IMF Managing Director Christine Lagarde and Minister Tamás Fellegi agreed that Hungary needs to follow policies that would strengthen the confidence of the markets in the Hungarian economy and would lay the basis for sustained economic growth in Hungary.
Mr. Tamás Fellegi, Minister in charge of conducting negotiations with the IMF and the European Union met with Madame Christine Lagarde, Managing Director of the International Monetary Fund on Thursday, January 12, 2012. The Minister and the Managing Director discussed the economic situation in Hungary in the context of the current world economic environment. They agreed that Hungary needs to follow policies that would strengthen the confidence of the markets in the Hungarian economy and would lay the basis for sustained economic growth in Hungary. The Hungarian Government is committed to implement steps necessary to meet these goals in the framework of a commonly agreed economic program. The Minister made the point that time is an important factor. Hungary being a member of the European Union, any talks with the IMF on a program will have to be coordinated with the EU authorities. Therefore, the Hungarian negotiating team will conduct talks with the European Central Bank and the European Commission shortly. The Minister confirmed the Hungarian Government’s readiness to address any and all concerns of the parties involved. The minister will travel to Germany on January 16, where he will hold talks with European Central Bank director Mario Draghi and Bundesbank Governor Jens Weidmann. Governor of the National Bank of Hungary András Simor will participate at the talks. During his visit Minister Fellegi will meet Treasury Secretary Wolfgang Schauble, representatives of the government and bank leaders. Later next week he will visit Austria where he will meet Governor of the National Bank of Austria Ewald Nowotny and Treasury Secretary Maria Fekter. On January 20, Minister Fellegi will hold talks in Brussels with Vice-President of the European Commission Olli Rehn who is in charge of Economic and Monetary Affairs and the Euro.