After repaying an over 620 million euro tranche of an IMF credit facility taken out in 2008-2009 Hungary has cleared another cc. EUR 310 m (HUF 91.5 bn) batch to the International Monetary Fund. The central bank (NBH) has also repaid a EUR 182 m (HUF 53.6 bn) tranche earlier this week.
As you can see on the chart below no redemption is due either for the state or the NBH towards the IMF in July; the next payment (over EUR 600 m by the state) is due in August. The next redemption of a similar size will be due in November and the remaining payments will be smaller.
The state and the central bank have by now repaid more than half of the entire cc. EUR 14.3 bn financial assistance programme taken out in 2008-2009. In our estimates the credit still need to be repaid will amount to EUR 6.4 bn at the end of June and will shrink to EUR 4.2 bn by year-end.
The quarterly repayment obligations are shown in the table below. As you can see the toughest quarters will be behind Hungary come the end of this year and bigger redemptions will be due in Q4 2014 and Q2 2016.
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