Kathmandu , Nepal ( CNN ) -- Facing political pressure , Madhav Kumar Nepal announced Wednesday that he is resigning as Nepal 's prime minister . In a 20-minute televised address , Nepal said he wanted to avert crisis and find `` political resolution to the peace process and the drafting of the new constitution . '' `` Since it is not right to keep the country in a state of indecision and uncertainty , despite having a clear majority in parliament , I have decided to resign today so that the peace process and the constitution drafting process are completed , '' he said . Nepal has endured a fractious political transition since it was declared a republic in 2008 after the abolition of a centuries-old monarchy . This is the third government that has fallen since then . The opposition Maoists , who form the largest party in parliament , have demanded Nepal 's resignation as the troubled Himalayan nation prepares a new constitution . Otherwise , the Maoists had threatened to disrupt the parliamentary session and block approval of the annual budget . The failure to adopt a new constitution by the late May deadline would have automatically dissolved the government . But the Maoists agreed to let the government amend the constitution and extend the deadline by a year . In exchange , the Maoists wanted the prime minister to step down so they could lead the government again . The Maoists fought a decade-long insurgency in an effort to topple Nepal 's monarchy , leaving more than 13,000 people dead . They signed a peace deal in 2006 . Elections in April 2008 made Nepal a republic and dethroned the king . The Maoists were the largest party in the previous coalition government , but their leader , Pushpa Kamal Dahal -- commonly known as Prachanda -- resigned as prime minister a year ago because the president overturned his decision to fire a senrio military official . The Maoists declined to join the next coalition government under Nepal 's leadership , upset that the government was not making moves to integrate about 19,000 former rebels into the Nepalese army . The government has been reluctant to integrate its former enemies . It 's unclear who will succeed Nepal as the next prime minister . Journalist Manesh Shrestha contributed to this report .
Madhav Kumar Nepal announced he was quitting in a televised address . He was under political pressure to avert a national crisis . The Maoists , who fought a 10-year insurgency , form the largest political party in Nepal . The Maoists had threatened to block approval of a new constitution .