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With 87% of the vote now counted, Progressive Bulgaria has secured a majority in the Bulgarian parliament.
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With 87% of the vote counted, his Progressive Bulgaria (PB) has secured a majority of at least 135 seats in the 240-seat parliament.
PB beat the liberal PP-DB coalition, which stood at 15%, and ex-prime minister Boiko Borisov's GERB party, which had 13%, according to the commission.
The election was called after the previous government tried to push through a controversial budget in December, prompting mass protests which Radev, as president, supported.
"People rejected the self-satisfaction and arrogance of old parties and did not fall prey to lies and manipulation. I thank them for their trust," Radev said, in his victory speech.
He promised to build "a strong Bulgaria in a strong Europe".
"What Europe needs right now is critical thinking, pragmatic actions and good results, especially to build a new security architecture and … recover its industrial power and competitiveness. That will be the main contribution of Bulgaria to its European mission," he said.
Radev, 62, is seen as a pragmatic, somewhat pro-Russian leader, who has criticised EU sanctions, and called for constructive dialogue with the Kremlin.
He opposes Bulgarian military support for Ukraine, but is unlikely to replicate Hungarian Prime Minister Viktor Orbán's role as a spoiler of EU backing for Kyiv.
Analysts in the capital Sofia suggest he will take a pragmatic approach, allowing Bulgarian arms exports via third countries, but ending direct support of military equipment from the Soviet era arsenal.
He fought this election largely on domestic policies, promising to combat corruption, and restore stable government after years of weak and easily-toppled coalitions.
He stepped down after nine years as president in January to form his new movement.
A former Mig-29 fighter pilot and commander-in-chief of the Bulgarian Air Force, his victory is impressive by Bulgarian standards.
The result gives Progressive Bulgaria a mandate to govern alone, but will need the sup
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