Early results of Sunday’s general election in Bulgaria suggested conservative former Prime Minister Boyko Borissov’s party took first place, but analysts warned the result is unlikely to end the country’s worst period of political instability since the fall of communism will.

Borisov’s GERB party appears to have won about 23-25 ??percent of the vote in its fourth election of its kind in 18 months after waging a campaign calling for a return to stability amid rising inflation and Russia’s invasion of Ukraine promised.

But former Prime Minister Borisov, 63, who previously served three terms at the helm, will face an uphill battle to find coalition partners.

GERB was projected to be followed by centrist rival Kiril Petkov’s party, which received an estimated 19 to 20 percent of the vote.

While the previous vote last November focused on endemic corruption, voters’ concerns are now centered on the country’s economic woes. The poorest member state of the European Union struggles with annual inflation of almost 20 percent.

Sunday’s voting was marred by a lack of political enthusiasm, with a turnout of just 25 percent as of 4:00 p.m. local time (1300 GMT).

The Balkan country has been plagued by political instability since early last year, when GERB lost power after massive anti-corruption demonstrations.

Borisov’s rival, outgoing reformist Prime Minister Kiril Petkov, 42, had urged voters to “let him continue the change” his government had launched on an anti-corruption platform.

The Harvard-educated former entrepreneur burst onto the political stage in 2021 but only lasted seven months in office when his tenuous four-party coalition fell apart in the summer and was eventually overthrown in a no-confidence motion.

“The situation is the same as after the last election, but even more complicated,” Daniel Smilov of the Center for Liberal Strategies think tank told BTV.

“Coalitions that were possible then are no longer possible today,” he said, alluding to the resentment that erupted between Petkov and his former allies.

Petkov’s government had offered significant pension increases, and he said he wanted an increase in the average salary in Bulgaria, which now stands at 870 euros ($853), the lowest in the EU-27.

He conceded Sunday night’s election defeat and acknowledged that “the people (GERB) have given a mandate to form a government.”

Petkov reiterated his pledge not to enter into a coalition with GERB, but pledged to be an “opposition that checks the issuance of each lev,” as the local currency is called.

Borisov has described himself as Bulgaria’s “most experienced” politician, stressing the country’s affiliation with the European Union and NATO.

“We need people with experience in these troubled times,” said 62-year-old garage owner Bogomil Gruev after casting his ballot in a Sofia suburb. “We can accuse Boyko of a lot, but he’s the lesser evil.”

Another voter, 47-year-old nurse Rada Mincheva, praised Borisov’s ability to maneuver between Western and Russian interests.

“The war is very close to us,” she said. “We had better not provoke anyone.”

Borisov said he was open to talks with anyone about forming a cabinet – in the interests of stability amid war in Ukraine and people’s fears of rising inflation.

“What’s important for us is that sanity prevails…” he said earlier Sunday. “Believe me, at the moment I am the most well-meaning and open-minded person towards all parties.”

However, New Bulgarian University analyst Antony Todorov was skeptical that Borisov’s GERB party would be able to form a stable coalition.

“I don’t think GERB, which is very isolated, could come back to power,” Todorov said.

Persistent political instability has meant that Bulgaria has struggled to enact reforms and hampered economic growth.

Borisov’s options for coalition partners appear limited to the Turkish minority’s MRF party, which is expected to garner around 15 percent of the vote, and two pro-Russian parties that have risen to prominence since the Russian invasion of Ukraine began.

These two parties, Vazrazhdane and Bulgarian Progress, together are said to have received about 15 percent of the vote.

As a member of the EU and NATO, Bulgaria also has strong historical, cultural and economic ties with Russia.