Hungary may sell half its planned motorway bonds
Tuesday, November 22, 2005, 12:59
Hungary will cut the amount of bonds it sells to finance motorway construction this year to between Ft 375 billion ($1.7 billion) and Ft 500 billion, daily Magyar Hírlap reported. Hungary in September planned to sell as much as Ft 750 billion in motorway bonds, reduced the amount after the European Union ruled it couldn't use bonds to finance road projects more than half completed, the newspaper said. Hungary will spend €1 billion-€1.5 billion from the budget to pay for road costs, Magyar Hírlap reported. The government raised its budget deficit forecast to 6.1% of gross domestic product from 4.7% after the EU said it must include motorway construction in the budget.