IMF, EU, World Bank to loan Hungary $25bn

The International Monetary Fund (IMF), the European Union (EU) and the World Bank will lend Hungary $25.1 billion in an attempt to avert a financial meltdown.

The IMF will provide the bulk of the funding, agreeing terms for a €12.5 billion ($15.7 billion) loan on Tuesday night.

The package, which could be approved by the Fund's board in early November, is in the form of a 17-month stand-by arrangement.

The package includes measures to maintain adequate domestic and foreign currency liquidity,

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