IMF, World Bank & IFI Round-Up

EU governments promised to lend Hungary USD 8.1 billion as part of a USD 25 billion international rescue package to help it weather a financial crisis that has sharply devalued its currency. The EU's 27 finance ministers and the European Commission said in a statement that they would join with the International Monetary Fund and the World Bank in helping Hungary. The IMF will give USD 15.6 billion and the World Bank another USD 1.25 billion, they said. In return for the loan, the EU executive said Hungary had made a "strong commitment" to prudent budget policies that include reducing debt and the yearly budget deficit. It did not give details.

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