Prime Minister Viktor Orbán told the press agency MTI that Hungary asked the International Monetary Fund for a flexible credit line, but the IMF refused. IMF officials told Hungary that the country needs loans, not a flexible credit line (FCL). Orbán said, however, that Hungary did not want, nor does it need to take out a loan, claiming the the country will be able to support itself from the international credit markets. The FCL is a renewable credit line that could be approved for one or two years and is seen as a buffer against sudden crises. It’s only made available to countries with very strong fundamentals, policies and track records. Orbán said that negotiations are still open.
