Peter Magyar sworn in as prime minister of Hungary

On Saturday, Peter Magyar was officially sworn in as the prime minister of Hungary following his electoral victory on April 12. His Tisza party secured a constitutional majority, effectively ending the 16-year tenure of Viktor Orban. Magyar has pledged to implement systemic changes and reverse previous reforms that were criticized for undermining democratic institutions. The transition follows a period of economic stagnation and strained diplomatic relations under the former administration. Economic data indicates that the budget deficit reached 71 percent of the full-year target by April, partly due to pre-election spending. Magyar now faces the urgent challenge of securing suspended European Union funding to stabilize the country's public finances. Additionally, the new government must address economic headwinds caused by rising energy costs linked to the ongoing Middle East conflict. Markets have reacted positively to the change in leadership, with the Hungarian forint reaching four-year highs against the euro.