K P Sharma Oli today became Nepal's Prime Minister for the second time, over two months after his Left alliance with former Maoist rebels swept the country's historic parliamentary polls, kindling hopes for the political stability in the Himalayn nation.
President Bidhya Devi Bhandari appointed 65-year-old Oli as the country's 41st prime minister.
Oli, who is known for his pro-China stance, had served as the country's prime minister from October 11, 2015 to August 3, 2016.
The appointment was made under the article 76 of Nepal's Constitution which states that in case of no clear majority of any party in the House of Representatives, the President shall appoint as Prime Minister the member of the House of Representatives who can have the majority with the support of two or more political parties.
Oli's PM candidacy was supported by the UCPN-Maoists, Rastriya Prajatantra Party Nepal, and Madhesi Rights Forum-Democratic along with 13 other small parties.
"The elections of three tiers of government have been successfully held under my leadership setting the foundation to long transition," Deuba said in the television address.
The Left alliance of the CPN-UML, led by Oli and CPN-Maoist Centre, led by Prachanda, secured almost two third majority in the Parliament during the parliamentary elections.
Oli's party CPN-UML secured 121 seats in the 275-member Parliament and became the largest party in the Parliament.
The Madhesi parties, Rastriya Janta Party Nepal has got 17 and Federal Socialist Party Nepal has got 16 seats in the Parliamentary elections.
The elections were seen as the final step in Nepal's transition to a federal democracy following a decade-long civil war till 2006 that claimed more than 16,000 lives.
In 2015, when Nepal adopted a new Constitution that split it into seven states, dozens of people were killed in ethnic clashes over territory and rights.
Following the adoption of the new Constitution, the ethnic Madhesi group, mostly of Indian-origin, protested for months, saying they were not getting enough territory in one of the provinces and were also facing discrimination.
The polls were seen as a major step towards implementing the new Constitution.
Oli had served as deputy prime minister during the then interim government led by Girija Prasad Koirala in 2006 after the successful conclusion of the second Peoples Movement. He was elected as a member of Parliament in the House of Representatives for the first time from Jhapa district in 1991.
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