EU to release billions in frozen funds for Hungary amid Magyar reforms

The European Union will release 16.4 billion euros in frozen funds to Hungary, a move hailed as a "historic breakthrough" by newly elected Prime Minister Peter Magyar. The funds were previously frozen under former leader Viktor Orban due to concerns about democratic backsliding, corruption, and LGBTQ+ issues. The European Commission announced the release of 10 billion euros from the Next Generation EU recovery fund and 4.2 billion euros in cohesion funds, with an additional 2.2 billion euros contingent on further reforms. President Ursula von der Leyen stated that these funds are for the Hungarian people and acknowledged the "outstanding work" and "long overdue reforms" initiated by Magyar's government. These reforms include dropping plans to withdraw from the International Criminal Court and reversing a ban on the Budapest Pride parade.

Hungarian police have approved next month's Budapest Pride parade, a reversal from last year when the event was nearly blocked under the former right-wing government. This decision follows the election of a new prime minister and the European Union's decision to release over €16 billion in frozen funds to Hungary, signaling a shift in the country's political landscape. Last year, legislation supported by the previous government created a legal basis to ban Pride events, citing child protection concerns, which was criticized and later ruled discriminatory by the EU's top court. Despite last year's ban, a record 200,000 people attended, becoming a symbol of defiance. The current government has not yet reversed the previous legislation, but the police's approval of the parade indicates a more permissive approach to freedom of assembly.