Peter Magyar sworn in as Hungary’s prime minister

Saturday, 9 May 2026 16:42

Centre-right leader Peter Magyar has been sworn in as Hungary’s new prime minister.

It brings an end to the 16-year rule of predecessor Viktor Orban following a 12 April landslide.

Magyar, 45, has promised change through his Tisza party, who have been handed a constitutional majority, following economic stagnation and accusing Orban of straining ties with key allies.

Foreign investors and Hungarians have welcome Magyar's victory with the Hungarian currency, forint, hitting four-year highs against the euro.

Bond yields also fell and post-election polls showed more voters backing Tisza.

But EU funding remains suspended with Magyar, who pledged an anti-corruption drive, aiming to broker a deal to unlock it by 25 May.

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

"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."

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He inherits an economy that recently emerged from stagnation in the first quarter, and faces surging energy costs linked to the Middle East conflict.

Data released on Friday showed Hungary's budget deficit had reached 71% of the full-year target by April.

Magyar pledged to reaffirm Hungary's Western orientation, after the NATO member had been accused of drifting towards Russia under Orban, who opposed EU efforts to support Ukraine against President Vladimir Putin's invasion.

He also said he would suspend public media news broadcasts after taking power, having accused state media and pro-Orban outlets of helping the former leader maintain power while giving limited airtime to critics.

Sky News