• Bulgaria’s President Rumen Radev announces his resignation amid political turmoil.
• Radev's resignation may pave the way for the formation of a new political party.
• The country is heading toward its eighth parliamentary election in five years.
• His decision comes after widespread anti-corruption protests led to governmental instability.

Bulgaria's President Rumen Radev announced on January 19 that he is resigning from his post, prompting significant speculation about his intentions to form a new political party as the country approaches snap elections. Radev, in a televised address, expressed his desire to take on the "battle for the future" of Bulgaria, highlighting the ongoing political crisis that resulted in the resignation of the previous government last month. He will formally submit his resignation to the Constitutional Court, after which Vice President Iliana Iotova is expected to serve as interim president until new elections are held, according to Reuters and Le Monde.

This resignation marks the first time a head of state in Bulgaria has stepped down since the end of communism and follows a series of political upheavals that have plagued the nation, which is a member of both the European Union and NATO. Radev's departure comes in response to a governmental collapse that was accelerated by significant anti-corruption protests that called attention to mismanagement and corruption within the previous coalition led by the center-right GERB party, as reported by Al Jazeera and Los Angeles Times.

Radev's political journey has been influenced by his opposition to significant political figures in Bulgaria, such as Boyko Borissov, and concerns regarding U.S. and U.K.-sanctioned oligarch Delyan Peevski, who has historically backed the outgoing coalition government. The upcoming elections, anticipated to occur in late March or April, mark the eighth parliamentary election since 2021, reflecting the fragmented nature of Bulgaria's political landscape, according to Le Monde and Reuters.

In his resignation speech, Radev did not explicitly outline his plans, but he indicated a desire to unite various democratic factions in Bulgaria, stating the necessity of fair elections and transparent governance. Radev's approval rating currently stands at 44%, and analysts suggest that his potential entry into a new electoral arena could significantly impact the political future of Bulgaria, as multiple polls have indicated a need for a fresh political approach to combat ongoing corruption, as highlighted by Al Jazeera and Los Angeles Times.