Magyar Says EU Funds for Hungary Could Be Released Soon

Hungarian election winner Peter Magyar has said that negotiations with European Commission President Ursula von der Leyen on frozen EU funds were "extremely constructive" and that the funds could be released soon. Brussels froze the money over rule-of-law violations under Viktor Orban's government.

Hungary must draw down part of the funds, including around €11bn from the Recovery Fund, by mid-August or lose them. Magyar plans to resume negotiations at the end of May with the aim of reaching a political agreement.

The European Commission has stressed that the release of the funds depends on concrete steps on rule of law and the fight against corruption.

The new government has the advantage of a strong mandate: Magyar's party holds a constitutional majority, which could accelerate the necessary reforms.

(reuters, mja)