 |
|
|
|
|
|
 |
|
|
|
| IMF cuts Eastern Europe financing needs |
| Tallinn, 12.05.2009 |
|
| Juhan Tere, BC, Tallinn, 12.05.2009.
The IMF cuts estimates of external financing needs for a string of countries in central and Eastern Europe on Tuesday, painting the less bleak picture of a region with heavy exposure to the western-based lenders, informs LETA.
Short-term financing needs are the lynch-pin of economic stability for the region, but economists and institutions have struggled to nail down accurate figures.
Alarming reports earlier this year indicating west European banks had lent 1.7 trillion to IMF-bailed-out states like Ukraine and Hungary worsened a steep sell off in the region's assets. Policymakers lashed back, saying the fear was overblown.
After revising its financing estimates for Estonia and the Czech Republic in its April Global Financial Stability report, the International Monetary Fund reduced its outlook for Poland, Hungary, Lithuania, Ukraine and Bulgaria.
The revised figures showed improvement almost across the board, but in all cases but the Czech Republic, the countries still stayed above the critical level of short-term debt refinancing needs in excess of 100% of reserves.
The revisions showed Poland, the biggest of the European Union's eastern economies, had to refinance external debt equal to 141% of its reserves this year, from an originally reported 169%.
The needs for Hungary, whose reserves have been boosted by a 25.1 billion US dollars IMF-led bailout package, fell to 101% of reserves, from 171%.
Bulgaria's dropped to 132%, from 188; Lithuania's fell to 204%, from 425, and Ukraine to 117, from 208.
Earlier, the Czechs were cut to 89%, from 236. But Estonia, initially cut last week, was raised to 346% of reserves, from 210 originally.
The IMF said on May 6 it had overstated the financing needs, largely due to double-counting errors, and it would publish the corrected data soon. There was no explanation accompanying the revisions on Tuesday.
The news of the revisions last week helped send the region's currencies higher last week, as it assuaged nerves of investors who had feared some countries considered relatively better off were in worse shape than they had feared.
odkaz na stránku
|
|
|
|
|
|
|
|
|
|
|
|
|
Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
|
|
