IMF, EU agree to $25.1 bln rescue deal for Hungary

Published: 28 Oct 2008 17:10:24 PST

WASHINGTON, Oct 28 - The International Monetary Fund, the European Union and World Bank on Tuesday agreed to a $25.1 billion economic rescue package for Hungary to help it deal with the effects of the financial crisis, the IMF said.

The IMF said it had reached an agreement with Hungary for a $15.7 billion loan deal, while the European Union stood ready with an additional $8.1 billion in financing and the World Bank another $1.3 billion.

"The package could go to the (IMF) executive board for approval in early November under the fund's emergency procedures," IMF Managing Director Dominique Strauss-Kahn said in a statement. (Reporting by Lesley Wroughton)