Key facts
- Hungary will submit anti-corruption legislation to parliament next week.
- The reforms are needed to unlock suspended EU funding.
- The bill aims to improve transparency in public life.
- Hungary seeks access to up to 10 billion euros from the EU's pandemic recovery fund.
- Reforms will boost the powers of Hungary's Integrity Authority.
- Omissions in asset declarations of public officials could be punishable by up to two years in jail.
Hungary's government will submit anti-corruption legislation to parliament next week, a move critical for unlocking billions of euros in suspended European Union funding. Transport and Investment Minister David Vitezy stated the bill aims to enhance transparency in public life and will boost the powers of the Integrity Authority, an anti-graft watchdog. This legislation is necessary for Hungary to access up to 10 billion euros from the EU's pandemic recovery fund for projects in transport, renewable energy, small businesses, and rental housing construction. The reforms also include stricter rules for asset declarations of public officials, with potential jail time for omissions. Hungary has already secured the release of 16.4 billion euros last month following a pro-EU pivot by Prime Minister Peter Magyar. The country's forint and bond markets have rallied on this shift, and Hungary aims to adopt the euro by the end of the decade. The government plans to inject 3.5 billion euros of EU recovery funds into the state development bank MFB and will offset 2.6 billion euros of investments with EU funding. Additionally, 4.2 billion euros of EU cohesion money will finance railway and transport infrastructure, and 2.2 billion euros will support higher education.