The International Monetary Fund`s executive board has approved a 17-month stand-by arrangement with Hungary to provide $15.7 billion "to avert a deepening of financial market pressures." About $6.3 billion will be available immediately and the remainder of the money will be disbursed in five installments subject to quarterly reviews, the IMF said late Thursday. Hungary will also receive financial assistance from the European Union and the World Bank. As the global financial crisis has battered emerging markets, the IMF has rushed to help. The fund has already approved a $16.4 billion stabilization package for Ukraine as well as a $2.1 billion loan for Iceland.

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