EU to release billions in frozen funds for Hungary amid Magyar reforms
Summary
The European Union will release 16.4 billion euros ($19 billion) in frozen funds to Hungary after new reforms by Prime Minister Peter Magyar. The money was previously blocked due to concerns under the former leader Viktor Orban but will now help Hungary rebuild its economy and public services.Key Facts
- The EU froze about 18 billion euros ($21 billion) in funds to Hungary during Viktor Orban’s rule over issues like democracy and corruption.
- The EU will release 10 billion euros ($11.6 billion) from its COVID recovery fund, 4.2 billion euros ($4.8 billion) in cohesion funds, and another 2.2 billion euros ($2.5 billion) after further reforms.
- Prime Minister Peter Magyar has started reforms, including reversing Orban’s plan to leave the International Criminal Court.
- Police will allow Budapest’s Pride parade next month, a reversal of the previous ban under Orban.
- Magyar said the funds, which equal about 13% of Hungary’s budget, will help jump-start the economy and support small and medium businesses.
- The EU required a new plan from Hungary by the end of August to qualify for the funds.
- If Hungary completes all steps soon, the first payments could arrive before the end of the year.
- European Commission President Ursula von der Leyen praised the reforms and said the Hungarian people deserve the funds.
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