Commission set to approve Hungary’s €10bn in post-pandemic recovery fund next week

The European Commission is set to approve almost all of Hungary's €10 billion allocation from its post-pandemic recovery fund, Commission officials have confirmed to Euronews. Prime Minister Peter Magyar, who came into power in April, campaigned on a promise to unlock EU funds frozen during Viktor Orban's 16 years in office. In May, the Commission agreed to release 16.4 billion euros that had been withheld over rule of law and corruption concerns under Orbán's government. Of that total, 10 billion euros is due from the EU's post-pandemic fund, which expires later this year. One of the main ways the Commission helped Budapest meet the funding requirements was by allowing capital injections through investment institutions. Hungary still had to fulfil 27 so-called super milestones and more than 100 milestones. Parliament amended more than 100 laws over the summer to meet the requirements, most of them concerning judicial independence and a fight against corruption. EU member states must also approve it before payments can follow.