Marta Kos, speaking on the sidelines of the IMF and World Bank spring meetings, described the Hungarian election on Sunday – which saw long-ruling nationalist prime minister Viktor Orban face a heavy defeat – as a “big win for Europe”.

“I expect, personally, that this will have a positive effect on the accession process,” Kos said.

She also said it would help unlock a major loan needed to prop up Ukraine’s budget.

Orban had an effective veto on the funds, angering other EU leaders. He had tied the veto to a dispute with Ukraine over a damaged pipeline carrying Russian oil.

“With the 90 billion, we can cover the financial needs of Ukraine in ’26 and ’27,” Kos said.

Orban also opposed any progress on Ukraine joining the EU.

Despite her upbeat tone, Kos cautioned that Ukraine still needed “to deliver on the reforms which are important for their economic transformation”, while acknowledging this wasn’t easy for a country at war.

Orban, a right-wing populist who held power for 16 years, was defeated by conservative Peter Magyar in elections held Sunday.

Magyar, for his part, opposes rapid EU accession for Ukraine as well as sending military aid to Ukraine but could unblock the loan as a goodwill gesture to leaders in Brussels.

He has vowed a referendum on Ukraine’s EU membership, but he could allow the bloc to move forward with so-called negotiating “clusters” that Brussels has pushed for.

Kos also said she hoped to see the new Hungarian government bolster anti-corruption efforts, strengthen the rule of law, and increase media freedoms.

“Those fundamentals – we put so much effort in the accession process – are also important for the member states,” she said, referring to Hungary.