Kathmandu: Nepal's ruling parties and Maoist rebels today finalised an interim constitution which removes King Gyanendra as the head of the state.

The constitution was finalised after top leaders of the eight political parties, including Prime Minister G P Koirala and Maoist Chief Prachanda, put their signatures on the document after 16-hours of hectic discussions at the PM's residence in Baluwatar, paving the way for the rebels to join the Government.

According to the constitution, which has 167 articles, all executive powers as well as those enjoyed by the King in the previous constitution now vest upon the Prime Minister, Rajendra Mahato, General Secretary of the Nepal Sadbhavana Party, who was also present during the meeting said.

Prime Minister Koirala, Communist party chief Prachanda, Nepali Congress (D) President Sher Bahadur Deuba, CPN-UML General Secretary Madhav Kumar Nepal and other top leaders put their signatures on the constitution at 8 am (local time) after whole night discussions at Baluwatar stripping King Gyanendra of all powers.

The Constitution will come into effect only after it is endorsed by the Cabinet and approved by the House of Representatives.