Hungary Strikes Deal: PM Peter Magyar Aims to Unfreeze EU Funds

Hungarian Prime Minister Peter Magyar is set to finalize a political agreement with the European Commission to release frozen EU funds. This comes after negotiations in Brussels, aiming to unlock crucial financial resources for Hungary's stagnant economy. The deal is essential before the August 31 deadline.

Hungarian Prime Minister Peter Magyar announced plans to finalize a political agreement with the European Commission to release frozen EU funds. Magyar arrived in Brussels to negotiate following a freeze imposed under Viktor Orban's previous government over rule-of-law concerns and anti-corruption measures.

Magyar is scheduled to meet with European Commission President Ursula von der Leyen to finalize the deal, unlocking thousands of billions of forints for Hungary. This comes as the country faces pressure to secure its share of the EU recovery fund by an August 31 deadline, including €6.5 billion in grants and €3.9 billion in loans.

Magyar stated progress in talks with Brussels amid ongoing discussions on anti-corruption efforts. The release of EU funds is crucial for Hungary's stagnant economy and strained state budget, with an additional €7 billion in EU structural funds remaining frozen.