LMP: Eximbank loses battle against Eurostat

Opposition LMP believes Magyar Eximbank has lost its battle against the European Union’s statistical office, Eurostat, as it has turned out that the financial institution’s liabilities must be accounted as a part of Hungary’s public debt. 

Péter Ungár, one of LMP’s leaders, said at a press conference on Sunday that the Fidesz government had lost the fight to reduce Hungary’s public debt because a foreign currency loan from Russia to expand the Paks nuclear power plant along with Eximbank’s liabilities will cause Hungary’s public debt as a percentage of GDP to climb back to levels last reached in 2009.

Eximbank’s activities in no way serve the interests of Hungary’s foreign trade,

and its loans for tied aid programmes show no evidence of being recouped, he added.

He said it was “outrageous” that

the Foreign Ministry had failed to provide information on Eximbank credit for Mongolia or the Philippines even though the financing was public money.

Eximbank, in its present form, is unnecessary as it has not undertaken a single programme in the past several years that has helped the Hungarian economy, Ungár said.

Photo: facebook.com/eximhungary

Source: MTI