Summary Hungary is considering paying back early a bailout loan and close IMF office in Budapest.
BUDAPEST, Hungary (AP) - Hungary is considering paying back early a bailout loan from the International Monetary Fund and also wants to close the organization s office in Budapest.
National Bank of Hungary President Gyorgy Matolcsy said Monday in a letter addressed to IMF chief Christine Lagarde that while they "appreciate the valuable support" the Washington-based group gave the country, the stand-by credit program "is almost complete." As such, it was no longer necessary for the IMF to keep an office in Hungary.
In 2008, during a Socialist-led government, Hungary received a rescue credit line of 20 billion euros ($25 billion at the time) from the IMF and other creditors. But Prime Minister Viktor Orban s government chose not to renew the deal in 2010 to avoid closer IMF scrutiny of its economic policies.
