It took 16 months of wrangling, but Bosnia has finally completed the formation of a new government.

In December, the parties that had won the top six places during a national election in October 2010 agreed on how to divvy up the prime minister's position and the Cabinet posts.

On Friday, Parliament finally approved that Cabinet in a vote of 26-7, with one abstention.

Power in Bosnia is shared by Bosniaks, Serbs and Croats who rotate key government positions, and their delays have left this poor country without a budget.

Prime Minister Vjekoslav Bevanda — a Bosnian Croat and former regional finance minister — praised Friday's vote and said he will immediately work on Bosnia's economy.

Bosnia also is trying to win EU membership.