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Nepal cabinet tendered its resignation on 3 May 2012. Prime Minister Baburam Bhattarai also slated resigned by the end of the month. The decision to step down came in the wake of an agreement  among  the Nepal’s major political parties to form a new coalition government.

Bhattarai will form the new government, including members of all major parties in Nepal, by the weekend to help draft a new constitution by a 27 May 2012 deadline. Once the constitution process is complete, the prime minister will step down and hand over power. The new government would then hold elections within one year.

A new constitution is a key part of the peace process that began in 2006 after Maoist rebels gave up their armed revolt. Nepal's Constituent Assembly was elected in 2008 and given two years to create a new constitution. Its tenure has been repeatedly extended, but the Supreme Court has ruled that no more extensions are possible.