Economy of Hungary public sector spending falling from 62% of GDP to below 50%—the current account deficit was reduced to 2% of GDP, and government debt was paid down to 94% of annual export earnings. The Government of Hungary no longer requires IMF financial assistance and has repaid all of its debt to the fund. Consequently, Hungary enjoys favorable borrowing terms. Hungary's sovereign foreign currency debt issuance carries investment-grade ratings from all major credit-rating agencies, although recently the country was downgraded by Moody's, S&P and remains on negative outlook at Fitch. In 1995 Hungary's currency, the Forint (HUF), became convertible for all current
Politics of Hungary g. Politics Can Be Different) The Judiciary is independent of the executive and the legislature. Hungary is an independent, democratic and constitutional state, which has been a member of the European Union since 2004. Since 1989 Hungary has been a parliamentary republic. Legislative power is exercised by the unicameral National Assembly that consists of 199 members. Members of the National Assembly are elected for four years. The Economist Intelligence Unit has rated Hungary as "flawed democracy" in 2016. The President of the Republic, elected by the National Assembly every five years, has a largely ceremonial role, but he is nominally