BRUSSELS (AP) — The European Union will unlock 16.4 billion euros (around $19 billion) in funds for Hungary, officials said Friday, after new Prime Minister Péter Magyar enacted rapid reforms to roll back the democratic backsliding that occurred under his predecessor.
The release of the funds was a signal of Brussels' embrace of the new government in Budapest after the 16-year tenure of Viktor Orbán, who was allied with Russia and antagonized the EU.
The agreement, announced during a media briefing in Brussels on Friday by European Commission President Ursula von der Leyen, capped off weeks of negotiations between Magyar's government and the EU to release the crucial funding that is badly needed by Hungary's slumping economy.
