Former Finance Minister Chrystia Freeland and former central banker Mark Carney poised to seek party leadership.

The party of outgoing Canadian Prime Minister Justin Trudeau has announced that it will choose a new leader on March 9 ahead of the 2025 general elections.

The Liberal Party’s National Board of Directors formally met on Thursday evening to discuss and outline the initial rules of the upcoming leadership race.

“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,” the party said in a statement late on Thursday.

The leadership vote will conclude on March 9 and a new leader will be announced on the same date, the party added.

Trudeau announced on Monday that he will step down in the coming months after nine years in power, bowing to pressure from politicians alarmed by the party’s miserable showing in pre-election polls.

Trudeau said that he would stay on both as prime minister and Liberal leader until the party chooses a new leader.

The cut-off date to become a registered Liberal and be eligible to vote in the leadership race will be January 27, according to the Liberal Party.

A candidate needs to pay $350,000 Canadian dollars ($243,000) to join the leadership race, it added.

The Globe and Mail reported late on Thursday that former Finance Minister Chrystia Freeland and former central banker Mark Carney were poised to seek the Liberal Party leadership.

Foreign Minister Melanie Joly and Innovation Minister Francois-Philippe Champagne reportedly remain uncertain over whether to join the race.

Trudeau announced on Monday that parliament would be suspended until March 24. That meant an election was unlikely before May at the earliest.

The next Canadian election must be held by October 20 and polls show that voters are set to elect the opposition Conservatives and hand the Liberals a resounding defeat, no matter who leads the party.

In the latest poll by Nanos, the Liberals trail the opposition Conservatives 45 percent to 23 percent.