On Friday, Chrystia Freeland, former Canadian finance minister, declared her candidacy to succeed Prime Minister Justin Trudeau as the Liberal Party leader.

Freeland, a close political ally of Trudeau for ten years, resigned last month due to disagreements over his calls for heightened government spending and critiqued his leadership style.

Her sudden exit caused turmoil within the Liberal Party, already grappling with declining popularity due to inflation and a housing crisis.

This prompted Trudeau to announce he would step down once a new leader is chosen, with a replacement expected by March 9, 2025.

Freeland stated in her announcement, "I'm running to fight for Canada," with an official campaign launch set for Sunday.

Although opinion polls indicate the Liberal Party risks a significant defeat by the Conservatives in the next federal election, Freeland must differentiate herself from Trudeau, given her long-term association with him, especially as his finance minister since 2020.

Her main rival for the leadership role is anticipated to be Mark Carney, former governor of the Bank of Canada.

Carney, who declared his candidacy on Thursday, is presenting himself as an outsider, contrasting with Freeland's connections to the present government.

The 56-year-old Freeland served as finance minister since August 2020, significantly contributing to Canada's multibillion-dollar social spending plan during the COVID-19 pandemic.

She previously served as foreign minister, leading Canada's efforts to successfully renegotiate the North American trade deal with the U.S. and Mexico.

Freeland was first appointed to government in November 2015 as trade minister.

Prior to politics, she was a senior journalist with notable media outlets, including the Financial Times, Reuters, and the Globe and Mail.