Hungary has been unable to obtain the financial support it initially requested from Washington ahead of the 2026 election, Prime Minister Viktor Orban said on Monday, noting that discussions over a potential backstop are still underway.
In office since 2010, Orban has faced difficulties revitalising Hungary’s economy after an inflation spike triggered by Russia’s February 2022 invasion of neighbouring Ukraine, leaving the economy stuck in three years of stagnation.
Hungary remains heavily dependent on Russian energy imports, prompting President Donald Trump to grant Orban a one-year exemption from US sanctions on Russian energy, preventing a sharp rise in energy prices that could have severely impacted Hungary’s economy.
The two leaders also explored potential financial support in November, although Trump last month dismissed Orban’s claim that Washington had already committed to a backstop of up to $20 billion for Hungary.
“I have requested a (financial) shield, but the type of assistance that would have been acceptable for both the US and Hungary was not available,” Orban said during a press conference.
Orban is confronting what may be the most serious threat to his 16-year rule, facing a mix of prolonged economic stagnation, rising living costs, and a scandal involving abuse that has fuelled the emergence of a strong opposition challenger, Reuters news agency reports.
To bolster his electoral support, the long-serving leader has introduced tax cuts, wage increases, and low-interest loans for homebuyers, but these measures have come at the expense of a higher budget deficit, increased inflationary pressures, and a slowing reduction of the European Union’s largest debt pile outside the eurozone.
When asked whether he could expect additional support from Washington ahead of the likely April election, Orban said: “Whether the American president or some high-ranking American leader will come to Hungary? This is likely, because in spring there will be political events in Hungary that high-ranking American leaders always attend.”