NEWS

Current Account and Balance of Payments in Surplus in Current Fiscal Year

Apr 05, 2024 0 2 minutes 17 seconds to read

April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous…

Inflation Moderates to 4.82 Percent in mid-March

Apr 05, 2024 0 1 minutes 41 seconds to read

April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year…

Nepal’s Trade Deficit Stands at Rs 929 Billion

Apr 05, 2024 0 1 minutes 52 seconds to read

April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal…

Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion

Apr 05, 2024 0 3 minutes 11 seconds to read

April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the…

CIAA Sues Former Minister Shahi, 31 others for Corruption in Wide-Body Aircraft Procurement

Apr 04, 2024 0 1 minutes 35 seconds to read

April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation…

Government Unlikely to Amend Laws Before Investment Summit

Apr 04, 2024 0 4 minutes 43 seconds to read

April 4: The government’s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill…

Big Insurance Companies Fail to Issue Micro Insurance Policies

Apr 04, 2024 0 5 minutes 31 seconds to read

April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of 10% micro insurance…

Nepal's Air Quality 'Improving'

Apr 04, 2024 0 3 minutes 58 seconds to read

April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public.…

140-mw Tanahu Hydropower Sees Breakthrough of Headrace Tunnel

Apr 04, 2024 0 2 minutes 0 seconds to read

April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace…

Price of Gold Rising Continuously, Sets New Record at Rs 134,000 per Tola

Apr 04, 2024 0 1 minutes 7 seconds to read

April 4: Price of gold has set a new record in the domestic market on Thursday.…

Recommendation of Raya as Auditor General Raises the Issue of Conflict of Interest: TI Nepal

Apr 04, 2024 0 1 minutes 33 seconds to read

April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council.…

NEPSE Dips Slightly, Closing at 2,006.78

Apr 03, 2024 0 1 minutes 6 seconds to read

The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on…

Nepal-Switzerland Discuss Bilateral Cooperation on Trade and Tourism

Apr 03, 2024 0 1 minutes 38 seconds to read

April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights.…

Growth of Industrial and Commercial Sectors not Satisfactory: NSO

Apr 03, 2024 0 4 minutes 20 seconds to read

April 3: Nepal's economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government.…

World Bank Projects Inflation to Rise to 6.7 Percent in 2024

Apr 03, 2024 0 4 minutes 58 seconds to read

April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report.…

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The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year',
			'sub_title' => '',
			'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB, the country&rsquo;s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank&rsquo;s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p>
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			'title' => 'Inflation Moderates to 4.82 Percent in mid-March',
			'sub_title' => '',
			'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy.</span></span></p>

<p>&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: Nepal&rsquo;s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, Nepal&rsquo;s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p>

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

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20654',
			'article_category_id' => '1',
			'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.',
			'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p>

<p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p>

<p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p>

<p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project.&nbsp; The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p>

<p><span style="font-size:18px">Chairperson of the Parliament&#39;s Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project&#39;s activities effective.</span></p>

<p><span style="font-size:18px"><strong>Melamchi will not materialize until local people&#39;s demands are met</strong></span></p>

<p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p>

<p><span style="font-size:18px">Speaking in the interaction program entitled &#39;Sustainable Management of the Melamchi Water Supply Project&#39; organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p>

<p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p>

<p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p>

<p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p>

<p><span style="font-size:18px">&quot;The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers,&quot; he said.</span></p>

<p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project&#39;s headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe.&nbsp;&nbsp;-- RSS</span></p>
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			'id' => '20647',
			'article_category_id' => '1',
			'title' => 'CIAA Sues Former Minister Shahi, 31 others for Corruption in Wide-Body Aircraft Procurement  ',
			'sub_title' => '',
			'summary' => 'April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Other officials facing the charge include the then General Manager of NAC Sugat Ratna Kansakar, the government secretary and Chairman of NAC Board of Directors Shankar Prasad Adhikari, then Director General of the Department of Customs and then NAC Board of Director Shishir Kumar Dhungana, Civil Aviation Ministry&#39;s Joint Secretary Buddhi Sagar Lamichhane and others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The CIAA has sought Rs 1.471 million in recovery for their alleged involvement in the misappropriation in the procurement of the wide-body aircraft.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, others implicated the case are Board of Directors Teknath Acharya, Jiban Prakash Sitaula, Achyut Raj Pahadi, Nima Nuru Sherpa and Muktiram Pandey, according to the CIAA.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The anti-graft body has also sued the aircraft supplier company&#39;s representatives, citizens from Germany, Romania and Moldova.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">AAR International INC&#39;s chief and four others have also been named as the defendants claiming Rs 1.471 billion in compensation, CIAA Spokesperson Narahari Ghimire said. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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		'Article' => array(
			'id' => '20646',
			'article_category_id' => '1',
			'title' => 'Government Unlikely to Amend Laws Before Investment Summit',
			'sub_title' => '',
			'summary' => 'April 4: The government’s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 4: The government&rsquo;s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been assuring foreign investors there are no legal obstacles for investing in the country and that the country has drafted investment-friendly laws and regulations. However, there are doubts that those laws will be authenticated before the summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the government has claimed that it would prepare the laws through the fast track, the drafts of 10 laws and 2 regulations are stuck in the Ministry of Industry, Commerce and Supplies due to the delay on part of various ministries in providing their opinion on those laws.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry, Commerce and Supplies say that they could not submit the revised draft to the Council of Ministers after the Ministry of Finance and the Ministry of Forests and Environment did not give their opinion on time. Bills are presented in the Parliament only after they are passed by the Council of Ministers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry say that the Ministry of Finance and the Ministry of Forests and Environment delayed giving their opinion on the issue of demarcation of land and how to facilitate the implementation of national priority plans in the forest sector. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Ministry of Industry, Commerce and Supplies Mukunda Prasad Niraula told New Business Age that the ministry has not taken any action because of the delay in part of the finance and forest ministries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has already decided to transfer Niraula to the Office of the Vice President. He will take up his new role at the Vice President&#39;s Office from Monday. He says that even though laws are being made on the fast track, it is too late. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Niraula, since the secretary of the Ministry of Forests and Environment is on leave, they have not received the opinion from on the revised proposal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If a company needs more land than the limit to expand its business, there is a provision in the revised draft that it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. There is also a provision in the amendment proposal to allow the business entities to take a loan by mortgaging the additional land. The Ministry of Finance disagreed on this point. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Niraula said, &quot;The Ministry of Finance is worried and concerned about whether the land will be divided and sold if the proposal to take more land than the limit is passed. Whether to pass this issue or not is now in the hands of the Parliament.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A government official says that since the draft law is currently stuck in the ministry, there is confusion as to when it will go to the council of ministers, when it will go to the parliament and when it will be passed by the parliament. As the debate in the relevant committee of the Parliament consumes a lot of time, doubts have arisen that the bill will be passed before the investment summit. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Niraula also doubts that the laws will be enacted before the investment summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government formed a taskforce in November to recommend reforms in the existing policies, legal structures and procedural system to make the investment climate more favorable. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has been four months since the task force recommended for reforms. Despite the efforts of the chief secretary, the file has been stuck in the Ministry of Industry for three months due to lack of support from the secretaries of the other ministries. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The taskforce had recommended amending the following acts and regulations: Industrial Enterprises Act, 2076, Foreign Investment and Technology Transfer Act, 2075, Special Economic Zones Act, 2073, Forest Act, 2076, National Parks and Wildlife Conservation Act, 2029, Land Act, 2021, Land Acquisition Act, 2034, Environment Protection Act, 2076, Electronic (Electronic) Transactions Act, 2063, Nepal Civil Aviation Authority Act, 2053, Foreign Investment and Technology Transfer Regulations, 2077, Forest Rules, 2079.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A new government has been formed in the country while the proposed law has not been finalized. Along with the change of government, the current government has also transferred employees extensively.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '20645',
			'article_category_id' => '1',
			'title' => 'Big Insurance Companies Fail to Issue Micro Insurance Policies',
			'sub_title' => '',
			'summary' => 'April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of 10% micro insurance policies.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10%</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies. In five years since the NIA issued the instruction, such companies have only issued </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total investment in micro insurance. The big insurance companies have stopped issuing new policies for micro insurance after the opening of separate companies for micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In order to provide access to insurance to the poor and the underprivileged, the then Insurance Board issued the micro insurance guidelines in </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2071</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> BS</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">. </span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Later in the year </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2075</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">, the insurance companies were instructed to ensure </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total business for micro insurance. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">As the big insurance companies did not implement the instructions, the authority has given permission to three companies to issue micro life insurance policies and four companies for non-life insurance business. However, the NIA has not removed the mandatory provision for other insurance companies to issue micro insurance policies. But the big insurance companies are least interested in the micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the data published by the authority, five of the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> non-life insurance companies did not issue micro insurance policies in mid-February to mid-March of the current fiscal year (FY). Expansion of micro insurance business of National Insurance Company, Himalayan Everest Insurance Company, Sanima GIC Insurance Company, Siddharth Premier Insurance Company and United Azod Insurance Company was zero in the review month. Apart from this, the expansion of micro insurance business of other companies was also insignificant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Among the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">life insurance companies in operation, Himalayan Life Insurance Company did not issue micro insurance policies in the review month. The data of NIA mentions that the micro insurance business of other companies is also declining. Similarly, in mid-February to mid-March, eight such companies had zero renewal of micro insurance policies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Insurance Act </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2079</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">mentions that the insurance aimed at low-income, socially and geographically backward people is defined as micro insurance and a separate company can be established for such business. According to the provisions of the Act, the NIA has given permission to establish new companies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Insurers argue that since the license has been given to a separate company for micro insurance business, the justification of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent micro insurance is irrelevant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Rajuraman Poudel, executive director of the Nepal Insurance Asuthority, said that the license were given to the new companies after the old companies were not interested in micro insurance business. He also clarified that until the authority revokes the directive, the directive given to the insurance companies to expand their business in the micro insurance sector remains the same.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">While the old companies are not interested in the micro insurance business, the new companies are aggressively expanding their business. In less than one year of operation, non-life insurance companies have sold </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">45</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">,</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">358</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> insurance policies and collected insurance fee of Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">33</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">million as of mid-March of the current year. Meanwhile, non-life insurance companies have sold collected Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> million by issuing </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13,000</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '20644',
			'article_category_id' => '1',
			'title' => 'Nepal's Air Quality 'Improving'    ',
			'sub_title' => '',
			'summary' => 'April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public.     ',
			'content' => '<p><span style="font-size:18px">April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public. </span></p>

<p><span style="font-size:18px">On January 4, 2021, the Department of Environment issued an alert to the public regarding the perilous air quality in Kathmandu Valley and other major towns, urging them to take preventive measures when outdoors. </span></p>

<p><span style="font-size:18px">Now, here is the good news for us: air quality has relatively enhanced in recent years. </span></p>

<p><span style="font-size:18px">According to Deepak Gyawali, the department&#39;s information officer, although air pollution significantly increased in 2021, it has been gradually decreasing since then. Major contributors to air pollution include carbon emissions from motor vehicles, dust particles released during road repair and construction and other works, emissions from industries and brick kilns, poor waste management practices, and forest fires. </span></p>

<p><span style="font-size:18px">Similarly, using firewood as cooking fuel in rural areas contributes significantly to indoor air pollution. Moreover, increasing development activities in India and the burning of agricultural residues near the border towns and settlements exacerbate air pollution issues in Nepal. </span></p>

<p><span style="font-size:18px">According to Gyawali, the occurrence of rains and wind during peak pollution seasons, as well as the dry season, significantly contributes to mitigating air pollution. Furthermore, the decrease in infrastructure development activities following an economic slowdown is speculated to have contributed to the improvement in air quality, although this hypothesis requires further study for confirmation. </span></p>

<p><span style="font-size:18px">Similarly, the use of electric vehicles and electric stoves has increased. The brick factories, which are one of the sources of air pollution, have also installed new technology. </span></p>

<p><span style="font-size:18px">On the other hand, only around 50 percent of these factories are operating due to the economic slump. Shankar Bahadur Chand, president of Nepal Brick Factory Federation, said the market for brick has reduced by 80 percent at present.</span></p>

<p><span style="font-size:18px">&quot;Only 40-50 percent of all the brick kilns are in operation these days, and that also not in their full capacity. Out of the 1,100 brick factories across the country, only about 500 are in operation at present,&quot; he said. </span></p>

<p><span style="font-size:18px">He further added that it is difficult to re-operate a brick factory once it is closed. Kathmandu&#39;s air quality below standard However, the air quality in some big cities, including in Kathmandu, is worse than the minimum standard set by the WHO. </span></p>

<p><span style="font-size:18px">The air quality from 0-50 in the Air Quality Index (AQI) is considered good for health. AQI 50-100 is considered average while AQI above this indicates unhealthy atmosphere. The AQI in Kathmandu on Thursday is 160 on average. Therefore, experts have pointed out that a lot of work has to be done to improve the quality of air in the Kathmandu Valley. </span></p>

<p><span style="font-size:18px">The possibility of air pollution resulting from wildfires is always there in Nepal. Dust particles and the smoke, carbon, chemicals and various gases emitted from factories and industries are mixed in the air along with incidences of fires resulting in heightened pollution. </span></p>

<p><span style="font-size:18px">Toxic gases like sulfur dioxide, nitrogen oxide, carbon monoxide that are produced when burning fossil fuels adversely affect the human health as well as contribute to the global temperature rise. </span></p>

<p><span style="font-size:18px">The government has established Air Quality Monitoring Station at 27 different places in the country to measure the air quality. Preparation is underway to set up air quality monitoring station at three more places in the current fiscal year. Programme Director of Environment and Public Health Organisation (ENPHO), Rajendra Shrestha, said &quot;Air pollution might have decreased due to reduction in factories, increase in use of electric vehicles and stoves, decrease in development and construction activities, low operation of brick kilns and road upgrading works.&quot; </span></p>

<p><span style="font-size:18px">Three major reasons behind the death of the people in Nepal are disease related to heart, liver and brain hemorrhage. These three types of disease have also connection with air pollution. Cases of diseases mainly related with respiratory is found increased due to air pollution. </span></p>

<p><span style="font-size:18px">As per the World Health Organisation, around seven million people in the world die untimely every year due to air pollution. It is said that around 40,000 people lose their lives in Nepal every year from air pollution. -- RSS</span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '20643',
			'article_category_id' => '1',
			'title' => '140-mw Tanahu Hydropower Sees Breakthrough of Headrace Tunnel    ',
			'sub_title' => '',
			'summary' => 'April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel.',
			'content' => '<p><span style="font-size:18px">April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel. </span></p>

<p><span style="font-size:18px">The reservoir-based project utilizes water from the Seti River, flowing along the border of Rhishing Rural Municipality and Byas Municipality-5 in Tanahu. </span></p>

<p><span style="font-size:18px">Kulman Ghising, the Managing Director of the Nepal Electricity Authority (NEA), and Gopal Prasad Sigdel, the Secretary at the Ministry of Energy, Water Resources, and Irrigation, jointly initiated the detonation for the tunnel break through earlier this week. </span></p>

<p><span style="font-size:18px">This tunnel, a part of Package-2 of the project, spans 1,493 meters from its intake point. With a diameter of 7.4 meters, the tunnel will be lined with concrete. The water supplied through the tunnel will be collected in an underground powerhouse through a 213-meter penstock. </span></p>

<p><span style="font-size:18px">During the &#39;tunnel breakthrough ceremony&#39;, Secretary Sigdel expressed satisfaction with the project&#39;s progress, which has exceeded expectations. He urged all bodies concerned to ensure timely construction of the main dam site. </span></p>

<p><span style="font-size:18px">NEA Managing Director Ghising shed light on the significance of reservoir-based projects in addressing power demand and supply imbalances during dry seasons. He called for cooperation from all stakeholders to ensure the timely completion of the project. </span></p>

<p><span style="font-size:18px">Kiran Kumar Shrestha, Managing Director of Tanahu Hydropower, the promoter of the project, and Shyamji Bhandari, the project&#39;s acting chief, provided updates on the project&#39;s progress and challenges. </span></p>

<p><span style="font-size:18px">The project is being developed in three packages and has achieved a physical progress of 54 percent so far. </span></p>

<p><span style="font-size:18px">Overall, the construction is expected to be completed by mid-July, 2026. Under Package-1, construction is underway for the foundation of the main dam site and a temporary concrete dam approximately 40 meters tall, which will divert river water during the dam construction period. </span></p>

<p><span style="font-size:18px">The total estimated cost of the project is USD 505 million, with funding from various sources including USD 150 million from the Asian Development Bank (ADB), USD 184 million from the Japan International Cooperation Agency (JICA), USD 85 million from the European Investment Bank, and USD 86 million from the Government of Nepal and the NEA. -- RSS</span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '20642',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Continuously, Sets New Record at Rs 134,000 per Tola    ',
			'sub_title' => '',
			'summary' => 'April 4: Price of gold has set a new record in the domestic market on Thursday. ',
			'content' => '<p><span style="font-size:18px">April 4: Price of gold has set a new record in the domestic market on Thursday. </span></p>

<p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers Association, the price of the precious yellow metal has increased by Rs 1,000 per tola (11.66 gram) on Thursday.</span></p>

<p><span style="font-size:18px">Hallmark gold is being traded at Rs 134,000 per tola on Thursday, up from Rs 133,000 per tola on the previous day, the federation posted on its website. </span></p>

<p><span style="font-size:18px">Similarly, price of worked gold has reached Rs 133,350 per tola on Thursday against Rs 132,350 Wednesday. </span></p>

<p><span style="font-size:18px">Likewise, price of silver has been fixed at Rs 1,650 per tola, an increase of Rs 40 per tola. Silver was traded at Rs 1,610 on Wednesday. </span></p>

<p><span style="font-size:18px">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market. </span></p>

<p><span style="font-size:18px">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></p>
',
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			'article_date' => '2024-04-04 12:29:38',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20641',
			'article_category_id' => '1',
			'title' => 'Recommendation of Raya as Auditor General Raises the Issue of Conflict of Interest: TI Nepal',
			'sub_title' => '',
			'summary' => 'April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council.     ',
			'content' => '<p><span style="font-size:18px">April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council. As per the law, the responsibility of keeping accounts, conducting audits among others rests upon the auditor general. Raya had been holding the posts of similar nature and therefore TI Nepal has objected to the recommendation of Raya to the post.</span></p>

<p><span style="font-size:18px">The anti-corruption watchdog held the view that while appointing anyone in the high post of the state, it should be ensured that there is no conflict of interest and good-governance is not disturbed. </span></p>

<p><span style="font-size:18px">Raya was the secretary at the National Statistics Office. The council recently recommended Raya to the post of auditor general.</span></p>

<p><span style="font-size:18px">&quot;TI Nepal&#39;s serious attention has been drawn towards recommendation of Raya, who has held the post of finance secretary until May 4, 2023 and served as the secretary at the Office of Vice-President and worked as the chief statistics officer at the National Statistics Office, to the post of auditor general,&quot; reads the statement issued by TI Nepal. </span></p>

<p><span style="font-size:18px">In the statement TI Nepal said Article 241 of the Constitution of Nepal stipulates that the auditor general is the highest post to audit all agencies of the government of Nepal. </span></p>

<p><span style="font-size:18px">The Economic Procedures and Financial Accountability Act-2076 BS considers anyone working as the secretary in any ministry or any central agencies as the auditor general. The statement issued by TI Nepal&#39;s President Padmini Pradhananga mentioned that the code of conduct issued by the International Organization of Supreme Audit Institutions (INTOSAI) illustrates ethnical conduct of the auditor general. -- RSS</span></p>
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			'article_date' => '2024-04-04 11:33:15',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20640',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips Slightly, Closing at 2,006.78 ',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 3: The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As many as 322 scrips were traded on the NEPSE Index through 52,065 transactions. A total of 6,481,834 scrips exchanged their hands, resulting in a total turnover of Rs 2.53 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SuryaJyoti Life Insurance Company Limited(SJLIC) led the turnover amount with the transaction amount of Rs 25 crores. Gurnas Laghubitta Bittiya Sanstha(GLBS) hit the positive circuit for the day with the 10% gain, closing at a market price of Rs 1796 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, River Falls Power Limited(RFPL) incurred the highest loss of 4.40%, closing at 391 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in the red territory except Life Insurance, Microfinance Index and Mutual Fund. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manufacturing and Processing lost the highest at 1.74%, while Microfinance Index gained most at 1.65%. </span></span></p>
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		'Article' => array(
			'id' => '20639',
			'article_category_id' => '1',
			'title' => 'Nepal-Switzerland Discuss Bilateral Cooperation on Trade and Tourism    ',
			'sub_title' => '',
			'summary' => 'April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights.     ',
			'content' => '<p><span style="font-size:18px">April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights. </span></p>

<p><span style="font-size:18px">The BCM also discussed the exchange of high-level visits, Nepal&rsquo;s graduation from LDC category, progress made towards meeting the Sustainable Development Goals, and ways to further enhance bilateral cooperation on trade, investment, tourism, science and technology, and vocational training, among others, according to the Nepali Embassy in Geneva. </span></p>

<p><span style="font-size:18px">The fourth meeting of the Nepal-Switzerland BCM was held at the Federal Department of Foreign Affairs (FDFA) in Bern, Switzerland on Tuesday. </span></p>

<p><span style="font-size:18px">Head of the Europe-Americas Division of the Ministry of Foreign Affairs of Nepal, Joint Secretary Ganesh Prasad Dhakal and Assistant State Secretary for Asia and the Pacific in the FDFA of Switzerland, Heinrich Schellenberg led the respective delegations. </span></p>

<p><span style="font-size:18px">The Nepali delegation included Ambassador of Nepal to Switzerland, Ram Prasad Subedi and the Embassy Officials whereas the Swiss Delegation included officials from the FDFA and the Swiss Agency for Development and Cooperation (SDC). </span></p>

<p><span style="font-size:18px">On the occasion Joint Secretary Dhakal requested the Swiss side to encourage the participation of their investors in the upcoming Nepal Investment Summit being held in Kathmandu later this month. </span></p>

<p><span style="font-size:18px">The Nepali side thanked the Swiss Government for consistently placing Nepal as a priority country for Swiss Development Cooperation. While expressing satisfaction over Nepal&rsquo;s progress, the Swiss side assured of their continued support to Nepal&rsquo;s development endeavours. Nepal-Switzerland Bilateral Consultations Mechanism was established in 2015 and the next meeting will be held in Kathmandu on a mutually convenient date, added the Embassy. -- RSS</span></p>
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			'article_date' => '2024-04-03 14:50:45',
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		'Article' => array(
			'id' => '20638',
			'article_category_id' => '1',
			'title' => 'Growth of Industrial and Commercial Sectors not Satisfactory: NSO',
			'sub_title' => '',
			'summary' => 'April 3: Nepal's economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. ',
			'content' => '<p><span style="font-size:18px">April 3: Nepal&#39;s economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. </span></p>

<p><span style="font-size:18px">Releasing the data of the second quarter of the current fiscal year on Tuesday, the National Statistics Office (NSO) said that there has been no significant improvement in the business and industrial sectors which are considered as the main pillars of the economy.</span></p>

<p><span style="font-size:18px">According to the office, economic growth is expected to be around 4 percent in the second quarter of the current year compared to the negative growth in the second quarter of last fiscal year. In the same quarter of last year, the growth rate of the economy was negative by 0.8 percent.</span></p>

<p><span style="font-size:18px">In the second quarter of the current fiscal year, the growth rate of the wholesale and retail trade sector has been limited to 0.5 percent compared to the same period of the previous year. It is said that the growth of the business sector has not been satisfactory due to the decline in the import of commercial goods. </span></p>

<p><span style="font-size:18px">According to the Department of Customs, imports have decreased by 2.66 percent in the first eight months of the current year. Wholesale and retail trade is the second largest contributor to the economy after agriculture.</span></p>

<p><span style="font-size:18px">According to the office, the growth rate of the industrial goods production sector in this quarter is negative by 0.4 percent. Compared to the second quarter of the previous year, the growth of this sector has remained negative due to the reduction in the production of industrial goods during the same period of the current year. </span></p>

<p><span style="font-size:18px">As the economy has failed to improve significantly, the central bank informed that investable capital of around Rs 650 billion has accumulated in the banks. Deputy Chief Statistics Officer of the National Statistics Office Dr Hemraj Regmi said that although there has been a general improvement in the economy, the improvement has not been as expected.</span></p>

<p><span style="font-size:18px">The government has set a target of 6 percent growth this year. However, Regmi says that it will be difficult to achieve this goal. According to Regmi, it is not a good sign for the production of industrial goods as well as trade to remain&nbsp;almost negative.</span></p>

<p><span style="font-size:18px">According to the National Statistics Office, the increase in the total value added of the hotel sector along with the increase in rice and other agricultural products and the increase in the arrival of tourists can be attributed as the reasons for the 4 percent economic growth.</span></p>

<p><span style="font-size:18px">It is estimated that the value added growth rate of agriculture, forestry and fishing sector, which occupies the largest share in the economy, will be 3 percent. It is said that the total value added growth rate of 17 industrial sectors is positive out of the total 18 industrial sectors classified by the office. </span></p>

<p><span style="font-size:18px">Among them, the growth rate of activities related to accommodation and food services is the highest (29.3 percent), while electricity and gas is the second fastest growing industrial sector with a growth rate of 17.1 percent followed by the transport and storage sector with a growth rate of 14.3 percent. </span></p>

<p><span style="font-size:18px">Similarly, the value added growth rate of the mining and quarrying sector is estimated to be 9.4 percent. The 2.2 percent increase in the construction sector seems to have had a positive effect on the growth rate of the mining and excavation sector, which is directly dependent on the construction sector. </span></p>

<p><span style="font-size:18px">Along with the increase in deposits and loans, there is a positive effect on the growth rate of the financial and insurance sector (9.1 percent). In addition to this, the data of the NSO shows that the overall economy is heading towards a positive growth despite the negative growth in the business and industry sectors. </span></p>

<p><span style="font-size:18px">Preliminary estimate of the National Statistics Office shows that the gross domestic product will increase by 0.7 percent in the second quarter compared to the first quarter of the current fiscal year. </span></p>

<p><span style="font-size:18px">Regmi says that since the growth rate in the second quarter is very small compared to the first quarter, the economy has not seen a comprehensive improvement in the current year. </span></p>

<p><span style="font-size:18px">Economist Keshav Acharya says that it is necessary for the government to fix the recession in the industrial and commercial sectors, which are considered important in creating jobs. According to him, the role of these sectors are important to keep the economy running. He suggested that the government should spend enough development budget to make the economy vibrant because the construction sector is not active.</span></p>
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		'Article' => array(
			'id' => '20637',
			'article_category_id' => '1',
			'title' => 'World Bank Projects Inflation to Rise to 6.7 Percent in 2024    ',
			'sub_title' => '',
			'summary' => 'April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. ',
			'content' => '<p><span style="font-size:18px">April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. </span></p>

<p><span style="font-size:18px">However, inflation is forecast to decline to 6 percent in 2025 and 5.5 percent in 2026, driven by global commodity price moderation and domestic price containment through monetary policy, states the Nepal Development Update (April 2024) unveiled by the World Bank on Tuesday. </span></p>

<p><span style="font-size:18px">Projected lower inflation in India may also help reduce domestic inflation via the currency peg, mitigating imported inflation, the report added. According to the WB, Nepal&#39;s economic growth is set to rebound, from 1.9 percent in 2023 to a forecast 3.3 percent in 2024. </span></p>

<p><span style="font-size:18px">Growth is then projected to further accelerate to 5 percent on average, over 2025-2026. This recovery is largely attributed to the easing of monetary policy, assuming productive use of private sector credit. Additionally, reforms to improve business environment could attract more private investment, further boosting medium-term growth prospects. </span></p>

<p><span style="font-size:18px">The service sector is expected to be the key driver of growth in the coming years, according to the World Bank. Accommodation and food services are poised to benefit significantly from the rise in tourist arrivals. </span></p>

<p><span style="font-size:18px">The ongoing construction of new five-star hotels and government policies supporting real estate loans are expected to further stimulate the accommodation sub- sector, added the report. Meanwhile, the industrial sector is expected to grow, buoyed by significant expansions in electricity generation capacity, fostering a more conducive environment for industrial activities. </span></p>

<p><span style="font-size:18px">However, agricultural growth is projected to slow down due to various factors, including the outbreak of lumpy skin disease among livestock and a decrease in paddy production growth. </span></p>

<p><span style="font-size:18px">The current account balance is forecast to return to surplus in 2024, driven by robust remittance growth and a narrowing trade deficit, but is expected to narrow subsequently as remittances taper off and the trade deficit expands. </span></p>

<p><span style="font-size:18px">The trade deficit is expected to improve in the medium term, falling below its 2023 level. This is due to a projected decline in goods imports in 2024, although imports are expected to rebound in 2025 and 2026. </span></p>

<p><span style="font-size:18px">Goods exports, particularly in electricity, are expected to increase. While services exports could rise with tourism recovery, services imports may surpass exports due to continued emigration. </span></p>

<p><span style="font-size:18px">Despite efforts to attract more foreign direct investment, inflows are likely to remain modest. According to the World Bank, Nepal&#39;s fiscal deficit is poised to decrease significantly from its peak in 2023 (about 6 percent of GDP), stabilizing around 3 percent of GDP in the medium term, despite a projected higher deficit in 2024 compared to the government&#39;s revised forecast. </span></p>

<p><span style="font-size:18px">Revenue is expected to rise to 20.1 percent of GDP by 2026, supported by robust GDP growth and increased goods imports. Meanwhile, spending is expected to increase to 22.8 percent of GDP by 2026, driven by enhanced execution of public investment. </span></p>

<p><span style="font-size:18px">The National Project Bank&rsquo;s integrated guidelines, introduced in March 2023, aim to streamline project development and prioritization, contributing to more effective capital spending by 2025, the World Bank added. </span></p>

<p><span style="font-size:18px">&ldquo;Financing for the fiscal deficit will likely come from external concessional borrowing and domestic sources. However, public debt is projected to decline to 40.8 percent of GDP by 2026 from its 2023 peak because of higher economic growth.&rdquo; </span></p>

<p><span style="font-size:18px">The forecast is subject to both domestic and external risks. Externally, geopolitical uncertainty could trigger a rise in commodity prices, impacting all sectors, the report further stated. </span></p>

<p><span style="font-size:18px">&ldquo;A growth slowdown in partner countries might also lead to a drop in remittances and tourism, hindering economic growth. Persistent inflation expectations and lower domestic demand could further dampen economic activity. Natural disasters pose additional risks to sustaining welfare gains. Finally, frequent political changes, a top headwind for businesses for over a decade, could continue to deter private investment.&rdquo; </span></p>

<p><span style="font-size:18px">The World Bank noted that Nepal&#39;s poverty rate fell due to migration and remittances, alongside consumption increases. The recent nationally household survey data from the Nepal Living Standard Survey 2022/23 shows a large decline in poverty from 25 percent to just 3.6 percent between 2011 and 2023 (using the 2011 National Poverty Line). </span></p>

<p><span style="font-size:18px">The prosperity gap and inequality also reduced over the same period. However, challenges persist with a weak labor market and limited social assistance, posing risks amid economic and climate shocks, it further stated. </span></p>

<p><span style="font-size:18px">On the fiscal front, the Nepal Development Update highlighted the need to strengthen the execution and efficiency of capital expenditure to boost economic growth, as well as the importance of reducing dependence on imports tax revenue. Sound and consistent monetary policy will also be key to boosting confidence and stimulating economic growth, the report added. </span></p>

<p><span style="font-size:18px">According to the World Bank, addressing the increasing level of non-performing loans in the financial sector is crucial to strengthen financial stability and support private investment.</span></p>

<p><span style="font-size:18px">On the external side, the high dependency on remittance inflows exposes the country to external shocks. Thus, there&#39;s a need to strengthen Nepal&#39;s international competitiveness for other sources of external earnings, such as tourism and foreign direct investment, by boosting exports of goods, the report suggested.</span></p>
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		'Article' => array(
			'id' => '20657',
			'article_category_id' => '1',
			'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year',
			'sub_title' => '',
			'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB, the country&rsquo;s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank&rsquo;s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p>
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			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.82 Percent in mid-March',
			'sub_title' => '',
			'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy.</span></span></p>

<p>&nbsp;</p>
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			'created' => '2024-04-05',
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			'description' => '',
			'sortorder' => '20383',
			'image' => '20240405094749_20240403021336_inflationnnnnn.jpg',
			'article_date' => '2024-04-05 09:46:47',
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	(int) 2 => array(
		'Article' => array(
			'id' => '20655',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: Nepal&rsquo;s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, Nepal&rsquo;s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p>

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

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20382',
			'image' => '20240405090457_20240122013031_How-to-start-an-import-export-business.jpg',
			'article_date' => '2024-04-05 09:04:18',
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	(int) 3 => array(
		'Article' => array(
			'id' => '20654',
			'article_category_id' => '1',
			'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.',
			'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p>

<p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p>

<p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p>

<p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project.&nbsp; The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p>

<p><span style="font-size:18px">Chairperson of the Parliament&#39;s Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project&#39;s activities effective.</span></p>

<p><span style="font-size:18px"><strong>Melamchi will not materialize until local people&#39;s demands are met</strong></span></p>

<p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p>

<p><span style="font-size:18px">Speaking in the interaction program entitled &#39;Sustainable Management of the Melamchi Water Supply Project&#39; organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p>

<p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p>

<p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p>

<p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p>

<p><span style="font-size:18px">&quot;The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers,&quot; he said.</span></p>

<p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project&#39;s headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe.&nbsp;&nbsp;-- RSS</span></p>
',
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			'sortorder' => '20381',
			'image' => '20240405083612_20240404090025_melamchi.jpg',
			'article_date' => '2024-04-05 08:34:49',
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	(int) 4 => array(
		'Article' => array(
			'id' => '20647',
			'article_category_id' => '1',
			'title' => 'CIAA Sues Former Minister Shahi, 31 others for Corruption in Wide-Body Aircraft Procurement  ',
			'sub_title' => '',
			'summary' => 'April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Other officials facing the charge include the then General Manager of NAC Sugat Ratna Kansakar, the government secretary and Chairman of NAC Board of Directors Shankar Prasad Adhikari, then Director General of the Department of Customs and then NAC Board of Director Shishir Kumar Dhungana, Civil Aviation Ministry&#39;s Joint Secretary Buddhi Sagar Lamichhane and others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The CIAA has sought Rs 1.471 million in recovery for their alleged involvement in the misappropriation in the procurement of the wide-body aircraft.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, others implicated the case are Board of Directors Teknath Acharya, Jiban Prakash Sitaula, Achyut Raj Pahadi, Nima Nuru Sherpa and Muktiram Pandey, according to the CIAA.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The anti-graft body has also sued the aircraft supplier company&#39;s representatives, citizens from Germany, Romania and Moldova.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">AAR International INC&#39;s chief and four others have also been named as the defendants claiming Rs 1.471 billion in compensation, CIAA Spokesperson Narahari Ghimire said. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'sortorder' => '20374',
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			'article_date' => '2024-04-04 19:04:49',
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	(int) 5 => array(
		'Article' => array(
			'id' => '20646',
			'article_category_id' => '1',
			'title' => 'Government Unlikely to Amend Laws Before Investment Summit',
			'sub_title' => '',
			'summary' => 'April 4: The government’s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 4: The government&rsquo;s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been assuring foreign investors there are no legal obstacles for investing in the country and that the country has drafted investment-friendly laws and regulations. However, there are doubts that those laws will be authenticated before the summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the government has claimed that it would prepare the laws through the fast track, the drafts of 10 laws and 2 regulations are stuck in the Ministry of Industry, Commerce and Supplies due to the delay on part of various ministries in providing their opinion on those laws.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry, Commerce and Supplies say that they could not submit the revised draft to the Council of Ministers after the Ministry of Finance and the Ministry of Forests and Environment did not give their opinion on time. Bills are presented in the Parliament only after they are passed by the Council of Ministers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry say that the Ministry of Finance and the Ministry of Forests and Environment delayed giving their opinion on the issue of demarcation of land and how to facilitate the implementation of national priority plans in the forest sector. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Ministry of Industry, Commerce and Supplies Mukunda Prasad Niraula told New Business Age that the ministry has not taken any action because of the delay in part of the finance and forest ministries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has already decided to transfer Niraula to the Office of the Vice President. He will take up his new role at the Vice President&#39;s Office from Monday. He says that even though laws are being made on the fast track, it is too late. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Niraula, since the secretary of the Ministry of Forests and Environment is on leave, they have not received the opinion from on the revised proposal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If a company needs more land than the limit to expand its business, there is a provision in the revised draft that it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. There is also a provision in the amendment proposal to allow the business entities to take a loan by mortgaging the additional land. The Ministry of Finance disagreed on this point. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Niraula said, &quot;The Ministry of Finance is worried and concerned about whether the land will be divided and sold if the proposal to take more land than the limit is passed. Whether to pass this issue or not is now in the hands of the Parliament.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A government official says that since the draft law is currently stuck in the ministry, there is confusion as to when it will go to the council of ministers, when it will go to the parliament and when it will be passed by the parliament. As the debate in the relevant committee of the Parliament consumes a lot of time, doubts have arisen that the bill will be passed before the investment summit. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Niraula also doubts that the laws will be enacted before the investment summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government formed a taskforce in November to recommend reforms in the existing policies, legal structures and procedural system to make the investment climate more favorable. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has been four months since the task force recommended for reforms. Despite the efforts of the chief secretary, the file has been stuck in the Ministry of Industry for three months due to lack of support from the secretaries of the other ministries. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The taskforce had recommended amending the following acts and regulations: Industrial Enterprises Act, 2076, Foreign Investment and Technology Transfer Act, 2075, Special Economic Zones Act, 2073, Forest Act, 2076, National Parks and Wildlife Conservation Act, 2029, Land Act, 2021, Land Acquisition Act, 2034, Environment Protection Act, 2076, Electronic (Electronic) Transactions Act, 2063, Nepal Civil Aviation Authority Act, 2053, Foreign Investment and Technology Transfer Regulations, 2077, Forest Rules, 2079.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A new government has been formed in the country while the proposed law has not been finalized. Along with the change of government, the current government has also transferred employees extensively.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '20645',
			'article_category_id' => '1',
			'title' => 'Big Insurance Companies Fail to Issue Micro Insurance Policies',
			'sub_title' => '',
			'summary' => 'April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of 10% micro insurance policies.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10%</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies. In five years since the NIA issued the instruction, such companies have only issued </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total investment in micro insurance. The big insurance companies have stopped issuing new policies for micro insurance after the opening of separate companies for micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In order to provide access to insurance to the poor and the underprivileged, the then Insurance Board issued the micro insurance guidelines in </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2071</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> BS</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">. </span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Later in the year </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2075</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">, the insurance companies were instructed to ensure </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total business for micro insurance. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">As the big insurance companies did not implement the instructions, the authority has given permission to three companies to issue micro life insurance policies and four companies for non-life insurance business. However, the NIA has not removed the mandatory provision for other insurance companies to issue micro insurance policies. But the big insurance companies are least interested in the micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the data published by the authority, five of the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> non-life insurance companies did not issue micro insurance policies in mid-February to mid-March of the current fiscal year (FY). Expansion of micro insurance business of National Insurance Company, Himalayan Everest Insurance Company, Sanima GIC Insurance Company, Siddharth Premier Insurance Company and United Azod Insurance Company was zero in the review month. Apart from this, the expansion of micro insurance business of other companies was also insignificant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Among the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">life insurance companies in operation, Himalayan Life Insurance Company did not issue micro insurance policies in the review month. The data of NIA mentions that the micro insurance business of other companies is also declining. Similarly, in mid-February to mid-March, eight such companies had zero renewal of micro insurance policies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Insurance Act </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2079</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">mentions that the insurance aimed at low-income, socially and geographically backward people is defined as micro insurance and a separate company can be established for such business. According to the provisions of the Act, the NIA has given permission to establish new companies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Insurers argue that since the license has been given to a separate company for micro insurance business, the justification of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent micro insurance is irrelevant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Rajuraman Poudel, executive director of the Nepal Insurance Asuthority, said that the license were given to the new companies after the old companies were not interested in micro insurance business. He also clarified that until the authority revokes the directive, the directive given to the insurance companies to expand their business in the micro insurance sector remains the same.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">While the old companies are not interested in the micro insurance business, the new companies are aggressively expanding their business. In less than one year of operation, non-life insurance companies have sold </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">45</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">,</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">358</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> insurance policies and collected insurance fee of Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">33</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">million as of mid-March of the current year. Meanwhile, non-life insurance companies have sold collected Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> million by issuing </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13,000</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '20644',
			'article_category_id' => '1',
			'title' => 'Nepal's Air Quality 'Improving'    ',
			'sub_title' => '',
			'summary' => 'April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public.     ',
			'content' => '<p><span style="font-size:18px">April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public. </span></p>

<p><span style="font-size:18px">On January 4, 2021, the Department of Environment issued an alert to the public regarding the perilous air quality in Kathmandu Valley and other major towns, urging them to take preventive measures when outdoors. </span></p>

<p><span style="font-size:18px">Now, here is the good news for us: air quality has relatively enhanced in recent years. </span></p>

<p><span style="font-size:18px">According to Deepak Gyawali, the department&#39;s information officer, although air pollution significantly increased in 2021, it has been gradually decreasing since then. Major contributors to air pollution include carbon emissions from motor vehicles, dust particles released during road repair and construction and other works, emissions from industries and brick kilns, poor waste management practices, and forest fires. </span></p>

<p><span style="font-size:18px">Similarly, using firewood as cooking fuel in rural areas contributes significantly to indoor air pollution. Moreover, increasing development activities in India and the burning of agricultural residues near the border towns and settlements exacerbate air pollution issues in Nepal. </span></p>

<p><span style="font-size:18px">According to Gyawali, the occurrence of rains and wind during peak pollution seasons, as well as the dry season, significantly contributes to mitigating air pollution. Furthermore, the decrease in infrastructure development activities following an economic slowdown is speculated to have contributed to the improvement in air quality, although this hypothesis requires further study for confirmation. </span></p>

<p><span style="font-size:18px">Similarly, the use of electric vehicles and electric stoves has increased. The brick factories, which are one of the sources of air pollution, have also installed new technology. </span></p>

<p><span style="font-size:18px">On the other hand, only around 50 percent of these factories are operating due to the economic slump. Shankar Bahadur Chand, president of Nepal Brick Factory Federation, said the market for brick has reduced by 80 percent at present.</span></p>

<p><span style="font-size:18px">&quot;Only 40-50 percent of all the brick kilns are in operation these days, and that also not in their full capacity. Out of the 1,100 brick factories across the country, only about 500 are in operation at present,&quot; he said. </span></p>

<p><span style="font-size:18px">He further added that it is difficult to re-operate a brick factory once it is closed. Kathmandu&#39;s air quality below standard However, the air quality in some big cities, including in Kathmandu, is worse than the minimum standard set by the WHO. </span></p>

<p><span style="font-size:18px">The air quality from 0-50 in the Air Quality Index (AQI) is considered good for health. AQI 50-100 is considered average while AQI above this indicates unhealthy atmosphere. The AQI in Kathmandu on Thursday is 160 on average. Therefore, experts have pointed out that a lot of work has to be done to improve the quality of air in the Kathmandu Valley. </span></p>

<p><span style="font-size:18px">The possibility of air pollution resulting from wildfires is always there in Nepal. Dust particles and the smoke, carbon, chemicals and various gases emitted from factories and industries are mixed in the air along with incidences of fires resulting in heightened pollution. </span></p>

<p><span style="font-size:18px">Toxic gases like sulfur dioxide, nitrogen oxide, carbon monoxide that are produced when burning fossil fuels adversely affect the human health as well as contribute to the global temperature rise. </span></p>

<p><span style="font-size:18px">The government has established Air Quality Monitoring Station at 27 different places in the country to measure the air quality. Preparation is underway to set up air quality monitoring station at three more places in the current fiscal year. Programme Director of Environment and Public Health Organisation (ENPHO), Rajendra Shrestha, said &quot;Air pollution might have decreased due to reduction in factories, increase in use of electric vehicles and stoves, decrease in development and construction activities, low operation of brick kilns and road upgrading works.&quot; </span></p>

<p><span style="font-size:18px">Three major reasons behind the death of the people in Nepal are disease related to heart, liver and brain hemorrhage. These three types of disease have also connection with air pollution. Cases of diseases mainly related with respiratory is found increased due to air pollution. </span></p>

<p><span style="font-size:18px">As per the World Health Organisation, around seven million people in the world die untimely every year due to air pollution. It is said that around 40,000 people lose their lives in Nepal every year from air pollution. -- RSS</span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '20643',
			'article_category_id' => '1',
			'title' => '140-mw Tanahu Hydropower Sees Breakthrough of Headrace Tunnel    ',
			'sub_title' => '',
			'summary' => 'April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel.',
			'content' => '<p><span style="font-size:18px">April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel. </span></p>

<p><span style="font-size:18px">The reservoir-based project utilizes water from the Seti River, flowing along the border of Rhishing Rural Municipality and Byas Municipality-5 in Tanahu. </span></p>

<p><span style="font-size:18px">Kulman Ghising, the Managing Director of the Nepal Electricity Authority (NEA), and Gopal Prasad Sigdel, the Secretary at the Ministry of Energy, Water Resources, and Irrigation, jointly initiated the detonation for the tunnel break through earlier this week. </span></p>

<p><span style="font-size:18px">This tunnel, a part of Package-2 of the project, spans 1,493 meters from its intake point. With a diameter of 7.4 meters, the tunnel will be lined with concrete. The water supplied through the tunnel will be collected in an underground powerhouse through a 213-meter penstock. </span></p>

<p><span style="font-size:18px">During the &#39;tunnel breakthrough ceremony&#39;, Secretary Sigdel expressed satisfaction with the project&#39;s progress, which has exceeded expectations. He urged all bodies concerned to ensure timely construction of the main dam site. </span></p>

<p><span style="font-size:18px">NEA Managing Director Ghising shed light on the significance of reservoir-based projects in addressing power demand and supply imbalances during dry seasons. He called for cooperation from all stakeholders to ensure the timely completion of the project. </span></p>

<p><span style="font-size:18px">Kiran Kumar Shrestha, Managing Director of Tanahu Hydropower, the promoter of the project, and Shyamji Bhandari, the project&#39;s acting chief, provided updates on the project&#39;s progress and challenges. </span></p>

<p><span style="font-size:18px">The project is being developed in three packages and has achieved a physical progress of 54 percent so far. </span></p>

<p><span style="font-size:18px">Overall, the construction is expected to be completed by mid-July, 2026. Under Package-1, construction is underway for the foundation of the main dam site and a temporary concrete dam approximately 40 meters tall, which will divert river water during the dam construction period. </span></p>

<p><span style="font-size:18px">The total estimated cost of the project is USD 505 million, with funding from various sources including USD 150 million from the Asian Development Bank (ADB), USD 184 million from the Japan International Cooperation Agency (JICA), USD 85 million from the European Investment Bank, and USD 86 million from the Government of Nepal and the NEA. -- RSS</span></p>
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			'article_date' => '2024-04-04 13:14:27',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20642',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Continuously, Sets New Record at Rs 134,000 per Tola    ',
			'sub_title' => '',
			'summary' => 'April 4: Price of gold has set a new record in the domestic market on Thursday. ',
			'content' => '<p><span style="font-size:18px">April 4: Price of gold has set a new record in the domestic market on Thursday. </span></p>

<p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers Association, the price of the precious yellow metal has increased by Rs 1,000 per tola (11.66 gram) on Thursday.</span></p>

<p><span style="font-size:18px">Hallmark gold is being traded at Rs 134,000 per tola on Thursday, up from Rs 133,000 per tola on the previous day, the federation posted on its website. </span></p>

<p><span style="font-size:18px">Similarly, price of worked gold has reached Rs 133,350 per tola on Thursday against Rs 132,350 Wednesday. </span></p>

<p><span style="font-size:18px">Likewise, price of silver has been fixed at Rs 1,650 per tola, an increase of Rs 40 per tola. Silver was traded at Rs 1,610 on Wednesday. </span></p>

<p><span style="font-size:18px">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market. </span></p>

<p><span style="font-size:18px">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></p>
',
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			'image' => '20240404123101_20240403013353_gold newwww.jpg',
			'article_date' => '2024-04-04 12:29:38',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20641',
			'article_category_id' => '1',
			'title' => 'Recommendation of Raya as Auditor General Raises the Issue of Conflict of Interest: TI Nepal',
			'sub_title' => '',
			'summary' => 'April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council.     ',
			'content' => '<p><span style="font-size:18px">April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council. As per the law, the responsibility of keeping accounts, conducting audits among others rests upon the auditor general. Raya had been holding the posts of similar nature and therefore TI Nepal has objected to the recommendation of Raya to the post.</span></p>

<p><span style="font-size:18px">The anti-corruption watchdog held the view that while appointing anyone in the high post of the state, it should be ensured that there is no conflict of interest and good-governance is not disturbed. </span></p>

<p><span style="font-size:18px">Raya was the secretary at the National Statistics Office. The council recently recommended Raya to the post of auditor general.</span></p>

<p><span style="font-size:18px">&quot;TI Nepal&#39;s serious attention has been drawn towards recommendation of Raya, who has held the post of finance secretary until May 4, 2023 and served as the secretary at the Office of Vice-President and worked as the chief statistics officer at the National Statistics Office, to the post of auditor general,&quot; reads the statement issued by TI Nepal. </span></p>

<p><span style="font-size:18px">In the statement TI Nepal said Article 241 of the Constitution of Nepal stipulates that the auditor general is the highest post to audit all agencies of the government of Nepal. </span></p>

<p><span style="font-size:18px">The Economic Procedures and Financial Accountability Act-2076 BS considers anyone working as the secretary in any ministry or any central agencies as the auditor general. The statement issued by TI Nepal&#39;s President Padmini Pradhananga mentioned that the code of conduct issued by the International Organization of Supreme Audit Institutions (INTOSAI) illustrates ethnical conduct of the auditor general. -- RSS</span></p>
',
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			'created' => '2024-04-04',
			'modified' => '2024-04-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20368',
			'image' => '20240404113458_tin feat.jpg',
			'article_date' => '2024-04-04 11:33:15',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20640',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips Slightly, Closing at 2,006.78 ',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 3: The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As many as 322 scrips were traded on the NEPSE Index through 52,065 transactions. A total of 6,481,834 scrips exchanged their hands, resulting in a total turnover of Rs 2.53 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SuryaJyoti Life Insurance Company Limited(SJLIC) led the turnover amount with the transaction amount of Rs 25 crores. Gurnas Laghubitta Bittiya Sanstha(GLBS) hit the positive circuit for the day with the 10% gain, closing at a market price of Rs 1796 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, River Falls Power Limited(RFPL) incurred the highest loss of 4.40%, closing at 391 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in the red territory except Life Insurance, Microfinance Index and Mutual Fund. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manufacturing and Processing lost the highest at 1.74%, while Microfinance Index gained most at 1.65%. </span></span></p>
',
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			'created' => '2024-04-03',
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			'description' => '',
			'sortorder' => '20367',
			'image' => '20240403051155_collage.jpg',
			'article_date' => '2024-04-03 17:10:36',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20639',
			'article_category_id' => '1',
			'title' => 'Nepal-Switzerland Discuss Bilateral Cooperation on Trade and Tourism    ',
			'sub_title' => '',
			'summary' => 'April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights.     ',
			'content' => '<p><span style="font-size:18px">April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights. </span></p>

<p><span style="font-size:18px">The BCM also discussed the exchange of high-level visits, Nepal&rsquo;s graduation from LDC category, progress made towards meeting the Sustainable Development Goals, and ways to further enhance bilateral cooperation on trade, investment, tourism, science and technology, and vocational training, among others, according to the Nepali Embassy in Geneva. </span></p>

<p><span style="font-size:18px">The fourth meeting of the Nepal-Switzerland BCM was held at the Federal Department of Foreign Affairs (FDFA) in Bern, Switzerland on Tuesday. </span></p>

<p><span style="font-size:18px">Head of the Europe-Americas Division of the Ministry of Foreign Affairs of Nepal, Joint Secretary Ganesh Prasad Dhakal and Assistant State Secretary for Asia and the Pacific in the FDFA of Switzerland, Heinrich Schellenberg led the respective delegations. </span></p>

<p><span style="font-size:18px">The Nepali delegation included Ambassador of Nepal to Switzerland, Ram Prasad Subedi and the Embassy Officials whereas the Swiss Delegation included officials from the FDFA and the Swiss Agency for Development and Cooperation (SDC). </span></p>

<p><span style="font-size:18px">On the occasion Joint Secretary Dhakal requested the Swiss side to encourage the participation of their investors in the upcoming Nepal Investment Summit being held in Kathmandu later this month. </span></p>

<p><span style="font-size:18px">The Nepali side thanked the Swiss Government for consistently placing Nepal as a priority country for Swiss Development Cooperation. While expressing satisfaction over Nepal&rsquo;s progress, the Swiss side assured of their continued support to Nepal&rsquo;s development endeavours. Nepal-Switzerland Bilateral Consultations Mechanism was established in 2015 and the next meeting will be held in Kathmandu on a mutually convenient date, added the Embassy. -- RSS</span></p>
',
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			'created' => '2024-04-03',
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			'keywords' => '',
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			'sortorder' => '20366',
			'image' => '20240403025203_Trani-to-Jungfraujoch.jpg',
			'article_date' => '2024-04-03 14:50:45',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20638',
			'article_category_id' => '1',
			'title' => 'Growth of Industrial and Commercial Sectors not Satisfactory: NSO',
			'sub_title' => '',
			'summary' => 'April 3: Nepal's economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. ',
			'content' => '<p><span style="font-size:18px">April 3: Nepal&#39;s economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. </span></p>

<p><span style="font-size:18px">Releasing the data of the second quarter of the current fiscal year on Tuesday, the National Statistics Office (NSO) said that there has been no significant improvement in the business and industrial sectors which are considered as the main pillars of the economy.</span></p>

<p><span style="font-size:18px">According to the office, economic growth is expected to be around 4 percent in the second quarter of the current year compared to the negative growth in the second quarter of last fiscal year. In the same quarter of last year, the growth rate of the economy was negative by 0.8 percent.</span></p>

<p><span style="font-size:18px">In the second quarter of the current fiscal year, the growth rate of the wholesale and retail trade sector has been limited to 0.5 percent compared to the same period of the previous year. It is said that the growth of the business sector has not been satisfactory due to the decline in the import of commercial goods. </span></p>

<p><span style="font-size:18px">According to the Department of Customs, imports have decreased by 2.66 percent in the first eight months of the current year. Wholesale and retail trade is the second largest contributor to the economy after agriculture.</span></p>

<p><span style="font-size:18px">According to the office, the growth rate of the industrial goods production sector in this quarter is negative by 0.4 percent. Compared to the second quarter of the previous year, the growth of this sector has remained negative due to the reduction in the production of industrial goods during the same period of the current year. </span></p>

<p><span style="font-size:18px">As the economy has failed to improve significantly, the central bank informed that investable capital of around Rs 650 billion has accumulated in the banks. Deputy Chief Statistics Officer of the National Statistics Office Dr Hemraj Regmi said that although there has been a general improvement in the economy, the improvement has not been as expected.</span></p>

<p><span style="font-size:18px">The government has set a target of 6 percent growth this year. However, Regmi says that it will be difficult to achieve this goal. According to Regmi, it is not a good sign for the production of industrial goods as well as trade to remain&nbsp;almost negative.</span></p>

<p><span style="font-size:18px">According to the National Statistics Office, the increase in the total value added of the hotel sector along with the increase in rice and other agricultural products and the increase in the arrival of tourists can be attributed as the reasons for the 4 percent economic growth.</span></p>

<p><span style="font-size:18px">It is estimated that the value added growth rate of agriculture, forestry and fishing sector, which occupies the largest share in the economy, will be 3 percent. It is said that the total value added growth rate of 17 industrial sectors is positive out of the total 18 industrial sectors classified by the office. </span></p>

<p><span style="font-size:18px">Among them, the growth rate of activities related to accommodation and food services is the highest (29.3 percent), while electricity and gas is the second fastest growing industrial sector with a growth rate of 17.1 percent followed by the transport and storage sector with a growth rate of 14.3 percent. </span></p>

<p><span style="font-size:18px">Similarly, the value added growth rate of the mining and quarrying sector is estimated to be 9.4 percent. The 2.2 percent increase in the construction sector seems to have had a positive effect on the growth rate of the mining and excavation sector, which is directly dependent on the construction sector. </span></p>

<p><span style="font-size:18px">Along with the increase in deposits and loans, there is a positive effect on the growth rate of the financial and insurance sector (9.1 percent). In addition to this, the data of the NSO shows that the overall economy is heading towards a positive growth despite the negative growth in the business and industry sectors. </span></p>

<p><span style="font-size:18px">Preliminary estimate of the National Statistics Office shows that the gross domestic product will increase by 0.7 percent in the second quarter compared to the first quarter of the current fiscal year. </span></p>

<p><span style="font-size:18px">Regmi says that since the growth rate in the second quarter is very small compared to the first quarter, the economy has not seen a comprehensive improvement in the current year. </span></p>

<p><span style="font-size:18px">Economist Keshav Acharya says that it is necessary for the government to fix the recession in the industrial and commercial sectors, which are considered important in creating jobs. According to him, the role of these sectors are important to keep the economy running. He suggested that the government should spend enough development budget to make the economy vibrant because the construction sector is not active.</span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '20637',
			'article_category_id' => '1',
			'title' => 'World Bank Projects Inflation to Rise to 6.7 Percent in 2024    ',
			'sub_title' => '',
			'summary' => 'April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. ',
			'content' => '<p><span style="font-size:18px">April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. </span></p>

<p><span style="font-size:18px">However, inflation is forecast to decline to 6 percent in 2025 and 5.5 percent in 2026, driven by global commodity price moderation and domestic price containment through monetary policy, states the Nepal Development Update (April 2024) unveiled by the World Bank on Tuesday. </span></p>

<p><span style="font-size:18px">Projected lower inflation in India may also help reduce domestic inflation via the currency peg, mitigating imported inflation, the report added. According to the WB, Nepal&#39;s economic growth is set to rebound, from 1.9 percent in 2023 to a forecast 3.3 percent in 2024. </span></p>

<p><span style="font-size:18px">Growth is then projected to further accelerate to 5 percent on average, over 2025-2026. This recovery is largely attributed to the easing of monetary policy, assuming productive use of private sector credit. Additionally, reforms to improve business environment could attract more private investment, further boosting medium-term growth prospects. </span></p>

<p><span style="font-size:18px">The service sector is expected to be the key driver of growth in the coming years, according to the World Bank. Accommodation and food services are poised to benefit significantly from the rise in tourist arrivals. </span></p>

<p><span style="font-size:18px">The ongoing construction of new five-star hotels and government policies supporting real estate loans are expected to further stimulate the accommodation sub- sector, added the report. Meanwhile, the industrial sector is expected to grow, buoyed by significant expansions in electricity generation capacity, fostering a more conducive environment for industrial activities. </span></p>

<p><span style="font-size:18px">However, agricultural growth is projected to slow down due to various factors, including the outbreak of lumpy skin disease among livestock and a decrease in paddy production growth. </span></p>

<p><span style="font-size:18px">The current account balance is forecast to return to surplus in 2024, driven by robust remittance growth and a narrowing trade deficit, but is expected to narrow subsequently as remittances taper off and the trade deficit expands. </span></p>

<p><span style="font-size:18px">The trade deficit is expected to improve in the medium term, falling below its 2023 level. This is due to a projected decline in goods imports in 2024, although imports are expected to rebound in 2025 and 2026. </span></p>

<p><span style="font-size:18px">Goods exports, particularly in electricity, are expected to increase. While services exports could rise with tourism recovery, services imports may surpass exports due to continued emigration. </span></p>

<p><span style="font-size:18px">Despite efforts to attract more foreign direct investment, inflows are likely to remain modest. According to the World Bank, Nepal&#39;s fiscal deficit is poised to decrease significantly from its peak in 2023 (about 6 percent of GDP), stabilizing around 3 percent of GDP in the medium term, despite a projected higher deficit in 2024 compared to the government&#39;s revised forecast. </span></p>

<p><span style="font-size:18px">Revenue is expected to rise to 20.1 percent of GDP by 2026, supported by robust GDP growth and increased goods imports. Meanwhile, spending is expected to increase to 22.8 percent of GDP by 2026, driven by enhanced execution of public investment. </span></p>

<p><span style="font-size:18px">The National Project Bank&rsquo;s integrated guidelines, introduced in March 2023, aim to streamline project development and prioritization, contributing to more effective capital spending by 2025, the World Bank added. </span></p>

<p><span style="font-size:18px">&ldquo;Financing for the fiscal deficit will likely come from external concessional borrowing and domestic sources. However, public debt is projected to decline to 40.8 percent of GDP by 2026 from its 2023 peak because of higher economic growth.&rdquo; </span></p>

<p><span style="font-size:18px">The forecast is subject to both domestic and external risks. Externally, geopolitical uncertainty could trigger a rise in commodity prices, impacting all sectors, the report further stated. </span></p>

<p><span style="font-size:18px">&ldquo;A growth slowdown in partner countries might also lead to a drop in remittances and tourism, hindering economic growth. Persistent inflation expectations and lower domestic demand could further dampen economic activity. Natural disasters pose additional risks to sustaining welfare gains. Finally, frequent political changes, a top headwind for businesses for over a decade, could continue to deter private investment.&rdquo; </span></p>

<p><span style="font-size:18px">The World Bank noted that Nepal&#39;s poverty rate fell due to migration and remittances, alongside consumption increases. The recent nationally household survey data from the Nepal Living Standard Survey 2022/23 shows a large decline in poverty from 25 percent to just 3.6 percent between 2011 and 2023 (using the 2011 National Poverty Line). </span></p>

<p><span style="font-size:18px">The prosperity gap and inequality also reduced over the same period. However, challenges persist with a weak labor market and limited social assistance, posing risks amid economic and climate shocks, it further stated. </span></p>

<p><span style="font-size:18px">On the fiscal front, the Nepal Development Update highlighted the need to strengthen the execution and efficiency of capital expenditure to boost economic growth, as well as the importance of reducing dependence on imports tax revenue. Sound and consistent monetary policy will also be key to boosting confidence and stimulating economic growth, the report added. </span></p>

<p><span style="font-size:18px">According to the World Bank, addressing the increasing level of non-performing loans in the financial sector is crucial to strengthen financial stability and support private investment.</span></p>

<p><span style="font-size:18px">On the external side, the high dependency on remittance inflows exposes the country to external shocks. Thus, there&#39;s a need to strengthen Nepal&#39;s international competitiveness for other sources of external earnings, such as tourism and foreign direct investment, by boosting exports of goods, the report suggested.</span></p>
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		'Article' => array(
			'id' => '20657',
			'article_category_id' => '1',
			'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year',
			'sub_title' => '',
			'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB, the country&rsquo;s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank&rsquo;s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p>
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			'id' => '20656',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.82 Percent in mid-March',
			'sub_title' => '',
			'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20655',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: Nepal&rsquo;s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, Nepal&rsquo;s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p>

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

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '20654',
			'article_category_id' => '1',
			'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.',
			'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p>

<p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p>

<p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p>

<p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project.&nbsp; The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p>

<p><span style="font-size:18px">Chairperson of the Parliament&#39;s Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project&#39;s activities effective.</span></p>

<p><span style="font-size:18px"><strong>Melamchi will not materialize until local people&#39;s demands are met</strong></span></p>

<p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p>

<p><span style="font-size:18px">Speaking in the interaction program entitled &#39;Sustainable Management of the Melamchi Water Supply Project&#39; organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p>

<p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p>

<p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p>

<p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p>

<p><span style="font-size:18px">&quot;The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers,&quot; he said.</span></p>

<p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project&#39;s headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe.&nbsp;&nbsp;-- RSS</span></p>
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			'id' => '20647',
			'article_category_id' => '1',
			'title' => 'CIAA Sues Former Minister Shahi, 31 others for Corruption in Wide-Body Aircraft Procurement  ',
			'sub_title' => '',
			'summary' => 'April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Other officials facing the charge include the then General Manager of NAC Sugat Ratna Kansakar, the government secretary and Chairman of NAC Board of Directors Shankar Prasad Adhikari, then Director General of the Department of Customs and then NAC Board of Director Shishir Kumar Dhungana, Civil Aviation Ministry&#39;s Joint Secretary Buddhi Sagar Lamichhane and others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The CIAA has sought Rs 1.471 million in recovery for their alleged involvement in the misappropriation in the procurement of the wide-body aircraft.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, others implicated the case are Board of Directors Teknath Acharya, Jiban Prakash Sitaula, Achyut Raj Pahadi, Nima Nuru Sherpa and Muktiram Pandey, according to the CIAA.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The anti-graft body has also sued the aircraft supplier company&#39;s representatives, citizens from Germany, Romania and Moldova.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">AAR International INC&#39;s chief and four others have also been named as the defendants claiming Rs 1.471 billion in compensation, CIAA Spokesperson Narahari Ghimire said. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'sortorder' => '20374',
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			'id' => '20646',
			'article_category_id' => '1',
			'title' => 'Government Unlikely to Amend Laws Before Investment Summit',
			'sub_title' => '',
			'summary' => 'April 4: The government’s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 4: The government&rsquo;s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been assuring foreign investors there are no legal obstacles for investing in the country and that the country has drafted investment-friendly laws and regulations. However, there are doubts that those laws will be authenticated before the summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the government has claimed that it would prepare the laws through the fast track, the drafts of 10 laws and 2 regulations are stuck in the Ministry of Industry, Commerce and Supplies due to the delay on part of various ministries in providing their opinion on those laws.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry, Commerce and Supplies say that they could not submit the revised draft to the Council of Ministers after the Ministry of Finance and the Ministry of Forests and Environment did not give their opinion on time. Bills are presented in the Parliament only after they are passed by the Council of Ministers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry say that the Ministry of Finance and the Ministry of Forests and Environment delayed giving their opinion on the issue of demarcation of land and how to facilitate the implementation of national priority plans in the forest sector. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Ministry of Industry, Commerce and Supplies Mukunda Prasad Niraula told New Business Age that the ministry has not taken any action because of the delay in part of the finance and forest ministries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has already decided to transfer Niraula to the Office of the Vice President. He will take up his new role at the Vice President&#39;s Office from Monday. He says that even though laws are being made on the fast track, it is too late. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Niraula, since the secretary of the Ministry of Forests and Environment is on leave, they have not received the opinion from on the revised proposal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If a company needs more land than the limit to expand its business, there is a provision in the revised draft that it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. There is also a provision in the amendment proposal to allow the business entities to take a loan by mortgaging the additional land. The Ministry of Finance disagreed on this point. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Niraula said, &quot;The Ministry of Finance is worried and concerned about whether the land will be divided and sold if the proposal to take more land than the limit is passed. Whether to pass this issue or not is now in the hands of the Parliament.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A government official says that since the draft law is currently stuck in the ministry, there is confusion as to when it will go to the council of ministers, when it will go to the parliament and when it will be passed by the parliament. As the debate in the relevant committee of the Parliament consumes a lot of time, doubts have arisen that the bill will be passed before the investment summit. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Niraula also doubts that the laws will be enacted before the investment summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government formed a taskforce in November to recommend reforms in the existing policies, legal structures and procedural system to make the investment climate more favorable. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has been four months since the task force recommended for reforms. Despite the efforts of the chief secretary, the file has been stuck in the Ministry of Industry for three months due to lack of support from the secretaries of the other ministries. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The taskforce had recommended amending the following acts and regulations: Industrial Enterprises Act, 2076, Foreign Investment and Technology Transfer Act, 2075, Special Economic Zones Act, 2073, Forest Act, 2076, National Parks and Wildlife Conservation Act, 2029, Land Act, 2021, Land Acquisition Act, 2034, Environment Protection Act, 2076, Electronic (Electronic) Transactions Act, 2063, Nepal Civil Aviation Authority Act, 2053, Foreign Investment and Technology Transfer Regulations, 2077, Forest Rules, 2079.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A new government has been formed in the country while the proposed law has not been finalized. Along with the change of government, the current government has also transferred employees extensively.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '20645',
			'article_category_id' => '1',
			'title' => 'Big Insurance Companies Fail to Issue Micro Insurance Policies',
			'sub_title' => '',
			'summary' => 'April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of 10% micro insurance policies.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10%</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies. In five years since the NIA issued the instruction, such companies have only issued </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total investment in micro insurance. The big insurance companies have stopped issuing new policies for micro insurance after the opening of separate companies for micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In order to provide access to insurance to the poor and the underprivileged, the then Insurance Board issued the micro insurance guidelines in </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2071</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> BS</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">. </span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Later in the year </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2075</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">, the insurance companies were instructed to ensure </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total business for micro insurance. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">As the big insurance companies did not implement the instructions, the authority has given permission to three companies to issue micro life insurance policies and four companies for non-life insurance business. However, the NIA has not removed the mandatory provision for other insurance companies to issue micro insurance policies. But the big insurance companies are least interested in the micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the data published by the authority, five of the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> non-life insurance companies did not issue micro insurance policies in mid-February to mid-March of the current fiscal year (FY). Expansion of micro insurance business of National Insurance Company, Himalayan Everest Insurance Company, Sanima GIC Insurance Company, Siddharth Premier Insurance Company and United Azod Insurance Company was zero in the review month. Apart from this, the expansion of micro insurance business of other companies was also insignificant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Among the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">life insurance companies in operation, Himalayan Life Insurance Company did not issue micro insurance policies in the review month. The data of NIA mentions that the micro insurance business of other companies is also declining. Similarly, in mid-February to mid-March, eight such companies had zero renewal of micro insurance policies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Insurance Act </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2079</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">mentions that the insurance aimed at low-income, socially and geographically backward people is defined as micro insurance and a separate company can be established for such business. According to the provisions of the Act, the NIA has given permission to establish new companies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Insurers argue that since the license has been given to a separate company for micro insurance business, the justification of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent micro insurance is irrelevant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Rajuraman Poudel, executive director of the Nepal Insurance Asuthority, said that the license were given to the new companies after the old companies were not interested in micro insurance business. He also clarified that until the authority revokes the directive, the directive given to the insurance companies to expand their business in the micro insurance sector remains the same.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">While the old companies are not interested in the micro insurance business, the new companies are aggressively expanding their business. In less than one year of operation, non-life insurance companies have sold </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">45</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">,</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">358</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> insurance policies and collected insurance fee of Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">33</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">million as of mid-March of the current year. Meanwhile, non-life insurance companies have sold collected Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> million by issuing </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13,000</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '20644',
			'article_category_id' => '1',
			'title' => 'Nepal's Air Quality 'Improving'    ',
			'sub_title' => '',
			'summary' => 'April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public.     ',
			'content' => '<p><span style="font-size:18px">April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public. </span></p>

<p><span style="font-size:18px">On January 4, 2021, the Department of Environment issued an alert to the public regarding the perilous air quality in Kathmandu Valley and other major towns, urging them to take preventive measures when outdoors. </span></p>

<p><span style="font-size:18px">Now, here is the good news for us: air quality has relatively enhanced in recent years. </span></p>

<p><span style="font-size:18px">According to Deepak Gyawali, the department&#39;s information officer, although air pollution significantly increased in 2021, it has been gradually decreasing since then. Major contributors to air pollution include carbon emissions from motor vehicles, dust particles released during road repair and construction and other works, emissions from industries and brick kilns, poor waste management practices, and forest fires. </span></p>

<p><span style="font-size:18px">Similarly, using firewood as cooking fuel in rural areas contributes significantly to indoor air pollution. Moreover, increasing development activities in India and the burning of agricultural residues near the border towns and settlements exacerbate air pollution issues in Nepal. </span></p>

<p><span style="font-size:18px">According to Gyawali, the occurrence of rains and wind during peak pollution seasons, as well as the dry season, significantly contributes to mitigating air pollution. Furthermore, the decrease in infrastructure development activities following an economic slowdown is speculated to have contributed to the improvement in air quality, although this hypothesis requires further study for confirmation. </span></p>

<p><span style="font-size:18px">Similarly, the use of electric vehicles and electric stoves has increased. The brick factories, which are one of the sources of air pollution, have also installed new technology. </span></p>

<p><span style="font-size:18px">On the other hand, only around 50 percent of these factories are operating due to the economic slump. Shankar Bahadur Chand, president of Nepal Brick Factory Federation, said the market for brick has reduced by 80 percent at present.</span></p>

<p><span style="font-size:18px">&quot;Only 40-50 percent of all the brick kilns are in operation these days, and that also not in their full capacity. Out of the 1,100 brick factories across the country, only about 500 are in operation at present,&quot; he said. </span></p>

<p><span style="font-size:18px">He further added that it is difficult to re-operate a brick factory once it is closed. Kathmandu&#39;s air quality below standard However, the air quality in some big cities, including in Kathmandu, is worse than the minimum standard set by the WHO. </span></p>

<p><span style="font-size:18px">The air quality from 0-50 in the Air Quality Index (AQI) is considered good for health. AQI 50-100 is considered average while AQI above this indicates unhealthy atmosphere. The AQI in Kathmandu on Thursday is 160 on average. Therefore, experts have pointed out that a lot of work has to be done to improve the quality of air in the Kathmandu Valley. </span></p>

<p><span style="font-size:18px">The possibility of air pollution resulting from wildfires is always there in Nepal. Dust particles and the smoke, carbon, chemicals and various gases emitted from factories and industries are mixed in the air along with incidences of fires resulting in heightened pollution. </span></p>

<p><span style="font-size:18px">Toxic gases like sulfur dioxide, nitrogen oxide, carbon monoxide that are produced when burning fossil fuels adversely affect the human health as well as contribute to the global temperature rise. </span></p>

<p><span style="font-size:18px">The government has established Air Quality Monitoring Station at 27 different places in the country to measure the air quality. Preparation is underway to set up air quality monitoring station at three more places in the current fiscal year. Programme Director of Environment and Public Health Organisation (ENPHO), Rajendra Shrestha, said &quot;Air pollution might have decreased due to reduction in factories, increase in use of electric vehicles and stoves, decrease in development and construction activities, low operation of brick kilns and road upgrading works.&quot; </span></p>

<p><span style="font-size:18px">Three major reasons behind the death of the people in Nepal are disease related to heart, liver and brain hemorrhage. These three types of disease have also connection with air pollution. Cases of diseases mainly related with respiratory is found increased due to air pollution. </span></p>

<p><span style="font-size:18px">As per the World Health Organisation, around seven million people in the world die untimely every year due to air pollution. It is said that around 40,000 people lose their lives in Nepal every year from air pollution. -- RSS</span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '20643',
			'article_category_id' => '1',
			'title' => '140-mw Tanahu Hydropower Sees Breakthrough of Headrace Tunnel    ',
			'sub_title' => '',
			'summary' => 'April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel.',
			'content' => '<p><span style="font-size:18px">April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel. </span></p>

<p><span style="font-size:18px">The reservoir-based project utilizes water from the Seti River, flowing along the border of Rhishing Rural Municipality and Byas Municipality-5 in Tanahu. </span></p>

<p><span style="font-size:18px">Kulman Ghising, the Managing Director of the Nepal Electricity Authority (NEA), and Gopal Prasad Sigdel, the Secretary at the Ministry of Energy, Water Resources, and Irrigation, jointly initiated the detonation for the tunnel break through earlier this week. </span></p>

<p><span style="font-size:18px">This tunnel, a part of Package-2 of the project, spans 1,493 meters from its intake point. With a diameter of 7.4 meters, the tunnel will be lined with concrete. The water supplied through the tunnel will be collected in an underground powerhouse through a 213-meter penstock. </span></p>

<p><span style="font-size:18px">During the &#39;tunnel breakthrough ceremony&#39;, Secretary Sigdel expressed satisfaction with the project&#39;s progress, which has exceeded expectations. He urged all bodies concerned to ensure timely construction of the main dam site. </span></p>

<p><span style="font-size:18px">NEA Managing Director Ghising shed light on the significance of reservoir-based projects in addressing power demand and supply imbalances during dry seasons. He called for cooperation from all stakeholders to ensure the timely completion of the project. </span></p>

<p><span style="font-size:18px">Kiran Kumar Shrestha, Managing Director of Tanahu Hydropower, the promoter of the project, and Shyamji Bhandari, the project&#39;s acting chief, provided updates on the project&#39;s progress and challenges. </span></p>

<p><span style="font-size:18px">The project is being developed in three packages and has achieved a physical progress of 54 percent so far. </span></p>

<p><span style="font-size:18px">Overall, the construction is expected to be completed by mid-July, 2026. Under Package-1, construction is underway for the foundation of the main dam site and a temporary concrete dam approximately 40 meters tall, which will divert river water during the dam construction period. </span></p>

<p><span style="font-size:18px">The total estimated cost of the project is USD 505 million, with funding from various sources including USD 150 million from the Asian Development Bank (ADB), USD 184 million from the Japan International Cooperation Agency (JICA), USD 85 million from the European Investment Bank, and USD 86 million from the Government of Nepal and the NEA. -- RSS</span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '20642',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Continuously, Sets New Record at Rs 134,000 per Tola    ',
			'sub_title' => '',
			'summary' => 'April 4: Price of gold has set a new record in the domestic market on Thursday. ',
			'content' => '<p><span style="font-size:18px">April 4: Price of gold has set a new record in the domestic market on Thursday. </span></p>

<p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers Association, the price of the precious yellow metal has increased by Rs 1,000 per tola (11.66 gram) on Thursday.</span></p>

<p><span style="font-size:18px">Hallmark gold is being traded at Rs 134,000 per tola on Thursday, up from Rs 133,000 per tola on the previous day, the federation posted on its website. </span></p>

<p><span style="font-size:18px">Similarly, price of worked gold has reached Rs 133,350 per tola on Thursday against Rs 132,350 Wednesday. </span></p>

<p><span style="font-size:18px">Likewise, price of silver has been fixed at Rs 1,650 per tola, an increase of Rs 40 per tola. Silver was traded at Rs 1,610 on Wednesday. </span></p>

<p><span style="font-size:18px">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market. </span></p>

<p><span style="font-size:18px">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></p>
',
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			'sortorder' => '20369',
			'image' => '20240404123101_20240403013353_gold newwww.jpg',
			'article_date' => '2024-04-04 12:29:38',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20641',
			'article_category_id' => '1',
			'title' => 'Recommendation of Raya as Auditor General Raises the Issue of Conflict of Interest: TI Nepal',
			'sub_title' => '',
			'summary' => 'April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council.     ',
			'content' => '<p><span style="font-size:18px">April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council. As per the law, the responsibility of keeping accounts, conducting audits among others rests upon the auditor general. Raya had been holding the posts of similar nature and therefore TI Nepal has objected to the recommendation of Raya to the post.</span></p>

<p><span style="font-size:18px">The anti-corruption watchdog held the view that while appointing anyone in the high post of the state, it should be ensured that there is no conflict of interest and good-governance is not disturbed. </span></p>

<p><span style="font-size:18px">Raya was the secretary at the National Statistics Office. The council recently recommended Raya to the post of auditor general.</span></p>

<p><span style="font-size:18px">&quot;TI Nepal&#39;s serious attention has been drawn towards recommendation of Raya, who has held the post of finance secretary until May 4, 2023 and served as the secretary at the Office of Vice-President and worked as the chief statistics officer at the National Statistics Office, to the post of auditor general,&quot; reads the statement issued by TI Nepal. </span></p>

<p><span style="font-size:18px">In the statement TI Nepal said Article 241 of the Constitution of Nepal stipulates that the auditor general is the highest post to audit all agencies of the government of Nepal. </span></p>

<p><span style="font-size:18px">The Economic Procedures and Financial Accountability Act-2076 BS considers anyone working as the secretary in any ministry or any central agencies as the auditor general. The statement issued by TI Nepal&#39;s President Padmini Pradhananga mentioned that the code of conduct issued by the International Organization of Supreme Audit Institutions (INTOSAI) illustrates ethnical conduct of the auditor general. -- RSS</span></p>
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			'article_date' => '2024-04-04 11:33:15',
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		'Article' => array(
			'id' => '20640',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips Slightly, Closing at 2,006.78 ',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 3: The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As many as 322 scrips were traded on the NEPSE Index through 52,065 transactions. A total of 6,481,834 scrips exchanged their hands, resulting in a total turnover of Rs 2.53 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SuryaJyoti Life Insurance Company Limited(SJLIC) led the turnover amount with the transaction amount of Rs 25 crores. Gurnas Laghubitta Bittiya Sanstha(GLBS) hit the positive circuit for the day with the 10% gain, closing at a market price of Rs 1796 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, River Falls Power Limited(RFPL) incurred the highest loss of 4.40%, closing at 391 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in the red territory except Life Insurance, Microfinance Index and Mutual Fund. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manufacturing and Processing lost the highest at 1.74%, while Microfinance Index gained most at 1.65%. </span></span></p>
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		'Article' => array(
			'id' => '20639',
			'article_category_id' => '1',
			'title' => 'Nepal-Switzerland Discuss Bilateral Cooperation on Trade and Tourism    ',
			'sub_title' => '',
			'summary' => 'April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights.     ',
			'content' => '<p><span style="font-size:18px">April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights. </span></p>

<p><span style="font-size:18px">The BCM also discussed the exchange of high-level visits, Nepal&rsquo;s graduation from LDC category, progress made towards meeting the Sustainable Development Goals, and ways to further enhance bilateral cooperation on trade, investment, tourism, science and technology, and vocational training, among others, according to the Nepali Embassy in Geneva. </span></p>

<p><span style="font-size:18px">The fourth meeting of the Nepal-Switzerland BCM was held at the Federal Department of Foreign Affairs (FDFA) in Bern, Switzerland on Tuesday. </span></p>

<p><span style="font-size:18px">Head of the Europe-Americas Division of the Ministry of Foreign Affairs of Nepal, Joint Secretary Ganesh Prasad Dhakal and Assistant State Secretary for Asia and the Pacific in the FDFA of Switzerland, Heinrich Schellenberg led the respective delegations. </span></p>

<p><span style="font-size:18px">The Nepali delegation included Ambassador of Nepal to Switzerland, Ram Prasad Subedi and the Embassy Officials whereas the Swiss Delegation included officials from the FDFA and the Swiss Agency for Development and Cooperation (SDC). </span></p>

<p><span style="font-size:18px">On the occasion Joint Secretary Dhakal requested the Swiss side to encourage the participation of their investors in the upcoming Nepal Investment Summit being held in Kathmandu later this month. </span></p>

<p><span style="font-size:18px">The Nepali side thanked the Swiss Government for consistently placing Nepal as a priority country for Swiss Development Cooperation. While expressing satisfaction over Nepal&rsquo;s progress, the Swiss side assured of their continued support to Nepal&rsquo;s development endeavours. Nepal-Switzerland Bilateral Consultations Mechanism was established in 2015 and the next meeting will be held in Kathmandu on a mutually convenient date, added the Embassy. -- RSS</span></p>
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			'sortorder' => '20366',
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			'article_date' => '2024-04-03 14:50:45',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20638',
			'article_category_id' => '1',
			'title' => 'Growth of Industrial and Commercial Sectors not Satisfactory: NSO',
			'sub_title' => '',
			'summary' => 'April 3: Nepal's economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. ',
			'content' => '<p><span style="font-size:18px">April 3: Nepal&#39;s economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. </span></p>

<p><span style="font-size:18px">Releasing the data of the second quarter of the current fiscal year on Tuesday, the National Statistics Office (NSO) said that there has been no significant improvement in the business and industrial sectors which are considered as the main pillars of the economy.</span></p>

<p><span style="font-size:18px">According to the office, economic growth is expected to be around 4 percent in the second quarter of the current year compared to the negative growth in the second quarter of last fiscal year. In the same quarter of last year, the growth rate of the economy was negative by 0.8 percent.</span></p>

<p><span style="font-size:18px">In the second quarter of the current fiscal year, the growth rate of the wholesale and retail trade sector has been limited to 0.5 percent compared to the same period of the previous year. It is said that the growth of the business sector has not been satisfactory due to the decline in the import of commercial goods. </span></p>

<p><span style="font-size:18px">According to the Department of Customs, imports have decreased by 2.66 percent in the first eight months of the current year. Wholesale and retail trade is the second largest contributor to the economy after agriculture.</span></p>

<p><span style="font-size:18px">According to the office, the growth rate of the industrial goods production sector in this quarter is negative by 0.4 percent. Compared to the second quarter of the previous year, the growth of this sector has remained negative due to the reduction in the production of industrial goods during the same period of the current year. </span></p>

<p><span style="font-size:18px">As the economy has failed to improve significantly, the central bank informed that investable capital of around Rs 650 billion has accumulated in the banks. Deputy Chief Statistics Officer of the National Statistics Office Dr Hemraj Regmi said that although there has been a general improvement in the economy, the improvement has not been as expected.</span></p>

<p><span style="font-size:18px">The government has set a target of 6 percent growth this year. However, Regmi says that it will be difficult to achieve this goal. According to Regmi, it is not a good sign for the production of industrial goods as well as trade to remain&nbsp;almost negative.</span></p>

<p><span style="font-size:18px">According to the National Statistics Office, the increase in the total value added of the hotel sector along with the increase in rice and other agricultural products and the increase in the arrival of tourists can be attributed as the reasons for the 4 percent economic growth.</span></p>

<p><span style="font-size:18px">It is estimated that the value added growth rate of agriculture, forestry and fishing sector, which occupies the largest share in the economy, will be 3 percent. It is said that the total value added growth rate of 17 industrial sectors is positive out of the total 18 industrial sectors classified by the office. </span></p>

<p><span style="font-size:18px">Among them, the growth rate of activities related to accommodation and food services is the highest (29.3 percent), while electricity and gas is the second fastest growing industrial sector with a growth rate of 17.1 percent followed by the transport and storage sector with a growth rate of 14.3 percent. </span></p>

<p><span style="font-size:18px">Similarly, the value added growth rate of the mining and quarrying sector is estimated to be 9.4 percent. The 2.2 percent increase in the construction sector seems to have had a positive effect on the growth rate of the mining and excavation sector, which is directly dependent on the construction sector. </span></p>

<p><span style="font-size:18px">Along with the increase in deposits and loans, there is a positive effect on the growth rate of the financial and insurance sector (9.1 percent). In addition to this, the data of the NSO shows that the overall economy is heading towards a positive growth despite the negative growth in the business and industry sectors. </span></p>

<p><span style="font-size:18px">Preliminary estimate of the National Statistics Office shows that the gross domestic product will increase by 0.7 percent in the second quarter compared to the first quarter of the current fiscal year. </span></p>

<p><span style="font-size:18px">Regmi says that since the growth rate in the second quarter is very small compared to the first quarter, the economy has not seen a comprehensive improvement in the current year. </span></p>

<p><span style="font-size:18px">Economist Keshav Acharya says that it is necessary for the government to fix the recession in the industrial and commercial sectors, which are considered important in creating jobs. According to him, the role of these sectors are important to keep the economy running. He suggested that the government should spend enough development budget to make the economy vibrant because the construction sector is not active.</span></p>
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		'Article' => array(
			'id' => '20637',
			'article_category_id' => '1',
			'title' => 'World Bank Projects Inflation to Rise to 6.7 Percent in 2024    ',
			'sub_title' => '',
			'summary' => 'April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. ',
			'content' => '<p><span style="font-size:18px">April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. </span></p>

<p><span style="font-size:18px">However, inflation is forecast to decline to 6 percent in 2025 and 5.5 percent in 2026, driven by global commodity price moderation and domestic price containment through monetary policy, states the Nepal Development Update (April 2024) unveiled by the World Bank on Tuesday. </span></p>

<p><span style="font-size:18px">Projected lower inflation in India may also help reduce domestic inflation via the currency peg, mitigating imported inflation, the report added. According to the WB, Nepal&#39;s economic growth is set to rebound, from 1.9 percent in 2023 to a forecast 3.3 percent in 2024. </span></p>

<p><span style="font-size:18px">Growth is then projected to further accelerate to 5 percent on average, over 2025-2026. This recovery is largely attributed to the easing of monetary policy, assuming productive use of private sector credit. Additionally, reforms to improve business environment could attract more private investment, further boosting medium-term growth prospects. </span></p>

<p><span style="font-size:18px">The service sector is expected to be the key driver of growth in the coming years, according to the World Bank. Accommodation and food services are poised to benefit significantly from the rise in tourist arrivals. </span></p>

<p><span style="font-size:18px">The ongoing construction of new five-star hotels and government policies supporting real estate loans are expected to further stimulate the accommodation sub- sector, added the report. Meanwhile, the industrial sector is expected to grow, buoyed by significant expansions in electricity generation capacity, fostering a more conducive environment for industrial activities. </span></p>

<p><span style="font-size:18px">However, agricultural growth is projected to slow down due to various factors, including the outbreak of lumpy skin disease among livestock and a decrease in paddy production growth. </span></p>

<p><span style="font-size:18px">The current account balance is forecast to return to surplus in 2024, driven by robust remittance growth and a narrowing trade deficit, but is expected to narrow subsequently as remittances taper off and the trade deficit expands. </span></p>

<p><span style="font-size:18px">The trade deficit is expected to improve in the medium term, falling below its 2023 level. This is due to a projected decline in goods imports in 2024, although imports are expected to rebound in 2025 and 2026. </span></p>

<p><span style="font-size:18px">Goods exports, particularly in electricity, are expected to increase. While services exports could rise with tourism recovery, services imports may surpass exports due to continued emigration. </span></p>

<p><span style="font-size:18px">Despite efforts to attract more foreign direct investment, inflows are likely to remain modest. According to the World Bank, Nepal&#39;s fiscal deficit is poised to decrease significantly from its peak in 2023 (about 6 percent of GDP), stabilizing around 3 percent of GDP in the medium term, despite a projected higher deficit in 2024 compared to the government&#39;s revised forecast. </span></p>

<p><span style="font-size:18px">Revenue is expected to rise to 20.1 percent of GDP by 2026, supported by robust GDP growth and increased goods imports. Meanwhile, spending is expected to increase to 22.8 percent of GDP by 2026, driven by enhanced execution of public investment. </span></p>

<p><span style="font-size:18px">The National Project Bank&rsquo;s integrated guidelines, introduced in March 2023, aim to streamline project development and prioritization, contributing to more effective capital spending by 2025, the World Bank added. </span></p>

<p><span style="font-size:18px">&ldquo;Financing for the fiscal deficit will likely come from external concessional borrowing and domestic sources. However, public debt is projected to decline to 40.8 percent of GDP by 2026 from its 2023 peak because of higher economic growth.&rdquo; </span></p>

<p><span style="font-size:18px">The forecast is subject to both domestic and external risks. Externally, geopolitical uncertainty could trigger a rise in commodity prices, impacting all sectors, the report further stated. </span></p>

<p><span style="font-size:18px">&ldquo;A growth slowdown in partner countries might also lead to a drop in remittances and tourism, hindering economic growth. Persistent inflation expectations and lower domestic demand could further dampen economic activity. Natural disasters pose additional risks to sustaining welfare gains. Finally, frequent political changes, a top headwind for businesses for over a decade, could continue to deter private investment.&rdquo; </span></p>

<p><span style="font-size:18px">The World Bank noted that Nepal&#39;s poverty rate fell due to migration and remittances, alongside consumption increases. The recent nationally household survey data from the Nepal Living Standard Survey 2022/23 shows a large decline in poverty from 25 percent to just 3.6 percent between 2011 and 2023 (using the 2011 National Poverty Line). </span></p>

<p><span style="font-size:18px">The prosperity gap and inequality also reduced over the same period. However, challenges persist with a weak labor market and limited social assistance, posing risks amid economic and climate shocks, it further stated. </span></p>

<p><span style="font-size:18px">On the fiscal front, the Nepal Development Update highlighted the need to strengthen the execution and efficiency of capital expenditure to boost economic growth, as well as the importance of reducing dependence on imports tax revenue. Sound and consistent monetary policy will also be key to boosting confidence and stimulating economic growth, the report added. </span></p>

<p><span style="font-size:18px">According to the World Bank, addressing the increasing level of non-performing loans in the financial sector is crucial to strengthen financial stability and support private investment.</span></p>

<p><span style="font-size:18px">On the external side, the high dependency on remittance inflows exposes the country to external shocks. Thus, there&#39;s a need to strengthen Nepal&#39;s international competitiveness for other sources of external earnings, such as tourism and foreign direct investment, by boosting exports of goods, the report suggested.</span></p>
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		'Article' => array(
			'id' => '20657',
			'article_category_id' => '1',
			'title' => 'Current Account and Balance of Payments in Surplus in Current Fiscal Year',
			'sub_title' => '',
			'summary' => 'April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The current account of the government remained at a surplus of Rs 166.87 billion in the first eight months of the current fiscal year against a deficit of Rs 55.28 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank on Thursday, the current account in terms of the US dollar registered a surplus of 1.25 billion in the review period against a deficit of 429.3 million in the same period last year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, capital transfer decreased 30.2 percent to Rs 3.89 billion and net foreign direct investment (FDI) remained a positive of Rs 5.63 billion. In the same period of the previous year, capital transfer amounted to Rs 5.58 billion and net FDI amounted to Rs 1.17 billion, the report added. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the NRB, the country&rsquo;s Balance of Payments (BoP) remained at a surplus of Rs 327.55 billion in the review period against a surplus of Rs 142 billion in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of the US dollar, the BoP remained at a surplus of 2.46 billion in the review period against a surplus of 1.08 billion in the same period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the gross foreign exchange reserves increased 21.7 percent to Rs 1872.82 billion in mid-March 2024 from Rs 1539.36 billion in mid-July 2023. In the US dollar terms, the gross foreign exchange reserves increased 20.8 percent to 14.14 billion in mid-March 2024 from 11.71 billion in mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Of the total foreign exchange reserves, reserves held by NRB increased 22.2 percent to Rs 1644.06 billion in mid-March 2024 from Rs 1345.78 billion in mid-July 2023, the central bank&rsquo;s report added. Meanwhile, the reserves held by banks and financial institutions (except NRB) increased 18.2 percent to Rs 228.76 billion in mid-March 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.1 percent in mid-March 2024.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Based on the imports of eight months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 14.8 months, and merchandise and services imports of 12.4 months, the NRB stated. </span></span></p>
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			'id' => '20656',
			'article_category_id' => '1',
			'title' => 'Inflation Moderates to 4.82 Percent in mid-March',
			'sub_title' => '',
			'summary' => 'April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: The year-on-year (y-o-y) consumer price inflation moderated to 4.82 percent in mid-March 2024 compared to 7.44 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Current Macroeconomic and Financial Situation Report of the Nepal Rastra Bank unveiled on Thursday, food and beverage category inflation stood at 5.94 percent whereas non-food and service category inflation stood at 3.95 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the Food and Beverage Category, the y-o-y price index of spices sub-category increased 28.17 percent, vegetable 14.07 percent, pulses and legumes 11.22 percent, cereal grains and their products 7.35 percent and milk products and eggs 7.11 percent in the review month. The y-o-y price index of ghee and oil sub-category decreased 11.79 percent in the review month, the NRB report added.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Under the non-food and services category, the y-o-y price index of recreation and culture sub-category increased 12.61 percent, miscellaneous goods and services 10.67 percent and education 7.31 percent in the review month. The y-o-y price index of transportation sub-category decreased 1.15 percent in the review month.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The y-o-y consumer price inflation in the Kathmandu Valley, Terai, Hill and Mountain region stood at 4.88 percent, 4.42 percent, 5.49 percent and 4.42 percent respectively in the review month. Such inflation in these regions was 7.95 percent, 7.50 percent, 6.67 percent and 8.07 percent respectively a year ago.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank in its latest report had recently projected consumer price inflation in Nepal to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '20383',
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			'article_date' => '2024-04-05 09:46:47',
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	(int) 2 => array(
		'Article' => array(
			'id' => '20655',
			'article_category_id' => '1',
			'title' => 'Nepal’s Trade Deficit Stands at Rs 929 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Nepal’s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 5: Nepal&rsquo;s trade deficit has reached Rs 929.61 billion in the first eight months of the current fiscal year despite a 2.5 percent decline in the review period compared to the corresponding period of last fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the latest report of Nepal Rastra Bank, such a deficit had decreased 17.9 percent in the corresponding period of the previous year. The Current Macroeconoic and Financial Situation Report released by the central bank on Thursday also revealed that the export-import ratio decreased to 9.8 percent in the review period from 9.9 percent in the corresponding period of the previous year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During the review period, Nepal&rsquo;s merchandise exports decreased 4.0 percent to Rs 100.62 billion compared to a decrease of 29.1 percent in the same period of the previous year. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, exports to India decreased 7.7 percent whereas exports to China and other countries increased 275.5 percent and 0.3 percent respectively. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Exports of zinc sheet, particle board, juice, readymade garments, polyester and thread among others increased whereas exports of palm oil, soybean oil, cardamom, woolen carpet, bran among others decreased.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the review period, merchandise imports decreased 2.7 percent to Rs 1030.22 billion compared to a decrease of 19.1 percent a year ago. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 percent respectively while imports from China increased 33.7 percent. </span></span></p>

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

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '20654',
			'article_category_id' => '1',
			'title' => 'Regular Operation of Melamchi Water Supply Project Requires Rs 4.50 Billion',
			'sub_title' => '',
			'summary' => 'April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.',
			'content' => '<p><span style="font-size:18px">April 5: Stakeholders have said it will cost Rs 4.50 billion to bring the Melamchi Water Supply Project into operation throughout the year.</span></p>

<p><span style="font-size:18px">Speaking at an interaction related to the long-term management of the Melamchi Water Supply Project organized at Singha Durbar on Thursday, the Executive Director of Melamchi Water Supply Development Committee, Zakki Ahmed Ansari, said it would cost Rs 4.50 billion for the improvement of the project.</span></p>

<p><span style="font-size:18px">Preparation is underway to bring water from the Melamchi River in Helambu of Sindhupalchok district to Kathmandu Valley in all 12 months by improving the project, he shared, adding it would cost Rs 4.50 billion to construct permanent structures for long-term solution to the problems faced by the project.</span></p>

<p><span style="font-size:18px">Ansari mentioned that it would be appropriate to shift the headworks of the project one kilometer beyond the present intake site for long-term improvement of the project.&nbsp; The water supply of the Melamchi project has been stopped after floods occurred on August 1 and 14, 2023, damaging temporary structures constructed earlier. Preparation is underway to shift the headworks for the regular operation of the project, according to the committee.</span></p>

<p><span style="font-size:18px">Chairperson of the Parliament&#39;s Public Accounts Committee, Rishi Pokharel, suggested forwarding the improvement plans only after carrying out a study of the cost and managing resources to make the project&#39;s activities effective.</span></p>

<p><span style="font-size:18px"><strong>Melamchi will not materialize until local people&#39;s demands are met</strong></span></p>

<p><span style="font-size:18px">Nima Gyaljen Hyolmo, Chairman of the Helambu Rural Municipality, Sindhupalchok, said Kathmandu Valley will not be getting the supply of drinking water from Melamchi next year until the demands of the people of Helambu are met.</span></p>

<p><span style="font-size:18px">Speaking in the interaction program entitled &#39;Sustainable Management of the Melamchi Water Supply Project&#39; organized in Singha Durbar on Thursday, he said they will not allow diverting water from the Melamchi River if their demands are not fulfilled.</span></p>

<p><span style="font-size:18px">Among the demands of the Melamchi Project and flood-affected people include the construction of embankments for river control, protection of at-risk settlements, and waiver of loans taken before the massive flooding incident in the Melamchi River from banks and financial institutions for construction of homes and starting business in the Melamchi corridor.</span></p>

<p><span style="font-size:18px">Similarly, providing compensation of Rs one million as compensation to the family of each person killed in the flooding, making available the drinking water levy through the local government, and issuing grant of Rs two million for the construction of new houses are among the demands of the 17-point charter of demands put forth by the Project and flood-affected locals.</span></p>

<p><span style="font-size:18px">Stating that the federal government has not shown any concern so far towards fulfilling these demands, Hyolmo, the Rural Municipality Chair, warned of shutting down of the Melamchi Project if the demands are not met.</span></p>

<p><span style="font-size:18px">&quot;The demands of the local people have not been fulfilled even after our repeated request for the same. If the demands are not addressed even now, be assured, water will not be available from Melamchi next year. If you want to drink water from Melamchi, come there along with your pitchers,&quot; he said.</span></p>

<p><span style="font-size:18px">According to him, although the Ministry of Water Supply and Sanitation is preparing to shift the project&#39;s headworks for the round-the-year supply of water through sustainable management of the project, the proposed site is also not safe.&nbsp;&nbsp;-- RSS</span></p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '20647',
			'article_category_id' => '1',
			'title' => 'CIAA Sues Former Minister Shahi, 31 others for Corruption in Wide-Body Aircraft Procurement  ',
			'sub_title' => '',
			'summary' => 'April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">April 4: The Commission for the Investigation of Abuse of Authority (CIAA) on Thursday lodged a charge sheet against 32 persons, including former Minister for Culture, Tourism and Civil Aviation Jeevan Bahadur Shahi, on the charge of corruption on procurement of wide-body aircraft for the national flag carrier- Nepal Airlines Corporation (NAC).&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Other officials facing the charge include the then General Manager of NAC Sugat Ratna Kansakar, the government secretary and Chairman of NAC Board of Directors Shankar Prasad Adhikari, then Director General of the Department of Customs and then NAC Board of Director Shishir Kumar Dhungana, Civil Aviation Ministry&#39;s Joint Secretary Buddhi Sagar Lamichhane and others.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The CIAA has sought Rs 1.471 million in recovery for their alleged involvement in the misappropriation in the procurement of the wide-body aircraft.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Similarly, others implicated the case are Board of Directors Teknath Acharya, Jiban Prakash Sitaula, Achyut Raj Pahadi, Nima Nuru Sherpa and Muktiram Pandey, according to the CIAA.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The anti-graft body has also sued the aircraft supplier company&#39;s representatives, citizens from Germany, Romania and Moldova.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">AAR International INC&#39;s chief and four others have also been named as the defendants claiming Rs 1.471 billion in compensation, CIAA Spokesperson Narahari Ghimire said. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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		'Article' => array(
			'id' => '20646',
			'article_category_id' => '1',
			'title' => 'Government Unlikely to Amend Laws Before Investment Summit',
			'sub_title' => '',
			'summary' => 'April 4: The government’s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">April 4: The government&rsquo;s attempt to introduce various laws and regulations before the Third Investment Summit scheduled for April 28 and 29 seems an uphill battle.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has been assuring foreign investors there are no legal obstacles for investing in the country and that the country has drafted investment-friendly laws and regulations. However, there are doubts that those laws will be authenticated before the summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Although the government has claimed that it would prepare the laws through the fast track, the drafts of 10 laws and 2 regulations are stuck in the Ministry of Industry, Commerce and Supplies due to the delay on part of various ministries in providing their opinion on those laws.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry, Commerce and Supplies say that they could not submit the revised draft to the Council of Ministers after the Ministry of Finance and the Ministry of Forests and Environment did not give their opinion on time. Bills are presented in the Parliament only after they are passed by the Council of Ministers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the Ministry of Industry say that the Ministry of Finance and the Ministry of Forests and Environment delayed giving their opinion on the issue of demarcation of land and how to facilitate the implementation of national priority plans in the forest sector. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Ministry of Industry, Commerce and Supplies Mukunda Prasad Niraula told New Business Age that the ministry has not taken any action because of the delay in part of the finance and forest ministries.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government has already decided to transfer Niraula to the Office of the Vice President. He will take up his new role at the Vice President&#39;s Office from Monday. He says that even though laws are being made on the fast track, it is too late. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Niraula, since the secretary of the Ministry of Forests and Environment is on leave, they have not received the opinion from on the revised proposal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If a company needs more land than the limit to expand its business, there is a provision in the revised draft that it can purchase additional land with the prior approval of the Ministry of Land Management, Cooperatives and Poverty Alleviation. There is also a provision in the amendment proposal to allow the business entities to take a loan by mortgaging the additional land. The Ministry of Finance disagreed on this point. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Niraula said, &quot;The Ministry of Finance is worried and concerned about whether the land will be divided and sold if the proposal to take more land than the limit is passed. Whether to pass this issue or not is now in the hands of the Parliament.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A government official says that since the draft law is currently stuck in the ministry, there is confusion as to when it will go to the council of ministers, when it will go to the parliament and when it will be passed by the parliament. As the debate in the relevant committee of the Parliament consumes a lot of time, doubts have arisen that the bill will be passed before the investment summit. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Secretary Niraula also doubts that the laws will be enacted before the investment summit.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The government formed a taskforce in November to recommend reforms in the existing policies, legal structures and procedural system to make the investment climate more favorable. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">It has been four months since the task force recommended for reforms. Despite the efforts of the chief secretary, the file has been stuck in the Ministry of Industry for three months due to lack of support from the secretaries of the other ministries. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The taskforce had recommended amending the following acts and regulations: Industrial Enterprises Act, 2076, Foreign Investment and Technology Transfer Act, 2075, Special Economic Zones Act, 2073, Forest Act, 2076, National Parks and Wildlife Conservation Act, 2029, Land Act, 2021, Land Acquisition Act, 2034, Environment Protection Act, 2076, Electronic (Electronic) Transactions Act, 2063, Nepal Civil Aviation Authority Act, 2053, Foreign Investment and Technology Transfer Regulations, 2077, Forest Rules, 2079.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">A new government has been formed in the country while the proposed law has not been finalized. Along with the change of government, the current government has also transferred employees extensively.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '20645',
			'article_category_id' => '1',
			'title' => 'Big Insurance Companies Fail to Issue Micro Insurance Policies',
			'sub_title' => '',
			'summary' => 'April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of 10% micro insurance policies.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">April 4: Big insurance companies have failed to implement the instructions of Nepal Insurance Authority that insurance such companies should issue a minimum of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10%</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies. In five years since the NIA issued the instruction, such companies have only issued </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total investment in micro insurance. The big insurance companies have stopped issuing new policies for micro insurance after the opening of separate companies for micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">In order to provide access to insurance to the poor and the underprivileged, the then Insurance Board issued the micro insurance guidelines in </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2071</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> BS</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">. </span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Later in the year </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2075</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">, the insurance companies were instructed to ensure </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent of their total business for micro insurance. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">As the big insurance companies did not implement the instructions, the authority has given permission to three companies to issue micro life insurance policies and four companies for non-life insurance business. However, the NIA has not removed the mandatory provision for other insurance companies to issue micro insurance policies. But the big insurance companies are least interested in the micro insurance business.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">According to the data published by the authority, five of the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> non-life insurance companies did not issue micro insurance policies in mid-February to mid-March of the current fiscal year (FY). Expansion of micro insurance business of National Insurance Company, Himalayan Everest Insurance Company, Sanima GIC Insurance Company, Siddharth Premier Insurance Company and United Azod Insurance Company was zero in the review month. Apart from this, the expansion of micro insurance business of other companies was also insignificant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Among the </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">14</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">life insurance companies in operation, Himalayan Life Insurance Company did not issue micro insurance policies in the review month. The data of NIA mentions that the micro insurance business of other companies is also declining. Similarly, in mid-February to mid-March, eight such companies had zero renewal of micro insurance policies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">The Insurance Act </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2079</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">mentions that the insurance aimed at low-income, socially and geographically backward people is defined as micro insurance and a separate company can be established for such business. According to the provisions of the Act, the NIA has given permission to establish new companies.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Insurers argue that since the license has been given to a separate company for micro insurance business, the justification of </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> percent micro insurance is irrelevant.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Rajuraman Poudel, executive director of the Nepal Insurance Asuthority, said that the license were given to the new companies after the old companies were not interested in micro insurance business. He also clarified that until the authority revokes the directive, the directive given to the insurance companies to expand their business in the micro insurance sector remains the same.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">While the old companies are not interested in the micro insurance business, the new companies are aggressively expanding their business. In less than one year of operation, non-life insurance companies have sold </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">45</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">,</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">358</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> insurance policies and collected insurance fee of Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">10</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">33</span> <span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">million as of mid-March of the current year. Meanwhile, non-life insurance companies have sold collected Rs </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">.</span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">2</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> million by issuing </span><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">13,000</span><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;"> micro insurance policies.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20644',
			'article_category_id' => '1',
			'title' => 'Nepal's Air Quality 'Improving'    ',
			'sub_title' => '',
			'summary' => 'April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public.     ',
			'content' => '<p><span style="font-size:18px">April 4: Until a few years ago, winter days in major cities across Nepal, including the Kathmandu Valley, were characterized by hazardous air quality, posing significant health risks to the public. </span></p>

<p><span style="font-size:18px">On January 4, 2021, the Department of Environment issued an alert to the public regarding the perilous air quality in Kathmandu Valley and other major towns, urging them to take preventive measures when outdoors. </span></p>

<p><span style="font-size:18px">Now, here is the good news for us: air quality has relatively enhanced in recent years. </span></p>

<p><span style="font-size:18px">According to Deepak Gyawali, the department&#39;s information officer, although air pollution significantly increased in 2021, it has been gradually decreasing since then. Major contributors to air pollution include carbon emissions from motor vehicles, dust particles released during road repair and construction and other works, emissions from industries and brick kilns, poor waste management practices, and forest fires. </span></p>

<p><span style="font-size:18px">Similarly, using firewood as cooking fuel in rural areas contributes significantly to indoor air pollution. Moreover, increasing development activities in India and the burning of agricultural residues near the border towns and settlements exacerbate air pollution issues in Nepal. </span></p>

<p><span style="font-size:18px">According to Gyawali, the occurrence of rains and wind during peak pollution seasons, as well as the dry season, significantly contributes to mitigating air pollution. Furthermore, the decrease in infrastructure development activities following an economic slowdown is speculated to have contributed to the improvement in air quality, although this hypothesis requires further study for confirmation. </span></p>

<p><span style="font-size:18px">Similarly, the use of electric vehicles and electric stoves has increased. The brick factories, which are one of the sources of air pollution, have also installed new technology. </span></p>

<p><span style="font-size:18px">On the other hand, only around 50 percent of these factories are operating due to the economic slump. Shankar Bahadur Chand, president of Nepal Brick Factory Federation, said the market for brick has reduced by 80 percent at present.</span></p>

<p><span style="font-size:18px">&quot;Only 40-50 percent of all the brick kilns are in operation these days, and that also not in their full capacity. Out of the 1,100 brick factories across the country, only about 500 are in operation at present,&quot; he said. </span></p>

<p><span style="font-size:18px">He further added that it is difficult to re-operate a brick factory once it is closed. Kathmandu&#39;s air quality below standard However, the air quality in some big cities, including in Kathmandu, is worse than the minimum standard set by the WHO. </span></p>

<p><span style="font-size:18px">The air quality from 0-50 in the Air Quality Index (AQI) is considered good for health. AQI 50-100 is considered average while AQI above this indicates unhealthy atmosphere. The AQI in Kathmandu on Thursday is 160 on average. Therefore, experts have pointed out that a lot of work has to be done to improve the quality of air in the Kathmandu Valley. </span></p>

<p><span style="font-size:18px">The possibility of air pollution resulting from wildfires is always there in Nepal. Dust particles and the smoke, carbon, chemicals and various gases emitted from factories and industries are mixed in the air along with incidences of fires resulting in heightened pollution. </span></p>

<p><span style="font-size:18px">Toxic gases like sulfur dioxide, nitrogen oxide, carbon monoxide that are produced when burning fossil fuels adversely affect the human health as well as contribute to the global temperature rise. </span></p>

<p><span style="font-size:18px">The government has established Air Quality Monitoring Station at 27 different places in the country to measure the air quality. Preparation is underway to set up air quality monitoring station at three more places in the current fiscal year. Programme Director of Environment and Public Health Organisation (ENPHO), Rajendra Shrestha, said &quot;Air pollution might have decreased due to reduction in factories, increase in use of electric vehicles and stoves, decrease in development and construction activities, low operation of brick kilns and road upgrading works.&quot; </span></p>

<p><span style="font-size:18px">Three major reasons behind the death of the people in Nepal are disease related to heart, liver and brain hemorrhage. These three types of disease have also connection with air pollution. Cases of diseases mainly related with respiratory is found increased due to air pollution. </span></p>

<p><span style="font-size:18px">As per the World Health Organisation, around seven million people in the world die untimely every year due to air pollution. It is said that around 40,000 people lose their lives in Nepal every year from air pollution. -- RSS</span></p>
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			'sortorder' => '20371',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20643',
			'article_category_id' => '1',
			'title' => '140-mw Tanahu Hydropower Sees Breakthrough of Headrace Tunnel    ',
			'sub_title' => '',
			'summary' => 'April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel.',
			'content' => '<p><span style="font-size:18px">April 4: The under-construction 140-megawatt Tanahu Hydroelectricity Project witnessed a breakthrough of its headrace tunnel. </span></p>

<p><span style="font-size:18px">The reservoir-based project utilizes water from the Seti River, flowing along the border of Rhishing Rural Municipality and Byas Municipality-5 in Tanahu. </span></p>

<p><span style="font-size:18px">Kulman Ghising, the Managing Director of the Nepal Electricity Authority (NEA), and Gopal Prasad Sigdel, the Secretary at the Ministry of Energy, Water Resources, and Irrigation, jointly initiated the detonation for the tunnel break through earlier this week. </span></p>

<p><span style="font-size:18px">This tunnel, a part of Package-2 of the project, spans 1,493 meters from its intake point. With a diameter of 7.4 meters, the tunnel will be lined with concrete. The water supplied through the tunnel will be collected in an underground powerhouse through a 213-meter penstock. </span></p>

<p><span style="font-size:18px">During the &#39;tunnel breakthrough ceremony&#39;, Secretary Sigdel expressed satisfaction with the project&#39;s progress, which has exceeded expectations. He urged all bodies concerned to ensure timely construction of the main dam site. </span></p>

<p><span style="font-size:18px">NEA Managing Director Ghising shed light on the significance of reservoir-based projects in addressing power demand and supply imbalances during dry seasons. He called for cooperation from all stakeholders to ensure the timely completion of the project. </span></p>

<p><span style="font-size:18px">Kiran Kumar Shrestha, Managing Director of Tanahu Hydropower, the promoter of the project, and Shyamji Bhandari, the project&#39;s acting chief, provided updates on the project&#39;s progress and challenges. </span></p>

<p><span style="font-size:18px">The project is being developed in three packages and has achieved a physical progress of 54 percent so far. </span></p>

<p><span style="font-size:18px">Overall, the construction is expected to be completed by mid-July, 2026. Under Package-1, construction is underway for the foundation of the main dam site and a temporary concrete dam approximately 40 meters tall, which will divert river water during the dam construction period. </span></p>

<p><span style="font-size:18px">The total estimated cost of the project is USD 505 million, with funding from various sources including USD 150 million from the Asian Development Bank (ADB), USD 184 million from the Japan International Cooperation Agency (JICA), USD 85 million from the European Investment Bank, and USD 86 million from the Government of Nepal and the NEA. -- RSS</span></p>
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			'article_date' => '2024-04-04 13:14:27',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20642',
			'article_category_id' => '1',
			'title' => 'Price of Gold Rising Continuously, Sets New Record at Rs 134,000 per Tola    ',
			'sub_title' => '',
			'summary' => 'April 4: Price of gold has set a new record in the domestic market on Thursday. ',
			'content' => '<p><span style="font-size:18px">April 4: Price of gold has set a new record in the domestic market on Thursday. </span></p>

<p><span style="font-size:18px">According to the Federation of Nepal Gold and Silver Dealers Association, the price of the precious yellow metal has increased by Rs 1,000 per tola (11.66 gram) on Thursday.</span></p>

<p><span style="font-size:18px">Hallmark gold is being traded at Rs 134,000 per tola on Thursday, up from Rs 133,000 per tola on the previous day, the federation posted on its website. </span></p>

<p><span style="font-size:18px">Similarly, price of worked gold has reached Rs 133,350 per tola on Thursday against Rs 132,350 Wednesday. </span></p>

<p><span style="font-size:18px">Likewise, price of silver has been fixed at Rs 1,650 per tola, an increase of Rs 40 per tola. Silver was traded at Rs 1,610 on Wednesday. </span></p>

<p><span style="font-size:18px">The price of gold has been rising steadily in the past few weeks. The federation fixes the price of gold and silver based on the price in the international market. </span></p>

<p><span style="font-size:18px">The recent geopolitical tension due to the Israel&rsquo;s offensive in Gaza and the Russia-Ukraine war have led to investors to invest in gold considering it as a safe haven in times of turmoil.</span></p>
',
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			'image' => '20240404123101_20240403013353_gold newwww.jpg',
			'article_date' => '2024-04-04 12:29:38',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20641',
			'article_category_id' => '1',
			'title' => 'Recommendation of Raya as Auditor General Raises the Issue of Conflict of Interest: TI Nepal',
			'sub_title' => '',
			'summary' => 'April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council.     ',
			'content' => '<p><span style="font-size:18px">April 4: The Transparency International (TI) Nepal has expressed concern over the recommendation of Toyam Raya to the post of auditor general by the Constitutional Council. As per the law, the responsibility of keeping accounts, conducting audits among others rests upon the auditor general. Raya had been holding the posts of similar nature and therefore TI Nepal has objected to the recommendation of Raya to the post.</span></p>

<p><span style="font-size:18px">The anti-corruption watchdog held the view that while appointing anyone in the high post of the state, it should be ensured that there is no conflict of interest and good-governance is not disturbed. </span></p>

<p><span style="font-size:18px">Raya was the secretary at the National Statistics Office. The council recently recommended Raya to the post of auditor general.</span></p>

<p><span style="font-size:18px">&quot;TI Nepal&#39;s serious attention has been drawn towards recommendation of Raya, who has held the post of finance secretary until May 4, 2023 and served as the secretary at the Office of Vice-President and worked as the chief statistics officer at the National Statistics Office, to the post of auditor general,&quot; reads the statement issued by TI Nepal. </span></p>

<p><span style="font-size:18px">In the statement TI Nepal said Article 241 of the Constitution of Nepal stipulates that the auditor general is the highest post to audit all agencies of the government of Nepal. </span></p>

<p><span style="font-size:18px">The Economic Procedures and Financial Accountability Act-2076 BS considers anyone working as the secretary in any ministry or any central agencies as the auditor general. The statement issued by TI Nepal&#39;s President Padmini Pradhananga mentioned that the code of conduct issued by the International Organization of Supreme Audit Institutions (INTOSAI) illustrates ethnical conduct of the auditor general. -- RSS</span></p>
',
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			'created' => '2024-04-04',
			'modified' => '2024-04-04',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20368',
			'image' => '20240404113458_tin feat.jpg',
			'article_date' => '2024-04-04 11:33:15',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20640',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips Slightly, Closing at 2,006.78 ',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">April 3: The Nepal Stock Exchange(NEPSE) Index recorded a minimal fall of 3.43 points or 0.17%, closing at 2006.78 points on the fourth trading day of the week on Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As many as 322 scrips were traded on the NEPSE Index through 52,065 transactions. A total of 6,481,834 scrips exchanged their hands, resulting in a total turnover of Rs 2.53 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">SuryaJyoti Life Insurance Company Limited(SJLIC) led the turnover amount with the transaction amount of Rs 25 crores. Gurnas Laghubitta Bittiya Sanstha(GLBS) hit the positive circuit for the day with the 10% gain, closing at a market price of Rs 1796 per share. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the contrary, River Falls Power Limited(RFPL) incurred the highest loss of 4.40%, closing at 391 per share. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in the red territory except Life Insurance, Microfinance Index and Mutual Fund. </span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Manufacturing and Processing lost the highest at 1.74%, while Microfinance Index gained most at 1.65%. </span></span></p>
',
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			'created' => '2024-04-03',
			'modified' => '2024-04-03',
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			'description' => '',
			'sortorder' => '20367',
			'image' => '20240403051155_collage.jpg',
			'article_date' => '2024-04-03 17:10:36',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20639',
			'article_category_id' => '1',
			'title' => 'Nepal-Switzerland Discuss Bilateral Cooperation on Trade and Tourism    ',
			'sub_title' => '',
			'summary' => 'April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights.     ',
			'content' => '<p><span style="font-size:18px">April 3: The Nepal-Switzerland Bilateral Consultations Mechanism (BCM) meeting in Switzerland reviewed the entire spectrum of Nepal-Switzerland relations including economic ties, development partnership, multilateral cooperation, and contemporary global issues such as climate change and human rights. </span></p>

<p><span style="font-size:18px">The BCM also discussed the exchange of high-level visits, Nepal&rsquo;s graduation from LDC category, progress made towards meeting the Sustainable Development Goals, and ways to further enhance bilateral cooperation on trade, investment, tourism, science and technology, and vocational training, among others, according to the Nepali Embassy in Geneva. </span></p>

<p><span style="font-size:18px">The fourth meeting of the Nepal-Switzerland BCM was held at the Federal Department of Foreign Affairs (FDFA) in Bern, Switzerland on Tuesday. </span></p>

<p><span style="font-size:18px">Head of the Europe-Americas Division of the Ministry of Foreign Affairs of Nepal, Joint Secretary Ganesh Prasad Dhakal and Assistant State Secretary for Asia and the Pacific in the FDFA of Switzerland, Heinrich Schellenberg led the respective delegations. </span></p>

<p><span style="font-size:18px">The Nepali delegation included Ambassador of Nepal to Switzerland, Ram Prasad Subedi and the Embassy Officials whereas the Swiss Delegation included officials from the FDFA and the Swiss Agency for Development and Cooperation (SDC). </span></p>

<p><span style="font-size:18px">On the occasion Joint Secretary Dhakal requested the Swiss side to encourage the participation of their investors in the upcoming Nepal Investment Summit being held in Kathmandu later this month. </span></p>

<p><span style="font-size:18px">The Nepali side thanked the Swiss Government for consistently placing Nepal as a priority country for Swiss Development Cooperation. While expressing satisfaction over Nepal&rsquo;s progress, the Swiss side assured of their continued support to Nepal&rsquo;s development endeavours. Nepal-Switzerland Bilateral Consultations Mechanism was established in 2015 and the next meeting will be held in Kathmandu on a mutually convenient date, added the Embassy. -- RSS</span></p>
',
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			'created' => '2024-04-03',
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			'keywords' => '',
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			'sortorder' => '20366',
			'image' => '20240403025203_Trani-to-Jungfraujoch.jpg',
			'article_date' => '2024-04-03 14:50:45',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20638',
			'article_category_id' => '1',
			'title' => 'Growth of Industrial and Commercial Sectors not Satisfactory: NSO',
			'sub_title' => '',
			'summary' => 'April 3: Nepal's economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. ',
			'content' => '<p><span style="font-size:18px">April 3: Nepal&#39;s economy has improved somewhat in the second quarter of the current fiscal year (FY), but some important sectors of the economy are still in a state of slowdown, according to the latest data of the government. </span></p>

<p><span style="font-size:18px">Releasing the data of the second quarter of the current fiscal year on Tuesday, the National Statistics Office (NSO) said that there has been no significant improvement in the business and industrial sectors which are considered as the main pillars of the economy.</span></p>

<p><span style="font-size:18px">According to the office, economic growth is expected to be around 4 percent in the second quarter of the current year compared to the negative growth in the second quarter of last fiscal year. In the same quarter of last year, the growth rate of the economy was negative by 0.8 percent.</span></p>

<p><span style="font-size:18px">In the second quarter of the current fiscal year, the growth rate of the wholesale and retail trade sector has been limited to 0.5 percent compared to the same period of the previous year. It is said that the growth of the business sector has not been satisfactory due to the decline in the import of commercial goods. </span></p>

<p><span style="font-size:18px">According to the Department of Customs, imports have decreased by 2.66 percent in the first eight months of the current year. Wholesale and retail trade is the second largest contributor to the economy after agriculture.</span></p>

<p><span style="font-size:18px">According to the office, the growth rate of the industrial goods production sector in this quarter is negative by 0.4 percent. Compared to the second quarter of the previous year, the growth of this sector has remained negative due to the reduction in the production of industrial goods during the same period of the current year. </span></p>

<p><span style="font-size:18px">As the economy has failed to improve significantly, the central bank informed that investable capital of around Rs 650 billion has accumulated in the banks. Deputy Chief Statistics Officer of the National Statistics Office Dr Hemraj Regmi said that although there has been a general improvement in the economy, the improvement has not been as expected.</span></p>

<p><span style="font-size:18px">The government has set a target of 6 percent growth this year. However, Regmi says that it will be difficult to achieve this goal. According to Regmi, it is not a good sign for the production of industrial goods as well as trade to remain&nbsp;almost negative.</span></p>

<p><span style="font-size:18px">According to the National Statistics Office, the increase in the total value added of the hotel sector along with the increase in rice and other agricultural products and the increase in the arrival of tourists can be attributed as the reasons for the 4 percent economic growth.</span></p>

<p><span style="font-size:18px">It is estimated that the value added growth rate of agriculture, forestry and fishing sector, which occupies the largest share in the economy, will be 3 percent. It is said that the total value added growth rate of 17 industrial sectors is positive out of the total 18 industrial sectors classified by the office. </span></p>

<p><span style="font-size:18px">Among them, the growth rate of activities related to accommodation and food services is the highest (29.3 percent), while electricity and gas is the second fastest growing industrial sector with a growth rate of 17.1 percent followed by the transport and storage sector with a growth rate of 14.3 percent. </span></p>

<p><span style="font-size:18px">Similarly, the value added growth rate of the mining and quarrying sector is estimated to be 9.4 percent. The 2.2 percent increase in the construction sector seems to have had a positive effect on the growth rate of the mining and excavation sector, which is directly dependent on the construction sector. </span></p>

<p><span style="font-size:18px">Along with the increase in deposits and loans, there is a positive effect on the growth rate of the financial and insurance sector (9.1 percent). In addition to this, the data of the NSO shows that the overall economy is heading towards a positive growth despite the negative growth in the business and industry sectors. </span></p>

<p><span style="font-size:18px">Preliminary estimate of the National Statistics Office shows that the gross domestic product will increase by 0.7 percent in the second quarter compared to the first quarter of the current fiscal year. </span></p>

<p><span style="font-size:18px">Regmi says that since the growth rate in the second quarter is very small compared to the first quarter, the economy has not seen a comprehensive improvement in the current year. </span></p>

<p><span style="font-size:18px">Economist Keshav Acharya says that it is necessary for the government to fix the recession in the industrial and commercial sectors, which are considered important in creating jobs. According to him, the role of these sectors are important to keep the economy running. He suggested that the government should spend enough development budget to make the economy vibrant because the construction sector is not active.</span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '20637',
			'article_category_id' => '1',
			'title' => 'World Bank Projects Inflation to Rise to 6.7 Percent in 2024    ',
			'sub_title' => '',
			'summary' => 'April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank's 6.5 percent ceiling, due to VAT exemptions removal, India's food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. ',
			'content' => '<p><span style="font-size:18px">April 3: The consumer price inflation in Nepal is expected to remain high at 6.7 percent in 2024, close to the central bank&#39;s 6.5 percent ceiling, due to VAT exemptions removal, India&#39;s food export restrictions, and increase in minimum support prices of paddy, the World Bank said in its latest report. </span></p>

<p><span style="font-size:18px">However, inflation is forecast to decline to 6 percent in 2025 and 5.5 percent in 2026, driven by global commodity price moderation and domestic price containment through monetary policy, states the Nepal Development Update (April 2024) unveiled by the World Bank on Tuesday. </span></p>

<p><span style="font-size:18px">Projected lower inflation in India may also help reduce domestic inflation via the currency peg, mitigating imported inflation, the report added. According to the WB, Nepal&#39;s economic growth is set to rebound, from 1.9 percent in 2023 to a forecast 3.3 percent in 2024. </span></p>

<p><span style="font-size:18px">Growth is then projected to further accelerate to 5 percent on average, over 2025-2026. This recovery is largely attributed to the easing of monetary policy, assuming productive use of private sector credit. Additionally, reforms to improve business environment could attract more private investment, further boosting medium-term growth prospects. </span></p>

<p><span style="font-size:18px">The service sector is expected to be the key driver of growth in the coming years, according to the World Bank. Accommodation and food services are poised to benefit significantly from the rise in tourist arrivals. </span></p>

<p><span style="font-size:18px">The ongoing construction of new five-star hotels and government policies supporting real estate loans are expected to further stimulate the accommodation sub- sector, added the report. Meanwhile, the industrial sector is expected to grow, buoyed by significant expansions in electricity generation capacity, fostering a more conducive environment for industrial activities. </span></p>

<p><span style="font-size:18px">However, agricultural growth is projected to slow down due to various factors, including the outbreak of lumpy skin disease among livestock and a decrease in paddy production growth. </span></p>

<p><span style="font-size:18px">The current account balance is forecast to return to surplus in 2024, driven by robust remittance growth and a narrowing trade deficit, but is expected to narrow subsequently as remittances taper off and the trade deficit expands. </span></p>

<p><span style="font-size:18px">The trade deficit is expected to improve in the medium term, falling below its 2023 level. This is due to a projected decline in goods imports in 2024, although imports are expected to rebound in 2025 and 2026. </span></p>

<p><span style="font-size:18px">Goods exports, particularly in electricity, are expected to increase. While services exports could rise with tourism recovery, services imports may surpass exports due to continued emigration. </span></p>

<p><span style="font-size:18px">Despite efforts to attract more foreign direct investment, inflows are likely to remain modest. According to the World Bank, Nepal&#39;s fiscal deficit is poised to decrease significantly from its peak in 2023 (about 6 percent of GDP), stabilizing around 3 percent of GDP in the medium term, despite a projected higher deficit in 2024 compared to the government&#39;s revised forecast. </span></p>

<p><span style="font-size:18px">Revenue is expected to rise to 20.1 percent of GDP by 2026, supported by robust GDP growth and increased goods imports. Meanwhile, spending is expected to increase to 22.8 percent of GDP by 2026, driven by enhanced execution of public investment. </span></p>

<p><span style="font-size:18px">The National Project Bank&rsquo;s integrated guidelines, introduced in March 2023, aim to streamline project development and prioritization, contributing to more effective capital spending by 2025, the World Bank added. </span></p>

<p><span style="font-size:18px">&ldquo;Financing for the fiscal deficit will likely come from external concessional borrowing and domestic sources. However, public debt is projected to decline to 40.8 percent of GDP by 2026 from its 2023 peak because of higher economic growth.&rdquo; </span></p>

<p><span style="font-size:18px">The forecast is subject to both domestic and external risks. Externally, geopolitical uncertainty could trigger a rise in commodity prices, impacting all sectors, the report further stated. </span></p>

<p><span style="font-size:18px">&ldquo;A growth slowdown in partner countries might also lead to a drop in remittances and tourism, hindering economic growth. Persistent inflation expectations and lower domestic demand could further dampen economic activity. Natural disasters pose additional risks to sustaining welfare gains. Finally, frequent political changes, a top headwind for businesses for over a decade, could continue to deter private investment.&rdquo; </span></p>

<p><span style="font-size:18px">The World Bank noted that Nepal&#39;s poverty rate fell due to migration and remittances, alongside consumption increases. The recent nationally household survey data from the Nepal Living Standard Survey 2022/23 shows a large decline in poverty from 25 percent to just 3.6 percent between 2011 and 2023 (using the 2011 National Poverty Line). </span></p>

<p><span style="font-size:18px">The prosperity gap and inequality also reduced over the same period. However, challenges persist with a weak labor market and limited social assistance, posing risks amid economic and climate shocks, it further stated. </span></p>

<p><span style="font-size:18px">On the fiscal front, the Nepal Development Update highlighted the need to strengthen the execution and efficiency of capital expenditure to boost economic growth, as well as the importance of reducing dependence on imports tax revenue. Sound and consistent monetary policy will also be key to boosting confidence and stimulating economic growth, the report added. </span></p>

<p><span style="font-size:18px">According to the World Bank, addressing the increasing level of non-performing loans in the financial sector is crucial to strengthen financial stability and support private investment.</span></p>

<p><span style="font-size:18px">On the external side, the high dependency on remittance inflows exposes the country to external shocks. Thus, there&#39;s a need to strengthen Nepal&#39;s international competitiveness for other sources of external earnings, such as tourism and foreign direct investment, by boosting exports of goods, the report suggested.</span></p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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