On December 30, North Macedonian President Stevo Pendarovski nominated Kovacevski as a prime minister, giving him a mandate to form a new cabinet.
According to Macedonian Information Agency, the new coalition cabinet headed by Kovacevski was supported by 62 lawmakers of the 120-member Macedonian parliament, with 46 lawmakers voting against.
Kovacevski previously stated that the key objective of his government will be to achieve "higher and more sustainable economic growth."
He also pledged to address the country's energy crisis and bring North Macedonia closer to the European Union.
Kovacevski, appointed as deputy minister of finance after the 2020 parliamentary elections, succeeded Zoran Zaev, who resigned as prime minister on 13 December, following the SDSM party's defeat in municipal elections. The leadership of the party then passed to 47-year-old Kovacevski.