FACTBOX-Hungary’s debts and key economic figures

June 6 (BestGrowthStock) – Following are key facts and figures about
Hungary’s debts and economy.

LATEST IMF FORECASTS FOR KEY HUNGARIAN INDICATORS

(Forecasts released in March)

2010 2011

GDP growth (pct) -0.2 3.2

Nominal GDP (HUF trln) 26.627 28.209

General government balance (pct/GDP) -3.8 -2.8

Primary balance (pct/GDP) 0.4 1.4

Public debt (pct of GDP) 78.9 77.3

C/A balance (pct/GDP) -0.4 -1.0

Gross external debt (pct/GDP) 132.3 124.3

Gross official reserves (EUR bln) 33.94 35.21

NOTE – The central bank has since raised its GDP forecast
and now sees 0.9 percent growth this year. It projected the
budget deficit in 2010 at 4.5 percent. [ID:nBUD005351]

FINANCING SECURED OR IN PROSPECT

— Figures for the state’s cash account are not available,
but they usually cover needs for several weeks ahead.

— The state has drawn 12.8 billion euros from a credit
facility worth near 20 billion euros secured in 2008 from the
International Monetary Fund, the European Union and the World
Bank. It has not spent about 3.5 billion euros of the funds
already drawn.

— On top of this, the central bank has called down 1.4
billion euros from the loan package, placing it in its reserves,
which have almost doubled since October 2008 to 34.2 billion
euros by April 2010.

— Hungary still has access to a further 5 billion euros
financing from the original credit facility, pending agreement
with lenders at the next loan programme review.

— In January the state sold a $2 billion bond.

— In its June-August financing plan, the government aims to
sell forint-denominated bonds worth 350 billion forints.

BUDGET DEFICIT

The budget deficit target agreed by the previous government
with international lenders is 879 billion forints for 2010. In
January-April the deficit amounted to 72.5 percent of the
full-year target. Year-end tax revenues usually reduce Hungary’s
annual budget deficit.

In 2011 Hungary must bring its deficit below 3 percent of
GDP under the EU’s Excessive Deficit Procedure.

MAJOR SHORT-TERM GOVERNMENT DEBT EXPIRIES THIS YEAR

* Aug 24: bond worth about 300 billion forints ($1.30
billion)

* July 12: 30 billion yen ($323.6 million) bond

* Sept 7: 1 billion euro ($1.22 billion) bond

* Oct 12: bond worth about 300 billion forints

* In the June-August period 780 billion forints worth of
discount Treasury bills (HUF 400 billion 3-month bills and HUF
380 billion 12-month bills) will expire. The government plans to
sell bills worth 950 billion forints in that period.

CENTRAL STATE BUDGET’S DEBT STOCK AND EXPIRIES 2010-2014

(in billion forints)

Stock 2010 2011 2012 2013 2014
*Forint debt 10,554 2,552 1,316 1,022 1,335 584
-Government bonds
sold publicly 7,880 985 1,064 1,014 1,127 456
-Other govt bonds 424 6 5 5 208 50
-Treasury bills 1,437 1,272 164 N/A N/A N/A
-Papers sold
to households 376 290 83 3 N/A N/A
-Forint loans 439 0 0 0 0 79
*Foreign ccy debt 8,747 339 1,130 1,247 1,342 1,503
-Loans from abroad 4,059 27 573 890 961 771
-Syndicated loans 27 0 27 N/A N/A N/A
-Bonds 4,661 313 531 357 381 732
*Other liabilities 110 110 N/A N/A N/A N/A
TOTAL 19,411 3,001 2,446 2,268 2,677 2,087

NOTE – As of March 31, 2010; rounded preliminary figures
from the Debt Management Agency AKK.

Treasury bills expire within a year.

Repayments to IMF/EU belong under “loans from abroad”.

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(Reporting by Sandor Peto; Editing by Andrew Torchia)

FACTBOX-Hungary’s debts and key economic figures