The Council of the European Union today approved a new „Recovery and Resilience Plan for Hungary,“ enabling Budapest to access around 10 billion euros from the European Recovery and Resilience Facility (RRF).
The statement notes that out of the total 10 billion euros, about 6.5 billion euros are in the form of grants, while approximately 3.5 billion euros are allocated as loans.
The EU Council adds that the plan envisages reforms and investments aimed at protecting the financial interests of the European Union, strengthening the anti-corruption framework, increasing transparency in the management of public funds and public procurement, as well as improving the participation of stakeholders and social partners in the legislative process.
The document also includes measures to strengthen the independence of the judiciary and the rule of law in Hungary.
The disbursement of funds will be conditional on the fulfillment of agreed reforms and investment targets, in accordance with the rules of the Recovery and Resilience Facility.
The Recovery and Resilience Facility is a central part of the „NextGenerationEU“ program, established as the European Union’s response to the economic consequences of the COVID-19 pandemic.
So far, more than 429 billion euros have been disbursed to member states from this fund.
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