EU hails Hungary's 'wind of change' and unlocks €16.4bn for new PM Magyar
Summary
The European Union has agreed to release €16.4 billion in funds to Hungary after its new Prime Minister Péter Magyar promised to carry out needed reforms. This money had been frozen due to concerns about corruption and democracy under the previous government led by Viktor Orbán.Key Facts
- The EU will unlock €16.4 billion in funding for Hungary, including €10 billion from a Covid-19 recovery fund.
- The funding was previously blocked due to corruption and democratic issues during Viktor Orbán's rule.
- Péter Magyar became Prime Minister less than three weeks ago after winning a landslide election.
- Magyar's government made reforms related to anti-corruption and the rule of law to regain EU trust.
- Hungary is joining the European Public Prosecutor’s Office as part of reforms.
- €6.4 billion more will come from EU cohesion funds for economic and social projects.
- Magyar plans to use the money for health, transport, education, electricity grid improvements, and new trains.
- The new Prime Minister aims to improve relations with the EU and reduce corruption.
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