Hungary unlocks €16.4bn in EU funds after Magyar secures deal with Brussels
The money remains tied to reforms and rule-of-law milestones after Hungary’s new government won support from Brussels.
- On Friday, European Commission President Ursula von der Leyen and Hungarian Prime Minister Peter Magyar agreed to unlock over €16.4 billion in frozen EU funds, ending years of financial suspension under the previous administration.
- Former Prime Minister Viktor Orban's tenure saw Brussels suspend the funds due to concerns regarding democratic backsliding, graft, and the treatment of LGBTQ issues under his rule.
- Accounting for 14% of the Hungarian budget, the cash release follows Magyar's pledge to enact "long-overdue reforms" after defeating Orban in April's general election ending his 16-year rule.
- Von der Leyen stated the release is "subject to reforms" agreed today, noting "the moment the rule of law reform passes the parliament, the moment the money tied to that milestone can be disbursed."
- Recent policy shifts include a parliamentary vote on Wednesday to drop plans to withdraw from the International Criminal Court, while Hungarian police will not ban next month's Pride parade in Budapest.
54 Articles
54 Articles
EU to unlock €16 billion for Hungary as Magyar presses reforms
The EU said Friday it would unlock more than €16 billion for Hungary, in a big win for new leader Peter Magyar, provided the country stays on track with a major reform push.EU chief Ursula von der Leyen announced the bloc was ready to release the badly needed money frozen under the divisive rule of...
Hungary’s Magyar has ‘unlocked’ €16B in EU cash. Getting it is another story.
BRUSSELS — Péter Magyar trumpeted his meeting with Ursula von der Leyen in Brussels as a breakthrough — but Hungary is still a long way from receiving the billions of euros in EU funds that Budapest wants. “Based on today’s meeting, €16.4 billion euros have been unlocked,” the Hungarian prime minister told reporters after Friday’s meeting, calling the outcome better than he had expected. Yet Commission officials offered a more cautious descripti…
BRUSSELS (AP) — The European Union will unlock 16.4 billion euros (about $19 billion) in funds for Hungary, officials said Friday, after new Prime Minister Péter Magyar enacted swift reforms to reverse the economic downturn…
More than EUR 16 billion will be released to Budapest. The President of the European Commission, Ursula von der Leyen, announced on 29 May in Brussels the release of funds frozen under Viktor Orban, subject to reforms initiated by the new Hungarian leader, Peter Magyar.
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