The European Union will release over €16 billion in frozen funds to Hungary, with EU chief Ursula von der Leyen praising new Prime Minister Peter Magyar's reforms. These funds were previously withheld due to concerns under Viktor Orban's leadership.

The European Union will unlock more than €16 billion in frozen funds for Hungary, EU chief Ursula von der Leyen said Friday, praising what she described as "long overdue reforms" by newly elected Prime Minister Peter Magyar. The EU had frozen the funds while the country was under the leadership of nationalist premier Viktor Orban, accusing Budapest of corruption and democratic backsliding.