The opposition Nepali Congress had sought Prachanda's resignation after the Maoist government was reduced to a minority in the wake of CPN(UML) pulling out in protest against the decision to sack the Army Chief.
The Communist Party of Nepal-Maoist, Nepali Congress, CPN-UML and Madhesi People's Rights Forum (MPRF) at a meeting held Monday night agreed in principle to form a coalition government under the leadership of former rebels, NC spokesman Arjun Narsingh Khatri Chhetri said.
Nepal's major parties on Wednesday failed to break an impasse over the formation of a new government as efforts to strike a deal on sharing of power proved futile. During crucial talks in Prime Minister Girija Prasad Koirala's residence here, the Maoists rejected a proposal from Nepali Congress and the CPN-UML to amend the interim constitution to remove a provision requiring two-thirds majority for forming or unseating the government.
'This allows opportunities for (Chinese) entry into the domestic politics of Nepal, something that is also encouraged by Nepali politicians's willingness to play the China card (vis-a-vis India).'
The move comes as the intra-party feud reached climax in the ruling NCP which has been witnessing months long tussle between two factions, one led by 68-year-old Oli and Party's chairman and another led by 66-year-old 'Prachanda', also the executive chair of the party and former premier.
The formation of the new government, which was expected on Friday, was delayed due to last-minute wrangling over the distribution of portfolios.
But that is unlikely to deter NGOs planning their first protest march in Kathmandu on Thursday.
Two student leaders were arrested and the offices of the Communist Party-UML ransacked by the police ahead of a May 1 anti-King rally.
'If you behave like a nail, the adversary will behave like a hammer.'
Usha Martin, the Kolkata-based specialty steel maker and wire rope manufacturer is planning to go for acquisition of wire rope units in the United States while aiming at export earnings of Rs 400 crore (Rs 4 billion) during the current fiscal.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Currently there is no standard ideal debt to equity ratio.
Prime Minister Narendra Modi's advice to Nepal's warring political parties on the Constitution-making process was on Thursday criticised by the media in Kathmandu which termed it as "breaching of diplomatic norms".
Nepal Prime Minister Sushil Koirala on Saturday resigned even as Parliament prepares to elect a new premier tomorrow after parties failed to forge a consensus amid continued protests and blockade of a key border trade point with India over the country's new Constitution.
The main contest is likely to be between the Maoists and the Nepali Congress, but neither of the parties have retained the support they had in 2008. Shubha Singh reports
Nineteen parties in the Parliament have already confirmed that they will be voting in favour of the no-confidence motion.
Communist leader Vidya Devi Bhandari was on Wednesday elected as Nepal's first woman President by the parliament, weeks after it adopted a new landmark Constitution that declared the country a secular state.
The Shiv Sena on Monday refused to call off the protest against the book launch of former Pakistan Foreign Minister Khurshid Mahmud Kasuri in Mumbai.
The India Bike Week in Goa was a celebration of the joy of biking
Jaya Puri Gharti, who served as a cabinet minister during the Maoists' term in government, tells Patrick Ward about the issues facing Nepal and the difficult road to reconciliation.
For India to endorse Nepal's Buddhist conference will be like sipping from a poisoned chalice, warns former RA&W official Jayadeva Ranade.
The 1960 epic continues to enthrall unlike any Indian film ever
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