Helsinki, Dec 22 (NationPress) Iceland's recently formed government, under the leadership of Prime Minister Kristrun Frostadottir from the Social Democratic Alliance (SDA), has officially commenced its duties.

As per a statement from the government, the Social Democrats and the Liberal Reform Party (LRP) each control four ministerial positions, while the People's Party (PP) holds three.

This coalition, which comprises the SDA, LRP, and PP, was reported by Xinhua news agency.

Born in 1988, Frostadottir is notably the youngest prime minister in Iceland's history. She entered parliament in 2021 and took the helm of the SDA the following year.

Previously, she was the chief economist at the Icelandic Chamber of Commerce in 2017 and later at Kvika Bank until 2021, when she sought a spot on the Social Democratic Alliance list for the Reykjavik South constituency.

In 2022, she ran for the leadership of the SDA and faced no opposition.

The new cabinet held its inaugural meeting on Saturday afternoon at the presidential residence, Bessastadir, with President Halla Tomasdottir present.

During a press conference earlier that day, Frostadottir outlined the cabinet's main objectives, which focus on stabilizing the Icelandic economy by lowering interest rates, enhancing oversight of public finances, and fostering greater economic value.

In the new administration, LRP leader Thorgerdur Katrin Gunnarsdottir has been appointed as the Minister of Foreign Affairs, and PP leader Inga Saland is in charge of the newly formed Ministry of Social Affairs and Housing.

The parliamentary elections held on November 30 resulted in the allocation of 63 seats among six parties. The SDA was the standout performer, securing 15 seats, while the LRP obtained 11 and the PP managed to gain 10.