Swedish Prime Minister Stefan Lofven has announced the cancellation of the country's snap election scheduled for March 2015. The Lofven administration said that the government and the Alliance have had "constructive talks" in the past days, which led to the decision.

"We who are here, are prepared to take responsibility for how Sweden is to be governed. Constructive talks have taken place in the last few days," PM Lofven explained at a press conference in Stockholm on Saturday. Lofven went on to say that he and the leaders of the Alliance have agreed they all wanted a minority leadership to govern the country, and there is no need for a snap election for this to happen.

The Swedish Prime Minister said that he was happy that they have all reached an agreement. Sweden, according to Lofven, is used to overcoming difficult challenges. He also told the press that he is pleased that their country can be governed.

The agreement between the Swedish government and the six parties implies that the latter will not block the government's budget. The deal, which they called "The December Agreement," will last until 2022.

"With this agreement, the government will not be making any decision about an extra election, it is simply not of immediate interest," Lofven shares.

"It's the politics which should be in focus, not questions of its form, and this agreement makes this possible," Christian Democrat leader Göran Hägglund told the press.

Lofven called for a snap elections earlier in December, after the parliament declined its budget amidst political crisis. The current administration asked for the public to cast their votes again on March 22, 2015, only three months after the nationwide elections was held.

The opposition received 182 votes, while the current government received 153.

PM Lofven had proposed for a budget increase for jobs and welfare, and to maintain the country's current liberal immigration laws. The Nationalist Sweden Democrats did not side with Lofven and chose to support the center-right opposition that proposed a different budget.  

Lofven previously said that he would rather step down from his position than follow the opposition's proposed budget.