Former central banker Mark Carney is preparing to be sworn in as Canada’s new prime minister. Carney, 59, on Friday will replace Prime Minister Justin Trudeau, who announced his resignation in January but remained in power until the Liberal Party elected a new leader.

After Mark Carney won the Liberal leadership in a landslide on March 9, he will officially be named the 24th prime minister in Canadian history on Friday. Canadians are now awaiting announcements when a federal election will be called, widely expected to come in the next few weeks.

The former central bank chief takes over at what he has called “a time of great peril” for Canada, with Trump attacking its sovereignty and economic security.