Europe Finance Ministers Urge Hungary to Resume IMF Negotiations, MTI Says

European Union finance ministers urged Hungary to resume negotiations with the International Monetary Fund to boost “credibility and reliability,” state news service MTI said late yesterday, citing an official.

The Commission and member states are ready to “make the dialog easier with the aim to renew talks,” said Amadeu Altafaj Tardio, spokesman for Economic and Monetary Affairs Commissioner Olli Rehn, according to the news service.

Hungary’s government, which suspended talks with the Washington-based lender in July after failing to agree on budget deficit reduction measures, still needs to clarify its plans to reduce the shortfall, the spokesman said. The Commission sees this year’s budget gap at 4.1 percent of gross domestic product versus the government’s target of 3.8 percent, MTI said.

To contact the reporter responsible for this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

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