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How does the current political coalition influence the adoption of key economic reforms and what can businesses and citizens expect before the next elections?
Situated between two Asian giants, India and China, Nepal’s political landscape has long been characterized by turbulence. But 2024 has been the epitome of this chronic instability, with a kaleidoscopic shift in alliances that has cast doubt on the country’s ability to implement long-overdue economic reforms. The year began with one ruling coalition, and by midsummer, a previously unthinkable one had emerged.
In March 2024, Prime Minister Pushpa Kamal Dahal, better known as “Prachanda,” the leader of the Communist Party of Nepal (Maoist Centre), made a dramatic political about-face. He broke his alliance with the country’s largest party, the Nepali Congress (NC), and formed a new left-wing coalition with his main opponent, the Communist Party of Nepal (Unified Marxist-Leninist), or CPN-UML. This alliance, however, proved short-lived. Already in July, the political scene was transformed again. The two largest and historically hostile forces – the CPN-UML led by Khadga Prasad Sharma Oli and the Nepali Congress – agreed to form a “grand coalition”. This maneuver led to Prachanda’s resignation and KP Sharma Oli’s return to the prime minister’s post for the fourth time.
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By Alpha Business MediaSituated between two Asian giants, India and China, Nepal’s political landscape has long been characterized by turbulence. But 2024 has been the epitome of this chronic instability, with a kaleidoscopic shift in alliances that has cast doubt on the country’s ability to implement long-overdue economic reforms. The year began with one ruling coalition, and by midsummer, a previously unthinkable one had emerged.
In March 2024, Prime Minister Pushpa Kamal Dahal, better known as “Prachanda,” the leader of the Communist Party of Nepal (Maoist Centre), made a dramatic political about-face. He broke his alliance with the country’s largest party, the Nepali Congress (NC), and formed a new left-wing coalition with his main opponent, the Communist Party of Nepal (Unified Marxist-Leninist), or CPN-UML. This alliance, however, proved short-lived. Already in July, the political scene was transformed again. The two largest and historically hostile forces – the CPN-UML led by Khadga Prasad Sharma Oli and the Nepali Congress – agreed to form a “grand coalition”. This maneuver led to Prachanda’s resignation and KP Sharma Oli’s return to the prime minister’s post for the fourth time.