January 27: The Government of Nepal, Investment Board and Risen Energy Singapore JV Pte Ltd have signed a Memorandum of Understanding (MoU) to prepare a Detailed Feasibility Study Report (DFSR) for establishing a 2500-megawatt Grid Connected Solar Energy Project with a battery storage plant of 40 MW capacity in…
January 27: Representatives of the Government of Nepal and the World Bank jointly launched the Nepal Urban Governance and Infrastructure Project on Wednesday, January 27.…
January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds.…
January 26: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local…
January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of…
January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal.…
January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time.…
January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance…
January 26: Udaypur Cement Factory has started regular production of cement.…
January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange…
January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million.…
January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions.…
January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port.…
January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19…
January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Representatives of the Government of Nepal and the World Bank jointly launched the Nepal Urban Governance and Infrastructure Project on Wednesday, January 27. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, secretary at the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Ministry of Urban Development, Dr Ramesh Prasad Singh, and Lada Strelkova, World Bank Operations Manager for the Maldives, Nepal, and Sri Lanka, inaugurated the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The World Bank said in a statement that the four-year project is financed by the bank to promote sustainable urban development and to support post-COVID-19 economic recovery in strategic secondary cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Aligned with Nepal’s federalism principles and the National Urban Development Strategy, the $150 million project puts the municipalities at the forefront of project implementation with a focus on strengthening service delivery and institutional capacities in strategic secondary cities and supporting post-COVID-19 economic recovery through labor intensive public works, the statement added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“In the context of rapid urbanization, federalism, and the pandemic, delivering better urban services and responding to the needs of the population are critical. Given the urgent needs, result-oriented implementation of the project is required at all levels of government,” the statement quoted Secretary Singh as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The project complements the Government of Nepal’s existing programs and deepens the engagement on urban development through the establishment of dedicated funding for strategic urban infrastructure in the targeted cities,” he added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The 17 project municipalities are located in two strategic urban clusters in the eastern region (Provinces 1 and 2) and western region (Gandaki and Lumbini provinces). The selected municipalities are critical to Nepal's economic development and are the centres for commercial and administrative activities in those regions, stated World Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, the project will also support 12 additional municipalities across Nepal’s seven provinces for labor-intensive public works activities, as well as supporting four municipalities for capacity building</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. Of the total credit, about 95 percent is allocated to the local levels.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> “As part of the World Bank’s COVID-19 response, the project will support over 20,000 of the most vulnerable and unemployed people at the local level to earn at least 50 days of wages through the creation of temporary employment opportunities in the maintenance and upgrading of public infrastructure,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Working together with the government, development partners, and the private sector, the World Bank will aim to deliver results to strengthen federalism and capacity of the targeted municipalities to the benefit of the local population.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12737', 'image' => '20210127031530_world-bank.jpg', 'article_date' => '2021-01-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12989', 'article_category_id' => '1', 'title' => 'COVID-19 Budget Misappropriated in Staff Allowance and Internal Management ', 'sub_title' => '', 'summary' => 'January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. </span><br /> <span style="font-family:"Arial Unicode MS"">The local levels, which had set up separate funds for the prevention and control of global pandemic of coronavirus, have spent the public money in internal management and staff allowance rather than in the concrete measures against coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 71 staffers of Manebhanjyang rural municipality have received allowance amounting to Rs 1.58 million for their service during COVID-19 time. Manebhanjyang rural municipality which spent over Rs 3.85 million on coronavirus prevention had mobilized Rs 291,850 in canteen construction and Rs 478,876 in the procurement of medical appliances. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Khijidemba rural municipality has spent a budget of Rs 9 million in the early four months period of CoVID-19. It had spent over Rs 8.94 million in the heading of coronavirus prevention. Likewise, the rural municipality has channelized Rs 1.13 million to provide risk allowance to 350 employees. </span><br /> <span style="font-family:"Arial Unicode MS"">All the health workers and some employees mobilized in the rural municipality were provided with 50-100 percent allowance for their engagement in risk management. </span><br /> <span style="font-family:"Arial Unicode MS"">As disclosed the rural municipality has also spent Rs 92,892 on the heading of meeting meal and allowances to the attendees of local coordination committee for the control and prevention of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">Despite having people's representatives, employees, health workers and volunteers, the rual municipality is also found to have spent Rs 753,131 in the heading of remuneration to information facilitator. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 18 information facilitators were mobilized for two months in the rural municipality. </span><br /> <span style="font-family:"Arial Unicode MS"">The facilitators were mobilized to identify the status of stranded citizens, collect details of the people with chronic disease in wards and plan the relief distribution, shared chief administrative officer of the rural municipality, Subash Poudel. </span><br /> <span style="font-family:"Arial Unicode MS"">These are only the representative cases of financial embezzlement taking place in the rural municipalities of Okhaldhunga during the time of COVID-19. Other local levels of the district are also found to have been engaged in siphoning off the public money. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12736', 'image' => '20210127115028_20200316-1-Coronavirus-update 2.jpg', 'article_date' => '2021-01-27 11:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12987', 'article_category_id' => '1', 'title' => '13 Local Bodies Fail to Present Budget Even after Six Months into Current FY', 'sub_title' => 'Spending without budget approval raises concerns over fiscal indiscipline in federalism', 'summary' => 'January 26: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.', 'content' => '<h1><span style="font-size:18px">SAGAR GHIMIRE</span></h1> <h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">January 27: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.</span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">A total of 13 local governments are yet to present their annual budget. All of them are from Province 2, according to the Ministry of Federal Affairs and General Administration (MoFAGA). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The delay in presenting the budget and getting it approved from the respective assembly not only goes against the provisions of the Intergovernmental Fiscal Arrangement Act and the Local Government Operation Act, but raises concerns over the breach of fiscal discipline by subnational governments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Local levels that include rural municipals, municipalities, sub-metropolis and metropolis are required to present their budget (estimate of revenue and expenditure) for the upcoming fiscal year by Asadh 10 (10<sup>th</sup>day of the Nepali calendar month of Asadh, which generally falls in the last week of June). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Excluding the expenses (not exceeding two-thirds of the expenditureof the current fiscal year) incurred when an appropriation bill is under consideration, local governments cannot make any expenditure without approval of the budget presented in their assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Elected representatives at local levels who fail to present the budget on time point out political disputes hampering the budget formulation process.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Mithila Bihari Municipality is one such local level which had struggled to convene its Municipal Assembly to get its budget for the current fiscal year 2020-21 approvedwithin the deadline of Asadh 10 (June 24 last year). After months of political bickering, the municipality finally held its assembly nearly two and a half months later.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“The political disputes in our municipality delayed the process. As some members of another political party were bent on stopping the Assembly from congregating to prove that I have failed, we could not convene the Assembly on time,” said Anil Kumar Yadav, mayor of Mithila Bihari Municipality. “However, after weeks of negotiations with those trying to disrupt the Assembly, we finally succeeded in convening the Assembly and getting the budget approved after two and a half months,” he added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Dhanauji Rural Municipality in Province 2 faces the similar fate. Political wrangling among the elected representatives is blamed for the failure to convene the village assembly which approves the budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Wards should formulate and send their plans that need to be included in the budget. However, there are disputes in some of the wards among elected representatives,” said Ramwati Devi Mandal, deputy chairperson of Dhanauji Rural Municipality. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We also have not been able to forge consensus in the village executive to call the village assembly as there are elected representatives from various political parties,” she added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Political dispute is not the only reason that has prevented local levels from holding their assemblies or getting the budget endorsed on time. Covid-19, corruption and lack of administrative capacity are also other factors that have hit the process of budget formulation and presentation, senior MoFAGA officials said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">They also say that there is little they can do to pressurise subnational governments for timely approval of budget or rein in spending that is not duly approved from their respective assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We are practicing a federal system where provincial and local governments are as powerful as the central government. So, we cannot intervene from the federal level and tell them what to do and what not to do. Our effort is limited to following-up on where the process of convening the assembly has reached,” said a senior official at the MoFAGA, requesting anonymity as he is not authorised to talk to media. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">However, the central government has warned that it would suspend disbursement of grants, like complementary and special grants, to subnational governments that are yet to pass their budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">According to the senior official, the ministry is now also mulling over a possibility of freezing bank accounts of the local government that fails to get its budget approved by its assembly. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Fiscal experts say that spending taxpayers' money without the elected assembly’s endorsement amounts to irregularity. “Whatever justifications are made, it is a disregard for the accountability and transparency,” said Khim Lal Devkota, a fiscal federalization analyst. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He said that the central government should stop providing financial grants to those local governments until they get their budgetsapproved from their assemblies. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12735', 'image' => '20210127091328_My Effect.jpg', 'article_date' => '2021-01-27 09:09:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12988', 'article_category_id' => '1', 'title' => 'CNI Demands Increase in Number of Customs Agents', 'sub_title' => '', 'summary' => 'January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a recent interaction organized by the Confederation of Nepalese Industries (CNI), Director General of the Department of Customs Suman Dahal informed that the one-door policy is now being implemented. He added that technology-based assessment and monitoring system is being adopted while the department will soon initiate the process for digital payment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Necessary preparations have been made to increase the number of customs agents, informed Director General Dahal. Stating that cooperation and coordination is needed for the improvement of customs infrastructure and integrated check posts, Director General Dahal requested the Confederation for assistance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">CNI's acting Chairman Bishnu Kumar Agrawal urged the concerned authorities to expedite the process of customs infrastructure development while also demanding for the quick transition into digital platform.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal also drew the attention of the department that the number of customs agents has not been increased since the last 25 years and therefore urged the department to issue new license to the agents.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12734', 'image' => '20210127105631_Picture-1.jpeg', 'article_date' => '2021-01-27 10:55:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12986', 'article_category_id' => '1', 'title' => 'Farmers to Start Protest in the Capital from January 27', 'sub_title' => '', 'summary' => 'January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. They have accused the government of trying to sideline the domestic agro-industries by opening foreign investment in this sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Farmers, entrepreneurs involved in agriculture as well as small scale industries and 16 different organisations will be staging the protests in the capital starting from January 27.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A struggle committee has been formed under the coordination of Shivaram KC, chairman of Nepal Egg Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Federation of National Farmers Group, Central Livestock Cooperative Association, Dairy Industries’ Association, Nepal Dairy Association, Nepal Fishery Entrepreneurs’ Federation, Nepal Egg Producers Association, Nepal Poultry Farmers Association among others have decided to hold joint protest against the government’s decision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The struggle committee has been creating awareness among farmers and entrepreneurs in the district level at the moment. After completing its awareness drive on January 26, the committee will shift its focus on Kathmandu-centric protests.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">KC said that they initiated the protest programme to exert pressure on the government to take back its decision.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Most of the agriculture businesses have just become self reliant while others are still struggling to stand on their own. Therefore, foreign investment in this sector should not be encouraged,” said KC.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12733', 'image' => '20210126064057_20210106123441_20201105020829_cover.jpg', 'article_date' => '2021-01-26 18:40:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12985', 'article_category_id' => '1', 'title' => 'NTA to Test Internet Quality ', 'sub_title' => '', 'summary' => 'January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. </span><br /> <span style="font-family:"Arial Unicode MS"">Six companies have been shortlisted for the first round to test the quality of telecommunications service. NTA had released a tender notice seeking companies to test voice, data and internet quality last August. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to NTA Spokesperson Min Prasad Aryal, the selected companies are Mahakali-Mechi Technology and Suppliers, Professional Business Network, Jayabageshwori Construction and Suppliers on behalf of Smart Management and Research, Jaljala Builders and Infrastructures as E-Coil Pvt, Exclusive Everest Microtech JV and Intelco Solution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">NTA will now seek the financial and technical proposals from the shortlisted companies for the next round. Based on their proposals, the best one will be picked, Aryal added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The NTA has already allocated Rs 6 million for this purpose.- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12732', 'image' => '20210126062610_20200326081545_NTC-launches-4G-in-Rara-Lake.jpg', 'article_date' => '2021-01-26 18:24:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12984', 'article_category_id' => '1', 'title' => 'Non-Life Insurance Companies Report a Slump in Business', 'sub_title' => '', 'summary' => 'January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies. Life insurance companies made brisk business even amid the coronavirus pandemic in the current fiscal year. However, non-life insurance companies could not match the pace of life insurance companies in business expansion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first six months of the current fiscal year, the business of life insurance companies expanded by 32.12 percent whereas the business of non-life insurance companies grew by only 9.90 percent. The business of non-life insurance companies had expanded by 15 percent during the corresponding period of last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, there are 20 non-life insurance companies in Nepal. Among them, 19 companies collected insurance premium of Rs 15.20 billion during the review period. The government-owned National Insurance Company’s details have not been included in this report because the company did not submit its financial report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Non-life insurance is directly linked with the banking sector. They have to insure all those sectors where Banks and Financial Institutions (BFIs) have made investment. For instance, it is mandatory to insure houses built by taking loan from banks. However, of late, banks have not stepped up their investment in sectors likely to fall under the scope of insurance. That has also resulted in a slump in business of non-life insurance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The sale of new vehicles has also declined in recent days. As a result, non-life insurance companies have not been able to make good business, says Sunil Ballav Panta, CEO of NLG Insurance Company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He says insurance business might have suffered a setback due to increase in investment in the share market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The business of non-life insurance companies has definitely shrunk. But we must consider it satisfactory amid the current financial crisis induced by Covid-19,” says Panta.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12731', 'image' => '20210126035250_20200223013317_aaaa.jpg', 'article_date' => '2021-01-26 15:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12983', 'article_category_id' => '1', 'title' => 'Udaypur Cement Factory Resumes Regular Production', 'sub_title' => '', 'summary' => 'January 26: Udaypur Cement Factory has started regular production of cement. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">January 26: Udaypur Cement Factory has started regular production of cement in almost ten months. Production of cement had been obstructed due to coronavirus as well as lack of raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory had halted most of the production as it was without a general manager during this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Newly-appointed General Manager Gopi Krishna Neupane informed New Business Age that he has emphasized on regular production rather than increasing production capacity at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“The cement production at the factory was zero before I took charge,” Neupane said, adding, “The process to resolve problems related to staff, management as well as remuneration has been initiated.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">He said that the issue of wage has been managed for the time being using the factory’s internal funds at a time when the sales and income of the industry have declined. However, Neupane informed that electricity tariff and revenue of Rs 500 million will be paid after they start full-fledged production. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Udaypur Cement Factory has started selling 8,000 bags of cement per day, including the stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory, which started production on Sunday, will now produce 12,000 sacks or 600 tonnes of cement on a daily basis. The daily production capacity of the cement factory is 16,000 sacks or 800 tons. The price of cement is Rs 741 per sack. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12730', 'image' => '20210126030008_1611619104.Clipboard11.jpg', 'article_date' => '2021-01-26 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12981', 'article_category_id' => '1', 'title' => 'Quota System on Import of Gold in Force since a Decade', 'sub_title' => '', 'summary' => 'January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve. Back then, the quota system was imposed with an intention to increase foreign exchange reserve for only six to seven months. However, it has been extended till now although the country’s foreign exchange reserve is quite strong.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s foreign exchange reserve was Rs 1474.34 billion as of December 15, 2020, according to Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The demand for gold in Nepal used to be 55 kg per day before the 2015 earthquake while it shrunk to 45-50 kg per day after the quake. The demand for gold was 30 to 35 kg in last December. Currently, there is a demand for 25 kg gold per day but only 10 kg is available. Out of the 10 kg gold, dealers get access to six kg of gold while four kg is supplied to artisans involved in making handicraft products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The dealers and artisans are worried that they are getting very less amount of gold. Former chairman of the Federation of Nepal Gold and Silver Dealers Association Mani Ratna Shakya says that they are forced to buy gold at higher rate from the dealers due to the short supply. According to him, the dealers are forced to purchase gold at excessively high rate during the marriage season when the demand is high.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank had introduced a work procedure in 2009 for proper management of gold import and to maintain the country’s Balance of Payment. The quota system was launched in accordance to the work procedure. Businessmen and dealers were allowed to purchase only 15 kg gold per day from banks as per the work procedure. It was later increased to 20 kg per day. However, the daily limit for gold purchase has been reduced to 10 kg per day after the government imposed lockdown in March 24 last year. The ceiling was capped to minimize the impact of coronavirus on the country’s foreign exchange reserve.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has resulted in scarcity of gold in the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“We have demanded with the government to either increase the supply of gold or to remove the quota system, but to no avail,” said Shakya.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12729', 'image' => '20210126111048_1611618430.Clipboard09.jpg', 'article_date' => '2021-01-26 11:09:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12982', 'article_category_id' => '1', 'title' => 'Sitaram Gokul Milks to Diversify its Products by Investing Rs 60 Million', 'sub_title' => '', 'summary' => 'January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. The company informed that it is making preparations to diversify its products as per the demand of the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company is pouring an investment of Rs 60 million for the purchase of equipment, expansion of human resources and physical infrastructure in order to diversify its products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Sitaram Gokul Milks Private Limited has been producing and selling milk and ghee since the last 25 years. The company was struggling to expand its production due to lack of technical manpower. But the company decided to expand its products due to demand from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the first phase, the company has already sent samples of curd, lassi, ice cream, cottage cheese, and flavoured milk to the market. The company’s chairman Sumit Kedia informed that they will soon begin mass production as they have already received positive feedback from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to him, the company’s operation cost will increase by 20 percent after increasing production. The company is also increasing its human resource by 10 percent. The company is providing direct and indirect employment to 450 persons. Likewise, more than 100,000 families of farmers of Chitwan, Nawalparasi, Kavre, Morang, Bara and Sarlahi are associated with the company. The company has been spending Rs 2.4 million per day to purchase milk from the producers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company had been selling 40,000 litres of milk on a daily basis before the start of the coronavirus pandemic. But it later reduced production by 50 percent and hasn’t been able to return to the previous mode of production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The consumption of milk had reduced due to the closure of big hotels, restaurants, schools and colleges since a long time. The company says it was forced to reduce its production because the purchasing power of the consumers has also diminished at the moment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12728', 'image' => '20210126120448_1611618996.99.jpg', 'article_date' => '2021-01-26 12:04:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12980', 'article_category_id' => '1', 'title' => '10 more BFIs operate RTGS system', 'sub_title' => '', 'summary' => 'January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to the company, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS, NCHL said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">Customers of the ten BFIs can now initiate high-value and urgent transactions above Rs 200,000 through RGTS. The statement further said that the customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">“The <em>connect</em>RTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs,” reads the system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The system has been provided as an extension of the existing infrastructures of NCHL.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12727', 'image' => '20210125044833_index.jpg', 'article_date' => '2021-01-25 16:47:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12979', 'article_category_id' => '1', 'title' => 'Industrialists Accuse Transport Entrepreneurs of Starting Syndicate', 'sub_title' => '', 'summary' => 'January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. The transport entrepreneurs involved in transporting goods to the Birgunj-Pathlaiya Industrial Corridor have started the syndicate by increasing the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Industrialists in the corridor complained that the transport entrepreneurs have been taking turns to transport goods at increased rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal said that the transportation cost has gone up after the transport entrepreneurs started taking turns to deliver goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have started charging as much as Rs 4,000 extra for transporting goods to Parwanipur, Jitpur and Simara from the dry port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, they used to charge Rs 8,000 for transporting 22 metric tons of good in a 20-feet container. But the charge has been increased to Rs 10,000 for transporting goods to Jitpur and Rs 12,000 up to Simara.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than a dozen transport entrepreneurs have issued notices regarding the new fare. They have already started charging additional fare from last week.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have also informed that they would charge an additional Rs 2,000 if the goods are not unloaded till 5 pm the next day after customs clearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian companies transport Nepal-bound goods from overseas to the dry port via Indian ports through railway line. Those goods are then transported to the respective industries through truck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ashok Kumar Temani, former chairman of the Transport and Transshipment Committee of FNCCI, confirmed that the transport entrepreneurs have increased fare in collusion with each other.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The cost of production is sure to increase due to the unlawful move of the transport entrepreneurs,” said Temani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government must take strict action against such syndicate that is flourishing behind the mask of business,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On the other hand, transport entrepreneurs say that they are trying to fix a uniform rate which had been fluctuating due to unhealthy competition among themselves. They say that their business was on the verge of collapse due to unhealthy competition and they had been incurring loss. This is an attempt to regulate the charge, according to the transport entrepreneurs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the transport entrepreneurs Shyam Singh Prasad Patel said that the industrialists were mum while the transportation charge was Rs 4000 to Rs 5000 since one year but now they cry foul.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Transport entrepreneurs have been delivering goods by incurring losses since one year. They were silent during that time. Now, we have decided to take turns to deliver goods because our business is at stake,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12726', 'image' => '20210125042930_1611530399.Clipboard07.jpg', 'article_date' => '2021-01-25 16:28:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12976', 'article_category_id' => '1', 'title' => 'Collection of Life Insurance Premium grows by 32.12 percent', 'sub_title' => '', 'summary' => 'January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic. The life insurance businesses were affected between March to August last year due to the lockdown and restrictions imposed to prevent Covid-19 from spreading. However, by mid-December of the current fiscal year, the life insurance business started to improve gradually. The data of the Insurance Board till mid-December highlighted such findings.<br /> <br /> At present, Nepal has 19 life insurance companies in operation. According to the board, by mid-December, they have collected Rs 62.85 billion in insurance premiums. Last year, they had collected Rs 47.57 billion in insurance premiums.<br /> <br /> Executive Director of the Insurance Board Raju Raman Poudel informed that the Covid-19 crisis has also seen good growth in the life insurance business. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"The impact of the Covid-19 pandemic on life insurance has not been as severe as we had expected," he shared.<br /> <br /> He informed that the insurance business grew especially due to new policies introduced by companies as well as peoples’ understanding on the importance of insurance due to Covid-19. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"As the business grows, by the end of the current fiscal year, companies will collect Rs 1.3 billion from life insurance premium," he added.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12723', 'image' => '20210125031901_20200802063220_1596318212.Clipboard08.jpg', 'article_date' => '2021-01-25 15:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12975', 'article_category_id' => '1', 'title' => 'Government Nowhere Close to Meet Target set by Annual Budget', 'sub_title' => '', 'summary' => 'January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Bishnu Poudel announced the budget review amid a low-key meeting involving secretaries and officials of the concerned ministries on Sunday (January 24).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Poudel did not amend the government’s target although it seems almost impossible to meet them due to the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review, Finance Minister Poudel accused the weaknesses of concerned ministries in spending the capital budget for the poor situation of budget expenditure. He also accused the ministries of shying away from their duty. He also laid the blame on government employees for the low expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the ministry had facilitated in increasing capital expenditure even during the pandemic by adopting health safety measures but that was not possible due to lack of policy-level decision. He claimed that the economy battered by coronavirus can be revitalized by implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review has identified several challenges in implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Poudel pointed out to non-budgetary demand, additional budget, budget transfer, lack of attention in budget allocation among others as the major challenges for implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Delay in introducing work procedure, criteria, directives and laws are also some of the setbacks in implementing the budget, according to Minster Poudel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government also faced another challenge in implementing the budget due to the unexpected announcement of election and the need to import Covid-19 vaccine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Experts say that the government is nowhere close to achieving its target mentioned in the annual budget for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They argue that the government is unlikely to meet its target because the ruling party has been engaged in intra-party rift since a long time while it hasn’t taken any solid steps to revitalize the economy that has been badly affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Minister Dr Ram Sharan Poudel says that the current government has pushed the country towards further crisis. He said that the financial indicators in the first six months of the current fiscal year are not satisfactory. He informed that the pace of development was extremely weak considering the mid-year review report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel said that poor financial indicators in the mid-year review done by a majority government is not a good sign. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review of budget shows that government has been able to spend only 14.4 percent of the total budget or just Rs 50.82 billion for capital expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The recurrent expenditure of the government stood at Rs 342.36 billion or 36.08 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12722', 'image' => '20210125010740_20200630083550_Clipboard19.jpg', 'article_date' => '2021-01-25 13:06:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Representatives of the Government of Nepal and the World Bank jointly launched the Nepal Urban Governance and Infrastructure Project on Wednesday, January 27. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, secretary at the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Ministry of Urban Development, Dr Ramesh Prasad Singh, and Lada Strelkova, World Bank Operations Manager for the Maldives, Nepal, and Sri Lanka, inaugurated the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The World Bank said in a statement that the four-year project is financed by the bank to promote sustainable urban development and to support post-COVID-19 economic recovery in strategic secondary cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Aligned with Nepal’s federalism principles and the National Urban Development Strategy, the $150 million project puts the municipalities at the forefront of project implementation with a focus on strengthening service delivery and institutional capacities in strategic secondary cities and supporting post-COVID-19 economic recovery through labor intensive public works, the statement added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“In the context of rapid urbanization, federalism, and the pandemic, delivering better urban services and responding to the needs of the population are critical. Given the urgent needs, result-oriented implementation of the project is required at all levels of government,” the statement quoted Secretary Singh as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The project complements the Government of Nepal’s existing programs and deepens the engagement on urban development through the establishment of dedicated funding for strategic urban infrastructure in the targeted cities,” he added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The 17 project municipalities are located in two strategic urban clusters in the eastern region (Provinces 1 and 2) and western region (Gandaki and Lumbini provinces). The selected municipalities are critical to Nepal's economic development and are the centres for commercial and administrative activities in those regions, stated World Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, the project will also support 12 additional municipalities across Nepal’s seven provinces for labor-intensive public works activities, as well as supporting four municipalities for capacity building</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. Of the total credit, about 95 percent is allocated to the local levels.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> “As part of the World Bank’s COVID-19 response, the project will support over 20,000 of the most vulnerable and unemployed people at the local level to earn at least 50 days of wages through the creation of temporary employment opportunities in the maintenance and upgrading of public infrastructure,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Working together with the government, development partners, and the private sector, the World Bank will aim to deliver results to strengthen federalism and capacity of the targeted municipalities to the benefit of the local population.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12737', 'image' => '20210127031530_world-bank.jpg', 'article_date' => '2021-01-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12989', 'article_category_id' => '1', 'title' => 'COVID-19 Budget Misappropriated in Staff Allowance and Internal Management ', 'sub_title' => '', 'summary' => 'January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. </span><br /> <span style="font-family:"Arial Unicode MS"">The local levels, which had set up separate funds for the prevention and control of global pandemic of coronavirus, have spent the public money in internal management and staff allowance rather than in the concrete measures against coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 71 staffers of Manebhanjyang rural municipality have received allowance amounting to Rs 1.58 million for their service during COVID-19 time. Manebhanjyang rural municipality which spent over Rs 3.85 million on coronavirus prevention had mobilized Rs 291,850 in canteen construction and Rs 478,876 in the procurement of medical appliances. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Khijidemba rural municipality has spent a budget of Rs 9 million in the early four months period of CoVID-19. It had spent over Rs 8.94 million in the heading of coronavirus prevention. Likewise, the rural municipality has channelized Rs 1.13 million to provide risk allowance to 350 employees. </span><br /> <span style="font-family:"Arial Unicode MS"">All the health workers and some employees mobilized in the rural municipality were provided with 50-100 percent allowance for their engagement in risk management. </span><br /> <span style="font-family:"Arial Unicode MS"">As disclosed the rural municipality has also spent Rs 92,892 on the heading of meeting meal and allowances to the attendees of local coordination committee for the control and prevention of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">Despite having people's representatives, employees, health workers and volunteers, the rual municipality is also found to have spent Rs 753,131 in the heading of remuneration to information facilitator. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 18 information facilitators were mobilized for two months in the rural municipality. </span><br /> <span style="font-family:"Arial Unicode MS"">The facilitators were mobilized to identify the status of stranded citizens, collect details of the people with chronic disease in wards and plan the relief distribution, shared chief administrative officer of the rural municipality, Subash Poudel. </span><br /> <span style="font-family:"Arial Unicode MS"">These are only the representative cases of financial embezzlement taking place in the rural municipalities of Okhaldhunga during the time of COVID-19. Other local levels of the district are also found to have been engaged in siphoning off the public money. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12736', 'image' => '20210127115028_20200316-1-Coronavirus-update 2.jpg', 'article_date' => '2021-01-27 11:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12987', 'article_category_id' => '1', 'title' => '13 Local Bodies Fail to Present Budget Even after Six Months into Current FY', 'sub_title' => 'Spending without budget approval raises concerns over fiscal indiscipline in federalism', 'summary' => 'January 26: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.', 'content' => '<h1><span style="font-size:18px">SAGAR GHIMIRE</span></h1> <h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">January 27: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.</span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">A total of 13 local governments are yet to present their annual budget. All of them are from Province 2, according to the Ministry of Federal Affairs and General Administration (MoFAGA). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The delay in presenting the budget and getting it approved from the respective assembly not only goes against the provisions of the Intergovernmental Fiscal Arrangement Act and the Local Government Operation Act, but raises concerns over the breach of fiscal discipline by subnational governments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Local levels that include rural municipals, municipalities, sub-metropolis and metropolis are required to present their budget (estimate of revenue and expenditure) for the upcoming fiscal year by Asadh 10 (10<sup>th</sup>day of the Nepali calendar month of Asadh, which generally falls in the last week of June). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Excluding the expenses (not exceeding two-thirds of the expenditureof the current fiscal year) incurred when an appropriation bill is under consideration, local governments cannot make any expenditure without approval of the budget presented in their assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Elected representatives at local levels who fail to present the budget on time point out political disputes hampering the budget formulation process.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Mithila Bihari Municipality is one such local level which had struggled to convene its Municipal Assembly to get its budget for the current fiscal year 2020-21 approvedwithin the deadline of Asadh 10 (June 24 last year). After months of political bickering, the municipality finally held its assembly nearly two and a half months later.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“The political disputes in our municipality delayed the process. As some members of another political party were bent on stopping the Assembly from congregating to prove that I have failed, we could not convene the Assembly on time,” said Anil Kumar Yadav, mayor of Mithila Bihari Municipality. “However, after weeks of negotiations with those trying to disrupt the Assembly, we finally succeeded in convening the Assembly and getting the budget approved after two and a half months,” he added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Dhanauji Rural Municipality in Province 2 faces the similar fate. Political wrangling among the elected representatives is blamed for the failure to convene the village assembly which approves the budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Wards should formulate and send their plans that need to be included in the budget. However, there are disputes in some of the wards among elected representatives,” said Ramwati Devi Mandal, deputy chairperson of Dhanauji Rural Municipality. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We also have not been able to forge consensus in the village executive to call the village assembly as there are elected representatives from various political parties,” she added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Political dispute is not the only reason that has prevented local levels from holding their assemblies or getting the budget endorsed on time. Covid-19, corruption and lack of administrative capacity are also other factors that have hit the process of budget formulation and presentation, senior MoFAGA officials said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">They also say that there is little they can do to pressurise subnational governments for timely approval of budget or rein in spending that is not duly approved from their respective assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We are practicing a federal system where provincial and local governments are as powerful as the central government. So, we cannot intervene from the federal level and tell them what to do and what not to do. Our effort is limited to following-up on where the process of convening the assembly has reached,” said a senior official at the MoFAGA, requesting anonymity as he is not authorised to talk to media. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">However, the central government has warned that it would suspend disbursement of grants, like complementary and special grants, to subnational governments that are yet to pass their budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">According to the senior official, the ministry is now also mulling over a possibility of freezing bank accounts of the local government that fails to get its budget approved by its assembly. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Fiscal experts say that spending taxpayers' money without the elected assembly’s endorsement amounts to irregularity. “Whatever justifications are made, it is a disregard for the accountability and transparency,” said Khim Lal Devkota, a fiscal federalization analyst. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He said that the central government should stop providing financial grants to those local governments until they get their budgetsapproved from their assemblies. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12735', 'image' => '20210127091328_My Effect.jpg', 'article_date' => '2021-01-27 09:09:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12988', 'article_category_id' => '1', 'title' => 'CNI Demands Increase in Number of Customs Agents', 'sub_title' => '', 'summary' => 'January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a recent interaction organized by the Confederation of Nepalese Industries (CNI), Director General of the Department of Customs Suman Dahal informed that the one-door policy is now being implemented. He added that technology-based assessment and monitoring system is being adopted while the department will soon initiate the process for digital payment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Necessary preparations have been made to increase the number of customs agents, informed Director General Dahal. Stating that cooperation and coordination is needed for the improvement of customs infrastructure and integrated check posts, Director General Dahal requested the Confederation for assistance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">CNI's acting Chairman Bishnu Kumar Agrawal urged the concerned authorities to expedite the process of customs infrastructure development while also demanding for the quick transition into digital platform.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal also drew the attention of the department that the number of customs agents has not been increased since the last 25 years and therefore urged the department to issue new license to the agents.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12734', 'image' => '20210127105631_Picture-1.jpeg', 'article_date' => '2021-01-27 10:55:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12986', 'article_category_id' => '1', 'title' => 'Farmers to Start Protest in the Capital from January 27', 'sub_title' => '', 'summary' => 'January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. They have accused the government of trying to sideline the domestic agro-industries by opening foreign investment in this sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Farmers, entrepreneurs involved in agriculture as well as small scale industries and 16 different organisations will be staging the protests in the capital starting from January 27.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A struggle committee has been formed under the coordination of Shivaram KC, chairman of Nepal Egg Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Federation of National Farmers Group, Central Livestock Cooperative Association, Dairy Industries’ Association, Nepal Dairy Association, Nepal Fishery Entrepreneurs’ Federation, Nepal Egg Producers Association, Nepal Poultry Farmers Association among others have decided to hold joint protest against the government’s decision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The struggle committee has been creating awareness among farmers and entrepreneurs in the district level at the moment. After completing its awareness drive on January 26, the committee will shift its focus on Kathmandu-centric protests.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">KC said that they initiated the protest programme to exert pressure on the government to take back its decision.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Most of the agriculture businesses have just become self reliant while others are still struggling to stand on their own. Therefore, foreign investment in this sector should not be encouraged,” said KC.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12733', 'image' => '20210126064057_20210106123441_20201105020829_cover.jpg', 'article_date' => '2021-01-26 18:40:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12985', 'article_category_id' => '1', 'title' => 'NTA to Test Internet Quality ', 'sub_title' => '', 'summary' => 'January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. </span><br /> <span style="font-family:"Arial Unicode MS"">Six companies have been shortlisted for the first round to test the quality of telecommunications service. NTA had released a tender notice seeking companies to test voice, data and internet quality last August. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to NTA Spokesperson Min Prasad Aryal, the selected companies are Mahakali-Mechi Technology and Suppliers, Professional Business Network, Jayabageshwori Construction and Suppliers on behalf of Smart Management and Research, Jaljala Builders and Infrastructures as E-Coil Pvt, Exclusive Everest Microtech JV and Intelco Solution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">NTA will now seek the financial and technical proposals from the shortlisted companies for the next round. Based on their proposals, the best one will be picked, Aryal added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The NTA has already allocated Rs 6 million for this purpose.- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12732', 'image' => '20210126062610_20200326081545_NTC-launches-4G-in-Rara-Lake.jpg', 'article_date' => '2021-01-26 18:24:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12984', 'article_category_id' => '1', 'title' => 'Non-Life Insurance Companies Report a Slump in Business', 'sub_title' => '', 'summary' => 'January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies. Life insurance companies made brisk business even amid the coronavirus pandemic in the current fiscal year. However, non-life insurance companies could not match the pace of life insurance companies in business expansion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first six months of the current fiscal year, the business of life insurance companies expanded by 32.12 percent whereas the business of non-life insurance companies grew by only 9.90 percent. The business of non-life insurance companies had expanded by 15 percent during the corresponding period of last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, there are 20 non-life insurance companies in Nepal. Among them, 19 companies collected insurance premium of Rs 15.20 billion during the review period. The government-owned National Insurance Company’s details have not been included in this report because the company did not submit its financial report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Non-life insurance is directly linked with the banking sector. They have to insure all those sectors where Banks and Financial Institutions (BFIs) have made investment. For instance, it is mandatory to insure houses built by taking loan from banks. However, of late, banks have not stepped up their investment in sectors likely to fall under the scope of insurance. That has also resulted in a slump in business of non-life insurance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The sale of new vehicles has also declined in recent days. As a result, non-life insurance companies have not been able to make good business, says Sunil Ballav Panta, CEO of NLG Insurance Company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He says insurance business might have suffered a setback due to increase in investment in the share market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The business of non-life insurance companies has definitely shrunk. But we must consider it satisfactory amid the current financial crisis induced by Covid-19,” says Panta.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12731', 'image' => '20210126035250_20200223013317_aaaa.jpg', 'article_date' => '2021-01-26 15:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12983', 'article_category_id' => '1', 'title' => 'Udaypur Cement Factory Resumes Regular Production', 'sub_title' => '', 'summary' => 'January 26: Udaypur Cement Factory has started regular production of cement. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">January 26: Udaypur Cement Factory has started regular production of cement in almost ten months. Production of cement had been obstructed due to coronavirus as well as lack of raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory had halted most of the production as it was without a general manager during this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Newly-appointed General Manager Gopi Krishna Neupane informed New Business Age that he has emphasized on regular production rather than increasing production capacity at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“The cement production at the factory was zero before I took charge,” Neupane said, adding, “The process to resolve problems related to staff, management as well as remuneration has been initiated.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">He said that the issue of wage has been managed for the time being using the factory’s internal funds at a time when the sales and income of the industry have declined. However, Neupane informed that electricity tariff and revenue of Rs 500 million will be paid after they start full-fledged production. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Udaypur Cement Factory has started selling 8,000 bags of cement per day, including the stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory, which started production on Sunday, will now produce 12,000 sacks or 600 tonnes of cement on a daily basis. The daily production capacity of the cement factory is 16,000 sacks or 800 tons. The price of cement is Rs 741 per sack. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12730', 'image' => '20210126030008_1611619104.Clipboard11.jpg', 'article_date' => '2021-01-26 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12981', 'article_category_id' => '1', 'title' => 'Quota System on Import of Gold in Force since a Decade', 'sub_title' => '', 'summary' => 'January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve. Back then, the quota system was imposed with an intention to increase foreign exchange reserve for only six to seven months. However, it has been extended till now although the country’s foreign exchange reserve is quite strong.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s foreign exchange reserve was Rs 1474.34 billion as of December 15, 2020, according to Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The demand for gold in Nepal used to be 55 kg per day before the 2015 earthquake while it shrunk to 45-50 kg per day after the quake. The demand for gold was 30 to 35 kg in last December. Currently, there is a demand for 25 kg gold per day but only 10 kg is available. Out of the 10 kg gold, dealers get access to six kg of gold while four kg is supplied to artisans involved in making handicraft products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The dealers and artisans are worried that they are getting very less amount of gold. Former chairman of the Federation of Nepal Gold and Silver Dealers Association Mani Ratna Shakya says that they are forced to buy gold at higher rate from the dealers due to the short supply. According to him, the dealers are forced to purchase gold at excessively high rate during the marriage season when the demand is high.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank had introduced a work procedure in 2009 for proper management of gold import and to maintain the country’s Balance of Payment. The quota system was launched in accordance to the work procedure. Businessmen and dealers were allowed to purchase only 15 kg gold per day from banks as per the work procedure. It was later increased to 20 kg per day. However, the daily limit for gold purchase has been reduced to 10 kg per day after the government imposed lockdown in March 24 last year. The ceiling was capped to minimize the impact of coronavirus on the country’s foreign exchange reserve.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has resulted in scarcity of gold in the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“We have demanded with the government to either increase the supply of gold or to remove the quota system, but to no avail,” said Shakya.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12729', 'image' => '20210126111048_1611618430.Clipboard09.jpg', 'article_date' => '2021-01-26 11:09:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12982', 'article_category_id' => '1', 'title' => 'Sitaram Gokul Milks to Diversify its Products by Investing Rs 60 Million', 'sub_title' => '', 'summary' => 'January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. The company informed that it is making preparations to diversify its products as per the demand of the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company is pouring an investment of Rs 60 million for the purchase of equipment, expansion of human resources and physical infrastructure in order to diversify its products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Sitaram Gokul Milks Private Limited has been producing and selling milk and ghee since the last 25 years. The company was struggling to expand its production due to lack of technical manpower. But the company decided to expand its products due to demand from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the first phase, the company has already sent samples of curd, lassi, ice cream, cottage cheese, and flavoured milk to the market. The company’s chairman Sumit Kedia informed that they will soon begin mass production as they have already received positive feedback from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to him, the company’s operation cost will increase by 20 percent after increasing production. The company is also increasing its human resource by 10 percent. The company is providing direct and indirect employment to 450 persons. Likewise, more than 100,000 families of farmers of Chitwan, Nawalparasi, Kavre, Morang, Bara and Sarlahi are associated with the company. The company has been spending Rs 2.4 million per day to purchase milk from the producers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company had been selling 40,000 litres of milk on a daily basis before the start of the coronavirus pandemic. But it later reduced production by 50 percent and hasn’t been able to return to the previous mode of production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The consumption of milk had reduced due to the closure of big hotels, restaurants, schools and colleges since a long time. The company says it was forced to reduce its production because the purchasing power of the consumers has also diminished at the moment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12728', 'image' => '20210126120448_1611618996.99.jpg', 'article_date' => '2021-01-26 12:04:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12980', 'article_category_id' => '1', 'title' => '10 more BFIs operate RTGS system', 'sub_title' => '', 'summary' => 'January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to the company, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS, NCHL said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">Customers of the ten BFIs can now initiate high-value and urgent transactions above Rs 200,000 through RGTS. The statement further said that the customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">“The <em>connect</em>RTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs,” reads the system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The system has been provided as an extension of the existing infrastructures of NCHL.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12727', 'image' => '20210125044833_index.jpg', 'article_date' => '2021-01-25 16:47:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12979', 'article_category_id' => '1', 'title' => 'Industrialists Accuse Transport Entrepreneurs of Starting Syndicate', 'sub_title' => '', 'summary' => 'January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. The transport entrepreneurs involved in transporting goods to the Birgunj-Pathlaiya Industrial Corridor have started the syndicate by increasing the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Industrialists in the corridor complained that the transport entrepreneurs have been taking turns to transport goods at increased rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal said that the transportation cost has gone up after the transport entrepreneurs started taking turns to deliver goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have started charging as much as Rs 4,000 extra for transporting goods to Parwanipur, Jitpur and Simara from the dry port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, they used to charge Rs 8,000 for transporting 22 metric tons of good in a 20-feet container. But the charge has been increased to Rs 10,000 for transporting goods to Jitpur and Rs 12,000 up to Simara.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than a dozen transport entrepreneurs have issued notices regarding the new fare. They have already started charging additional fare from last week.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have also informed that they would charge an additional Rs 2,000 if the goods are not unloaded till 5 pm the next day after customs clearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian companies transport Nepal-bound goods from overseas to the dry port via Indian ports through railway line. Those goods are then transported to the respective industries through truck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ashok Kumar Temani, former chairman of the Transport and Transshipment Committee of FNCCI, confirmed that the transport entrepreneurs have increased fare in collusion with each other.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The cost of production is sure to increase due to the unlawful move of the transport entrepreneurs,” said Temani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government must take strict action against such syndicate that is flourishing behind the mask of business,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On the other hand, transport entrepreneurs say that they are trying to fix a uniform rate which had been fluctuating due to unhealthy competition among themselves. They say that their business was on the verge of collapse due to unhealthy competition and they had been incurring loss. This is an attempt to regulate the charge, according to the transport entrepreneurs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the transport entrepreneurs Shyam Singh Prasad Patel said that the industrialists were mum while the transportation charge was Rs 4000 to Rs 5000 since one year but now they cry foul.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Transport entrepreneurs have been delivering goods by incurring losses since one year. They were silent during that time. Now, we have decided to take turns to deliver goods because our business is at stake,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12726', 'image' => '20210125042930_1611530399.Clipboard07.jpg', 'article_date' => '2021-01-25 16:28:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12976', 'article_category_id' => '1', 'title' => 'Collection of Life Insurance Premium grows by 32.12 percent', 'sub_title' => '', 'summary' => 'January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic. The life insurance businesses were affected between March to August last year due to the lockdown and restrictions imposed to prevent Covid-19 from spreading. However, by mid-December of the current fiscal year, the life insurance business started to improve gradually. The data of the Insurance Board till mid-December highlighted such findings.<br /> <br /> At present, Nepal has 19 life insurance companies in operation. According to the board, by mid-December, they have collected Rs 62.85 billion in insurance premiums. Last year, they had collected Rs 47.57 billion in insurance premiums.<br /> <br /> Executive Director of the Insurance Board Raju Raman Poudel informed that the Covid-19 crisis has also seen good growth in the life insurance business. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"The impact of the Covid-19 pandemic on life insurance has not been as severe as we had expected," he shared.<br /> <br /> He informed that the insurance business grew especially due to new policies introduced by companies as well as peoples’ understanding on the importance of insurance due to Covid-19. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"As the business grows, by the end of the current fiscal year, companies will collect Rs 1.3 billion from life insurance premium," he added.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12723', 'image' => '20210125031901_20200802063220_1596318212.Clipboard08.jpg', 'article_date' => '2021-01-25 15:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12975', 'article_category_id' => '1', 'title' => 'Government Nowhere Close to Meet Target set by Annual Budget', 'sub_title' => '', 'summary' => 'January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Bishnu Poudel announced the budget review amid a low-key meeting involving secretaries and officials of the concerned ministries on Sunday (January 24).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Poudel did not amend the government’s target although it seems almost impossible to meet them due to the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review, Finance Minister Poudel accused the weaknesses of concerned ministries in spending the capital budget for the poor situation of budget expenditure. He also accused the ministries of shying away from their duty. He also laid the blame on government employees for the low expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the ministry had facilitated in increasing capital expenditure even during the pandemic by adopting health safety measures but that was not possible due to lack of policy-level decision. He claimed that the economy battered by coronavirus can be revitalized by implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review has identified several challenges in implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Poudel pointed out to non-budgetary demand, additional budget, budget transfer, lack of attention in budget allocation among others as the major challenges for implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Delay in introducing work procedure, criteria, directives and laws are also some of the setbacks in implementing the budget, according to Minster Poudel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government also faced another challenge in implementing the budget due to the unexpected announcement of election and the need to import Covid-19 vaccine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Experts say that the government is nowhere close to achieving its target mentioned in the annual budget for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They argue that the government is unlikely to meet its target because the ruling party has been engaged in intra-party rift since a long time while it hasn’t taken any solid steps to revitalize the economy that has been badly affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Minister Dr Ram Sharan Poudel says that the current government has pushed the country towards further crisis. He said that the financial indicators in the first six months of the current fiscal year are not satisfactory. He informed that the pace of development was extremely weak considering the mid-year review report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel said that poor financial indicators in the mid-year review done by a majority government is not a good sign. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review of budget shows that government has been able to spend only 14.4 percent of the total budget or just Rs 50.82 billion for capital expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The recurrent expenditure of the government stood at Rs 342.36 billion or 36.08 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12722', 'image' => '20210125010740_20200630083550_Clipboard19.jpg', 'article_date' => '2021-01-25 13:06:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Representatives of the Government of Nepal and the World Bank jointly launched the Nepal Urban Governance and Infrastructure Project on Wednesday, January 27. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, secretary at the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Ministry of Urban Development, Dr Ramesh Prasad Singh, and Lada Strelkova, World Bank Operations Manager for the Maldives, Nepal, and Sri Lanka, inaugurated the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The World Bank said in a statement that the four-year project is financed by the bank to promote sustainable urban development and to support post-COVID-19 economic recovery in strategic secondary cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Aligned with Nepal’s federalism principles and the National Urban Development Strategy, the $150 million project puts the municipalities at the forefront of project implementation with a focus on strengthening service delivery and institutional capacities in strategic secondary cities and supporting post-COVID-19 economic recovery through labor intensive public works, the statement added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“In the context of rapid urbanization, federalism, and the pandemic, delivering better urban services and responding to the needs of the population are critical. Given the urgent needs, result-oriented implementation of the project is required at all levels of government,” the statement quoted Secretary Singh as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The project complements the Government of Nepal’s existing programs and deepens the engagement on urban development through the establishment of dedicated funding for strategic urban infrastructure in the targeted cities,” he added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The 17 project municipalities are located in two strategic urban clusters in the eastern region (Provinces 1 and 2) and western region (Gandaki and Lumbini provinces). The selected municipalities are critical to Nepal's economic development and are the centres for commercial and administrative activities in those regions, stated World Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, the project will also support 12 additional municipalities across Nepal’s seven provinces for labor-intensive public works activities, as well as supporting four municipalities for capacity building</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. Of the total credit, about 95 percent is allocated to the local levels.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> “As part of the World Bank’s COVID-19 response, the project will support over 20,000 of the most vulnerable and unemployed people at the local level to earn at least 50 days of wages through the creation of temporary employment opportunities in the maintenance and upgrading of public infrastructure,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Working together with the government, development partners, and the private sector, the World Bank will aim to deliver results to strengthen federalism and capacity of the targeted municipalities to the benefit of the local population.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12737', 'image' => '20210127031530_world-bank.jpg', 'article_date' => '2021-01-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12989', 'article_category_id' => '1', 'title' => 'COVID-19 Budget Misappropriated in Staff Allowance and Internal Management ', 'sub_title' => '', 'summary' => 'January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. </span><br /> <span style="font-family:"Arial Unicode MS"">The local levels, which had set up separate funds for the prevention and control of global pandemic of coronavirus, have spent the public money in internal management and staff allowance rather than in the concrete measures against coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 71 staffers of Manebhanjyang rural municipality have received allowance amounting to Rs 1.58 million for their service during COVID-19 time. Manebhanjyang rural municipality which spent over Rs 3.85 million on coronavirus prevention had mobilized Rs 291,850 in canteen construction and Rs 478,876 in the procurement of medical appliances. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Khijidemba rural municipality has spent a budget of Rs 9 million in the early four months period of CoVID-19. It had spent over Rs 8.94 million in the heading of coronavirus prevention. Likewise, the rural municipality has channelized Rs 1.13 million to provide risk allowance to 350 employees. </span><br /> <span style="font-family:"Arial Unicode MS"">All the health workers and some employees mobilized in the rural municipality were provided with 50-100 percent allowance for their engagement in risk management. </span><br /> <span style="font-family:"Arial Unicode MS"">As disclosed the rural municipality has also spent Rs 92,892 on the heading of meeting meal and allowances to the attendees of local coordination committee for the control and prevention of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">Despite having people's representatives, employees, health workers and volunteers, the rual municipality is also found to have spent Rs 753,131 in the heading of remuneration to information facilitator. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 18 information facilitators were mobilized for two months in the rural municipality. </span><br /> <span style="font-family:"Arial Unicode MS"">The facilitators were mobilized to identify the status of stranded citizens, collect details of the people with chronic disease in wards and plan the relief distribution, shared chief administrative officer of the rural municipality, Subash Poudel. </span><br /> <span style="font-family:"Arial Unicode MS"">These are only the representative cases of financial embezzlement taking place in the rural municipalities of Okhaldhunga during the time of COVID-19. Other local levels of the district are also found to have been engaged in siphoning off the public money. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12736', 'image' => '20210127115028_20200316-1-Coronavirus-update 2.jpg', 'article_date' => '2021-01-27 11:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12987', 'article_category_id' => '1', 'title' => '13 Local Bodies Fail to Present Budget Even after Six Months into Current FY', 'sub_title' => 'Spending without budget approval raises concerns over fiscal indiscipline in federalism', 'summary' => 'January 26: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.', 'content' => '<h1><span style="font-size:18px">SAGAR GHIMIRE</span></h1> <h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">January 27: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.</span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">A total of 13 local governments are yet to present their annual budget. All of them are from Province 2, according to the Ministry of Federal Affairs and General Administration (MoFAGA). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The delay in presenting the budget and getting it approved from the respective assembly not only goes against the provisions of the Intergovernmental Fiscal Arrangement Act and the Local Government Operation Act, but raises concerns over the breach of fiscal discipline by subnational governments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Local levels that include rural municipals, municipalities, sub-metropolis and metropolis are required to present their budget (estimate of revenue and expenditure) for the upcoming fiscal year by Asadh 10 (10<sup>th</sup>day of the Nepali calendar month of Asadh, which generally falls in the last week of June). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Excluding the expenses (not exceeding two-thirds of the expenditureof the current fiscal year) incurred when an appropriation bill is under consideration, local governments cannot make any expenditure without approval of the budget presented in their assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Elected representatives at local levels who fail to present the budget on time point out political disputes hampering the budget formulation process.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Mithila Bihari Municipality is one such local level which had struggled to convene its Municipal Assembly to get its budget for the current fiscal year 2020-21 approvedwithin the deadline of Asadh 10 (June 24 last year). After months of political bickering, the municipality finally held its assembly nearly two and a half months later.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“The political disputes in our municipality delayed the process. As some members of another political party were bent on stopping the Assembly from congregating to prove that I have failed, we could not convene the Assembly on time,” said Anil Kumar Yadav, mayor of Mithila Bihari Municipality. “However, after weeks of negotiations with those trying to disrupt the Assembly, we finally succeeded in convening the Assembly and getting the budget approved after two and a half months,” he added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Dhanauji Rural Municipality in Province 2 faces the similar fate. Political wrangling among the elected representatives is blamed for the failure to convene the village assembly which approves the budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Wards should formulate and send their plans that need to be included in the budget. However, there are disputes in some of the wards among elected representatives,” said Ramwati Devi Mandal, deputy chairperson of Dhanauji Rural Municipality. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We also have not been able to forge consensus in the village executive to call the village assembly as there are elected representatives from various political parties,” she added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Political dispute is not the only reason that has prevented local levels from holding their assemblies or getting the budget endorsed on time. Covid-19, corruption and lack of administrative capacity are also other factors that have hit the process of budget formulation and presentation, senior MoFAGA officials said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">They also say that there is little they can do to pressurise subnational governments for timely approval of budget or rein in spending that is not duly approved from their respective assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We are practicing a federal system where provincial and local governments are as powerful as the central government. So, we cannot intervene from the federal level and tell them what to do and what not to do. Our effort is limited to following-up on where the process of convening the assembly has reached,” said a senior official at the MoFAGA, requesting anonymity as he is not authorised to talk to media. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">However, the central government has warned that it would suspend disbursement of grants, like complementary and special grants, to subnational governments that are yet to pass their budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">According to the senior official, the ministry is now also mulling over a possibility of freezing bank accounts of the local government that fails to get its budget approved by its assembly. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Fiscal experts say that spending taxpayers' money without the elected assembly’s endorsement amounts to irregularity. “Whatever justifications are made, it is a disregard for the accountability and transparency,” said Khim Lal Devkota, a fiscal federalization analyst. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He said that the central government should stop providing financial grants to those local governments until they get their budgetsapproved from their assemblies. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12735', 'image' => '20210127091328_My Effect.jpg', 'article_date' => '2021-01-27 09:09:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12988', 'article_category_id' => '1', 'title' => 'CNI Demands Increase in Number of Customs Agents', 'sub_title' => '', 'summary' => 'January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a recent interaction organized by the Confederation of Nepalese Industries (CNI), Director General of the Department of Customs Suman Dahal informed that the one-door policy is now being implemented. He added that technology-based assessment and monitoring system is being adopted while the department will soon initiate the process for digital payment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Necessary preparations have been made to increase the number of customs agents, informed Director General Dahal. Stating that cooperation and coordination is needed for the improvement of customs infrastructure and integrated check posts, Director General Dahal requested the Confederation for assistance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">CNI's acting Chairman Bishnu Kumar Agrawal urged the concerned authorities to expedite the process of customs infrastructure development while also demanding for the quick transition into digital platform.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal also drew the attention of the department that the number of customs agents has not been increased since the last 25 years and therefore urged the department to issue new license to the agents.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12734', 'image' => '20210127105631_Picture-1.jpeg', 'article_date' => '2021-01-27 10:55:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12986', 'article_category_id' => '1', 'title' => 'Farmers to Start Protest in the Capital from January 27', 'sub_title' => '', 'summary' => 'January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. They have accused the government of trying to sideline the domestic agro-industries by opening foreign investment in this sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Farmers, entrepreneurs involved in agriculture as well as small scale industries and 16 different organisations will be staging the protests in the capital starting from January 27.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A struggle committee has been formed under the coordination of Shivaram KC, chairman of Nepal Egg Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Federation of National Farmers Group, Central Livestock Cooperative Association, Dairy Industries’ Association, Nepal Dairy Association, Nepal Fishery Entrepreneurs’ Federation, Nepal Egg Producers Association, Nepal Poultry Farmers Association among others have decided to hold joint protest against the government’s decision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The struggle committee has been creating awareness among farmers and entrepreneurs in the district level at the moment. After completing its awareness drive on January 26, the committee will shift its focus on Kathmandu-centric protests.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">KC said that they initiated the protest programme to exert pressure on the government to take back its decision.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Most of the agriculture businesses have just become self reliant while others are still struggling to stand on their own. Therefore, foreign investment in this sector should not be encouraged,” said KC.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12733', 'image' => '20210126064057_20210106123441_20201105020829_cover.jpg', 'article_date' => '2021-01-26 18:40:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12985', 'article_category_id' => '1', 'title' => 'NTA to Test Internet Quality ', 'sub_title' => '', 'summary' => 'January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. </span><br /> <span style="font-family:"Arial Unicode MS"">Six companies have been shortlisted for the first round to test the quality of telecommunications service. NTA had released a tender notice seeking companies to test voice, data and internet quality last August. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to NTA Spokesperson Min Prasad Aryal, the selected companies are Mahakali-Mechi Technology and Suppliers, Professional Business Network, Jayabageshwori Construction and Suppliers on behalf of Smart Management and Research, Jaljala Builders and Infrastructures as E-Coil Pvt, Exclusive Everest Microtech JV and Intelco Solution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">NTA will now seek the financial and technical proposals from the shortlisted companies for the next round. Based on their proposals, the best one will be picked, Aryal added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The NTA has already allocated Rs 6 million for this purpose.- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12732', 'image' => '20210126062610_20200326081545_NTC-launches-4G-in-Rara-Lake.jpg', 'article_date' => '2021-01-26 18:24:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12984', 'article_category_id' => '1', 'title' => 'Non-Life Insurance Companies Report a Slump in Business', 'sub_title' => '', 'summary' => 'January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies. Life insurance companies made brisk business even amid the coronavirus pandemic in the current fiscal year. However, non-life insurance companies could not match the pace of life insurance companies in business expansion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first six months of the current fiscal year, the business of life insurance companies expanded by 32.12 percent whereas the business of non-life insurance companies grew by only 9.90 percent. The business of non-life insurance companies had expanded by 15 percent during the corresponding period of last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, there are 20 non-life insurance companies in Nepal. Among them, 19 companies collected insurance premium of Rs 15.20 billion during the review period. The government-owned National Insurance Company’s details have not been included in this report because the company did not submit its financial report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Non-life insurance is directly linked with the banking sector. They have to insure all those sectors where Banks and Financial Institutions (BFIs) have made investment. For instance, it is mandatory to insure houses built by taking loan from banks. However, of late, banks have not stepped up their investment in sectors likely to fall under the scope of insurance. That has also resulted in a slump in business of non-life insurance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The sale of new vehicles has also declined in recent days. As a result, non-life insurance companies have not been able to make good business, says Sunil Ballav Panta, CEO of NLG Insurance Company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He says insurance business might have suffered a setback due to increase in investment in the share market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The business of non-life insurance companies has definitely shrunk. But we must consider it satisfactory amid the current financial crisis induced by Covid-19,” says Panta.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12731', 'image' => '20210126035250_20200223013317_aaaa.jpg', 'article_date' => '2021-01-26 15:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12983', 'article_category_id' => '1', 'title' => 'Udaypur Cement Factory Resumes Regular Production', 'sub_title' => '', 'summary' => 'January 26: Udaypur Cement Factory has started regular production of cement. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">January 26: Udaypur Cement Factory has started regular production of cement in almost ten months. Production of cement had been obstructed due to coronavirus as well as lack of raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory had halted most of the production as it was without a general manager during this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Newly-appointed General Manager Gopi Krishna Neupane informed New Business Age that he has emphasized on regular production rather than increasing production capacity at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“The cement production at the factory was zero before I took charge,” Neupane said, adding, “The process to resolve problems related to staff, management as well as remuneration has been initiated.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">He said that the issue of wage has been managed for the time being using the factory’s internal funds at a time when the sales and income of the industry have declined. However, Neupane informed that electricity tariff and revenue of Rs 500 million will be paid after they start full-fledged production. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Udaypur Cement Factory has started selling 8,000 bags of cement per day, including the stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory, which started production on Sunday, will now produce 12,000 sacks or 600 tonnes of cement on a daily basis. The daily production capacity of the cement factory is 16,000 sacks or 800 tons. The price of cement is Rs 741 per sack. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12730', 'image' => '20210126030008_1611619104.Clipboard11.jpg', 'article_date' => '2021-01-26 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12981', 'article_category_id' => '1', 'title' => 'Quota System on Import of Gold in Force since a Decade', 'sub_title' => '', 'summary' => 'January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve. Back then, the quota system was imposed with an intention to increase foreign exchange reserve for only six to seven months. However, it has been extended till now although the country’s foreign exchange reserve is quite strong.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s foreign exchange reserve was Rs 1474.34 billion as of December 15, 2020, according to Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The demand for gold in Nepal used to be 55 kg per day before the 2015 earthquake while it shrunk to 45-50 kg per day after the quake. The demand for gold was 30 to 35 kg in last December. Currently, there is a demand for 25 kg gold per day but only 10 kg is available. Out of the 10 kg gold, dealers get access to six kg of gold while four kg is supplied to artisans involved in making handicraft products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The dealers and artisans are worried that they are getting very less amount of gold. Former chairman of the Federation of Nepal Gold and Silver Dealers Association Mani Ratna Shakya says that they are forced to buy gold at higher rate from the dealers due to the short supply. According to him, the dealers are forced to purchase gold at excessively high rate during the marriage season when the demand is high.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank had introduced a work procedure in 2009 for proper management of gold import and to maintain the country’s Balance of Payment. The quota system was launched in accordance to the work procedure. Businessmen and dealers were allowed to purchase only 15 kg gold per day from banks as per the work procedure. It was later increased to 20 kg per day. However, the daily limit for gold purchase has been reduced to 10 kg per day after the government imposed lockdown in March 24 last year. The ceiling was capped to minimize the impact of coronavirus on the country’s foreign exchange reserve.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has resulted in scarcity of gold in the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“We have demanded with the government to either increase the supply of gold or to remove the quota system, but to no avail,” said Shakya.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12729', 'image' => '20210126111048_1611618430.Clipboard09.jpg', 'article_date' => '2021-01-26 11:09:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12982', 'article_category_id' => '1', 'title' => 'Sitaram Gokul Milks to Diversify its Products by Investing Rs 60 Million', 'sub_title' => '', 'summary' => 'January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. The company informed that it is making preparations to diversify its products as per the demand of the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company is pouring an investment of Rs 60 million for the purchase of equipment, expansion of human resources and physical infrastructure in order to diversify its products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Sitaram Gokul Milks Private Limited has been producing and selling milk and ghee since the last 25 years. The company was struggling to expand its production due to lack of technical manpower. But the company decided to expand its products due to demand from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the first phase, the company has already sent samples of curd, lassi, ice cream, cottage cheese, and flavoured milk to the market. The company’s chairman Sumit Kedia informed that they will soon begin mass production as they have already received positive feedback from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to him, the company’s operation cost will increase by 20 percent after increasing production. The company is also increasing its human resource by 10 percent. The company is providing direct and indirect employment to 450 persons. Likewise, more than 100,000 families of farmers of Chitwan, Nawalparasi, Kavre, Morang, Bara and Sarlahi are associated with the company. The company has been spending Rs 2.4 million per day to purchase milk from the producers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company had been selling 40,000 litres of milk on a daily basis before the start of the coronavirus pandemic. But it later reduced production by 50 percent and hasn’t been able to return to the previous mode of production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The consumption of milk had reduced due to the closure of big hotels, restaurants, schools and colleges since a long time. The company says it was forced to reduce its production because the purchasing power of the consumers has also diminished at the moment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12728', 'image' => '20210126120448_1611618996.99.jpg', 'article_date' => '2021-01-26 12:04:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12980', 'article_category_id' => '1', 'title' => '10 more BFIs operate RTGS system', 'sub_title' => '', 'summary' => 'January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to the company, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS, NCHL said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">Customers of the ten BFIs can now initiate high-value and urgent transactions above Rs 200,000 through RGTS. The statement further said that the customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">“The <em>connect</em>RTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs,” reads the system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The system has been provided as an extension of the existing infrastructures of NCHL.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12727', 'image' => '20210125044833_index.jpg', 'article_date' => '2021-01-25 16:47:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12979', 'article_category_id' => '1', 'title' => 'Industrialists Accuse Transport Entrepreneurs of Starting Syndicate', 'sub_title' => '', 'summary' => 'January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. The transport entrepreneurs involved in transporting goods to the Birgunj-Pathlaiya Industrial Corridor have started the syndicate by increasing the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Industrialists in the corridor complained that the transport entrepreneurs have been taking turns to transport goods at increased rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal said that the transportation cost has gone up after the transport entrepreneurs started taking turns to deliver goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have started charging as much as Rs 4,000 extra for transporting goods to Parwanipur, Jitpur and Simara from the dry port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, they used to charge Rs 8,000 for transporting 22 metric tons of good in a 20-feet container. But the charge has been increased to Rs 10,000 for transporting goods to Jitpur and Rs 12,000 up to Simara.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than a dozen transport entrepreneurs have issued notices regarding the new fare. They have already started charging additional fare from last week.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have also informed that they would charge an additional Rs 2,000 if the goods are not unloaded till 5 pm the next day after customs clearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian companies transport Nepal-bound goods from overseas to the dry port via Indian ports through railway line. Those goods are then transported to the respective industries through truck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ashok Kumar Temani, former chairman of the Transport and Transshipment Committee of FNCCI, confirmed that the transport entrepreneurs have increased fare in collusion with each other.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The cost of production is sure to increase due to the unlawful move of the transport entrepreneurs,” said Temani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government must take strict action against such syndicate that is flourishing behind the mask of business,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On the other hand, transport entrepreneurs say that they are trying to fix a uniform rate which had been fluctuating due to unhealthy competition among themselves. They say that their business was on the verge of collapse due to unhealthy competition and they had been incurring loss. This is an attempt to regulate the charge, according to the transport entrepreneurs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the transport entrepreneurs Shyam Singh Prasad Patel said that the industrialists were mum while the transportation charge was Rs 4000 to Rs 5000 since one year but now they cry foul.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Transport entrepreneurs have been delivering goods by incurring losses since one year. They were silent during that time. Now, we have decided to take turns to deliver goods because our business is at stake,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12726', 'image' => '20210125042930_1611530399.Clipboard07.jpg', 'article_date' => '2021-01-25 16:28:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12976', 'article_category_id' => '1', 'title' => 'Collection of Life Insurance Premium grows by 32.12 percent', 'sub_title' => '', 'summary' => 'January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic. The life insurance businesses were affected between March to August last year due to the lockdown and restrictions imposed to prevent Covid-19 from spreading. However, by mid-December of the current fiscal year, the life insurance business started to improve gradually. The data of the Insurance Board till mid-December highlighted such findings.<br /> <br /> At present, Nepal has 19 life insurance companies in operation. According to the board, by mid-December, they have collected Rs 62.85 billion in insurance premiums. Last year, they had collected Rs 47.57 billion in insurance premiums.<br /> <br /> Executive Director of the Insurance Board Raju Raman Poudel informed that the Covid-19 crisis has also seen good growth in the life insurance business. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"The impact of the Covid-19 pandemic on life insurance has not been as severe as we had expected," he shared.<br /> <br /> He informed that the insurance business grew especially due to new policies introduced by companies as well as peoples’ understanding on the importance of insurance due to Covid-19. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"As the business grows, by the end of the current fiscal year, companies will collect Rs 1.3 billion from life insurance premium," he added.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12723', 'image' => '20210125031901_20200802063220_1596318212.Clipboard08.jpg', 'article_date' => '2021-01-25 15:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12975', 'article_category_id' => '1', 'title' => 'Government Nowhere Close to Meet Target set by Annual Budget', 'sub_title' => '', 'summary' => 'January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Bishnu Poudel announced the budget review amid a low-key meeting involving secretaries and officials of the concerned ministries on Sunday (January 24).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Poudel did not amend the government’s target although it seems almost impossible to meet them due to the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review, Finance Minister Poudel accused the weaknesses of concerned ministries in spending the capital budget for the poor situation of budget expenditure. He also accused the ministries of shying away from their duty. He also laid the blame on government employees for the low expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the ministry had facilitated in increasing capital expenditure even during the pandemic by adopting health safety measures but that was not possible due to lack of policy-level decision. He claimed that the economy battered by coronavirus can be revitalized by implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review has identified several challenges in implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Poudel pointed out to non-budgetary demand, additional budget, budget transfer, lack of attention in budget allocation among others as the major challenges for implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Delay in introducing work procedure, criteria, directives and laws are also some of the setbacks in implementing the budget, according to Minster Poudel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government also faced another challenge in implementing the budget due to the unexpected announcement of election and the need to import Covid-19 vaccine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Experts say that the government is nowhere close to achieving its target mentioned in the annual budget for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They argue that the government is unlikely to meet its target because the ruling party has been engaged in intra-party rift since a long time while it hasn’t taken any solid steps to revitalize the economy that has been badly affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Minister Dr Ram Sharan Poudel says that the current government has pushed the country towards further crisis. He said that the financial indicators in the first six months of the current fiscal year are not satisfactory. He informed that the pace of development was extremely weak considering the mid-year review report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel said that poor financial indicators in the mid-year review done by a majority government is not a good sign. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review of budget shows that government has been able to spend only 14.4 percent of the total budget or just Rs 50.82 billion for capital expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The recurrent expenditure of the government stood at Rs 342.36 billion or 36.08 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12722', 'image' => '20210125010740_20200630083550_Clipboard19.jpg', 'article_date' => '2021-01-25 13:06:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Representatives of the Government of Nepal and the World Bank jointly launched the Nepal Urban Governance and Infrastructure Project on Wednesday, January 27. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, secretary at the </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">Ministry of Urban Development, Dr Ramesh Prasad Singh, and Lada Strelkova, World Bank Operations Manager for the Maldives, Nepal, and Sri Lanka, inaugurated the project.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> The World Bank said in a statement that the four-year project is financed by the bank to promote sustainable urban development and to support post-COVID-19 economic recovery in strategic secondary cities. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Aligned with Nepal’s federalism principles and the National Urban Development Strategy, the $150 million project puts the municipalities at the forefront of project implementation with a focus on strengthening service delivery and institutional capacities in strategic secondary cities and supporting post-COVID-19 economic recovery through labor intensive public works, the statement added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“In the context of rapid urbanization, federalism, and the pandemic, delivering better urban services and responding to the needs of the population are critical. Given the urgent needs, result-oriented implementation of the project is required at all levels of government,” the statement quoted Secretary Singh as saying.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">“The project complements the Government of Nepal’s existing programs and deepens the engagement on urban development through the establishment of dedicated funding for strategic urban infrastructure in the targeted cities,” he added. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The 17 project municipalities are located in two strategic urban clusters in the eastern region (Provinces 1 and 2) and western region (Gandaki and Lumbini provinces). The selected municipalities are critical to Nepal's economic development and are the centres for commercial and administrative activities in those regions, stated World Bank.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the World Bank, the project will also support 12 additional municipalities across Nepal’s seven provinces for labor-intensive public works activities, as well as supporting four municipalities for capacity building</span></span><span style="font-size:14.0pt"><span style="font-family:Arial">. Of the total credit, about 95 percent is allocated to the local levels.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> “As part of the World Bank’s COVID-19 response, the project will support over 20,000 of the most vulnerable and unemployed people at the local level to earn at least 50 days of wages through the creation of temporary employment opportunities in the maintenance and upgrading of public infrastructure,” stated Faris Hadad-Zervos, World Bank’s country director for the Maldives, Nepal, and Sri Lanka. “Working together with the government, development partners, and the private sector, the World Bank will aim to deliver results to strengthen federalism and capacity of the targeted municipalities to the benefit of the local population.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12737', 'image' => '20210127031530_world-bank.jpg', 'article_date' => '2021-01-27 15:13:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12989', 'article_category_id' => '1', 'title' => 'COVID-19 Budget Misappropriated in Staff Allowance and Internal Management ', 'sub_title' => '', 'summary' => 'January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 27: There are growing public complaints that the local levels of Okhaldhunga district have embezzled COVID-19 management funds. </span><br /> <span style="font-family:"Arial Unicode MS"">The local levels, which had set up separate funds for the prevention and control of global pandemic of coronavirus, have spent the public money in internal management and staff allowance rather than in the concrete measures against coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 71 staffers of Manebhanjyang rural municipality have received allowance amounting to Rs 1.58 million for their service during COVID-19 time. Manebhanjyang rural municipality which spent over Rs 3.85 million on coronavirus prevention had mobilized Rs 291,850 in canteen construction and Rs 478,876 in the procurement of medical appliances. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, Khijidemba rural municipality has spent a budget of Rs 9 million in the early four months period of CoVID-19. It had spent over Rs 8.94 million in the heading of coronavirus prevention. Likewise, the rural municipality has channelized Rs 1.13 million to provide risk allowance to 350 employees. </span><br /> <span style="font-family:"Arial Unicode MS"">All the health workers and some employees mobilized in the rural municipality were provided with 50-100 percent allowance for their engagement in risk management. </span><br /> <span style="font-family:"Arial Unicode MS"">As disclosed the rural municipality has also spent Rs 92,892 on the heading of meeting meal and allowances to the attendees of local coordination committee for the control and prevention of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">Despite having people's representatives, employees, health workers and volunteers, the rual municipality is also found to have spent Rs 753,131 in the heading of remuneration to information facilitator. </span><br /> <span style="font-family:"Arial Unicode MS"">Some 18 information facilitators were mobilized for two months in the rural municipality. </span><br /> <span style="font-family:"Arial Unicode MS"">The facilitators were mobilized to identify the status of stranded citizens, collect details of the people with chronic disease in wards and plan the relief distribution, shared chief administrative officer of the rural municipality, Subash Poudel. </span><br /> <span style="font-family:"Arial Unicode MS"">These are only the representative cases of financial embezzlement taking place in the rural municipalities of Okhaldhunga during the time of COVID-19. Other local levels of the district are also found to have been engaged in siphoning off the public money. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12736', 'image' => '20210127115028_20200316-1-Coronavirus-update 2.jpg', 'article_date' => '2021-01-27 11:49:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12987', 'article_category_id' => '1', 'title' => '13 Local Bodies Fail to Present Budget Even after Six Months into Current FY', 'sub_title' => 'Spending without budget approval raises concerns over fiscal indiscipline in federalism', 'summary' => 'January 26: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.', 'content' => '<h1><span style="font-size:18px">SAGAR GHIMIRE</span></h1> <h1><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">January 27: Over a dozen local governments have not presented their budget for the current fiscal year even after the end of first half of 2020-21, raising concerns over fiscal indiscipline at local levels.</span></span></span></h1> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">A total of 13 local governments are yet to present their annual budget. All of them are from Province 2, according to the Ministry of Federal Affairs and General Administration (MoFAGA). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The delay in presenting the budget and getting it approved from the respective assembly not only goes against the provisions of the Intergovernmental Fiscal Arrangement Act and the Local Government Operation Act, but raises concerns over the breach of fiscal discipline by subnational governments.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Local levels that include rural municipals, municipalities, sub-metropolis and metropolis are required to present their budget (estimate of revenue and expenditure) for the upcoming fiscal year by Asadh 10 (10<sup>th</sup>day of the Nepali calendar month of Asadh, which generally falls in the last week of June). </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Excluding the expenses (not exceeding two-thirds of the expenditureof the current fiscal year) incurred when an appropriation bill is under consideration, local governments cannot make any expenditure without approval of the budget presented in their assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Elected representatives at local levels who fail to present the budget on time point out political disputes hampering the budget formulation process.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Mithila Bihari Municipality is one such local level which had struggled to convene its Municipal Assembly to get its budget for the current fiscal year 2020-21 approvedwithin the deadline of Asadh 10 (June 24 last year). After months of political bickering, the municipality finally held its assembly nearly two and a half months later.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“The political disputes in our municipality delayed the process. As some members of another political party were bent on stopping the Assembly from congregating to prove that I have failed, we could not convene the Assembly on time,” said Anil Kumar Yadav, mayor of Mithila Bihari Municipality. “However, after weeks of negotiations with those trying to disrupt the Assembly, we finally succeeded in convening the Assembly and getting the budget approved after two and a half months,” he added.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Dhanauji Rural Municipality in Province 2 faces the similar fate. Political wrangling among the elected representatives is blamed for the failure to convene the village assembly which approves the budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Wards should formulate and send their plans that need to be included in the budget. However, there are disputes in some of the wards among elected representatives,” said Ramwati Devi Mandal, deputy chairperson of Dhanauji Rural Municipality. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We also have not been able to forge consensus in the village executive to call the village assembly as there are elected representatives from various political parties,” she added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Political dispute is not the only reason that has prevented local levels from holding their assemblies or getting the budget endorsed on time. Covid-19, corruption and lack of administrative capacity are also other factors that have hit the process of budget formulation and presentation, senior MoFAGA officials said.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">They also say that there is little they can do to pressurise subnational governments for timely approval of budget or rein in spending that is not duly approved from their respective assemblies. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“We are practicing a federal system where provincial and local governments are as powerful as the central government. So, we cannot intervene from the federal level and tell them what to do and what not to do. Our effort is limited to following-up on where the process of convening the assembly has reached,” said a senior official at the MoFAGA, requesting anonymity as he is not authorised to talk to media. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">However, the central government has warned that it would suspend disbursement of grants, like complementary and special grants, to subnational governments that are yet to pass their budget. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">According to the senior official, the ministry is now also mulling over a possibility of freezing bank accounts of the local government that fails to get its budget approved by its assembly. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Fiscal experts say that spending taxpayers' money without the elected assembly’s endorsement amounts to irregularity. “Whatever justifications are made, it is a disregard for the accountability and transparency,” said Khim Lal Devkota, a fiscal federalization analyst. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He said that the central government should stop providing financial grants to those local governments until they get their budgetsapproved from their assemblies. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12735', 'image' => '20210127091328_My Effect.jpg', 'article_date' => '2021-01-27 09:09:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12988', 'article_category_id' => '1', 'title' => 'CNI Demands Increase in Number of Customs Agents', 'sub_title' => '', 'summary' => 'January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">January 27: Stating that improvement and modernization of customs services and infrastructure has been intensified, the Department of Customs has said it is ready for further facilitation in import and export of goods.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">In a recent interaction organized by the Confederation of Nepalese Industries (CNI), Director General of the Department of Customs Suman Dahal informed that the one-door policy is now being implemented. He added that technology-based assessment and monitoring system is being adopted while the department will soon initiate the process for digital payment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Necessary preparations have been made to increase the number of customs agents, informed Director General Dahal. Stating that cooperation and coordination is needed for the improvement of customs infrastructure and integrated check posts, Director General Dahal requested the Confederation for assistance. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">CNI's acting Chairman Bishnu Kumar Agrawal urged the concerned authorities to expedite the process of customs infrastructure development while also demanding for the quick transition into digital platform.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Agrawal also drew the attention of the department that the number of customs agents has not been increased since the last 25 years and therefore urged the department to issue new license to the agents.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-27', 'modified' => '2021-01-27', 'keywords' => '', 'description' => '', 'sortorder' => '12734', 'image' => '20210127105631_Picture-1.jpeg', 'article_date' => '2021-01-27 10:55:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12986', 'article_category_id' => '1', 'title' => 'Farmers to Start Protest in the Capital from January 27', 'sub_title' => '', 'summary' => 'January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Farmers and other stakeholders have decided to start protest from January 27 against the government’s decision to allow foreign investment in agriculture sector of Nepal. They have accused the government of trying to sideline the domestic agro-industries by opening foreign investment in this sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Farmers, entrepreneurs involved in agriculture as well as small scale industries and 16 different organisations will be staging the protests in the capital starting from January 27.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A struggle committee has been formed under the coordination of Shivaram KC, chairman of Nepal Egg Producers Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Federation of National Farmers Group, Central Livestock Cooperative Association, Dairy Industries’ Association, Nepal Dairy Association, Nepal Fishery Entrepreneurs’ Federation, Nepal Egg Producers Association, Nepal Poultry Farmers Association among others have decided to hold joint protest against the government’s decision. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The struggle committee has been creating awareness among farmers and entrepreneurs in the district level at the moment. After completing its awareness drive on January 26, the committee will shift its focus on Kathmandu-centric protests.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">KC said that they initiated the protest programme to exert pressure on the government to take back its decision.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Most of the agriculture businesses have just become self reliant while others are still struggling to stand on their own. Therefore, foreign investment in this sector should not be encouraged,” said KC.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12733', 'image' => '20210126064057_20210106123441_20201105020829_cover.jpg', 'article_date' => '2021-01-26 18:40:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12985', 'article_category_id' => '1', 'title' => 'NTA to Test Internet Quality ', 'sub_title' => '', 'summary' => 'January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">January 26: Nepal Telecommunications Authority (NTA) has decided to test the quality of internet and mobile phone across the country at the same time. </span><br /> <span style="font-family:"Arial Unicode MS"">Six companies have been shortlisted for the first round to test the quality of telecommunications service. NTA had released a tender notice seeking companies to test voice, data and internet quality last August. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to NTA Spokesperson Min Prasad Aryal, the selected companies are Mahakali-Mechi Technology and Suppliers, Professional Business Network, Jayabageshwori Construction and Suppliers on behalf of Smart Management and Research, Jaljala Builders and Infrastructures as E-Coil Pvt, Exclusive Everest Microtech JV and Intelco Solution. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">NTA will now seek the financial and technical proposals from the shortlisted companies for the next round. Based on their proposals, the best one will be picked, Aryal added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">The NTA has already allocated Rs 6 million for this purpose.- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12732', 'image' => '20210126062610_20200326081545_NTC-launches-4G-in-Rara-Lake.jpg', 'article_date' => '2021-01-26 18:24:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12984', 'article_category_id' => '1', 'title' => 'Non-Life Insurance Companies Report a Slump in Business', 'sub_title' => '', 'summary' => 'January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 26: Business expansion of non-life insurance companies in Nepal is extremely low compared to life insurance companies. Life insurance companies made brisk business even amid the coronavirus pandemic in the current fiscal year. However, non-life insurance companies could not match the pace of life insurance companies in business expansion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first six months of the current fiscal year, the business of life insurance companies expanded by 32.12 percent whereas the business of non-life insurance companies grew by only 9.90 percent. The business of non-life insurance companies had expanded by 15 percent during the corresponding period of last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Currently, there are 20 non-life insurance companies in Nepal. Among them, 19 companies collected insurance premium of Rs 15.20 billion during the review period. The government-owned National Insurance Company’s details have not been included in this report because the company did not submit its financial report. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Non-life insurance is directly linked with the banking sector. They have to insure all those sectors where Banks and Financial Institutions (BFIs) have made investment. For instance, it is mandatory to insure houses built by taking loan from banks. However, of late, banks have not stepped up their investment in sectors likely to fall under the scope of insurance. That has also resulted in a slump in business of non-life insurance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The sale of new vehicles has also declined in recent days. As a result, non-life insurance companies have not been able to make good business, says Sunil Ballav Panta, CEO of NLG Insurance Company.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He says insurance business might have suffered a setback due to increase in investment in the share market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The business of non-life insurance companies has definitely shrunk. But we must consider it satisfactory amid the current financial crisis induced by Covid-19,” says Panta.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12731', 'image' => '20210126035250_20200223013317_aaaa.jpg', 'article_date' => '2021-01-26 15:52:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12983', 'article_category_id' => '1', 'title' => 'Udaypur Cement Factory Resumes Regular Production', 'sub_title' => '', 'summary' => 'January 26: Udaypur Cement Factory has started regular production of cement. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">January 26: Udaypur Cement Factory has started regular production of cement in almost ten months. Production of cement had been obstructed due to coronavirus as well as lack of raw materials.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory had halted most of the production as it was without a general manager during this period.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Newly-appointed General Manager Gopi Krishna Neupane informed New Business Age that he has emphasized on regular production rather than increasing production capacity at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">“The cement production at the factory was zero before I took charge,” Neupane said, adding, “The process to resolve problems related to staff, management as well as remuneration has been initiated.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">He said that the issue of wage has been managed for the time being using the factory’s internal funds at a time when the sales and income of the industry have declined. However, Neupane informed that electricity tariff and revenue of Rs 500 million will be paid after they start full-fledged production. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Udaypur Cement Factory has started selling 8,000 bags of cement per day, including the stock. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The factory, which started production on Sunday, will now produce 12,000 sacks or 600 tonnes of cement on a daily basis. The daily production capacity of the cement factory is 16,000 sacks or 800 tons. The price of cement is Rs 741 per sack. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12730', 'image' => '20210126030008_1611619104.Clipboard11.jpg', 'article_date' => '2021-01-26 14:59:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12981', 'article_category_id' => '1', 'title' => 'Quota System on Import of Gold in Force since a Decade', 'sub_title' => '', 'summary' => 'January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: The government had introduced quota system for the import of gold more than ten years ago in order to increase the foreign exchange reserve. Back then, the quota system was imposed with an intention to increase foreign exchange reserve for only six to seven months. However, it has been extended till now although the country’s foreign exchange reserve is quite strong.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal’s foreign exchange reserve was Rs 1474.34 billion as of December 15, 2020, according to Nepal Rastra Bank.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The demand for gold in Nepal used to be 55 kg per day before the 2015 earthquake while it shrunk to 45-50 kg per day after the quake. The demand for gold was 30 to 35 kg in last December. Currently, there is a demand for 25 kg gold per day but only 10 kg is available. Out of the 10 kg gold, dealers get access to six kg of gold while four kg is supplied to artisans involved in making handicraft products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The dealers and artisans are worried that they are getting very less amount of gold. Former chairman of the Federation of Nepal Gold and Silver Dealers Association Mani Ratna Shakya says that they are forced to buy gold at higher rate from the dealers due to the short supply. According to him, the dealers are forced to purchase gold at excessively high rate during the marriage season when the demand is high.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Nepal Rastra Bank had introduced a work procedure in 2009 for proper management of gold import and to maintain the country’s Balance of Payment. The quota system was launched in accordance to the work procedure. Businessmen and dealers were allowed to purchase only 15 kg gold per day from banks as per the work procedure. It was later increased to 20 kg per day. However, the daily limit for gold purchase has been reduced to 10 kg per day after the government imposed lockdown in March 24 last year. The ceiling was capped to minimize the impact of coronavirus on the country’s foreign exchange reserve.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">This has resulted in scarcity of gold in the market.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">“We have demanded with the government to either increase the supply of gold or to remove the quota system, but to no avail,” said Shakya.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12729', 'image' => '20210126111048_1611618430.Clipboard09.jpg', 'article_date' => '2021-01-26 11:09:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12982', 'article_category_id' => '1', 'title' => 'Sitaram Gokul Milks to Diversify its Products by Investing Rs 60 Million', 'sub_title' => '', 'summary' => 'January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">January 26: Sitaram Gokul Milks Private Limited is preparing to diversify its products with an investment of Rs 60 million. The company informed that it is making preparations to diversify its products as per the demand of the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company is pouring an investment of Rs 60 million for the purchase of equipment, expansion of human resources and physical infrastructure in order to diversify its products.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">Sitaram Gokul Milks Private Limited has been producing and selling milk and ghee since the last 25 years. The company was struggling to expand its production due to lack of technical manpower. But the company decided to expand its products due to demand from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">In the first phase, the company has already sent samples of curd, lassi, ice cream, cottage cheese, and flavoured milk to the market. The company’s chairman Sumit Kedia informed that they will soon begin mass production as they have already received positive feedback from the consumers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">According to him, the company’s operation cost will increase by 20 percent after increasing production. The company is also increasing its human resource by 10 percent. The company is providing direct and indirect employment to 450 persons. Likewise, more than 100,000 families of farmers of Chitwan, Nawalparasi, Kavre, Morang, Bara and Sarlahi are associated with the company. The company has been spending Rs 2.4 million per day to purchase milk from the producers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The company had been selling 40,000 litres of milk on a daily basis before the start of the coronavirus pandemic. But it later reduced production by 50 percent and hasn’t been able to return to the previous mode of production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:"Arial Unicode MS"">The consumption of milk had reduced due to the closure of big hotels, restaurants, schools and colleges since a long time. The company says it was forced to reduce its production because the purchasing power of the consumers has also diminished at the moment.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-26', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12728', 'image' => '20210126120448_1611618996.99.jpg', 'article_date' => '2021-01-26 12:04:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12980', 'article_category_id' => '1', 'title' => '10 more BFIs operate RTGS system', 'sub_title' => '', 'summary' => 'January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">January 25: Nepal Clearing House Limited (NCHL) has enabled eight development banks and two finance companies into connectRTGS system, through which they will now be able to initiate and process Real Time Gross Settlement (RTGS) transactions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">According to the company, Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS, NCHL said in a statement.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">Customers of the ten BFIs can now initiate high-value and urgent transactions above Rs 200,000 through RGTS. The statement further said that the customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">“The <em>connect</em>RTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs,” reads the system.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-family:Arial">The system has been provided as an extension of the existing infrastructures of NCHL.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-26', 'keywords' => '', 'description' => '', 'sortorder' => '12727', 'image' => '20210125044833_index.jpg', 'article_date' => '2021-01-25 16:47:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12979', 'article_category_id' => '1', 'title' => 'Industrialists Accuse Transport Entrepreneurs of Starting Syndicate', 'sub_title' => '', 'summary' => 'January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: Transport entrepreneurs have started an “unannounced syndicate” at Birgunj Dry Port. The transport entrepreneurs involved in transporting goods to the Birgunj-Pathlaiya Industrial Corridor have started the syndicate by increasing the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Industrialists in the corridor complained that the transport entrepreneurs have been taking turns to transport goods at increased rate.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">General Secretary of Birgunj Chamber of Commerce Madhav Rajpal said that the transportation cost has gone up after the transport entrepreneurs started taking turns to deliver goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have started charging as much as Rs 4,000 extra for transporting goods to Parwanipur, Jitpur and Simara from the dry port.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Earlier, they used to charge Rs 8,000 for transporting 22 metric tons of good in a 20-feet container. But the charge has been increased to Rs 10,000 for transporting goods to Jitpur and Rs 12,000 up to Simara.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">More than a dozen transport entrepreneurs have issued notices regarding the new fare. They have already started charging additional fare from last week.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The transport entrepreneurs have also informed that they would charge an additional Rs 2,000 if the goods are not unloaded till 5 pm the next day after customs clearance.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Indian companies transport Nepal-bound goods from overseas to the dry port via Indian ports through railway line. Those goods are then transported to the respective industries through truck.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Ashok Kumar Temani, former chairman of the Transport and Transshipment Committee of FNCCI, confirmed that the transport entrepreneurs have increased fare in collusion with each other.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The cost of production is sure to increase due to the unlawful move of the transport entrepreneurs,” said Temani.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The government must take strict action against such syndicate that is flourishing behind the mask of business,” he added.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On the other hand, transport entrepreneurs say that they are trying to fix a uniform rate which had been fluctuating due to unhealthy competition among themselves. They say that their business was on the verge of collapse due to unhealthy competition and they had been incurring loss. This is an attempt to regulate the charge, according to the transport entrepreneurs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">One of the transport entrepreneurs Shyam Singh Prasad Patel said that the industrialists were mum while the transportation charge was Rs 4000 to Rs 5000 since one year but now they cry foul.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“Transport entrepreneurs have been delivering goods by incurring losses since one year. They were silent during that time. Now, we have decided to take turns to deliver goods because our business is at stake,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12726', 'image' => '20210125042930_1611530399.Clipboard07.jpg', 'article_date' => '2021-01-25 16:28:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12976', 'article_category_id' => '1', 'title' => 'Collection of Life Insurance Premium grows by 32.12 percent', 'sub_title' => '', 'summary' => 'January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">January 25: The collection of insurance premiums has increased by 32.12 percent in the first six months of the current Fiscal Year (FY) 2020/21 despite the Covid-19 pandemic. The life insurance businesses were affected between March to August last year due to the lockdown and restrictions imposed to prevent Covid-19 from spreading. However, by mid-December of the current fiscal year, the life insurance business started to improve gradually. The data of the Insurance Board till mid-December highlighted such findings.<br /> <br /> At present, Nepal has 19 life insurance companies in operation. According to the board, by mid-December, they have collected Rs 62.85 billion in insurance premiums. Last year, they had collected Rs 47.57 billion in insurance premiums.<br /> <br /> Executive Director of the Insurance Board Raju Raman Poudel informed that the Covid-19 crisis has also seen good growth in the life insurance business. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"The impact of the Covid-19 pandemic on life insurance has not been as severe as we had expected," he shared.<br /> <br /> He informed that the insurance business grew especially due to new policies introduced by companies as well as peoples’ understanding on the importance of insurance due to Covid-19. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">"As the business grows, by the end of the current fiscal year, companies will collect Rs 1.3 billion from life insurance premium," he added.</span></span></span></p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12723', 'image' => '20210125031901_20200802063220_1596318212.Clipboard08.jpg', 'article_date' => '2021-01-25 15:18:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12975', 'article_category_id' => '1', 'title' => 'Government Nowhere Close to Meet Target set by Annual Budget', 'sub_title' => '', 'summary' => 'January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">January 25: The government has completed the half-yearly budget review without amending its target despite the financial crisis created by coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Bishnu Poudel announced the budget review amid a low-key meeting involving secretaries and officials of the concerned ministries on Sunday (January 24).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Finance Minister Poudel did not amend the government’s target although it seems almost impossible to meet them due to the impact of coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review, Finance Minister Poudel accused the weaknesses of concerned ministries in spending the capital budget for the poor situation of budget expenditure. He also accused the ministries of shying away from their duty. He also laid the blame on government employees for the low expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He added that the ministry had facilitated in increasing capital expenditure even during the pandemic by adopting health safety measures but that was not possible due to lack of policy-level decision. He claimed that the economy battered by coronavirus can be revitalized by implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review has identified several challenges in implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Minister Poudel pointed out to non-budgetary demand, additional budget, budget transfer, lack of attention in budget allocation among others as the major challenges for implementing the budget.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Delay in introducing work procedure, criteria, directives and laws are also some of the setbacks in implementing the budget, according to Minster Poudel.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government also faced another challenge in implementing the budget due to the unexpected announcement of election and the need to import Covid-19 vaccine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Experts say that the government is nowhere close to achieving its target mentioned in the annual budget for the current fiscal year.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">They argue that the government is unlikely to meet its target because the ruling party has been engaged in intra-party rift since a long time while it hasn’t taken any solid steps to revitalize the economy that has been badly affected by coronavirus.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Minister Dr Ram Sharan Poudel says that the current government has pushed the country towards further crisis. He said that the financial indicators in the first six months of the current fiscal year are not satisfactory. He informed that the pace of development was extremely weak considering the mid-year review report.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Likewise, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel said that poor financial indicators in the mid-year review done by a majority government is not a good sign. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The mid-year review of budget shows that government has been able to spend only 14.4 percent of the total budget or just Rs 50.82 billion for capital expenditure.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The recurrent expenditure of the government stood at Rs 342.36 billion or 36.08 percent. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-01-25', 'modified' => '2021-01-25', 'keywords' => '', 'description' => '', 'sortorder' => '12722', 'image' => '20210125010740_20200630083550_Clipboard19.jpg', 'article_date' => '2021-01-25 13:06:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
