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Commission concludes third review of the EU balance-of-payments assistance for Hungary

On 16 November 2009, the European Commission services, in close cooperation with the International Monetary Fund staff, have completed the third review under the EU balance of payments assistance concluding that Hungary has made good progress regarding its economic programme.

Article updated 19 November 2009.

Against the background of a markedly improved access to market finance and strongly reduced external financing needs, Hungary is not requesting the release of international assistance upon the completion of this review.

"Hungary has achieved good progress in containing public spending through numerous measures, which have supported the strong adjustment of the external imbalance, increased investor confidence, and contributed to a substantially improved access to market financing", Commissioner Almunia said. "The fiscal consolidation has to be continued in order to further strengthen the sustainability of Hungary’s public finances, put public debt on a declining path, and create the necessary room for more growth-oriented policies."

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