BRUSSELS, Nov 16 (Reuters) - Hungary has made good progress in overhauling its crisis-stricken economy and will not be drawing on the remaining European Union and IMF emergency funds available to it, the European Commission said on Monday.
"In view of the improved access to financing, Hungary will not draw on the EU and IMF assistance upon the completion of the current review," the EU executive's arm said in a statement.
"However, as is the case of the IMF loan, the outstanding amount of EU assistance of up to 1 billion euros ($1.5 billion) will remain available, and could be disbursed if needs arise, as usual subject to policy conditionality," it said.
The EU aid can be granted until Nov. 3, 2010, it said.
So far, Hungary has received three instalments of the EU's 6.5 billion euro balance-of-payments loan: two instalments of 2 billion euros each in December 2008 and in March 2009, and a further 1.5 billion euros in July 2009.
"Hungary has achieved good progress in containing public spending through numerous measures, which have supported the strong adjustment of the external imbalance, increased investor confidence, and contributed to a substantially improved access to market financing," EU Monetary Affairs Commissioner Joaquin Almunia said.
"The fiscal consolidation has to be continued in order to further strengthen the sustainability of Hungary's public finances, put public debt on a declining path, and create the necessary room for more growth-oriented policies," he said in the statement. (Reporting by Jan Strupczewski, editing by Dale Hudson)