Swedish Prime Minister Stefan Lofven Monday submitted his resignation after a week of no-confidence, clearing the way for the speaker of parliament to try to find a new prime minister.

The social-democratic official, who had until Monday to reveal his decision, ruled out the option of early elections, which he said during a press conference, were "not the best solution for Sweden."

"A year before the regular elections, given the exceptional situation in the country that is witnessing a pandemic and the challenges that it poses, early elections are not the best solution for Sweden," Lofven said.

"That is why I asked the speaker of parliament to dismiss my duties as prime minister," he added.

Last week, Lofven became the first prime minister in the country to have no-confidence in parliament.

But he said on Monday that he was ready to take up the position again in the framework of parliamentary consultations.

His government will take care of business pending the formation of a new government.

The issue of subsidized rents that benefit a number of Swedes, a very sensitive topic from a political point of view, led to the downfall of the prime minister.

The Left Party had implemented its threat of no-confidence in the government with the right-wing opposition and the extreme right if the executive authority did not back down from the project to liberalize rent prices.

Leuven's seven days of consultations in an attempt to reach a new majority did not lead to any result.