Hungary Hopes to Unlock €22 Billion EU Funds Frozen Over Corruption
During negotiations with the European Union, Hungary's representative, Tibor Navracsics, expressed hope that by the end of November, the parties would successfully conclude discussions aimed at unlocking approximately €22 billion from EU funds that were frozen due to breaches of the rule of law in Hungary. Reuters reports that Budapest has already responded to the European Commission's inquiries regarding the implementation of recommendations for combating corruption and ensuring the independence of the judicial system.
Furthermore, Tibor Navracsics is scheduled to travel to Brussels on Thursday, accompanied by government advisor on EU affairs, Janos Boka. "Our goal is to finalize negotiations on the disbursement of the allocated assistance in the near future. I believe we can conclude them by the end of November," Navracsics stated, adding that following this, Hungary can commence the execution of projects funded by EU resources.
The release of nearly €22 billion holds significant importance for Hungary's economy, which is striving to recover from one of the longest recessions in recent years, particularly against the backdrop of high inflation within the EU and a sharp decline in consumption levels.
In December of the previous year, the EU decided to freeze €22 billion from its own funds, originally designated for Hungary, after Brussels determined that Hungary was not in compliance with human rights and the rule of law standards.
It was previously reported that the European Union was considering the possibility of unlocking €22 billion for Hungary to gain its support for providing aid to Ukraine and initiating negotiations regarding Ukraine's EU membership.
Recall that Hungary's Prime Minister, Viktor Orban, met with Russian dictator Vladimir Putin in China on October 17 and discussed energy-related matters. In August, he stated in an interview with controversial journalist Tucker Carlson that the West should make an agreement with Vladimir Putin that does not involve the return of occupied Crimea or Ukraine's NATO membership.
It is also worth noting that the EU was unable to allocate the eighth tranche of military aid, amounting to €500 million, to Ukraine due to Hungary's veto.