Hungary races to unlock 10.4 billion euros in EU funds

Hungary is racing to meet an August 31 deadline to unlock €10.4B in frozen European Union recovery funds. Prime Minister Peter Magyar is renegotiating terms after the EU froze €6.5B in grants and €3.9B in loans. Accessing these funds would stabilize the economy and support growth while also addressing €7B in separately frozen EU structural funds.

Three EU officials said the August 31 target is achievable despite the tight timeline. Budapest must submit a revised spending plan focusing on green and digital transitions. The capital injection is valued at $12.2B based on the EUR/USD exchange rate.