Bhutan’s King will hand over power to the elected government in 2008. The country's first-ever new Constitution, drafted in March 2005, aims to establish a two-party democracy after a century of absolute monarchy established with British help in 1907. Leaders of Bhutan’s political parties established in exile (in neighbouring India and Nepal) have welcomed King Jigme Singye Wangchuk’s announcement to abdicate the throne in 2008.