungarian government repayed the last installment of the loan, worth USD 2.15 B, which was due March 2014.

Hungary took the loan back in 2008 during the rule of the previous socialist cabinet at a time when the country was threatened by a financial breakdown.

Current Hungarian PM Viktor Orban's rightist government has had strained relatins with the IMF since coming to power in 2010.

Orban has repeatedly stated that the conditions on the loan are not in Hungary's best interest.

Some commentators have linked the early repayment of the loan with upcoming general elections in Hungary in spring 2014.

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Tags: Viktor Orban, Hungary, Hungarian, IMF, loan, elections


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