Magyar sworn in as Hungary's prime minister on promises of change

Highlight:

• Magyar inherits weak economy, surging budget deficit
• Promises sweeping anti-corruption drive, public media shake-up
• Magyar has pledged to restore ties marred by years of conflict
• Foreign investors, Hungarians ​welcome Magyar's election triumph

Centre-right leader Peter Magyar was sworn ‌in as Hungary's prime minister on Saturday (9 May), propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orban.

Magyar defeated nationalist Orban after 16 years ​in power in an 12 April election landslide, handing his Tisza party a constitutional ​majority that will allow him to roll back reforms critics say have ⁠weakened democracy.

Foreign investors and Hungarians alike have welcomed Magyar's victory, with the foreign hitting four-year ​highs against the euro, bond yields falling and post-election polls showing more voters backing Tisza.

But any ​honeymoon for the 45-year-old leader may be short-lived, with the clock ticking to secure billions of euros in suspended European Union funding needed to kick-start the economy and shore up strained public finances.

"Hungarian people have given ​us a mandate to put an end to decades of drifting," Magyar said.

"They have given ​us a mandate to open a new chapter in Hungary's history. Not only to change the government, but ‌to ⁠change the system as well. To start again."

Magyar inherits an economy that only just emerged from stagnation in the first quarter and now faces fresh headwinds from surging energy costs linked to the Middle East conflict, which could weigh heavily on Europe's import-reliant economy.

Data released on Friday (8 May) showed ​Hungary's budget deficit had ​reached 71% of ⁠the full-year target by April, driven by Orban's pre-election spending. Magyar has said the deficit could approach 7% of output this year.

He has pledged ​to reaffirm Hungary's Western orientation. The NATO member had been seen ​as drifting towards ⁠the Kremlin under Orban, who opposed EU efforts to support Ukraine against Russia's invasion.

Magyar has also said he would suspend public media news broadcasts after taking power, accusing state media and pro-Orban ⁠outlets of ​helping the former leader maintain his hold on power ​while giving limited airtime to critics.

Magyar, who has pledged a sweeping anti-corruption drive, aims to broker a deal with EU ​leaders to unlock suspended EU funding by 25 May.