Magyar Announces Brussels Trip to Sign €10.4B RRF Deal 'Next Week'

On May 19, PM Péter Magyar publicly announced he expected to travel to Brussels the following week to sign a political agreement with the European Commission unlocking €10.4 billion in frozen Recovery and Resilience Facility (RRF) funds. 'Both sides will do everything they can to ensure that next week, when I travel to Brussels, we can sign the political agreement,' Magyar stated. An EC delegation had been working in Budapest on 27 'super-milestones' covering anti-corruption, judicial independence, and procurement transparency. The August 31 deadline — after which unspent RRF funds are permanently forfeited — gave the negotiations acute urgency. Finance Minister Kármán confirmed Hungary would submit a revised national development programme by end-of-May, prioritizing suburban rail, railway renovation, and electricity grid upgrades. The announcement was received positively by markets, with the forint trading near 366 HUF/EUR, its strongest level since early 2022.