Washington, 6 December 1996 (RFE/RL) - The World Bank has approved a loan of nearly $8 million to help Hungary finance an overhaul and reform of its public financial management.
The bank says Hungary has been making good progress in its economic stabilization and budget control measures implemented after the 1994 public finance crisis and expects to bring the budget deficit to four percent of gross domestic product this year.
The government has already launched a public finance reform program this year focusing on restructuring the welfare system, tax policy, tax administration and inter-governmental finances and the bank loan will be used to pay for technical assistance and training under that program.