Italian Prime Minister Matteo Renzi on Wednesday said he will postpone his resignation by at least a few days in keeping with a request from the country’s President Sergio Mattarella. Renzi had submitted his resignation on Sunday evening after early indications that he had lost the referendum on his plan to reform the country’s Constitution.

Mattarella had requested him stay on as prime minister till the 2017 budget gets passed in parliament, a development observers said could happen this week.

According to an exit poll by state broadcaster RAI, 42%-46% voted for the reform, while 54%-58% voted against his plan. The electorate had voted to show whether they approved a Constitutional law to amend the constitution and powers of the Italian Parliament. The reforms, which would have included changes to the division of powers between the state, regions and other administrative entities, would have reduced bureaucracy in Italy and brought in more competition, according to Renzi and his Democratic Party.

A statement by the President’s office said, “The President of the Republic, given the need to complete the parliamentary process of approval of the budget law, asked the President of the Council to postpone the resignation.”

Renzi said he would not call for an immediate election and urged for respect to “commitments and deadlines”. Once Renzi leaves office, the president will meet with other party leaders and attempt to form an interim government.

While the next election is scheduled for 2018, it may be brought forward to fill the vacuum.