The Global Compact for Migration that this refers to is available online.
Given that it is not legally binding, we can say that nothing is going to become a criminal offense because of it. Politico quotes a human rights commissioner:
She stressed the compact is not binding and, after its formal adoption next month, "there is not a single member state that is obligated to do anything that it doesn't want to."
What it does do - according to politico:
[It] sets out a "cooperative framework" for dealing with international migration. Signatories agree, for example, to limit the pressure on countries with many migrants and to promote the self-reliance of newcomers. The document states that no country can address migration alone, while also upholding "the sovereignty of States and their obligations under international law."
The agreement itself does not define or mention "hate speech" (or "speech" for that matter). The only relevant reference to the media is this:
Promote independent, objective and quality reporting of media outlets, including internet-based information, including by sensitizing and educating media professionals on migration-related issues and terminology, investing in ethical reporting standards and advertising, and stopping allocation of public funding or material support to media outlets that systematically promote intolerance, xenophobia, racism and other forms of discrimination towards migrants, in full respect for the freedom of the media
tl;dr: The proposal is not legally binding, it does not mention hate speech, and it does not outlaw anything. It does suggest to promote objective and quality reporting, and for countries to not fund media outlets that promote racism (which is of course not the same as making it a criminal offense to criticize migration).