The International Monetary Fund (IMF) is to open an office in Budapest, the worlds lender of last resort confirmed on March 25. The office will facilitate discussions over the USD 15.7-billion emergency loan granted to Hungary last October, the Hungarian newspaper Nepszabadsag had reported. IMF press officer Angela Gaviria told Hungarys state news agency MTI that it is normal to set up such an office in a country that has a stand-by loan. Hungarys loan was part of a USD 25-billion rescue package to which the EU and the World Bank also contributed.
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