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Watch: Minister Varga Says Hungary Very Optimistic EU Funds Won't be Withheld

• 24 Nov 2022 1:16 PM

The Hungarian government is "very optimistic" the European Commission will abandon its threat of withholding billions of euros of EU funds from Budapest after the government implemented a swathe of reforms to curb rule of law concerns.

Brussels threatened in September to not disburse €7.5 billion of regular EU cohesion funds to Hungary through the new rule of law mechanism, with an additional €5.8 billion in pandemic recovery funds also provisionally withheld.

Combined, this amounts to nearly 10% of Hungary's estimated 2022 GDP.

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• Watch FInance Minister Mihály Varga EU Funds

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