Hungary

The International Monetary Fund should change its stance of the Hungary’s budget deficit, which the Washington-based institution set at 3.8 percent under a loan program for Hungary, an economic official of country said, according to Business Week. Mihaly Varga, who heads an economic fact-finding team in Hungary, said a budget deficit of between 7 percent and 7.8 percent is “realistic.” He added that the IMF should recognize Hungary’s current situation as it transitions to a new government under Prime Minister Viktor Orban, who assumed office May 29 after winning April elections.

Meanwhile, Hungary can expect a total of 2.12 million sand bags from Germany, Denmark, Austria, the Netherlands, Czech Republic and Croatia after the country sought assistance through the European Union civil protection mechanism. The donated sand bags will help Hungary boost its efforts to contain the worsening floods that has affected approximately a third of the country.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.