Sweden's first female PM tenders resignation hours after appointment
November 25, 2021, 1:10 am

Sweden's first female PM tenders resignation hours after appointment

Magdalena Andersson-Social Democrat leader-Sweden's first female prime minister/Facebook page

The Xinhua reported that shortly after Social Democrat leader Magdalena Andersson was elected by Parliament Sweden's first female prime minister on Wednesday, she tendered her resignation faced with the harsh reality of having to lead a minority coalition government.

Just hours after she was elected prime minister, Parliament (Riksdag) passed the opposition's budget proposal prompting Andersson's coalition partner the Green Party to pull its support. This, in turn, forced Andersson to announce her resignation.

Wednesday's events were a result of the inconclusive outcome of the 2018 elections, which led to a lengthy process of finding a government in a political landscape where certain parties do everything in their power to block their ideological opponents from having any form of influence.

The royal palace-Sweden-Stockholm-Aerial view/Pixabay

In comparison, the election of Andersson was a breeze. To be elected prime minister, she only needed a majority of lawmakers in the 349-seat Riksdag not voting against her. She was backed by 117 but rejected by 174, with 57 deputies abstaining. One deputy was absent.

Andersson's election followed an 11th-hour deal with the Left Party, which demanded a raise in pensions for around 700,000 of the poorest pensioners in return for not pressing the red button.

However, later in the day the ruling coalition's budget proposal was voted down in favor of the budget proposed jointly by the Moderate Party, the Sweden Democrats and the Christian Democrats.

This came after the Center Party, which accepted Andersson as prime minister in an attempt to shut out the anti-immigration Sweden Democrats, decided not to vote for the government's budget proposal, as they saw the deal as too sharp a turn to the left despite the fact that the government had also made concessions to appease the Center Party.

Andersson, who since 2014 has served as finance minister under former Prime Minister Stefan Lofven, said that she could lead the country with the opposition's budget, describing it as requiring only minor tweaks. However, the Green Party was of a different opinion.

After the Riksdag passed the opposition's budget, the Greens announced that they would leave the government as they could not stand behind a budget negotiated by the Sweden Democrats.

The Riksdag will now have to elect a new prime minister. The Green Party has said they would support Andersson, who in turn said she was prepared to lead a single-party government.

Source: xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.