Hungarian election winner Magyar vows democratic shift with eye on EU funds

Hungarian election winner Peter Magyar promised on Monday to restore democratic standards and unblock European Union funds, following a landslide victory over a MAGA- and Moscow-aligned incumbent that will likely anchor Budapest in the EU mainstream.

The two-thirds supermajority that Magyar's centre-right Tisza party secured in Sunday's election means it will have a free hand to strengthen the rule of law and potentially unlock billions in European Union funding, but analysts say it will have to really deliver on reforms to reap the benefits.

The result came as a relief to Ukraine. Outgoing Prime Minister Viktor Orban, in power for 16 years, had maintained warm relations with Russia and blocked a 90-billion-euro ($105 billion) loan for Kyiv.

Orban, admired by US President Donald Trump and his 'Make America Great Again' (MAGA) movement, often clashed with the EU over the rule of law and human rights, resulting in the freezing of billions of euros in funds.

Magyar told a news conference he hoped for a quick decision on unblocking the EU cash, which is subject to tight deadlines, and that he wanted to speak with European Commission President Ursula von der Leyen later on Monday.

"I hope that... we can prepare an agreement," he said, adding that his government would swiftly implement anti-corruption measures, restore the independence of the judiciary and ensure freedom of the press.

The Hungarian forint surged over 3% to a more than four-year high against the euro, while the Budapest stock exchange gained almost 5% in anticipation of EU funds starting to flow.

Magyar said his government would amend the constitution to limit the number of terms anyone can serve as prime minister to two.

"We will do everything to restore the rule of law, plural democracy, and the system of checks and balances," he said.

Magyar said the constitutional amendment would apply to Orban, meaning he cannot become prime minister again.

Hungarian minority key for Ukraine ties

Orban had made the war in neighbouring Ukraine a key plank of his election campaign, arguing that a Magyar victory would see Budapest dragged into the conflict and money destined for Hungarian families spent on arming Kyiv.

Magyar dismissed these claims. While he does not share Orban's overt hostility towards Ukraine, he also opposes fast-track EU accession for Kyiv and says its treatment of ethnic Hungarians in western Ukraine will be key to rebuilding ties.

"We will strive to build alliances with all our neighbours, but for example with Ukraine, the precondition will be to settle the rights of the Hungarian ethnic minority... language rights, cultural rights," he said.

Ukrainian officials reacted with cautious optimism to the election result. President Volodymyr Zelenskiy congratulated Magyar on Sunday, saying Kyiv was ready for "meetings and joint constructive work".

The Kremlin said Russia respected the choice of Hungarian voters and would continue what it called "pragmatic ties" with the new government in Budapest.

However, Russian hardliners cast Orban's defeat as a serious blow that would unlock EU funds for Ukraine to fight on against Russia for another year.

Closer to Europe

Magyar said the election result showed that Hungary had decided to "change the regime" and choose a pro-European path.

"Hungarian people yesterday, exactly 23 years after the referendum on our EU membership, confirmed Hungary's place in Europe," he said.

Magyar called on President Tamas Sulyok, who is backed by Orban's Fidesz party, to ensure that the transfer of power happened as soon as possible. He also reiterated his demand that Sulyok resign.

Hungary's president, a largely ceremonial figure, must convene a new parliament within 30 days of an election. Lawmakers then elect a new prime minister.

Sulyok said in a Facebook post he had called leaders of parliamentary parties for talks on Wednesday.

In Budapest many residents were recovering from wild celebrations that saw the streets of the capital thronged with revellers well into the early hours.

Among those letting themselves go was Zsolt Hegedus, a leading candidate for health minister, whose dance moves on stage went viral online.

Budapest resident and street musician Henrik Beremendi Schultz, 82, said on Monday he was happy with the result.

"I'm glad it turned out this way, that we are moving not towards the East but towards the West and closer to Europe," he said.