Decline in Hungary's debt achievable this year with current forint exchange rate

BUDAPEST: The Hungarian government's public debt target of 72 percent of GDP this year is achievable, the debt agency AKK said in an emailed reply to Reuters questions on Wednesday.

When asked if the decline in debt by the end of the year was achievable with the current forint exchange rate of around 312 to the euro, the AKK said: "Yes, it is achievable."

Hungary's public debt stood at 74.1 percent in 2016 according to Hungary's convergence plan submitted to Brussels.

The AKK also said that it has raised forint-denominated debt issuance temporarily in order to cover the pre-financing of European Union-backed investment projects from the state budget.

"The arrival of EU funds later will reduce the financing need," the AKK added.