Introduction#
Hungary's incoming Prime Minister, Peter Magyar, is set to sign a deal to access approximately €10 billion (about $11.7 billion) in European Union recovery funds by the end of May. This funding is part of the EU's efforts to support member states in their recovery from the pandemic.
Productive Talks with EU Leaders#
Magyar recently described his discussions with European Commission President Ursula von der Leyen as "extremely productive and successful." This meeting marked his first visit to Brussels following his significant election victory. Magyar emphasized that the EU is not imposing any unfavorable conditions on Hungary, suggesting a cooperative approach to securing the funds.
Urgency to Secure Funds#
The incoming prime minister aims to finalize this aid before the EU's post-pandemic program expires at the end of August. Sources involved in the negotiations indicated that there is a mutual desire to reach an agreement swiftly, highlighting the importance of these funds for Hungary's recovery.
Historical Context and Future Cooperation#
The EU had previously suspended over $20 billion in financial support to Hungary due to concerns over rule-of-law and corruption during the tenure of former Prime Minister Viktor Orban. Magyar has committed to restoring Hungary's relationship with the EU. Following the election, a team from the European Commission visited Budapest, indicating Brussels' readiness to assist the new administration.
Magyar is also expected to meet with European Council President Antonio Costa, further solidifying Hungary's path towards accessing these crucial recovery funds.