STOCKHOLM -- The newly formed Icelandic government lead by the new Prime Minister Sigmundur David Gunnlaugsson, chairman of the Progressive Party, has taken power on Thursday, according to Iceland government press release.

Four members, with one female, from the Progressive Party were appointed as ministers of the new government, including the new Prime Minister Sigmundur David Gunnlaugsson and the Minister for Foreign Affairs Gunnar Bragi Sveinsson.

Meanwhile, there were five ministers from the Independency Party, three males and two females, which include the new Minister of Finance and Economic Affairs Bjarni Benediktsson, chairman of the Independence Party.

None of the ministers in the new government had served in a cabinet before, which meant it was the first time that Iceland had had a completely inexperienced government since Iceland had become independent from Denmark in 1944.

The new government is expected to focus on "a forward looking policy", aiming at improving prospects of the housholds in Iceland, and promoting of opportunities in trade and employment, which will "create added value for the benefit of the nation as a whole".

Under the new government, Iceland might slow down the efforts to enter the European Union (EU) as the new leadership had agreed that it would not continue the EU accession talks until after a referendum.

The center-right camp Independence Party and the Progressive Party, which had won the parliamentary election last month, had also promised that in the future they would focus on household debt relief and a cut in taxes to help the country further recover from the impact of financial crisis.