YEREVAN. – The President of Armenia, Serzh Sargsyan, on Friday accepted the resignation of the government.

The President’s respective decree specifically noted that, guided by the 2005 amendments to the Constitution of Armenia and based on the resignation that Prime Minister Hovik Abrahamyan has submitted, the President has decided to accept the government’s resignation. But the current Cabinet members will continue their duties until a new government is formed.

At the end of Thursday’s Cabinet session, PM Abrahamyan issued a statement informing that he is stepping down.

And during the ruling Republican Party of Armenia (RPA) Board meeting later in the evening, President and RPA Chairman Sargsyan announced that it has decided to nominate Karen Karapetyan as the next Prime Minister of Armenia.

Karapetyan is the former mayor of capital city Yerevan, and former general director of ArmRosGazprom natural gas company.