WASHINGTON, Nov 6 (Reuters) - The International Monetary Fund on Thursday approved a $15.7 billion (12.3 billion euro) loan program for Hungary and agreed to immediately disburse $6.3 billion to the government.
The IMF loan is part of a $25.1 billion rescue package for Hungary hit by the global financial crisis. The IMF said the remainder of the loan will be disbursed in five installments subject to quarterly reviews.
It said the economic program would include substantial fiscal adjustments, including wage freezes and the elimination of a 13th bonus check for public servants in 2009, and upfront bank capital to ensure the domestic banking sector can weather an economic downturn.
(Reporting by Lesley Wroughton. Editing by Diane Craft) Keywords: IMF/HUNGARY

(lesley.wroughton@thomsonreuters.com; Tel: 1-202-898-8317; Reuters Messaging: lesley.wroughton.reuters.com@reuters.net)

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