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
Mill (currency) Mill (currency) The mill or (₥) (sometimes mil in the UK, when discussing property taxes in the United States, or previously in Cyprus and Malta) is a now-abstract unit of currency used sometimes in accounting. In the United States, it is a notional unit equivalent to of a United States dollar (a one-hundredth of a dime or a tenth of a cent). In the United Kingdom it was proposed during the decades of discussion on the decimalization of the pound as a division of the pound sterling. Several other currencies used the mill, such as the Maltese lira. The term