Hungary to Present Economic Plan, Euro Target to IMF, Varga Tells Hirlap
Hungary will present economic plans and forecasts to International Monetary Fund officials that will help the country qualify for euro adoption, Magyar Hirlap reported, citing an interview with Mihaly Varga, the prime minister’s chief of staff.
Hungary “without question” needs to have the continued backing of international institutions, including the IMF, Varga said, according to a transcript of the interview on the daily’s website.
The cabinet will present the plans to the IMF this summer, Hirlap reported. IMF officials will review Hungary’s progress toward meeting its budget pledges next month.
A special tax on banks and a 15 percent cut in aggregate state wages announced this month make up the bulk of an estimated 350 billion forint ($1.5 billion) in savings this year that will help Hungary reduce its budget deficit, Magyar Hirlap reported, citing Varga.
To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net
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