Kathmandu : In a significant development, Nepal’s major political forces, the Nepali Congress and the CPN-UML, have inked a pact for a collaborative power-sharing arrangement late Monday night.

The agreement, finalized between Nepali Congress President Sher Bahadur Deuba and UML Chairman KP Oli, delineates the allocation of ministries, provincial leadership roles, and the rotation of government leadership.

Under the terms, the government will initially be led by UML Chairman Oli for the first half of the year.

A key architect of the agreement, speaking on condition of anonymity, revealed that this decision was reached through national consensus.

During Oli’s tenure, the UML will helm 9 ministries, including crucial portfolios such as Prime Minister and Finance Minister, while the Congress will oversee 10 ministries, including the Home Ministry.

Additionally, according to the agreement, UML will assume governance in the provinces of Koshi, Lumbini, and Karnali provinces, with Nepali Congress taking charge in Bagmati, Gandaki, and Sudurpaschim provinces.

Leaders have also agreed to involve Madhes-based parties in leading Madhesh, alongside committing to constitutional amendments.

They have decided to form a committee for constitutional amendment recommendations.

While the official agreement letter remains undisclosed, leaders involved in drafting the agreement anticipate its public release on Tuesday.

The agreement was formally signed at midnight on Monday by Deuba and Oli, following the finalization of a draft by lower-level party leaders at a hotel in Lalitpur.