The EU has approved the allocation of 10 billion euros to Hungary under a new plan
The Council of the European Union has approved an updated Recovery and Resilience Plan for Hungary, which provides for 10 billion euros in funding. The decision was adopted on July 10.
The approval of the new plan opens the door for Budapest to receive a significant amount of funding under the European support program. The funding is intended to implement reforms and projects designed to strengthen economic resilience and promote the country’s further development.
The new plan is expected to provide Hungary with 10 billion euros, of which approximately 6.5 billion euros will be grants and about 3.5 billion euros will be loans.
Recovery and Resilience Plans define national reform and investment programs under the Recovery and Resilience Facility (RRF)—a central component of NextGenerationEU, a temporary EU instrument designed to support and accelerate the green and digital transitions in member states, while enhancing resilience, cohesion, and sustainable growth.
The approval followed Hungary’s recent submission of its new plan. Delays in meeting key milestones of Hungary’s previous plan meant that its implementation had become impossible due to rising costs caused by fluctuations in energy prices, unexpected changes in the geopolitical situation, unforeseen implementation difficulties, delays related to time constraints or schedule pressures, and other circumstances.
The measures set out in Hungary’s new National Reform Plan are intended to support the implementation of all strands of the Recovery and Resilience Facility.
They will safeguard the Union’s financial interests regarding the plan’s implementation, strengthen Hungary’s anti-corruption system, increase transparency in the use of public resources and public procurement, and improve the involvement of stakeholders and social partners in the legislative process.
The new reform plan also includes measures to strengthen the independence of the judiciary and the rule of law in Hungary.
As with all national plans, payments under this plan will be contingent on the results achieved. This means that the European Commission will disburse funds to each country only after it has met the agreed-upon milestones and targets for completing the reforms and investments set out in its plan.
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This was reported to journalists by the EU Council’s press service, according to “European Truth.”
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