Reuters: European Commission May Unblock $15.3B For Hungary

According to Reuters, which cited EU sources, the European Commission may release $15.3 billion in funding for Hungary in 2022.

A representative of the agency emphasized that the sum equals over 10% of the estimated 2022 GDP of the nation. The source claims that it might be unblocked after Viktor Orban, the prime minister of Hungary, allegedly « caved in to pressure » from the EU on « democratic checks and balances. »

Enhancing the judiciary’s independence and anti-corruption efforts are prerequisites for the monies to be unblocked.

In order to « guarantee that the EU budget and EU financial interests are secured against infringement of the principles of the rule of law in Hungary, » the EC suggested in the middle of September that the EU Council implement a conditionality mechanism in the EU budget for Hungary. Budapest’s EU financing, totaling around €7.5 billion, would have been frozen as a result. Since the conditionality mechanism was established two years ago to safeguard the community budget from corruption, this is the first instance of its kind in EU history.


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