EU Unlocks Billions for Hungary in Reform-Driven Milestone
The European Commission has decided to unlock billions of euros in recovery and cohesion funds for Hungary after reforms led by the new government. The decision came after significant progress on milestones, previously hindered due to rule-of-law concerns under Viktor Orban's administration.
The European Commission has announced a major financial boost for Hungary, unlocking billions in previously frozen recovery and cohesion funds. This decision comes after the new Hungarian government demonstrated a commitment to significant reforms.
During a press briefing, Ursula von der Leyen, the President of the European Commission, hailed the progress made under Prime Minister Peter Magyar. She revealed that 10 billion euros from the EU Recovery fund and an additional 4.2 billion euros in cohesion funds would be unlocked.
This financial release marks a turning point, following years of conditionality triggered by rule-of-law disputes during Viktor Orban's leadership. An additional 2.2 billion euros in cohesion funds may be granted as further steps are completed.
(With inputs from agencies.)
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