Former finance minister Chrystia Freeland and former central bank governor Mark Carney are preparing to seek the leadership of the party.

outgoing party Canadian Prime Minister Justin Trudeau It was announced that a new leader would be chosen on March 9 ahead of the 2025 general election.

The Liberal Party’s national board formally met on Thursday night to discuss and outline preliminary rules for the upcoming leadership race.

“Following a strong and secure national process, the Liberal Party of Canada will elect a new leader on March 9 and is ready to fight and win the 2025 election,” the Liberal Party of Canada said in a statement Thursday night.

The party added that leadership voting will close on March 9 and the new leader will be announced on the same day.

Trudeau announced on monday He is set to resign in the coming months after nine years in power, under pressure from politicians alarmed by the party’s poor performance in pre-election polls.

Trudeau said he will remain prime minister and leader of the Liberal Party until the party chooses a new leader.

The deadline to become a registered Liberal and eligible to vote in the leadership race is January 27, according to the Liberal Party.

It added that candidates would need to pay C$350,000 ($243,000) to participate in the leadership race.

The Globe and Mail reported Thursday evening that Former Treasury Secretary Chrystia Freeland Former central bank governor Mark Carney is preparing to seek the leadership of the Liberal Party.

Foreign Affairs Minister Melanie Joly and Innovation Minister François-Philippe Champagne are reportedly still unsure whether to run.

Trudeau It was announced on Monday that Parliament would be suspended until March 24. This means an election is unlikely to be held before May at the earliest.

The next Canadian election must be held by October 20, and polls show voters will elect the opposition Conservatives and hand the Liberals a crushing defeat, no matter who leads the party.

In the latest Nanos poll, the Liberals trail the opposition Conservatives 45% to 23%.