Bulgaria's recently appointed caretaker government will hold its first meeting on Wednesday to launch preparations for May 12 elections.

New Bulgarian caretaker PM Marin Raykov has repeatedly pledged to conduct free and fair snap elections in the country mid-May.

Raykov's cabinet was appointed by Bulgarian President Rosen Plevneliev exactly a week ago, on Wednesday, after which the president dissolved parliament Thursday.

February 21, the Bulgarian Parliament adopted the resignation of PM Boyko Borisov, tabled just months ahead of the July end of term of his cabinet due to strong street protests against stagnation in the country.

None of the parties in parliament wished to elect a new cabinet, so the president had to appoint a caretaker government and to call snap elections, which are expected to be held May 12.