IMF Expects Hungary to Lead EU Growth and Supports Its Policies

Building of the Ministry of Finance in Budapest The IMF (International Monetary Found) expects Hungary’s economy to lead EU growth next year, as per a statement from Hungary’s Ministry of Finance. This announcement followed a meeting between Minister

By: hungarytoday.hu

Sep 13 2024
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IMF Expects Hungary to Lead EU

Building of the Ministry of Finance in Budapest

The IMF (International Monetary Found) expects Hungary’s economy to lead EU growth next year, as per a statement from Hungary’s Ministry of Finance. This announcement followed a meeting between Minister Mihály Varga and IMF Managing Director Kristalina Georgieva, who attended the EU Finance Ministers’ Summit in Budapest.

During the visit, Mihály Varga emphasized that the IMF supports Hungary’s EU Presidency goal of enhancing the EU’s assistance for debt management in low-income countries, which are often sources of migration. The Minister stressed the global implications of economic instability in poorer countries, stating,

We need to support these countries with instruments that help them solve their difficulties locally.”

He highlighted that reducing the financing burden and migration pressures is in the EU’s long-term interest.

The politician also noted Hungary’s evolving relationship with the IMF, remarking that Hungary now engages with the organization differently than during the financial crisis of 2008. He contrasted past reliance on IMF solutions with Hungary’s current capacity to provide its own economic answers, particularly highlighting the IMF’s recognition of Hungary’s work-based economic model and its commitment to gradually lowering both the budget deficit and public debt.

This visit underscores the importance of Hungary’s role in shaping EU policies, particularly in addressing global debt and migration issues. Additionally, it reflects Hungary’s strengthened economic standing, as acknowledged by the IMF. The discussions signal Hungary’s intent to remain a key player in the EU’s financial and economic decision-making processes.

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