The EU has fined Hungary €1.5B for mismanagement of funds

Hungary has accepted a fine for mismanagement of EU funds, which could deprive it of more than 500 billion forints (1.5 billion euros) in funding, Reuters reported.

Details of the fine are set out in a document prepared by the European Neighborhood Policy and Enlargement team of the European Commissioner for the European Parliament’s Committee on Budgetary Control yesterday.

The document was published on the committee’s website after the meeting. It states that Hungary has agreed to a 10% cut in funding from European funds due to mismanagement of funds during the current budget period 2014-2020.

The fine is worth over 500 billion HUF, which is about 2 percent of Hungary’s gross domestic product, if paid in one year.

Hungary’s right-wing prime minister, Viktor Orban, has repeatedly been in sharp disputes with European institutions and other member states over the breach of the rule of law and the use of European funds from Budapest, Reuters said.

[BRUSSELS, Belgium]

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