Bulgaria's Socialist Party on Wednesday abandoned plans to propose a new coalition government after it failed to gather a majority in parliament, promising the country new elections in the fall, Reuters reported.

President Rumen Radev will now have to appoint an interim cabinet to run the country before new elections are held, most likely in October.

The Socialists made a third and final attempt to form a government after the coalition government of reformist Prime Minister Kiril Petkov was ousted in a no-confidence vote last month after losing its majority.

The Socialists had agreed with their partners in the outgoing government on a six-month program to fight widespread bribery and measures to help businesses in the face of skyrocketing prices. Still, they were unable to win the support of their former ally, the ITN party.

Their attempt to bring the program to a vote in parliament was rejected by MPs, clearly showing their lack of a majority.

A prolonged political stalemate amid rising inflation and war in Ukraine is likely to jeopardize access to billions of euros of European Union reconstruction funds for the bloc's poorest member state and worsen prospects for eurozone accession in 2024.

It could also affect efforts to secure stable natural gas supplies after Moscow cut off gas supplies to Bulgaria because of Sofia's refusal to pay in rubles.