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Malaysia Prime Minister Mahathir Mohamad has submitted his resignation letter to the Yang Di-Pertuan Agong on Feb. 24, 2020.

This was following a meeting with PKR president Anwar Ibrahim earlier in the morning.

It is now up to Sultan Abdullah Sultan Ahmad Shah to decide whether to accept the resignation.

It comes amid intense speculation of a new coalition following a flurry of political meetings the day before, with talk about a shift in political loyalties.

Leaders from PPBM, PAS, Umno and those aligned with former PKR deputy president Mohamed Azmin Ali gathered for the meeting.

A statement from the Prime Minister’s Office said Mahathir had submitted his resignation letter at 1pm.

This is a developing story.

Updates:

Anwar, when asked if there would be any change in government after his meeting with Mahathir, told the media: "We should not easily bow to those who want to betray the people's trust in the last general election."

When pressed further if Mahathir had promised this, he said that was all he could say at this juncture.

Parti Pribumi Bersatu Malaysia (PPBM) president Muhyiddin Yassin, announced that his party has quit Pakatan Harapan.

He says the decision was made on Feb. 23 during a special meeting.

"All MPs from Bersatu will also leave Pakatan Harapan," he said

"All of them have signed a statutory declaration to continue supporting and putting their trust in Mahathir Mohamad as the prime minister."

This means that it is likely a new coalition government will be formed.

What are the implications of Mahathir's resignation?

Once the prime minister resigns, he can advise the monarch to dissolve Parliament.

If the monarch doesn't do so, the largest party, which is Anwar's PKR, will be given a chance to form the government.

If the largest party cannot form a government, the monarch can exercise discretion to dissolve Parliament.

However, with Bersatu out of Harapan, Anwar will need support from Warisan or GPS.

But both of them are siding with the Azmin's coup since Feb. 23, the day before Mahathir's resignation submission.

From the looks of it, Parliament in Malaysia may be dissolved.

Mahathir has also resigned from his post as Bersatu chairperson.

This was announced in a statement by Bersatu chairperson office: "Dr Mahathir Mohamad has sent his letter of resignation as the chairperson of Parti Pribumi Bersatu Malaysia."

"The letter has been sent to the Bersatu headquarters today."