KIEV, July 24 (Xinhua) -- Ukrainian Prime Minister Arseny Yatsenyuk on Thursday announced his resignation over the parliament's "ineffectiveness" after two political parties withdrew from Ukraine's ruling coalition.
"I am announcing about my resignation due to the collapse of the coalition and blocking of the government initiatives," Yatsenyuk said while speaking in the parliament.
He said the break-up of the ruling coalition means that the parliament is unable to work in a proper way and pass the laws needed for normal functioning of the economy.
The resignation is now awaiting parliament's approval. If the lawmakers vote to accept it during the next parliamentary meeting, it would also trigger dissolution of the government.
However, under the Ukrainian Constitution, the cabinet members can remain in their posts for 60 days until a new government is formed.
Earlier in the day, two political parties, Ukrainian Democratic Alliance for Reforms or "Udar" and the National Patriotic Party " Freedom", announced their departure from the parliamentary coalition.
Following the move, the parliament failed to approve the bills on the state budget amendments, on the country's future energy policy and on increasing funding for the army, as government demanded.
The ruling coalition, "the European Choice", was formed in the parliament in late February after the ouster of ex-President Viktor Yanukovych and the former government.
The break-up of the coalition gives Ukrainian President Petro Poroshenko the legal instruments to dissolve the 450-seat assembly and call early parliamentary elections.
The 40-year-old Yatsenyuk, a former banker and diplomat, took his post as the country's new prime minister on Feb. 27.