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Hungary given an IMF lifeline
27.10.08
The International Monetary Fund says it has reached broad agreement on an economic rescue package for Hungary, soon after unveiling a plan to lend £10 billion to Ukraine.
The decisions were announced by IMF managing director Dominique Strauss-Kahn, who said the fund would act quickly to support a string of countries struggling in the financial crisis.
"The IMF is moving expeditiously to help Ukraine and this programme is focused on the essential upfront measures needed to maintain confidence and economic and financial stability," he said.
Strauss-Kahn said the IMF staff had reached broad agreement with Hungary on a reform package that the country will implement as a condition for getting its own emergency IMF loans.
The IMF had earlier announced a £1.25 billion loan package to Iceland, making it the first developed country to receive IMF assistance in more than 30 years.
