The International Monetary Fund and the World Bank Group have come to acknowledge the achievements of Hungary’s economic policy. The fact that the IMF has recently revised upward the country’s growth estimate reflects this recognition, Minister of Finance Mihály Varga said. The Minister represents Hungary as head of the Hungarian delegation at the Annual Meeting of the IMF and the World Bank Group in Bali, Indonesia.

Speaking of the talks he has held with Vice President of the Asian Infrastructure and Investment Bank Danny Alexander he noted that the AIIB may provide funding for the financing of new projects through which more Hungarian companies may appear on Asian markets.

On the sidelines of the event Mihály Varga had a number of bilateral meetings promoting the interest of Hungary and Hungarian enterprises. Concerning the meeting with Mr Alexander the Minister said the AIIB, which Hungary joined last June, provided funds to cover project costs of some one thousand billion US dollars per year in Asia in the form of low-cost, competitive loans. During the talks the Minister also discussed the possibility of the participation of highly experienced Hungarian water management enterprises in related Asian development projects. He also said that Hungary would like to help bolster AIIB’s relations in Europe and therefore he invited the president and top managers from AIIB to the Budapest Water Summit 2019, an event where financing will be on top of the agenda.

Mihály Varga has also met with World Bank Vice President for Europe and Central Asia Cyril Müller and International Finance Corporation Vice President Karin Finkelston. Participants of these talks discussed options through which the World Bank Group might assist Hungarian enterprises to enter international markets and the elaboration of a joint regional strategy of the Visegrad Group.

(Ministry of Finance)