Credit rating agencies are still reluctant to modify their views on Hungary, but it is soon time to do so, as Hungary has recently had achievements that are outstanding even from a European perspective, Minister for National Economy Mihály Varga told public news channel M1.

The Minister gave an interview after he had been named winner of the “Finance Minister of the Year, Central and Eastern Europe 2015” award by Euromoney. The publisher selects an awardee each year from among the world’s best ministers of finance and central bankers after conducting a survey of economists, analysts and bankers. Mihály Varga was presented the award during the weekend, at the IMF-World Bank annual meeting in Lima, Peru.

Mihály Varga said the conversion of Swiss Franc-denominated loans was indeed a success story and although he was given the award it has been the result of the hard work of many people. He mentioned, as examples, the Hungarian Banking Association, the Government, Ministry employees, heads of SMEs and Hungarian employees.

The award is also a recognition of investment growth, tax cuts and the fight against the black economy, the Minister stressed, adding that Hungary has regained the status it had earned at the beginning of the 2000s.

He noted that he had met several partners at the Lima gathering who fully acknowledge the Hungarian economic achievements of recent years and who wish to do business in Hungary. In the opinion of these people, Hungary is a stable country for which they want to bring capital.

Referring to the words of IMF Director Christine Lagarde, the Minister said that the International Monetary Fund must also change. The institution has acknowledged that it had not been able to tackle the crisis with its former orthodox, liberal and neo-liberal economic policy tool set. A window of opportunity is now open for the IMF to apply some new instruments and Hungary can be a good example with the special road it had taken.

(Ministry for National Economy)