NEWS

Production of Flowers for Tihar Decline this Year

Oct 18, 2020 0 2 minutes 37 seconds to read

October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year.…

Government Struggles to Spend 15 Percent of Budget in First Quarter

Oct 18, 2020 0 3 minutes 25 seconds to read

October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current fiscal…

Government Lifts Ban on Arrival of Int’l Tourists

Oct 18, 2020 0 3 minutes 29 seconds to read

October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic.…

BFIs Fix their Interest Rates on Term Loans

Oct 16, 2020 0 4 minutes 10 seconds to read

October 16: ßBanks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October…

Domestic Tourism an Alternative for Nepal’s Tourism Industry

Oct 16, 2020 0 2 minutes 29 seconds to read

October 16: Stakeholders view that domestic tourism is now the alternative for Nepal's tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus…

Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border

Oct 16, 2020 0 1 minutes 52 seconds to read

October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung…

Export of Tea up by 174 Percent

Oct 16, 2020 0 3 minutes 20 seconds to read

October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year.…

Ring Road Development Project to Complete Site Clearance within mid-January

Oct 16, 2020 0 1 minutes 44 seconds to read

October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road…

Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities

Oct 16, 2020 0 3 minutes 32 seconds to read

October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post.…

Demand for Personal Loans Increases with Dashain Approaching

Oct 15, 2020 0 4 minutes 12 seconds to read

October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.…

Cartel of Shipping Companies Troubling Nepal’s Overseas Trade

Oct 15, 2020 0 1 minutes 52 seconds to read

October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third…

Locals Agree to Remove Obstruction to Solu Corridor Transmission Line

Oct 15, 2020 0 2 minutes 7 seconds to read

October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as…

Government Instructs Cable Service Providers to Implement Clean Feed within October 23

Oct 15, 2020 0 1 minutes 32 seconds to read

October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in…

Prime Minister Oli Reshuffles Cabinet

Oct 15, 2020 0 2 minutes 16 seconds to read

October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of…

NRB Opens Door for Concessional Loan to Grade 12 Graduates

Oct 14, 2020 0 1 minutes 32 seconds to read

October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade…

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The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'Production of Flowers for Tihar Decline this Year ',
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			'summary' => 'October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. According to the Floriculture Association Nepal (FAN), the stakeholders are preparing to sell 1.5 million garlands this year, which is 300,000 less than last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Due to the coronavirus pandemic, the production of flowers has decreased this year as the floriculture farmers have shifted to vegetable farming. Marigold and globe amaranth (makhamali) flowers worth Rs 2.2 million are normally consumed every year in Nepal during Tihar. According to FAN, this year the production may be 700,000 less than the demand. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the president of FAN Kumar Kasaju Shrestha, the demand for garlands is expected to decline this year. &ldquo;Around 1.5 million garlands are expected to be consumed, and we are preparing accordingly,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">While 10,000 to 15,000 garlands were sold every day in Nepal during the normal days, statistics of the association shows that only 3,000 to 5,000 garlands are sold in a day now. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year in Tihar, marigold garlands were sold at Rs 55 to Rs 70 per piece. The association said that if the demand is like that of last year, the price is likely to increase. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Sushil Khadka, coordinator of the Cut Flower Grower Committee, said that there would be no shortage of flowers during the festival even if the production is low. According to him, about 25 kg of seeds were distributed to the farmers in June to prevent shortage of flowers during the festival and to replace the import of Indian flowers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">As per the statistics of the association, floriculture is done in 43 districts of Nepal with a total investment of Rs 6 billion. This business has provided employment to more than 700 entrepreneurs and 40,000 people are directly or indirectly involved in this business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, due to the lockdown, 30 percent of the workers in the flower business have lost their jobs. </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Struggles to Spend 15 Percent of Budget in First Quarter ',
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			'summary' => 'October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current 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:&quot;Arial Unicode MS&quot;">The government had announced to lift the restrictions imposed to curb coronavirus and revitalize the economy as well as carry on with the development works. But the budget spent so far shows that the government&rsquo;s effort has been ineffective.</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:&quot;Arial Unicode MS&quot;">According to the Financial Comptroller General&rsquo;s Office which keeps the record of government expenditures, the government has been able to spend only Rs 201 billion out of the annual budget of Rs 1474 billion, which is just 13.63 percent of the total budget.</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:&quot;Arial Unicode MS&quot;">The current expenditure of the government in the first three months of the current fiscal year is Rs 182 billion. The capital expenditure is just Rs 15.4 billion.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of the last fiscal year, the government had spent Rs 178 billion including Rs 156 billion in recurrent expenditure and Rs 18.36 in capital expenditure.</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:&quot;Arial Unicode MS&quot;">The Financial Comptroller General&rsquo;s Office says that the recurrent expenditure is high because the expenses for controlling coronavirus pandemic has increased this year. Meanwhile, the capital expenditure has been low because there isn&rsquo;t any construction works going around.</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:&quot;Arial Unicode MS&quot;">The government has allocated Rs 352 billion for development works this 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:&quot;Arial Unicode MS&quot;">During the first quarter, the government has spent Rs 3.41 billion to repay the loan and interest to donor agencies.</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:&quot;Arial Unicode MS&quot;">Minister for Physical Infrastructure and Transport Basanta Kumar Nembang says that the low expenditure of budget in the first quarter is due to the coronavirus pandemic and the delay in legal procedures. Minister Nembang says that the government is preparing to remove the bureaucratic red tape to speed up the budget expenditure.</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:&quot;Arial Unicode MS&quot;">The contracts of small and petty projects have already have already signed in the first quarter while the contracts of big projects are yet to be finalized.</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:&quot;Arial Unicode MS&quot;">&ldquo;Firstly, the development works have been obstructed by coronavirus and secondly, the procurement process is lengthy and complicated. Therefore, the results are not that impressive in the first quarter,&rdquo; said Minister Nembang.</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:&quot;Arial Unicode MS&quot;">According to Minister Nambang, the process of initiating big projects will be started soon and the results will be &nbsp;seen in the second quarter.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Lifts Ban on Arrival of Int’l Tourists ',
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			'summary' => 'October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the country has been recording high number of daily infections, the government has decided to welcome international tourists in Nepal for trekking and mountaineering effective from October 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government had earlier decided to allow foreign tourists on condition that they produce PCR test report while entering the country. But it will take at least a month for the arrival of all kinds of tourists.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">For the time being, special attention has been given to tourists opting for trekking and mountaineering but they have to remain in hotel quarantine for seven days. They have to undergo PCR test again after completing the seven-day quarantine before they can visit different places of the country. This is likely to affect the arrival of tourists, argue tourism entrepreneurs. Tourism entrepreneurs however have demanded that tourists should only be quarantined for three days and then retested before they begin their tour. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government has also decided to resume the on-arrival visa service, which was closed since March 18.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Citizens from all other countries except Iraq, Nigeria, Ghana, Zimbabwe, Swaziland, Somalia, Cameroon, Liberia, Ethiopia, Palestine, Afghanistan and Syria can obtain on-arrival visa upon landing in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The tourism industry of Nepal has remained closed since the lockdown was first announced on March 24 this year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the government has lifted a ban on arrival of tourists, President of Hotel Association of Nepal Shreejana Rana says they are not expecting the anticipated numbers of tourists right now.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">She stated that the hotels are ready to welcome both domestic and foreign tourists but argues that the visitors are not likely to arrive anytime soon because their health security is of greater concern at the moment. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">According to Rana, seven-day quarantine for tourists is quite lengthy. She added that they have urged the government to reconsider its decision regarding this issue. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Nevertheless, she said that the government&rsquo;s decision to welcome tourists by adopting safety measures was a welcome move.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">&ldquo;Although the government has decided to allow the entry of tourists, we are skeptical that the foreigners will visit Nepal in the same numbers as before because the rate of infection is rising here,&rdquo; said Rana, adding, &ldquo;Right now, we have to focus more on domestic tourists rather than international tourists.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">\</span></span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'BFIs Fix their Interest Rates on Term Loans',
			'sub_title' => 'The rates have been determined within the range of 10-13 percent',
			'summary' => 'October 16: ßBanks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 16: &szlig;Banks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">As per the direction given by the central bank to the BFIs to publish their stable interest rates by the end of Ashoj (mid-October), Mega Bank, Himalayan Bank and Machhapuchhre Bank have published their fixed interest rates on personal loans for up to 15 years.&nbsp;These banks have fixed the interest rates for term loans within the range of 10 percent and 13 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, other banks and financial institutions have also started their final homework to make the fixed interest rate public by October 16. Mega Bank has maintained a fixed interest rate by adding 5 percent premium to their base rate (8.30 percent) on all types of personal loans with more than one year to maturity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, Machhapuchhre Bank has fixed the interest rate at 9.89 percent for home loans with the maturity period of up to 5 years, 10.89 percent for home loans for maturity period from 5 to 10 years and 11.89 percent for home loans with the maturity period of more than 10 years.&nbsp;Interest for auto and hire-purchase loans has been fixed at 9.99 percent for the maturity period up to 5 years and 10.99 percent for maturity period ranging from 5 to 10 years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">For five-year maturity period, Himalayan Bank has fixed the interest rate of personal home loan at 9.89 percent, convenience loan and education loan at 9.99 percent and other collateral loan at 10.99 percent.&nbsp;Similarly, for loans with a maturity period ranging from 5-10 years, the bank has fixed the interest rates of home loans at 10.99 percent and convenience loans and education loans also at 10.99 percent.&nbsp;Likewise, for a maturity period of 10-15 years, interest rates for home loans has been fixed at 12.14 percent. Sushil Joshi, Chief Information Officer of the bank says that different interest rates have been fixed for different periods of hire-purchase loans. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Joshi, who is also the general manager of Himalayan Bank, said that the bank fixed their interest rates by observing the interest rate on deposits and loans in the past.&nbsp;&quot;Mismatches can happen in Nepal as you do not get long-term deposits.&nbsp;Most of the ten-year institutional deposits have been kept by only by insurance companies. Long-term personal deposits don&#39;t really come in,&quot; he told New Business Age, adding, &ldquo;That&rsquo;s why we compared the deposits and fixed the interest rates by adding a little margin to the loan rates.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Other banks are also likely to set their fixed interest rates in a similar pattern.&nbsp;At present, it seems that the fixed rates will be expensive for the customers.&nbsp;As there is no demand for loans in the market right now, the banks are giving home and auto loans at or below their base rate, which comes around 7.7 to 9 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Since the fixed interest rate, which was initially high, will not go higher in the future, the borrower does not need to worry about the increment on rates.&nbsp;However, NRB has also made an arrangement that allows the customers to not opt for the fixed interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks have been announcing their fixed interest rates to comply with the directive given by the central bank, but the Nepal Bankers&#39; Association has said that it is not practical and has suggested to fix a fixed interest rate only for a maximum of five years. Deputy Chief Executive Officer of Citizens Bank, Bodhraj Devkota, says that they are busy in determining their fixed interest rate even though the suggestion by the association is under consideration.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman of the Nepal Bankers Association, Bhuwan Kumar Dahal says that Sanima Bank is also in final stage of fixing their interest rates.</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Domestic Tourism an Alternative for Nepal’s Tourism Industry',
			'sub_title' => '',
			'summary' => 'October 16: Stakeholders view that domestic tourism is now the alternative for Nepal's tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 16: Stakeholders view that domestic tourism is now the alternative for Nepal&#39;s tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic. They said so at a tourism dialogue program on &#39;Sustainable Internal Tourism: First Step for Tourism Revival&#39; organized by Tourism Recovery Task Force (TRTF) Nepal on Thursday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">They believe that the emphasis should be on domestic tourism for the time being as the coronavirus&rsquo; impact is unlikely to decline and international tourists are eager to know about health care. They further say that everyone should give special attention to compliance with the health standards set by the government as the infection has been rising. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at the program, Shreejana Rana, president of Hotel Association of Nepal (HAN), said that although the hotels are prepared for any kind of situation, the focus should be given on promoting domestic tourism at the national level as the international tourists are still in &lsquo;wait and watch&rsquo; situation.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">She further said an integrated approach should be taken for the promotion of domestic tourism by coordinating among all the stakeholders. Captain Rameshwor Thapa, president of Airline Operators Association of Nepalsaid that although the airlines sector was more affected due to coronavirus, there has been some relief after the domestic flights were resumed. He said that they had been requesting the government to start the operation of flights by applying health and safety standards. He further said that the public was able to travel comfortably and no one has been infected. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Deepak Raj Joshi, coordinator of the Tourism Recovery Task Force (TRTF), pointed out to the need for coordination among the three levels of government for the promotion of domestic tourism. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the HAN Pokhara Chapter, Bikal Tulachan, said that there was no alternative but to focus on domestic tourism to keep the economic activities going on. He opined that along with Pokhara, Lumbini and Chitwan other connected destinations should be promoted.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12605',
			'article_category_id' => '1',
			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </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">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </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">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </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">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </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">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12598',
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			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</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:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</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:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</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:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12611',
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			'title' => 'Production of Flowers for Tihar Decline this Year ',
			'sub_title' => '',
			'summary' => 'October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. According to the Floriculture Association Nepal (FAN), the stakeholders are preparing to sell 1.5 million garlands this year, which is 300,000 less than last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Due to the coronavirus pandemic, the production of flowers has decreased this year as the floriculture farmers have shifted to vegetable farming. Marigold and globe amaranth (makhamali) flowers worth Rs 2.2 million are normally consumed every year in Nepal during Tihar. According to FAN, this year the production may be 700,000 less than the demand. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the president of FAN Kumar Kasaju Shrestha, the demand for garlands is expected to decline this year. &ldquo;Around 1.5 million garlands are expected to be consumed, and we are preparing accordingly,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">While 10,000 to 15,000 garlands were sold every day in Nepal during the normal days, statistics of the association shows that only 3,000 to 5,000 garlands are sold in a day now. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year in Tihar, marigold garlands were sold at Rs 55 to Rs 70 per piece. The association said that if the demand is like that of last year, the price is likely to increase. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Sushil Khadka, coordinator of the Cut Flower Grower Committee, said that there would be no shortage of flowers during the festival even if the production is low. According to him, about 25 kg of seeds were distributed to the farmers in June to prevent shortage of flowers during the festival and to replace the import of Indian flowers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">As per the statistics of the association, floriculture is done in 43 districts of Nepal with a total investment of Rs 6 billion. This business has provided employment to more than 700 entrepreneurs and 40,000 people are directly or indirectly involved in this business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, due to the lockdown, 30 percent of the workers in the flower business have lost their jobs. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12610',
			'article_category_id' => '1',
			'title' => 'Government Struggles to Spend 15 Percent of Budget in First Quarter ',
			'sub_title' => '',
			'summary' => 'October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current 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:&quot;Arial Unicode MS&quot;">The government had announced to lift the restrictions imposed to curb coronavirus and revitalize the economy as well as carry on with the development works. But the budget spent so far shows that the government&rsquo;s effort has been ineffective.</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:&quot;Arial Unicode MS&quot;">According to the Financial Comptroller General&rsquo;s Office which keeps the record of government expenditures, the government has been able to spend only Rs 201 billion out of the annual budget of Rs 1474 billion, which is just 13.63 percent of the total budget.</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:&quot;Arial Unicode MS&quot;">The current expenditure of the government in the first three months of the current fiscal year is Rs 182 billion. The capital expenditure is just Rs 15.4 billion.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of the last fiscal year, the government had spent Rs 178 billion including Rs 156 billion in recurrent expenditure and Rs 18.36 in capital expenditure.</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:&quot;Arial Unicode MS&quot;">The Financial Comptroller General&rsquo;s Office says that the recurrent expenditure is high because the expenses for controlling coronavirus pandemic has increased this year. Meanwhile, the capital expenditure has been low because there isn&rsquo;t any construction works going around.</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:&quot;Arial Unicode MS&quot;">The government has allocated Rs 352 billion for development works this 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:&quot;Arial Unicode MS&quot;">During the first quarter, the government has spent Rs 3.41 billion to repay the loan and interest to donor agencies.</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:&quot;Arial Unicode MS&quot;">Minister for Physical Infrastructure and Transport Basanta Kumar Nembang says that the low expenditure of budget in the first quarter is due to the coronavirus pandemic and the delay in legal procedures. Minister Nembang says that the government is preparing to remove the bureaucratic red tape to speed up the budget expenditure.</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:&quot;Arial Unicode MS&quot;">The contracts of small and petty projects have already have already signed in the first quarter while the contracts of big projects are yet to be finalized.</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:&quot;Arial Unicode MS&quot;">&ldquo;Firstly, the development works have been obstructed by coronavirus and secondly, the procurement process is lengthy and complicated. Therefore, the results are not that impressive in the first quarter,&rdquo; said Minister Nembang.</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:&quot;Arial Unicode MS&quot;">According to Minister Nambang, the process of initiating big projects will be started soon and the results will be &nbsp;seen in the second quarter.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12609',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Arrival of Int’l Tourists ',
			'sub_title' => '',
			'summary' => 'October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the country has been recording high number of daily infections, the government has decided to welcome international tourists in Nepal for trekking and mountaineering effective from October 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government had earlier decided to allow foreign tourists on condition that they produce PCR test report while entering the country. But it will take at least a month for the arrival of all kinds of tourists.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">For the time being, special attention has been given to tourists opting for trekking and mountaineering but they have to remain in hotel quarantine for seven days. They have to undergo PCR test again after completing the seven-day quarantine before they can visit different places of the country. This is likely to affect the arrival of tourists, argue tourism entrepreneurs. Tourism entrepreneurs however have demanded that tourists should only be quarantined for three days and then retested before they begin their tour. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government has also decided to resume the on-arrival visa service, which was closed since March 18.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Citizens from all other countries except Iraq, Nigeria, Ghana, Zimbabwe, Swaziland, Somalia, Cameroon, Liberia, Ethiopia, Palestine, Afghanistan and Syria can obtain on-arrival visa upon landing in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The tourism industry of Nepal has remained closed since the lockdown was first announced on March 24 this year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the government has lifted a ban on arrival of tourists, President of Hotel Association of Nepal Shreejana Rana says they are not expecting the anticipated numbers of tourists right now.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">She stated that the hotels are ready to welcome both domestic and foreign tourists but argues that the visitors are not likely to arrive anytime soon because their health security is of greater concern at the moment. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">According to Rana, seven-day quarantine for tourists is quite lengthy. She added that they have urged the government to reconsider its decision regarding this issue. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Nevertheless, she said that the government&rsquo;s decision to welcome tourists by adopting safety measures was a welcome move.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">&ldquo;Although the government has decided to allow the entry of tourists, we are skeptical that the foreigners will visit Nepal in the same numbers as before because the rate of infection is rising here,&rdquo; said Rana, adding, &ldquo;Right now, we have to focus more on domestic tourists rather than international tourists.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">\</span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12608',
			'article_category_id' => '1',
			'title' => 'BFIs Fix their Interest Rates on Term Loans',
			'sub_title' => 'The rates have been determined within the range of 10-13 percent',
			'summary' => 'October 16: ßBanks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 16: &szlig;Banks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">As per the direction given by the central bank to the BFIs to publish their stable interest rates by the end of Ashoj (mid-October), Mega Bank, Himalayan Bank and Machhapuchhre Bank have published their fixed interest rates on personal loans for up to 15 years.&nbsp;These banks have fixed the interest rates for term loans within the range of 10 percent and 13 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, other banks and financial institutions have also started their final homework to make the fixed interest rate public by October 16. Mega Bank has maintained a fixed interest rate by adding 5 percent premium to their base rate (8.30 percent) on all types of personal loans with more than one year to maturity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, Machhapuchhre Bank has fixed the interest rate at 9.89 percent for home loans with the maturity period of up to 5 years, 10.89 percent for home loans for maturity period from 5 to 10 years and 11.89 percent for home loans with the maturity period of more than 10 years.&nbsp;Interest for auto and hire-purchase loans has been fixed at 9.99 percent for the maturity period up to 5 years and 10.99 percent for maturity period ranging from 5 to 10 years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">For five-year maturity period, Himalayan Bank has fixed the interest rate of personal home loan at 9.89 percent, convenience loan and education loan at 9.99 percent and other collateral loan at 10.99 percent.&nbsp;Similarly, for loans with a maturity period ranging from 5-10 years, the bank has fixed the interest rates of home loans at 10.99 percent and convenience loans and education loans also at 10.99 percent.&nbsp;Likewise, for a maturity period of 10-15 years, interest rates for home loans has been fixed at 12.14 percent. Sushil Joshi, Chief Information Officer of the bank says that different interest rates have been fixed for different periods of hire-purchase loans. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Joshi, who is also the general manager of Himalayan Bank, said that the bank fixed their interest rates by observing the interest rate on deposits and loans in the past.&nbsp;&quot;Mismatches can happen in Nepal as you do not get long-term deposits.&nbsp;Most of the ten-year institutional deposits have been kept by only by insurance companies. Long-term personal deposits don&#39;t really come in,&quot; he told New Business Age, adding, &ldquo;That&rsquo;s why we compared the deposits and fixed the interest rates by adding a little margin to the loan rates.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Other banks are also likely to set their fixed interest rates in a similar pattern.&nbsp;At present, it seems that the fixed rates will be expensive for the customers.&nbsp;As there is no demand for loans in the market right now, the banks are giving home and auto loans at or below their base rate, which comes around 7.7 to 9 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Since the fixed interest rate, which was initially high, will not go higher in the future, the borrower does not need to worry about the increment on rates.&nbsp;However, NRB has also made an arrangement that allows the customers to not opt for the fixed interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks have been announcing their fixed interest rates to comply with the directive given by the central bank, but the Nepal Bankers&#39; Association has said that it is not practical and has suggested to fix a fixed interest rate only for a maximum of five years. Deputy Chief Executive Officer of Citizens Bank, Bodhraj Devkota, says that they are busy in determining their fixed interest rate even though the suggestion by the association is under consideration.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman of the Nepal Bankers Association, Bhuwan Kumar Dahal says that Sanima Bank is also in final stage of fixing their interest rates.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12607',
			'article_category_id' => '1',
			'title' => 'Domestic Tourism an Alternative for Nepal’s Tourism Industry',
			'sub_title' => '',
			'summary' => 'October 16: Stakeholders view that domestic tourism is now the alternative for Nepal's tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 16: Stakeholders view that domestic tourism is now the alternative for Nepal&#39;s tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic. They said so at a tourism dialogue program on &#39;Sustainable Internal Tourism: First Step for Tourism Revival&#39; organized by Tourism Recovery Task Force (TRTF) Nepal on Thursday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">They believe that the emphasis should be on domestic tourism for the time being as the coronavirus&rsquo; impact is unlikely to decline and international tourists are eager to know about health care. They further say that everyone should give special attention to compliance with the health standards set by the government as the infection has been rising. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at the program, Shreejana Rana, president of Hotel Association of Nepal (HAN), said that although the hotels are prepared for any kind of situation, the focus should be given on promoting domestic tourism at the national level as the international tourists are still in &lsquo;wait and watch&rsquo; situation.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">She further said an integrated approach should be taken for the promotion of domestic tourism by coordinating among all the stakeholders. Captain Rameshwor Thapa, president of Airline Operators Association of Nepalsaid that although the airlines sector was more affected due to coronavirus, there has been some relief after the domestic flights were resumed. He said that they had been requesting the government to start the operation of flights by applying health and safety standards. He further said that the public was able to travel comfortably and no one has been infected. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Deepak Raj Joshi, coordinator of the Tourism Recovery Task Force (TRTF), pointed out to the need for coordination among the three levels of government for the promotion of domestic tourism. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the HAN Pokhara Chapter, Bikal Tulachan, said that there was no alternative but to focus on domestic tourism to keep the economic activities going on. He opined that along with Pokhara, Lumbini and Chitwan other connected destinations should be promoted.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12605',
			'article_category_id' => '1',
			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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			'article_date' => '2020-10-16 11:11:45',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'description' => '',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </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">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </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">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </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">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </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">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'image' => '20201015012621_1602661483.cleanfeed.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</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:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</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:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</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:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12611',
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			'title' => 'Production of Flowers for Tihar Decline this Year ',
			'sub_title' => '',
			'summary' => 'October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. According to the Floriculture Association Nepal (FAN), the stakeholders are preparing to sell 1.5 million garlands this year, which is 300,000 less than last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Due to the coronavirus pandemic, the production of flowers has decreased this year as the floriculture farmers have shifted to vegetable farming. Marigold and globe amaranth (makhamali) flowers worth Rs 2.2 million are normally consumed every year in Nepal during Tihar. According to FAN, this year the production may be 700,000 less than the demand. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the president of FAN Kumar Kasaju Shrestha, the demand for garlands is expected to decline this year. &ldquo;Around 1.5 million garlands are expected to be consumed, and we are preparing accordingly,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">While 10,000 to 15,000 garlands were sold every day in Nepal during the normal days, statistics of the association shows that only 3,000 to 5,000 garlands are sold in a day now. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year in Tihar, marigold garlands were sold at Rs 55 to Rs 70 per piece. The association said that if the demand is like that of last year, the price is likely to increase. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Sushil Khadka, coordinator of the Cut Flower Grower Committee, said that there would be no shortage of flowers during the festival even if the production is low. According to him, about 25 kg of seeds were distributed to the farmers in June to prevent shortage of flowers during the festival and to replace the import of Indian flowers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">As per the statistics of the association, floriculture is done in 43 districts of Nepal with a total investment of Rs 6 billion. This business has provided employment to more than 700 entrepreneurs and 40,000 people are directly or indirectly involved in this business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, due to the lockdown, 30 percent of the workers in the flower business have lost their jobs. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12610',
			'article_category_id' => '1',
			'title' => 'Government Struggles to Spend 15 Percent of Budget in First Quarter ',
			'sub_title' => '',
			'summary' => 'October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current 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:&quot;Arial Unicode MS&quot;">The government had announced to lift the restrictions imposed to curb coronavirus and revitalize the economy as well as carry on with the development works. But the budget spent so far shows that the government&rsquo;s effort has been ineffective.</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:&quot;Arial Unicode MS&quot;">According to the Financial Comptroller General&rsquo;s Office which keeps the record of government expenditures, the government has been able to spend only Rs 201 billion out of the annual budget of Rs 1474 billion, which is just 13.63 percent of the total budget.</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:&quot;Arial Unicode MS&quot;">The current expenditure of the government in the first three months of the current fiscal year is Rs 182 billion. The capital expenditure is just Rs 15.4 billion.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of the last fiscal year, the government had spent Rs 178 billion including Rs 156 billion in recurrent expenditure and Rs 18.36 in capital expenditure.</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:&quot;Arial Unicode MS&quot;">The Financial Comptroller General&rsquo;s Office says that the recurrent expenditure is high because the expenses for controlling coronavirus pandemic has increased this year. Meanwhile, the capital expenditure has been low because there isn&rsquo;t any construction works going around.</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:&quot;Arial Unicode MS&quot;">The government has allocated Rs 352 billion for development works this 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:&quot;Arial Unicode MS&quot;">During the first quarter, the government has spent Rs 3.41 billion to repay the loan and interest to donor agencies.</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:&quot;Arial Unicode MS&quot;">Minister for Physical Infrastructure and Transport Basanta Kumar Nembang says that the low expenditure of budget in the first quarter is due to the coronavirus pandemic and the delay in legal procedures. Minister Nembang says that the government is preparing to remove the bureaucratic red tape to speed up the budget expenditure.</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:&quot;Arial Unicode MS&quot;">The contracts of small and petty projects have already have already signed in the first quarter while the contracts of big projects are yet to be finalized.</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:&quot;Arial Unicode MS&quot;">&ldquo;Firstly, the development works have been obstructed by coronavirus and secondly, the procurement process is lengthy and complicated. Therefore, the results are not that impressive in the first quarter,&rdquo; said Minister Nembang.</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:&quot;Arial Unicode MS&quot;">According to Minister Nambang, the process of initiating big projects will be started soon and the results will be &nbsp;seen in the second quarter.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12609',
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			'title' => 'Government Lifts Ban on Arrival of Int’l Tourists ',
			'sub_title' => '',
			'summary' => 'October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the country has been recording high number of daily infections, the government has decided to welcome international tourists in Nepal for trekking and mountaineering effective from October 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government had earlier decided to allow foreign tourists on condition that they produce PCR test report while entering the country. But it will take at least a month for the arrival of all kinds of tourists.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">For the time being, special attention has been given to tourists opting for trekking and mountaineering but they have to remain in hotel quarantine for seven days. They have to undergo PCR test again after completing the seven-day quarantine before they can visit different places of the country. This is likely to affect the arrival of tourists, argue tourism entrepreneurs. Tourism entrepreneurs however have demanded that tourists should only be quarantined for three days and then retested before they begin their tour. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government has also decided to resume the on-arrival visa service, which was closed since March 18.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Citizens from all other countries except Iraq, Nigeria, Ghana, Zimbabwe, Swaziland, Somalia, Cameroon, Liberia, Ethiopia, Palestine, Afghanistan and Syria can obtain on-arrival visa upon landing in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The tourism industry of Nepal has remained closed since the lockdown was first announced on March 24 this year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the government has lifted a ban on arrival of tourists, President of Hotel Association of Nepal Shreejana Rana says they are not expecting the anticipated numbers of tourists right now.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">She stated that the hotels are ready to welcome both domestic and foreign tourists but argues that the visitors are not likely to arrive anytime soon because their health security is of greater concern at the moment. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">According to Rana, seven-day quarantine for tourists is quite lengthy. She added that they have urged the government to reconsider its decision regarding this issue. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Nevertheless, she said that the government&rsquo;s decision to welcome tourists by adopting safety measures was a welcome move.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">&ldquo;Although the government has decided to allow the entry of tourists, we are skeptical that the foreigners will visit Nepal in the same numbers as before because the rate of infection is rising here,&rdquo; said Rana, adding, &ldquo;Right now, we have to focus more on domestic tourists rather than international tourists.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">\</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12608',
			'article_category_id' => '1',
			'title' => 'BFIs Fix their Interest Rates on Term Loans',
			'sub_title' => 'The rates have been determined within the range of 10-13 percent',
			'summary' => 'October 16: ßBanks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 16: &szlig;Banks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">As per the direction given by the central bank to the BFIs to publish their stable interest rates by the end of Ashoj (mid-October), Mega Bank, Himalayan Bank and Machhapuchhre Bank have published their fixed interest rates on personal loans for up to 15 years.&nbsp;These banks have fixed the interest rates for term loans within the range of 10 percent and 13 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, other banks and financial institutions have also started their final homework to make the fixed interest rate public by October 16. Mega Bank has maintained a fixed interest rate by adding 5 percent premium to their base rate (8.30 percent) on all types of personal loans with more than one year to maturity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, Machhapuchhre Bank has fixed the interest rate at 9.89 percent for home loans with the maturity period of up to 5 years, 10.89 percent for home loans for maturity period from 5 to 10 years and 11.89 percent for home loans with the maturity period of more than 10 years.&nbsp;Interest for auto and hire-purchase loans has been fixed at 9.99 percent for the maturity period up to 5 years and 10.99 percent for maturity period ranging from 5 to 10 years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">For five-year maturity period, Himalayan Bank has fixed the interest rate of personal home loan at 9.89 percent, convenience loan and education loan at 9.99 percent and other collateral loan at 10.99 percent.&nbsp;Similarly, for loans with a maturity period ranging from 5-10 years, the bank has fixed the interest rates of home loans at 10.99 percent and convenience loans and education loans also at 10.99 percent.&nbsp;Likewise, for a maturity period of 10-15 years, interest rates for home loans has been fixed at 12.14 percent. Sushil Joshi, Chief Information Officer of the bank says that different interest rates have been fixed for different periods of hire-purchase loans. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Joshi, who is also the general manager of Himalayan Bank, said that the bank fixed their interest rates by observing the interest rate on deposits and loans in the past.&nbsp;&quot;Mismatches can happen in Nepal as you do not get long-term deposits.&nbsp;Most of the ten-year institutional deposits have been kept by only by insurance companies. Long-term personal deposits don&#39;t really come in,&quot; he told New Business Age, adding, &ldquo;That&rsquo;s why we compared the deposits and fixed the interest rates by adding a little margin to the loan rates.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Other banks are also likely to set their fixed interest rates in a similar pattern.&nbsp;At present, it seems that the fixed rates will be expensive for the customers.&nbsp;As there is no demand for loans in the market right now, the banks are giving home and auto loans at or below their base rate, which comes around 7.7 to 9 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Since the fixed interest rate, which was initially high, will not go higher in the future, the borrower does not need to worry about the increment on rates.&nbsp;However, NRB has also made an arrangement that allows the customers to not opt for the fixed interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks have been announcing their fixed interest rates to comply with the directive given by the central bank, but the Nepal Bankers&#39; Association has said that it is not practical and has suggested to fix a fixed interest rate only for a maximum of five years. Deputy Chief Executive Officer of Citizens Bank, Bodhraj Devkota, says that they are busy in determining their fixed interest rate even though the suggestion by the association is under consideration.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman of the Nepal Bankers Association, Bhuwan Kumar Dahal says that Sanima Bank is also in final stage of fixing their interest rates.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12607',
			'article_category_id' => '1',
			'title' => 'Domestic Tourism an Alternative for Nepal’s Tourism Industry',
			'sub_title' => '',
			'summary' => 'October 16: Stakeholders view that domestic tourism is now the alternative for Nepal's tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 16: Stakeholders view that domestic tourism is now the alternative for Nepal&#39;s tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic. They said so at a tourism dialogue program on &#39;Sustainable Internal Tourism: First Step for Tourism Revival&#39; organized by Tourism Recovery Task Force (TRTF) Nepal on Thursday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">They believe that the emphasis should be on domestic tourism for the time being as the coronavirus&rsquo; impact is unlikely to decline and international tourists are eager to know about health care. They further say that everyone should give special attention to compliance with the health standards set by the government as the infection has been rising. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at the program, Shreejana Rana, president of Hotel Association of Nepal (HAN), said that although the hotels are prepared for any kind of situation, the focus should be given on promoting domestic tourism at the national level as the international tourists are still in &lsquo;wait and watch&rsquo; situation.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">She further said an integrated approach should be taken for the promotion of domestic tourism by coordinating among all the stakeholders. Captain Rameshwor Thapa, president of Airline Operators Association of Nepalsaid that although the airlines sector was more affected due to coronavirus, there has been some relief after the domestic flights were resumed. He said that they had been requesting the government to start the operation of flights by applying health and safety standards. He further said that the public was able to travel comfortably and no one has been infected. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Deepak Raj Joshi, coordinator of the Tourism Recovery Task Force (TRTF), pointed out to the need for coordination among the three levels of government for the promotion of domestic tourism. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the HAN Pokhara Chapter, Bikal Tulachan, said that there was no alternative but to focus on domestic tourism to keep the economic activities going on. He opined that along with Pokhara, Lumbini and Chitwan other connected destinations should be promoted.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_date' => '2020-10-16 15:26:22',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12605',
			'article_category_id' => '1',
			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </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">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </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">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </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">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </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">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</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:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</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:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</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:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12611',
			'article_category_id' => '1',
			'title' => 'Production of Flowers for Tihar Decline this Year ',
			'sub_title' => '',
			'summary' => 'October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 18: The production of flowers and garlands for the upcoming Tihar festival is expected to decline compared to the last year. According to the Floriculture Association Nepal (FAN), the stakeholders are preparing to sell 1.5 million garlands this year, which is 300,000 less than last year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;Due to the coronavirus pandemic, the production of flowers has decreased this year as the floriculture farmers have shifted to vegetable farming. Marigold and globe amaranth (makhamali) flowers worth Rs 2.2 million are normally consumed every year in Nepal during Tihar. According to FAN, this year the production may be 700,000 less than the demand. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the president of FAN Kumar Kasaju Shrestha, the demand for garlands is expected to decline this year. &ldquo;Around 1.5 million garlands are expected to be consumed, and we are preparing accordingly,&rdquo; he said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">While 10,000 to 15,000 garlands were sold every day in Nepal during the normal days, statistics of the association shows that only 3,000 to 5,000 garlands are sold in a day now. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year in Tihar, marigold garlands were sold at Rs 55 to Rs 70 per piece. The association said that if the demand is like that of last year, the price is likely to increase. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Sushil Khadka, coordinator of the Cut Flower Grower Committee, said that there would be no shortage of flowers during the festival even if the production is low. According to him, about 25 kg of seeds were distributed to the farmers in June to prevent shortage of flowers during the festival and to replace the import of Indian flowers. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">As per the statistics of the association, floriculture is done in 43 districts of Nepal with a total investment of Rs 6 billion. This business has provided employment to more than 700 entrepreneurs and 40,000 people are directly or indirectly involved in this business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, due to the lockdown, 30 percent of the workers in the flower business have lost their jobs. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12610',
			'article_category_id' => '1',
			'title' => 'Government Struggles to Spend 15 Percent of Budget in First Quarter ',
			'sub_title' => '',
			'summary' => 'October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current fiscal year.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 18: The government has not been able to spend even 15 percent of the allocated budget in the first quarter of the current 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:&quot;Arial Unicode MS&quot;">The government had announced to lift the restrictions imposed to curb coronavirus and revitalize the economy as well as carry on with the development works. But the budget spent so far shows that the government&rsquo;s effort has been ineffective.</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:&quot;Arial Unicode MS&quot;">According to the Financial Comptroller General&rsquo;s Office which keeps the record of government expenditures, the government has been able to spend only Rs 201 billion out of the annual budget of Rs 1474 billion, which is just 13.63 percent of the total budget.</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:&quot;Arial Unicode MS&quot;">The current expenditure of the government in the first three months of the current fiscal year is Rs 182 billion. The capital expenditure is just Rs 15.4 billion.</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:&quot;Arial Unicode MS&quot;">During the corresponding period of the last fiscal year, the government had spent Rs 178 billion including Rs 156 billion in recurrent expenditure and Rs 18.36 in capital expenditure.</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:&quot;Arial Unicode MS&quot;">The Financial Comptroller General&rsquo;s Office says that the recurrent expenditure is high because the expenses for controlling coronavirus pandemic has increased this year. Meanwhile, the capital expenditure has been low because there isn&rsquo;t any construction works going around.</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:&quot;Arial Unicode MS&quot;">The government has allocated Rs 352 billion for development works this 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:&quot;Arial Unicode MS&quot;">During the first quarter, the government has spent Rs 3.41 billion to repay the loan and interest to donor agencies.</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:&quot;Arial Unicode MS&quot;">Minister for Physical Infrastructure and Transport Basanta Kumar Nembang says that the low expenditure of budget in the first quarter is due to the coronavirus pandemic and the delay in legal procedures. Minister Nembang says that the government is preparing to remove the bureaucratic red tape to speed up the budget expenditure.</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:&quot;Arial Unicode MS&quot;">The contracts of small and petty projects have already have already signed in the first quarter while the contracts of big projects are yet to be finalized.</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:&quot;Arial Unicode MS&quot;">&ldquo;Firstly, the development works have been obstructed by coronavirus and secondly, the procurement process is lengthy and complicated. Therefore, the results are not that impressive in the first quarter,&rdquo; said Minister Nembang.</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:&quot;Arial Unicode MS&quot;">According to Minister Nambang, the process of initiating big projects will be started soon and the results will be &nbsp;seen in the second quarter.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12609',
			'article_category_id' => '1',
			'title' => 'Government Lifts Ban on Arrival of Int’l Tourists ',
			'sub_title' => '',
			'summary' => 'October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">October 18: The government has lifted a ban on arrival of tourists which was in place since the last seven months due to coronavirus pandemic. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the country has been recording high number of daily infections, the government has decided to welcome international tourists in Nepal for trekking and mountaineering effective from October 17.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government had earlier decided to allow foreign tourists on condition that they produce PCR test report while entering the country. But it will take at least a month for the arrival of all kinds of tourists.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">For the time being, special attention has been given to tourists opting for trekking and mountaineering but they have to remain in hotel quarantine for seven days. They have to undergo PCR test again after completing the seven-day quarantine before they can visit different places of the country. This is likely to affect the arrival of tourists, argue tourism entrepreneurs. Tourism entrepreneurs however have demanded that tourists should only be quarantined for three days and then retested before they begin their tour. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The government has also decided to resume the on-arrival visa service, which was closed since March 18.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Citizens from all other countries except Iraq, Nigeria, Ghana, Zimbabwe, Swaziland, Somalia, Cameroon, Liberia, Ethiopia, Palestine, Afghanistan and Syria can obtain on-arrival visa upon landing in Nepal.</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">The tourism industry of Nepal has remained closed since the lockdown was first announced on March 24 this year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Although the government has lifted a ban on arrival of tourists, President of Hotel Association of Nepal Shreejana Rana says they are not expecting the anticipated numbers of tourists right now.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">She stated that the hotels are ready to welcome both domestic and foreign tourists but argues that the visitors are not likely to arrive anytime soon because their health security is of greater concern at the moment. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">According to Rana, seven-day quarantine for tourists is quite lengthy. She added that they have urged the government to reconsider its decision regarding this issue. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">Nevertheless, she said that the government&rsquo;s decision to welcome tourists by adopting safety measures was a welcome move.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:16.0pt"><span style="font-family:Arial">&ldquo;Although the government has decided to allow the entry of tourists, we are skeptical that the foreigners will visit Nepal in the same numbers as before because the rate of infection is rising here,&rdquo; said Rana, adding, &ldquo;Right now, we have to focus more on domestic tourists rather than international tourists.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-family:&quot;Arial Unicode MS&quot;">\</span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12608',
			'article_category_id' => '1',
			'title' => 'BFIs Fix their Interest Rates on Term Loans',
			'sub_title' => 'The rates have been determined within the range of 10-13 percent',
			'summary' => 'October 16: ßBanks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.',
			'content' => '<h1><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">October 16: &szlig;Banks and Financial Institutions (BFIs) will be setting fixed interest rates on personal term loans, including home and automobile loans from October 17.</span></span></span></h1>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">As per the direction given by the central bank to the BFIs to publish their stable interest rates by the end of Ashoj (mid-October), Mega Bank, Himalayan Bank and Machhapuchhre Bank have published their fixed interest rates on personal loans for up to 15 years.&nbsp;These banks have fixed the interest rates for term loans within the range of 10 percent and 13 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">In addition, other banks and financial institutions have also started their final homework to make the fixed interest rate public by October 16. Mega Bank has maintained a fixed interest rate by adding 5 percent premium to their base rate (8.30 percent) on all types of personal loans with more than one year to maturity.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Similarly, Machhapuchhre Bank has fixed the interest rate at 9.89 percent for home loans with the maturity period of up to 5 years, 10.89 percent for home loans for maturity period from 5 to 10 years and 11.89 percent for home loans with the maturity period of more than 10 years.&nbsp;Interest for auto and hire-purchase loans has been fixed at 9.99 percent for the maturity period up to 5 years and 10.99 percent for maturity period ranging from 5 to 10 years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">For five-year maturity period, Himalayan Bank has fixed the interest rate of personal home loan at 9.89 percent, convenience loan and education loan at 9.99 percent and other collateral loan at 10.99 percent.&nbsp;Similarly, for loans with a maturity period ranging from 5-10 years, the bank has fixed the interest rates of home loans at 10.99 percent and convenience loans and education loans also at 10.99 percent.&nbsp;Likewise, for a maturity period of 10-15 years, interest rates for home loans has been fixed at 12.14 percent. Sushil Joshi, Chief Information Officer of the bank says that different interest rates have been fixed for different periods of hire-purchase loans. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Joshi, who is also the general manager of Himalayan Bank, said that the bank fixed their interest rates by observing the interest rate on deposits and loans in the past.&nbsp;&quot;Mismatches can happen in Nepal as you do not get long-term deposits.&nbsp;Most of the ten-year institutional deposits have been kept by only by insurance companies. Long-term personal deposits don&#39;t really come in,&quot; he told New Business Age, adding, &ldquo;That&rsquo;s why we compared the deposits and fixed the interest rates by adding a little margin to the loan rates.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Other banks are also likely to set their fixed interest rates in a similar pattern.&nbsp;At present, it seems that the fixed rates will be expensive for the customers.&nbsp;As there is no demand for loans in the market right now, the banks are giving home and auto loans at or below their base rate, which comes around 7.7 to 9 percent.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Since the fixed interest rate, which was initially high, will not go higher in the future, the borrower does not need to worry about the increment on rates.&nbsp;However, NRB has also made an arrangement that allows the customers to not opt for the fixed interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Banks have been announcing their fixed interest rates to comply with the directive given by the central bank, but the Nepal Bankers&#39; Association has said that it is not practical and has suggested to fix a fixed interest rate only for a maximum of five years. Deputy Chief Executive Officer of Citizens Bank, Bodhraj Devkota, says that they are busy in determining their fixed interest rate even though the suggestion by the association is under consideration.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt">Chairman of the Nepal Bankers Association, Bhuwan Kumar Dahal says that Sanima Bank is also in final stage of fixing their interest rates.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12607',
			'article_category_id' => '1',
			'title' => 'Domestic Tourism an Alternative for Nepal’s Tourism Industry',
			'sub_title' => '',
			'summary' => 'October 16: Stakeholders view that domestic tourism is now the alternative for Nepal's tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">October 16: Stakeholders view that domestic tourism is now the alternative for Nepal&#39;s tourism development as there is no possibility of arrival of international tourists at present due to the coronavirus pandemic. They said so at a tourism dialogue program on &#39;Sustainable Internal Tourism: First Step for Tourism Revival&#39; organized by Tourism Recovery Task Force (TRTF) Nepal on Thursday. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">They believe that the emphasis should be on domestic tourism for the time being as the coronavirus&rsquo; impact is unlikely to decline and international tourists are eager to know about health care. They further say that everyone should give special attention to compliance with the health standards set by the government as the infection has been rising. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at the program, Shreejana Rana, president of Hotel Association of Nepal (HAN), said that although the hotels are prepared for any kind of situation, the focus should be given on promoting domestic tourism at the national level as the international tourists are still in &lsquo;wait and watch&rsquo; situation.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">She further said an integrated approach should be taken for the promotion of domestic tourism by coordinating among all the stakeholders. Captain Rameshwor Thapa, president of Airline Operators Association of Nepalsaid that although the airlines sector was more affected due to coronavirus, there has been some relief after the domestic flights were resumed. He said that they had been requesting the government to start the operation of flights by applying health and safety standards. He further said that the public was able to travel comfortably and no one has been infected. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Deepak Raj Joshi, coordinator of the Tourism Recovery Task Force (TRTF), pointed out to the need for coordination among the three levels of government for the promotion of domestic tourism. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the HAN Pokhara Chapter, Bikal Tulachan, said that there was no alternative but to focus on domestic tourism to keep the economic activities going on. He opined that along with Pokhara, Lumbini and Chitwan other connected destinations should be promoted.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12606',
			'article_category_id' => '1',
			'title' => 'Solar Power Project in Nuwakot suffers Setback after Equipment Stopped at Nepal-China Border',
			'sub_title' => '',
			'summary' => 'October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">October 16: The construction of a 25 MW capacity solar power project in Nuwakot has been obstructed after 11 containers coming from China carrying power cables were stopped at Kerung checkpoint.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">If the power cable had arrived on time, the project would have generated 10 MW of electricity by last May. However, the project is still in limbo as the equipment have been stopped at Kerung for the past five months.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Other works of the plant to generate 10 MW of electricity have almost been completed. Now, if the connection can be done with a power cable, an additional 10 megawatts of electricity can be generated. However, this has not happened due to the lack of power cable.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Containers carrying electronic goods for the substation, including power cables, have been stopped in China since the border was closed late last year to control the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">Even though the checkpoint has been opened, it has been practically difficult to bring the goods. The containers are not exactly at the border but 24 kilometers towards China. Nepali containers have to go there to get those goods. However, under the pretext of coronavirus, the Chinese side has not allowed the Nepali containers to enter the country. Therefore, it is not possible for Nepali containers to go there and bring the goods, informed Bikash Raghubanshi, head of the project.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Calibri">&ldquo;If we had power cable, we could have generated an additional 10 megawatts of electricity three months ago,&rdquo; he informed, adding, &ldquo;However, the chances are slim. We can generate an additional 10 megawatts of electricity within a month of the arrival of the container.&rdquo;</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12605',
			'article_category_id' => '1',
			'title' => 'Export of Tea up by 174 Percent',
			'sub_title' => '',
			'summary' => 'October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: The export of tea, which used to shrink every year, has increased significantly in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The tea estates used to be in loan until now despite promotion by the government. However, the export of tea has increased by 174 percent since the start of the current fiscal year, according to government data.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Nepal had exported tea worth Rs 640.23 million in the first two months of the last fiscal year. But the export of tea in the corresponding period of the current fiscal&nbsp; year has increased to Rs 1.58 billion, according to the Trade and Export Promotion Centre. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the data provided by the centre, the country exported 2.35 million kilograms of tea during the last fiscal year. The export has increased to 5.31 million kilograms in the first three months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Stakeholders say that the sudden increase in export of tea is the decline in production in India.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Chairman of the Tea Association of Nepal Kamal Mainali says that the demand for tea produced in Nepal has increased significantly in India because of the decline in production in the southern neighbor owing to Covid-19 and adverse weather.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&ldquo;The production of tea has declined by 25 percent in India. Therefore the demand for tea manufactured in Nepal has gone up,&rdquo; says Mainali.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">He further said that the tea farmers in Nepal are getting good price for their product. But stakeholders say that although the export of tea has increased, the production has remained the same. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">They say that the export of tea is subject to fluctuation and can increase or decline. However, the export of tea increased significantly this year. This has put tea in the second place among the most exported products.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Rabin Rai, general secretary of the Central Tea Cooperatives Association, says that although the export has skyrocketed in the initial period of the current fiscal year, the overall export is expected to remain almost similar to previous years. - RSS</span></span></span></span></p>

<p><br />
<span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp; &nbsp; &nbsp;</span></span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12603',
			'article_category_id' => '1',
			'title' => 'Ring Road Development Project to Complete Site Clearance within mid-January',
			'sub_title' => '',
			'summary' => 'October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil  section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Ring Road Development Project has fixed the timeline for site clearance of the Kalanki-Maharajgunj-Chabahil&nbsp; section of Ring Road almost two and a half years after the Government of Nepal signed a Memorandum of Understanding (MoU) with China for the road expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Department of Roads had signed the MoU with the Chinese side to upgrade the Ring Road to eight lanes in the second phase of expansion.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Ring Road Development Project under the Department of Roads has said it will complete the site clearance work between mid-November to mid-January 2021. The project is expected to shift all the electricity poles along the Ring Road by mid-November in collaboration with the Nepal Electricity Authority. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The line ministry has instructed the NEA to mandatorily shift the high-voltage towers between Karkhana Chowk and Sano Bharyang in Swayambhu area within the stipulated time. The project officials have also been instructed to remove the statues of Buddha that fall along the route within the same timeframe. The ministry has directed the project to collaborate with the Kathmandu Metropolitan City for the removal of the statues. Likewise, the project is also set to demolish the overhead bridge near the New Bus Park in Balaju area.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The District Administration Office, Kathmandu has also set a deadline to evaluate the price of land in Maharajgunj area.</span></span></span></p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '12604',
			'article_category_id' => '1',
			'title' => 'Newly-Appointed Finance Minister Poudel Takes Charge of his Responsibilities',
			'sub_title' => '',
			'summary' => 'October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">October 16: Newly-appointed Finance Minister Bishnu Poudel took charge of the finance ministry on Thursday (October 15), weeks after outgoing finance minister Yuba Raj Khatiwada resigned from his post. In his first day at office, Minister Poudel decided to take a loan of Rs 200 million from the World Bank to prevent the spread of coronavirus.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">This is the second innings of Poudel as finance minister. He had taken charge of the finance ministry on November 5, 2015 when the country was facing Madhes agitation and was also struggling in the aftermath of the devastating earthquakes and the subsequent economic blockade imposed by India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">He is once again heading the finance ministry with the responsibility of bringing the ailing economy that has been badly affected by coronavirus back on track. Poudel&rsquo;s chief responsibility is to revitalize the economy by taking the donor agencies and the private sector in confidence. Other challenges that he has to face includes improvement of capital expenditure and revenue collection and to uplift the private sector&rsquo;s morale that suffered a major setback during his predecessor Khatiwada&rsquo;s tenure. &nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although Poudel said he would start working right away to meet the challenges, the road ahead does not seem to be that easy.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Although the government had set a target of collecting revenue worth Rs 1011 billion in the current fiscal year, it has been able to collect only 162 billion in the first three months. The government had announced a budget of Rs 1474 billion for the current fiscal year and has already spent Rs 188 billion. It is quite clear that the government&rsquo;s expenditure is more than its income.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">The Oli-led government had allocated Rs 352 billion for development works in the current fiscal year to achieve its dream of &ldquo;Happy Nepalis, Prosperous Nepal&rdquo;. However, it has been able to spend only Rs 11.63 billion of the development budget. The government has failed to spend the development budget owing to the coronavirus crisis while the contractors are not willing to return back to work due to the spread of the disease.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Economists say that the newly appointed finance minister faces an uphill battle to bring the economy back on track because the government is expected to get only limited support from donor agencies as the pandemic has caused widespread problem across the globe.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Former finance minister Ram Sharam Mahat says that the new finance minister must be careful to cut down unnecessary expenses of the government. He says that the government must implement the suggestions given by the Review Commission in this regard.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;">Meanwhile, former vice chairman of the National Planning Commission Jagdish Chandra Pokharel suggested that the finance minister must adopt a policy to provide relief to those who have lost their jobs due to the lockdown and also for those who are living below the poverty line.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12601',
			'article_category_id' => '1',
			'title' => 'Demand for Personal Loans Increases with Dashain Approaching',
			'sub_title' => '',
			'summary' => 'October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace. ',
			'content' => '<h1><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">October 15: The flow of loans from banks and financial institutions had been shrinking due to the coronavirus pandemic. However, the flow of personal and small loans has now picked up its pace.&nbsp;Bankers believe that the upcoming Dashain festival is the cause for the demand for new loans.</span></span></h1>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The demand for loans have always increased during Dashain due to which banks and financial institutions had to focus on their deposit collection.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Even though the demand for loans has not been as high as it used to be in the previous years, the demand for personal and small loans has been gradually increasing because of Dashain. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">According to the Nepal Bankers&#39; Association, the commercial banks have disbursed a total of Rs 42 billion as loans from the month of Bhadra &nbsp;(mid-August to mid-September) to the month of Ashoj (mid-September to mid-October).&nbsp;By adding the said loan, the association states that loans worth Rs 2.946 trillion has been disbursed as of October 2.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bhuvan Kumar Dahal, the president of the association, says that the demand for consumer loans is also increasing as Dashain approaches.&nbsp;According to him, the demand for business loans is also increasing.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">&quot;Currently, there has been a demand for loans for operating expenses such as paying salaries to employees in the tourism sector. There has also been a demand for loans in agriculture and energy,&rdquo; he said.&nbsp;He added that the demand for loans in the market is gradually improving.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Lately, there had been a trend of unhealthy competition between the banks to get debtors, due to the lack of demand of loans.&nbsp;However, bankers now acknowledge that such unhealthy competition has declined.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Due to the lack of demand in the market, there was also the talk that the banks would assign its employees the responsibility to disburse a certain amount of loan.&nbsp;However, bank sources say that the credit flow has improved now.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Bodhraj Devkota, deputy executive director of Citizens Bank, said that the demand for loans had started to decrease since the onset of the pandemic from in March.&nbsp;&quot;However, as Dashain is nearing, collateral based personal loans like real estate loans, auto loans are increasing,&quot; he said, &ldquo;SME loans are also being disbursed now. However, large projects such as cement construction are still affected.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">He said that the central bank allowing the businesses to take loans for their operating expenses is also a reason for the increase in credit flow of banks.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">The situation of excess liquidity in banks is still the same despite the increase in demand of loans.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">As per the data published by Nepal Rastra Bank, the banking system has excess liquidity of Rs. 160 billion as of October 13.&nbsp;Due to the lack of investment options, there was an excess liquidity of around Rs 200 billion in the overall banking system until the end of September.&nbsp;There is still excessive liquidity in the market.&nbsp;However, Rs 40 billion has come under control as compared to the previous time.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;">Nepal Rastra Bank has been issuing various instruments to control the liquidity in the market.&nbsp;The central bank had conducted a bidding last Monday for the sale of treasury bills worth Rs 18.25 billion to raise internal debt for the government. Dr. Gunakar Bhatta, the spokesperson of the central bank, informed&nbsp;that the banks and financial institutions had demanded treasury bills worth a total of Rs. 76.92 billion in that bid. The excessive liquidity in the market seems to be the reason for the high demands of the banks and financial institutions.&nbsp; With the collection of deposits and the issuance of various government bonds, the central bank had brought the liquidity in the banking system under control by around Rs 40 billion.</span></span></p>

<p>&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12602',
			'article_category_id' => '1',
			'title' => 'Cartel of Shipping Companies Troubling Nepal’s Overseas Trade',
			'sub_title' => '',
			'summary' => 'October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal’s transit costs with third countries.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Calibri">October 15: Lack of competition among shipping companies and the importers not being aware of the choices of companies have increased Nepal&rsquo;s transit costs with third countries. Although quick procedures and technology have been adopted to reduce the burden of extra time and other costs at Indian ports, the cost has not yet been reduced due to the monopoly of the shipping companies.</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:Calibri">Nepal&rsquo;s trade with third countries is almost 40 percent of the total foreign trade.</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:Calibri">Out of this, about 10 percent of all trade is done through the air route with the third countries. Mostly, shipping from overseas is done by foreign shipping companies. These companies transport containers to Nepal via the Indian ports of Kolkata and Visakhapatnam.</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:Calibri">It is estimated that more than 100,000 containers enter the country annually by sea.</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:Calibri">Ashok Kumar Temani, chairman of the Transport and Transit Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed that about two dozen shipping companies are involved in the transportation of Nepal&#39;s foreign trade. </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:Calibri">&ldquo;Traders and importers have complained that the cost of imports has increased unexpectedly due to the cartel of big companies,&rdquo; he informed.</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:Calibri">It is estimated that the cost of transportation is about 25 percent of the entire valuation of Nepal&#39;s foreign trade expenses.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12600',
			'article_category_id' => '1',
			'title' => 'Locals Agree to Remove Obstruction to Solu Corridor Transmission Line',
			'sub_title' => '',
			'summary' => 'October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">October 15: The obstruction of the Solu Corridor 132 KV double circuit transmission line project will be removed after the government pledged to compensate the locals for using the public land as well.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The locals had been obstructing the work for the past two years demanding compensation for the public land which falls on the route of the transmission line. Local representatives have expressed their commitment to remove the obstruction after the government proposed to compensate for the use of public land. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Consumers of the Harit community forest at Katari Municipality-4, Udayapur had been obstructing the work for the past two years demanding that the proposed location of the tower should be shifted to another place along with compensation. As soon as the obstruction is removed, the rest of the construction work will move forward. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">The agreement was reached after a meeting between Minister for Energy, Water Resources and Irrigation Barshaman Pun, Federal Member of Parliament Suresh Kumar Rai, Mayor of Katari Municipality Gyanendra Shrestha, Ward Chairman of Katari-4 Krishna Raj Danuwar and Project Chief Janardan Prasad Gautam. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">During the discussion, Minister Pun had proposed to pay compensation for public land. After that, MP Rai, Mayor Shrestha and Ward Chairman Danuwar expressed their commitment to remove the obstruction in the construction of the project. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri"><span style="font-family:&quot;Times New Roman&quot;">Project Chief Janardan Prasad Gautam said that it has been agreed to remove the obstruction during the discussion. He expects that the remaining construction work of the project will move forward now. &quot;The minister for energy has said that he will implement the proposal to compensate the public land by approving it from the council of ministers,&quot; he said. &ldquo;The construction work will be completed within three months if the local do not create any obstruction.&rdquo;&nbsp; </span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12599',
			'article_category_id' => '1',
			'title' => 'Government Instructs Cable Service Providers to Implement Clean Feed within October 23',
			'sub_title' => '',
			'summary' => 'October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">October 15: The government has warned of taking action against cable service providers if they do not implement clean feed while broadcasting foreign channels in Nepal.</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 Ministry of Communication and Information Technology has directed the Federation of Nepal Cable Television Entrepreneur and other associated broadcasting companies to start advertisement-free broadcast from October 23. </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">In a press statement issued on Wednesday, the ministry directed the concerned bodies to start advertisement-free broadcasting from October 23. </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">The ministry has also warned that action will be taken against any agency disobeying the directive in accordance to the existing laws. </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">Indian Broadcasters Forum, Discovery Networks, BBC News, Federation of Nepal Cable Television Entrepreneur had earlier asked for a deadline extension on implementing clean feed but the ministry has informed that the extension cannot be allowed as the Clean Feed Act doesn&#39;t have the provision for extension. </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">The ministry further added that the act itself had a clear provision of an extension of 1 year, which cannot be further extended and therefore the deadline is final.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'image' => '20201015012621_1602661483.cleanfeed.jpg',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12598',
			'article_category_id' => '1',
			'title' => 'Prime Minister Oli Reshuffles Cabinet ',
			'sub_title' => '',
			'summary' => 'October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.',
			'content' => '<p><em>Newly-appointed Finance Minister Bishnu Poudel</em></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">October 15: Prime Minister KP Oli has reshuffled the cabinet, appointing three new faces in the Council of Ministers.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">PM Oli on Wednesday (October 14) appointed NCP General Secretary Bishnu Poudel to the post of Finance Minister, which was lying vacant since the departure of Yuba Raj Khatiwada. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Likewise, Krishna Gopal Shrestha has been appointed as Minister for Urban Development. Lilanath Shrestha has got the portfolio of Women, Children and Senior Citizen Ministry. All of the three newly-appointed ministers are close to PM Oli.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">The Presidents Office said in a statement that the president has appointed new ministers, reshuffled the cabinet and has also made a new arrangement for work division upon the recommendation of the prime minister.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Five years ago, Oli had appointed Poudel as&nbsp; finance minister during his first stint as prime minister. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Khatiwada, a former governor of Nepal Rastra Bank who&nbsp; was handpicked by Oli as the finance minister, had resigned from his post after his term as member of upper house expired. He was unable to get reappointed to the upper house due to the intra-party rift within the ruling Nepal Communist Party.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Soon after his resignation, PM Oli appointed Khatiwada as his financial advisor.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Meanwhile, PM Oli has removed Deputy Prime Minister Ishwar Pokharel from his responsibilities as the defense minister and handed him the duty of overseeing the Prime Minister&rsquo;s Office. Pokharel was removed from the defense ministry at a time when his relation with the Nepalese Army was reportedly getting cold.</span></span></span></p>

<p>&nbsp;</p>

<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:Arial">Minister Parbat Gurung has been appointed as Minister for Communication and Information Technology. Prior to this, Gurung held the portfolio of Ministry of Women, Children and Senior Citizen. </span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12597',
			'article_category_id' => '1',
			'title' => 'NRB Opens Door for Concessional Loan to Grade 12 Graduates',
			'sub_title' => '',
			'summary' => 'October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">October 14: Nepal Rastra Bank has issued a new circular instructing banks and financial institutions (BFIs) to provide concessional loans to graduate students of higher secondary level (Grade 12).</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:&quot;Arial Unicode MS&quot;">Concessional loans to the Grade 12 graduates is one of the nine different heads under which the central bank has been providing such loans. Under this heading, the graduate students of higher secondary level can avail up to Rs 500,000 at 5 percent interest rate for the Youth Self Employment Scheme.</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:&quot;Arial Unicode MS&quot;">The new provision was implemented from Tuesday (October 13) after the central bank amended the Concessional Loan Work Procedure 2075. The Council of Ministers had approved the third amendment to the work procedure on September 24.</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:&quot;Arial Unicode MS&quot;">Now, the students who have passed Grade 12 can apply for the concessional loan from BFIs. In order to avail such loan, the applicant students need to have mandatorily acquired certificate of technical skill from state-run skill development training centres, Cottage and Small Scale Industry, CTEVT among others. The students must have at least seven days of training before they become eligible for the loan. They also need to submit a brief proposal for the operation of business and utilization of the fund in order to obtain the loan amount.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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file not found!

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Price of Gold Reaches All-Time High in Nepal

FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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