Sher Bahadur Deuba resigns as Prime Minister of Nepal

Nepal Prime Minister Sher Bahadur Deuba has resigned to pave the way for the formation of new government as per the people's mandate in recent elections. 

According to reports, KP Oli will take over as the new PM. 

The veteran Nepalese politician became Nepal's prime minister for the fourth time in May last year after the main opposition party decided to end the obstruction of parliament.

The then PM Prachanda of the CPN (Maoist Centre) had proposed Deuba's candidacy while senior NC leader Ram Chandra Poudel seconded the proposal at the Parliament Secretariat.

Prachanda had resigned on May 24 after a brief stint of nine months, honouring a power sharing understanding with the ruling coalition partner Nepali Congress to hand over the country's leadership to the largest party in Parliament.

Deuba served as the prime minister from 1995 to 1997, from 2001 to 2002, and from 2004 to 2005. Deuba was sacked by the then King Gyanendra Shah in 2005 over failure to hold elections and bring Maoist rebels to a round table negotiation.