Hungary's newly appointed Prime Minister Péter Magyar is set to meet European Commission President Ursula von der Leyen in Brussels to negotiate a mostly symbolic agreement intended to restore Hungary's ties with the EU.
Magyar is set to meet with Belgian Prime Minister Bart de Wever and NATO Secretary General Mark Rutte on Thursday. The Prime Minister of Hungary revealed the journey on social media.
"On the morrow, I will meet with the NATO Secretary General and the Belgian Prime Minister, and on Friday, I will meet with the President of the Commission in Brussels. Everyone is focused on recovering the EU's billions," Magyar stated on his Facebook.
Magyar’s Tisza Party achieved a decisive win in the parliamentary elections in April, removing Viktor Orbán’s nationalist, Eurosceptic administration. He has committed to restoring Hungary’s ties with the EU and accessing €17 billion in EU funds that are currently frozen due to worries about corruption and shortcomings in the rule of law.
The gathering on Friday aims to establish what Magyar referred to as a “political agreement” mainly grounded in commitments. Hungary needs to meet all outstanding requirements by the end of August to access the funds, with initial payments possibly arriving before the year's end.
Magyar's highest priority is ensuring the schedule to obtain the €10.4 billion set aside for Hungary through the EU's post-Covid-19 Recovery and Resilience Facility (RRF). Hungary faces the danger of forfeiting the complete sum if it does not satisfy the criteria established in the regulation by the end of August.
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The package includes €6.5 billion in grants that do not need to be repaid and €3.9 billion in loans. The European Commission has earlier insisted that Hungary prioritize the grants due to the nation's fragile budgetary situation.
Budapest is in the process of updating its national recovery plan. In a recent interview with Hungary's RTL Klub television, Magyar stated that the revised plan would focus on railway initiatives, energy infrastructure, and a rental housing program. He admitted for the first time that Hungary might not have access to the entire amount.
"Our objective is to release the €10.4 billion that is currently held up for Hungary." "I’m not claiming we can provide the full 100 percent, but every euro cent we can contribute here is essential to revitalize the Hungarian economy,” Magyar stated.
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Sources knowledgeable about the technical discussions between Hungary and the EU informed Euronews that both parties are participating constructively, but time is limited and Hungary's financial situation continues to be unstable.
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Hungary is required to present an updated national recovery plan. A submission was anticipated this week. It remains uncertain if Hungary will present the plan on Friday or postpone the submission until early June.