Regardless Of Data, Debt Path Is Diminishing, State Secy Says

(MTI) – Independently from first quarter data published on Monday showing a jump in consolidated government-sector debt, Hungary’s public debt is following a decreasing trajectory, Economic Ministry State Secretary Gabor Orban told MTI.

The ministry is targeting financial stability with great emphasis, therefore it is financing the public debt in a secure way. In this respect, Orban said, the ministry has secured early in the year the collateral for debt services later in the year. As a result, public debt increased in the first quarter from the last quarter of last year because of new forex debt issuance of 3 billion dollars, which, as a reserve, will pay for maturities this year, Orban said.

The government repaid 500 million pound sterling last week, and it will repay 1 billion euros in June, and a further 2 billion euros in the autumn, which will bring down the level of public debt significantly, Orban said.

The state secretary emphasised that Hungary has been financing its high public debt on its own from the market for the last few years. During the year there might be ups and downs, but what is important is the year-end level of debt, Orban said.

Source: http://mtva.hu/hu/hungary-matters