Andersson is new leader of Sweden Social Democrats

Swedish Finance Minister Magdalena Andersson is poised to become the country's first female prime minister, after the governing Social Democratic Party elected her as its new leader on Thursday.

Andersson, 54, will replace Stefan Löfven as party leader. Löfven is also stepping down as Sweden's premier. Andersson must be confirmed as prime minister by Parliament, according to Sweden's constitution. The two-party governing coalition hopes to secure her confirmation with the backing of two smaller parties.

The country faces a general election next year. Andersson was elected by acclamation on the second day of the party's regular congress in Göteborg, Sweden's second largest city. She was the only candidate.