Hungary’s newly elected Prime Minister Peter Magyar announced Sunday he will head to Brussels this Wednesday for unofficial discussions with European Commission President Ursula von der Leyen regarding the release of billions in EU funding that was suspended during conflicts with the previous administration.
“There is no time to waste,” Magyar stated, following his decisive electoral win on April 12 that brought an end to nationalist leader Viktor Orban’s 16-year tenure in office.
Magyar has previously identified four priority areas where his administration could act quickly to prevent losing approximately 10 billion euros ($11.7 billion) in EU pandemic recovery assistance by the late August cutoff date. These priorities include anti-corruption initiatives and the restoration of media and academic independence.
Following his election victory, Magyar expressed optimism about reaching a political settlement during his inaugural Brussels visit.
Orban, who maintained close ties with U.S. President Donald Trump, frequently found himself at odds with the EU regarding rule of law and human rights issues, leading to the suspension of billions in European funding.
Magyar’s center-right Tisza party secured a supermajority in the April voting, providing the authority to modify judicial, public procurement, and media oversight legislation that became central points of contention between Orban’s administration and Brussels.
For the past three years, Hungary’s economic growth has remained essentially flat.
Financial markets have responded positively and the forint has strengthened following Magyar’s electoral success, as investors anticipate the EU will release the frozen funds.
