NEWS

Swedish Delegation Attending EU-Nepal Business Forum

May 14, 2024 0 1 minutes 32 seconds to read

Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy…

Cabinet Approves Draft of 16th Five-Year Periodic Plan with Ambitious Plans

May 14, 2024 0 5 minutes 22 seconds to read

Kathmandu: The draft of the 16th Five-Year Periodic Plan (2081/82-2085/86) has been sent to the Council of Ministers for final approval.…

Fiscal Federalism Progressing at a Moderate Pace in Nepal: WB Report

May 13, 2024 0 3 minutes 5 seconds to read

Kathmandu: Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s latest…

Nepali Students Spent Over Rs 95 Billion for Education Abroad this Year

May 13, 2024 0 1 minutes 11 seconds to read

Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review…

What's Behind the Wave of Recent Incidents on Boeing Planes?

May 13, 2024 0 5 minutes 15 seconds to read

New York: Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP…

Nepal’s Trade Deficit Tops One Trillion

May 13, 2024 0 2 minutes 24 seconds to read

Kathmandu: Nepal’s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42…

Remittance Inflow Stands at Rs 1082 Billion in Nine Months

May 13, 2024 0 1 minutes 25 seconds to read

Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra…

Finance Minister Assures for Prudent Tax Policy

May 13, 2024 0 1 minutes 30 seconds to read

Finance Minister Barshaman Pun said that there won't be arbitrary changes to the tax rate in the upcoming fiscal year's…

SC Scraps Writ Petitions Filed by Worldlink, Clears Way for ISPs to Pay Royalty to Government

May 13, 2024 0 4 minutes 5 seconds to read

Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government’s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the…

Inflation Moderates to 4.61 Percent in mid-April

May 13, 2024 0 1 minutes 25 seconds to read

Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra…

Current Account and BoP in Surplus, Foreign Exchange Reserves Increase in Current FY

May 13, 2024 0 2 minutes 46 seconds to read

Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra…

Relocation of Valley’s Industries Essential for Better Urbanization: Minister Bhandari

May 12, 2024 0 1 minutes 49 seconds to read

Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley’s industries would contribute to better urbanization. Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs' Federation Nepal at the ministry on…

Spring Ascent: Kami Rita Climbs Mount Everest for a Record 29th Time

May 12, 2024 0 1 minutes 30 seconds to read

Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world's highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on…

NEPSE Closes at 1974.50 with Gain of 8.26 Points

May 12, 2024 0 1 minutes 19 seconds to read

The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 on the first trading day of the week on…

Government's Policies and Programmes Hang in the Balance as NC Continues Parliament Obstruction

May 12, 2024 0 8 minutes 40 seconds to read

Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'id' => '20973',
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			'title' => 'Swedish Delegation Attending EU-Nepal Business Forum   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the visit, Ambassador Thesleff will participate in the second edition of the EU-Nepal Business Forum taking place on May 15-16, and meet with the ministers, including Minister for Foreign Affairs Narayan Kaji Shrestha.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The business delegation includes companies such as Hexagon, Hitachi Energy and Saab.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Since the establishment of diplomatic ties between Sweden and Nepal in June 1960, the bilateral relations have prospered to a strong partnership founded on mutual respect, understanding and friendship over the decades, according to a press release issued by the Swedish Embassy in New Delhi.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The countries have an ongoing cooperation on climate change and matters related to Article 6 of the Paris Agreement.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;By participating in the EU-Nepal Business Forum, Sweden aims to further increase trade between our two nations and explore potential business opportunities involving Swedish and Nepalese companies,&quot; Ambassador Thesleff said, expressing hope that the bilateral cooperation with Nepal would be strengthened on climate action and the advancement of the sustainable development goals. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '20972',
			'article_category_id' => '1',
			'title' => 'Cabinet Approves Draft of 16th Five-Year Periodic Plan with Ambitious Plans   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: The draft of the 16th Five-Year Periodic Plan (2081/82-2085/86) has been sent to the Council of Ministers for final approval. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: A meeting of the Council of Ministes on Tuesday approved the final draft of the 16th Five-Year Periodic Plan (2081/82-2085/86). The National Planning Commission (NPC) had sent the draft of the sixteenth periodic plan with the major goals of &#39;Good Governance, Social Justice and Prosperity&#39; to the Office of the Prime Minister and the Council of Ministers on Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The periodic plan to be implemented from the next fiscal year 2081/82 carries some ambitious targets such as achieving an economic growth rate of 7.3 percent and per capita income of USD 2,413. In the current fiscal year, the projected economic growth rate of Nepal is 3.9 percent and the per capita income is USD 1,456.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the five-year plan targets reducing absolute poverty to 20.3 percent and consumer inflation to 5 percent by the fiscal year 2085/86. Similarly, it also plans to increase Nepal&#39;s human development index to 0.650 from the current 0.601, human wealth index from 76.3 to 78 and to reduce the economic and environmental risk index from 29.7 to 24.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The plan aims to increase the average life expectancy of Nepalis to 73 years from the existing 71.3 years within five years. The number of families with access to a health facility within half an hour&#39;s distance is currently 77 percent, and the target is to increase it to 90 percent, literacy rate to 85 percent and reduce the unemployment rate from 11.4 percent to 5 percent.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan aims to take the hydropower production, which is currently around 3,300 MW, to 11,769 MW within five years. Similarly, access to the Internet will become 90 percent while 85 percent of families will have access to banks and financial institutions.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A goal has been set to bring the rule of law index from 0.52 to 0.80, the global competitiveness index from 52 to 65 and the corruption reduction awareness index from 35 to 43. The periodical plan includes sectoral indicators, transformational strategy and major interventions to achieve the set goals and targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">According to the NPC, the draft has been prepared with transformational programs along with sectoral strategies. The updated planning includes transformational strategies, major interventions and quantitative targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The sectoral headings include Strengthening Macroeconomic Fundamentals and Rapid Economic Growth; Enhancing Production, Productivity and Competitiveness; Decent Job and Productive Employment; Educated, Skilled and Healthy Human Capital Formation; Quality Infrastructure and Integrated Transport Management System; Modern, Sustainable and Systematic Urbanization and Settlements; Social Empowerment, Inclusion and Mobilization and Development and Reinforcement of Provincial and Local Economy and Expansion of Formal Sector.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, Balanced Development for Reducing Poverty and Inequality and Creating an Equitable Society; Efficient Fiscal Management and Capital Expenditure Capacity Enhancement; Governance Reform and Promoting Good Governance&#39; LDC Graduation and Beyond, and Sustainable Development Goals and Green Economy are the other sectoral themes for the 16th Periodic Plan.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As targeted, the revenue-GDP ratio will be increased to 24 per cent from the current ratio of 17.8 percent and the federal expenditure will be increased to 32 per cent in ratio to GDP from 26.5 percent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the 16th periodic plan has targeted not to exceed the sovereign loan from 45 percent of the GDP while the trade deficit would be reduced to 24 per cent in ratio to GDP from 27 per cent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, the inflow of remittance would be maintained between 22 to 24 per cent of the GDP.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The 16th periodic plan has set some ambitious targets for increasing domestic production and productivity including establishing 140 industrial zones, establishing one more special economic zone and increasing the power production and consumption as well.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As planned, electricity worth Rs 41 billion would be exported year-on-year by the end of the 16th periodic plan and the energy sector would be promoted to reduce the overall trade deficit.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan has targeted to create 1.2 million jobs in a year and increase the minimum wages of the workers to Rs 25,000 per month while bringing the number of social security beneficiaries to 2 million.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A plenary meeting of the National Planning Commission held in early May 2023 had approved the 16th five-year periodic plan (2081/82-2085/86).&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The draft of the 16th plan has the objective of maintaining good governance in political, administrative and judicial sectors, maintaining social justice in health, education, employment sectors, and achieving prosperity in social life, economic development and national economy.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The new periodic plan has determined a strategy of achieving good governance, social justice and prosperity through structural transformation by identifying, addressing and resolving structural obstacles seen in development activities.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The structural transformation strategy has incorporated the issues of adopting latest technology and management methods based on research and development, producing decent, productive and inclusive employment.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As per the draft, the government will adopt a policy to run national skill development and employment programs in collaboration with private and non-government sectors while priority would be given for the empowerment of marginalized communities and promoting inclusive employment through affirmative action.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">&quot;Employment will be created within the country by producing skilled and capable human resources through the utilization of demographic dividends in all three-levels of the government,&quot; reads the concept paper of the periodic plan. A strategy has been adopted to identify new destination countries with high returns along with safe and secured work for foreign employment and signing of bilateral labor agreements.</span></p>

<p>&nbsp;</p>
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			'id' => '20971',
			'article_category_id' => '1',
			'title' => 'Fiscal Federalism Progressing at a Moderate Pace in Nepal: WB Report',
			'sub_title' => 'Nepal Fiscal Federalism Update 2024 Recommends Further Reforms to Strengthen Outcomes',
			'summary' => 'Kathmandu: Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s latest report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank&rsquo;s latest report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement on Monday, the World Bank said that the Fiscal Federalism Coordination Division at the Ministry of Finance was designated to coordinate public financial management reform efforts and the preparation and implementation of a Fiscal Federalism Roadmap to enhance the outcomes of fiscal federalism and public financial management including improved revenue generation for all three tiers of government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;According to the World Bank, its latest report provides a comprehensive review of the progress of fiscal federalism in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The recommendations are well aligned with our national-level vision on smoothing the fiscal transfers to help subnational governments carry out their responsibilities effectively. The report also informs and supports our ongoing efforts to clarify responsibilities among the three tiers of government and advance fiscal federalism,&rdquo; the World Bank quoted Chief Secretary Dr. Baikuntha Aryal as saying.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;Building on the first edition of the Nepal Fiscal Federalism Update, the 2024 edition explores in-depth the key pillars of fiscal federalism in Nepal: Revenue Assignment and Administration; Expenditure Assignment and Administration; Inter-Governmental Fiscal Transfers; Borrowing and Capital Finance; and Fiscal Revenue from Natural Resources. It recommends specific measures to upgrade the Inter-Governmental Fiscal Transfer system and establish a consolidated public financial management performance database that includes data from the subnational levels to enhance evidence-based decision making and transparency, the statement added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The report highlights the need to upgrade institutional arrangements for the Intergovernmental Fiscal Transfers system to make the transfers more needs-based and timely, and to increase the fiscal autonomy of provincial and local governments, in order to improve fiscal federalism outcomes,&rdquo; said Balananda Paudel, chairman of the National Natural Resources and Fiscal Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The report also recommends strengthening provincial and local-level institutional arrangements for fiscal federalism and public financial management operations, including actions to improve budget credibility to improve delivery of services by subnational governments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Fiscal Federalism is a foundation for sustained service delivery by provincial and local governments. They need adequate financial resources and the ability to make spending decisions at the subnational level, in the spirit of federalism and the Constitution,&rdquo; said Faris Hadad-Zervos, World Bank&rsquo;s country director for the Maldives, Nepal, and Sri Lanka. &ldquo;The World Bank is committed to supporting the Government of Nepal, in close collaboration with other development partners, to further solidify fiscal federalism in Nepal.&rdquo;</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-13',
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			'description' => '',
			'sortorder' => '20698',
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		'Article' => array(
			'id' => '20970',
			'article_category_id' => '1',
			'title' => 'Nepali Students Spent Over Rs 95 Billion for Education Abroad this Year',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the travel payments under the service account increased 42.5 percent to Rs 143.22 billion, including Rs 95.85 billion for education. Such payments were Rs 100.54 billion and Rs 67.19 billion respectively in the same period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, travel income under the service account increased 40 percent to Rs 60.45 billion in the review period which was Rs 43.17 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As a result, net services income remained at a deficit of Rs 52.23 billion in the review period compared to a deficit of Rs 63.91 billion in the same period of the previous year. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'article_date' => '2024-05-13 14:05:40',
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		'Article' => array(
			'id' => '20967',
			'article_category_id' => '1',
			'title' => 'What's Behind the Wave of Recent Incidents on Boeing Planes?',
			'sub_title' => '',
			'summary' => 'New York:  Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">New York: &nbsp;Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The French news agency published a news report citing experts that the episodes, which follow a near-disastrous panel blowout on an Alaska Airlines jet in January, point to production and maintenance issues. According to the experts, they don&#39;t see an obvious pattern behind the myriad incidents.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Rash of incidents</strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US plane maker has been under scrutiny since January 5, when a Boeing 737 MAX 9 operated by Alaska Airlines made an emergency landing after a fuselage panel blew out, somehow avoiding serious injuries in an incident that safety officials say could have been catastrophic, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">United Airlines has experienced recent issues on various flights involving Boeing planes, as has Southwest Airlines, which in early April had an engine fire on one flight.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, a Boeing 737-300 skidded off a runway in Senegal, resulting in 11 injuries, including four that were serious.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">That followed a Wednesday incident in Istanbul in which a Boeing 767 cargo plane belonging to FedEx landed on its nose after its front landing gear failed to deploy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Such a confluence of incidents is &quot;pretty rare&quot; within air travel, aviation expert Bertrand Vilmer told AFP, describing the myriad &quot;abnormal&quot; problems as reflecting &quot;an alignment of unfavorable planets.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Alternative causes </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation experts usually look to three possible explanations for problems, according to AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There can be a design defect, as with the two fatal crashes on 737 MAX jets in 2018 in Indonesia and 2019 in Ethiopia that involved a flaw in a flight stabilizing system.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation watchers have pointed to a production defect as the likely source of the Alaska Airlines incident, which entailed a Boeing 737 MAX 9 that had only been delivered in October.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A preliminary report by the National Transportation Safety Board published in February found that four bolts meant to help secure the panel that blew off were missing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A third possible cause would be insufficient maintenance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">While design and production are the responsibility of the plane maker, the airline is in charge of keeping up the plane once it receives it, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Once the aircraft is delivered, Boeing has nothing to do with it anymore&quot; in relation to maintenance, Richard Aboulafia of AeroDynamic Advisory told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Safest form of transport? </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Notwithstanding the recent spate of incidents, aviation experts point to a strong safety record overall.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We haven&#39;t had a single casualty in the entire US airline industry in way over a decade, despite millions of people flown,&quot; AFP quoted Aboulafia as saying. &quot;That&#39;s incredible.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aboulafia calls modern flying &quot;the safest form of transport ever created by people,&quot; noting that &quot;everyday, hundreds of people get killed on the roads.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Boeing&#39;s rival, Airbus, has not been completely spared of difficulty. Hundreds of planes produced by the European company are being taken out of service to check for microscopic &quot;contamination&quot; of metals in engines made by Pratt &amp; Whitney.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airbus also had a public dispute with Qatar Airways involving the degradation of exterior plane surfaces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But there have been fewer such issues at Airbus and not one incident that drew a comparable level of attention as Alaska Airlines, experts said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Every incident that has occurred on Boeing airplanes this year has made headlines, suggesting that Boeing airplanes are unsafe,&quot; said a note from equity research firm Bernstein.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The reality is that the number of incidents in the US on Airbus and Boeing airplanes so far this year is proportional to the number of airplanes in the fleets of US carriers.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US commercial fleet currently has about 4,800 planes, with about 60 percent Boeing planes, according to Cirium, an aviation analytics firm. -- AFP</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '20966',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Tops One Trillion',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the total trade deficit decreased by 2.8 percent to Rs 1053.42 billion in the review period against a decline of 17.1 percent in the corresponding period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The export-import ratio remained at 9.8 percent in the review period same as in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, merchandise exports decreased 3.7 percent to Rs 113.95 billion compared to a decrease of 26.3 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India and other countries decreased 6.2 percent and 2.0 percent respectively, whereas exports to China increased 232 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB report, exports of zinc sheet, particle board, juice, polyester yarn and thread, and readymade garments among others increased whereas exports of palm oil, soybean oil, woolen carpet, tea, jute goods among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.8 percent to Rs 1167.37 billion compared to a decrease of 18.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 3.2 percent and 22.6 percent respectively while imports from China increased 33.4 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Imports of transport equipment, vehicle and spare parts, readymade garments, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of gold, crude soybean oil, crude palm oil, petroleum products, rice/paddy among others decreased, the report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on customs points, exports from Bhairahawa, dry port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani customs increased whereas exports from all the other major customs points decreased in the review period. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the import side, imports from dry port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '20965',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow Stands at Rs 1082 Billion in Nine Months',
			'sub_title' => '',
			'summary' => 'Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Sunday reveals that the inflow of remittance to Nepal increased by 19.8 percent in the review period compared to an increase of 24.2 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, inflow of remittance increased 17.7 percent to USD 8.15 billion in the review period compared to an increase of 13.9 percent in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 329,422 while those taking approval for renew entry was 212,721.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the corresponding period of the previous year, workers seeking labour permit for the first time was 387,839 and those seeking to renew their work permits stood at 217,959. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the net transfer increased 17.8 percent to Rs 1174.50 billion in the review period according to the NRB report. Such a transfer had increased 22.8 percent in the same period of the previous year.</span></span></p>
',
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			'sortorder' => '20693',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20969',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures for Prudent Tax Policy',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun said that there won't be arbitrary changes to the tax rate in the upcoming fiscal year's budget.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">May 13: Finance Minister Barshaman Pun said that there won&#39;t be arbitrary changes to the tax rate in the upcoming fiscal year&#39;s budget.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">&nbsp;Pun stated that any adjustments to the tax rate will be made with careful consideration of national interests, rather than catering to interests of specific business houses. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun assured that any changes would be accompanied by a clear rationale and would not disrupt long-term private sector investments. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Additionally, Pun highlighted the government&#39;s commitment to promoting open and transparent business policies and encouraging private sector participation in Nepal&#39;s development journey. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun also addressed concerns regarding the slowdown in the construction sector, promising government efforts to address underlying issues causing the slowdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Moreover, Pun acknowledged the government&#39;s responsibility in addressing past financial liabilities, indicating readiness to manage liabilities amounting to around Rs 600 billion from previous years.</span></span></span></p>
',
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			'created' => '2024-05-13',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20692',
			'image' => '20240513085031_collage (1).jpg',
			'article_date' => '2024-05-13 08:49:11',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20963',
			'article_category_id' => '1',
			'title' => 'SC Scraps Writ Petitions Filed by Worldlink, Clears Way for ISPs to Pay Royalty to Government',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government’s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government&rsquo;s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A division bench of SC Justices Hari Prasad Phuyal and Dr Nahakul Subedi rejected Worldlink&#39;s claim by scrapping the petitions on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the SC&#39;s move, the government now can collect royalty and Rural Telecommunications Development Fees (RTDF) from Worldlink Communications which the ISP had refused to pay.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The SC verdict is likely to add billions of rupees to the state coffers from other ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;As the SC has scrapped the writ petitions, the ISPs must now pay the dues,&rdquo; Govinda Prasad Ghimire, information officer at the Supreme Court, told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government was unable to collect royalty revenue on maintenance charge from the internet service providers (ISPs) since the fiscal year 2072/073 BS, according to the Office of the Auditor General. The ISPs including Worldlink Communications were found to have evaded the tax by misinterpreting the law. However, the ISPs were paying the Rural Telecommunication Development Fee and royalties from the fees collected from customers for providing internet service.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fee and to the government as royalty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Internet Service Providers Association of Nepal (ISPAN) claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations. However, the umbrella body of ISPs maintained that there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The dispute led to the disruption in internet services across the country on May 2 after India&rsquo;s Airtel, which provides bandwidth to Nepali ISPs, stopped providing the bandwidth for six hours citing non-payment of dues by the Nepali ISPs. The ISPs were unable to clear their outstanding dues to Airtel because the Nepal Telecommunications Authority has not recommended foreign exchange facilities to them since a year arguing that they must first pay the Rural Telecommunication Development Fee and royalty. Airtel provided the bandwidth after assurance from the government and the ISPs that they will pay the dues.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Ministry of Communications and Information Technology had formed a study team led by Joint Secretary Gaurav Giri to probe into the tax evasion from the ISPs. The study team pointed out that nine ISPs were liable to pay Rs 3.64 billion in royalty revenue and Rural Telecommunications Development Fees to the government. Under the headings, the Worldlink Communications alone has to pay Rs 1.96 billion.&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, the Nepal Telecommunication Authority, the regulatory body of the telecommunication sector, had published a list of 48 internet service providers (ISPs) in August for not paying the royalty amount and taxes under the heading of the Rural Telecommunication Development Fee. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report published by the NTA in last December, 77 internet service providers had deposited more than Rs 1.67 billion. There are currently 128 internet service provider companies and 23 network service provider companies registered in Nepal.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20964',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.61 Percent in mid-April',
			'sub_title' => '',
			'summary' => 'Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report published by the central bank on Sunday reveals that the food and beverage category inflation stood at 5.21 percent whereas non-food and service category inflation stood at 4.14 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the food and beverage category, the y-o-y price index of spices sub-category increased 22.64 percent, vegetable 16.99 percent, pulses and legumes 10.94 percent, cereal grains and their products 7.59 percent and non-alcholic drinks 6.06 percent in the review month. The y-o-y price index of ghee and oil subcategory decreased 10.10 percent in the review month, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of miscellaneous goods and services sub-category increased 12.81 percent, recreation and culture 12.61 percent and education 7.31 percent in the review month. Meanwhile, the y-o-y price index of transportation sub-category decreased 0.33 percent in the review month, the NRB report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain regions stood at 4.06 percent, 4.58 percent, 5.33 percent and 4.32 percent respectively in the review month. Such inflation in these regions were 8.57 percent, 7.68 percent, 7.01 percent and 7.47 percent respectively a year ago.</span></span></p>
',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20962',
			'article_category_id' => '1',
			'title' => 'Current Account and BoP in Surplus, Foreign Exchange Reserves Increase in Current FY',
			'sub_title' => '',
			'summary' => 'Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday states that the current account, in terms of the US dollar, registered a surplus of 1.35 billion in the review period against a deficit of 468.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 19.2 percent to Rs 4.78 billion and net foreign direct investment (FDI) remained a positive of Rs 6.48 billion, the NRB report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the same period of the previous year, capital transfer amounted to Rs 5.91 billion and net FDI amounted to Rs 2.62 billion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 365.16 billion in the review period against a surplus of Rs 174.28 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, the BOP remained at a surplus of 2.75 billion in the review period against a surplus of 1.32 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank&rsquo;s report further mentions that the gross foreign exchange reserves increased 24.2 percent to Rs 1911.86 billion in mid-April 2024 from Rs 1539.36 billion in mid-July 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US dollar terms, the gross foreign exchange reserves increased 22.7 percent to 14.36 billion in mid-April 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 25.4 percent to Rs 1688.21 billion in mid-April 2024 from Rs 1345.78 billion in mid-July 2023. Likewise, the reserves held by banks and financial institutions (except NRB) increased 15.5 percent to Rs 223.65 billion in mid-April 2024 from Rs 193.59 billion in mid-July 2023, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The share of Indian currency in total reserves stood at 21.6 percent in mid-April 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of nine months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 15 months, and merchandise and services imports of 12.5 months. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 33.5 percent, 104 percent and 28.9 percent respectively in mid-April 2024. Such ratios were 28.8 percent, 83.0 percent and 25.0 percent respectively in mid-July 2023.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '20956',
			'article_category_id' => '1',
			'title' => 'Relocation of Valley’s Industries Essential for Better Urbanization: Minister Bhandari   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley’s industries would contribute to better urbanization.     Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs' Federation Nepal at the ministry on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley&rsquo;s industries would contribute to better urbanization.&nbsp;&nbsp;&nbsp;&nbsp; Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs&#39; Federation Nepal at the ministry on Sunday. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;In the developed countries, industries are located away from urban areas; we can also plan separate safe places for industries,&quot; he reiterated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari suggested the Federation that it adopted new technology as per the need of the time.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to him, we cannot compete in the global market with continuous reliance on import of raw materials. The foreign items must be replaced, he suggested.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A delegation led by the Federation&rsquo;s Chairman Thulo Babu Shrestha met the minister and demanded him to take initiatives to increase custom tariff on import of the products which Nepal itself produces in the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minister assured the delegation that he would coordinate with the Finance Ministry to address the genuine demands. He also pledged ministry&rsquo;s support for adoption of new technology in the grill industries.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Federation put forth seven demands, including creation of atmosphere conducive for business. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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		'Article' => array(
			'id' => '20955',
			'article_category_id' => '1',
			'title' => 'Spring Ascent: Kami Rita Climbs Mount Everest for a Record 29th Time',
			'sub_title' => '',
			'summary' => 'Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world's highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world&#39;s highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sherpa surpassed his previous achievement during the spring expedition of the 8,848.86-meter-high mountain. Originally from Thame village in the Khumbu Pasang Lhamu rural municipality of Solukhumbu district, the 54-year-old record-holder has once again etched his name in history.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rakesh Gurung, director of the Adventure Tourism and Mountaineering Section at the Department of Tourism, confirmed Kami Rita Sherpa&#39;s successful ascent early Sunday morning.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Having first conquered Everest on May 13, 1994, Kami Rita also holds the record for the most ascents of peaks above 8,000 meters.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stands as the sole mountaineer to achieve the highest number of Everest ascents since Tenzing Norgay and Edmund Hillary&#39;s historic climb on May 29, 1953.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following closely in the record-setting spree is Dawa Sherpa of Solukhumbu district, who scaled Everest for the 27th time last spring.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A team of ten Sherpa members, responsible for fixing ropes, ascended Everest on Friday night, paving the way for a total of 414 adventurers who have secured permits to climb Everest this spring season. -- RSS</span></span></p>
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		'Article' => array(
			'id' => '20954',
			'article_category_id' => '1',
			'title' => 'NEPSE Closes at 1974.50 with Gain of 8.26 Points',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 on the first trading day of the week on Sunday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 12: The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 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&rsquo;s trading session, 311 scrips were traded on the NEPSE through 49,764 transactions, with 7,857,031 total shares changing their hands resulting in a total turnover of Rs 3.15 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shangrila Development Bank Limited(SADBL) led the turnover amount with the total transaction of Rs 10 crores. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrijanshil Laghubitta Bittiya Sanstha(SHLB) recorded the highest gain of 10%, hitting the positive circuit for the day and closing ta a market price of Rs 1372 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, Manushi Laghubitta Bittiya Sanstha(MLBS) incurred the maximum loss of 5.44%, closing at a market price of Rs 1200 per share. </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 negative territory except Finance Index, Hotels and Tourism Index and Microfinance Index. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Non-Life Insurance saw the highest gain of 2.64%, while Microfinance Index experienced the most loss at 1.35%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '20953',
			'article_category_id' => '1',
			'title' => 'Government's Policies and Programmes Hang in the Balance as NC Continues Parliament Obstruction',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The government has announced to present its policies and programmes for the next fiscal year (FY) on May 19. The Parliament Secretariat has already announced that President Ram Chandra Paudel will present the government&rsquo;s policies and programmes at the joint meeting of the House of Representatives and the National Assembly to be held at 3 pm on May 19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the rules of the Parliament, the president on behalf of the government must present the government&rsquo;s policies and programmes in the Parliament before announcing the budget. The policies and programmes shed light on the overall policies and priorities of the government for the coming year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">However, the Nepali Congress, which had also blocked the winter session of Parliament demanding an investigation against Deputy Prime Minister and Home Minister Lamichhane, again blocked the budget session of the Parliament which was called for May 10. The Nepali Congress has stuck to its stance of not allowing the House to proceed until a parliamentary committee is formed to investigate Lamichhane. However, the government is not in favor of forming such a committee so far.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Nepali Congress has not yet come up with a clear view on whether or not to allow the President to present the policies and programmes. The Congress leaders have said that a concrete decision on this matter can be taken by the meeting of the Congress parliamentary party called for Monday and that the policies and programmes cannot be presented in the current situation. The official meeting of NC held at the residence of NC President Sher Bahadur Deuba on Saturday also concluded that the government did not want to resume the parliament session.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the meeting, NC General Secretary Gagan Thapa told media persons, &quot;Not only the policies and programmes, but none of the government&#39;s activities can proceed until the parliamentary committee is formed. The conclusion of today&#39;s meeting is that we will not back down until a parliamentary inquiry committee is formed.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Another Congress leader and party spokesperson Dr Prakash Sharan Mahat said that top leaders including the party president are discussing with the prime minister about removing the obstruction of the House. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After Prime Minister Pushpa Kamal Dahal formed a new government with support from the CPN UML and Rashtriya Swatantra Party (RSP) by severing its ties with the Nepali Congress, the right-wing party has strongly opposed the current government. The Nepali Congress has focused its criticism on Deputy Prime Minister and Home Minister Lamichhane than Prime Minister Dahal as the home minister is allegedly involved in co-operative scam.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Government reports have revealed that Lamichhane, who is not a member of Suryadarshan Cooperative, took Rs 10 million from the cooperative. Similarly, police investigation shows that Lamichhane also received money from Supreme Savings and Loan Cooperative Society in Butwal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane has admitted that he is not a member of any of the two cooperatives. A person who is not a member of a cooperative cannot take loans. However, documents show that Lamichhane took loans controversially. Although documents show that the money has been paid back, the cooperatives claim the money has not been deposited yet. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane maintained his innocence saying that someone else opened a fake account in his name and received the money. He also claimed that the police investigation into the scam has revealed that the money was withdrawn without filing the loan request form and those who took away the loan did not provide details of the three generations required to obtain loan. Lamichhane added that the documents also do not have his signature or finger prints.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">He also reiterated in a statement issued on Friday that he is not a co-operative fraudster. Instead, he has announced that if he is found guilty of taking the loan, he is ready to give up politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In response to Lamichhane&#39;s statement, Congress General Secretary Thapa said that he had strong evidence to confirm the allegations against Lamichhane. Thapa added that if he could not prove Lamichhane guilty, he would retire from politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">GB Rai had partnered with Lamichhane to operate Galaxy Four K Television under Gorkha Network Pvt Ltd, of which Lamichhane was the managing director. Now the television has been shut down. According to the government report, the operators of the television including Lamichhane had taken a loan of Rs 300 million from Pokhara&#39;s Suryadarshan Cooperative.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Meanwhile, leaders of the ruling party say that the NC turned against Lamichhane after he refused to support NC&rsquo;s candidate for the post of prime minister.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">UML President and former Prime Minister KP Sharma Oli said at an event held in Kathmandu on Saturday that Lamichhane was labeled as a corrupt member of the cooperative because he rejected the offer made by the Nepali Congress.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Although the ruling parties have agreed to investigate the cooperative sector as a whole, they have not agreed to form a parliamentary committee to investigate Lamichhane. Oli claims that the Nepali Congress will demand the resignation of the Home Minister Lamichhane as soon as such an inquiry committee is formed. If Lamichhane resigns as the Minister of Home Affairs, the ruling coalition is likely to collapse and therefor the ruling parties are hesitant to form a parliamentary probe committee against Lamichhane.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Chief Whip of CPN (Maoist Centre) Hitraj Pandey said that they are ready to investigate the entire cooperative sector including the allegations against Lamichhane. The Congress, on the other hand, has not announced a clear opinion on the matter of having a parliamentary inquiry into the cooperative sector as a whole. As the Parliament remains blocked, the process of making various laws has been interrupted.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Former Speaker Damannath Dhungana says that parties should not hold Parliament hostage. Parliament is the highest platform of the people. Legislation should be focused on the issue of people&#39;s livelihood. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">CPN (UML) chief whip Mahesh Bertaula expressed the hope that since discussions are being held at the top leadership level, the parliament will not be held hostage for long and a solution will be found.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20973',
			'article_category_id' => '1',
			'title' => 'Swedish Delegation Attending EU-Nepal Business Forum   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the visit, Ambassador Thesleff will participate in the second edition of the EU-Nepal Business Forum taking place on May 15-16, and meet with the ministers, including Minister for Foreign Affairs Narayan Kaji Shrestha.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The business delegation includes companies such as Hexagon, Hitachi Energy and Saab.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Since the establishment of diplomatic ties between Sweden and Nepal in June 1960, the bilateral relations have prospered to a strong partnership founded on mutual respect, understanding and friendship over the decades, according to a press release issued by the Swedish Embassy in New Delhi.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The countries have an ongoing cooperation on climate change and matters related to Article 6 of the Paris Agreement.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;By participating in the EU-Nepal Business Forum, Sweden aims to further increase trade between our two nations and explore potential business opportunities involving Swedish and Nepalese companies,&quot; Ambassador Thesleff said, expressing hope that the bilateral cooperation with Nepal would be strengthened on climate action and the advancement of the sustainable development goals. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20700',
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			'article_date' => '2024-05-14 11:04:15',
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		'Article' => array(
			'id' => '20972',
			'article_category_id' => '1',
			'title' => 'Cabinet Approves Draft of 16th Five-Year Periodic Plan with Ambitious Plans   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: The draft of the 16th Five-Year Periodic Plan (2081/82-2085/86) has been sent to the Council of Ministers for final approval. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: A meeting of the Council of Ministes on Tuesday approved the final draft of the 16th Five-Year Periodic Plan (2081/82-2085/86). The National Planning Commission (NPC) had sent the draft of the sixteenth periodic plan with the major goals of &#39;Good Governance, Social Justice and Prosperity&#39; to the Office of the Prime Minister and the Council of Ministers on Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The periodic plan to be implemented from the next fiscal year 2081/82 carries some ambitious targets such as achieving an economic growth rate of 7.3 percent and per capita income of USD 2,413. In the current fiscal year, the projected economic growth rate of Nepal is 3.9 percent and the per capita income is USD 1,456.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the five-year plan targets reducing absolute poverty to 20.3 percent and consumer inflation to 5 percent by the fiscal year 2085/86. Similarly, it also plans to increase Nepal&#39;s human development index to 0.650 from the current 0.601, human wealth index from 76.3 to 78 and to reduce the economic and environmental risk index from 29.7 to 24.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The plan aims to increase the average life expectancy of Nepalis to 73 years from the existing 71.3 years within five years. The number of families with access to a health facility within half an hour&#39;s distance is currently 77 percent, and the target is to increase it to 90 percent, literacy rate to 85 percent and reduce the unemployment rate from 11.4 percent to 5 percent.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan aims to take the hydropower production, which is currently around 3,300 MW, to 11,769 MW within five years. Similarly, access to the Internet will become 90 percent while 85 percent of families will have access to banks and financial institutions.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A goal has been set to bring the rule of law index from 0.52 to 0.80, the global competitiveness index from 52 to 65 and the corruption reduction awareness index from 35 to 43. The periodical plan includes sectoral indicators, transformational strategy and major interventions to achieve the set goals and targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">According to the NPC, the draft has been prepared with transformational programs along with sectoral strategies. The updated planning includes transformational strategies, major interventions and quantitative targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The sectoral headings include Strengthening Macroeconomic Fundamentals and Rapid Economic Growth; Enhancing Production, Productivity and Competitiveness; Decent Job and Productive Employment; Educated, Skilled and Healthy Human Capital Formation; Quality Infrastructure and Integrated Transport Management System; Modern, Sustainable and Systematic Urbanization and Settlements; Social Empowerment, Inclusion and Mobilization and Development and Reinforcement of Provincial and Local Economy and Expansion of Formal Sector.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, Balanced Development for Reducing Poverty and Inequality and Creating an Equitable Society; Efficient Fiscal Management and Capital Expenditure Capacity Enhancement; Governance Reform and Promoting Good Governance&#39; LDC Graduation and Beyond, and Sustainable Development Goals and Green Economy are the other sectoral themes for the 16th Periodic Plan.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As targeted, the revenue-GDP ratio will be increased to 24 per cent from the current ratio of 17.8 percent and the federal expenditure will be increased to 32 per cent in ratio to GDP from 26.5 percent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the 16th periodic plan has targeted not to exceed the sovereign loan from 45 percent of the GDP while the trade deficit would be reduced to 24 per cent in ratio to GDP from 27 per cent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, the inflow of remittance would be maintained between 22 to 24 per cent of the GDP.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The 16th periodic plan has set some ambitious targets for increasing domestic production and productivity including establishing 140 industrial zones, establishing one more special economic zone and increasing the power production and consumption as well.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As planned, electricity worth Rs 41 billion would be exported year-on-year by the end of the 16th periodic plan and the energy sector would be promoted to reduce the overall trade deficit.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan has targeted to create 1.2 million jobs in a year and increase the minimum wages of the workers to Rs 25,000 per month while bringing the number of social security beneficiaries to 2 million.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A plenary meeting of the National Planning Commission held in early May 2023 had approved the 16th five-year periodic plan (2081/82-2085/86).&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The draft of the 16th plan has the objective of maintaining good governance in political, administrative and judicial sectors, maintaining social justice in health, education, employment sectors, and achieving prosperity in social life, economic development and national economy.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The new periodic plan has determined a strategy of achieving good governance, social justice and prosperity through structural transformation by identifying, addressing and resolving structural obstacles seen in development activities.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The structural transformation strategy has incorporated the issues of adopting latest technology and management methods based on research and development, producing decent, productive and inclusive employment.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As per the draft, the government will adopt a policy to run national skill development and employment programs in collaboration with private and non-government sectors while priority would be given for the empowerment of marginalized communities and promoting inclusive employment through affirmative action.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">&quot;Employment will be created within the country by producing skilled and capable human resources through the utilization of demographic dividends in all three-levels of the government,&quot; reads the concept paper of the periodic plan. A strategy has been adopted to identify new destination countries with high returns along with safe and secured work for foreign employment and signing of bilateral labor agreements.</span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20971',
			'article_category_id' => '1',
			'title' => 'Fiscal Federalism Progressing at a Moderate Pace in Nepal: WB Report',
			'sub_title' => 'Nepal Fiscal Federalism Update 2024 Recommends Further Reforms to Strengthen Outcomes',
			'summary' => 'Kathmandu: Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s latest report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank&rsquo;s latest report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement on Monday, the World Bank said that the Fiscal Federalism Coordination Division at the Ministry of Finance was designated to coordinate public financial management reform efforts and the preparation and implementation of a Fiscal Federalism Roadmap to enhance the outcomes of fiscal federalism and public financial management including improved revenue generation for all three tiers of government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;According to the World Bank, its latest report provides a comprehensive review of the progress of fiscal federalism in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The recommendations are well aligned with our national-level vision on smoothing the fiscal transfers to help subnational governments carry out their responsibilities effectively. The report also informs and supports our ongoing efforts to clarify responsibilities among the three tiers of government and advance fiscal federalism,&rdquo; the World Bank quoted Chief Secretary Dr. Baikuntha Aryal as saying.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;Building on the first edition of the Nepal Fiscal Federalism Update, the 2024 edition explores in-depth the key pillars of fiscal federalism in Nepal: Revenue Assignment and Administration; Expenditure Assignment and Administration; Inter-Governmental Fiscal Transfers; Borrowing and Capital Finance; and Fiscal Revenue from Natural Resources. It recommends specific measures to upgrade the Inter-Governmental Fiscal Transfer system and establish a consolidated public financial management performance database that includes data from the subnational levels to enhance evidence-based decision making and transparency, the statement added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The report highlights the need to upgrade institutional arrangements for the Intergovernmental Fiscal Transfers system to make the transfers more needs-based and timely, and to increase the fiscal autonomy of provincial and local governments, in order to improve fiscal federalism outcomes,&rdquo; said Balananda Paudel, chairman of the National Natural Resources and Fiscal Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The report also recommends strengthening provincial and local-level institutional arrangements for fiscal federalism and public financial management operations, including actions to improve budget credibility to improve delivery of services by subnational governments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Fiscal Federalism is a foundation for sustained service delivery by provincial and local governments. They need adequate financial resources and the ability to make spending decisions at the subnational level, in the spirit of federalism and the Constitution,&rdquo; said Faris Hadad-Zervos, World Bank&rsquo;s country director for the Maldives, Nepal, and Sri Lanka. &ldquo;The World Bank is committed to supporting the Government of Nepal, in close collaboration with other development partners, to further solidify fiscal federalism in Nepal.&rdquo;</span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-05-13',
			'modified' => '2024-05-13',
			'keywords' => 'World, Bank, Nepal, Fiscal, Federalism, update, report',
			'description' => '',
			'sortorder' => '20698',
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		'Article' => array(
			'id' => '20970',
			'article_category_id' => '1',
			'title' => 'Nepali Students Spent Over Rs 95 Billion for Education Abroad this Year',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the travel payments under the service account increased 42.5 percent to Rs 143.22 billion, including Rs 95.85 billion for education. Such payments were Rs 100.54 billion and Rs 67.19 billion respectively in the same period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, travel income under the service account increased 40 percent to Rs 60.45 billion in the review period which was Rs 43.17 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As a result, net services income remained at a deficit of Rs 52.23 billion in the review period compared to a deficit of Rs 63.91 billion in the same period of the previous year. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '20697',
			'image' => '20240513020732_20231217112227_20230313020040_foreign education.jpg',
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		'Article' => array(
			'id' => '20967',
			'article_category_id' => '1',
			'title' => 'What's Behind the Wave of Recent Incidents on Boeing Planes?',
			'sub_title' => '',
			'summary' => 'New York:  Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">New York: &nbsp;Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The French news agency published a news report citing experts that the episodes, which follow a near-disastrous panel blowout on an Alaska Airlines jet in January, point to production and maintenance issues. According to the experts, they don&#39;t see an obvious pattern behind the myriad incidents.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Rash of incidents</strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US plane maker has been under scrutiny since January 5, when a Boeing 737 MAX 9 operated by Alaska Airlines made an emergency landing after a fuselage panel blew out, somehow avoiding serious injuries in an incident that safety officials say could have been catastrophic, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">United Airlines has experienced recent issues on various flights involving Boeing planes, as has Southwest Airlines, which in early April had an engine fire on one flight.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, a Boeing 737-300 skidded off a runway in Senegal, resulting in 11 injuries, including four that were serious.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">That followed a Wednesday incident in Istanbul in which a Boeing 767 cargo plane belonging to FedEx landed on its nose after its front landing gear failed to deploy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Such a confluence of incidents is &quot;pretty rare&quot; within air travel, aviation expert Bertrand Vilmer told AFP, describing the myriad &quot;abnormal&quot; problems as reflecting &quot;an alignment of unfavorable planets.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Alternative causes </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation experts usually look to three possible explanations for problems, according to AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There can be a design defect, as with the two fatal crashes on 737 MAX jets in 2018 in Indonesia and 2019 in Ethiopia that involved a flaw in a flight stabilizing system.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation watchers have pointed to a production defect as the likely source of the Alaska Airlines incident, which entailed a Boeing 737 MAX 9 that had only been delivered in October.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A preliminary report by the National Transportation Safety Board published in February found that four bolts meant to help secure the panel that blew off were missing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A third possible cause would be insufficient maintenance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">While design and production are the responsibility of the plane maker, the airline is in charge of keeping up the plane once it receives it, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Once the aircraft is delivered, Boeing has nothing to do with it anymore&quot; in relation to maintenance, Richard Aboulafia of AeroDynamic Advisory told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Safest form of transport? </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Notwithstanding the recent spate of incidents, aviation experts point to a strong safety record overall.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We haven&#39;t had a single casualty in the entire US airline industry in way over a decade, despite millions of people flown,&quot; AFP quoted Aboulafia as saying. &quot;That&#39;s incredible.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aboulafia calls modern flying &quot;the safest form of transport ever created by people,&quot; noting that &quot;everyday, hundreds of people get killed on the roads.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Boeing&#39;s rival, Airbus, has not been completely spared of difficulty. Hundreds of planes produced by the European company are being taken out of service to check for microscopic &quot;contamination&quot; of metals in engines made by Pratt &amp; Whitney.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airbus also had a public dispute with Qatar Airways involving the degradation of exterior plane surfaces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But there have been fewer such issues at Airbus and not one incident that drew a comparable level of attention as Alaska Airlines, experts said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Every incident that has occurred on Boeing airplanes this year has made headlines, suggesting that Boeing airplanes are unsafe,&quot; said a note from equity research firm Bernstein.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The reality is that the number of incidents in the US on Airbus and Boeing airplanes so far this year is proportional to the number of airplanes in the fleets of US carriers.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US commercial fleet currently has about 4,800 planes, with about 60 percent Boeing planes, according to Cirium, an aviation analytics firm. -- AFP</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '20966',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Tops One Trillion',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the total trade deficit decreased by 2.8 percent to Rs 1053.42 billion in the review period against a decline of 17.1 percent in the corresponding period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The export-import ratio remained at 9.8 percent in the review period same as in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, merchandise exports decreased 3.7 percent to Rs 113.95 billion compared to a decrease of 26.3 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India and other countries decreased 6.2 percent and 2.0 percent respectively, whereas exports to China increased 232 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB report, exports of zinc sheet, particle board, juice, polyester yarn and thread, and readymade garments among others increased whereas exports of palm oil, soybean oil, woolen carpet, tea, jute goods among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.8 percent to Rs 1167.37 billion compared to a decrease of 18.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 3.2 percent and 22.6 percent respectively while imports from China increased 33.4 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Imports of transport equipment, vehicle and spare parts, readymade garments, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of gold, crude soybean oil, crude palm oil, petroleum products, rice/paddy among others decreased, the report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on customs points, exports from Bhairahawa, dry port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani customs increased whereas exports from all the other major customs points decreased in the review period. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the import side, imports from dry port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '20965',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow Stands at Rs 1082 Billion in Nine Months',
			'sub_title' => '',
			'summary' => 'Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Sunday reveals that the inflow of remittance to Nepal increased by 19.8 percent in the review period compared to an increase of 24.2 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, inflow of remittance increased 17.7 percent to USD 8.15 billion in the review period compared to an increase of 13.9 percent in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 329,422 while those taking approval for renew entry was 212,721.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the corresponding period of the previous year, workers seeking labour permit for the first time was 387,839 and those seeking to renew their work permits stood at 217,959. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the net transfer increased 17.8 percent to Rs 1174.50 billion in the review period according to the NRB report. Such a transfer had increased 22.8 percent in the same period of the previous year.</span></span></p>
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			'sortorder' => '20693',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20969',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures for Prudent Tax Policy',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun said that there won't be arbitrary changes to the tax rate in the upcoming fiscal year's budget.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">May 13: Finance Minister Barshaman Pun said that there won&#39;t be arbitrary changes to the tax rate in the upcoming fiscal year&#39;s budget.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">&nbsp;Pun stated that any adjustments to the tax rate will be made with careful consideration of national interests, rather than catering to interests of specific business houses. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun assured that any changes would be accompanied by a clear rationale and would not disrupt long-term private sector investments. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Additionally, Pun highlighted the government&#39;s commitment to promoting open and transparent business policies and encouraging private sector participation in Nepal&#39;s development journey. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun also addressed concerns regarding the slowdown in the construction sector, promising government efforts to address underlying issues causing the slowdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Moreover, Pun acknowledged the government&#39;s responsibility in addressing past financial liabilities, indicating readiness to manage liabilities amounting to around Rs 600 billion from previous years.</span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20692',
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			'article_date' => '2024-05-13 08:49:11',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20963',
			'article_category_id' => '1',
			'title' => 'SC Scraps Writ Petitions Filed by Worldlink, Clears Way for ISPs to Pay Royalty to Government',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government’s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government&rsquo;s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A division bench of SC Justices Hari Prasad Phuyal and Dr Nahakul Subedi rejected Worldlink&#39;s claim by scrapping the petitions on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the SC&#39;s move, the government now can collect royalty and Rural Telecommunications Development Fees (RTDF) from Worldlink Communications which the ISP had refused to pay.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The SC verdict is likely to add billions of rupees to the state coffers from other ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;As the SC has scrapped the writ petitions, the ISPs must now pay the dues,&rdquo; Govinda Prasad Ghimire, information officer at the Supreme Court, told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government was unable to collect royalty revenue on maintenance charge from the internet service providers (ISPs) since the fiscal year 2072/073 BS, according to the Office of the Auditor General. The ISPs including Worldlink Communications were found to have evaded the tax by misinterpreting the law. However, the ISPs were paying the Rural Telecommunication Development Fee and royalties from the fees collected from customers for providing internet service.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fee and to the government as royalty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Internet Service Providers Association of Nepal (ISPAN) claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations. However, the umbrella body of ISPs maintained that there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The dispute led to the disruption in internet services across the country on May 2 after India&rsquo;s Airtel, which provides bandwidth to Nepali ISPs, stopped providing the bandwidth for six hours citing non-payment of dues by the Nepali ISPs. The ISPs were unable to clear their outstanding dues to Airtel because the Nepal Telecommunications Authority has not recommended foreign exchange facilities to them since a year arguing that they must first pay the Rural Telecommunication Development Fee and royalty. Airtel provided the bandwidth after assurance from the government and the ISPs that they will pay the dues.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Ministry of Communications and Information Technology had formed a study team led by Joint Secretary Gaurav Giri to probe into the tax evasion from the ISPs. The study team pointed out that nine ISPs were liable to pay Rs 3.64 billion in royalty revenue and Rural Telecommunications Development Fees to the government. Under the headings, the Worldlink Communications alone has to pay Rs 1.96 billion.&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, the Nepal Telecommunication Authority, the regulatory body of the telecommunication sector, had published a list of 48 internet service providers (ISPs) in August for not paying the royalty amount and taxes under the heading of the Rural Telecommunication Development Fee. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report published by the NTA in last December, 77 internet service providers had deposited more than Rs 1.67 billion. There are currently 128 internet service provider companies and 23 network service provider companies registered in Nepal.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-13',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20964',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.61 Percent in mid-April',
			'sub_title' => '',
			'summary' => 'Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report published by the central bank on Sunday reveals that the food and beverage category inflation stood at 5.21 percent whereas non-food and service category inflation stood at 4.14 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the food and beverage category, the y-o-y price index of spices sub-category increased 22.64 percent, vegetable 16.99 percent, pulses and legumes 10.94 percent, cereal grains and their products 7.59 percent and non-alcholic drinks 6.06 percent in the review month. The y-o-y price index of ghee and oil subcategory decreased 10.10 percent in the review month, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of miscellaneous goods and services sub-category increased 12.81 percent, recreation and culture 12.61 percent and education 7.31 percent in the review month. Meanwhile, the y-o-y price index of transportation sub-category decreased 0.33 percent in the review month, the NRB report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain regions stood at 4.06 percent, 4.58 percent, 5.33 percent and 4.32 percent respectively in the review month. Such inflation in these regions were 8.57 percent, 7.68 percent, 7.01 percent and 7.47 percent respectively a year ago.</span></span></p>
',
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			'sortorder' => '20690',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20962',
			'article_category_id' => '1',
			'title' => 'Current Account and BoP in Surplus, Foreign Exchange Reserves Increase in Current FY',
			'sub_title' => '',
			'summary' => 'Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday states that the current account, in terms of the US dollar, registered a surplus of 1.35 billion in the review period against a deficit of 468.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 19.2 percent to Rs 4.78 billion and net foreign direct investment (FDI) remained a positive of Rs 6.48 billion, the NRB report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the same period of the previous year, capital transfer amounted to Rs 5.91 billion and net FDI amounted to Rs 2.62 billion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 365.16 billion in the review period against a surplus of Rs 174.28 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, the BOP remained at a surplus of 2.75 billion in the review period against a surplus of 1.32 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank&rsquo;s report further mentions that the gross foreign exchange reserves increased 24.2 percent to Rs 1911.86 billion in mid-April 2024 from Rs 1539.36 billion in mid-July 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US dollar terms, the gross foreign exchange reserves increased 22.7 percent to 14.36 billion in mid-April 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 25.4 percent to Rs 1688.21 billion in mid-April 2024 from Rs 1345.78 billion in mid-July 2023. Likewise, the reserves held by banks and financial institutions (except NRB) increased 15.5 percent to Rs 223.65 billion in mid-April 2024 from Rs 193.59 billion in mid-July 2023, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The share of Indian currency in total reserves stood at 21.6 percent in mid-April 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of nine months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 15 months, and merchandise and services imports of 12.5 months. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 33.5 percent, 104 percent and 28.9 percent respectively in mid-April 2024. Such ratios were 28.8 percent, 83.0 percent and 25.0 percent respectively in mid-July 2023.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20956',
			'article_category_id' => '1',
			'title' => 'Relocation of Valley’s Industries Essential for Better Urbanization: Minister Bhandari   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley’s industries would contribute to better urbanization.     Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs' Federation Nepal at the ministry on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley&rsquo;s industries would contribute to better urbanization.&nbsp;&nbsp;&nbsp;&nbsp; Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs&#39; Federation Nepal at the ministry on Sunday. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;In the developed countries, industries are located away from urban areas; we can also plan separate safe places for industries,&quot; he reiterated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari suggested the Federation that it adopted new technology as per the need of the time.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to him, we cannot compete in the global market with continuous reliance on import of raw materials. The foreign items must be replaced, he suggested.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A delegation led by the Federation&rsquo;s Chairman Thulo Babu Shrestha met the minister and demanded him to take initiatives to increase custom tariff on import of the products which Nepal itself produces in the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minister assured the delegation that he would coordinate with the Finance Ministry to address the genuine demands. He also pledged ministry&rsquo;s support for adoption of new technology in the grill industries.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Federation put forth seven demands, including creation of atmosphere conducive for business. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Spring Ascent: Kami Rita Climbs Mount Everest for a Record 29th Time',
			'sub_title' => '',
			'summary' => 'Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world's highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world&#39;s highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sherpa surpassed his previous achievement during the spring expedition of the 8,848.86-meter-high mountain. Originally from Thame village in the Khumbu Pasang Lhamu rural municipality of Solukhumbu district, the 54-year-old record-holder has once again etched his name in history.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rakesh Gurung, director of the Adventure Tourism and Mountaineering Section at the Department of Tourism, confirmed Kami Rita Sherpa&#39;s successful ascent early Sunday morning.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Having first conquered Everest on May 13, 1994, Kami Rita also holds the record for the most ascents of peaks above 8,000 meters.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stands as the sole mountaineer to achieve the highest number of Everest ascents since Tenzing Norgay and Edmund Hillary&#39;s historic climb on May 29, 1953.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following closely in the record-setting spree is Dawa Sherpa of Solukhumbu district, who scaled Everest for the 27th time last spring.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A team of ten Sherpa members, responsible for fixing ropes, ascended Everest on Friday night, paving the way for a total of 414 adventurers who have secured permits to climb Everest this spring season. -- RSS</span></span></p>
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		'Article' => array(
			'id' => '20954',
			'article_category_id' => '1',
			'title' => 'NEPSE Closes at 1974.50 with Gain of 8.26 Points',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 on the first trading day of the week on Sunday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 12: The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 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&rsquo;s trading session, 311 scrips were traded on the NEPSE through 49,764 transactions, with 7,857,031 total shares changing their hands resulting in a total turnover of Rs 3.15 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shangrila Development Bank Limited(SADBL) led the turnover amount with the total transaction of Rs 10 crores. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrijanshil Laghubitta Bittiya Sanstha(SHLB) recorded the highest gain of 10%, hitting the positive circuit for the day and closing ta a market price of Rs 1372 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, Manushi Laghubitta Bittiya Sanstha(MLBS) incurred the maximum loss of 5.44%, closing at a market price of Rs 1200 per share. </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 negative territory except Finance Index, Hotels and Tourism Index and Microfinance Index. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Non-Life Insurance saw the highest gain of 2.64%, while Microfinance Index experienced the most loss at 1.35%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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			'id' => '20953',
			'article_category_id' => '1',
			'title' => 'Government's Policies and Programmes Hang in the Balance as NC Continues Parliament Obstruction',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The government has announced to present its policies and programmes for the next fiscal year (FY) on May 19. The Parliament Secretariat has already announced that President Ram Chandra Paudel will present the government&rsquo;s policies and programmes at the joint meeting of the House of Representatives and the National Assembly to be held at 3 pm on May 19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the rules of the Parliament, the president on behalf of the government must present the government&rsquo;s policies and programmes in the Parliament before announcing the budget. The policies and programmes shed light on the overall policies and priorities of the government for the coming year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">However, the Nepali Congress, which had also blocked the winter session of Parliament demanding an investigation against Deputy Prime Minister and Home Minister Lamichhane, again blocked the budget session of the Parliament which was called for May 10. The Nepali Congress has stuck to its stance of not allowing the House to proceed until a parliamentary committee is formed to investigate Lamichhane. However, the government is not in favor of forming such a committee so far.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Nepali Congress has not yet come up with a clear view on whether or not to allow the President to present the policies and programmes. The Congress leaders have said that a concrete decision on this matter can be taken by the meeting of the Congress parliamentary party called for Monday and that the policies and programmes cannot be presented in the current situation. The official meeting of NC held at the residence of NC President Sher Bahadur Deuba on Saturday also concluded that the government did not want to resume the parliament session.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the meeting, NC General Secretary Gagan Thapa told media persons, &quot;Not only the policies and programmes, but none of the government&#39;s activities can proceed until the parliamentary committee is formed. The conclusion of today&#39;s meeting is that we will not back down until a parliamentary inquiry committee is formed.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Another Congress leader and party spokesperson Dr Prakash Sharan Mahat said that top leaders including the party president are discussing with the prime minister about removing the obstruction of the House. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After Prime Minister Pushpa Kamal Dahal formed a new government with support from the CPN UML and Rashtriya Swatantra Party (RSP) by severing its ties with the Nepali Congress, the right-wing party has strongly opposed the current government. The Nepali Congress has focused its criticism on Deputy Prime Minister and Home Minister Lamichhane than Prime Minister Dahal as the home minister is allegedly involved in co-operative scam.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Government reports have revealed that Lamichhane, who is not a member of Suryadarshan Cooperative, took Rs 10 million from the cooperative. Similarly, police investigation shows that Lamichhane also received money from Supreme Savings and Loan Cooperative Society in Butwal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane has admitted that he is not a member of any of the two cooperatives. A person who is not a member of a cooperative cannot take loans. However, documents show that Lamichhane took loans controversially. Although documents show that the money has been paid back, the cooperatives claim the money has not been deposited yet. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane maintained his innocence saying that someone else opened a fake account in his name and received the money. He also claimed that the police investigation into the scam has revealed that the money was withdrawn without filing the loan request form and those who took away the loan did not provide details of the three generations required to obtain loan. Lamichhane added that the documents also do not have his signature or finger prints.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">He also reiterated in a statement issued on Friday that he is not a co-operative fraudster. Instead, he has announced that if he is found guilty of taking the loan, he is ready to give up politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In response to Lamichhane&#39;s statement, Congress General Secretary Thapa said that he had strong evidence to confirm the allegations against Lamichhane. Thapa added that if he could not prove Lamichhane guilty, he would retire from politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">GB Rai had partnered with Lamichhane to operate Galaxy Four K Television under Gorkha Network Pvt Ltd, of which Lamichhane was the managing director. Now the television has been shut down. According to the government report, the operators of the television including Lamichhane had taken a loan of Rs 300 million from Pokhara&#39;s Suryadarshan Cooperative.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Meanwhile, leaders of the ruling party say that the NC turned against Lamichhane after he refused to support NC&rsquo;s candidate for the post of prime minister.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">UML President and former Prime Minister KP Sharma Oli said at an event held in Kathmandu on Saturday that Lamichhane was labeled as a corrupt member of the cooperative because he rejected the offer made by the Nepali Congress.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Although the ruling parties have agreed to investigate the cooperative sector as a whole, they have not agreed to form a parliamentary committee to investigate Lamichhane. Oli claims that the Nepali Congress will demand the resignation of the Home Minister Lamichhane as soon as such an inquiry committee is formed. If Lamichhane resigns as the Minister of Home Affairs, the ruling coalition is likely to collapse and therefor the ruling parties are hesitant to form a parliamentary probe committee against Lamichhane.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Chief Whip of CPN (Maoist Centre) Hitraj Pandey said that they are ready to investigate the entire cooperative sector including the allegations against Lamichhane. The Congress, on the other hand, has not announced a clear opinion on the matter of having a parliamentary inquiry into the cooperative sector as a whole. As the Parliament remains blocked, the process of making various laws has been interrupted.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Former Speaker Damannath Dhungana says that parties should not hold Parliament hostage. Parliament is the highest platform of the people. Legislation should be focused on the issue of people&#39;s livelihood. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">CPN (UML) chief whip Mahesh Bertaula expressed the hope that since discussions are being held at the top leadership level, the parliament will not be held hostage for long and a solution will be found.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '20973',
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			'title' => 'Swedish Delegation Attending EU-Nepal Business Forum   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the visit, Ambassador Thesleff will participate in the second edition of the EU-Nepal Business Forum taking place on May 15-16, and meet with the ministers, including Minister for Foreign Affairs Narayan Kaji Shrestha.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The business delegation includes companies such as Hexagon, Hitachi Energy and Saab.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Since the establishment of diplomatic ties between Sweden and Nepal in June 1960, the bilateral relations have prospered to a strong partnership founded on mutual respect, understanding and friendship over the decades, according to a press release issued by the Swedish Embassy in New Delhi.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The countries have an ongoing cooperation on climate change and matters related to Article 6 of the Paris Agreement.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;By participating in the EU-Nepal Business Forum, Sweden aims to further increase trade between our two nations and explore potential business opportunities involving Swedish and Nepalese companies,&quot; Ambassador Thesleff said, expressing hope that the bilateral cooperation with Nepal would be strengthened on climate action and the advancement of the sustainable development goals. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Cabinet Approves Draft of 16th Five-Year Periodic Plan with Ambitious Plans   ',
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			'summary' => 'Kathmandu: The draft of the 16th Five-Year Periodic Plan (2081/82-2085/86) has been sent to the Council of Ministers for final approval. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: A meeting of the Council of Ministes on Tuesday approved the final draft of the 16th Five-Year Periodic Plan (2081/82-2085/86). The National Planning Commission (NPC) had sent the draft of the sixteenth periodic plan with the major goals of &#39;Good Governance, Social Justice and Prosperity&#39; to the Office of the Prime Minister and the Council of Ministers on Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The periodic plan to be implemented from the next fiscal year 2081/82 carries some ambitious targets such as achieving an economic growth rate of 7.3 percent and per capita income of USD 2,413. In the current fiscal year, the projected economic growth rate of Nepal is 3.9 percent and the per capita income is USD 1,456.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the five-year plan targets reducing absolute poverty to 20.3 percent and consumer inflation to 5 percent by the fiscal year 2085/86. Similarly, it also plans to increase Nepal&#39;s human development index to 0.650 from the current 0.601, human wealth index from 76.3 to 78 and to reduce the economic and environmental risk index from 29.7 to 24.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The plan aims to increase the average life expectancy of Nepalis to 73 years from the existing 71.3 years within five years. The number of families with access to a health facility within half an hour&#39;s distance is currently 77 percent, and the target is to increase it to 90 percent, literacy rate to 85 percent and reduce the unemployment rate from 11.4 percent to 5 percent.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan aims to take the hydropower production, which is currently around 3,300 MW, to 11,769 MW within five years. Similarly, access to the Internet will become 90 percent while 85 percent of families will have access to banks and financial institutions.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A goal has been set to bring the rule of law index from 0.52 to 0.80, the global competitiveness index from 52 to 65 and the corruption reduction awareness index from 35 to 43. The periodical plan includes sectoral indicators, transformational strategy and major interventions to achieve the set goals and targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">According to the NPC, the draft has been prepared with transformational programs along with sectoral strategies. The updated planning includes transformational strategies, major interventions and quantitative targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The sectoral headings include Strengthening Macroeconomic Fundamentals and Rapid Economic Growth; Enhancing Production, Productivity and Competitiveness; Decent Job and Productive Employment; Educated, Skilled and Healthy Human Capital Formation; Quality Infrastructure and Integrated Transport Management System; Modern, Sustainable and Systematic Urbanization and Settlements; Social Empowerment, Inclusion and Mobilization and Development and Reinforcement of Provincial and Local Economy and Expansion of Formal Sector.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, Balanced Development for Reducing Poverty and Inequality and Creating an Equitable Society; Efficient Fiscal Management and Capital Expenditure Capacity Enhancement; Governance Reform and Promoting Good Governance&#39; LDC Graduation and Beyond, and Sustainable Development Goals and Green Economy are the other sectoral themes for the 16th Periodic Plan.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As targeted, the revenue-GDP ratio will be increased to 24 per cent from the current ratio of 17.8 percent and the federal expenditure will be increased to 32 per cent in ratio to GDP from 26.5 percent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the 16th periodic plan has targeted not to exceed the sovereign loan from 45 percent of the GDP while the trade deficit would be reduced to 24 per cent in ratio to GDP from 27 per cent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, the inflow of remittance would be maintained between 22 to 24 per cent of the GDP.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The 16th periodic plan has set some ambitious targets for increasing domestic production and productivity including establishing 140 industrial zones, establishing one more special economic zone and increasing the power production and consumption as well.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As planned, electricity worth Rs 41 billion would be exported year-on-year by the end of the 16th periodic plan and the energy sector would be promoted to reduce the overall trade deficit.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan has targeted to create 1.2 million jobs in a year and increase the minimum wages of the workers to Rs 25,000 per month while bringing the number of social security beneficiaries to 2 million.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A plenary meeting of the National Planning Commission held in early May 2023 had approved the 16th five-year periodic plan (2081/82-2085/86).&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The draft of the 16th plan has the objective of maintaining good governance in political, administrative and judicial sectors, maintaining social justice in health, education, employment sectors, and achieving prosperity in social life, economic development and national economy.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The new periodic plan has determined a strategy of achieving good governance, social justice and prosperity through structural transformation by identifying, addressing and resolving structural obstacles seen in development activities.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The structural transformation strategy has incorporated the issues of adopting latest technology and management methods based on research and development, producing decent, productive and inclusive employment.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As per the draft, the government will adopt a policy to run national skill development and employment programs in collaboration with private and non-government sectors while priority would be given for the empowerment of marginalized communities and promoting inclusive employment through affirmative action.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">&quot;Employment will be created within the country by producing skilled and capable human resources through the utilization of demographic dividends in all three-levels of the government,&quot; reads the concept paper of the periodic plan. A strategy has been adopted to identify new destination countries with high returns along with safe and secured work for foreign employment and signing of bilateral labor agreements.</span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '20971',
			'article_category_id' => '1',
			'title' => 'Fiscal Federalism Progressing at a Moderate Pace in Nepal: WB Report',
			'sub_title' => 'Nepal Fiscal Federalism Update 2024 Recommends Further Reforms to Strengthen Outcomes',
			'summary' => 'Kathmandu: Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s latest report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank&rsquo;s latest report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement on Monday, the World Bank said that the Fiscal Federalism Coordination Division at the Ministry of Finance was designated to coordinate public financial management reform efforts and the preparation and implementation of a Fiscal Federalism Roadmap to enhance the outcomes of fiscal federalism and public financial management including improved revenue generation for all three tiers of government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;According to the World Bank, its latest report provides a comprehensive review of the progress of fiscal federalism in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The recommendations are well aligned with our national-level vision on smoothing the fiscal transfers to help subnational governments carry out their responsibilities effectively. The report also informs and supports our ongoing efforts to clarify responsibilities among the three tiers of government and advance fiscal federalism,&rdquo; the World Bank quoted Chief Secretary Dr. Baikuntha Aryal as saying.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;Building on the first edition of the Nepal Fiscal Federalism Update, the 2024 edition explores in-depth the key pillars of fiscal federalism in Nepal: Revenue Assignment and Administration; Expenditure Assignment and Administration; Inter-Governmental Fiscal Transfers; Borrowing and Capital Finance; and Fiscal Revenue from Natural Resources. It recommends specific measures to upgrade the Inter-Governmental Fiscal Transfer system and establish a consolidated public financial management performance database that includes data from the subnational levels to enhance evidence-based decision making and transparency, the statement added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The report highlights the need to upgrade institutional arrangements for the Intergovernmental Fiscal Transfers system to make the transfers more needs-based and timely, and to increase the fiscal autonomy of provincial and local governments, in order to improve fiscal federalism outcomes,&rdquo; said Balananda Paudel, chairman of the National Natural Resources and Fiscal Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The report also recommends strengthening provincial and local-level institutional arrangements for fiscal federalism and public financial management operations, including actions to improve budget credibility to improve delivery of services by subnational governments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Fiscal Federalism is a foundation for sustained service delivery by provincial and local governments. They need adequate financial resources and the ability to make spending decisions at the subnational level, in the spirit of federalism and the Constitution,&rdquo; said Faris Hadad-Zervos, World Bank&rsquo;s country director for the Maldives, Nepal, and Sri Lanka. &ldquo;The World Bank is committed to supporting the Government of Nepal, in close collaboration with other development partners, to further solidify fiscal federalism in Nepal.&rdquo;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20970',
			'article_category_id' => '1',
			'title' => 'Nepali Students Spent Over Rs 95 Billion for Education Abroad this Year',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the travel payments under the service account increased 42.5 percent to Rs 143.22 billion, including Rs 95.85 billion for education. Such payments were Rs 100.54 billion and Rs 67.19 billion respectively in the same period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, travel income under the service account increased 40 percent to Rs 60.45 billion in the review period which was Rs 43.17 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As a result, net services income remained at a deficit of Rs 52.23 billion in the review period compared to a deficit of Rs 63.91 billion in the same period of the previous year. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20967',
			'article_category_id' => '1',
			'title' => 'What's Behind the Wave of Recent Incidents on Boeing Planes?',
			'sub_title' => '',
			'summary' => 'New York:  Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">New York: &nbsp;Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The French news agency published a news report citing experts that the episodes, which follow a near-disastrous panel blowout on an Alaska Airlines jet in January, point to production and maintenance issues. According to the experts, they don&#39;t see an obvious pattern behind the myriad incidents.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Rash of incidents</strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US plane maker has been under scrutiny since January 5, when a Boeing 737 MAX 9 operated by Alaska Airlines made an emergency landing after a fuselage panel blew out, somehow avoiding serious injuries in an incident that safety officials say could have been catastrophic, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">United Airlines has experienced recent issues on various flights involving Boeing planes, as has Southwest Airlines, which in early April had an engine fire on one flight.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, a Boeing 737-300 skidded off a runway in Senegal, resulting in 11 injuries, including four that were serious.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">That followed a Wednesday incident in Istanbul in which a Boeing 767 cargo plane belonging to FedEx landed on its nose after its front landing gear failed to deploy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Such a confluence of incidents is &quot;pretty rare&quot; within air travel, aviation expert Bertrand Vilmer told AFP, describing the myriad &quot;abnormal&quot; problems as reflecting &quot;an alignment of unfavorable planets.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Alternative causes </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation experts usually look to three possible explanations for problems, according to AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There can be a design defect, as with the two fatal crashes on 737 MAX jets in 2018 in Indonesia and 2019 in Ethiopia that involved a flaw in a flight stabilizing system.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation watchers have pointed to a production defect as the likely source of the Alaska Airlines incident, which entailed a Boeing 737 MAX 9 that had only been delivered in October.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A preliminary report by the National Transportation Safety Board published in February found that four bolts meant to help secure the panel that blew off were missing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A third possible cause would be insufficient maintenance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">While design and production are the responsibility of the plane maker, the airline is in charge of keeping up the plane once it receives it, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Once the aircraft is delivered, Boeing has nothing to do with it anymore&quot; in relation to maintenance, Richard Aboulafia of AeroDynamic Advisory told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Safest form of transport? </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Notwithstanding the recent spate of incidents, aviation experts point to a strong safety record overall.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We haven&#39;t had a single casualty in the entire US airline industry in way over a decade, despite millions of people flown,&quot; AFP quoted Aboulafia as saying. &quot;That&#39;s incredible.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aboulafia calls modern flying &quot;the safest form of transport ever created by people,&quot; noting that &quot;everyday, hundreds of people get killed on the roads.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Boeing&#39;s rival, Airbus, has not been completely spared of difficulty. Hundreds of planes produced by the European company are being taken out of service to check for microscopic &quot;contamination&quot; of metals in engines made by Pratt &amp; Whitney.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airbus also had a public dispute with Qatar Airways involving the degradation of exterior plane surfaces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But there have been fewer such issues at Airbus and not one incident that drew a comparable level of attention as Alaska Airlines, experts said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Every incident that has occurred on Boeing airplanes this year has made headlines, suggesting that Boeing airplanes are unsafe,&quot; said a note from equity research firm Bernstein.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The reality is that the number of incidents in the US on Airbus and Boeing airplanes so far this year is proportional to the number of airplanes in the fleets of US carriers.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US commercial fleet currently has about 4,800 planes, with about 60 percent Boeing planes, according to Cirium, an aviation analytics firm. -- AFP</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '20966',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Tops One Trillion',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the total trade deficit decreased by 2.8 percent to Rs 1053.42 billion in the review period against a decline of 17.1 percent in the corresponding period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The export-import ratio remained at 9.8 percent in the review period same as in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, merchandise exports decreased 3.7 percent to Rs 113.95 billion compared to a decrease of 26.3 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India and other countries decreased 6.2 percent and 2.0 percent respectively, whereas exports to China increased 232 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB report, exports of zinc sheet, particle board, juice, polyester yarn and thread, and readymade garments among others increased whereas exports of palm oil, soybean oil, woolen carpet, tea, jute goods among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.8 percent to Rs 1167.37 billion compared to a decrease of 18.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 3.2 percent and 22.6 percent respectively while imports from China increased 33.4 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Imports of transport equipment, vehicle and spare parts, readymade garments, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of gold, crude soybean oil, crude palm oil, petroleum products, rice/paddy among others decreased, the report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on customs points, exports from Bhairahawa, dry port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani customs increased whereas exports from all the other major customs points decreased in the review period. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the import side, imports from dry port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p>
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		'Article' => array(
			'id' => '20965',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow Stands at Rs 1082 Billion in Nine Months',
			'sub_title' => '',
			'summary' => 'Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Sunday reveals that the inflow of remittance to Nepal increased by 19.8 percent in the review period compared to an increase of 24.2 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, inflow of remittance increased 17.7 percent to USD 8.15 billion in the review period compared to an increase of 13.9 percent in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 329,422 while those taking approval for renew entry was 212,721.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the corresponding period of the previous year, workers seeking labour permit for the first time was 387,839 and those seeking to renew their work permits stood at 217,959. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the net transfer increased 17.8 percent to Rs 1174.50 billion in the review period according to the NRB report. Such a transfer had increased 22.8 percent in the same period of the previous year.</span></span></p>
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		'Article' => array(
			'id' => '20969',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures for Prudent Tax Policy',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun said that there won't be arbitrary changes to the tax rate in the upcoming fiscal year's budget.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">May 13: Finance Minister Barshaman Pun said that there won&#39;t be arbitrary changes to the tax rate in the upcoming fiscal year&#39;s budget.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">&nbsp;Pun stated that any adjustments to the tax rate will be made with careful consideration of national interests, rather than catering to interests of specific business houses. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun assured that any changes would be accompanied by a clear rationale and would not disrupt long-term private sector investments. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Additionally, Pun highlighted the government&#39;s commitment to promoting open and transparent business policies and encouraging private sector participation in Nepal&#39;s development journey. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun also addressed concerns regarding the slowdown in the construction sector, promising government efforts to address underlying issues causing the slowdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Moreover, Pun acknowledged the government&#39;s responsibility in addressing past financial liabilities, indicating readiness to manage liabilities amounting to around Rs 600 billion from previous years.</span></span></span></p>
',
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			'created' => '2024-05-13',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20692',
			'image' => '20240513085031_collage (1).jpg',
			'article_date' => '2024-05-13 08:49:11',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20963',
			'article_category_id' => '1',
			'title' => 'SC Scraps Writ Petitions Filed by Worldlink, Clears Way for ISPs to Pay Royalty to Government',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government’s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government&rsquo;s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A division bench of SC Justices Hari Prasad Phuyal and Dr Nahakul Subedi rejected Worldlink&#39;s claim by scrapping the petitions on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the SC&#39;s move, the government now can collect royalty and Rural Telecommunications Development Fees (RTDF) from Worldlink Communications which the ISP had refused to pay.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The SC verdict is likely to add billions of rupees to the state coffers from other ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;As the SC has scrapped the writ petitions, the ISPs must now pay the dues,&rdquo; Govinda Prasad Ghimire, information officer at the Supreme Court, told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government was unable to collect royalty revenue on maintenance charge from the internet service providers (ISPs) since the fiscal year 2072/073 BS, according to the Office of the Auditor General. The ISPs including Worldlink Communications were found to have evaded the tax by misinterpreting the law. However, the ISPs were paying the Rural Telecommunication Development Fee and royalties from the fees collected from customers for providing internet service.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fee and to the government as royalty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Internet Service Providers Association of Nepal (ISPAN) claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations. However, the umbrella body of ISPs maintained that there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The dispute led to the disruption in internet services across the country on May 2 after India&rsquo;s Airtel, which provides bandwidth to Nepali ISPs, stopped providing the bandwidth for six hours citing non-payment of dues by the Nepali ISPs. The ISPs were unable to clear their outstanding dues to Airtel because the Nepal Telecommunications Authority has not recommended foreign exchange facilities to them since a year arguing that they must first pay the Rural Telecommunication Development Fee and royalty. Airtel provided the bandwidth after assurance from the government and the ISPs that they will pay the dues.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Ministry of Communications and Information Technology had formed a study team led by Joint Secretary Gaurav Giri to probe into the tax evasion from the ISPs. The study team pointed out that nine ISPs were liable to pay Rs 3.64 billion in royalty revenue and Rural Telecommunications Development Fees to the government. Under the headings, the Worldlink Communications alone has to pay Rs 1.96 billion.&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, the Nepal Telecommunication Authority, the regulatory body of the telecommunication sector, had published a list of 48 internet service providers (ISPs) in August for not paying the royalty amount and taxes under the heading of the Rural Telecommunication Development Fee. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report published by the NTA in last December, 77 internet service providers had deposited more than Rs 1.67 billion. There are currently 128 internet service provider companies and 23 network service provider companies registered in Nepal.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-13',
			'modified' => '2024-05-13',
			'keywords' => 'supreme, court, internet, service, provider, ISP, ISPs, Worldlink, Nepal, government, royalty, rural, telecommunication, development, fee, dispute, tax',
			'description' => '',
			'sortorder' => '20691',
			'image' => '20240513072143_20230811012501_20230411103022_Internett.jpg',
			'article_date' => '2024-05-13 07:21:07',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20964',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.61 Percent in mid-April',
			'sub_title' => '',
			'summary' => 'Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report published by the central bank on Sunday reveals that the food and beverage category inflation stood at 5.21 percent whereas non-food and service category inflation stood at 4.14 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the food and beverage category, the y-o-y price index of spices sub-category increased 22.64 percent, vegetable 16.99 percent, pulses and legumes 10.94 percent, cereal grains and their products 7.59 percent and non-alcholic drinks 6.06 percent in the review month. The y-o-y price index of ghee and oil subcategory decreased 10.10 percent in the review month, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of miscellaneous goods and services sub-category increased 12.81 percent, recreation and culture 12.61 percent and education 7.31 percent in the review month. Meanwhile, the y-o-y price index of transportation sub-category decreased 0.33 percent in the review month, the NRB report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain regions stood at 4.06 percent, 4.58 percent, 5.33 percent and 4.32 percent respectively in the review month. Such inflation in these regions were 8.57 percent, 7.68 percent, 7.01 percent and 7.47 percent respectively a year ago.</span></span></p>
',
			'published' => true,
			'created' => '2024-05-13',
			'modified' => '2024-05-13',
			'keywords' => 'Nepal, Rastra, Bank, report, macroeconomic, financial, situation, central, US, dollar, fiscal, year, inflation, food',
			'description' => '',
			'sortorder' => '20690',
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			'article_date' => '2024-05-13 07:25:01',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20962',
			'article_category_id' => '1',
			'title' => 'Current Account and BoP in Surplus, Foreign Exchange Reserves Increase in Current FY',
			'sub_title' => '',
			'summary' => 'Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday states that the current account, in terms of the US dollar, registered a surplus of 1.35 billion in the review period against a deficit of 468.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 19.2 percent to Rs 4.78 billion and net foreign direct investment (FDI) remained a positive of Rs 6.48 billion, the NRB report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the same period of the previous year, capital transfer amounted to Rs 5.91 billion and net FDI amounted to Rs 2.62 billion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 365.16 billion in the review period against a surplus of Rs 174.28 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, the BOP remained at a surplus of 2.75 billion in the review period against a surplus of 1.32 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank&rsquo;s report further mentions that the gross foreign exchange reserves increased 24.2 percent to Rs 1911.86 billion in mid-April 2024 from Rs 1539.36 billion in mid-July 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US dollar terms, the gross foreign exchange reserves increased 22.7 percent to 14.36 billion in mid-April 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 25.4 percent to Rs 1688.21 billion in mid-April 2024 from Rs 1345.78 billion in mid-July 2023. Likewise, the reserves held by banks and financial institutions (except NRB) increased 15.5 percent to Rs 223.65 billion in mid-April 2024 from Rs 193.59 billion in mid-July 2023, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The share of Indian currency in total reserves stood at 21.6 percent in mid-April 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of nine months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 15 months, and merchandise and services imports of 12.5 months. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 33.5 percent, 104 percent and 28.9 percent respectively in mid-April 2024. Such ratios were 28.8 percent, 83.0 percent and 25.0 percent respectively in mid-July 2023.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20956',
			'article_category_id' => '1',
			'title' => 'Relocation of Valley’s Industries Essential for Better Urbanization: Minister Bhandari   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley’s industries would contribute to better urbanization.     Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs' Federation Nepal at the ministry on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley&rsquo;s industries would contribute to better urbanization.&nbsp;&nbsp;&nbsp;&nbsp; Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs&#39; Federation Nepal at the ministry on Sunday. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;In the developed countries, industries are located away from urban areas; we can also plan separate safe places for industries,&quot; he reiterated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari suggested the Federation that it adopted new technology as per the need of the time.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to him, we cannot compete in the global market with continuous reliance on import of raw materials. The foreign items must be replaced, he suggested.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A delegation led by the Federation&rsquo;s Chairman Thulo Babu Shrestha met the minister and demanded him to take initiatives to increase custom tariff on import of the products which Nepal itself produces in the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minister assured the delegation that he would coordinate with the Finance Ministry to address the genuine demands. He also pledged ministry&rsquo;s support for adoption of new technology in the grill industries.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Federation put forth seven demands, including creation of atmosphere conducive for business. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'sortorder' => '20683',
			'image' => '20240512092159_20230816110747_1692150431.jpg',
			'article_date' => '2024-05-12 21:21:34',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20955',
			'article_category_id' => '1',
			'title' => 'Spring Ascent: Kami Rita Climbs Mount Everest for a Record 29th Time',
			'sub_title' => '',
			'summary' => 'Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world's highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world&#39;s highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sherpa surpassed his previous achievement during the spring expedition of the 8,848.86-meter-high mountain. Originally from Thame village in the Khumbu Pasang Lhamu rural municipality of Solukhumbu district, the 54-year-old record-holder has once again etched his name in history.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rakesh Gurung, director of the Adventure Tourism and Mountaineering Section at the Department of Tourism, confirmed Kami Rita Sherpa&#39;s successful ascent early Sunday morning.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Having first conquered Everest on May 13, 1994, Kami Rita also holds the record for the most ascents of peaks above 8,000 meters.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stands as the sole mountaineer to achieve the highest number of Everest ascents since Tenzing Norgay and Edmund Hillary&#39;s historic climb on May 29, 1953.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following closely in the record-setting spree is Dawa Sherpa of Solukhumbu district, who scaled Everest for the 27th time last spring.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A team of ten Sherpa members, responsible for fixing ropes, ascended Everest on Friday night, paving the way for a total of 414 adventurers who have secured permits to climb Everest this spring season. -- RSS</span></span></p>
',
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			'sortorder' => '20682',
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			'article_date' => '2024-05-12 19:34:39',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20954',
			'article_category_id' => '1',
			'title' => 'NEPSE Closes at 1974.50 with Gain of 8.26 Points',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 on the first trading day of the week on Sunday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 12: The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 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&rsquo;s trading session, 311 scrips were traded on the NEPSE through 49,764 transactions, with 7,857,031 total shares changing their hands resulting in a total turnover of Rs 3.15 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shangrila Development Bank Limited(SADBL) led the turnover amount with the total transaction of Rs 10 crores. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrijanshil Laghubitta Bittiya Sanstha(SHLB) recorded the highest gain of 10%, hitting the positive circuit for the day and closing ta a market price of Rs 1372 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, Manushi Laghubitta Bittiya Sanstha(MLBS) incurred the maximum loss of 5.44%, closing at a market price of Rs 1200 per share. </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 negative territory except Finance Index, Hotels and Tourism Index and Microfinance Index. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Non-Life Insurance saw the highest gain of 2.64%, while Microfinance Index experienced the most loss at 1.35%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
',
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			'article_date' => '2024-05-12 15:59:47',
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	(int) 14 => array(
		'Article' => array(
			'id' => '20953',
			'article_category_id' => '1',
			'title' => 'Government's Policies and Programmes Hang in the Balance as NC Continues Parliament Obstruction',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The government has announced to present its policies and programmes for the next fiscal year (FY) on May 19. The Parliament Secretariat has already announced that President Ram Chandra Paudel will present the government&rsquo;s policies and programmes at the joint meeting of the House of Representatives and the National Assembly to be held at 3 pm on May 19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the rules of the Parliament, the president on behalf of the government must present the government&rsquo;s policies and programmes in the Parliament before announcing the budget. The policies and programmes shed light on the overall policies and priorities of the government for the coming year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">However, the Nepali Congress, which had also blocked the winter session of Parliament demanding an investigation against Deputy Prime Minister and Home Minister Lamichhane, again blocked the budget session of the Parliament which was called for May 10. The Nepali Congress has stuck to its stance of not allowing the House to proceed until a parliamentary committee is formed to investigate Lamichhane. However, the government is not in favor of forming such a committee so far.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Nepali Congress has not yet come up with a clear view on whether or not to allow the President to present the policies and programmes. The Congress leaders have said that a concrete decision on this matter can be taken by the meeting of the Congress parliamentary party called for Monday and that the policies and programmes cannot be presented in the current situation. The official meeting of NC held at the residence of NC President Sher Bahadur Deuba on Saturday also concluded that the government did not want to resume the parliament session.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the meeting, NC General Secretary Gagan Thapa told media persons, &quot;Not only the policies and programmes, but none of the government&#39;s activities can proceed until the parliamentary committee is formed. The conclusion of today&#39;s meeting is that we will not back down until a parliamentary inquiry committee is formed.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Another Congress leader and party spokesperson Dr Prakash Sharan Mahat said that top leaders including the party president are discussing with the prime minister about removing the obstruction of the House. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After Prime Minister Pushpa Kamal Dahal formed a new government with support from the CPN UML and Rashtriya Swatantra Party (RSP) by severing its ties with the Nepali Congress, the right-wing party has strongly opposed the current government. The Nepali Congress has focused its criticism on Deputy Prime Minister and Home Minister Lamichhane than Prime Minister Dahal as the home minister is allegedly involved in co-operative scam.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Government reports have revealed that Lamichhane, who is not a member of Suryadarshan Cooperative, took Rs 10 million from the cooperative. Similarly, police investigation shows that Lamichhane also received money from Supreme Savings and Loan Cooperative Society in Butwal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane has admitted that he is not a member of any of the two cooperatives. A person who is not a member of a cooperative cannot take loans. However, documents show that Lamichhane took loans controversially. Although documents show that the money has been paid back, the cooperatives claim the money has not been deposited yet. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane maintained his innocence saying that someone else opened a fake account in his name and received the money. He also claimed that the police investigation into the scam has revealed that the money was withdrawn without filing the loan request form and those who took away the loan did not provide details of the three generations required to obtain loan. Lamichhane added that the documents also do not have his signature or finger prints.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">He also reiterated in a statement issued on Friday that he is not a co-operative fraudster. Instead, he has announced that if he is found guilty of taking the loan, he is ready to give up politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In response to Lamichhane&#39;s statement, Congress General Secretary Thapa said that he had strong evidence to confirm the allegations against Lamichhane. Thapa added that if he could not prove Lamichhane guilty, he would retire from politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">GB Rai had partnered with Lamichhane to operate Galaxy Four K Television under Gorkha Network Pvt Ltd, of which Lamichhane was the managing director. Now the television has been shut down. According to the government report, the operators of the television including Lamichhane had taken a loan of Rs 300 million from Pokhara&#39;s Suryadarshan Cooperative.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Meanwhile, leaders of the ruling party say that the NC turned against Lamichhane after he refused to support NC&rsquo;s candidate for the post of prime minister.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">UML President and former Prime Minister KP Sharma Oli said at an event held in Kathmandu on Saturday that Lamichhane was labeled as a corrupt member of the cooperative because he rejected the offer made by the Nepali Congress.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Although the ruling parties have agreed to investigate the cooperative sector as a whole, they have not agreed to form a parliamentary committee to investigate Lamichhane. Oli claims that the Nepali Congress will demand the resignation of the Home Minister Lamichhane as soon as such an inquiry committee is formed. If Lamichhane resigns as the Minister of Home Affairs, the ruling coalition is likely to collapse and therefor the ruling parties are hesitant to form a parliamentary probe committee against Lamichhane.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Chief Whip of CPN (Maoist Centre) Hitraj Pandey said that they are ready to investigate the entire cooperative sector including the allegations against Lamichhane. The Congress, on the other hand, has not announced a clear opinion on the matter of having a parliamentary inquiry into the cooperative sector as a whole. As the Parliament remains blocked, the process of making various laws has been interrupted.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Former Speaker Damannath Dhungana says that parties should not hold Parliament hostage. Parliament is the highest platform of the people. Legislation should be focused on the issue of people&#39;s livelihood. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">CPN (UML) chief whip Mahesh Bertaula expressed the hope that since discussions are being held at the top leadership level, the parliament will not be held hostage for long and a solution will be found.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '20973',
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			'title' => 'Swedish Delegation Attending EU-Nepal Business Forum   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Swedish Ambassador to Nepal, Jan Thesleff, is visiting Kathmandu from May 14 to 17 together with a delegation of Swedish businesses and government officials from the Swedish Energy Agency.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the visit, Ambassador Thesleff will participate in the second edition of the EU-Nepal Business Forum taking place on May 15-16, and meet with the ministers, including Minister for Foreign Affairs Narayan Kaji Shrestha.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The business delegation includes companies such as Hexagon, Hitachi Energy and Saab.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Since the establishment of diplomatic ties between Sweden and Nepal in June 1960, the bilateral relations have prospered to a strong partnership founded on mutual respect, understanding and friendship over the decades, according to a press release issued by the Swedish Embassy in New Delhi.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The countries have an ongoing cooperation on climate change and matters related to Article 6 of the Paris Agreement.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;By participating in the EU-Nepal Business Forum, Sweden aims to further increase trade between our two nations and explore potential business opportunities involving Swedish and Nepalese companies,&quot; Ambassador Thesleff said, expressing hope that the bilateral cooperation with Nepal would be strengthened on climate action and the advancement of the sustainable development goals. -- RSS </span></span></span></p>

<p>&nbsp;</p>
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			'id' => '20972',
			'article_category_id' => '1',
			'title' => 'Cabinet Approves Draft of 16th Five-Year Periodic Plan with Ambitious Plans   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: The draft of the 16th Five-Year Periodic Plan (2081/82-2085/86) has been sent to the Council of Ministers for final approval. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: A meeting of the Council of Ministes on Tuesday approved the final draft of the 16th Five-Year Periodic Plan (2081/82-2085/86). The National Planning Commission (NPC) had sent the draft of the sixteenth periodic plan with the major goals of &#39;Good Governance, Social Justice and Prosperity&#39; to the Office of the Prime Minister and the Council of Ministers on Sunday.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The periodic plan to be implemented from the next fiscal year 2081/82 carries some ambitious targets such as achieving an economic growth rate of 7.3 percent and per capita income of USD 2,413. In the current fiscal year, the projected economic growth rate of Nepal is 3.9 percent and the per capita income is USD 1,456.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the five-year plan targets reducing absolute poverty to 20.3 percent and consumer inflation to 5 percent by the fiscal year 2085/86. Similarly, it also plans to increase Nepal&#39;s human development index to 0.650 from the current 0.601, human wealth index from 76.3 to 78 and to reduce the economic and environmental risk index from 29.7 to 24.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The plan aims to increase the average life expectancy of Nepalis to 73 years from the existing 71.3 years within five years. The number of families with access to a health facility within half an hour&#39;s distance is currently 77 percent, and the target is to increase it to 90 percent, literacy rate to 85 percent and reduce the unemployment rate from 11.4 percent to 5 percent.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan aims to take the hydropower production, which is currently around 3,300 MW, to 11,769 MW within five years. Similarly, access to the Internet will become 90 percent while 85 percent of families will have access to banks and financial institutions.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A goal has been set to bring the rule of law index from 0.52 to 0.80, the global competitiveness index from 52 to 65 and the corruption reduction awareness index from 35 to 43. The periodical plan includes sectoral indicators, transformational strategy and major interventions to achieve the set goals and targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">According to the NPC, the draft has been prepared with transformational programs along with sectoral strategies. The updated planning includes transformational strategies, major interventions and quantitative targets.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The sectoral headings include Strengthening Macroeconomic Fundamentals and Rapid Economic Growth; Enhancing Production, Productivity and Competitiveness; Decent Job and Productive Employment; Educated, Skilled and Healthy Human Capital Formation; Quality Infrastructure and Integrated Transport Management System; Modern, Sustainable and Systematic Urbanization and Settlements; Social Empowerment, Inclusion and Mobilization and Development and Reinforcement of Provincial and Local Economy and Expansion of Formal Sector.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, Balanced Development for Reducing Poverty and Inequality and Creating an Equitable Society; Efficient Fiscal Management and Capital Expenditure Capacity Enhancement; Governance Reform and Promoting Good Governance&#39; LDC Graduation and Beyond, and Sustainable Development Goals and Green Economy are the other sectoral themes for the 16th Periodic Plan.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As targeted, the revenue-GDP ratio will be increased to 24 per cent from the current ratio of 17.8 percent and the federal expenditure will be increased to 32 per cent in ratio to GDP from 26.5 percent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Similarly, the 16th periodic plan has targeted not to exceed the sovereign loan from 45 percent of the GDP while the trade deficit would be reduced to 24 per cent in ratio to GDP from 27 per cent at present.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">Likewise, the inflow of remittance would be maintained between 22 to 24 per cent of the GDP.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The 16th periodic plan has set some ambitious targets for increasing domestic production and productivity including establishing 140 industrial zones, establishing one more special economic zone and increasing the power production and consumption as well.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As planned, electricity worth Rs 41 billion would be exported year-on-year by the end of the 16th periodic plan and the energy sector would be promoted to reduce the overall trade deficit.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The periodic plan has targeted to create 1.2 million jobs in a year and increase the minimum wages of the workers to Rs 25,000 per month while bringing the number of social security beneficiaries to 2 million.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">A plenary meeting of the National Planning Commission held in early May 2023 had approved the 16th five-year periodic plan (2081/82-2085/86).&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The draft of the 16th plan has the objective of maintaining good governance in political, administrative and judicial sectors, maintaining social justice in health, education, employment sectors, and achieving prosperity in social life, economic development and national economy.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The new periodic plan has determined a strategy of achieving good governance, social justice and prosperity through structural transformation by identifying, addressing and resolving structural obstacles seen in development activities.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">The structural transformation strategy has incorporated the issues of adopting latest technology and management methods based on research and development, producing decent, productive and inclusive employment.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">As per the draft, the government will adopt a policy to run national skill development and employment programs in collaboration with private and non-government sectors while priority would be given for the empowerment of marginalized communities and promoting inclusive employment through affirmative action.&nbsp;&nbsp;&nbsp;&nbsp;</span></p>

<p><span style="font-size:18px">&quot;Employment will be created within the country by producing skilled and capable human resources through the utilization of demographic dividends in all three-levels of the government,&quot; reads the concept paper of the periodic plan. A strategy has been adopted to identify new destination countries with high returns along with safe and secured work for foreign employment and signing of bilateral labor agreements.</span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20971',
			'article_category_id' => '1',
			'title' => 'Fiscal Federalism Progressing at a Moderate Pace in Nepal: WB Report',
			'sub_title' => 'Nepal Fiscal Federalism Update 2024 Recommends Further Reforms to Strengthen Outcomes',
			'summary' => 'Kathmandu: Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s latest report.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank&rsquo;s latest report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Nepal Fiscal Federalism Update 2024 published by the World Bank, a reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement on Monday, the World Bank said that the Fiscal Federalism Coordination Division at the Ministry of Finance was designated to coordinate public financial management reform efforts and the preparation and implementation of a Fiscal Federalism Roadmap to enhance the outcomes of fiscal federalism and public financial management including improved revenue generation for all three tiers of government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;According to the World Bank, its latest report provides a comprehensive review of the progress of fiscal federalism in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The recommendations are well aligned with our national-level vision on smoothing the fiscal transfers to help subnational governments carry out their responsibilities effectively. The report also informs and supports our ongoing efforts to clarify responsibilities among the three tiers of government and advance fiscal federalism,&rdquo; the World Bank quoted Chief Secretary Dr. Baikuntha Aryal as saying.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;Building on the first edition of the Nepal Fiscal Federalism Update, the 2024 edition explores in-depth the key pillars of fiscal federalism in Nepal: Revenue Assignment and Administration; Expenditure Assignment and Administration; Inter-Governmental Fiscal Transfers; Borrowing and Capital Finance; and Fiscal Revenue from Natural Resources. It recommends specific measures to upgrade the Inter-Governmental Fiscal Transfer system and establish a consolidated public financial management performance database that includes data from the subnational levels to enhance evidence-based decision making and transparency, the statement added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The report highlights the need to upgrade institutional arrangements for the Intergovernmental Fiscal Transfers system to make the transfers more needs-based and timely, and to increase the fiscal autonomy of provincial and local governments, in order to improve fiscal federalism outcomes,&rdquo; said Balananda Paudel, chairman of the National Natural Resources and Fiscal Commission.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&nbsp;The report also recommends strengthening provincial and local-level institutional arrangements for fiscal federalism and public financial management operations, including actions to improve budget credibility to improve delivery of services by subnational governments.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Fiscal Federalism is a foundation for sustained service delivery by provincial and local governments. They need adequate financial resources and the ability to make spending decisions at the subnational level, in the spirit of federalism and the Constitution,&rdquo; said Faris Hadad-Zervos, World Bank&rsquo;s country director for the Maldives, Nepal, and Sri Lanka. &ldquo;The World Bank is committed to supporting the Government of Nepal, in close collaboration with other development partners, to further solidify fiscal federalism in Nepal.&rdquo;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20970',
			'article_category_id' => '1',
			'title' => 'Nepali Students Spent Over Rs 95 Billion for Education Abroad this Year',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepali students opting to study abroad have spent Rs 95.85 billion for foreign education in the first nine months of the current fiscal year, which is far more than the entire income of Rs 60.45 billion generated by the tourism industry of Nepal in the review period.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the travel payments under the service account increased 42.5 percent to Rs 143.22 billion, including Rs 95.85 billion for education. Such payments were Rs 100.54 billion and Rs 67.19 billion respectively in the same period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, travel income under the service account increased 40 percent to Rs 60.45 billion in the review period which was Rs 43.17 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">As a result, net services income remained at a deficit of Rs 52.23 billion in the review period compared to a deficit of Rs 63.91 billion in the same period of the previous year. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '20967',
			'article_category_id' => '1',
			'title' => 'What's Behind the Wave of Recent Incidents on Boeing Planes?',
			'sub_title' => '',
			'summary' => 'New York:  Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">New York: &nbsp;Boeing has been in the headlines lately following a series of problems with its aircraft, with the most recent incidents in Turkey and Senegal, the AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The French news agency published a news report citing experts that the episodes, which follow a near-disastrous panel blowout on an Alaska Airlines jet in January, point to production and maintenance issues. According to the experts, they don&#39;t see an obvious pattern behind the myriad incidents.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Rash of incidents</strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US plane maker has been under scrutiny since January 5, when a Boeing 737 MAX 9 operated by Alaska Airlines made an emergency landing after a fuselage panel blew out, somehow avoiding serious injuries in an incident that safety officials say could have been catastrophic, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">United Airlines has experienced recent issues on various flights involving Boeing planes, as has Southwest Airlines, which in early April had an engine fire on one flight.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On Thursday, a Boeing 737-300 skidded off a runway in Senegal, resulting in 11 injuries, including four that were serious.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">That followed a Wednesday incident in Istanbul in which a Boeing 767 cargo plane belonging to FedEx landed on its nose after its front landing gear failed to deploy.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Such a confluence of incidents is &quot;pretty rare&quot; within air travel, aviation expert Bertrand Vilmer told AFP, describing the myriad &quot;abnormal&quot; problems as reflecting &quot;an alignment of unfavorable planets.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Alternative causes </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation experts usually look to three possible explanations for problems, according to AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There can be a design defect, as with the two fatal crashes on 737 MAX jets in 2018 in Indonesia and 2019 in Ethiopia that involved a flaw in a flight stabilizing system.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aviation watchers have pointed to a production defect as the likely source of the Alaska Airlines incident, which entailed a Boeing 737 MAX 9 that had only been delivered in October.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A preliminary report by the National Transportation Safety Board published in February found that four bolts meant to help secure the panel that blew off were missing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A third possible cause would be insufficient maintenance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">While design and production are the responsibility of the plane maker, the airline is in charge of keeping up the plane once it receives it, the news report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Once the aircraft is delivered, Boeing has nothing to do with it anymore&quot; in relation to maintenance, Richard Aboulafia of AeroDynamic Advisory told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong>Safest form of transport? </strong></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Notwithstanding the recent spate of incidents, aviation experts point to a strong safety record overall.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;We haven&#39;t had a single casualty in the entire US airline industry in way over a decade, despite millions of people flown,&quot; AFP quoted Aboulafia as saying. &quot;That&#39;s incredible.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Aboulafia calls modern flying &quot;the safest form of transport ever created by people,&quot; noting that &quot;everyday, hundreds of people get killed on the roads.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Boeing&#39;s rival, Airbus, has not been completely spared of difficulty. Hundreds of planes produced by the European company are being taken out of service to check for microscopic &quot;contamination&quot; of metals in engines made by Pratt &amp; Whitney.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Airbus also had a public dispute with Qatar Airways involving the degradation of exterior plane surfaces.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But there have been fewer such issues at Airbus and not one incident that drew a comparable level of attention as Alaska Airlines, experts said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Every incident that has occurred on Boeing airplanes this year has made headlines, suggesting that Boeing airplanes are unsafe,&quot; said a note from equity research firm Bernstein.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;The reality is that the number of incidents in the US on Airbus and Boeing airplanes so far this year is proportional to the number of airplanes in the fleets of US carriers.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The US commercial fleet currently has about 4,800 planes, with about 60 percent Boeing planes, according to Cirium, an aviation analytics firm. -- AFP</span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '20966',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Tops One Trillion',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s trade deficit in the first nine months of the current fiscal year stands at Rs 1053.42 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, the total trade deficit decreased by 2.8 percent to Rs 1053.42 billion in the review period against a decline of 17.1 percent in the corresponding period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The export-import ratio remained at 9.8 percent in the review period same as in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, merchandise exports decreased 3.7 percent to Rs 113.95 billion compared to a decrease of 26.3 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India and other countries decreased 6.2 percent and 2.0 percent respectively, whereas exports to China increased 232 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB report, exports of zinc sheet, particle board, juice, polyester yarn and thread, and readymade garments among others increased whereas exports of palm oil, soybean oil, woolen carpet, tea, jute goods among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.8 percent to Rs 1167.37 billion compared to a decrease of 18.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 3.2 percent and 22.6 percent respectively while imports from China increased 33.4 percent. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Imports of transport equipment, vehicle and spare parts, readymade garments, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of gold, crude soybean oil, crude palm oil, petroleum products, rice/paddy among others decreased, the report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on customs points, exports from Bhairahawa, dry port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani customs increased whereas exports from all the other major customs points decreased in the review period. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the import side, imports from dry port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period. </span></span></p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '20965',
			'article_category_id' => '1',
			'title' => 'Remittance Inflow Stands at Rs 1082 Billion in Nine Months',
			'sub_title' => '',
			'summary' => 'Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The inflow of remittance in Nepal in the first nine months of the current fiscal year stands at Rs 1082.62 billion, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report unveiled by the central bank on Sunday reveals that the inflow of remittance to Nepal increased by 19.8 percent in the review period compared to an increase of 24.2 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, inflow of remittance increased 17.7 percent to USD 8.15 billion in the review period compared to an increase of 13.9 percent in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 329,422 while those taking approval for renew entry was 212,721.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the corresponding period of the previous year, workers seeking labour permit for the first time was 387,839 and those seeking to renew their work permits stood at 217,959. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the net transfer increased 17.8 percent to Rs 1174.50 billion in the review period according to the NRB report. Such a transfer had increased 22.8 percent in the same period of the previous year.</span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '20969',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures for Prudent Tax Policy',
			'sub_title' => '',
			'summary' => 'Finance Minister Barshaman Pun said that there won't be arbitrary changes to the tax rate in the upcoming fiscal year's budget.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">May 13: Finance Minister Barshaman Pun said that there won&#39;t be arbitrary changes to the tax rate in the upcoming fiscal year&#39;s budget.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">&nbsp;Pun stated that any adjustments to the tax rate will be made with careful consideration of national interests, rather than catering to interests of specific business houses. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun assured that any changes would be accompanied by a clear rationale and would not disrupt long-term private sector investments. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Additionally, Pun highlighted the government&#39;s commitment to promoting open and transparent business policies and encouraging private sector participation in Nepal&#39;s development journey. </span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Minister Pun also addressed concerns regarding the slowdown in the construction sector, promising government efforts to address underlying issues causing the slowdown.</span></span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Segoe UI&quot;,&quot;sans-serif&quot;">Moreover, Pun acknowledged the government&#39;s responsibility in addressing past financial liabilities, indicating readiness to manage liabilities amounting to around Rs 600 billion from previous years.</span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '20963',
			'article_category_id' => '1',
			'title' => 'SC Scraps Writ Petitions Filed by Worldlink, Clears Way for ISPs to Pay Royalty to Government',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government’s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The Supreme Court has scrapped all eight writ petitions filed by Worldlink Communications, an internet service provider (ISP), against the government&rsquo;s decision to impose Rural Telecommunications Development Fee and royalty charge on maintenance fee collected by the ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A division bench of SC Justices Hari Prasad Phuyal and Dr Nahakul Subedi rejected Worldlink&#39;s claim by scrapping the petitions on Sunday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the SC&#39;s move, the government now can collect royalty and Rural Telecommunications Development Fees (RTDF) from Worldlink Communications which the ISP had refused to pay.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The SC verdict is likely to add billions of rupees to the state coffers from other ISPs.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;As the SC has scrapped the writ petitions, the ISPs must now pay the dues,&rdquo; Govinda Prasad Ghimire, information officer at the Supreme Court, told New Business Age.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government was unable to collect royalty revenue on maintenance charge from the internet service providers (ISPs) since the fiscal year 2072/073 BS, according to the Office of the Auditor General. The ISPs including Worldlink Communications were found to have evaded the tax by misinterpreting the law. However, the ISPs were paying the Rural Telecommunication Development Fee and royalties from the fees collected from customers for providing internet service.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">There has been a dispute between the government and the Internet Service Providers (ISPs) whether to consider the maintenance service provided by the ISPs as a telecommunication service or not and whether to pay a certain percentage of the fees collected by the ISPs to the Rural Telecommunication Development Fee and to the government as royalty.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been considering maintenance as a telecommunication service and has been asking the ISPs to pay two-tier tax. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Internet Service Providers Association of Nepal (ISPAN) claims that the ISPs have been regularly paying royalties and rural telecommunication development fees to be paid from income from telecommunication services in accordance to the Telecommunication Act, Telecommunication Regulations and Rural Telecommunication Development Fund Regulations. However, the umbrella body of ISPs maintained that there is no legal provision to pay royalties and rural telecommunication development fund fee from income generated from non-telecommunication services such as maintenance services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The dispute led to the disruption in internet services across the country on May 2 after India&rsquo;s Airtel, which provides bandwidth to Nepali ISPs, stopped providing the bandwidth for six hours citing non-payment of dues by the Nepali ISPs. The ISPs were unable to clear their outstanding dues to Airtel because the Nepal Telecommunications Authority has not recommended foreign exchange facilities to them since a year arguing that they must first pay the Rural Telecommunication Development Fee and royalty. Airtel provided the bandwidth after assurance from the government and the ISPs that they will pay the dues.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Ministry of Communications and Information Technology had formed a study team led by Joint Secretary Gaurav Giri to probe into the tax evasion from the ISPs. The study team pointed out that nine ISPs were liable to pay Rs 3.64 billion in royalty revenue and Rural Telecommunications Development Fees to the government. Under the headings, the Worldlink Communications alone has to pay Rs 1.96 billion.&nbsp;&nbsp;&nbsp; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">On the other hand, the Nepal Telecommunication Authority, the regulatory body of the telecommunication sector, had published a list of 48 internet service providers (ISPs) in August for not paying the royalty amount and taxes under the heading of the Rural Telecommunication Development Fee. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report published by the NTA in last December, 77 internet service providers had deposited more than Rs 1.67 billion. There are currently 128 internet service provider companies and 23 network service provider companies registered in Nepal.</span></span></p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20964',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.61 Percent in mid-April',
			'sub_title' => '',
			'summary' => 'Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The year-on-year (y-o-y) consumer price inflation moderated to 4.61 percent in mid-April 2024 compared to 7.76 percent a year ago, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report published by the central bank on Sunday reveals that the food and beverage category inflation stood at 5.21 percent whereas non-food and service category inflation stood at 4.14 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the food and beverage category, the y-o-y price index of spices sub-category increased 22.64 percent, vegetable 16.99 percent, pulses and legumes 10.94 percent, cereal grains and their products 7.59 percent and non-alcholic drinks 6.06 percent in the review month. The y-o-y price index of ghee and oil subcategory decreased 10.10 percent in the review month, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of miscellaneous goods and services sub-category increased 12.81 percent, recreation and culture 12.61 percent and education 7.31 percent in the review month. Meanwhile, the y-o-y price index of transportation sub-category decreased 0.33 percent in the review month, the NRB report states.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain regions stood at 4.06 percent, 4.58 percent, 5.33 percent and 4.32 percent respectively in the review month. Such inflation in these regions were 8.57 percent, 7.68 percent, 7.01 percent and 7.47 percent respectively a year ago.</span></span></p>
',
			'published' => true,
			'created' => '2024-05-13',
			'modified' => '2024-05-13',
			'keywords' => 'Nepal, Rastra, Bank, report, macroeconomic, financial, situation, central, US, dollar, fiscal, year, inflation, food',
			'description' => '',
			'sortorder' => '20690',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20962',
			'article_category_id' => '1',
			'title' => 'Current Account and BoP in Surplus, Foreign Exchange Reserves Increase in Current FY',
			'sub_title' => '',
			'summary' => 'Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The current account of Nepal remained at a surplus of Rs 179.48 billion in the first nine months of the current fiscal year against a deficit of Rs 60.43 billion in the same period of the previous year, according to the latest report of Nepal Rastra Bank.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Current Macroeconomic and Financial Situation Report of Nepal unveiled by the central bank on Sunday states that the current account, in terms of the US dollar, registered a surplus of 1.35 billion in the review period against a deficit of 468.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 19.2 percent to Rs 4.78 billion and net foreign direct investment (FDI) remained a positive of Rs 6.48 billion, the NRB report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the same period of the previous year, capital transfer amounted to Rs 5.91 billion and net FDI amounted to Rs 2.62 billion. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the Balance of Payments (BOP) remained at a surplus of Rs 365.16 billion in the review period against a surplus of Rs 174.28 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US Dollar terms, the BOP remained at a surplus of 2.75 billion in the review period against a surplus of 1.32 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The central bank&rsquo;s report further mentions that the gross foreign exchange reserves increased 24.2 percent to Rs 1911.86 billion in mid-April 2024 from Rs 1539.36 billion in mid-July 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the US dollar terms, the gross foreign exchange reserves increased 22.7 percent to 14.36 billion in mid-April 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 25.4 percent to Rs 1688.21 billion in mid-April 2024 from Rs 1345.78 billion in mid-July 2023. Likewise, the reserves held by banks and financial institutions (except NRB) increased 15.5 percent to Rs 223.65 billion in mid-April 2024 from Rs 193.59 billion in mid-July 2023, the report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The share of Indian currency in total reserves stood at 21.6 percent in mid-April 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of nine months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 15 months, and merchandise and services imports of 12.5 months. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The ratio of reserves-to-GDP, reserves-to-imports and reserves-to-M2 stood at 33.5 percent, 104 percent and 28.9 percent respectively in mid-April 2024. Such ratios were 28.8 percent, 83.0 percent and 25.0 percent respectively in mid-July 2023.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20956',
			'article_category_id' => '1',
			'title' => 'Relocation of Valley’s Industries Essential for Better Urbanization: Minister Bhandari   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley’s industries would contribute to better urbanization.     Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs' Federation Nepal at the ministry on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has opined that relocation of Kathmandu valley&rsquo;s industries would contribute to better urbanization.&nbsp;&nbsp;&nbsp;&nbsp; Minister Bhandari made such a remark while receiving a memo from the Grill and Steel Entrepreneurs&#39; Federation Nepal at the ministry on Sunday. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&quot;In the developed countries, industries are located away from urban areas; we can also plan separate safe places for industries,&quot; he reiterated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Minister Bhandari suggested the Federation that it adopted new technology as per the need of the time.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to him, we cannot compete in the global market with continuous reliance on import of raw materials. The foreign items must be replaced, he suggested.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A delegation led by the Federation&rsquo;s Chairman Thulo Babu Shrestha met the minister and demanded him to take initiatives to increase custom tariff on import of the products which Nepal itself produces in the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minister assured the delegation that he would coordinate with the Finance Ministry to address the genuine demands. He also pledged ministry&rsquo;s support for adoption of new technology in the grill industries.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Federation put forth seven demands, including creation of atmosphere conducive for business. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'sortorder' => '20683',
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			'article_date' => '2024-05-12 21:21:34',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20955',
			'article_category_id' => '1',
			'title' => 'Spring Ascent: Kami Rita Climbs Mount Everest for a Record 29th Time',
			'sub_title' => '',
			'summary' => 'Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world's highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Kami Rita Sherpa has broken his own record for the most ascents of the world&#39;s highest peak, Sagarmatha (Mt Everest), reaching the summit for the 29th time on Sunday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sherpa surpassed his previous achievement during the spring expedition of the 8,848.86-meter-high mountain. Originally from Thame village in the Khumbu Pasang Lhamu rural municipality of Solukhumbu district, the 54-year-old record-holder has once again etched his name in history.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Rakesh Gurung, director of the Adventure Tourism and Mountaineering Section at the Department of Tourism, confirmed Kami Rita Sherpa&#39;s successful ascent early Sunday morning.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Having first conquered Everest on May 13, 1994, Kami Rita also holds the record for the most ascents of peaks above 8,000 meters.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stands as the sole mountaineer to achieve the highest number of Everest ascents since Tenzing Norgay and Edmund Hillary&#39;s historic climb on May 29, 1953.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Following closely in the record-setting spree is Dawa Sherpa of Solukhumbu district, who scaled Everest for the 27th time last spring.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A team of ten Sherpa members, responsible for fixing ropes, ascended Everest on Friday night, paving the way for a total of 414 adventurers who have secured permits to climb Everest this spring season. -- RSS</span></span></p>
',
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			'sortorder' => '20682',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20954',
			'article_category_id' => '1',
			'title' => 'NEPSE Closes at 1974.50 with Gain of 8.26 Points',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 on the first trading day of the week on Sunday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 12: The Nepal Stock Exchange(NEPSE) Index witnessed a gain of 8.26 points or 0.42%, closing at 1974.50 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&rsquo;s trading session, 311 scrips were traded on the NEPSE through 49,764 transactions, with 7,857,031 total shares changing their hands resulting in a total turnover of Rs 3.15 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shangrila Development Bank Limited(SADBL) led the turnover amount with the total transaction of Rs 10 crores. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Shrijanshil Laghubitta Bittiya Sanstha(SHLB) recorded the highest gain of 10%, hitting the positive circuit for the day and closing ta a market price of Rs 1372 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, Manushi Laghubitta Bittiya Sanstha(MLBS) incurred the maximum loss of 5.44%, closing at a market price of Rs 1200 per share. </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 negative territory except Finance Index, Hotels and Tourism Index and Microfinance Index. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Non-Life Insurance saw the highest gain of 2.64%, while Microfinance Index experienced the most loss at 1.35%.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
',
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	(int) 14 => array(
		'Article' => array(
			'id' => '20953',
			'article_category_id' => '1',
			'title' => 'Government's Policies and Programmes Hang in the Balance as NC Continues Parliament Obstruction',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: The Nepali Congress has been obstructing the Parliament demanding a parliamentary inquiry against Deputy Prime Minister and Home Minister Rabi Lamichhane for his alleged involvement in co-operative fraud. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The government has announced to present its policies and programmes for the next fiscal year (FY) on May 19. The Parliament Secretariat has already announced that President Ram Chandra Paudel will present the government&rsquo;s policies and programmes at the joint meeting of the House of Representatives and the National Assembly to be held at 3 pm on May 19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the rules of the Parliament, the president on behalf of the government must present the government&rsquo;s policies and programmes in the Parliament before announcing the budget. The policies and programmes shed light on the overall policies and priorities of the government for the coming year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">However, the Nepali Congress, which had also blocked the winter session of Parliament demanding an investigation against Deputy Prime Minister and Home Minister Lamichhane, again blocked the budget session of the Parliament which was called for May 10. The Nepali Congress has stuck to its stance of not allowing the House to proceed until a parliamentary committee is formed to investigate Lamichhane. However, the government is not in favor of forming such a committee so far.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Nepali Congress has not yet come up with a clear view on whether or not to allow the President to present the policies and programmes. The Congress leaders have said that a concrete decision on this matter can be taken by the meeting of the Congress parliamentary party called for Monday and that the policies and programmes cannot be presented in the current situation. The official meeting of NC held at the residence of NC President Sher Bahadur Deuba on Saturday also concluded that the government did not want to resume the parliament session.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the meeting, NC General Secretary Gagan Thapa told media persons, &quot;Not only the policies and programmes, but none of the government&#39;s activities can proceed until the parliamentary committee is formed. The conclusion of today&#39;s meeting is that we will not back down until a parliamentary inquiry committee is formed.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Another Congress leader and party spokesperson Dr Prakash Sharan Mahat said that top leaders including the party president are discussing with the prime minister about removing the obstruction of the House. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After Prime Minister Pushpa Kamal Dahal formed a new government with support from the CPN UML and Rashtriya Swatantra Party (RSP) by severing its ties with the Nepali Congress, the right-wing party has strongly opposed the current government. The Nepali Congress has focused its criticism on Deputy Prime Minister and Home Minister Lamichhane than Prime Minister Dahal as the home minister is allegedly involved in co-operative scam.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Government reports have revealed that Lamichhane, who is not a member of Suryadarshan Cooperative, took Rs 10 million from the cooperative. Similarly, police investigation shows that Lamichhane also received money from Supreme Savings and Loan Cooperative Society in Butwal. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane has admitted that he is not a member of any of the two cooperatives. A person who is not a member of a cooperative cannot take loans. However, documents show that Lamichhane took loans controversially. Although documents show that the money has been paid back, the cooperatives claim the money has not been deposited yet. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Lamichhane maintained his innocence saying that someone else opened a fake account in his name and received the money. He also claimed that the police investigation into the scam has revealed that the money was withdrawn without filing the loan request form and those who took away the loan did not provide details of the three generations required to obtain loan. Lamichhane added that the documents also do not have his signature or finger prints.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">He also reiterated in a statement issued on Friday that he is not a co-operative fraudster. Instead, he has announced that if he is found guilty of taking the loan, he is ready to give up politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In response to Lamichhane&#39;s statement, Congress General Secretary Thapa said that he had strong evidence to confirm the allegations against Lamichhane. Thapa added that if he could not prove Lamichhane guilty, he would retire from politics.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">GB Rai had partnered with Lamichhane to operate Galaxy Four K Television under Gorkha Network Pvt Ltd, of which Lamichhane was the managing director. Now the television has been shut down. According to the government report, the operators of the television including Lamichhane had taken a loan of Rs 300 million from Pokhara&#39;s Suryadarshan Cooperative.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Meanwhile, leaders of the ruling party say that the NC turned against Lamichhane after he refused to support NC&rsquo;s candidate for the post of prime minister.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">UML President and former Prime Minister KP Sharma Oli said at an event held in Kathmandu on Saturday that Lamichhane was labeled as a corrupt member of the cooperative because he rejected the offer made by the Nepali Congress.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Although the ruling parties have agreed to investigate the cooperative sector as a whole, they have not agreed to form a parliamentary committee to investigate Lamichhane. Oli claims that the Nepali Congress will demand the resignation of the Home Minister Lamichhane as soon as such an inquiry committee is formed. If Lamichhane resigns as the Minister of Home Affairs, the ruling coalition is likely to collapse and therefor the ruling parties are hesitant to form a parliamentary probe committee against Lamichhane.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Chief Whip of CPN (Maoist Centre) Hitraj Pandey said that they are ready to investigate the entire cooperative sector including the allegations against Lamichhane. The Congress, on the other hand, has not announced a clear opinion on the matter of having a parliamentary inquiry into the cooperative sector as a whole. As the Parliament remains blocked, the process of making various laws has been interrupted.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Former Speaker Damannath Dhungana says that parties should not hold Parliament hostage. Parliament is the highest platform of the people. Legislation should be focused on the issue of people&#39;s livelihood. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:15.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">CPN (UML) chief whip Mahesh Bertaula expressed the hope that since discussions are being held at the top leadership level, the parliament will not be held hostage for long and a solution will be found.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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FOREX

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)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00