Argentina Economy Minister Sergio Massa will run for president as the only candidate of the government’s ruling coalition, according to a message on Twitter.

The coalition, recently rebranded as Union por la Patria, or unity for the homeland, will run a single candidate in presidential elections to be held later this year. Former Defense Minister Agustin Rossi will be Massa’s vice presidential running mate.

The announcement comes just a day after Interior Minister Eduardo de Pedro, a close ally of Vice President Cristina Fernandez de Kirchner, announced he would run for the Peronist nomination. In the tweet, the coalition said it recognized de Pedro and Daniel Scioli, who was also seeking the nomination, for “backing the unity of Peronism,” suggesting they would back down on their presidential bids.

The government faces a tough reelection bid in the Oct. 22 general elections amid a profound economic crisis. Inflation is charging over 114% annually, with the country expected to enter a recession later this year just as it begins paying back the International Monetary Fund on a $44 billion program.

Opposition nominees include Patricia Bullrich and Horacio Rodriguez Larreta, both competing for the Juntos por el Cambio bloc, and libertarian Javier Milei.

(Updates with details throughout)