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BRUSSELS, Nov. 21 () -- The European Commission confirmed Monday that it had received a request from the Hungarian government for possible financial assistance."The Commission will examine the authorities' request in close consultation with European Union (EU) member states and the IMF," the Commission said in a statement on its official website.While sending a similar request to the International Monetary Fund (IMF), the Hungarian government has also indicated that "their intention is to treat any EU support that might be made available as precautionary," said the statement.After carrying out their regular post-program surveillance mission related to the first EU Balance of Payments assistance to Hungary over the last two weeks, the Commission staff has returned to Brussels, said the Commission.The statement came three days after Hungary's economy ministry said that it had started formal talks with the IMF and the EU on securing some form of backing to reassure investors.The ministry said it expects a new agreement to be concluded in early months of 2012, without disclosing details on the nature of the support it has requested from the IMF. The government would seek a deal with the IMF on an insurance contract to reassure investors and to allow Hungary to raise the capital it needs, it said.Heavily-indebted Hungary had to be bailed out by the IMF and the European Union amid the global financial crisis in late 2008 when it was unable to borrow money in capital markets.However, after the election in 2010 of the Prime Minister Viktor Orban, the country suspended negotiations with the IMF last year, saying it wanted to maintain its economic sovereignty.Hungarian official figures showed that Hungary's total debt had risen to 82 percent of gross domestic product by September from 75 percent at the end of June.Hungary is rated one notch above non-investment grade and a downgrade to junk status, as threatened by rating agencies Standard and Poor's and Fitch last week, would make the financing of its sovereign debt even more expensive and difficult.
BAKU, April 10 () -- A Chinese Center started functioning in the capital of Azerbaijan Baku, at the state Academy of Public Administration on Tuesday.Speaking at the opening ceremony, rector of the Academy Urkhan Alakbarov said the Chinese Center will foster friendly scientific and cultural relations between China and Azerbaijan.As a result of cooperation between the Academy and the Embassy of China in Baku, seven teachers of this prestigious Azerbaijani university have served internship at the government structures of China. "A memorandum on cooperation between the Beijing Academy of Public Administration and the Academy of Public Administration of Azerbaijan was signed," Alakbarov stated.Ambassador of China to Azerbaijan Hong Jiuyin, in turn, said that opening of the Chinese Center will promote friendship between the two nations and universities, and encourage the citizens of Azerbaijan in learning Chinese language. "The Embassy of China will entirely support the functioning of this Center," said the diplomat. The Academy of Public Administration of Azerbaijan is a state- run institution for undergraduate and graduate studies. It also serves as a training center by offering full and short-term courses to the civil servants in order to improve their professionalism. Admissions are around 250 undergraduates and 50 graduates per year.As China's economy has been growing fast in recent years, more and more Azerbaijanis get interested in China and some even seek better career prospects in China.The Chinese Center will promote Chinese language and culture, foster an understanding of China and create more learning opportunities for the Azerbaijani students. Enditem
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