International Business Weekly
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
International Business Weekly
No Result
View All Result
Home National

EU Reviews Hungary’s Eligibility For Sorely Needed Aid

Brand Post by Brand Post
December 9, 2022
in National
0
EU Reviews Hungary’s Eligibility For Sorely Needed Aid
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Hungarian Prime Minister Viktor Orban attends the autumn session of parliament in Budapest, Hungary, September 26, 2022.
Reuters

The European Union’s executive is due to come up with a new assessment on Friday of the state of democracy in Hungary to help the bloc’s 26 other member states decide on whether to grant Budapest billions of euros worth of funds.

Trying to unlock access to the money, Hungary’s nationalist Prime Minister Viktor Orban is facing one of the greatest challenges of his 12-year rule as domestic inflation is seen climbing to 26% this month, the cost of state debt has shot up and the economy is expected to slow sharply next year.

At stake is 13.3 billion euros ($14.1 billion) that had been earmarked from the EU’s joint coffers for Hungary but blocked over worries around corruption and a lack of judicial independence in the country of nearly 10 million people.

The European Commission is due to communicate its position to the Czech Republic, current holder of the EU’s rotating presidency, in a letter later on Friday, two officials said.

Hungarian Justice Minister Judit Varga said this week that parliament had approved more laws to address the graft concerns since the Commission concluded its last assessment in November.

“We will continue to work to ensure that the Hungarian people receive even the last penny of the resources they deserve,” she said on Facebook.

COMPROMISE?

International watchdogs say Orban has long channelled EU funds to associates to entrench himself in power. Orban says Hungary is no more corrupt than others.

The self-styled “illiberal” crusader has had many bitter fights with the EU over media and academic freedoms, the treatment of migrants and LGBT rights.

With Hungary highly reliant on Russian oil and gas, he has cultivated close ties with Moscow and repeatedly stalled EU sanctions against Russia over the war in Ukraine.

But with Hungary’s forint currency down 11% versus the euro this year, Orban has sought to strike a deal with the Commission, with the creation of an anti-graft agency among changes made to unlock the sorely needed EU funds.

The Commission had earlier recommended freezing 7.5 billion euros, or 65% of development funds assigned to Hungary from the EU budget until the end of 2027, citing corruption risks.

But the other member states – locked in a tug-of war with Hungary that also sabotaged an 18 million euro loan to Ukraine and a proposal for a global minimum corporate tax – pushed the Brussels to take another look.

The Commission has also been withholding its approval of some 5.8 billion euros for Hungary from an EU fund set up to help countries recover from the COVID pandemic.

Sources told Reuters that EU countries would seize on Hungary’s latest legal changes to conditionally approve Budapest’s spending plan for the 5.8 billion euros, while lowering from 7.5 billion the amount of funds still frozen.

An end-of-year deadline to decide on both pots of money increases the pressure on both sides as they seek to wring concessions from each other.

Consultancy Eurasia Group said it believed Hungary “will reach a deal with the EU” this year.

“However, the risk of a breakdown in talks is growing, as Brussels and EU capitals are inclined to show… Orban the bloc will not be blackmailed,” it said.

($1 = 0.9463 euros)



Source link

Tags: AidEligibilityHungarysNeededReviewsSorely
Brand Post

Brand Post

Related Posts

US Stocks Fall Again, Extending Losing Streak
National

US Stocks Fall Again, Extending Losing Streak

September 22, 2023
Colombian Armed Group Calls Off ‘Actions’ After Bomb Blasts
National

Colombian Armed Group Calls Off ‘Actions’ After Bomb Blasts

September 22, 2023
Crowdfunding Conservation: A Pacific Island’s Plan To Protect Its Waters
National

Crowdfunding Conservation: A Pacific Island’s Plan To Protect Its Waters

September 22, 2023
Next Post
2024 Presidential Election Poll: Trump-DeSantis Virtually Tied, But Republicans Still Prefer Ex-POTUS

2024 Presidential Election Poll: Trump-DeSantis Virtually Tied, But Republicans Still Prefer Ex-POTUS

Who is Shannon Ruth? Woman With Cerebral Palsy Says Nick Carter Raped Her After Giving Alcohol Induced Drink and Called Her ‘Retarded Bi**h’

Who is Shannon Ruth? Woman With Cerebral Palsy Says Nick Carter Raped Her After Giving Alcohol Induced Drink and Called Her 'Retarded Bi**h'

Mariah Carey Says She Never Called Herself ‘Queen Of Christmas’

Mariah Carey Says She Never Called Herself 'Queen Of Christmas'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

  • 86.7k Followers

Recommended

Barcelona Reject This Club’s Loan Move For Man Utd Target Frenkie de Jong: Details

Barcelona Reject This Club’s Loan Move For Man Utd Target Frenkie de Jong: Details

1 year ago
Report Shows Safest US States In 2023 — Did Yours Make The Cut?

Report Shows Safest US States In 2023 — Did Yours Make The Cut?

5 months ago
EU Reduces Record Intel Antitrust Fine To 376 Mn Euros

EU Reduces Record Intel Antitrust Fine To 376 Mn Euros

14 hours ago
Confidence In European Banks Plunges Again As Profit Outlook Dims

Confidence In European Banks Plunges Again As Profit Outlook Dims

6 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Business
  • Culture
  • Lifestyle
  • National
  • News
  • Politics
  • Sports
  • Travel
  • Uncategorized
  • World

Topics

Arrested Attack Bank biden billion Chief china Chinese Claims Court Crypto Cup Day Dead Deal Death details Dies Global Home India inflation Killed Man million musk Police Prince Report Russia Russian Sex Shows South Star Top Trump twitter Ukraine video War WATCH Woman World Years
No Result
View All Result

Highlights

Blinken Calls On India To Cooperate On Canada Killing Probe

Lachlan Murdoch, The Choice Of Continuity

Hopes Rise For End To Hollywood Writers’ Strike As Talks Extend

Haiti Force Gathers Steam As US Leads UN Talks

Adidas Boss Apologises For Controversial Ye Comments

US Sees Some Dozen Countries Committing To Haiti Force

Trending

US Stocks Fall Again, Extending Losing Streak
National

US Stocks Fall Again, Extending Losing Streak

by Brand Post
September 22, 2023
0

Wall Street stocks edged lower Friday, extending a losing streak as markets continued to anticipate a period...

Colombian Armed Group Calls Off ‘Actions’ After Bomb Blasts

Colombian Armed Group Calls Off ‘Actions’ After Bomb Blasts

September 22, 2023
Crowdfunding Conservation: A Pacific Island’s Plan To Protect Its Waters

Crowdfunding Conservation: A Pacific Island’s Plan To Protect Its Waters

September 22, 2023
Blinken Calls On India To Cooperate On Canada Killing Probe

Blinken Calls On India To Cooperate On Canada Killing Probe

September 22, 2023
Lachlan Murdoch, The Choice Of Continuity

Lachlan Murdoch, The Choice Of Continuity

September 22, 2023

ABOUT US

International Business Weekly is an American entertainment magazine. We cover business News & feature exclusive interviews with many notable figures

Copyright © 2022 - International Business Weekly

  • About
  • Advertise
  • Careers
  • Contact

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel

Copyright © 2022 - International Business Weekly by Services4Websites