Madrid, Jun 1 (IANS): Pedro Sanchez, the leader of Spain's opposition Socialist Party, on Friday became the country's new Prime Minister after winning a parliamentary vote of no confidence that has abruptly removed the incumbent Popular Party from power.

Sanchez, 46, instantly became the Prime Minister-elect when he secured the needed majority of 176 votes out of 350 seats in the lower chamber, reports Efe news.

A loose multi-party coalition decided to oust incumbent premier Mariano Rajoy and his right-wing Popular Party following a national court verdict in which several of its former top officials were found guilty of setting up a vast network of corruption involved in fraudulent financial dealings including bribery, embezzlement, forgery, misuse of public funds, money laundering, tax crimes and influence peddling, among others.

Rajoy is the first prime minister in modern Spanish history to be defeated in a no-confidence motion, the BBC reported.

He was the prime minister since 2011.

Earlier on Friday, he admitted facing defeat and told MPs that it has been "an honour to leave a better Spain than I found".