Speaker Subash Nembang resigned on Wednesday, paving the way for Parliament to elect the new Speaker.
Nembang submitted his resignation to Deputy Speaker Onsari Gharti Magar, who also submitted her resignation to Nembang. Until the elections of next Speaker and Deputy Speaker, the oldest Member of Parliament will preside over the house.
Nembang and Gharti stepped down as a provision of the recently-adopted constitution requires Parliament to elect new Speaker and Deputy Speaker within the first 20 days after the first post-constitution parliamentary session.
In accordance with the new constitution, UML Chair KP Oli was elected as new Prime Minister early this week and new President and Vice President will also be elected very soon.
As per a power-sharing deal, UCPN (M) and RPP (N) are likely to get posts of Speaker and Deputy Speaker respectively. UCPN (M) and RPP (N) are the third and the fourth largest parties in Parliament and they supported the second largest party's leader Oli to lead the new government.
UCPN (M) is likely to field its Chief Whip Giriraj Mani Pokhrel as a candidate for Speaker. But NC, the first largest party in Parliament, has also decided to field a candidate against Pokhrel.
On Wednesday, a central committee meeting of the NC decided to contest parliamentary elections for all posts, including President and Vice President.
UML is likely to field either Nembang or its Vice Chairperson Bidya Bhandari as a presidential candidate. Nembang is seen as a favorite presidential candidate as he is a Janajati and successfully chaired Constituent Assembly (CA).
But Nembang is reportedly not keen to retire to a passive political life in Shital Niwas. He has shown willingness to assume an executive post or be active in the party.
Being a woman and close to UML Chair Oli, Bhandari can be the first woman to become Nepal's President.
But UCPN (M), as the most important party to back Oli as PM, can also claim the post of President.