Central govt repays HUF 76 bln of muni debt in 2012

Telco

Hungary's central government repaid HUF 76 billion of the municipal debt of communities with fewer than 5,000 inhabitants last year, well under the HUF 96 billion allocated for the purpose, a fresh report on general government expenditures by the National Economy Ministry published Tuesday shows.
Hungary's central government announced in October that it would take over the debt of local councils in communities with fewer than 5,000 residents by the end of 2012 and 40%-70% of the debt of bigger cities and towns in 2013.
An amendment to the 2012 budget act allocated HUF 96 billion for the debt takeover among communities with fewer than 5,000 inhabitants, and the cashflow-based deficit target for the full year was raised from HUF 576.2 billion to HUF 671.9 billion.

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