Péter Magyar has officially taken office as Hungary’s new prime minister following a decisive election win by his Tisza Party, which secured a strong parliamentary majority and ended 16 years of rule by Viktor Orbán and his Fidesz party.

The swearing-in ceremony was held at Hungary’s parliament in Budapest, where supporters gathered to mark what Magyar called the beginning of a “new political era.” His party won 141 out of 199 seats, a dramatic rise for a movement that only emerged a few years ago.

The election result has pushed Orbán’s Fidesz party into opposition with 52 seats. Orbán himself has stepped back from active parliamentary participation, raising questions about his long-term political future after more than a decade in power.

Magyar’s government says its immediate priorities will include stabilising the economy and addressing allegations of corruption tied to previous administrations. Plans are also being discussed to recover public funds believed to have been lost through questionable state contracts and financial dealings.

At the same time, the new administration faces major economic challenges, including a widening budget deficit and uncertainty over billions of euros in suspended European Union funding linked to governance concerns. Restoring access to these funds is expected to be a key test for the new leadership.

Despite promises of no political revenge, officials have indicated that any proven cases of financial wrongdoing will be pursued through legal channels. Early decisions by the incoming team, including withdrawing a controversial ministerial nomination, signal efforts to avoid political backlash and maintain public trust.