Nepal´s first President sworn in

In Kathmandu the first President of Nepal has been sworn in. Ram Baran Yadav took the oath of office in front of the presidential palace.

Nepal's President Ram Baran Yadav (2nd R) administers the oath of office to Vice-President Paramananda Jha at the presidential building in Kathmandu July 23, 2008.(Reuters)

The ceremony was held on Wednesday amid bitter political turmoil as the new republic, still runs without a government.

Yadav says he will now dedicate himself to institutionalizing the republic, the timely drafting of a new constitution and maintaining peace and harmony.

He later administered the oath of office to Vice President Parmananda Jha.

Due to deep differences among major political parties over the choice of a new president, the formation of a new government has been delayed three months after historic elections ended a centuries-old monarchy.

Earlier on Wednesday, Nepali Prime Minister Girija Prasad Koirala submitted his resignation, setting in motion the task of forming the new government.

The current cabinet will continue to function as a "caretaker government" until a new government assumes the office.