Centre-right Fidesz, which named Martonyi as its candidate for the top job in Hungarian diplomacy, won elections by a landslide on Sunday and could end up with a two-thirds majority in the next parliament after a runoff vote on 25 April.

For the time being, there are only guesses as to whom Fidesz will appoint as ministers and senior government officials. Martonyi is the only person that Fidesz President Viktor Orbán has named as their candidate for the Foreign Minister’s position.

"Well, I think we have to sit down as soon as possible (with the IMF and the EU)," Martonyi said late on Wednesday.

"We have to talk about the present agreement and the exact situation about that agreement, and given the fact that the present agreement will expire in October this year, we also have to discuss a possible extension under amended terms, perhaps, or about making a new agreement. We are completely open," Martonyi told Reuters late on Wednesday.

Hungary resorted to a USD 25.1 billion rescue package from the IMF, the EU and the World Bank in October 2008 to avoid financial meltdown.

Martonyi said the new agreement should take into account Fidesz's goals to boost the recession-hit economy.

Orbán told an international press conference this Monday that he aims to make Hungary the most competitive economy in the region, with focus on growth rather than further austerity measures.

"I hoped many years ago that the IMF chapter in Hungarian economic history disappeared forever," Martonyi said said.

"This is not the case now, so we'll have to abide by the basic rules and modalities -- but of course we have to negotiate reasonably and we have to pay attention to generating growth, to possible economic stimuli which we definitely need, and at the same time we have to pay due attention to the reforms."

Reuters also reminded that György Matolcsy, who is tipped to be the Economy Minister in the new Fidesz cabinet, said ahead of the election that Fidesz planned to propose a new precautionary deal (Precautionary Stand-By Arrangement, SBA) with the IMF and EU in September.

Martonyi also said Fidesz would aim to have a "very good and stable relationship with Russia" and that he would not support the loosening of euro zone membership criteria. "I think the criteria are right."

Source: Portfolio Online Financial Journal