Portuguese President Marcelo Rebelo de Sousa makes a statement after the state council meeting at Belem Palace in Lisbon on Nov 9, 2023. (PHOTO / AFP)

LISBON - Portugal's President Marcelo Rebelo de Sousa on Thursday dissolved the Assembly of the Republic (Parliament) and announced snap elections for March 10, 2024.

His announcement came after the resignation of Prime Minister Antonio Costa, who is being investigated for corruption.

In a televised national address, Rebelo de Sousa said the call for early elections comes from the need for "clarity and direction to overcome an unexpected void that surprised the Portuguese."

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The president justified that he postponed the formal process of the government's resignation by decree to allow for the approval and implementation of the state budget for 2024 "to guarantee the indispensable economic and social stability

He thanked Costa for "his service to the public cause" and said he hoped that "time would allow for clarification of what happened," referring to the accusations against the former prime minister.

The president justified that he postponed the formal process of the government's resignation by decree to allow for the approval and implementation of the state budget for 2024 "to guarantee the indispensable economic and social stability."

"The approval of the budget will allow us to meet the expectations of many Portuguese citizens and to keep up with the implementation of the Recovery and Resilience Plan, which does not stop and cannot stop with the transition from one government to a caretaker government or later with the dissolution of Parliament," he said.

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This week, the Public Prosecutor's Office revealed its investigation into Costa for alleged corruption in lithium and hydrogen exploitation contracts, leading to Costa's resignation and the indictment of nine suspects, five of whom have been detained.