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EU Set to Approve as Much as EUR1bln of Funds for Hungary: BBG

HUNGARY

The European Union is finalizing a decision to release as much as EUR1bln ($1.1bln) in EU funds for Hungary, Bloomberg report.

  • The European Commission, the EU’s executive arm, is concluding its assessment of Budapest’s amended post-pandemic recovery plan to address the energy crunch triggered by Russia’s invasion of Ukraine, according to people familiar with the matter.
  • The EU last year suspended more than $30bln of Budapest’s funding due to rule of law and graft concerns, the money that Orban is seeking to access after a prolonged recession and a budget crunch.
  • Around EUR13bln of the funds suspended over concerns about the independence of judges may still be unlocked by the end of the year, the people said.

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