Hungary's new Prime Minister, Péter Magyar, has announced plans to sign a political agreement at the end of May to allocate approximately €10 billion (about $11.7 billion) from the European Union's recovery funds.

During his first visit to Brussels after winning the election, Magyar held talks with European Commission President Ursula von der Leyen. Following the meeting, it was noted that the European Union is not imposing any conditions that contradict Hungary's interests, and the funds are expected to be released soon.

The Prime Minister is working to secure financial support from the EU's post-pandemic recovery program before it expires at the end of August, unless the funds are claimed earlier. Negotiators from both sides expressed their readiness to reach an agreement.

The European Commission has expressed its willingness to support Hungary in meeting the necessary requirements to receive funding. Teams from both parties will continue close cooperation.

Previously, the European Union suspended payments to Budapest totaling more than $20 billion due to concerns over the rule of law and corruption during the 16-year tenure of former Prime Minister Viktor Orbán. The new head of government has declared his intention to reintegrate Hungary into the European community.

A delegation from the European Commission visited Budapest shortly after the elections, demonstrating Brussels' intention to support the new Prime Minister even before his official inauguration at the beginning of next month.

Later on Wednesday, Magyar was scheduled to meet with European Council President António Costa.