New Georgian Cabinet to be Announced on Monday

Georgian billionaire tycoon Bidzina Ivanishvili, the leader of the Georgian Dream coalition that won October 1 parliamentary elections, has told journalists that the new cabinet will be announced on Monday.

Georgian Dream won 83 out of 150 seats in the parliament. President Mikheil Saakashvili’s United National Movement (UNM) will have 67 seats.

The majority of the president's executive powers will be transferred to the new prime minister under constitutional reforms that take effect in January.

With a solid majority in parliament, Ivanishvili is the favorite to become prime minister. Saakashvili will remain president until his current term - his last under constitutional term limits - ends in October 2013.