The European Commission’s agreement in principle to unlock €16.4bn of frozen EU funds marks a major step forward for Hungary and would significantly improve the economic outlook. But disbursement is conditional on the implementation of rule-of-law and anti-corruption reforms in a very short timeframe, leaving little room for delays to meet the August deadline. With the forint's post-election rally reflecting expectations of a successful unlocking of funds, any slippage could trigger a partial reversal of those gains.
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