Wednesday 29 October 2008

Hungary to get $25.1 billion in IMF-led aid deal

Hungary's currency and stock market rose Wednesday after the country agreed to get an aid package of up to $25.1 billion (20 billion euros) from the International Monetary Fund, the European Union and the World Bank.

The IMF will provide a 17-month standby loan of $15.7 billion (12.5 billion euros), the European Union is ready to lend Hungary $8.1 billion (6.5 billion euros), and the World Bank will give $1.3 billion (1 billion euros) to keep Hungary's economy from collapsing under the weight of the global financial crisis.

The news drove the benchmark BUX stock index to close up by a massive 14 percent and pushed the Hungarian currency the forint higher against the euro and dollar.

Source: EconomicTimes

Posted by Harsh at 12:55

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