The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud…
The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud…
The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the…
KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives.…
KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well.…
KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West…
KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years.…
KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage…
KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu.…
The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight…
KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt…
Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive.…
The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on…
KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income.…
KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital…
KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21230', 'article_category_id' => '1', 'title' => 'Eight Including Then Chairman of Century Commercial Bank Held ', 'sub_title' => '', 'summary' => 'The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to the Central Investigation Bureau (CIB) of Nepal Police, Sunil Kumar Neupane, Professor Dr. Geeta Pradhan, Ramesh Kumar Niraula, Ran Bahadur Shrestha, Rajesh Kumar Dali, Umakumari Shrestha, and Shivagopal Risal were arrested along with Shrestha. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, the former Chief Executive Officer (CEO) of Century Bank, Manoj Neupane, and Tulsi Gautam, among other employees, were arrested on charges of providing excessive loans against poor mortgages. They were released on March 1.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, Century Bank has merged with Prabhu Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20957', 'image' => '20240610042734_collage (8).jpg', 'article_date' => '2024-06-10 16:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21229', 'article_category_id' => '1', 'title' => 'NEPSE Gains 8.90 Points to Close at 2082.09', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 314 scrips were traded on NEPSE through 71,948 transactions. A total of 11,634,618 units of shares changed hands, resulting in a total turnover of Rs 5.49 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited (NRN) led in turnover with transactions worth Rs 41 crores. Kutheli Bukhari Small Hydropower Project Limited (KBSH) and Trishuli Jal Vidhyut Company Limited (TVCL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Janaki Finance Limited (JFL) faced the maximum loss, declining 8.67% to close at Rs 563 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, the Development Bank Index, Finance Index, Hydropower Index, Investment Index, Manufacturing and Processing Index, Microfinance Index, and Non-Life Insurance closed in the green.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, the Banking Index, Hotels and Tourism Index, Life Insurance, Mutual Fund, Others Index, and Trading Index closed in the red. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Hydropower Index saw the highest gain at 2%, while the Mutual Fund Index incurred the largest loss at 3.74%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20956', 'image' => '20240610033152_collage (7).jpg', 'article_date' => '2024-06-10 15:30:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21228', 'article_category_id' => '1', 'title' => 'Failure to Implement the Law Creating Crisis in Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. This announcement after a number of cooperatives turned problematic, either due to the embezzlement by the cooperative owners or their failure to recover investments. High-profile figures, including Deputy Prime Minister and Home Minister Ravi Lamichhane and other ministers, have also been accused of cooperative fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increasing number of problematic cooperatives, it is evident that billions of rupees need to be arranged immediately to implement the government's announcement. However, the provision of credit guarantee fund in the Cooperative Act, 2074, meant to safeguard savings and credit investments in cooperatives, remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the fund had been established when the Cooperative Act came into force, billions of rupees could have been recovered by now. Yet, even after seven years of the enactment of the Act, the establishment of the fund remains a topic of debate. Section 101 of the Act states, "the government may create a fund for the protection of the savings and loans provided by the organizations with the participation of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Cooperative Regulations, 2075, the guarantee fund protects savings up to Rs 300,000 and loans up to 500,000. There is also a provision in the regulation for compensation from the fund for organizations in trouble.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If the fund had been created according to the provisions of the law, the amount would have reached billions," said one of the directors of the cooperative federation. In 2076, the federation prepared a draft procedure for the operation of the guarantee fund and submitted it to the Ministry of Land Management and Cooperatives. Additionally, the Cooperative Problem Solving Suggestion Task Force recommended the immediate establishment of the guarantee fund last year. However, the fund has not been established.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act, 2074, also envisions a credit information center to exchange information on cooperatives' credit disbursements and blacklist non-paying members. However, this center has not been established, leading to complaints from cooperative owners about individuals taking loans from multiple cooperatives and misusing them. Despite the decision of the National Development Problem Solution Committee, a high-level mechanism to monitor and evaluate the development policies, plans and programmes adopted by the country, to establish a credit information center, facilitated by the Ministry of Finance, the government has yet to finalize its modalities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the Act envisions a debt recovery tribunal to collect the debts of cooperatives. Currently, there is only a Debt Recovery Tribunal for banks and financial institutions recognized by the central bank. Despite the Federal Parliament issuing a new Act 25 years after the Cooperative Act, 2048, to systematically develop the cooperative sector, the failure to implement various structures and policies has left the sector in disarray.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Provisions such as the Savings and Loan Protection Fund, Credit Information Center, and Debt Recovery Tribunal are just a few examples of unimplemented structures despite being stipulated in the Act. Over a dozen structures and legal arrangements meant to manage cooperatives remain unimplemented. The Act also mandates that a person cannot be a member of more than one cooperative of the same nature at a local level and requires those with multiple memberships to choose one within three years. Yet, this provision has not been enforced. Similarly, the prohibition against cooperative directors working as employees in organizations with a turnover of more than Rs 20 million has not been implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gauri Bahadur Karki, the former chairman of the special court, stated that cooperative directors exert political pressure to adapt cooperative laws to their advantage. He noted, "Government employees are also swayed by monetary incentives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Karki, who chaired a high-level commission a decade ago regarding the return of funds embezzled by the cooperatives, had suggested strict regulatory provisions. He emphasized that although the current Act has stricter regulations than the 2048 Act, the government's political alliances with the operators of cooperatives hinder their implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act also includes various funds to strengthen institutions, but they remain unimplemented. The promotion fund, meant to be mobilized through the Ministry of Cooperatives, is stalled, and the Stabilization Fund, established to protect cooperatives in difficult situations, covers only a few organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudarshan Prasad Dhakal, a cooperative expert, criticized the government and cooperative campaigners for using cooperatives as mere tools, claiming that the sector is poorly managed. He argued that without strengthening regulations, implementing provisions like the guarantee fund and debt recovery tribunal is impossible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chandra Prasad Dhakal, president of Nepal Savings and Credit Central Cooperative Association (NEFSCUN), asserted that stakeholders, along with the government, are responsible for implementing the law. He emphasized that many problems in cooperatives could be avoided if structures like debt recovery tribunal, credit information center, and savings and credit guarantee funds were established. However, he insists that financial cooperatives need a separate law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite provisions in the Cooperative Act, the government has struggled to implement key regulatory measures. Since 2075, the government has been applying reference interest rates and setting maximum limits on interest on loans. However, instructions to maintain a 6 percent difference between interest on savings and loans and a 1 percent service charge have not been effectively enforced. Nepal Rastra Bank has been tasked with overseeing cooperatives with capital or turnover exceeding Rs 50 million but has refused to do so, citing the absence of legal authority. The Central Bank Act has recently been amended to grant this authority, but the provision remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Challenges After Federalism</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the country adopting federalism, the regulation of cooperatives has been decentralized to local levels. Cooperatives operating at the local level are regulated locally, those at the regional level are overseen by provinces, and inter-provincial cooperatives are managed by the federal government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pitambar Ghimire, the registrar of the Federal Department of Cooperatives, noted that since all federal, state, and local governments are responsible for regulating cooperatives, the Cooperative Act's implementation has been overlooked. "All governments have the right to register, promote, and regulate cooperatives by issuing separate laws," he said, "Therefore, implementing the Federal Cooperative Act was not a priority."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Recently, the government has shown interest in implementing the Cooperative Act due to the rising number of organizations failing to return the members' savings. The Ministry of Land Management and Cooperatives, which is preparing to form a second-tier regulatory body as announced in the budget, has also initiated the process to establish a credit information center, debt recovery tribunal, and savings and loan protection fund.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20955', 'image' => '20240610023349_cooerativesssss.jpg', 'article_date' => '2024-06-10 14:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21226', 'article_category_id' => '1', 'title' => 'Government Repeatedly Violates Financial Discipline, Spending Billions Daily as Fiscal Year Ends', 'sub_title' => '', 'summary' => 'KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. Despite constitutional provisions aiming to make budget expenditures effective from the start of the fiscal year, large sums of money are still being irregularly transferred toward the end of the year. This practice is often referred to as ‘Asare’ development, or the development in the last month of the fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Financial Comptroller General Office (FCGO), which keeps the records of government’s income and expenditure, state agencies spent up to Rs 6 billion rupees daily in the Nepali month of Jestha (mid-May to mid-June). For instance, on May 16 alone, the government disbursed a budget of Rs 6.47 billion on a single day. This high rate of spending has continued on most of the days since then.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the month of Baishakh (mid-April to mid-May), the Ministry of Finance approved the transfer of approximately Rs 2.5 billion for 30 projects, primarily under the Ministries of Energy, Water Resources and Irrigation, Physical Infrastructure and Transport, Defense, and Urban Development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include budget transfer of Rs 85 million for the Babai Irrigation Project from the Budhi Ganga Hydropower Project and Rs 71.18 million for the Mahakali irrigation project, Rs 30.4 million for the Department of Water and Meteorology, and Rs 20 million for the community-managed agriculture sector projects as well as river control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Significant amounts were also transferred to the Ministry of Defense, including Rs 384.4 million to a military base and Rs 73.34 million to the Directorate General of Military Air Force. The Ministry of Urban Development transferred Rs 199.6 million for the intensive urban program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report from the Office of the Auditor General indicates that Rs 95.29 billion were transferred in FY 2079/80, representing 5.31 percent of the total budget. Notably, Rs 23.1 billion were transferred in the month of Asar (mid-June to mid-July) alone, with Rs 13.82 billion transferred in the last week of the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official from the Ministry of Finance revealed that more than 10 percent of the total expenditure has been transferred so far this year. Funds are often reallocated from unspent programs to those driven by political interests, leading to increased fund transfers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rule 30 of the Financial Procedures and Financial Accountability Regulations, 2077, mandates that payments must be made and expenses accounted for at least 7 days before the fiscal year ends. However, ministries have been found spending contrary to these rules. The Auditor General’s report recommends adhering to the approved program schedule and recording expenditures properly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, Rule 32 of the Financial Procedures and Financial Accountability Regulations, 2077, prohibits fund transfers until the end of the first quarter of the fiscal year. Yet, Rs 33.15 billion were transferred during the first quarter of last year, violating this rule.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Chief Secretary Bimal Koirala emphasizes the need for the government to uphold financial discipline. He argues that reckless spending at the end of the year undermines policy rules and suggests that funds should only be transferred for essential projects, including those of national pride and transformative significance.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20954', 'image' => '20240610014837_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-06-10 13:47:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21227', 'article_category_id' => '1', 'title' => 'Cricketer Sandeep Lamichhane to Play in ICC T20 World Cup ', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lamichhane will take part in the matches against South Africa and Bangladesh to be held in the West Indies, reads a press statement issued by the Cricket Association of Nepal (CAN) on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After being acquitted by the Patan high Court in a rape case, the cricket association had lifted suspension imposed on him from cricket activities on May 1. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAN secretary Paras Khadka, Lamichhane has been included in the Nepali team keeping young bowler Pratish GC as a 'traveling reserve'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Although Sandeep has been in Nepal's official team since May 16, he was denied a US visa and will feature only in Nepal's two matches against South Africa and Bangladesh in the West Indies," the press release stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 2024 Cricket World Cup is being played in the USA and the West Indies. Nepal lost its first match against the Netherlands in the US and will play the second match against Sri Lanka in the US on June 12. After the match, the Nepali team will reach the West Indies to play against South Africa and Bangladesh. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20953', 'image' => '20240610020153_20240111112742_sandeep-lamichhane-in-ipl.jpeg', 'article_date' => '2024-06-10 14:00:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21225', 'article_category_id' => '1', 'title' => 'Why is the Use of Pesticides on Crops Increasing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">PRASHANT KHADKA</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. According to stakeholders, climate change has led to the emergence of new diseases and insects in farmlands, necessitating greater use of pesticides to control them. The 61st annual report of the Office of the Auditor General (OAG) indicates a significant rise in pesticide imports over the past five years.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report highlights that 809 metric tons of pesticides worth Rs 956.1 million were imported in the fiscal year (FY) 2075/76. By FY 2079/80, this increased to 1,183 metric tons valued at Rs 1.69 billion. Manoj Pokharel, a senior officer at the Plant Quarantine and Pesticide Management Center, noted, "Until a few years ago, crops were produced without pesticides. The main reason for the increase is the appearance of new diseases and insects in crops due to climate change."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel explained that about 8-10 years ago, maize crops were not affected by pests. However, now pesticides are required due to armyworm attacks. He added, "There are many crops that can be eradicates if pesticides are not used. The rise in commercial farming has also led to increased pesticide use."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The OAG report also mentions that the increasing use of pesticides adversely affects humans, animals, and the environment. Therefore, it recommends proper management of pesticide import, use, and storage. It suggests enhancing plant clinic programs, Integrated Pest Management (IPM) technology, setting maximum residue limits for pesticides in various crops, and conducting rapid pesticide analysis at various checkpoints.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chhotelal Prasad Thakur, president of the Pesticide Association of Nepal, stated that the climate change has increased the prevalence of pest species, thus increasing pesticide usage. He also noted that the trend of growing unseasonal fruits and vegetables has led to higher pesticide use to protect these crops from diseases.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report details that the number of pesticide registrations increased by 86.83 percent from 2075/76 to 2079/80. Section 3 of the Pesticide Management Act, 2076 mandates that pesticides must be registered, and Section 18 allows only registered pesticides to be imported and used. The Plant Quarantine and Pesticide Management Center has registered 168 pesticides based on common names and 5,807 based on trade names, including fungicides, bactericides, insecticides, rodenticides, and biological pesticides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel emphasized that despite the known adverse effects of pesticides, their import and use continue to rise. However, he believes their use is essential to prevent crop destruction. "We cannot completely eliminate pesticide use, but we can find alternatives. The use of biological pesticides, proper regulation, and reducing misuse can help decrease pesticide usage to some extent," he said.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20952', 'image' => '20240610121942_pesti.jpg', 'article_date' => '2024-06-10 12:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21223', 'article_category_id' => '1', 'title' => 'Tilaurakot to be Enlisted in UNESCO World Heritage Site ', 'sub_title' => '', 'summary' => 'KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site after an on-site visit by a team of the UN’s specialized agency, which aims to promote world peace and security through international cooperation in education, arts, sciences and culture.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tilaurakot, where Prince Siddhartha Gautam spent his early life, was rediscovered in 1899 by P.C. Mukherji. It is situated 29 kilometres west of Lumbini, the birthplace of Lord Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Lumbini Development Trust (LDT), a team of UNESCO is arriving in Nepal in upcoming August for the on-site study of the strategic nomination document of Tilaurakot, prepared by the trust.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Member-Secretary of the trust, Sanuraja Shakya expressed his confidence that Tilaurakot would be enlisted in the World Heritage Sites by coming November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Lumbini Development Trust (LDT) had earlier prepared and submitted the final draft of nomination for enlisting Tilaurakot, Kapilvastu in the list of UNESCO World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After receiving the document, Nepal’s Ambassador to France, Sudheer Bhattarai, who is also Nepal's Permanent Representative to UNESCO, last year handed over the nomination document to the representative of the UNESCO's World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The process to enlist the archeological site to the World Heritage Sites was taken forward in accordance with the government's annual policies and plans for the last and current fiscal years, Member Secretary Shakya told the state-owned RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UNESCO had put the archaeological site, Tilaurakot, in the list of possible world heritage site in 1996. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20950', 'image' => '20240610112222_1024px-Kapilavastu_20181009124608.jpg', 'article_date' => '2024-06-10 11:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21222', 'article_category_id' => '1', 'title' => 'Nepal to Host IDA21 from June 18-21', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has formed three separate committees for the organization, management and coordination of the IDA21 which is considered a crucial event to be organized in Nepal by the World Bank Group. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 21st IDA replenishment is happening amid multiple crises that disrupted development progress and partially reversed decades of gains, the World Bank wrote on its website. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is essential to act quickly to help countries return to the path of eradicating poverty on a livable planet. The proposed overarching theme and focus areas will guide the IDA21 cycle, improving development impact.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Finance Minister's Personal Secretariat, the organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and management and coordination committee under the leadership of the mnistry's Joint Secretary Shreekrishna Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IDA21 will have three sessions including the inaugural session, closed session and closing session. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barsha Man Pun shall chair the closing session. Likewise, Minister for Education, Science and Technology Sumana Shrestha will attend the IDA21 as a speaker. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate the quality of life for millions, the World Bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery," it said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World Bank Group President Ajay Banga, Senior Managing Director for Development Policy and Partnership of the World Bank Group Axel van Trotsenburg, Independent Co-Chair, IDA21 Replenishment Sheku Sambadeen Sesay and other high-level officials are scheduled to visit Nepal to attend the meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Nepal, some 60 donors of the World Bank Group and more than 300 representatives from 90 plus partner countries are also attending the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Nepal said that it was a matter of pleasure for Nepal to organize such a large scale meeting in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizing committee has also expressed confidence that the IDA21 will help Nepal gain diplomatic advantages. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20949', 'image' => '20240610103235_ida.jpg', 'article_date' => '2024-06-10 10:31:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21221', 'article_category_id' => '1', 'title' => 'Beni-Jomsom-Korala Road Sees 80% Physical Progress Over Eight Years', 'sub_title' => '', 'summary' => 'The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 10: The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This road infrastructure, connecting Triveni at the Nepal-India border to China's Korala border point, is considered the "fate line" of Gandaki province due to its significance for infrastructure, economic growth, trade, hydropower, tourism, and religious development.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The project began in 2073 BS (2016 AD) with the goal of upgrading the 202-kilometer road from Maldhunga (Parbat) to the Korala border point (Mustang) via Myagdi and constructing bridges over the rivulets along the route. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Project Chief Dhruba Kumar Jha reported that as of mid-June, the project had reached 80% completion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Originally estimated to cost Rs 10 billion, the project aimed for completion by the fiscal year 2079/80 BS (2022/23 AD). However, the project period has been extended to the fiscal year 2082/83 BS (2025/26 AD) due to delays.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">So far, Rs 6 billion has been spent against the contracted Rs 7 billion for the construction of roads and bridges. Out of the 105 kilometers targeted for blacktopping, 48 kilometers have been blacktopped, 5 kilometers have been cemented, and 85 kilometers have been graveled.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding the 24 motorable bridges planned along the road, contracts have been awarded for 19. Of these, 10 bridges have been completed, and construction is in progress for five more. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Contracts for four bridges have been terminated, and contracts are yet to be made for the remaining five bridges. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20948', 'image' => '20240610094645_collage (29).jpg', 'article_date' => '2024-06-10 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21220', 'article_category_id' => '1', 'title' => 'Essential Parfume Pledges to Bring World-Class Fragrances to Nepal', 'sub_title' => 'Host's PR Event in Nepal Featuring Leading Influencers and Fragrance Experts', 'summary' => 'KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the company said that the event marks the brand’s inaugural event in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The gathering featured Nepal's leading influencers, esteemed clients, and renowned fragrance advisors, making it a landmark occasion in the country's fragrance industry, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Ina Center, the highlight of the event was the keynote address by Geraldine Archambault, the founder and CEO of Essential Parfume Paris. Archambault shared her inspiring fragrance journey and elaborated on the essence of her acclaimed creations, including Divine Vanilla, The Musc, Boise Imperial, Mon Vetiver, Fig Infusion, Patchouli Mania, Orange X Santal, Nice Bergamot, and Rose Magnetic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In an exciting revelation, she announced the upcoming launch of a new fragrance, Nerolic Botanica, set to debut in October 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The PR event in Nepal marks a significant milestone for Essential Parfume as we expand our presence in South Asia," the statement quoted Archambault as saying. "We are thrilled to share our passion for exquisite fragrances with the vibrant community of Nepal and look forward to a fruitful journey ahead."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event underscored Essential Parfume’s commitment to bringing world-class fragrances to Nepal, fostering a deeper appreciation for fine scents among Nepali consumers. The company added that the attendees were treated to an immersive fragrance experience, exploring the unique compositions and artistry behind each fragrance.</span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20947', 'image' => '20240609070611_IMG-20240607-WA0002.jpg', 'article_date' => '2024-06-09 19:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21219', 'article_category_id' => '1', 'title' => 'Mules Stuck in Suspension Bridge Rescued ', 'sub_title' => '', 'summary' => 'Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. Unfortunately, two of the animals died. The mules became trapped when the deck of the bridge tilted, causing their feet to get caught in the holes of the wire mesh that formed the side barrier of the bridge.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred while the mules were crossing a suspension bridge linking Kalekanda in the Achham district and Khidkijyula in the Dailekh district. A part of the bridge's steel mesh deck gave way, trapping the mules since around 11 am on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Deputy Superintendent of Achham Police, Santosh Pathak, explained that the animals were rescued by cutting the wire mesh and dropping them into the river below. "Two mules died during the rescue operation, but we successfully rescued the remaining mules with the help of boats," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The right side of the bridge deck had tilted as the herd of mules was crossing, causing their legs to get stuck in the wire mesh. Teams from the Gorakhbaks Company of the Nepalese Army, the Nepal Police, the Armed Police Force, and local residents were involved in the rescue effort. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20946', 'image' => '20240609065817_SA-Surkhet-27IMG_701copy.jpg', 'article_date' => '2024-06-09 18:57:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21218', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops by 4.59 Points to Close at 2073.19', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 313 scrips were traded on the NEPSE through 69,219 transactions. A total of 10,452,128 units of shares changed hands, resulting in a total turnover of Rs 5.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) led in turnover amount with total transactions of Rs 32 crores. Eastern Hydropower Limited (EHL), Shuvam Power Limited (SPL), Kutheli Bukhari Small Hydropower Limited (KBSH), and City Hotel Limited (CITY) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) shed 10% and hit the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sector indices closed in the red except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Hotels and Tourism Index. The Others Index stayed neutral.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index gained the most at 2.92%, while the Trading Index faced the maximum loss at 1.54%. </span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20945', 'image' => '20240609040854_collage (28).jpg', 'article_date' => '2024-06-09 16:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21216', 'article_category_id' => '1', 'title' => 'Nepal to Upgrade its Status to Developing Nation without meeting Per Capita Income Criteria ', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Bijay Damase</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. This situation presents challenges for Nepal in maintaining its growth and sustainability.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal, classified as a least developed country (LDC) since 1971, will be upgraded to a developing country by December 2026. The United Nations has set three criteria for this transition: gross national income per capita, human capital index, and economic and environmental vulnerability index. A country can be upgraded by meeting two of these three criteria.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Despite its low per capita income, Nepal has accepted its transition to a developing country in 2026. During a five-year transition period, Nepal will continue to enjoy current benefits while seeking alternatives to replace those post-upgrade.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The recently passed 16th Plan of the NPC identifies per capita income growth as a major challenge and outlines strategies to address it. The plan emphasizes the need to boost national income to sustain progress in the human capital index and economic and environmental vulnerability index. According to the periodic plan, Nepal’s per capita income should reach US$1,306 by 2024, but it currently stands at $1,300.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal has surpassed the human capital index target of 66, reaching 76.3. Additionally, it has reduced its economic and environmental vulnerability index from the target of 32 to 29.7.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">To increase per capita income, the plan includes developing entrepreneurship, creating income-earning opportunities through internal employment, increasing remittances by focusing on high-income countries, and enhancing agricultural, industrial, and service sector productivity. It also highlights the need for short- and medium-term skill development and technical training to transform unskilled and semi-skilled workers into competitive manpower.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth is slow, with the National Statistics Office estimating a 3.9 percent growth rate for the current fiscal year. The government aims for 6 percent growth in the upcoming year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Beyond increasing per capita income, Nepal faces challenges in formulating macro and sectoral policies, mitigating impacts on international trade, securing financial resources for development and service delivery, and creating employment opportunities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The National Planning Commission stresses the need for thorough preparation and long-term policies to address these challenges. According to the 16th Plan, Nepal will face issues like expensive loans and subsidy cuts after the upgrade. Special international concessions and assistance currently received will be reduced or gradually phased out, necessitating strategic planning to manage the impacts.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minimizing the impact on international trade will be challenging. Nepal will lose customs and quota-free market access to the developed and developing countries, affecting exports to the European Union, the United Kingdom, China, Japan, Canada, Australia, and South Korea. The export of ready-made garments, textiles, carpets, perfumes, cosmetics, leather products, and metal products will be particularly impacted.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 16th Plan suggests preparing for preferential trade agreements or diversifying exports by improving product competitiveness. The upgrade will also challenge Nepal in managing financial resources for development and service delivery. Development partners' loans will become costlier, and access to funds for LDCs will diminish. High-interest loans with shorter repayment periods will replace subsidized finance, and foreign grants and scholarships will decrease. Nepal must increase internal resources and identify alternative financial assistance sources.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal needs to enhance its internal investment environment and infrastructure. The potential impact on export trade, foreign aid, and development management will also affect employment. To create more job opportunities, the plan recommends studying, researching, and developing goods and services with export potential, and increasing investment in professional skills for the labor force.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yamlal Bhusal, joint secretary at the National Planning Commission, emphasized the need to implement the strategies outlined in the 16th Plan. Some policies and programs have already been incorporated into the budget. Bhusal believes that achieving the targets is feasible if the government follows the plan.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former Secretary Gopinath Mainali highlights the need for structural changes in the economy for meaningful upgrading. He advocates for strengthening infrastructure development, inclusive development, and growth policies and programs. Mainali also suggests that the government should pursue partnerships and cooperation with multinational companies at regional and international levels.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20944', 'image' => '20240609021450_20221116031937_LDC.jpg', 'article_date' => '2024-06-09 14:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21230', 'article_category_id' => '1', 'title' => 'Eight Including Then Chairman of Century Commercial Bank Held ', 'sub_title' => '', 'summary' => 'The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to the Central Investigation Bureau (CIB) of Nepal Police, Sunil Kumar Neupane, Professor Dr. Geeta Pradhan, Ramesh Kumar Niraula, Ran Bahadur Shrestha, Rajesh Kumar Dali, Umakumari Shrestha, and Shivagopal Risal were arrested along with Shrestha. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, the former Chief Executive Officer (CEO) of Century Bank, Manoj Neupane, and Tulsi Gautam, among other employees, were arrested on charges of providing excessive loans against poor mortgages. They were released on March 1.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, Century Bank has merged with Prabhu Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20957', 'image' => '20240610042734_collage (8).jpg', 'article_date' => '2024-06-10 16:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21229', 'article_category_id' => '1', 'title' => 'NEPSE Gains 8.90 Points to Close at 2082.09', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 314 scrips were traded on NEPSE through 71,948 transactions. A total of 11,634,618 units of shares changed hands, resulting in a total turnover of Rs 5.49 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited (NRN) led in turnover with transactions worth Rs 41 crores. Kutheli Bukhari Small Hydropower Project Limited (KBSH) and Trishuli Jal Vidhyut Company Limited (TVCL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Janaki Finance Limited (JFL) faced the maximum loss, declining 8.67% to close at Rs 563 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, the Development Bank Index, Finance Index, Hydropower Index, Investment Index, Manufacturing and Processing Index, Microfinance Index, and Non-Life Insurance closed in the green.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, the Banking Index, Hotels and Tourism Index, Life Insurance, Mutual Fund, Others Index, and Trading Index closed in the red. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Hydropower Index saw the highest gain at 2%, while the Mutual Fund Index incurred the largest loss at 3.74%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20956', 'image' => '20240610033152_collage (7).jpg', 'article_date' => '2024-06-10 15:30:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21228', 'article_category_id' => '1', 'title' => 'Failure to Implement the Law Creating Crisis in Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. This announcement after a number of cooperatives turned problematic, either due to the embezzlement by the cooperative owners or their failure to recover investments. High-profile figures, including Deputy Prime Minister and Home Minister Ravi Lamichhane and other ministers, have also been accused of cooperative fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increasing number of problematic cooperatives, it is evident that billions of rupees need to be arranged immediately to implement the government's announcement. However, the provision of credit guarantee fund in the Cooperative Act, 2074, meant to safeguard savings and credit investments in cooperatives, remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the fund had been established when the Cooperative Act came into force, billions of rupees could have been recovered by now. Yet, even after seven years of the enactment of the Act, the establishment of the fund remains a topic of debate. Section 101 of the Act states, "the government may create a fund for the protection of the savings and loans provided by the organizations with the participation of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Cooperative Regulations, 2075, the guarantee fund protects savings up to Rs 300,000 and loans up to 500,000. There is also a provision in the regulation for compensation from the fund for organizations in trouble.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If the fund had been created according to the provisions of the law, the amount would have reached billions," said one of the directors of the cooperative federation. In 2076, the federation prepared a draft procedure for the operation of the guarantee fund and submitted it to the Ministry of Land Management and Cooperatives. Additionally, the Cooperative Problem Solving Suggestion Task Force recommended the immediate establishment of the guarantee fund last year. However, the fund has not been established.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act, 2074, also envisions a credit information center to exchange information on cooperatives' credit disbursements and blacklist non-paying members. However, this center has not been established, leading to complaints from cooperative owners about individuals taking loans from multiple cooperatives and misusing them. Despite the decision of the National Development Problem Solution Committee, a high-level mechanism to monitor and evaluate the development policies, plans and programmes adopted by the country, to establish a credit information center, facilitated by the Ministry of Finance, the government has yet to finalize its modalities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the Act envisions a debt recovery tribunal to collect the debts of cooperatives. Currently, there is only a Debt Recovery Tribunal for banks and financial institutions recognized by the central bank. Despite the Federal Parliament issuing a new Act 25 years after the Cooperative Act, 2048, to systematically develop the cooperative sector, the failure to implement various structures and policies has left the sector in disarray.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Provisions such as the Savings and Loan Protection Fund, Credit Information Center, and Debt Recovery Tribunal are just a few examples of unimplemented structures despite being stipulated in the Act. Over a dozen structures and legal arrangements meant to manage cooperatives remain unimplemented. The Act also mandates that a person cannot be a member of more than one cooperative of the same nature at a local level and requires those with multiple memberships to choose one within three years. Yet, this provision has not been enforced. Similarly, the prohibition against cooperative directors working as employees in organizations with a turnover of more than Rs 20 million has not been implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gauri Bahadur Karki, the former chairman of the special court, stated that cooperative directors exert political pressure to adapt cooperative laws to their advantage. He noted, "Government employees are also swayed by monetary incentives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Karki, who chaired a high-level commission a decade ago regarding the return of funds embezzled by the cooperatives, had suggested strict regulatory provisions. He emphasized that although the current Act has stricter regulations than the 2048 Act, the government's political alliances with the operators of cooperatives hinder their implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act also includes various funds to strengthen institutions, but they remain unimplemented. The promotion fund, meant to be mobilized through the Ministry of Cooperatives, is stalled, and the Stabilization Fund, established to protect cooperatives in difficult situations, covers only a few organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudarshan Prasad Dhakal, a cooperative expert, criticized the government and cooperative campaigners for using cooperatives as mere tools, claiming that the sector is poorly managed. He argued that without strengthening regulations, implementing provisions like the guarantee fund and debt recovery tribunal is impossible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chandra Prasad Dhakal, president of Nepal Savings and Credit Central Cooperative Association (NEFSCUN), asserted that stakeholders, along with the government, are responsible for implementing the law. He emphasized that many problems in cooperatives could be avoided if structures like debt recovery tribunal, credit information center, and savings and credit guarantee funds were established. However, he insists that financial cooperatives need a separate law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite provisions in the Cooperative Act, the government has struggled to implement key regulatory measures. Since 2075, the government has been applying reference interest rates and setting maximum limits on interest on loans. However, instructions to maintain a 6 percent difference between interest on savings and loans and a 1 percent service charge have not been effectively enforced. Nepal Rastra Bank has been tasked with overseeing cooperatives with capital or turnover exceeding Rs 50 million but has refused to do so, citing the absence of legal authority. The Central Bank Act has recently been amended to grant this authority, but the provision remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Challenges After Federalism</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the country adopting federalism, the regulation of cooperatives has been decentralized to local levels. Cooperatives operating at the local level are regulated locally, those at the regional level are overseen by provinces, and inter-provincial cooperatives are managed by the federal government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pitambar Ghimire, the registrar of the Federal Department of Cooperatives, noted that since all federal, state, and local governments are responsible for regulating cooperatives, the Cooperative Act's implementation has been overlooked. "All governments have the right to register, promote, and regulate cooperatives by issuing separate laws," he said, "Therefore, implementing the Federal Cooperative Act was not a priority."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Recently, the government has shown interest in implementing the Cooperative Act due to the rising number of organizations failing to return the members' savings. The Ministry of Land Management and Cooperatives, which is preparing to form a second-tier regulatory body as announced in the budget, has also initiated the process to establish a credit information center, debt recovery tribunal, and savings and loan protection fund.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20955', 'image' => '20240610023349_cooerativesssss.jpg', 'article_date' => '2024-06-10 14:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21226', 'article_category_id' => '1', 'title' => 'Government Repeatedly Violates Financial Discipline, Spending Billions Daily as Fiscal Year Ends', 'sub_title' => '', 'summary' => 'KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. Despite constitutional provisions aiming to make budget expenditures effective from the start of the fiscal year, large sums of money are still being irregularly transferred toward the end of the year. This practice is often referred to as ‘Asare’ development, or the development in the last month of the fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Financial Comptroller General Office (FCGO), which keeps the records of government’s income and expenditure, state agencies spent up to Rs 6 billion rupees daily in the Nepali month of Jestha (mid-May to mid-June). For instance, on May 16 alone, the government disbursed a budget of Rs 6.47 billion on a single day. This high rate of spending has continued on most of the days since then.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the month of Baishakh (mid-April to mid-May), the Ministry of Finance approved the transfer of approximately Rs 2.5 billion for 30 projects, primarily under the Ministries of Energy, Water Resources and Irrigation, Physical Infrastructure and Transport, Defense, and Urban Development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include budget transfer of Rs 85 million for the Babai Irrigation Project from the Budhi Ganga Hydropower Project and Rs 71.18 million for the Mahakali irrigation project, Rs 30.4 million for the Department of Water and Meteorology, and Rs 20 million for the community-managed agriculture sector projects as well as river control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Significant amounts were also transferred to the Ministry of Defense, including Rs 384.4 million to a military base and Rs 73.34 million to the Directorate General of Military Air Force. The Ministry of Urban Development transferred Rs 199.6 million for the intensive urban program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report from the Office of the Auditor General indicates that Rs 95.29 billion were transferred in FY 2079/80, representing 5.31 percent of the total budget. Notably, Rs 23.1 billion were transferred in the month of Asar (mid-June to mid-July) alone, with Rs 13.82 billion transferred in the last week of the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official from the Ministry of Finance revealed that more than 10 percent of the total expenditure has been transferred so far this year. Funds are often reallocated from unspent programs to those driven by political interests, leading to increased fund transfers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rule 30 of the Financial Procedures and Financial Accountability Regulations, 2077, mandates that payments must be made and expenses accounted for at least 7 days before the fiscal year ends. However, ministries have been found spending contrary to these rules. The Auditor General’s report recommends adhering to the approved program schedule and recording expenditures properly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, Rule 32 of the Financial Procedures and Financial Accountability Regulations, 2077, prohibits fund transfers until the end of the first quarter of the fiscal year. Yet, Rs 33.15 billion were transferred during the first quarter of last year, violating this rule.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Chief Secretary Bimal Koirala emphasizes the need for the government to uphold financial discipline. He argues that reckless spending at the end of the year undermines policy rules and suggests that funds should only be transferred for essential projects, including those of national pride and transformative significance.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20954', 'image' => '20240610014837_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-06-10 13:47:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21227', 'article_category_id' => '1', 'title' => 'Cricketer Sandeep Lamichhane to Play in ICC T20 World Cup ', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lamichhane will take part in the matches against South Africa and Bangladesh to be held in the West Indies, reads a press statement issued by the Cricket Association of Nepal (CAN) on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After being acquitted by the Patan high Court in a rape case, the cricket association had lifted suspension imposed on him from cricket activities on May 1. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAN secretary Paras Khadka, Lamichhane has been included in the Nepali team keeping young bowler Pratish GC as a 'traveling reserve'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Although Sandeep has been in Nepal's official team since May 16, he was denied a US visa and will feature only in Nepal's two matches against South Africa and Bangladesh in the West Indies," the press release stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 2024 Cricket World Cup is being played in the USA and the West Indies. Nepal lost its first match against the Netherlands in the US and will play the second match against Sri Lanka in the US on June 12. After the match, the Nepali team will reach the West Indies to play against South Africa and Bangladesh. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20953', 'image' => '20240610020153_20240111112742_sandeep-lamichhane-in-ipl.jpeg', 'article_date' => '2024-06-10 14:00:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21225', 'article_category_id' => '1', 'title' => 'Why is the Use of Pesticides on Crops Increasing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">PRASHANT KHADKA</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. According to stakeholders, climate change has led to the emergence of new diseases and insects in farmlands, necessitating greater use of pesticides to control them. The 61st annual report of the Office of the Auditor General (OAG) indicates a significant rise in pesticide imports over the past five years.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report highlights that 809 metric tons of pesticides worth Rs 956.1 million were imported in the fiscal year (FY) 2075/76. By FY 2079/80, this increased to 1,183 metric tons valued at Rs 1.69 billion. Manoj Pokharel, a senior officer at the Plant Quarantine and Pesticide Management Center, noted, "Until a few years ago, crops were produced without pesticides. The main reason for the increase is the appearance of new diseases and insects in crops due to climate change."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel explained that about 8-10 years ago, maize crops were not affected by pests. However, now pesticides are required due to armyworm attacks. He added, "There are many crops that can be eradicates if pesticides are not used. The rise in commercial farming has also led to increased pesticide use."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The OAG report also mentions that the increasing use of pesticides adversely affects humans, animals, and the environment. Therefore, it recommends proper management of pesticide import, use, and storage. It suggests enhancing plant clinic programs, Integrated Pest Management (IPM) technology, setting maximum residue limits for pesticides in various crops, and conducting rapid pesticide analysis at various checkpoints.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chhotelal Prasad Thakur, president of the Pesticide Association of Nepal, stated that the climate change has increased the prevalence of pest species, thus increasing pesticide usage. He also noted that the trend of growing unseasonal fruits and vegetables has led to higher pesticide use to protect these crops from diseases.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report details that the number of pesticide registrations increased by 86.83 percent from 2075/76 to 2079/80. Section 3 of the Pesticide Management Act, 2076 mandates that pesticides must be registered, and Section 18 allows only registered pesticides to be imported and used. The Plant Quarantine and Pesticide Management Center has registered 168 pesticides based on common names and 5,807 based on trade names, including fungicides, bactericides, insecticides, rodenticides, and biological pesticides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel emphasized that despite the known adverse effects of pesticides, their import and use continue to rise. However, he believes their use is essential to prevent crop destruction. "We cannot completely eliminate pesticide use, but we can find alternatives. The use of biological pesticides, proper regulation, and reducing misuse can help decrease pesticide usage to some extent," he said.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20952', 'image' => '20240610121942_pesti.jpg', 'article_date' => '2024-06-10 12:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21223', 'article_category_id' => '1', 'title' => 'Tilaurakot to be Enlisted in UNESCO World Heritage Site ', 'sub_title' => '', 'summary' => 'KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site after an on-site visit by a team of the UN’s specialized agency, which aims to promote world peace and security through international cooperation in education, arts, sciences and culture.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tilaurakot, where Prince Siddhartha Gautam spent his early life, was rediscovered in 1899 by P.C. Mukherji. It is situated 29 kilometres west of Lumbini, the birthplace of Lord Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Lumbini Development Trust (LDT), a team of UNESCO is arriving in Nepal in upcoming August for the on-site study of the strategic nomination document of Tilaurakot, prepared by the trust.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Member-Secretary of the trust, Sanuraja Shakya expressed his confidence that Tilaurakot would be enlisted in the World Heritage Sites by coming November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Lumbini Development Trust (LDT) had earlier prepared and submitted the final draft of nomination for enlisting Tilaurakot, Kapilvastu in the list of UNESCO World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After receiving the document, Nepal’s Ambassador to France, Sudheer Bhattarai, who is also Nepal's Permanent Representative to UNESCO, last year handed over the nomination document to the representative of the UNESCO's World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The process to enlist the archeological site to the World Heritage Sites was taken forward in accordance with the government's annual policies and plans for the last and current fiscal years, Member Secretary Shakya told the state-owned RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UNESCO had put the archaeological site, Tilaurakot, in the list of possible world heritage site in 1996. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20950', 'image' => '20240610112222_1024px-Kapilavastu_20181009124608.jpg', 'article_date' => '2024-06-10 11:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21222', 'article_category_id' => '1', 'title' => 'Nepal to Host IDA21 from June 18-21', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has formed three separate committees for the organization, management and coordination of the IDA21 which is considered a crucial event to be organized in Nepal by the World Bank Group. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 21st IDA replenishment is happening amid multiple crises that disrupted development progress and partially reversed decades of gains, the World Bank wrote on its website. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is essential to act quickly to help countries return to the path of eradicating poverty on a livable planet. The proposed overarching theme and focus areas will guide the IDA21 cycle, improving development impact.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Finance Minister's Personal Secretariat, the organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and management and coordination committee under the leadership of the mnistry's Joint Secretary Shreekrishna Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IDA21 will have three sessions including the inaugural session, closed session and closing session. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barsha Man Pun shall chair the closing session. Likewise, Minister for Education, Science and Technology Sumana Shrestha will attend the IDA21 as a speaker. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate the quality of life for millions, the World Bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery," it said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World Bank Group President Ajay Banga, Senior Managing Director for Development Policy and Partnership of the World Bank Group Axel van Trotsenburg, Independent Co-Chair, IDA21 Replenishment Sheku Sambadeen Sesay and other high-level officials are scheduled to visit Nepal to attend the meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Nepal, some 60 donors of the World Bank Group and more than 300 representatives from 90 plus partner countries are also attending the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Nepal said that it was a matter of pleasure for Nepal to organize such a large scale meeting in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizing committee has also expressed confidence that the IDA21 will help Nepal gain diplomatic advantages. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20949', 'image' => '20240610103235_ida.jpg', 'article_date' => '2024-06-10 10:31:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21221', 'article_category_id' => '1', 'title' => 'Beni-Jomsom-Korala Road Sees 80% Physical Progress Over Eight Years', 'sub_title' => '', 'summary' => 'The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 10: The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This road infrastructure, connecting Triveni at the Nepal-India border to China's Korala border point, is considered the "fate line" of Gandaki province due to its significance for infrastructure, economic growth, trade, hydropower, tourism, and religious development.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The project began in 2073 BS (2016 AD) with the goal of upgrading the 202-kilometer road from Maldhunga (Parbat) to the Korala border point (Mustang) via Myagdi and constructing bridges over the rivulets along the route. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Project Chief Dhruba Kumar Jha reported that as of mid-June, the project had reached 80% completion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Originally estimated to cost Rs 10 billion, the project aimed for completion by the fiscal year 2079/80 BS (2022/23 AD). However, the project period has been extended to the fiscal year 2082/83 BS (2025/26 AD) due to delays.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">So far, Rs 6 billion has been spent against the contracted Rs 7 billion for the construction of roads and bridges. Out of the 105 kilometers targeted for blacktopping, 48 kilometers have been blacktopped, 5 kilometers have been cemented, and 85 kilometers have been graveled.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding the 24 motorable bridges planned along the road, contracts have been awarded for 19. Of these, 10 bridges have been completed, and construction is in progress for five more. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Contracts for four bridges have been terminated, and contracts are yet to be made for the remaining five bridges. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20948', 'image' => '20240610094645_collage (29).jpg', 'article_date' => '2024-06-10 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21220', 'article_category_id' => '1', 'title' => 'Essential Parfume Pledges to Bring World-Class Fragrances to Nepal', 'sub_title' => 'Host's PR Event in Nepal Featuring Leading Influencers and Fragrance Experts', 'summary' => 'KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the company said that the event marks the brand’s inaugural event in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The gathering featured Nepal's leading influencers, esteemed clients, and renowned fragrance advisors, making it a landmark occasion in the country's fragrance industry, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Ina Center, the highlight of the event was the keynote address by Geraldine Archambault, the founder and CEO of Essential Parfume Paris. Archambault shared her inspiring fragrance journey and elaborated on the essence of her acclaimed creations, including Divine Vanilla, The Musc, Boise Imperial, Mon Vetiver, Fig Infusion, Patchouli Mania, Orange X Santal, Nice Bergamot, and Rose Magnetic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In an exciting revelation, she announced the upcoming launch of a new fragrance, Nerolic Botanica, set to debut in October 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The PR event in Nepal marks a significant milestone for Essential Parfume as we expand our presence in South Asia," the statement quoted Archambault as saying. "We are thrilled to share our passion for exquisite fragrances with the vibrant community of Nepal and look forward to a fruitful journey ahead."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event underscored Essential Parfume’s commitment to bringing world-class fragrances to Nepal, fostering a deeper appreciation for fine scents among Nepali consumers. The company added that the attendees were treated to an immersive fragrance experience, exploring the unique compositions and artistry behind each fragrance.</span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20947', 'image' => '20240609070611_IMG-20240607-WA0002.jpg', 'article_date' => '2024-06-09 19:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21219', 'article_category_id' => '1', 'title' => 'Mules Stuck in Suspension Bridge Rescued ', 'sub_title' => '', 'summary' => 'Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. Unfortunately, two of the animals died. The mules became trapped when the deck of the bridge tilted, causing their feet to get caught in the holes of the wire mesh that formed the side barrier of the bridge.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred while the mules were crossing a suspension bridge linking Kalekanda in the Achham district and Khidkijyula in the Dailekh district. A part of the bridge's steel mesh deck gave way, trapping the mules since around 11 am on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Deputy Superintendent of Achham Police, Santosh Pathak, explained that the animals were rescued by cutting the wire mesh and dropping them into the river below. "Two mules died during the rescue operation, but we successfully rescued the remaining mules with the help of boats," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The right side of the bridge deck had tilted as the herd of mules was crossing, causing their legs to get stuck in the wire mesh. Teams from the Gorakhbaks Company of the Nepalese Army, the Nepal Police, the Armed Police Force, and local residents were involved in the rescue effort. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20946', 'image' => '20240609065817_SA-Surkhet-27IMG_701copy.jpg', 'article_date' => '2024-06-09 18:57:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21218', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops by 4.59 Points to Close at 2073.19', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 313 scrips were traded on the NEPSE through 69,219 transactions. A total of 10,452,128 units of shares changed hands, resulting in a total turnover of Rs 5.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) led in turnover amount with total transactions of Rs 32 crores. Eastern Hydropower Limited (EHL), Shuvam Power Limited (SPL), Kutheli Bukhari Small Hydropower Limited (KBSH), and City Hotel Limited (CITY) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) shed 10% and hit the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sector indices closed in the red except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Hotels and Tourism Index. The Others Index stayed neutral.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index gained the most at 2.92%, while the Trading Index faced the maximum loss at 1.54%. </span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20945', 'image' => '20240609040854_collage (28).jpg', 'article_date' => '2024-06-09 16:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21216', 'article_category_id' => '1', 'title' => 'Nepal to Upgrade its Status to Developing Nation without meeting Per Capita Income Criteria ', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Bijay Damase</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. This situation presents challenges for Nepal in maintaining its growth and sustainability.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal, classified as a least developed country (LDC) since 1971, will be upgraded to a developing country by December 2026. The United Nations has set three criteria for this transition: gross national income per capita, human capital index, and economic and environmental vulnerability index. A country can be upgraded by meeting two of these three criteria.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Despite its low per capita income, Nepal has accepted its transition to a developing country in 2026. During a five-year transition period, Nepal will continue to enjoy current benefits while seeking alternatives to replace those post-upgrade.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The recently passed 16th Plan of the NPC identifies per capita income growth as a major challenge and outlines strategies to address it. The plan emphasizes the need to boost national income to sustain progress in the human capital index and economic and environmental vulnerability index. According to the periodic plan, Nepal’s per capita income should reach US$1,306 by 2024, but it currently stands at $1,300.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal has surpassed the human capital index target of 66, reaching 76.3. Additionally, it has reduced its economic and environmental vulnerability index from the target of 32 to 29.7.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">To increase per capita income, the plan includes developing entrepreneurship, creating income-earning opportunities through internal employment, increasing remittances by focusing on high-income countries, and enhancing agricultural, industrial, and service sector productivity. It also highlights the need for short- and medium-term skill development and technical training to transform unskilled and semi-skilled workers into competitive manpower.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth is slow, with the National Statistics Office estimating a 3.9 percent growth rate for the current fiscal year. The government aims for 6 percent growth in the upcoming year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Beyond increasing per capita income, Nepal faces challenges in formulating macro and sectoral policies, mitigating impacts on international trade, securing financial resources for development and service delivery, and creating employment opportunities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The National Planning Commission stresses the need for thorough preparation and long-term policies to address these challenges. According to the 16th Plan, Nepal will face issues like expensive loans and subsidy cuts after the upgrade. Special international concessions and assistance currently received will be reduced or gradually phased out, necessitating strategic planning to manage the impacts.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minimizing the impact on international trade will be challenging. Nepal will lose customs and quota-free market access to the developed and developing countries, affecting exports to the European Union, the United Kingdom, China, Japan, Canada, Australia, and South Korea. The export of ready-made garments, textiles, carpets, perfumes, cosmetics, leather products, and metal products will be particularly impacted.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 16th Plan suggests preparing for preferential trade agreements or diversifying exports by improving product competitiveness. The upgrade will also challenge Nepal in managing financial resources for development and service delivery. Development partners' loans will become costlier, and access to funds for LDCs will diminish. High-interest loans with shorter repayment periods will replace subsidized finance, and foreign grants and scholarships will decrease. Nepal must increase internal resources and identify alternative financial assistance sources.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal needs to enhance its internal investment environment and infrastructure. The potential impact on export trade, foreign aid, and development management will also affect employment. To create more job opportunities, the plan recommends studying, researching, and developing goods and services with export potential, and increasing investment in professional skills for the labor force.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yamlal Bhusal, joint secretary at the National Planning Commission, emphasized the need to implement the strategies outlined in the 16th Plan. Some policies and programs have already been incorporated into the budget. Bhusal believes that achieving the targets is feasible if the government follows the plan.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former Secretary Gopinath Mainali highlights the need for structural changes in the economy for meaningful upgrading. He advocates for strengthening infrastructure development, inclusive development, and growth policies and programs. Mainali also suggests that the government should pursue partnerships and cooperation with multinational companies at regional and international levels.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20944', 'image' => '20240609021450_20221116031937_LDC.jpg', 'article_date' => '2024-06-09 14:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21230', 'article_category_id' => '1', 'title' => 'Eight Including Then Chairman of Century Commercial Bank Held ', 'sub_title' => '', 'summary' => 'The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The police have arrested eight individuals, including then chairman of Century Commercial Bank, Rajesh Shrestha, as part of an investigation into a fraud case.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">According to the Central Investigation Bureau (CIB) of Nepal Police, Sunil Kumar Neupane, Professor Dr. Geeta Pradhan, Ramesh Kumar Niraula, Ran Bahadur Shrestha, Rajesh Kumar Dali, Umakumari Shrestha, and Shivagopal Risal were arrested along with Shrestha. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Previously, the former Chief Executive Officer (CEO) of Century Bank, Manoj Neupane, and Tulsi Gautam, among other employees, were arrested on charges of providing excessive loans against poor mortgages. They were released on March 1.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, Century Bank has merged with Prabhu Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20957', 'image' => '20240610042734_collage (8).jpg', 'article_date' => '2024-06-10 16:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21229', 'article_category_id' => '1', 'title' => 'NEPSE Gains 8.90 Points to Close at 2082.09', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 314 scrips were traded on NEPSE through 71,948 transactions. A total of 11,634,618 units of shares changed hands, resulting in a total turnover of Rs 5.49 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited (NRN) led in turnover with transactions worth Rs 41 crores. Kutheli Bukhari Small Hydropower Project Limited (KBSH) and Trishuli Jal Vidhyut Company Limited (TVCL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Janaki Finance Limited (JFL) faced the maximum loss, declining 8.67% to close at Rs 563 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, the Development Bank Index, Finance Index, Hydropower Index, Investment Index, Manufacturing and Processing Index, Microfinance Index, and Non-Life Insurance closed in the green.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, the Banking Index, Hotels and Tourism Index, Life Insurance, Mutual Fund, Others Index, and Trading Index closed in the red. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Hydropower Index saw the highest gain at 2%, while the Mutual Fund Index incurred the largest loss at 3.74%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20956', 'image' => '20240610033152_collage (7).jpg', 'article_date' => '2024-06-10 15:30:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21228', 'article_category_id' => '1', 'title' => 'Failure to Implement the Law Creating Crisis in Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. This announcement after a number of cooperatives turned problematic, either due to the embezzlement by the cooperative owners or their failure to recover investments. High-profile figures, including Deputy Prime Minister and Home Minister Ravi Lamichhane and other ministers, have also been accused of cooperative fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increasing number of problematic cooperatives, it is evident that billions of rupees need to be arranged immediately to implement the government's announcement. However, the provision of credit guarantee fund in the Cooperative Act, 2074, meant to safeguard savings and credit investments in cooperatives, remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the fund had been established when the Cooperative Act came into force, billions of rupees could have been recovered by now. Yet, even after seven years of the enactment of the Act, the establishment of the fund remains a topic of debate. Section 101 of the Act states, "the government may create a fund for the protection of the savings and loans provided by the organizations with the participation of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Cooperative Regulations, 2075, the guarantee fund protects savings up to Rs 300,000 and loans up to 500,000. There is also a provision in the regulation for compensation from the fund for organizations in trouble.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If the fund had been created according to the provisions of the law, the amount would have reached billions," said one of the directors of the cooperative federation. In 2076, the federation prepared a draft procedure for the operation of the guarantee fund and submitted it to the Ministry of Land Management and Cooperatives. Additionally, the Cooperative Problem Solving Suggestion Task Force recommended the immediate establishment of the guarantee fund last year. However, the fund has not been established.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act, 2074, also envisions a credit information center to exchange information on cooperatives' credit disbursements and blacklist non-paying members. However, this center has not been established, leading to complaints from cooperative owners about individuals taking loans from multiple cooperatives and misusing them. Despite the decision of the National Development Problem Solution Committee, a high-level mechanism to monitor and evaluate the development policies, plans and programmes adopted by the country, to establish a credit information center, facilitated by the Ministry of Finance, the government has yet to finalize its modalities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the Act envisions a debt recovery tribunal to collect the debts of cooperatives. Currently, there is only a Debt Recovery Tribunal for banks and financial institutions recognized by the central bank. Despite the Federal Parliament issuing a new Act 25 years after the Cooperative Act, 2048, to systematically develop the cooperative sector, the failure to implement various structures and policies has left the sector in disarray.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Provisions such as the Savings and Loan Protection Fund, Credit Information Center, and Debt Recovery Tribunal are just a few examples of unimplemented structures despite being stipulated in the Act. Over a dozen structures and legal arrangements meant to manage cooperatives remain unimplemented. The Act also mandates that a person cannot be a member of more than one cooperative of the same nature at a local level and requires those with multiple memberships to choose one within three years. Yet, this provision has not been enforced. Similarly, the prohibition against cooperative directors working as employees in organizations with a turnover of more than Rs 20 million has not been implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gauri Bahadur Karki, the former chairman of the special court, stated that cooperative directors exert political pressure to adapt cooperative laws to their advantage. He noted, "Government employees are also swayed by monetary incentives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Karki, who chaired a high-level commission a decade ago regarding the return of funds embezzled by the cooperatives, had suggested strict regulatory provisions. He emphasized that although the current Act has stricter regulations than the 2048 Act, the government's political alliances with the operators of cooperatives hinder their implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act also includes various funds to strengthen institutions, but they remain unimplemented. The promotion fund, meant to be mobilized through the Ministry of Cooperatives, is stalled, and the Stabilization Fund, established to protect cooperatives in difficult situations, covers only a few organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudarshan Prasad Dhakal, a cooperative expert, criticized the government and cooperative campaigners for using cooperatives as mere tools, claiming that the sector is poorly managed. He argued that without strengthening regulations, implementing provisions like the guarantee fund and debt recovery tribunal is impossible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chandra Prasad Dhakal, president of Nepal Savings and Credit Central Cooperative Association (NEFSCUN), asserted that stakeholders, along with the government, are responsible for implementing the law. He emphasized that many problems in cooperatives could be avoided if structures like debt recovery tribunal, credit information center, and savings and credit guarantee funds were established. However, he insists that financial cooperatives need a separate law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite provisions in the Cooperative Act, the government has struggled to implement key regulatory measures. Since 2075, the government has been applying reference interest rates and setting maximum limits on interest on loans. However, instructions to maintain a 6 percent difference between interest on savings and loans and a 1 percent service charge have not been effectively enforced. Nepal Rastra Bank has been tasked with overseeing cooperatives with capital or turnover exceeding Rs 50 million but has refused to do so, citing the absence of legal authority. The Central Bank Act has recently been amended to grant this authority, but the provision remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Challenges After Federalism</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the country adopting federalism, the regulation of cooperatives has been decentralized to local levels. Cooperatives operating at the local level are regulated locally, those at the regional level are overseen by provinces, and inter-provincial cooperatives are managed by the federal government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pitambar Ghimire, the registrar of the Federal Department of Cooperatives, noted that since all federal, state, and local governments are responsible for regulating cooperatives, the Cooperative Act's implementation has been overlooked. "All governments have the right to register, promote, and regulate cooperatives by issuing separate laws," he said, "Therefore, implementing the Federal Cooperative Act was not a priority."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Recently, the government has shown interest in implementing the Cooperative Act due to the rising number of organizations failing to return the members' savings. The Ministry of Land Management and Cooperatives, which is preparing to form a second-tier regulatory body as announced in the budget, has also initiated the process to establish a credit information center, debt recovery tribunal, and savings and loan protection fund.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20955', 'image' => '20240610023349_cooerativesssss.jpg', 'article_date' => '2024-06-10 14:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21226', 'article_category_id' => '1', 'title' => 'Government Repeatedly Violates Financial Discipline, Spending Billions Daily as Fiscal Year Ends', 'sub_title' => '', 'summary' => 'KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. Despite constitutional provisions aiming to make budget expenditures effective from the start of the fiscal year, large sums of money are still being irregularly transferred toward the end of the year. This practice is often referred to as ‘Asare’ development, or the development in the last month of the fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Financial Comptroller General Office (FCGO), which keeps the records of government’s income and expenditure, state agencies spent up to Rs 6 billion rupees daily in the Nepali month of Jestha (mid-May to mid-June). For instance, on May 16 alone, the government disbursed a budget of Rs 6.47 billion on a single day. This high rate of spending has continued on most of the days since then.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the month of Baishakh (mid-April to mid-May), the Ministry of Finance approved the transfer of approximately Rs 2.5 billion for 30 projects, primarily under the Ministries of Energy, Water Resources and Irrigation, Physical Infrastructure and Transport, Defense, and Urban Development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include budget transfer of Rs 85 million for the Babai Irrigation Project from the Budhi Ganga Hydropower Project and Rs 71.18 million for the Mahakali irrigation project, Rs 30.4 million for the Department of Water and Meteorology, and Rs 20 million for the community-managed agriculture sector projects as well as river control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Significant amounts were also transferred to the Ministry of Defense, including Rs 384.4 million to a military base and Rs 73.34 million to the Directorate General of Military Air Force. The Ministry of Urban Development transferred Rs 199.6 million for the intensive urban program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report from the Office of the Auditor General indicates that Rs 95.29 billion were transferred in FY 2079/80, representing 5.31 percent of the total budget. Notably, Rs 23.1 billion were transferred in the month of Asar (mid-June to mid-July) alone, with Rs 13.82 billion transferred in the last week of the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official from the Ministry of Finance revealed that more than 10 percent of the total expenditure has been transferred so far this year. Funds are often reallocated from unspent programs to those driven by political interests, leading to increased fund transfers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rule 30 of the Financial Procedures and Financial Accountability Regulations, 2077, mandates that payments must be made and expenses accounted for at least 7 days before the fiscal year ends. However, ministries have been found spending contrary to these rules. The Auditor General’s report recommends adhering to the approved program schedule and recording expenditures properly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, Rule 32 of the Financial Procedures and Financial Accountability Regulations, 2077, prohibits fund transfers until the end of the first quarter of the fiscal year. Yet, Rs 33.15 billion were transferred during the first quarter of last year, violating this rule.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Chief Secretary Bimal Koirala emphasizes the need for the government to uphold financial discipline. He argues that reckless spending at the end of the year undermines policy rules and suggests that funds should only be transferred for essential projects, including those of national pride and transformative significance.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20954', 'image' => '20240610014837_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-06-10 13:47:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21227', 'article_category_id' => '1', 'title' => 'Cricketer Sandeep Lamichhane to Play in ICC T20 World Cup ', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lamichhane will take part in the matches against South Africa and Bangladesh to be held in the West Indies, reads a press statement issued by the Cricket Association of Nepal (CAN) on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After being acquitted by the Patan high Court in a rape case, the cricket association had lifted suspension imposed on him from cricket activities on May 1. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAN secretary Paras Khadka, Lamichhane has been included in the Nepali team keeping young bowler Pratish GC as a 'traveling reserve'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Although Sandeep has been in Nepal's official team since May 16, he was denied a US visa and will feature only in Nepal's two matches against South Africa and Bangladesh in the West Indies," the press release stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 2024 Cricket World Cup is being played in the USA and the West Indies. Nepal lost its first match against the Netherlands in the US and will play the second match against Sri Lanka in the US on June 12. After the match, the Nepali team will reach the West Indies to play against South Africa and Bangladesh. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20953', 'image' => '20240610020153_20240111112742_sandeep-lamichhane-in-ipl.jpeg', 'article_date' => '2024-06-10 14:00:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21225', 'article_category_id' => '1', 'title' => 'Why is the Use of Pesticides on Crops Increasing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">PRASHANT KHADKA</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. According to stakeholders, climate change has led to the emergence of new diseases and insects in farmlands, necessitating greater use of pesticides to control them. The 61st annual report of the Office of the Auditor General (OAG) indicates a significant rise in pesticide imports over the past five years.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report highlights that 809 metric tons of pesticides worth Rs 956.1 million were imported in the fiscal year (FY) 2075/76. By FY 2079/80, this increased to 1,183 metric tons valued at Rs 1.69 billion. Manoj Pokharel, a senior officer at the Plant Quarantine and Pesticide Management Center, noted, "Until a few years ago, crops were produced without pesticides. The main reason for the increase is the appearance of new diseases and insects in crops due to climate change."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel explained that about 8-10 years ago, maize crops were not affected by pests. However, now pesticides are required due to armyworm attacks. He added, "There are many crops that can be eradicates if pesticides are not used. The rise in commercial farming has also led to increased pesticide use."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The OAG report also mentions that the increasing use of pesticides adversely affects humans, animals, and the environment. Therefore, it recommends proper management of pesticide import, use, and storage. It suggests enhancing plant clinic programs, Integrated Pest Management (IPM) technology, setting maximum residue limits for pesticides in various crops, and conducting rapid pesticide analysis at various checkpoints.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chhotelal Prasad Thakur, president of the Pesticide Association of Nepal, stated that the climate change has increased the prevalence of pest species, thus increasing pesticide usage. He also noted that the trend of growing unseasonal fruits and vegetables has led to higher pesticide use to protect these crops from diseases.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report details that the number of pesticide registrations increased by 86.83 percent from 2075/76 to 2079/80. Section 3 of the Pesticide Management Act, 2076 mandates that pesticides must be registered, and Section 18 allows only registered pesticides to be imported and used. The Plant Quarantine and Pesticide Management Center has registered 168 pesticides based on common names and 5,807 based on trade names, including fungicides, bactericides, insecticides, rodenticides, and biological pesticides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel emphasized that despite the known adverse effects of pesticides, their import and use continue to rise. However, he believes their use is essential to prevent crop destruction. "We cannot completely eliminate pesticide use, but we can find alternatives. The use of biological pesticides, proper regulation, and reducing misuse can help decrease pesticide usage to some extent," he said.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20952', 'image' => '20240610121942_pesti.jpg', 'article_date' => '2024-06-10 12:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21223', 'article_category_id' => '1', 'title' => 'Tilaurakot to be Enlisted in UNESCO World Heritage Site ', 'sub_title' => '', 'summary' => 'KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site after an on-site visit by a team of the UN’s specialized agency, which aims to promote world peace and security through international cooperation in education, arts, sciences and culture.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tilaurakot, where Prince Siddhartha Gautam spent his early life, was rediscovered in 1899 by P.C. Mukherji. It is situated 29 kilometres west of Lumbini, the birthplace of Lord Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Lumbini Development Trust (LDT), a team of UNESCO is arriving in Nepal in upcoming August for the on-site study of the strategic nomination document of Tilaurakot, prepared by the trust.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Member-Secretary of the trust, Sanuraja Shakya expressed his confidence that Tilaurakot would be enlisted in the World Heritage Sites by coming November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Lumbini Development Trust (LDT) had earlier prepared and submitted the final draft of nomination for enlisting Tilaurakot, Kapilvastu in the list of UNESCO World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After receiving the document, Nepal’s Ambassador to France, Sudheer Bhattarai, who is also Nepal's Permanent Representative to UNESCO, last year handed over the nomination document to the representative of the UNESCO's World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The process to enlist the archeological site to the World Heritage Sites was taken forward in accordance with the government's annual policies and plans for the last and current fiscal years, Member Secretary Shakya told the state-owned RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UNESCO had put the archaeological site, Tilaurakot, in the list of possible world heritage site in 1996. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20950', 'image' => '20240610112222_1024px-Kapilavastu_20181009124608.jpg', 'article_date' => '2024-06-10 11:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21222', 'article_category_id' => '1', 'title' => 'Nepal to Host IDA21 from June 18-21', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has formed three separate committees for the organization, management and coordination of the IDA21 which is considered a crucial event to be organized in Nepal by the World Bank Group. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 21st IDA replenishment is happening amid multiple crises that disrupted development progress and partially reversed decades of gains, the World Bank wrote on its website. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is essential to act quickly to help countries return to the path of eradicating poverty on a livable planet. The proposed overarching theme and focus areas will guide the IDA21 cycle, improving development impact.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Finance Minister's Personal Secretariat, the organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and management and coordination committee under the leadership of the mnistry's Joint Secretary Shreekrishna Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IDA21 will have three sessions including the inaugural session, closed session and closing session. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barsha Man Pun shall chair the closing session. Likewise, Minister for Education, Science and Technology Sumana Shrestha will attend the IDA21 as a speaker. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate the quality of life for millions, the World Bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery," it said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World Bank Group President Ajay Banga, Senior Managing Director for Development Policy and Partnership of the World Bank Group Axel van Trotsenburg, Independent Co-Chair, IDA21 Replenishment Sheku Sambadeen Sesay and other high-level officials are scheduled to visit Nepal to attend the meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Nepal, some 60 donors of the World Bank Group and more than 300 representatives from 90 plus partner countries are also attending the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Nepal said that it was a matter of pleasure for Nepal to organize such a large scale meeting in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizing committee has also expressed confidence that the IDA21 will help Nepal gain diplomatic advantages. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20949', 'image' => '20240610103235_ida.jpg', 'article_date' => '2024-06-10 10:31:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21221', 'article_category_id' => '1', 'title' => 'Beni-Jomsom-Korala Road Sees 80% Physical Progress Over Eight Years', 'sub_title' => '', 'summary' => 'The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 10: The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This road infrastructure, connecting Triveni at the Nepal-India border to China's Korala border point, is considered the "fate line" of Gandaki province due to its significance for infrastructure, economic growth, trade, hydropower, tourism, and religious development.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The project began in 2073 BS (2016 AD) with the goal of upgrading the 202-kilometer road from Maldhunga (Parbat) to the Korala border point (Mustang) via Myagdi and constructing bridges over the rivulets along the route. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Project Chief Dhruba Kumar Jha reported that as of mid-June, the project had reached 80% completion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Originally estimated to cost Rs 10 billion, the project aimed for completion by the fiscal year 2079/80 BS (2022/23 AD). However, the project period has been extended to the fiscal year 2082/83 BS (2025/26 AD) due to delays.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">So far, Rs 6 billion has been spent against the contracted Rs 7 billion for the construction of roads and bridges. Out of the 105 kilometers targeted for blacktopping, 48 kilometers have been blacktopped, 5 kilometers have been cemented, and 85 kilometers have been graveled.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding the 24 motorable bridges planned along the road, contracts have been awarded for 19. Of these, 10 bridges have been completed, and construction is in progress for five more. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Contracts for four bridges have been terminated, and contracts are yet to be made for the remaining five bridges. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20948', 'image' => '20240610094645_collage (29).jpg', 'article_date' => '2024-06-10 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21220', 'article_category_id' => '1', 'title' => 'Essential Parfume Pledges to Bring World-Class Fragrances to Nepal', 'sub_title' => 'Host's PR Event in Nepal Featuring Leading Influencers and Fragrance Experts', 'summary' => 'KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the company said that the event marks the brand’s inaugural event in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The gathering featured Nepal's leading influencers, esteemed clients, and renowned fragrance advisors, making it a landmark occasion in the country's fragrance industry, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Ina Center, the highlight of the event was the keynote address by Geraldine Archambault, the founder and CEO of Essential Parfume Paris. Archambault shared her inspiring fragrance journey and elaborated on the essence of her acclaimed creations, including Divine Vanilla, The Musc, Boise Imperial, Mon Vetiver, Fig Infusion, Patchouli Mania, Orange X Santal, Nice Bergamot, and Rose Magnetic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In an exciting revelation, she announced the upcoming launch of a new fragrance, Nerolic Botanica, set to debut in October 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The PR event in Nepal marks a significant milestone for Essential Parfume as we expand our presence in South Asia," the statement quoted Archambault as saying. "We are thrilled to share our passion for exquisite fragrances with the vibrant community of Nepal and look forward to a fruitful journey ahead."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event underscored Essential Parfume’s commitment to bringing world-class fragrances to Nepal, fostering a deeper appreciation for fine scents among Nepali consumers. The company added that the attendees were treated to an immersive fragrance experience, exploring the unique compositions and artistry behind each fragrance.</span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20947', 'image' => '20240609070611_IMG-20240607-WA0002.jpg', 'article_date' => '2024-06-09 19:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21219', 'article_category_id' => '1', 'title' => 'Mules Stuck in Suspension Bridge Rescued ', 'sub_title' => '', 'summary' => 'Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. Unfortunately, two of the animals died. The mules became trapped when the deck of the bridge tilted, causing their feet to get caught in the holes of the wire mesh that formed the side barrier of the bridge.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred while the mules were crossing a suspension bridge linking Kalekanda in the Achham district and Khidkijyula in the Dailekh district. A part of the bridge's steel mesh deck gave way, trapping the mules since around 11 am on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Deputy Superintendent of Achham Police, Santosh Pathak, explained that the animals were rescued by cutting the wire mesh and dropping them into the river below. "Two mules died during the rescue operation, but we successfully rescued the remaining mules with the help of boats," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The right side of the bridge deck had tilted as the herd of mules was crossing, causing their legs to get stuck in the wire mesh. Teams from the Gorakhbaks Company of the Nepalese Army, the Nepal Police, the Armed Police Force, and local residents were involved in the rescue effort. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20946', 'image' => '20240609065817_SA-Surkhet-27IMG_701copy.jpg', 'article_date' => '2024-06-09 18:57:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21218', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops by 4.59 Points to Close at 2073.19', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 313 scrips were traded on the NEPSE through 69,219 transactions. A total of 10,452,128 units of shares changed hands, resulting in a total turnover of Rs 5.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) led in turnover amount with total transactions of Rs 32 crores. Eastern Hydropower Limited (EHL), Shuvam Power Limited (SPL), Kutheli Bukhari Small Hydropower Limited (KBSH), and City Hotel Limited (CITY) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) shed 10% and hit the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sector indices closed in the red except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Hotels and Tourism Index. The Others Index stayed neutral.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index gained the most at 2.92%, while the Trading Index faced the maximum loss at 1.54%. </span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20945', 'image' => '20240609040854_collage (28).jpg', 'article_date' => '2024-06-09 16:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21216', 'article_category_id' => '1', 'title' => 'Nepal to Upgrade its Status to Developing Nation without meeting Per Capita Income Criteria ', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Bijay Damase</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. This situation presents challenges for Nepal in maintaining its growth and sustainability.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal, classified as a least developed country (LDC) since 1971, will be upgraded to a developing country by December 2026. The United Nations has set three criteria for this transition: gross national income per capita, human capital index, and economic and environmental vulnerability index. A country can be upgraded by meeting two of these three criteria.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Despite its low per capita income, Nepal has accepted its transition to a developing country in 2026. During a five-year transition period, Nepal will continue to enjoy current benefits while seeking alternatives to replace those post-upgrade.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The recently passed 16th Plan of the NPC identifies per capita income growth as a major challenge and outlines strategies to address it. The plan emphasizes the need to boost national income to sustain progress in the human capital index and economic and environmental vulnerability index. According to the periodic plan, Nepal’s per capita income should reach US$1,306 by 2024, but it currently stands at $1,300.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal has surpassed the human capital index target of 66, reaching 76.3. Additionally, it has reduced its economic and environmental vulnerability index from the target of 32 to 29.7.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">To increase per capita income, the plan includes developing entrepreneurship, creating income-earning opportunities through internal employment, increasing remittances by focusing on high-income countries, and enhancing agricultural, industrial, and service sector productivity. It also highlights the need for short- and medium-term skill development and technical training to transform unskilled and semi-skilled workers into competitive manpower.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth is slow, with the National Statistics Office estimating a 3.9 percent growth rate for the current fiscal year. The government aims for 6 percent growth in the upcoming year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Beyond increasing per capita income, Nepal faces challenges in formulating macro and sectoral policies, mitigating impacts on international trade, securing financial resources for development and service delivery, and creating employment opportunities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The National Planning Commission stresses the need for thorough preparation and long-term policies to address these challenges. According to the 16th Plan, Nepal will face issues like expensive loans and subsidy cuts after the upgrade. Special international concessions and assistance currently received will be reduced or gradually phased out, necessitating strategic planning to manage the impacts.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minimizing the impact on international trade will be challenging. Nepal will lose customs and quota-free market access to the developed and developing countries, affecting exports to the European Union, the United Kingdom, China, Japan, Canada, Australia, and South Korea. The export of ready-made garments, textiles, carpets, perfumes, cosmetics, leather products, and metal products will be particularly impacted.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 16th Plan suggests preparing for preferential trade agreements or diversifying exports by improving product competitiveness. The upgrade will also challenge Nepal in managing financial resources for development and service delivery. Development partners' loans will become costlier, and access to funds for LDCs will diminish. High-interest loans with shorter repayment periods will replace subsidized finance, and foreign grants and scholarships will decrease. Nepal must increase internal resources and identify alternative financial assistance sources.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal needs to enhance its internal investment environment and infrastructure. The potential impact on export trade, foreign aid, and development management will also affect employment. To create more job opportunities, the plan recommends studying, researching, and developing goods and services with export potential, and increasing investment in professional skills for the labor force.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yamlal Bhusal, joint secretary at the National Planning Commission, emphasized the need to implement the strategies outlined in the 16th Plan. Some policies and programs have already been incorporated into the budget. Bhusal believes that achieving the targets is feasible if the government follows the plan.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former Secretary Gopinath Mainali highlights the need for structural changes in the economy for meaningful upgrading. He advocates for strengthening infrastructure development, inclusive development, and growth policies and programs. Mainali also suggests that the government should pursue partnerships and cooperation with multinational companies at regional and international levels.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20944', 'image' => '20240609021450_20221116031937_LDC.jpg', 'article_date' => '2024-06-09 14:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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They were released on March 1.</span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Currently, Century Bank has merged with Prabhu Bank.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20957', 'image' => '20240610042734_collage (8).jpg', 'article_date' => '2024-06-10 16:26:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 1 => array( 'Article' => array( 'id' => '21229', 'article_category_id' => '1', 'title' => 'NEPSE Gains 8.90 Points to Close at 2082.09', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 10: The Nepal Stock Exchange (NEPSE) Index gained 8.90 points, or 0.42%, closing at 2082.09 on Monday, the second trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 314 scrips were traded on NEPSE through 71,948 transactions. A total of 11,634,618 units of shares changed hands, resulting in a total turnover of Rs 5.49 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NRN Infrastructure and Development Limited (NRN) led in turnover with transactions worth Rs 41 crores. Kutheli Bukhari Small Hydropower Project Limited (KBSH) and Trishuli Jal Vidhyut Company Limited (TVCL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Janaki Finance Limited (JFL) faced the maximum loss, declining 8.67% to close at Rs 563 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, the Development Bank Index, Finance Index, Hydropower Index, Investment Index, Manufacturing and Processing Index, Microfinance Index, and Non-Life Insurance closed in the green.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, the Banking Index, Hotels and Tourism Index, Life Insurance, Mutual Fund, Others Index, and Trading Index closed in the red. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The Hydropower Index saw the highest gain at 2%, while the Mutual Fund Index incurred the largest loss at 3.74%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20956', 'image' => '20240610033152_collage (7).jpg', 'article_date' => '2024-06-10 15:30:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 2 => array( 'Article' => array( 'id' => '21228', 'article_category_id' => '1', 'title' => 'Failure to Implement the Law Creating Crisis in Cooperatives', 'sub_title' => '', 'summary' => 'KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Yadav Humagain</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The federal government has announced in the budget for the upcoming fiscal year (FY) 2080/81 to return the savings of up to Rs 500,000 of the depositors from the collateral of the operators of problematic cooperatives. This announcement after a number of cooperatives turned problematic, either due to the embezzlement by the cooperative owners or their failure to recover investments. High-profile figures, including Deputy Prime Minister and Home Minister Ravi Lamichhane and other ministers, have also been accused of cooperative fraud.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the increasing number of problematic cooperatives, it is evident that billions of rupees need to be arranged immediately to implement the government's announcement. However, the provision of credit guarantee fund in the Cooperative Act, 2074, meant to safeguard savings and credit investments in cooperatives, remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">If the fund had been established when the Cooperative Act came into force, billions of rupees could have been recovered by now. Yet, even after seven years of the enactment of the Act, the establishment of the fund remains a topic of debate. Section 101 of the Act states, "the government may create a fund for the protection of the savings and loans provided by the organizations with the participation of the cooperatives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Cooperative Regulations, 2075, the guarantee fund protects savings up to Rs 300,000 and loans up to 500,000. There is also a provision in the regulation for compensation from the fund for organizations in trouble.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"If the fund had been created according to the provisions of the law, the amount would have reached billions," said one of the directors of the cooperative federation. In 2076, the federation prepared a draft procedure for the operation of the guarantee fund and submitted it to the Ministry of Land Management and Cooperatives. Additionally, the Cooperative Problem Solving Suggestion Task Force recommended the immediate establishment of the guarantee fund last year. However, the fund has not been established.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act, 2074, also envisions a credit information center to exchange information on cooperatives' credit disbursements and blacklist non-paying members. However, this center has not been established, leading to complaints from cooperative owners about individuals taking loans from multiple cooperatives and misusing them. Despite the decision of the National Development Problem Solution Committee, a high-level mechanism to monitor and evaluate the development policies, plans and programmes adopted by the country, to establish a credit information center, facilitated by the Ministry of Finance, the government has yet to finalize its modalities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the Act envisions a debt recovery tribunal to collect the debts of cooperatives. Currently, there is only a Debt Recovery Tribunal for banks and financial institutions recognized by the central bank. Despite the Federal Parliament issuing a new Act 25 years after the Cooperative Act, 2048, to systematically develop the cooperative sector, the failure to implement various structures and policies has left the sector in disarray.</span></span></p> <p> </p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Provisions such as the Savings and Loan Protection Fund, Credit Information Center, and Debt Recovery Tribunal are just a few examples of unimplemented structures despite being stipulated in the Act. Over a dozen structures and legal arrangements meant to manage cooperatives remain unimplemented. The Act also mandates that a person cannot be a member of more than one cooperative of the same nature at a local level and requires those with multiple memberships to choose one within three years. Yet, this provision has not been enforced. Similarly, the prohibition against cooperative directors working as employees in organizations with a turnover of more than Rs 20 million has not been implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Gauri Bahadur Karki, the former chairman of the special court, stated that cooperative directors exert political pressure to adapt cooperative laws to their advantage. He noted, "Government employees are also swayed by monetary incentives."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Karki, who chaired a high-level commission a decade ago regarding the return of funds embezzled by the cooperatives, had suggested strict regulatory provisions. He emphasized that although the current Act has stricter regulations than the 2048 Act, the government's political alliances with the operators of cooperatives hinder their implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Cooperative Act also includes various funds to strengthen institutions, but they remain unimplemented. The promotion fund, meant to be mobilized through the Ministry of Cooperatives, is stalled, and the Stabilization Fund, established to protect cooperatives in difficult situations, covers only a few organizations.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Sudarshan Prasad Dhakal, a cooperative expert, criticized the government and cooperative campaigners for using cooperatives as mere tools, claiming that the sector is poorly managed. He argued that without strengthening regulations, implementing provisions like the guarantee fund and debt recovery tribunal is impossible.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chandra Prasad Dhakal, president of Nepal Savings and Credit Central Cooperative Association (NEFSCUN), asserted that stakeholders, along with the government, are responsible for implementing the law. He emphasized that many problems in cooperatives could be avoided if structures like debt recovery tribunal, credit information center, and savings and credit guarantee funds were established. However, he insists that financial cooperatives need a separate law.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite provisions in the Cooperative Act, the government has struggled to implement key regulatory measures. Since 2075, the government has been applying reference interest rates and setting maximum limits on interest on loans. However, instructions to maintain a 6 percent difference between interest on savings and loans and a 1 percent service charge have not been effectively enforced. Nepal Rastra Bank has been tasked with overseeing cooperatives with capital or turnover exceeding Rs 50 million but has refused to do so, citing the absence of legal authority. The Central Bank Act has recently been amended to grant this authority, but the provision remains unimplemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Challenges After Federalism</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the country adopting federalism, the regulation of cooperatives has been decentralized to local levels. Cooperatives operating at the local level are regulated locally, those at the regional level are overseen by provinces, and inter-provincial cooperatives are managed by the federal government. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pitambar Ghimire, the registrar of the Federal Department of Cooperatives, noted that since all federal, state, and local governments are responsible for regulating cooperatives, the Cooperative Act's implementation has been overlooked. "All governments have the right to register, promote, and regulate cooperatives by issuing separate laws," he said, "Therefore, implementing the Federal Cooperative Act was not a priority."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Recently, the government has shown interest in implementing the Cooperative Act due to the rising number of organizations failing to return the members' savings. The Ministry of Land Management and Cooperatives, which is preparing to form a second-tier regulatory body as announced in the budget, has also initiated the process to establish a credit information center, debt recovery tribunal, and savings and loan protection fund.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20955', 'image' => '20240610023349_cooerativesssss.jpg', 'article_date' => '2024-06-10 14:32:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21226', 'article_category_id' => '1', 'title' => 'Government Repeatedly Violates Financial Discipline, Spending Billions Daily as Fiscal Year Ends', 'sub_title' => '', 'summary' => 'KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">BIJAY DAMASE</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The trend of spending billions of rupees at the end of the fiscal year has continued this year as well. Despite constitutional provisions aiming to make budget expenditures effective from the start of the fiscal year, large sums of money are still being irregularly transferred toward the end of the year. This practice is often referred to as ‘Asare’ development, or the development in the last month of the fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Financial Comptroller General Office (FCGO), which keeps the records of government’s income and expenditure, state agencies spent up to Rs 6 billion rupees daily in the Nepali month of Jestha (mid-May to mid-June). For instance, on May 16 alone, the government disbursed a budget of Rs 6.47 billion on a single day. This high rate of spending has continued on most of the days since then.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the month of Baishakh (mid-April to mid-May), the Ministry of Finance approved the transfer of approximately Rs 2.5 billion for 30 projects, primarily under the Ministries of Energy, Water Resources and Irrigation, Physical Infrastructure and Transport, Defense, and Urban Development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">These include budget transfer of Rs 85 million for the Babai Irrigation Project from the Budhi Ganga Hydropower Project and Rs 71.18 million for the Mahakali irrigation project, Rs 30.4 million for the Department of Water and Meteorology, and Rs 20 million for the community-managed agriculture sector projects as well as river control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Significant amounts were also transferred to the Ministry of Defense, including Rs 384.4 million to a military base and Rs 73.34 million to the Directorate General of Military Air Force. The Ministry of Urban Development transferred Rs 199.6 million for the intensive urban program.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report from the Office of the Auditor General indicates that Rs 95.29 billion were transferred in FY 2079/80, representing 5.31 percent of the total budget. Notably, Rs 23.1 billion were transferred in the month of Asar (mid-June to mid-July) alone, with Rs 13.82 billion transferred in the last week of the review month.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A senior official from the Ministry of Finance revealed that more than 10 percent of the total expenditure has been transferred so far this year. Funds are often reallocated from unspent programs to those driven by political interests, leading to increased fund transfers.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Rule 30 of the Financial Procedures and Financial Accountability Regulations, 2077, mandates that payments must be made and expenses accounted for at least 7 days before the fiscal year ends. However, ministries have been found spending contrary to these rules. The Auditor General’s report recommends adhering to the approved program schedule and recording expenditures properly.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, Rule 32 of the Financial Procedures and Financial Accountability Regulations, 2077, prohibits fund transfers until the end of the first quarter of the fiscal year. Yet, Rs 33.15 billion were transferred during the first quarter of last year, violating this rule.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Former Chief Secretary Bimal Koirala emphasizes the need for the government to uphold financial discipline. He argues that reckless spending at the end of the year undermines policy rules and suggests that funds should only be transferred for essential projects, including those of national pride and transformative significance.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20954', 'image' => '20240610014837_20230313041732_1678585862.Clipboard28.jpg', 'article_date' => '2024-06-10 13:47:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21227', 'article_category_id' => '1', 'title' => 'Cricketer Sandeep Lamichhane to Play in ICC T20 World Cup ', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Nepali cricket team's spinner, Sandeep Lamichhane, is all set to play in the ICC T20 World Cup cricket matchs to be held in West Indies. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lamichhane will take part in the matches against South Africa and Bangladesh to be held in the West Indies, reads a press statement issued by the Cricket Association of Nepal (CAN) on Monday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">After being acquitted by the Patan high Court in a rape case, the cricket association had lifted suspension imposed on him from cricket activities on May 1. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to CAN secretary Paras Khadka, Lamichhane has been included in the Nepali team keeping young bowler Pratish GC as a 'traveling reserve'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Although Sandeep has been in Nepal's official team since May 16, he was denied a US visa and will feature only in Nepal's two matches against South Africa and Bangladesh in the West Indies," the press release stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 2024 Cricket World Cup is being played in the USA and the West Indies. Nepal lost its first match against the Netherlands in the US and will play the second match against Sri Lanka in the US on June 12. After the match, the Nepali team will reach the West Indies to play against South Africa and Bangladesh. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20953', 'image' => '20240610020153_20240111112742_sandeep-lamichhane-in-ipl.jpeg', 'article_date' => '2024-06-10 14:00:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21225', 'article_category_id' => '1', 'title' => 'Why is the Use of Pesticides on Crops Increasing?', 'sub_title' => '', 'summary' => 'KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">PRASHANT KHADKA</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The import of pesticides used in agriculture has been increasing for the last few years. According to stakeholders, climate change has led to the emergence of new diseases and insects in farmlands, necessitating greater use of pesticides to control them. The 61st annual report of the Office of the Auditor General (OAG) indicates a significant rise in pesticide imports over the past five years.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report highlights that 809 metric tons of pesticides worth Rs 956.1 million were imported in the fiscal year (FY) 2075/76. By FY 2079/80, this increased to 1,183 metric tons valued at Rs 1.69 billion. Manoj Pokharel, a senior officer at the Plant Quarantine and Pesticide Management Center, noted, "Until a few years ago, crops were produced without pesticides. The main reason for the increase is the appearance of new diseases and insects in crops due to climate change."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel explained that about 8-10 years ago, maize crops were not affected by pests. However, now pesticides are required due to armyworm attacks. He added, "There are many crops that can be eradicates if pesticides are not used. The rise in commercial farming has also led to increased pesticide use."</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The OAG report also mentions that the increasing use of pesticides adversely affects humans, animals, and the environment. Therefore, it recommends proper management of pesticide import, use, and storage. It suggests enhancing plant clinic programs, Integrated Pest Management (IPM) technology, setting maximum residue limits for pesticides in various crops, and conducting rapid pesticide analysis at various checkpoints.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Chhotelal Prasad Thakur, president of the Pesticide Association of Nepal, stated that the climate change has increased the prevalence of pest species, thus increasing pesticide usage. He also noted that the trend of growing unseasonal fruits and vegetables has led to higher pesticide use to protect these crops from diseases.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The report details that the number of pesticide registrations increased by 86.83 percent from 2075/76 to 2079/80. Section 3 of the Pesticide Management Act, 2076 mandates that pesticides must be registered, and Section 18 allows only registered pesticides to be imported and used. The Plant Quarantine and Pesticide Management Center has registered 168 pesticides based on common names and 5,807 based on trade names, including fungicides, bactericides, insecticides, rodenticides, and biological pesticides.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Pokharel emphasized that despite the known adverse effects of pesticides, their import and use continue to rise. However, he believes their use is essential to prevent crop destruction. "We cannot completely eliminate pesticide use, but we can find alternatives. The use of biological pesticides, proper regulation, and reducing misuse can help decrease pesticide usage to some extent," he said.</span></span></p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20952', 'image' => '20240610121942_pesti.jpg', 'article_date' => '2024-06-10 12:18:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21223', 'article_category_id' => '1', 'title' => 'Tilaurakot to be Enlisted in UNESCO World Heritage Site ', 'sub_title' => '', 'summary' => 'KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Tilaurakot, which is recognized as the capital city of the ancient Shakya kingdom by many scholars, is likely to be listed as a UNESCO World Heritage Site after an on-site visit by a team of the UN’s specialized agency, which aims to promote world peace and security through international cooperation in education, arts, sciences and culture.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Tilaurakot, where Prince Siddhartha Gautam spent his early life, was rediscovered in 1899 by P.C. Mukherji. It is situated 29 kilometres west of Lumbini, the birthplace of Lord Buddha. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Lumbini Development Trust (LDT), a team of UNESCO is arriving in Nepal in upcoming August for the on-site study of the strategic nomination document of Tilaurakot, prepared by the trust.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Member-Secretary of the trust, Sanuraja Shakya expressed his confidence that Tilaurakot would be enlisted in the World Heritage Sites by coming November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Lumbini Development Trust (LDT) had earlier prepared and submitted the final draft of nomination for enlisting Tilaurakot, Kapilvastu in the list of UNESCO World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">After receiving the document, Nepal’s Ambassador to France, Sudheer Bhattarai, who is also Nepal's Permanent Representative to UNESCO, last year handed over the nomination document to the representative of the UNESCO's World Heritage Sites. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The process to enlist the archeological site to the World Heritage Sites was taken forward in accordance with the government's annual policies and plans for the last and current fiscal years, Member Secretary Shakya told the state-owned RSS. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The UNESCO had put the archaeological site, Tilaurakot, in the list of possible world heritage site in 1996. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20950', 'image' => '20240610112222_1024px-Kapilavastu_20181009124608.jpg', 'article_date' => '2024-06-10 11:21:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21222', 'article_category_id' => '1', 'title' => 'Nepal to Host IDA21 from June 18-21', 'sub_title' => '', 'summary' => 'KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The Government of Nepal is preparing to host the third replenishment meeting of the International Development Association (IDA21) from June 18 to 21 in Kathmandu. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Ministry of Finance has formed three separate committees for the organization, management and coordination of the IDA21 which is considered a crucial event to be organized in Nepal by the World Bank Group. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 21st IDA replenishment is happening amid multiple crises that disrupted development progress and partially reversed decades of gains, the World Bank wrote on its website. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It is essential to act quickly to help countries return to the path of eradicating poverty on a livable planet. The proposed overarching theme and focus areas will guide the IDA21 cycle, improving development impact.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Finance Minister's Personal Secretariat, the organizing committee has been formed under the leadership of Finance Secretary Madhu Kumar Marasini and management and coordination committee under the leadership of the mnistry's Joint Secretary Shreekrishna Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Prime Minister Pushpa Kamal Dahal is scheduled to inaugurate the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The IDA21 will have three sessions including the inaugural session, closed session and closing session. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Finance Minister Barsha Man Pun shall chair the closing session. Likewise, Minister for Education, Science and Technology Sumana Shrestha will attend the IDA21 as a speaker. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The World Bank’s International Development Association (IDA) has been a committed partner in South Asia for over six decades, catalyzing transformative change to elevate the quality of life for millions, the World Bank stated. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"In the face of overlapping challenges in the region, the 21st replenishment of IDA (IDA21) is a milestone moment in the journey of South Asia’s development and recovery," it said. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">World Bank Group President Ajay Banga, Senior Managing Director for Development Policy and Partnership of the World Bank Group Axel van Trotsenburg, Independent Co-Chair, IDA21 Replenishment Sheku Sambadeen Sesay and other high-level officials are scheduled to visit Nepal to attend the meeting. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Joint Secretary Nepal, some 60 donors of the World Bank Group and more than 300 representatives from 90 plus partner countries are also attending the IDA21. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary Nepal said that it was a matter of pleasure for Nepal to organize such a large scale meeting in Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The organizing committee has also expressed confidence that the IDA21 will help Nepal gain diplomatic advantages. <em>(With inputs from RSS)</em></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20949', 'image' => '20240610103235_ida.jpg', 'article_date' => '2024-06-10 10:31:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21221', 'article_category_id' => '1', 'title' => 'Beni-Jomsom-Korala Road Sees 80% Physical Progress Over Eight Years', 'sub_title' => '', 'summary' => 'The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 10: The Beni-Jomsom-Korala road project, part of the Kaligandaki corridor, has achieved 80% physical progress in eight years. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This road infrastructure, connecting Triveni at the Nepal-India border to China's Korala border point, is considered the "fate line" of Gandaki province due to its significance for infrastructure, economic growth, trade, hydropower, tourism, and religious development.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The project began in 2073 BS (2016 AD) with the goal of upgrading the 202-kilometer road from Maldhunga (Parbat) to the Korala border point (Mustang) via Myagdi and constructing bridges over the rivulets along the route. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Project Chief Dhruba Kumar Jha reported that as of mid-June, the project had reached 80% completion. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Originally estimated to cost Rs 10 billion, the project aimed for completion by the fiscal year 2079/80 BS (2022/23 AD). However, the project period has been extended to the fiscal year 2082/83 BS (2025/26 AD) due to delays.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">So far, Rs 6 billion has been spent against the contracted Rs 7 billion for the construction of roads and bridges. Out of the 105 kilometers targeted for blacktopping, 48 kilometers have been blacktopped, 5 kilometers have been cemented, and 85 kilometers have been graveled.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Regarding the 24 motorable bridges planned along the road, contracts have been awarded for 19. Of these, 10 bridges have been completed, and construction is in progress for five more. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Contracts for four bridges have been terminated, and contracts are yet to be made for the remaining five bridges. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-10', 'modified' => '2024-06-10', 'keywords' => '', 'description' => '', 'sortorder' => '20948', 'image' => '20240610094645_collage (29).jpg', 'article_date' => '2024-06-10 09:45:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21220', 'article_category_id' => '1', 'title' => 'Essential Parfume Pledges to Bring World-Class Fragrances to Nepal', 'sub_title' => 'Host's PR Event in Nepal Featuring Leading Influencers and Fragrance Experts', 'summary' => 'KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Essential Parfume Paris has made pledged bring world-class fragrances to Nepal by hosting a PR event at Hotel Radisson recently in collaboration with its official distributor in Nepal, Ina Center Nepal Pvt Ltd.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, the company said that the event marks the brand’s inaugural event in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The gathering featured Nepal's leading influencers, esteemed clients, and renowned fragrance advisors, making it a landmark occasion in the country's fragrance industry, the statement added.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Ina Center, the highlight of the event was the keynote address by Geraldine Archambault, the founder and CEO of Essential Parfume Paris. Archambault shared her inspiring fragrance journey and elaborated on the essence of her acclaimed creations, including Divine Vanilla, The Musc, Boise Imperial, Mon Vetiver, Fig Infusion, Patchouli Mania, Orange X Santal, Nice Bergamot, and Rose Magnetic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In an exciting revelation, she announced the upcoming launch of a new fragrance, Nerolic Botanica, set to debut in October 2024.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"The PR event in Nepal marks a significant milestone for Essential Parfume as we expand our presence in South Asia," the statement quoted Archambault as saying. "We are thrilled to share our passion for exquisite fragrances with the vibrant community of Nepal and look forward to a fruitful journey ahead."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The event underscored Essential Parfume’s commitment to bringing world-class fragrances to Nepal, fostering a deeper appreciation for fine scents among Nepali consumers. The company added that the attendees were treated to an immersive fragrance experience, exploring the unique compositions and artistry behind each fragrance.</span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20947', 'image' => '20240609070611_IMG-20240607-WA0002.jpg', 'article_date' => '2024-06-09 19:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21219', 'article_category_id' => '1', 'title' => 'Mules Stuck in Suspension Bridge Rescued ', 'sub_title' => '', 'summary' => 'Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Achham: Eleven of the 13 mules stuck in the middle of a suspension bridge over the Karnali River on Sunday have been rescued alive. Unfortunately, two of the animals died. The mules became trapped when the deck of the bridge tilted, causing their feet to get caught in the holes of the wire mesh that formed the side barrier of the bridge.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The incident occurred while the mules were crossing a suspension bridge linking Kalekanda in the Achham district and Khidkijyula in the Dailekh district. A part of the bridge's steel mesh deck gave way, trapping the mules since around 11 am on Sunday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Deputy Superintendent of Achham Police, Santosh Pathak, explained that the animals were rescued by cutting the wire mesh and dropping them into the river below. "Two mules died during the rescue operation, but we successfully rescued the remaining mules with the help of boats," he said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The right side of the bridge deck had tilted as the herd of mules was crossing, causing their legs to get stuck in the wire mesh. Teams from the Gorakhbaks Company of the Nepalese Army, the Nepal Police, the Armed Police Force, and local residents were involved in the rescue effort. -- RSS</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20946', 'image' => '20240609065817_SA-Surkhet-27IMG_701copy.jpg', 'article_date' => '2024-06-09 18:57:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21218', 'article_category_id' => '1', 'title' => 'NEPSE Index Drops by 4.59 Points to Close at 2073.19', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 9: The Nepal Stock Exchange (NEPSE) witnessed a minimal loss of 4.59 points or 0.22%, closing at 2073.19 on the first trading day of the week on Sunday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">During today's trading session, 313 scrips were traded on the NEPSE through 69,219 transactions. A total of 10,452,128 units of shares changed hands, resulting in a total turnover of Rs 5.18 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">NRN Infrastructure and Development Limited (NRN) led in turnover amount with total transactions of Rs 32 crores. Eastern Hydropower Limited (EHL), Shuvam Power Limited (SPL), Kutheli Bukhari Small Hydropower Limited (KBSH), and City Hotel Limited (CITY) each gained 10% and hit the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Conversely, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) shed 10% and hit the negative circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">In terms of sector indices, all sector indices closed in the red except for the Hydropower Index, Investment Index, Manufacturing and Processing Index, and Hotels and Tourism Index. The Others Index stayed neutral.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Hotels and Tourism Index gained the most at 2.92%, while the Trading Index faced the maximum loss at 1.54%. </span></span></p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20945', 'image' => '20240609040854_collage (28).jpg', 'article_date' => '2024-06-09 16:07:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '21216', 'article_category_id' => '1', 'title' => 'Nepal to Upgrade its Status to Developing Nation without meeting Per Capita Income Criteria ', 'sub_title' => '', 'summary' => 'KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Bijay Damase</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The National Planning Commission has announced that Nepal is the only country in the developing world to be upgraded without meeting the standard for per capita income. This situation presents challenges for Nepal in maintaining its growth and sustainability.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal, classified as a least developed country (LDC) since 1971, will be upgraded to a developing country by December 2026. The United Nations has set three criteria for this transition: gross national income per capita, human capital index, and economic and environmental vulnerability index. A country can be upgraded by meeting two of these three criteria.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Despite its low per capita income, Nepal has accepted its transition to a developing country in 2026. During a five-year transition period, Nepal will continue to enjoy current benefits while seeking alternatives to replace those post-upgrade.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The recently passed 16th Plan of the NPC identifies per capita income growth as a major challenge and outlines strategies to address it. The plan emphasizes the need to boost national income to sustain progress in the human capital index and economic and environmental vulnerability index. According to the periodic plan, Nepal’s per capita income should reach US$1,306 by 2024, but it currently stands at $1,300.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal has surpassed the human capital index target of 66, reaching 76.3. Additionally, it has reduced its economic and environmental vulnerability index from the target of 32 to 29.7.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">To increase per capita income, the plan includes developing entrepreneurship, creating income-earning opportunities through internal employment, increasing remittances by focusing on high-income countries, and enhancing agricultural, industrial, and service sector productivity. It also highlights the need for short- and medium-term skill development and technical training to transform unskilled and semi-skilled workers into competitive manpower.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal’s economic growth is slow, with the National Statistics Office estimating a 3.9 percent growth rate for the current fiscal year. The government aims for 6 percent growth in the upcoming year.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Beyond increasing per capita income, Nepal faces challenges in formulating macro and sectoral policies, mitigating impacts on international trade, securing financial resources for development and service delivery, and creating employment opportunities.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The National Planning Commission stresses the need for thorough preparation and long-term policies to address these challenges. According to the 16th Plan, Nepal will face issues like expensive loans and subsidy cuts after the upgrade. Special international concessions and assistance currently received will be reduced or gradually phased out, necessitating strategic planning to manage the impacts.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Minimizing the impact on international trade will be challenging. Nepal will lose customs and quota-free market access to the developed and developing countries, affecting exports to the European Union, the United Kingdom, China, Japan, Canada, Australia, and South Korea. The export of ready-made garments, textiles, carpets, perfumes, cosmetics, leather products, and metal products will be particularly impacted.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The 16th Plan suggests preparing for preferential trade agreements or diversifying exports by improving product competitiveness. The upgrade will also challenge Nepal in managing financial resources for development and service delivery. Development partners' loans will become costlier, and access to funds for LDCs will diminish. High-interest loans with shorter repayment periods will replace subsidized finance, and foreign grants and scholarships will decrease. Nepal must increase internal resources and identify alternative financial assistance sources.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Nepal needs to enhance its internal investment environment and infrastructure. The potential impact on export trade, foreign aid, and development management will also affect employment. To create more job opportunities, the plan recommends studying, researching, and developing goods and services with export potential, and increasing investment in professional skills for the labor force.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Yamlal Bhusal, joint secretary at the National Planning Commission, emphasized the need to implement the strategies outlined in the 16th Plan. Some policies and programs have already been incorporated into the budget. Bhusal believes that achieving the targets is feasible if the government follows the plan.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former Secretary Gopinath Mainali highlights the need for structural changes in the economy for meaningful upgrading. He advocates for strengthening infrastructure development, inclusive development, and growth policies and programs. Mainali also suggests that the government should pursue partnerships and cooperation with multinational companies at regional and international levels.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20944', 'image' => '20240609021450_20221116031937_LDC.jpg', 'article_date' => '2024-06-09 14:12:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21215', 'article_category_id' => '1', 'title' => 'Growing Attraction of South Asian Countries toward Digital Currency', 'sub_title' => '', 'summary' => 'KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">KATHMANDU: With growing public interest in electronic payments, South Asian countries are increasingly considering issuing digital currencies. While most South Asian nations, including Nepal, are still conducting feasibility studies and technology tests, India has already piloted electronic currency, according to a study report.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As central banks worldwide strive to modernize payment systems, reduce the costs of cash transactions, and enhance financial inclusion through electronic currency, South Asian countries are following suit. This interest is highlighted in a report by the South Asian Financial Inclusion Initiative Project titled "Payment Innovation and Risks in South Asia."</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the report, India introduced a test version of its digital currency, the digital rupee, in November 2022. Other countries in the region are still researching the feasibility of digital currency issuance. Bangladesh Bank is assessing the feasibility, Nepal Rastra Bank is preparing a legal draft, and Pakistan is testing technology for electronic currency transactions. Bhutan, the Maldives, and Sri Lanka are also conducting studies.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The increasing public interest in electronic currencies, including private sector cryptocurrencies, has prompted central banks to explore issuing Central Bank Digital Currencies (CBDCs). The study focused on new innovations and risks in the payment sector within South Asian countries. It noted that the COVID-19 pandemic accelerated the general public's attraction to electronic payments, a trend supported by government initiatives. QR code-based technology has become particularly popular for electronic payments.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In Nepal, both electronic transactions and paper-based payments have increased. Payments made through paper grew by 37 percent from 2018 to 2022. Despite limited access to smartphones and the internet in rural areas, mobile banking transactions without internet have facilitated electronic transactions.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The report highlights that 32.1 percent of the population in South Asian countries lack access to financial services, the highest in Bangladesh at 47.2 percent. In Nepal, 46 percent of the population does not have access to banking services. Additionally, 25.05 percent of women and 20.95 percent of men in the region lack banking access.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Dr. Dilliram Pokharel, deputy spokesperson for Nepal Rastra Bank, informed that the bank formed a steering committee for electronic currency in 2078 under the coordination of Deputy Governor Bam Bahadur Mishra. A committee led by Director Anuj Dahal submitted a feasibility study report in June 2079. Following the report's recommendations, a separate unit has been established in the Payment System Department to work on CBDC development.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The central bank stated that further work on issuing CBDC will continue based on the feasibility study as part of the current fiscal year's monetary policy. NRB Governor Maha Prasad Adhikari has hinted that the central bank aims to issue its own CBDC within three years.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20943', 'image' => '20240609020134_analyticsinsight_import_wp-content_uploads_2020_11_Digital-Currency.jpg', 'article_date' => '2024-06-09 14:00:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21217', 'article_category_id' => '1', 'title' => 'Department of Meteorology Forecasts Heat Wave in Tarai, Urges Precaution ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has warned the possibility of excessive heat in the Tarai region in the coming few days based on an analysis of temperature conditions throughout the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Meteorological Forecasting Division under the department has urged one and all for necessary preparedness and alertness as the temperature is likely to increase later this week. Meteorologist Binu Maharjan said that heat is predicted to intensify especially in Tarai and in Sudurpaschim and Lumbini provinces. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Necessary precaution is advised, as there is the possibility of hot wind and heat wave in the Tarai region until June 10," the Department said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the highest temperature of 44.2 degrees Celsius was recorded recently in Nepalgunj. Similarly, Dhangadhi recorded 44.1 degrees Celsius temperature. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather is currently partly cloudy in the hill areas and clear in the rest of the country. This is due to the effect of local and westerly winds and low pressure area formed around Bihar, India, says the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Later this afternoon, the weather will remain partial and generally cloudy in the hill areas of Koshi, Bagmati and Gandaki provinces and clear in the remaining parts of the country. There is a possibility of light to moderate rain with thunder and lightning at some places in the hill areas of Bagmati, Gandaki and Koshi provinces. There is also possibility of storm in some places of Lumbini, Karnali and Sudurpaschim provinces. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-09', 'modified' => '2024-06-09', 'keywords' => '', 'description' => '', 'sortorder' => '20942', 'image' => '20240609021605_20240423103916_Document.jpg', 'article_date' => '2024-06-09 14:15:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
