Former Bosnian Federation Finance Minister Vjekoslav Bevanda is the prime minister designate for Bosnia and Herzegovina's new Council of Ministers, as agreed by the leaders of six parliamentary parties on Wednesday.   

The president of the HDZ BiH party, Dragan Covic said he would submit Bevanda's on Thursday. The nomination has to be approved by the state parliament, Hina news agency has reported.

Bevanda is an HDZ BiH deputy in the Federation entity parliament's lower house.

On Wednesday, the leaders of six political parties reached agreement on the formation of the Council of Ministers nearly 15 months after general elections. They also agreed on the 2012 budget and several reform laws required for the country to draw closer to the European Union.

The 55-year-old Bevanda has a degree in economics. He took part in the Croatian Homeland War and since then he held senior positions in a number of companies and banks. Between 2006 and 2010, he was the Federation's deputy PM. In 2010, he was elected to the entity parliament's lower house.