EU Unlocks €10 Billion for Hungary in Boost for Orban
- EU releases funds after Hungary amends laws on judiciary
- Hungarian leader continues to block EU assistance for Ukraine
Viktor Orban
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
The European Union decided to release more than €10 billion ($10.8 billion) of aid earmarked for Hungary, a major win for Prime Minister Viktor Orban ahead of a crucial summit on Ukraine that the nationalist leader is threatening to torpedo. The forint extended gains against the euro.
The funds, about a third of the overall amount the EU decided to freeze a year ago due to rule-of-law and graft concerns, were released after Orban’s government passed laws to strengthen the courts’ independence, the European Commission said in a statement on Wednesday. Hungary will now be able to file EU project receipts and be reimbursed as much as about €10.2 billion, in line with how the bloc’s funds are distributed.