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Hungary :, Third Review Under the Stand-By Arrangement, Requests for Extension of the Arrangement, Rephasing of Purchases, and Modification of Performance Criterion

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Hungary. The end-June 2009 quantitative performance criteria, as well as the structural benchmark related to government lending to banks, were all met. The end-June indicative target on central government debt (excluding official financing) was not met for technical reasons. The key objectives of the program remain to improve fiscal sustainability and preserve financial stability. The macroeconomic outlook for 2009–10 has changed only modestly since the second review, reflecting in part the stabilization of the global outlook
Table Of Contents
Cover; Contents; I. Introduction and Summary; II. Recent Developments; III. Policy Discussions; A. Macroeconomic Framework; B. Fiscal Policy; C. Financial Sector Policies; D. Monetary and Exchange Rate Policy; IV. Program Modalities; V. Staff Appraisal; Boxes; 1. Potential Output; 2. The Fiscal Responsibility Law as a Fiscal Anchor; 3. Central Bank's Liquidity Facility; 4. Stand-By Arrangement; Tables; 1. Main Economic Indicators, 2006-10; 2. Monetary Accounts, 2006-10; 3. Balance of Payments, 2008-11; 4. Indicators of External Vulnerability, 2005-09 Q2
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (60 p.)
Specific Material Designation
Form Of Item

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