Hungary doesn't need IMF money, says official

A Hungarian official said Wednesday his country's financial system could stand on its own now and does not need money from the International Monetary Fund (IMF). Mihaly Varga, the minister in charge of liaising with the IMF, made the remarks in an interview with Hungarian Hir TV. "We can sell 420-450 billion Hungarian Forints (about 2 billion U.S. dollars) of government securities every quarter to keep the financial system safe," he said. The minister explained that his country's intention to secure a loan agreement with the IMF was to avert risks coming from outside, in case of market turbulence or a much-feared collapse. Varga said he discussed with visiting IMF/EU officials about the macroeconomic developments in Hungary over the past six months. The IMF/EU delegation, to stay in Hungary until Jan. 28, will focus on the preparation for a country report and review the implementation of a loan agreement signed in 2008, according to IMF Budapest office.