The European Union has reached a deal to unlock €16.4 billion in frozen funding for Hungary, providing much-needed relief to the country's stretched and cash-strapped budget. The agreement was finalized following a meeting in Brussels between Hungarian Prime Minister Peter Magyar and European Commission President Ursula von der Leyen.
The recovery and cohesion funds had been suspended under the leadership of former nationalist premier Viktor Orban. The EU had frozen the assistance due to accusations of corruption and democratic backsliding within the country.
European Commission President Ursula von der Leyen praised the "long overdue reforms" implemented by the newly elected Prime Minister Magyar, which enabled the release of nearly all the frozen funds. Prime Minister Magyar characterized the agreement as a "historic" breakthrough.