Hungary on track to unlock 10 billion euros in EU recovery funds

Hungary is on track to meet the necessary criteria to unlock 10 billion euros in EU recovery funds by the end of August. According to sources from the European Commission and the Hungarian government, the country has already completed two-thirds of the required milestones.

Following the April elections, which saw Péter Magyar's party achieve a decisive victory over Viktor Orbán's Fidesz, the new administration has prioritized the release of these frozen assets. In May, an agreement was reached with European Commission President Ursula von der Leyen to release a total of 16.4 billion euros that had previously been frozen due to concerns regarding corruption and the rule of law.

The 10 billion euro portion stems from the post-pandemic Recovery and Resilience Facility (RRF), which has a usage deadline at the end of this year. An additional 6.4 billion euros are designated from Cohesion Funds, though these do not carry the same urgent deadline. The Hungarian Ministry of Transport and Investments stated that the resolution of the remaining milestones is in its final stages.