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EU finance ministers are expected to approve Hungary’s revised National Recovery Plan on Friday at the ECOFIN meeting, paving the way for Budapest to withdraw €10 billion in post-pandemic recovery funds once it fulfils all remaining conditions.
For years, a large share of the recovery and cohesion funds earmarked for Hungary has been withheld by Brussels over concerns about systemic corruption risks.
Hungarian Prime Minister Péter Magyar, who won a landslide victory in April’s elections, campaigned on a pledge to unlock the frozen EU funds, and has since struck a political agreement with European Commission President Ursula von der Leyen to move the process forward.
An EU diplomat, speaking on condition of anonymity, expressed optimism about the Council’s approval, noting that the process had gone smoothly so far.
Approval requires unanimous backing from all 27 member states. Hungary must also meet all related “super milestones” by the end of August to receive the funds.
“It will be an important meeting, as this is the last legal step before our country can access several thousand billion forints of EU funds,” Hungarian Finance Minister András Kármán said in a social media post ahead of his trip to Brussels.
Following April’s parliamentary elections, Hungary’s new government reviewed the recovery plan previously submitted by the Orbán administration.
The updated document includes projects related to suburban railways, energy infrastructure development, and housing. The European Commission has given the plan a positive recommendation ahead of the Council vote.