Finance Minister Varga: Fitch Upgrade Evidence Of Reforms
- 23 May 2016 9:00 AM
An upgrade of Hungary back to investment grade by ratings agency Fitch on Friday is a result of economic reforms the government started in 2010, Economy Minister Mihály Varga said at a press conference on Saturday. The upgrade is evidence that the Hungarian economic restructuring has been a success, that the Hungarian reforms are working, Varga said.
He added that Fitch had acknowledged improving fiscal developments, falling public debt, a favourable current account balance and the improving situation of the banking sector as the basis for the upgrade.
The upgrade is good news for Hungarians as it means the state will spend less on debt, leaving more money for investments, tax reductions and raising wages, he said.
If another ratings agency upgrades Hungary, savings could reach 40-60 billion forints (EUR 126m-190m) in the next year to year and a half, he added.
Source: www.hungarymatters.hu
Republished with permission of Hungary Matters, MTI’s daily newsletter.
MTI photo: Szigetváry Zsolt
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