Kathmandu | K P Sharma Oli was appointed Nepal's Prime Minister for the third time on Sunday to lead the new coalition government that faces the daunting challenge of providing political stability in the country.

Oli, 72, succeeds Pushpa Kamal Dahal Prachanda who lost the vote of confidence in the House of Representatives on Friday, leading to the formation of the new government process as per Article 76 (2) of the Constitution.

President Ram Chandra Paudel appointed Oli as the new Prime Minister of the Communist Party of Nepal-Unified Marxist Leninist (CPN-UML)-Nepali Congress (NC) coalition.

Oli along with the new Cabinet will be sworn in on Monday.

Late on Friday night, Oli staked his claim to become the next Prime Minister with the backing of NC president Sher Bahadur Deuba and submitted the signatures of 165 House of Representatives (HoR) members -- 77 from his party and 88 from the NC.

Oli served as Nepal's prime minister from October 11, 2015, to August 3, 2016 and then, from February 5, 2018, to July 13, 2021.