He told Kossuth Radio's news programme that Hungary has been able to function without an IMF deal for the past months. The country's budget deficit falling below 3% of GDP, as well as diminishing public debt, interest rates and risk premiums are all results acknowledged by the European Union as pointing towards balance in the Hungarian economy, he stated, adding that the EU is likely to withdraw the excessive deficit procedure against Hungary this year.

The IMF has recently "conceded" in a study that some of the measures it recommended to the euro zone were not efficient enough. Minister Varga said it was welcomed that the IMF acknowledges it is not infallible and they are open to debate as well as to hearing out the opinion of national governments.

He pointed out that Hungary's 2008 agreement with the IMF had been more ore less sealed within three weeks and the government at the time accepted the IMF's position without question.

The country’s chief negotiator said that in the coming months the Hungarian economy may be nearing a turning point that will finally help induce growth.

Source: kormany.hu