EC could approve Hungary's RRF plan by July

EU

The European Commission could approve Hungary's Recovery and Resilience Facility (RRF) plan by the end of July, Finance Minister Mihály Varga said after a meeting of European Union finance ministers in Luxembourg on Friday, according to a report by state news wire MTI.

Varga said "nothing would stand in the way" of utilizing the funding after the RRF plan is approved.

Hungary's RRF plan, which the country submitted to Brussels in mid-May, contains more than HUF 2,500bn of strategic development projects to be implemented over the coming six years.

Varga said Hungary's preferential 5% VAT rate on internet service had been included on a list of positive examples in the EU and Ecofin gave a nod to its continued application.

The ministers held a policy debate on the direction to take regarding key elements of the VAT rates proposal at the meeting.

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