(VOVworld) – Bulgarian Prime Minister Boyko Borisov announced his resignation on Sunday after exit polls showed Socialist-backed opposition candidate Rumen Radev winning an overwhelming victory over former Parliament speaker Tsetska Tsacheva in the second round of the presidential election.

Bulgarian Prime Minister Boyko Borisov in a press conference in Sofia on November 13 (Photo: AFP/VNA)

Borisov will deliver his letter of resignation on Monday or Tuesday, saying the exit polls show that the governing coalition is no longer majority. An early election for a new prime minister will in all likelihood to be held at the beginning of next year.