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Hungary PM rejects IMF loan conditions

  • Hungarian Prime Minister Viktor Orban has rejected the terms issued by the International Monetary Fund (IMF) for a new $19 billion loan.

    On his Facebook page, he said the list of the conditions "contains everything that is not in Hungary's interests".

    Orban added this included pension cuts and the withdrawal of a tax on banks and that his government would present an "alternative negotiation proposal".

    The IMF has not publicly commented on Orban's remarks.

    Hungary's economy is currently in recession, although the capital Budapest has been able to keep itself afloat through bond sales.

    Orban’s center-right government announced it would seek an IMF loan last November.