Magyar sworn in as Hungarian PM on promises of change
Conservative leader Peter Magyar was sworn in as Hungary’s prime minister, installed on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orban.
The Hungarian parliament on Saturday elected Magyar as the politician supported by 140 out of 199 MPs.
After 16 years in power, Magyar defeated nationalist-populist Orban in the April 12 elections with 53 percent of the vote, giving his Tisza party 141 seats; that’s a constitutional majority that would allow him to roll back reforms that critics say undermine democracy.
Orban’s Fidesz party won 39 percent of the vote and 52 seats.
Foreign investors and Hungarians welcomed Magyar’s victory as the forint hit a four-year high against the euro, bond yields fell and post-election polls showed more voters backed Tisza.
But the 45-year-old leader’s honeymoon period may be short-lived; Time is running out to secure billions of euros of suspended European Union funding needed to revive the economy and shore up struggling public finances.
“The Hungarian people gave us the mandate to end decades of drift,” Magyar said.
“They gave us the authority to open a new page in the history of Hungary. Not only to change the government, but also to change the system. To start over.”
Magyar is inheriting an economy that has just emerged from a first-quarter recession and faces new headwinds from rising energy costs linked to the Middle East conflict that could weigh heavily on Europe’s import-dependent economy.
Data released on Friday showed that Hungary’s budget deficit reached 71 percent of its full-year target as of April, thanks to the impact of Orban’s pre-election spending.
The deficit could approach seven percent of production this year, Magyar said.
He promised to reaffirm Hungary’s orientation towards Western Europe.
The NATO member appeared to be drifting towards the Kremlin under Orban, who opposed EU efforts to support Ukraine militarily against Russia’s invasion.
Magyar also said he would suspend news broadcasts on public media after taking power, accusing state media and pro-Orban publications of helping the former leader stay in power while giving limited airtime to critics.
Magyar, who has pledged a comprehensive anti-corruption campaign, aims to reach an agreement with EU leaders to unlock suspended funds from the bloc by May 25.
with DPA
