TORONTO >> Canada’s governing Liberal party will announce the country’s next prime minister on March 9 after a leadership vote that follows the resignation of Justin Trudeau this week, party leaders said late Thursday.

Trudeau remains prime minister until a new leader is chosen.

The frontrunners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland, whose abrupt resignation last month forced Trudeau’s exit.

Foreign Minister Mélanie Joly, meanwhile, has decided to not enter the race. Joly said that while she’s ready to become the first female leader of the Liberal party, she’s not willing to leave her cabinet posting at a “crucial time” for Canada-U. S. relations.

“The reality is, I can’t do both,” she told reporters on Parliament Hill on Friday.

Finance Minister Dominic LeBlanc dashed the hopes of many of his fellow lawmakers Wednesday by becoming the first Cabinet minister to rule out a leadership bid. The Liberal Party’s National Board of Directors announced the rules of the race late Thursday.

“After a robust and secure nation-wide process, the Liberal Party of Canada will choose a new leader on March 9, and be ready to fight and win the 2025 election,” party president Sachit Mehra said in a statement.

The political upheaval comes at a difficult moment for Canada. U.S. President-elect Donald Trump keeps calling Canada the 51st state and has threatened to impose 25% tariffs on all Canadian goods.