The principal political parties of Nepal have decided to abolish the constitutional monarchy, headed by King Gyanendra, and turn the country into a republic. The insurgent Maoists would be allowed to return to the government.
The Maoists, a military group who want a socialist republic, left the government in September demanding the end of the monarchy. They had only joined since the peace agreement at the end of the 1996-2006 Nepalese Civil War. An agreement has now been reached after they signed a 23-point pact with the 6 main Nepalese political parties. 
The treaty establishes that a constitutional assembly should form in April to rewrite the constitution, formally end the monarchy and put together the details of the new republican system. The Maoist rebels declared a cease fire and signed a peace treaty, agreeing to place its troops and weapons under United Nations supervision.

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This is a complete or partial translation of the article "Nepal abole su monarquía", from the Spanish language Wikinews, published under the Creative Commons Attribution 2.5 License.
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Nepalese monarchy to become republic