Britain’s former finance minister Rishi Sunak has emerged as the front-runner to be the country’s next prime minister, after his rival, Boris Johnson dramatically dropped out of the race to be Conservative Party leader.

Thelagostimes recalls that the current prime minister, Liz Truss, resigned last week after just six disastrous weeks in office. Graham Brady, the Conservative official responsible for the leadership contest, said a new prime minister would be in place by Friday.

Candidates to replace Truss have until 2 p.m. (9 a.m. ET) on Monday to secure the support of 100 Conservative Party lawmakers to enter the race to become the party and the country’s new leader.

According to CNN, Johnson’s decision to withdraw from the contest leaves Sunak, the former Chancellor of the Exchequer, competing against Leader of the House of Commons Penny Mordaunt.

If both candidates secure the backing of 100 MPs, it will then be up to the roughly 172,000 members of the Conservative Party to pick the new leader in online voting.

As of Monday morning, Sunak was the only one of the pair to have met the necessary threshold of 100 nominations.