SARAJEVO — It took 16 months of wrangling, but Bosnia finally has a new government -- a leadership that promised to immediately tackle the country's economic problems, including its pressing lack of a budget.

In December, the parties that had won the top six places during a national election in October 2010 agreed on how to divide the prime minister's position and the Cabinet posts. Parliament approved that Cabinet on Friday in a vote of 26-7, with one abstention.

Power in Bosnia is shared by Bosniaks, Serbs and Croats who rotate key government posts, 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.

Bevanda also promised "this year will be the year of the European Union in Bosnia," meaning his government will focus on fulfilling the conditions for the country to get candidate status for the bloc.

EU High Representative for Foreign Affairs Catherine Ashton as well as EU Commissioner for Enlargement Stefan Fuele congratulated Bosnia on the appointment of its government and encouraged it in a statement "to concentrate on the pressing European integration agenda."

However, they said they were concerned over the lack of the state budget. "A sound economic and fiscal policy is an essential prerequisite for the country's EU integration process," the statement said.

Politicians in Bosnia have been arguing over how to allocate the available money. As a result, state officials have not received their January salaries, and government officials have said the budget crisis will be the first thing they will deal with on Monday.

The embassy of the United States said the U.S. hopes the new government "will provide serious, productive leadership, putting aside personal differences to find common ground."