Before the IMF can determine whether or when to start negotiations on a standby credit, it needs to see tangible steps and a strong commitment from the cabinet that it aims to make changes in all areas relevant to macro-economic stability, she added.

Hungary will have to service €3.4 billion of debt this year related to loans taken from the IMF and EU in 2008, including €924 million in May-June and an additional €924 million in the third and fourth quarters, the state debt manager AAK confirmed.

Hungary has no foreign currency bonds maturing in the first half of the year, according to the AAK website. The next major bond maturity is in July, when Ft 119 billion worth of yen-denominated bonds will have to redeemed."

Source: Hungary Around the Clock

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