Investing.com -- Hungary’s incoming Prime Minister Peter Magyar said he will sign a political deal at the end of May to release approximately €10 billion ($11.7 billion) in European Union recovery funds.
Magyar wrote on social media Wednesday that he held "extremely productive and successful" talks with European Commission President Ursula von der Leyen during his first visit to Brussels since his landslide election victory.
"The EU is not imposing any conditions that go against our country’s interests," Magyar posted. "The funds will arrive soon."
The incoming prime minister is working to secure aid from the EU’s post-pandemic program before it expires at the end of August if not claimed. Officials involved in the talks, speaking anonymously, said there is political will on both sides to reach an agreement.
Von der Leyen said in a separate post on X that she had a "very good exchange" with Magyar and the commission was ready to support him in meeting the conditions to release the funds. "Our teams will continue to work closely together," she said.
The EU suspended more than $20 billion in payouts to Budapest due to rule-of-law and corruption concerns during outgoing Prime Minister Viktor Orban’s 16 years in power. Magyar has pledged to bring Hungary back to the European fold.
A commission team visited Budapest within days of the vote, signaling Brussels’ readiness to help Hungary’s next prime minister before he is sworn in early next month.
Magyar was scheduled to meet with European Council President Antonio Costa later Wednesday.
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