IMF announces 20 bln euro rescue package for Hungary

The International Monetary Fund, the European Union and World Bank rode to the rescue of Hungary Tuesday, throwing the embattled country a 20-billion-euro lifeline as it fights the financial crisis. The IMF pledged a loan of 12.5 billion euros (16 billion dollars), the European Union offered 6.5 billion euros, while the World Bank added another billion euros, the IMF said in a statement. "An IMF staff mission and the Hungary authorities have today reached agreement... on an economic program supported by a 12.5-billion-euro loan under a 17-month stand-by arrangement," IMF chief Dominique Strauss-Kahn said.

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