After failing to hold on to power, Israel's coalition said it would be submitting a bill next week to dissolve parliament as the country stares at a fifth election in less than four years.

The bill will be submitted in Parliament next week, with reports indicating Yair Lapid will take over as interim prime minister until new elections are held.

Incumbent Prime Minister Naftali Bennett&nbsp;said: "I stand here with my friend Yair Lapid, who will soon take over as prime minister in accordance with an agreement between us."

<a href="https://www.wionews.com/world/explainer-who-is-yair-lapid-the-former-journalist-who-will-become-israels-next-prime-minister-490089">Also Read:&nbsp;Explainer: Who is Yair Lapid, the former journalist who will become Israel's next prime minister?</a>

Israeli reports said elections would be held in October. The latest political development comes even as US President Joe Biden is set to visit Israel next month. Washington said the visit will go ahead as planned.

Bennett's ruling coalition, which had ousted former prime minister Benjamin Netanyahu, lost majority in Israel's parliament Knesset after a Yamina party member announced she&nbsp;was pulling out of the coalition.

Watch: Political crisis in Israel

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The eight-party coalition has been under strain since the beginning even as &nbsp;Bennett claimed his government had boosted economic growth and cut unemployment. But he was unable to hold various parties together.

Netanyahu-led opposition had threatened to submit a bill to dissolve parliament, however Bennett and Lapid decided to move ahead of the former prime minister.

Defence Minister Benny Gantz expressed his disappointment over the political development even as Lapid praised Bennett's achievements.

(With inputs from Agencies)

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After failing to hold on to power, Israel's coalition said it would be submitting a bill next week to dissolve parliament as the country stares at a fifth election in less than four years.

After failing to hold on to power, Israel's coalition said it would be submitting a bill next week to dissolve parliament as the country stares at a fifth election in less than four years. The bill will be submitted in Parliament next week, with reports indicating Yair Lapid will take over as interim prime minister until new elections are held. Incumbent Prime Minister Naftali Bennett said: "I stand here with my friend Yair Lapid, who will soon take over as prime minister in accordance with an agreement between us." Also Read: Explainer: Who is Yair Lapid, the former journalist who will become Israel's next prime minister? Israeli reports said elections would be held in October. The latest political development comes even as US President Joe Biden is set to visit Israel next month. Washington said the visit will go ahead as planned. Bennett's ruling coalition, which had ousted former prime minister Benjamin Netanyahu, lost majority in Israel's parliament Knesset after a Yamina party member announced she was pulling out of the coalition. Watch: Political crisis in Israel The eight-party coalition has been under strain since the beginning even as Bennett claimed his government had boosted economic growth and cut unemployment. But he was unable to hold various parties together. Netanyahu-led opposition had threatened to submit a bill to dissolve parliament, however Bennett and Lapid decided to move ahead of the former prime minister. Defence Minister Benny Gantz expressed his disappointment over the political development even as Lapid praised Bennett's achievements. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Israel govt collapses, paving way for 5th election in 3 years; Lapid to be interim PM

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Israel govt collapses, paving way for 5th election in 3 years; Lapid to be interim PM