Factbox: IMF deals under scrutiny in emerging Europe

(Reuters) - Hungary's markets sold off on Monday after the government rebuffed lenders' calls for tougher austerity measures, bringing weekend talks on further aid to a premature end and rattling investor confidence.

Following are details of key IMF programs in emerging Europe:

* HUNGARY:

-- Talks intended to review Hungary's IMF/EU financing deal collapsed at the weekend over the lenders' demands for tough government action to keep the budget deficit within target.

-- Hungary, which runs central Europe's highest public debt at about 80 percent of GDP, won't be able to use remaining funds in its 20 billion euro ($26 billion) loan secured in 2008, until it reaches a deal with the IMF and EU.

-- The IMF said in March it would disburse $1.1 billion (825 million euros) to Hungary under an existing IMF program, but that Hungary did not plan to draw on the funding.

* SERBIA:

-- Serbia agreed with the IMF last May to freeze pensions and wages in 2010 and reduce state administration, as part of a 3 billion euro stand-by deal agreed in 2009. In return, Belgrade was allowed to increase its budget deficit to 4.8 percent in 2010, from a previously planned 4 percent.

-- The IMF and Serbia agreed to a 27-month, 3 billion-euro program on March 26, 2009.

-- Serbia drew the first tranche of almost 800 million euros in mid-May 2009. The IMF approved the second revision of the deal on December 23 along with the release of the second loan tranche worth 350 million euros. A 360 million euro tranche was approved in March and a further 380 million euros in June.

* KOSOVO:

-- Kosovo became the third country from ex-Yugoslavia to reach a loan deal with the IMF. The 110 million euro, 18-month IMF loan deal requires that Kosovo limit its 2010 budget deficit to 3.4 percent of GDP, a fund official said in late May.

-- By agreeing to the IMF guidelines, Kosovo has opened the way to receive earlier pledges of 150 million euros from the EU and 77 million euros from the World Bank.

* UKRAINE:

-- Ukraine's government, bowing to pressure from the IMF, took the painful step on July 14 of announcing a 50 percent rise in the price of domestic gas from August.

-- Prime Minister Mykola Azarov said the sharp price hike, which will help cut the budget deficit, was necessary to secure a new $14.9 billion stand-by loan from the Fund.

-- Under the deal, it needs to reduce the consolidated budget deficit to 5.5 percent of gross domestic product this year from the earlier projected 6.3 percent.

-- Ukraine has to present a letter of intent to the IMF which should lead to approval of the deal by the IMF board and the unlocking of a first tranche of credit, possibly in August.

-- The IMF suspended a $16.4 billion bailout program last November, because the previous Ukrainian leadership reneged on pledges of financial restraint. The government of President Viktor Yanukovich, who was elected in January, started talks about a new $19 billion program in April.

* MOLDOVA:

-- An IMF mission visiting Moldova said on May 13 it would recommend disbursement of a third tranche of $90 million after forecasting higher-than-expected GDP growth for 2010.

-- The IMF in Washington said earlier this year that the 2010-2012 program, totaling $574 million, was aimed at helping Moldova, one of Europe's poorest countries, to recover from the global financial crisis.

* ICELAND: -- The Fund agreed loans totaling more than $2 billion as part of a bailout for Iceland after its banking system crashed under a heap of debt in the global financial crisis. Nordic states have also promised funds, providing Iceland lives up to its commitments to reimburse Britain and the Netherlands for repaying depositors in failed online Icelandic banks. -- A dispute over these repayments had delayed the IMF disbursement, and the Fund called on all parties to resolve it "expeditiously." Iceland's president on Jan 5 rejected a bill to repay Britain and the Netherlands more than $5 billion.

-- "Iceland's recession, while deep, has been less severe than expected to date," the Fund said in a staff report on the second review of the loan program, which was approved on April 16 and which unlocked a further $160 million for the island.

* LATVIA:

-- The IMF and the EU gave a preliminary go-ahead last month for Latvia to receive the next chunk of international aid as it recovers from a withering recession.

-- Latvia could receive 100 million euros out of a 7.5 billion euro ($10 billion) bailout package in the second half of July, the IMF said.

-- Under the deal, agreed in 2008, Latvia had to cut its public sector budget deficit by 500 million lats in both 2009 and 2010.

-- Latvia has pledged to cut the deficit to 3 percent of GDP by 2012 in order to meet the criteria to join the euro zone. Prime Minister Valdis Dombrovskis said his country would need to make further cuts in 2011 to shore up finances.

* ROMANIA:

-- The IMF on July 4 approved a $1.115 billion disbursement to Romania, saying the authorities had made significant strides toward restoring macroeconomic stability and achieving an orderly adjustment of pre-crisis imbalances.

-- The new tranche brings total disbursements under a rescue 20 billion euro package signed in 2009 to $13.475 billion. Romania is targeting a fiscal deficit of 6.8 percent of gross domestic product in 2010.

* TURKEY:

-- Lawmakers will not vote on Turkey's fiscal reform bill before this month's recess, Finance Minister Mehmet Simsek said on July 16, delaying passage of a law seen as vital to Ankara's push for an investment grade rating. But he said the government would maintain fiscal discipline, a key issue for investors since a recession-induced spending splurge in 2009 together with Turkey's decision not to renew a standby loan deal with the IMF. -- Turkey and the IMF announced in March that Ankara had decided against a new standby deal with the Fund, ending months of speculation in financial markets. -- Turkey's previous IMF $10 billion standby loan expired in 2008. Disagreements over a new deal included the country's tax administration and payments to municipalities.

(Writing by David Cutler, London Editorial Reference Unit; Reporting by Carolyn Cohn, Peter Apps, Marton Dunai, Gordana Filipovic, Alexandra Hudson, Patrick Lannin, Radu Marinas; Editing by Ruth Pitchford)