Becoming the first woman prime minister in Swedish history should have been cause for a night of celebration for Magdalena Andersson, yet the sun had barely set when she handed in her resignation notice.

Magdalena Andersson, was announced amidst cheers and a standing ovation as leader on Wednesday, but the joy was absolutely short lived, as she resigned few hours after her coalition partner quit the government, and her budget failed to pass.

“I have told the speaker that I wish to resign,” Ms Andersson told reporters.

Report says her coalition partner, the Green Party said it could not accept a budget “drafted for the first time with the far-right”.

Ms Andersson said that she hoped to try to become prime minister again as a single party government leader.

A former junior swimming champion from the university city of Uppsala, she began her political career in 1996 as political adviser to then-Prime Minister Goran Persson.

She has spent the past seven years as finance minister.

Before Magdalena Andersson, Sweden is the only Nordic country never to have elected a woman as a national leader of PM.