The International Monetary Fund approved a USD15.7 billion, 17-month standby agreement with Hungary to assist the landlocked European nation in dealing with the financial turmoil. The sum includes some USD6.3 billion to be immediately disbursed. The rest will be released in five tranches depending on quarterly reviews. The funding, equivalent to 1,015 percent of Hungary’s IMF quota, will be drawn from the fund’s fast-track Emergency Financing Mechanism. (“IMF Executive Board Approves EUR12.3 Billion Stand-By Arrangement for Hungary” - International Monetary Fund, Nov. 6, 2008)
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