The European Union is prepared to loan EUR6.5 billion to Hungary as long as the troubled country commits strongly to setting up an accompanying program, the French Finance ministry said Wednesday in a joint statement of the French presidency of the EU’s Ecofin Council and the European Commission.

The decision to grant Hungary a loan was taken “in coordination” with the International Monetary Fund to “reinforce the sustainability of Hungary’s balance of payments.”

According to the statement, the EU also backs the IMF’s request for “big financial institution operating in Hungary to continue to provide adequate financing to the economy.”

The details of the loan will be finalized “shortly” in cooperation with Hungarian authorities.

Source: http://www.djnewswires.com/eu

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