The EU ECOFIN Council approved Hungary's PNRR, providing access to 10 billion euros

The Economic and Financial Affairs Council (ECOFIN) of the European Union approved on Friday Hungary's National Recovery and Resilience Plan (NRRP), revised by the new government led by Péter Magyar. This plan had previously been blocked by the European Commission due to allegations of rule of law violations under former Prime Minister Viktor Orbán.

Hungary is now entitled to grants and loans of approximately 10 billion euros, but accessing these is conditioned on the implementation of commitments by August 31, 2026. The new Prime Minister and the President of the European Commission, Ursula von der Leyen, agreed on measures to strengthen judicial independence and the rule of law, as well as to increase transparency in public procurement. The conflict between Orbán and the European Commission led to the blocking of European funds, but now, with the new agreement, 6.4 billion euros from cohesion funds have been unlocked.