Hungary’s national bank to give EUR millions to IMF

The National Bank of Hungary (NBH) is planning to contribute some 14 million euros to the International Monetary Fund’s Poverty Reduction an Growth Trust (PRGT) through targeted investment, the NBH’s deputy governor, Barnabás Virág, told the annual general assembly of the IMF and the World Bank in Marrakesh on Sunday.

Reducing global poverty was a focus point of the general assembly held between Oct 9 and 15, an NBH statement said.

PRGT provides low-interest loans for developing countries grappling with low income and high state debt, the statement said.

Hungary will use the profits from an investment with IMF to fund the trust. The scale of the offer was “historic” among the developing countries of the European Union, the statement said.

Once a beneficiary of the trust, Hungary is now participating for the first time as an investor, NBH said. The country’s ties to IMF have gone through a steady development over the years, and Hungary is now one of the funders of IMF’s goals, it said.

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