September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour…
September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour…
September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September…
n the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to…
The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week,…
September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment.…
September 21: It has been three years since the 34-kilometre Janakpur-Jayanagar railway came into operation.…
September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has…
September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation…
September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal,…
September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations.…
September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their…
According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year,…
September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000…
September 20: The value of the US dollar in the Nepali market has reached a record high.…
September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal.…
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Nepal’s ambassadors from 12 major labour destination countries had also attended the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Labour, Employment and Social Security Sarat Singh Bhandari, the government will explore new destinations for foreign jobs and sign bilateral labour agreements them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to ensure the rights and social security of the migrant workers, and also pledged to simplify the labour approval process and to make the roles of diplomatic missions more effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Minister Bhandari said that bringing the dead bodies of the migrant workers and reintegration of the returnees would be ensured under the social welfare responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has also decided to establish the Labour Migration Division within the Ministry of Foreign Affairs. Bhandari shared that the term of reference of the Division would be formulated to manage Roaming Ambassador and Labour Attaches by coordinating with the Ministry of Labour, Employment and Social Security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the government will simplify the visa verification process by amending the guidelines on labour permit approval for personal labour approval system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to simplify the payment process for renewing labour permit, the Labour Ministry would coordinate with diplomatic missions and Nepal Rastra Bank. Similarly, the government has also decided to set up relief and rescue fund at all labour destinations. For the mobilization of the fund, the Ministry of Foreign Affairs will prepare a directive within a month. The cost of transportation of the dead bodies of migrant worker would be borne by the fund, and the fund would be reimbursed by the government later. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the country would establish a diplomatic mission in the countries having more than 10,000 Nepali workers. Such missions would however have 'dry positing' of Under Secretary of Ministry of Foreign Affairs, a labour attaché and a local employee, according to Minister Bhandari. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has been estimated that Portugal, Romania, Malta, Cyprus, Croatia, the Maldives, Poland, Turkey have more than 10,000 Nepali workers. The government is preparing to create a quota for labour councilor and labour attaché for these countries. The Ministry of Labour would prepare a proposal within a month in coordination with the Ministry of Foreign Affairs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting pointed out the need of establishing quotas for appointing labour councilor and labour attaché in Japan, Germany, Austria and Israel and for a labour attaché in South Korea. The labour councilor and labour attaché would have three years' term in minimum hereafter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting held at Office of the Prime Minister and Council of Ministers was attended by DPM and Defense Minister, Purna Bahadur Khadka; DPM and Home Minister, Narayan Kaji Shrestha; Labour Minister Bhandari, Foreign Minister Narayan Prakash Saud, PM's Chief Political Advisor Haribol Gajurel, Chief Secretary Dr Baikuntha Aryal, Secretary at Labour Ministry, Kewal Prasad Bhandari, Foreign Secretary Bharat Raj Paudel and Nepal's ambassadors to 12 different countries and general consuls. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18786', 'image' => '20230922113901_foreign emp.jpg', 'article_date' => '2023-09-22 11:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19056', 'article_category_id' => '1', 'title' => 'Furniture Expo to take place from September 27 ', 'sub_title' => '', 'summary' => 'September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference on Thursday, the Nepal Furniture and Furnishing Association said that the Expo will run for five days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The association's Chairman Dinesh Agrawal stated that the expo is to be organized to promote the domestic market of Nepal's furniture and furnishing and demonstrate the entire goods and service under a single roof. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are confident that this expo shall help make economic activities vital at a time when the economic activities are slow in the country," Agrawal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 100 stalls of wholesalers, producers, importers, distributors and others will be kept in the expo. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizer said that the main purpose of the expo is to promote domestic goods and work for their marketing. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18785', 'image' => '20230922111622_Untitled-1.jpg', 'article_date' => '2023-09-22 11:15:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19055', 'article_category_id' => '1', 'title' => 'NEA Exports Power Worth Over Rs 5.43 Billion to India in Two Months', 'sub_title' => '', 'summary' => 'n the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 22: In the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This export consisted of approximately Rs 1.95 billion worth of electricity supplied in the first month, Shrawan (July 17 - August 17), and a subsequent export totaling Rs 3.48 billion in the following month, Bhadra (August 18 - September 17). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The average selling price per unit for these two months was Rs 8.13 paisa in Shrawan and Rs 12.27 paisa in Bhadra, resulting in an overall two-month average rate of Rs 10.37 paisa per unit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This power export to India is facilitated through the Day-Ahead Market (DAM) of the Indian Energy Exchange Limited (IEX), with approximately 110 megawatts of electricity being exported to the Indian company NTPC Vidyut Vyapar Nigam Limited as part of a mid-term electricity agreement.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Central Electricity Authority under the Ministry of Power in India has granted approval for the import of 632 megawatts of electricity from Nepal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NEA Managing Director, Kulman Ghising, highlighted that these power trade relations have made a significant contribution to Nepal's foreign exchange reserves, helping to reduce the substantial trade deficit the country has with India.(RSS) </span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18784', 'image' => '20230922060340_collage (7).jpg', 'article_date' => '2023-09-22 06:01:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19054', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 44.34 Points to Close at 2029.78 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 21: The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This substantial growth in the NEPSE Index is attributed to a positive development from the Nepal Rastra Bank (NRB), which indicated its intention to remove the 120 million cap on margin loans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting between Finance Minister Prakash Sharan Mahat and NRB Governor Maha Prasad Adhikari, along with Finance Minister Mahat's advocacy for eliminating the 120 million cap on share loans, has had a positive impact on the stock market, according to analysts.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, there were 278 different stocks traded in a total of 119,359 transactions. The volume of shares traded amounted to 11,264,309, with a total turnover of Rs. 3.29 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, Sun Nepal Life Insurance Company Limited (SNLI) recorded the highest turnover, reaching Rs. 20.18 crores, and closed at a market price of Rs. 470.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, it's worth mentioning that the stock prices of nearly 8 hydropower companies experienced significant increases, attracting many traders due to their relatively lower prices compared to other scrips.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the flip side, the NIBL Growth Fund (NIBLGF) experienced the highest loss of 4.07% on this trading day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all indices showed positive gains, with the Hydropower Index leading the way with a remarkable increase of 5.31%, followed closely by the Finance Index, which gained 4.38%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Sensitive Index saw a rise of 1.98%, while the Float Index and Sensitive Float Index increased by 2.15% and 1.80%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18783', 'image' => '20230921050715_collage (3).jpg', 'article_date' => '2023-09-21 17:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19053', 'article_category_id' => '1', 'title' => 'SSF Invests Rs 74 billion from Contribution Amount', 'sub_title' => '', 'summary' => 'September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. After the issuance of the Social Security Fund Investment Procedures, the SSF has invested in fixed deposits, shares, debentures, treasury bills, capital market mutual funds, etc in line with the procedures.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The SSF informed that it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">74</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">55</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in various sectors so far. According to the data provided by the SSF to New Business Age, it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">58</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the fixed deposit accounts of various banks as of August 17. The fund earns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.69</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent interest from the amount kept in the term deposit accounts. Banks can invest that amount according to their preference. SSF officials say this will help reduce the lack of liquidity in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the fund has also invested in debentures. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in debentures at an annual interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">26</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million in mutual funds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in treasury bills, government bonds issued by the central bank. The SSF has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">21</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the treasury bills. Treasury bills are short-term government bonds used by Nepal Rastra Bank to raise domestic debt with a duration of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year or less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year. Treasury Bills are of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> types on the basis of duration with maturity period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">28</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">91</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">182</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">364</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days. The SSF informed that the amount has been invested treasury bills at an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in development bonds. According to the data provided by the SSF, it has invested more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.98</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in development bonds with an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Development bond is a government bond used to raise internal debt for medium and long terms with maturity period of more than two years.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the development bonds issued by Nepal Rastra Bank are for a period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. The fund is investing in those development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also started giving loans to contributors. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">31</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the fund has lent more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to the contributors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The loan is given under various headings such as the Contributor Fund, the Contributor Special Fund, the Contributor House Fund for Housing and Construction, the Contributor Educational Fund to support human capital, and the Contributor Social Work Fund to provide facilities for the work of the workers, based on the contribution amount.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the SSF, the contributors can get a housing loan equal to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million or </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years of salary, whichever is less, to build and buy a house, buy a unit in a joint housing or to add or repair a floor to the house they own.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There is a provision in the procedure that the contributor can receive up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million for higher education studies in the country or abroad for the contributor himself or his spouse, sons and daughters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The contributors must have continuously contributed to the fund for at least </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years to avail the facilities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Vivek Panthi, the spokesperson of the fund, said that they have moved forward in the direction of obtaining high returns by investing the collected funds in various sectors through investment diversification. Targeting private sector workers, the then KP Sharma Oli-led government had formally launched the contribution-based social security fund on November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">201</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">8. The fund starting collecting contributions from the formal sector workers from July 17, 2019.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the fund is to cover all sectors by making the workers and employees of the formal and informal sectors voluntarily join the state-sponsored scheme for social security. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">7, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">445,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> formal sector workers have joined the fund. More than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> employers have been registered so far</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign workers are also joining the fund. The data shows that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">336,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> foreign workers have joined the SSF</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Adding the formal, informal, self-employed, and those in foreign employment, the number of contributors to the fund has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">781</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the employees of banks and financial institutions have not joined the fund. The employees of the bank have been taking a stand not to join the fund saying that the facilities they are receiving will decrease. They have even filed a case against the fund in the Supreme Court. The Supreme Court is yet to deliver its verdict. Due to the ongoing court cases, the fund has not advised banks and financial institutions to join the social security fund for the time being.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18782', 'image' => '20230921025001_SSF (1).jpg', 'article_date' => '2023-09-21 14:48:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19052', 'article_category_id' => '1', 'title' => 'Govt Bearing High Cost for Operating Train Service due to Lack of its Own Manpower', 'sub_title' => 'Government Generates Rs 90 Million from Janakpur-Jayanagar while Operating Cost Stands at Rs 200 Million', 'summary' => 'September 21: It has been three years since the 34-kilometre Janakpur-Jayanagar railway came into operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: It has been three years since the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">34</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">-kilometre Janakpur-Jayanagar railway came into operation. However, Nepal has not been able to prepare its own manpower for the operation of the railway. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The railway service, which links the border region of Nepal and India, started operation on September 18, 2020.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the train was officially launched three years ago, the train could not start regular operation due to the lack of technical staff. Later, the government entered into an agreement with India’s Konkan Railway Corporation Limited and has been running the train by bringing in the employees working there. The government is still not able to prepare its own manpower to run the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After taking consent from the Ministry of Law and the Public Service Commission to appoint permanent staff for the operation of the railway, the Ministry of Physical Infrastructure and Transport has sent the file to the Ministry of Finance for final approval.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sources in the Ministry of Physical Infrastructure say that the Ministry of Finance has not yet agreed to this proposal. Arjun Jung Thapa, joint secretary of the ministry, said that the appointment of permanent staff is still in the process as the Council of Ministers needs to decide on such matters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He admitted that the government has not been able to prepare the human resources required to operate the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Either the government should not talk about operating the train or it should make proper preparations. We set up the Nepal Railway Company so that we won’t have to rely on others to operate the train,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the company needs hundreds of more human resources including loco pilot, co-pilot, station manager, train leak maintenance manpower, IT expert for signals, electrical manager among others.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the ministry cannot recruit the manpower at its will because it requires decision from the Council of Ministers. The consent of the Public Service Commission is also required for the appointment of permanent staff. The Ministry of Physical Infrastructure has not yet received the consent from the Ministry of Finance even after sending the file with the consent of the Ministry of Law and the Public Service Commission. Thapa added that after it will be possible to use the home-grown manpower after approval from the Ministry of Finance and the Council of Ministers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Even now, the Indian company Konkan Railway Corporation is running the train with its manpower,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The employees of the Indian company are working on the basis of monthly salary. "Here, our engineer's salary is just Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">40</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per month, but we have given Indian engineers a monthly salary of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">450</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per person," he said, "There are </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people who take that much amount."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry has hinted that the train service may be closed due to this situation and lack of budget. An annual income of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million is generated by operating the train while the cost of operation is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18781', 'image' => '20230921021403_1695260365.2023-09-21 07.24.07.jpg', 'article_date' => '2023-09-21 14:13:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19051', 'article_category_id' => '1', 'title' => 'Gaps in DRRM Funding and Institutional Setup may Hinder Localization Plans and Policies: Study', 'sub_title' => '', 'summary' => 'September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study undertaken by the Harvard Humanitarian Initiative (HHI) through its Program for Resilient Communities has come up with the findings while assessing strengths and gaps in terms of capacity, coordination, and management for any disasters in future scenarios effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal has made significant strides in improving its DRRM policies in recent years. However, the capacity of working officials and stakeholders must be strengthened before the DRRM policy framework can be fully implemented,” the report released recently states. According to the report, government and non-government actors have formed different platforms for knowledge exchange and effective coordination between agencies working on disaster management, yet the declining funding volume in DRRM in Nepal has impacted these networks. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Rapid adaptations of legislation to facilitate the shift towards a decentralized approach in governance have created confusion among agencies, affecting the coordination mechanism for effective risk governance and management of disasters”, the report reveals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The legislation formation procedure of the government of Nepal is extremely complicated. Due to such loopholes, the cabinet makes ad hoc decisions, which are becoming a key problem in strengthening the country’s disaster governance, according to the study. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study highlights the importance of key responders and discusses their roles in managing the disaster. It has found that the overlapping mandates for response of security agencies could pose some problems in the future and suggests having classified responsibilities for security agencies to make them more accountable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Regarding the institutional DRRM, the study has pinpointed the hurdles of National Disaster Risk Reduction and Management Authority (NDRRMA) in achieving its goals. Furthermore, the study has identified significant gaps in knowledge management and capacity enhancement of disaster governance officials and management professionals. The study suggests that research and training institutions can bridge the gap by bringing agencies together to share their knowledge, experiences, and learning that can help DRR programming in local communities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal is among the countries most vulnerable to climate change impacts. From glacial lake outburst floods in the north, exacerbated by warming temperatures, to flooding in the south, impacted by increased rainfall, climate poses a direct threat to infrastructure, agriculture, health, and livelihoods. Local communities will be at the forefront of this and it is important to explore how local actors are thinking about and preparing for climate-related impacts on their communities,” said HHI Resilient Communities programme director Dr Vincenzo Bollettino in a statement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“HHI’s programme in Nepal will focus on developing an evidence base on factors that contribute to local resilience and preparedness for climate change impacts,” said Dr Bollettino. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI conducted the study, which included a literature review, consultations with stakeholders and key informant interviews (KIIs) with different government and nongovernmental agencies working in the DRRM sector in Nepal this year, informed Nepal HHI Resilient Communities Programme’s project lead Ganesh Dhungana. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI is a University-wide academic and research center in humanitarian crisis and leadership. The mission of HHI is to create new knowledge and advance evidence-based leadership in disasters and humanitarian crises. HHI noted that the study only provides a quick overview of the most critical issues and challenges confronting DRRM in Nepal and does not cover all aspects of DRRM in the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18780', 'image' => '20230921012613_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-09-21 13:25:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19050', 'article_category_id' => '1', 'title' => 'Government to Allow Energy Developers to Study Prospects of Electricity Generation in Protected Area', 'sub_title' => '', 'summary' => 'September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas. During a meeting with the officials of the Independent Power Producers Association, Nepal (IPPAN) at the ministry on Wednesday, Minister Mahato instructed the secretary of the ministry to givethe go ahead for study to the projects in the protected area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN President Ganesh Karki said that it is not possible to build a hydroelectric projects in the Terai while most of the areas in the hill and mountainous districts have restrictions in the name of protected areas. In this context, they hydropower potential of the country will go wasted, argued Karki.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">We are also aware of protecting the environment and wildlife. However, after the Ministry of Energy issued permission to develop the project, another body of the government did not give permission for the study,'' President Karki said, adding, “The extent of the impact on the wildlife and the environment can be found only through the environmental study. It does not seem logical to say that it will have an impact on the environment without studying it.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to publish the 'Energy Development Roadmap and Action Plan 2023-2035' with the goal of generating 28,500 megawatts of electricity within 12 years with the slogan of bringing prosperity through energy. The roadmap mentions that 15,000 MW of electricity will be exported and 13,468 MW of electricity will be consumed internally.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN also informed Minister Mahato about the decision of the Supreme Court in favor of the projects in the conservation areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In Section 33 of the 'National Parks and Wildlife Protection Act 2029', the Government of Nepal can give approval for infrastructure development by making necessary regulations. Based on this basic law, the Supreme Court has ordered to pave the way for the construction of projects including hydropower, tourism and other development projects in the coming days. After the order, the National Parks and Wildlife Conservation Department is drafting the regulations and collecting opinions and suggestions from the stakeholders.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, 12,000 megawatts of electricity cannot be produced in 12 years because of forests. IPPAN stressed that the Ministry of Forests and Environment and its subordinate agencies should be friendly towards energy development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At present, Nepal's total installed capacity of electricity has reached about 3,000 megawatts. The private sector alone has produced about 2,000 megawatts. The private sector has been looking for market since four years but the Electricity Act 2049 is causing problem. Karki, the president of IPPAN, said that as soon as the amendment to the Electricity Act, which has been tabled in the Parliament, is passed, the private sector will be able to trade electricity.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18779', 'image' => '20230921100834_download.jpg', 'article_date' => '2023-09-21 10:06:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19049', 'article_category_id' => '1', 'title' => 'Political Wrangling has put Economic Agenda in the Back Burner: Former NPC Chair', 'sub_title' => 'Prolonged Transition Waters Down Ambition of National Prosperity ', 'summary' => 'September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015. Socialism-oriented economy is the ultimate goal set by the constitution. But, examining the national affairs from the socio-economic perspectives, these past eight years are off the mark. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As majority of citizens’ aspirations have not been met, there is growing despair. The number of people leaving for foreign employment and to study abroad is on the rise, while those willing to stay back and do something at home seem disappointed. Experts say that although the system changed, people's condition has not changed for the better. They further argue that political instability and protracted transition took toll on the national ambition of prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Vice Chairperson of the National Planning Commission, Dr Pushpa Raj Kandel, viewed that the economic agenda was overshadowed because of political instability following the promulgation of the Constitution. Political wrangling put economic agenda in the back burner. Nepal is facing similar plight since 1990, he added. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the spirit of the Constitution depend more on ideals. The objectives and goals of the Constitution and the conduct are quite contradictory," Dr Kandel said, adding, "The Constitution has envisioned a welfare state, socialism-oriented economy which is an ideal state. But the enforcement aspect shows digression from the goal. The transition has been prolonged much." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that all political parties and leaders call themselves devoted to development and prosperity, but that’s not true. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Instead of speeding up development works and economic prosperity measures, the government is working in a way to take revenge. Instead of bettering oneself, leaders are focused on belittling and degrading other, which is wrong," Dr Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, one and half decades went in vain due to political instability. It has taken toll on the country's long-standing journey towards prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"If the country's economy is weak, it will have adverse effect on social psychology. The society that wants change quickly is now irate. We have a tendency to compare with others. We are focused more on others' duty while ignoring our own," he expressed his concerns. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Professor at Central Department of Economics at Tribhuvan University, Dr Sanjay Acharya, said citizen's aspiration of improvement in their lifestyle did not change despite change in governance and State affairs. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Millions of Nepalis are in foreign employment for lack of opportunities here. It has given a message that there are no opportunities and potentials inside the country. This is quite alarming," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Acharya further said that 600,000 Nepalis left the country for job while 200,000 Nepalis for higher study last year alone. He suggests political parties and government to pay heed to fiscal federalism. There are numerous complaints of people on fiscal federalism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sub-national governments have imposed unnecessary taxes, thereby making the new system complicated. Governments also need to improve its spending capacity. Decrease in production and export is equally worrying factor, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, he described fiscal transfer and revenue sharing as being ineffective. The concept of project banks and Mid-term expenditure framework (MTEF) have not been enforced at province and local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The trend of spending huge chunk of budget at the end of fiscal year has not ended. Capital formation is difficult but regular spending is on the rise.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the government has expressed its commitment to strengthen fiscal federalism through the current fiscal year’s budget. Point no 428 of the budget states that the Local Government Operation Act, 2074 and Inter-government Fiscal Management Act, 2074 would be amended based on implementation experiences so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nevertheless, if all the political parties make the economic agenda the first priority and move forward, there is still hope of improvement in the economy. Former NPC vice chair Kandel says that since the remittance inflow continues to improve it will provide sufficient revenue and the economy will improve if only a little confidence can be created. If capital expenditure is increased and infrastructure projects currently under construction expedited, it will certainly accelerate the economy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18778', 'image' => '20230921095240_20180513024354_Clipboard07.jpg', 'article_date' => '2023-09-21 09:51:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19047', 'article_category_id' => '1', 'title' => 'Nepal Ratifies Biodiversity Beyond National Jurisdiction Treaty ', 'sub_title' => '', 'summary' => 'September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. Minister for Foreign Affairs NP Saud, who is in New York to attend the 78th General Assembly of the United Nations, signed the agreement on behalf of the Government of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The BBNJ Treaty sets up a procedure to establish large-scale marine protected areas. This facilitates the achievement of the target to effectively conserve and manage 30 per cent of land and sea by 2030, which was agreed in December 2022 within the Kunming-Montreal Global Biodiversity Framework. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The agreement is intended to ensure conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction. The treaty is reportedly key to protect the ocean, promote equity and fairness, tackle environmental degradation, fight climate change, and prevent biodiversity loss in the high seas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deadline for signing this treaty is September 20, 2025, starting from September 20, 2023. The treaty is legally binding and will come into force after 60 state parties ratify it. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18777', 'image' => '20230921085957_francesc.jpg', 'article_date' => '2023-09-21 08:59:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19048', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolis urges Teachers to get Back to Duty ', 'sub_title' => '', 'summary' => 'September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government of the federal capital has urged school teachers within its jurisdiction not to close schools so as to ensure student's right to education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that teachers from various schools across the country, at the call of Nepal Teachers' Federation, have gathered in the federal capital to protest against the Federal Education Bill that was presented in the parliament recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">KMC spokesperson Nabin Manandhar said teachers have been urged to resume classes by Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Student's right to education should not be violated by shutting down the schools," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government is learnt to have instructed the Education Department within it to monitor the situation and take action if any schools within the metropolis is found violating the call to resume classes. Prior to this, the metropolis had warned teachers not to disrupt classes, reminding them schools as zone of peace. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18776', 'image' => '20230921092601_1695206907.jpg', 'article_date' => '2023-09-21 09:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19046', 'article_category_id' => '1', 'title' => 'ADB Forecasts Nepal's Economic Growth at 4.3% for FY 2023/2024', 'sub_title' => '', 'summary' => 'According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating the law.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19057', 'article_category_id' => '1', 'title' => 'Govt Comes up with 47-Point Decisions to Address Issues of Foreign Labour Migration ', 'sub_title' => '', 'summary' => 'September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting chaired by Prime Minister Pushpa Kamal Dahal on September 11 and 12 took the decision to make foreign employment safe, orderly and systematic. Nepal’s ambassadors from 12 major labour destination countries had also attended the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Labour, Employment and Social Security Sarat Singh Bhandari, the government will explore new destinations for foreign jobs and sign bilateral labour agreements them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to ensure the rights and social security of the migrant workers, and also pledged to simplify the labour approval process and to make the roles of diplomatic missions more effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Minister Bhandari said that bringing the dead bodies of the migrant workers and reintegration of the returnees would be ensured under the social welfare responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has also decided to establish the Labour Migration Division within the Ministry of Foreign Affairs. Bhandari shared that the term of reference of the Division would be formulated to manage Roaming Ambassador and Labour Attaches by coordinating with the Ministry of Labour, Employment and Social Security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the government will simplify the visa verification process by amending the guidelines on labour permit approval for personal labour approval system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to simplify the payment process for renewing labour permit, the Labour Ministry would coordinate with diplomatic missions and Nepal Rastra Bank. Similarly, the government has also decided to set up relief and rescue fund at all labour destinations. For the mobilization of the fund, the Ministry of Foreign Affairs will prepare a directive within a month. The cost of transportation of the dead bodies of migrant worker would be borne by the fund, and the fund would be reimbursed by the government later. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the country would establish a diplomatic mission in the countries having more than 10,000 Nepali workers. Such missions would however have 'dry positing' of Under Secretary of Ministry of Foreign Affairs, a labour attaché and a local employee, according to Minister Bhandari. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has been estimated that Portugal, Romania, Malta, Cyprus, Croatia, the Maldives, Poland, Turkey have more than 10,000 Nepali workers. The government is preparing to create a quota for labour councilor and labour attaché for these countries. The Ministry of Labour would prepare a proposal within a month in coordination with the Ministry of Foreign Affairs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting pointed out the need of establishing quotas for appointing labour councilor and labour attaché in Japan, Germany, Austria and Israel and for a labour attaché in South Korea. The labour councilor and labour attaché would have three years' term in minimum hereafter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting held at Office of the Prime Minister and Council of Ministers was attended by DPM and Defense Minister, Purna Bahadur Khadka; DPM and Home Minister, Narayan Kaji Shrestha; Labour Minister Bhandari, Foreign Minister Narayan Prakash Saud, PM's Chief Political Advisor Haribol Gajurel, Chief Secretary Dr Baikuntha Aryal, Secretary at Labour Ministry, Kewal Prasad Bhandari, Foreign Secretary Bharat Raj Paudel and Nepal's ambassadors to 12 different countries and general consuls. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18786', 'image' => '20230922113901_foreign emp.jpg', 'article_date' => '2023-09-22 11:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19056', 'article_category_id' => '1', 'title' => 'Furniture Expo to take place from September 27 ', 'sub_title' => '', 'summary' => 'September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference on Thursday, the Nepal Furniture and Furnishing Association said that the Expo will run for five days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The association's Chairman Dinesh Agrawal stated that the expo is to be organized to promote the domestic market of Nepal's furniture and furnishing and demonstrate the entire goods and service under a single roof. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are confident that this expo shall help make economic activities vital at a time when the economic activities are slow in the country," Agrawal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 100 stalls of wholesalers, producers, importers, distributors and others will be kept in the expo. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizer said that the main purpose of the expo is to promote domestic goods and work for their marketing. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18785', 'image' => '20230922111622_Untitled-1.jpg', 'article_date' => '2023-09-22 11:15:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19055', 'article_category_id' => '1', 'title' => 'NEA Exports Power Worth Over Rs 5.43 Billion to India in Two Months', 'sub_title' => '', 'summary' => 'n the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 22: In the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This export consisted of approximately Rs 1.95 billion worth of electricity supplied in the first month, Shrawan (July 17 - August 17), and a subsequent export totaling Rs 3.48 billion in the following month, Bhadra (August 18 - September 17). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The average selling price per unit for these two months was Rs 8.13 paisa in Shrawan and Rs 12.27 paisa in Bhadra, resulting in an overall two-month average rate of Rs 10.37 paisa per unit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This power export to India is facilitated through the Day-Ahead Market (DAM) of the Indian Energy Exchange Limited (IEX), with approximately 110 megawatts of electricity being exported to the Indian company NTPC Vidyut Vyapar Nigam Limited as part of a mid-term electricity agreement.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Central Electricity Authority under the Ministry of Power in India has granted approval for the import of 632 megawatts of electricity from Nepal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NEA Managing Director, Kulman Ghising, highlighted that these power trade relations have made a significant contribution to Nepal's foreign exchange reserves, helping to reduce the substantial trade deficit the country has with India.(RSS) </span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18784', 'image' => '20230922060340_collage (7).jpg', 'article_date' => '2023-09-22 06:01:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19054', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 44.34 Points to Close at 2029.78 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 21: The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This substantial growth in the NEPSE Index is attributed to a positive development from the Nepal Rastra Bank (NRB), which indicated its intention to remove the 120 million cap on margin loans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting between Finance Minister Prakash Sharan Mahat and NRB Governor Maha Prasad Adhikari, along with Finance Minister Mahat's advocacy for eliminating the 120 million cap on share loans, has had a positive impact on the stock market, according to analysts.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, there were 278 different stocks traded in a total of 119,359 transactions. The volume of shares traded amounted to 11,264,309, with a total turnover of Rs. 3.29 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, Sun Nepal Life Insurance Company Limited (SNLI) recorded the highest turnover, reaching Rs. 20.18 crores, and closed at a market price of Rs. 470.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, it's worth mentioning that the stock prices of nearly 8 hydropower companies experienced significant increases, attracting many traders due to their relatively lower prices compared to other scrips.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the flip side, the NIBL Growth Fund (NIBLGF) experienced the highest loss of 4.07% on this trading day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all indices showed positive gains, with the Hydropower Index leading the way with a remarkable increase of 5.31%, followed closely by the Finance Index, which gained 4.38%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Sensitive Index saw a rise of 1.98%, while the Float Index and Sensitive Float Index increased by 2.15% and 1.80%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18783', 'image' => '20230921050715_collage (3).jpg', 'article_date' => '2023-09-21 17:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19053', 'article_category_id' => '1', 'title' => 'SSF Invests Rs 74 billion from Contribution Amount', 'sub_title' => '', 'summary' => 'September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. After the issuance of the Social Security Fund Investment Procedures, the SSF has invested in fixed deposits, shares, debentures, treasury bills, capital market mutual funds, etc in line with the procedures.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The SSF informed that it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">74</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">55</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in various sectors so far. According to the data provided by the SSF to New Business Age, it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">58</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the fixed deposit accounts of various banks as of August 17. The fund earns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.69</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent interest from the amount kept in the term deposit accounts. Banks can invest that amount according to their preference. SSF officials say this will help reduce the lack of liquidity in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the fund has also invested in debentures. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in debentures at an annual interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">26</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million in mutual funds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in treasury bills, government bonds issued by the central bank. The SSF has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">21</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the treasury bills. Treasury bills are short-term government bonds used by Nepal Rastra Bank to raise domestic debt with a duration of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year or less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year. Treasury Bills are of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> types on the basis of duration with maturity period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">28</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">91</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">182</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">364</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days. The SSF informed that the amount has been invested treasury bills at an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in development bonds. According to the data provided by the SSF, it has invested more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.98</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in development bonds with an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Development bond is a government bond used to raise internal debt for medium and long terms with maturity period of more than two years.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the development bonds issued by Nepal Rastra Bank are for a period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. The fund is investing in those development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also started giving loans to contributors. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">31</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the fund has lent more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to the contributors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The loan is given under various headings such as the Contributor Fund, the Contributor Special Fund, the Contributor House Fund for Housing and Construction, the Contributor Educational Fund to support human capital, and the Contributor Social Work Fund to provide facilities for the work of the workers, based on the contribution amount.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the SSF, the contributors can get a housing loan equal to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million or </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years of salary, whichever is less, to build and buy a house, buy a unit in a joint housing or to add or repair a floor to the house they own.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There is a provision in the procedure that the contributor can receive up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million for higher education studies in the country or abroad for the contributor himself or his spouse, sons and daughters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The contributors must have continuously contributed to the fund for at least </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years to avail the facilities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Vivek Panthi, the spokesperson of the fund, said that they have moved forward in the direction of obtaining high returns by investing the collected funds in various sectors through investment diversification. Targeting private sector workers, the then KP Sharma Oli-led government had formally launched the contribution-based social security fund on November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">201</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">8. The fund starting collecting contributions from the formal sector workers from July 17, 2019.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the fund is to cover all sectors by making the workers and employees of the formal and informal sectors voluntarily join the state-sponsored scheme for social security. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">7, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">445,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> formal sector workers have joined the fund. More than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> employers have been registered so far</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign workers are also joining the fund. The data shows that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">336,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> foreign workers have joined the SSF</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Adding the formal, informal, self-employed, and those in foreign employment, the number of contributors to the fund has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">781</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the employees of banks and financial institutions have not joined the fund. The employees of the bank have been taking a stand not to join the fund saying that the facilities they are receiving will decrease. They have even filed a case against the fund in the Supreme Court. The Supreme Court is yet to deliver its verdict. Due to the ongoing court cases, the fund has not advised banks and financial institutions to join the social security fund for the time being.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18782', 'image' => '20230921025001_SSF (1).jpg', 'article_date' => '2023-09-21 14:48:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19052', 'article_category_id' => '1', 'title' => 'Govt Bearing High Cost for Operating Train Service due to Lack of its Own Manpower', 'sub_title' => 'Government Generates Rs 90 Million from Janakpur-Jayanagar while Operating Cost Stands at Rs 200 Million', 'summary' => 'September 21: It has been three years since the 34-kilometre Janakpur-Jayanagar railway came into operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: It has been three years since the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">34</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">-kilometre Janakpur-Jayanagar railway came into operation. However, Nepal has not been able to prepare its own manpower for the operation of the railway. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The railway service, which links the border region of Nepal and India, started operation on September 18, 2020.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the train was officially launched three years ago, the train could not start regular operation due to the lack of technical staff. Later, the government entered into an agreement with India’s Konkan Railway Corporation Limited and has been running the train by bringing in the employees working there. The government is still not able to prepare its own manpower to run the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After taking consent from the Ministry of Law and the Public Service Commission to appoint permanent staff for the operation of the railway, the Ministry of Physical Infrastructure and Transport has sent the file to the Ministry of Finance for final approval.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sources in the Ministry of Physical Infrastructure say that the Ministry of Finance has not yet agreed to this proposal. Arjun Jung Thapa, joint secretary of the ministry, said that the appointment of permanent staff is still in the process as the Council of Ministers needs to decide on such matters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He admitted that the government has not been able to prepare the human resources required to operate the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Either the government should not talk about operating the train or it should make proper preparations. We set up the Nepal Railway Company so that we won’t have to rely on others to operate the train,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the company needs hundreds of more human resources including loco pilot, co-pilot, station manager, train leak maintenance manpower, IT expert for signals, electrical manager among others.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the ministry cannot recruit the manpower at its will because it requires decision from the Council of Ministers. The consent of the Public Service Commission is also required for the appointment of permanent staff. The Ministry of Physical Infrastructure has not yet received the consent from the Ministry of Finance even after sending the file with the consent of the Ministry of Law and the Public Service Commission. Thapa added that after it will be possible to use the home-grown manpower after approval from the Ministry of Finance and the Council of Ministers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Even now, the Indian company Konkan Railway Corporation is running the train with its manpower,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The employees of the Indian company are working on the basis of monthly salary. "Here, our engineer's salary is just Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">40</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per month, but we have given Indian engineers a monthly salary of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">450</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per person," he said, "There are </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people who take that much amount."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry has hinted that the train service may be closed due to this situation and lack of budget. An annual income of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million is generated by operating the train while the cost of operation is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18781', 'image' => '20230921021403_1695260365.2023-09-21 07.24.07.jpg', 'article_date' => '2023-09-21 14:13:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19051', 'article_category_id' => '1', 'title' => 'Gaps in DRRM Funding and Institutional Setup may Hinder Localization Plans and Policies: Study', 'sub_title' => '', 'summary' => 'September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study undertaken by the Harvard Humanitarian Initiative (HHI) through its Program for Resilient Communities has come up with the findings while assessing strengths and gaps in terms of capacity, coordination, and management for any disasters in future scenarios effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal has made significant strides in improving its DRRM policies in recent years. However, the capacity of working officials and stakeholders must be strengthened before the DRRM policy framework can be fully implemented,” the report released recently states. According to the report, government and non-government actors have formed different platforms for knowledge exchange and effective coordination between agencies working on disaster management, yet the declining funding volume in DRRM in Nepal has impacted these networks. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Rapid adaptations of legislation to facilitate the shift towards a decentralized approach in governance have created confusion among agencies, affecting the coordination mechanism for effective risk governance and management of disasters”, the report reveals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The legislation formation procedure of the government of Nepal is extremely complicated. Due to such loopholes, the cabinet makes ad hoc decisions, which are becoming a key problem in strengthening the country’s disaster governance, according to the study. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study highlights the importance of key responders and discusses their roles in managing the disaster. It has found that the overlapping mandates for response of security agencies could pose some problems in the future and suggests having classified responsibilities for security agencies to make them more accountable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Regarding the institutional DRRM, the study has pinpointed the hurdles of National Disaster Risk Reduction and Management Authority (NDRRMA) in achieving its goals. Furthermore, the study has identified significant gaps in knowledge management and capacity enhancement of disaster governance officials and management professionals. The study suggests that research and training institutions can bridge the gap by bringing agencies together to share their knowledge, experiences, and learning that can help DRR programming in local communities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal is among the countries most vulnerable to climate change impacts. From glacial lake outburst floods in the north, exacerbated by warming temperatures, to flooding in the south, impacted by increased rainfall, climate poses a direct threat to infrastructure, agriculture, health, and livelihoods. Local communities will be at the forefront of this and it is important to explore how local actors are thinking about and preparing for climate-related impacts on their communities,” said HHI Resilient Communities programme director Dr Vincenzo Bollettino in a statement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“HHI’s programme in Nepal will focus on developing an evidence base on factors that contribute to local resilience and preparedness for climate change impacts,” said Dr Bollettino. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI conducted the study, which included a literature review, consultations with stakeholders and key informant interviews (KIIs) with different government and nongovernmental agencies working in the DRRM sector in Nepal this year, informed Nepal HHI Resilient Communities Programme’s project lead Ganesh Dhungana. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI is a University-wide academic and research center in humanitarian crisis and leadership. The mission of HHI is to create new knowledge and advance evidence-based leadership in disasters and humanitarian crises. HHI noted that the study only provides a quick overview of the most critical issues and challenges confronting DRRM in Nepal and does not cover all aspects of DRRM in the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18780', 'image' => '20230921012613_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-09-21 13:25:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19050', 'article_category_id' => '1', 'title' => 'Government to Allow Energy Developers to Study Prospects of Electricity Generation in Protected Area', 'sub_title' => '', 'summary' => 'September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas. During a meeting with the officials of the Independent Power Producers Association, Nepal (IPPAN) at the ministry on Wednesday, Minister Mahato instructed the secretary of the ministry to givethe go ahead for study to the projects in the protected area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN President Ganesh Karki said that it is not possible to build a hydroelectric projects in the Terai while most of the areas in the hill and mountainous districts have restrictions in the name of protected areas. In this context, they hydropower potential of the country will go wasted, argued Karki.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">We are also aware of protecting the environment and wildlife. However, after the Ministry of Energy issued permission to develop the project, another body of the government did not give permission for the study,'' President Karki said, adding, “The extent of the impact on the wildlife and the environment can be found only through the environmental study. It does not seem logical to say that it will have an impact on the environment without studying it.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to publish the 'Energy Development Roadmap and Action Plan 2023-2035' with the goal of generating 28,500 megawatts of electricity within 12 years with the slogan of bringing prosperity through energy. The roadmap mentions that 15,000 MW of electricity will be exported and 13,468 MW of electricity will be consumed internally.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN also informed Minister Mahato about the decision of the Supreme Court in favor of the projects in the conservation areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In Section 33 of the 'National Parks and Wildlife Protection Act 2029', the Government of Nepal can give approval for infrastructure development by making necessary regulations. Based on this basic law, the Supreme Court has ordered to pave the way for the construction of projects including hydropower, tourism and other development projects in the coming days. After the order, the National Parks and Wildlife Conservation Department is drafting the regulations and collecting opinions and suggestions from the stakeholders.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, 12,000 megawatts of electricity cannot be produced in 12 years because of forests. IPPAN stressed that the Ministry of Forests and Environment and its subordinate agencies should be friendly towards energy development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At present, Nepal's total installed capacity of electricity has reached about 3,000 megawatts. The private sector alone has produced about 2,000 megawatts. The private sector has been looking for market since four years but the Electricity Act 2049 is causing problem. Karki, the president of IPPAN, said that as soon as the amendment to the Electricity Act, which has been tabled in the Parliament, is passed, the private sector will be able to trade electricity.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18779', 'image' => '20230921100834_download.jpg', 'article_date' => '2023-09-21 10:06:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19049', 'article_category_id' => '1', 'title' => 'Political Wrangling has put Economic Agenda in the Back Burner: Former NPC Chair', 'sub_title' => 'Prolonged Transition Waters Down Ambition of National Prosperity ', 'summary' => 'September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015. Socialism-oriented economy is the ultimate goal set by the constitution. But, examining the national affairs from the socio-economic perspectives, these past eight years are off the mark. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As majority of citizens’ aspirations have not been met, there is growing despair. The number of people leaving for foreign employment and to study abroad is on the rise, while those willing to stay back and do something at home seem disappointed. Experts say that although the system changed, people's condition has not changed for the better. They further argue that political instability and protracted transition took toll on the national ambition of prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Vice Chairperson of the National Planning Commission, Dr Pushpa Raj Kandel, viewed that the economic agenda was overshadowed because of political instability following the promulgation of the Constitution. Political wrangling put economic agenda in the back burner. Nepal is facing similar plight since 1990, he added. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the spirit of the Constitution depend more on ideals. The objectives and goals of the Constitution and the conduct are quite contradictory," Dr Kandel said, adding, "The Constitution has envisioned a welfare state, socialism-oriented economy which is an ideal state. But the enforcement aspect shows digression from the goal. The transition has been prolonged much." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that all political parties and leaders call themselves devoted to development and prosperity, but that’s not true. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Instead of speeding up development works and economic prosperity measures, the government is working in a way to take revenge. Instead of bettering oneself, leaders are focused on belittling and degrading other, which is wrong," Dr Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, one and half decades went in vain due to political instability. It has taken toll on the country's long-standing journey towards prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"If the country's economy is weak, it will have adverse effect on social psychology. The society that wants change quickly is now irate. We have a tendency to compare with others. We are focused more on others' duty while ignoring our own," he expressed his concerns. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Professor at Central Department of Economics at Tribhuvan University, Dr Sanjay Acharya, said citizen's aspiration of improvement in their lifestyle did not change despite change in governance and State affairs. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Millions of Nepalis are in foreign employment for lack of opportunities here. It has given a message that there are no opportunities and potentials inside the country. This is quite alarming," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Acharya further said that 600,000 Nepalis left the country for job while 200,000 Nepalis for higher study last year alone. He suggests political parties and government to pay heed to fiscal federalism. There are numerous complaints of people on fiscal federalism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sub-national governments have imposed unnecessary taxes, thereby making the new system complicated. Governments also need to improve its spending capacity. Decrease in production and export is equally worrying factor, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, he described fiscal transfer and revenue sharing as being ineffective. The concept of project banks and Mid-term expenditure framework (MTEF) have not been enforced at province and local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The trend of spending huge chunk of budget at the end of fiscal year has not ended. Capital formation is difficult but regular spending is on the rise.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the government has expressed its commitment to strengthen fiscal federalism through the current fiscal year’s budget. Point no 428 of the budget states that the Local Government Operation Act, 2074 and Inter-government Fiscal Management Act, 2074 would be amended based on implementation experiences so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nevertheless, if all the political parties make the economic agenda the first priority and move forward, there is still hope of improvement in the economy. Former NPC vice chair Kandel says that since the remittance inflow continues to improve it will provide sufficient revenue and the economy will improve if only a little confidence can be created. If capital expenditure is increased and infrastructure projects currently under construction expedited, it will certainly accelerate the economy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18778', 'image' => '20230921095240_20180513024354_Clipboard07.jpg', 'article_date' => '2023-09-21 09:51:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19047', 'article_category_id' => '1', 'title' => 'Nepal Ratifies Biodiversity Beyond National Jurisdiction Treaty ', 'sub_title' => '', 'summary' => 'September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. Minister for Foreign Affairs NP Saud, who is in New York to attend the 78th General Assembly of the United Nations, signed the agreement on behalf of the Government of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The BBNJ Treaty sets up a procedure to establish large-scale marine protected areas. This facilitates the achievement of the target to effectively conserve and manage 30 per cent of land and sea by 2030, which was agreed in December 2022 within the Kunming-Montreal Global Biodiversity Framework. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The agreement is intended to ensure conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction. The treaty is reportedly key to protect the ocean, promote equity and fairness, tackle environmental degradation, fight climate change, and prevent biodiversity loss in the high seas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deadline for signing this treaty is September 20, 2025, starting from September 20, 2023. The treaty is legally binding and will come into force after 60 state parties ratify it. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18777', 'image' => '20230921085957_francesc.jpg', 'article_date' => '2023-09-21 08:59:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19048', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolis urges Teachers to get Back to Duty ', 'sub_title' => '', 'summary' => 'September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government of the federal capital has urged school teachers within its jurisdiction not to close schools so as to ensure student's right to education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that teachers from various schools across the country, at the call of Nepal Teachers' Federation, have gathered in the federal capital to protest against the Federal Education Bill that was presented in the parliament recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">KMC spokesperson Nabin Manandhar said teachers have been urged to resume classes by Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Student's right to education should not be violated by shutting down the schools," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government is learnt to have instructed the Education Department within it to monitor the situation and take action if any schools within the metropolis is found violating the call to resume classes. Prior to this, the metropolis had warned teachers not to disrupt classes, reminding them schools as zone of peace. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18776', 'image' => '20230921092601_1695206907.jpg', 'article_date' => '2023-09-21 09:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19046', 'article_category_id' => '1', 'title' => 'ADB Forecasts Nepal's Economic Growth at 4.3% for FY 2023/2024', 'sub_title' => '', 'summary' => 'According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating the law.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19057', 'article_category_id' => '1', 'title' => 'Govt Comes up with 47-Point Decisions to Address Issues of Foreign Labour Migration ', 'sub_title' => '', 'summary' => 'September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting chaired by Prime Minister Pushpa Kamal Dahal on September 11 and 12 took the decision to make foreign employment safe, orderly and systematic. Nepal’s ambassadors from 12 major labour destination countries had also attended the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Labour, Employment and Social Security Sarat Singh Bhandari, the government will explore new destinations for foreign jobs and sign bilateral labour agreements them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to ensure the rights and social security of the migrant workers, and also pledged to simplify the labour approval process and to make the roles of diplomatic missions more effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Minister Bhandari said that bringing the dead bodies of the migrant workers and reintegration of the returnees would be ensured under the social welfare responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has also decided to establish the Labour Migration Division within the Ministry of Foreign Affairs. Bhandari shared that the term of reference of the Division would be formulated to manage Roaming Ambassador and Labour Attaches by coordinating with the Ministry of Labour, Employment and Social Security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the government will simplify the visa verification process by amending the guidelines on labour permit approval for personal labour approval system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to simplify the payment process for renewing labour permit, the Labour Ministry would coordinate with diplomatic missions and Nepal Rastra Bank. Similarly, the government has also decided to set up relief and rescue fund at all labour destinations. For the mobilization of the fund, the Ministry of Foreign Affairs will prepare a directive within a month. The cost of transportation of the dead bodies of migrant worker would be borne by the fund, and the fund would be reimbursed by the government later. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the country would establish a diplomatic mission in the countries having more than 10,000 Nepali workers. Such missions would however have 'dry positing' of Under Secretary of Ministry of Foreign Affairs, a labour attaché and a local employee, according to Minister Bhandari. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has been estimated that Portugal, Romania, Malta, Cyprus, Croatia, the Maldives, Poland, Turkey have more than 10,000 Nepali workers. The government is preparing to create a quota for labour councilor and labour attaché for these countries. The Ministry of Labour would prepare a proposal within a month in coordination with the Ministry of Foreign Affairs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting pointed out the need of establishing quotas for appointing labour councilor and labour attaché in Japan, Germany, Austria and Israel and for a labour attaché in South Korea. The labour councilor and labour attaché would have three years' term in minimum hereafter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting held at Office of the Prime Minister and Council of Ministers was attended by DPM and Defense Minister, Purna Bahadur Khadka; DPM and Home Minister, Narayan Kaji Shrestha; Labour Minister Bhandari, Foreign Minister Narayan Prakash Saud, PM's Chief Political Advisor Haribol Gajurel, Chief Secretary Dr Baikuntha Aryal, Secretary at Labour Ministry, Kewal Prasad Bhandari, Foreign Secretary Bharat Raj Paudel and Nepal's ambassadors to 12 different countries and general consuls. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18786', 'image' => '20230922113901_foreign emp.jpg', 'article_date' => '2023-09-22 11:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19056', 'article_category_id' => '1', 'title' => 'Furniture Expo to take place from September 27 ', 'sub_title' => '', 'summary' => 'September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference on Thursday, the Nepal Furniture and Furnishing Association said that the Expo will run for five days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The association's Chairman Dinesh Agrawal stated that the expo is to be organized to promote the domestic market of Nepal's furniture and furnishing and demonstrate the entire goods and service under a single roof. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are confident that this expo shall help make economic activities vital at a time when the economic activities are slow in the country," Agrawal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 100 stalls of wholesalers, producers, importers, distributors and others will be kept in the expo. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizer said that the main purpose of the expo is to promote domestic goods and work for their marketing. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18785', 'image' => '20230922111622_Untitled-1.jpg', 'article_date' => '2023-09-22 11:15:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19055', 'article_category_id' => '1', 'title' => 'NEA Exports Power Worth Over Rs 5.43 Billion to India in Two Months', 'sub_title' => '', 'summary' => 'n the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 22: In the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This export consisted of approximately Rs 1.95 billion worth of electricity supplied in the first month, Shrawan (July 17 - August 17), and a subsequent export totaling Rs 3.48 billion in the following month, Bhadra (August 18 - September 17). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The average selling price per unit for these two months was Rs 8.13 paisa in Shrawan and Rs 12.27 paisa in Bhadra, resulting in an overall two-month average rate of Rs 10.37 paisa per unit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This power export to India is facilitated through the Day-Ahead Market (DAM) of the Indian Energy Exchange Limited (IEX), with approximately 110 megawatts of electricity being exported to the Indian company NTPC Vidyut Vyapar Nigam Limited as part of a mid-term electricity agreement.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Central Electricity Authority under the Ministry of Power in India has granted approval for the import of 632 megawatts of electricity from Nepal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NEA Managing Director, Kulman Ghising, highlighted that these power trade relations have made a significant contribution to Nepal's foreign exchange reserves, helping to reduce the substantial trade deficit the country has with India.(RSS) </span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18784', 'image' => '20230922060340_collage (7).jpg', 'article_date' => '2023-09-22 06:01:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19054', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 44.34 Points to Close at 2029.78 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 21: The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This substantial growth in the NEPSE Index is attributed to a positive development from the Nepal Rastra Bank (NRB), which indicated its intention to remove the 120 million cap on margin loans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting between Finance Minister Prakash Sharan Mahat and NRB Governor Maha Prasad Adhikari, along with Finance Minister Mahat's advocacy for eliminating the 120 million cap on share loans, has had a positive impact on the stock market, according to analysts.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, there were 278 different stocks traded in a total of 119,359 transactions. The volume of shares traded amounted to 11,264,309, with a total turnover of Rs. 3.29 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, Sun Nepal Life Insurance Company Limited (SNLI) recorded the highest turnover, reaching Rs. 20.18 crores, and closed at a market price of Rs. 470.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, it's worth mentioning that the stock prices of nearly 8 hydropower companies experienced significant increases, attracting many traders due to their relatively lower prices compared to other scrips.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the flip side, the NIBL Growth Fund (NIBLGF) experienced the highest loss of 4.07% on this trading day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all indices showed positive gains, with the Hydropower Index leading the way with a remarkable increase of 5.31%, followed closely by the Finance Index, which gained 4.38%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Sensitive Index saw a rise of 1.98%, while the Float Index and Sensitive Float Index increased by 2.15% and 1.80%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18783', 'image' => '20230921050715_collage (3).jpg', 'article_date' => '2023-09-21 17:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19053', 'article_category_id' => '1', 'title' => 'SSF Invests Rs 74 billion from Contribution Amount', 'sub_title' => '', 'summary' => 'September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. After the issuance of the Social Security Fund Investment Procedures, the SSF has invested in fixed deposits, shares, debentures, treasury bills, capital market mutual funds, etc in line with the procedures.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The SSF informed that it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">74</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">55</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in various sectors so far. According to the data provided by the SSF to New Business Age, it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">58</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the fixed deposit accounts of various banks as of August 17. The fund earns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.69</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent interest from the amount kept in the term deposit accounts. Banks can invest that amount according to their preference. SSF officials say this will help reduce the lack of liquidity in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the fund has also invested in debentures. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in debentures at an annual interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">26</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million in mutual funds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in treasury bills, government bonds issued by the central bank. The SSF has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">21</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the treasury bills. Treasury bills are short-term government bonds used by Nepal Rastra Bank to raise domestic debt with a duration of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year or less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year. Treasury Bills are of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> types on the basis of duration with maturity period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">28</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">91</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">182</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">364</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days. The SSF informed that the amount has been invested treasury bills at an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in development bonds. According to the data provided by the SSF, it has invested more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.98</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in development bonds with an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Development bond is a government bond used to raise internal debt for medium and long terms with maturity period of more than two years.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the development bonds issued by Nepal Rastra Bank are for a period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. The fund is investing in those development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also started giving loans to contributors. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">31</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the fund has lent more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to the contributors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The loan is given under various headings such as the Contributor Fund, the Contributor Special Fund, the Contributor House Fund for Housing and Construction, the Contributor Educational Fund to support human capital, and the Contributor Social Work Fund to provide facilities for the work of the workers, based on the contribution amount.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the SSF, the contributors can get a housing loan equal to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million or </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years of salary, whichever is less, to build and buy a house, buy a unit in a joint housing or to add or repair a floor to the house they own.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There is a provision in the procedure that the contributor can receive up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million for higher education studies in the country or abroad for the contributor himself or his spouse, sons and daughters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The contributors must have continuously contributed to the fund for at least </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years to avail the facilities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Vivek Panthi, the spokesperson of the fund, said that they have moved forward in the direction of obtaining high returns by investing the collected funds in various sectors through investment diversification. Targeting private sector workers, the then KP Sharma Oli-led government had formally launched the contribution-based social security fund on November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">201</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">8. The fund starting collecting contributions from the formal sector workers from July 17, 2019.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the fund is to cover all sectors by making the workers and employees of the formal and informal sectors voluntarily join the state-sponsored scheme for social security. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">7, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">445,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> formal sector workers have joined the fund. More than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> employers have been registered so far</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign workers are also joining the fund. The data shows that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">336,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> foreign workers have joined the SSF</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Adding the formal, informal, self-employed, and those in foreign employment, the number of contributors to the fund has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">781</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the employees of banks and financial institutions have not joined the fund. The employees of the bank have been taking a stand not to join the fund saying that the facilities they are receiving will decrease. They have even filed a case against the fund in the Supreme Court. The Supreme Court is yet to deliver its verdict. Due to the ongoing court cases, the fund has not advised banks and financial institutions to join the social security fund for the time being.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18782', 'image' => '20230921025001_SSF (1).jpg', 'article_date' => '2023-09-21 14:48:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19052', 'article_category_id' => '1', 'title' => 'Govt Bearing High Cost for Operating Train Service due to Lack of its Own Manpower', 'sub_title' => 'Government Generates Rs 90 Million from Janakpur-Jayanagar while Operating Cost Stands at Rs 200 Million', 'summary' => 'September 21: It has been three years since the 34-kilometre Janakpur-Jayanagar railway came into operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: It has been three years since the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">34</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">-kilometre Janakpur-Jayanagar railway came into operation. However, Nepal has not been able to prepare its own manpower for the operation of the railway. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The railway service, which links the border region of Nepal and India, started operation on September 18, 2020.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the train was officially launched three years ago, the train could not start regular operation due to the lack of technical staff. Later, the government entered into an agreement with India’s Konkan Railway Corporation Limited and has been running the train by bringing in the employees working there. The government is still not able to prepare its own manpower to run the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After taking consent from the Ministry of Law and the Public Service Commission to appoint permanent staff for the operation of the railway, the Ministry of Physical Infrastructure and Transport has sent the file to the Ministry of Finance for final approval.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sources in the Ministry of Physical Infrastructure say that the Ministry of Finance has not yet agreed to this proposal. Arjun Jung Thapa, joint secretary of the ministry, said that the appointment of permanent staff is still in the process as the Council of Ministers needs to decide on such matters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He admitted that the government has not been able to prepare the human resources required to operate the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Either the government should not talk about operating the train or it should make proper preparations. We set up the Nepal Railway Company so that we won’t have to rely on others to operate the train,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the company needs hundreds of more human resources including loco pilot, co-pilot, station manager, train leak maintenance manpower, IT expert for signals, electrical manager among others.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the ministry cannot recruit the manpower at its will because it requires decision from the Council of Ministers. The consent of the Public Service Commission is also required for the appointment of permanent staff. The Ministry of Physical Infrastructure has not yet received the consent from the Ministry of Finance even after sending the file with the consent of the Ministry of Law and the Public Service Commission. Thapa added that after it will be possible to use the home-grown manpower after approval from the Ministry of Finance and the Council of Ministers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Even now, the Indian company Konkan Railway Corporation is running the train with its manpower,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The employees of the Indian company are working on the basis of monthly salary. "Here, our engineer's salary is just Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">40</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per month, but we have given Indian engineers a monthly salary of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">450</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per person," he said, "There are </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people who take that much amount."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry has hinted that the train service may be closed due to this situation and lack of budget. An annual income of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million is generated by operating the train while the cost of operation is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18781', 'image' => '20230921021403_1695260365.2023-09-21 07.24.07.jpg', 'article_date' => '2023-09-21 14:13:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19051', 'article_category_id' => '1', 'title' => 'Gaps in DRRM Funding and Institutional Setup may Hinder Localization Plans and Policies: Study', 'sub_title' => '', 'summary' => 'September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study undertaken by the Harvard Humanitarian Initiative (HHI) through its Program for Resilient Communities has come up with the findings while assessing strengths and gaps in terms of capacity, coordination, and management for any disasters in future scenarios effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal has made significant strides in improving its DRRM policies in recent years. However, the capacity of working officials and stakeholders must be strengthened before the DRRM policy framework can be fully implemented,” the report released recently states. According to the report, government and non-government actors have formed different platforms for knowledge exchange and effective coordination between agencies working on disaster management, yet the declining funding volume in DRRM in Nepal has impacted these networks. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Rapid adaptations of legislation to facilitate the shift towards a decentralized approach in governance have created confusion among agencies, affecting the coordination mechanism for effective risk governance and management of disasters”, the report reveals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The legislation formation procedure of the government of Nepal is extremely complicated. Due to such loopholes, the cabinet makes ad hoc decisions, which are becoming a key problem in strengthening the country’s disaster governance, according to the study. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study highlights the importance of key responders and discusses their roles in managing the disaster. It has found that the overlapping mandates for response of security agencies could pose some problems in the future and suggests having classified responsibilities for security agencies to make them more accountable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Regarding the institutional DRRM, the study has pinpointed the hurdles of National Disaster Risk Reduction and Management Authority (NDRRMA) in achieving its goals. Furthermore, the study has identified significant gaps in knowledge management and capacity enhancement of disaster governance officials and management professionals. The study suggests that research and training institutions can bridge the gap by bringing agencies together to share their knowledge, experiences, and learning that can help DRR programming in local communities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal is among the countries most vulnerable to climate change impacts. From glacial lake outburst floods in the north, exacerbated by warming temperatures, to flooding in the south, impacted by increased rainfall, climate poses a direct threat to infrastructure, agriculture, health, and livelihoods. Local communities will be at the forefront of this and it is important to explore how local actors are thinking about and preparing for climate-related impacts on their communities,” said HHI Resilient Communities programme director Dr Vincenzo Bollettino in a statement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“HHI’s programme in Nepal will focus on developing an evidence base on factors that contribute to local resilience and preparedness for climate change impacts,” said Dr Bollettino. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI conducted the study, which included a literature review, consultations with stakeholders and key informant interviews (KIIs) with different government and nongovernmental agencies working in the DRRM sector in Nepal this year, informed Nepal HHI Resilient Communities Programme’s project lead Ganesh Dhungana. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI is a University-wide academic and research center in humanitarian crisis and leadership. The mission of HHI is to create new knowledge and advance evidence-based leadership in disasters and humanitarian crises. HHI noted that the study only provides a quick overview of the most critical issues and challenges confronting DRRM in Nepal and does not cover all aspects of DRRM in the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18780', 'image' => '20230921012613_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-09-21 13:25:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19050', 'article_category_id' => '1', 'title' => 'Government to Allow Energy Developers to Study Prospects of Electricity Generation in Protected Area', 'sub_title' => '', 'summary' => 'September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas. During a meeting with the officials of the Independent Power Producers Association, Nepal (IPPAN) at the ministry on Wednesday, Minister Mahato instructed the secretary of the ministry to givethe go ahead for study to the projects in the protected area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN President Ganesh Karki said that it is not possible to build a hydroelectric projects in the Terai while most of the areas in the hill and mountainous districts have restrictions in the name of protected areas. In this context, they hydropower potential of the country will go wasted, argued Karki.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">We are also aware of protecting the environment and wildlife. However, after the Ministry of Energy issued permission to develop the project, another body of the government did not give permission for the study,'' President Karki said, adding, “The extent of the impact on the wildlife and the environment can be found only through the environmental study. It does not seem logical to say that it will have an impact on the environment without studying it.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to publish the 'Energy Development Roadmap and Action Plan 2023-2035' with the goal of generating 28,500 megawatts of electricity within 12 years with the slogan of bringing prosperity through energy. The roadmap mentions that 15,000 MW of electricity will be exported and 13,468 MW of electricity will be consumed internally.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN also informed Minister Mahato about the decision of the Supreme Court in favor of the projects in the conservation areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In Section 33 of the 'National Parks and Wildlife Protection Act 2029', the Government of Nepal can give approval for infrastructure development by making necessary regulations. Based on this basic law, the Supreme Court has ordered to pave the way for the construction of projects including hydropower, tourism and other development projects in the coming days. After the order, the National Parks and Wildlife Conservation Department is drafting the regulations and collecting opinions and suggestions from the stakeholders.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, 12,000 megawatts of electricity cannot be produced in 12 years because of forests. IPPAN stressed that the Ministry of Forests and Environment and its subordinate agencies should be friendly towards energy development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At present, Nepal's total installed capacity of electricity has reached about 3,000 megawatts. The private sector alone has produced about 2,000 megawatts. The private sector has been looking for market since four years but the Electricity Act 2049 is causing problem. Karki, the president of IPPAN, said that as soon as the amendment to the Electricity Act, which has been tabled in the Parliament, is passed, the private sector will be able to trade electricity.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18779', 'image' => '20230921100834_download.jpg', 'article_date' => '2023-09-21 10:06:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19049', 'article_category_id' => '1', 'title' => 'Political Wrangling has put Economic Agenda in the Back Burner: Former NPC Chair', 'sub_title' => 'Prolonged Transition Waters Down Ambition of National Prosperity ', 'summary' => 'September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015. Socialism-oriented economy is the ultimate goal set by the constitution. But, examining the national affairs from the socio-economic perspectives, these past eight years are off the mark. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As majority of citizens’ aspirations have not been met, there is growing despair. The number of people leaving for foreign employment and to study abroad is on the rise, while those willing to stay back and do something at home seem disappointed. Experts say that although the system changed, people's condition has not changed for the better. They further argue that political instability and protracted transition took toll on the national ambition of prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Vice Chairperson of the National Planning Commission, Dr Pushpa Raj Kandel, viewed that the economic agenda was overshadowed because of political instability following the promulgation of the Constitution. Political wrangling put economic agenda in the back burner. Nepal is facing similar plight since 1990, he added. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the spirit of the Constitution depend more on ideals. The objectives and goals of the Constitution and the conduct are quite contradictory," Dr Kandel said, adding, "The Constitution has envisioned a welfare state, socialism-oriented economy which is an ideal state. But the enforcement aspect shows digression from the goal. The transition has been prolonged much." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that all political parties and leaders call themselves devoted to development and prosperity, but that’s not true. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Instead of speeding up development works and economic prosperity measures, the government is working in a way to take revenge. Instead of bettering oneself, leaders are focused on belittling and degrading other, which is wrong," Dr Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, one and half decades went in vain due to political instability. It has taken toll on the country's long-standing journey towards prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"If the country's economy is weak, it will have adverse effect on social psychology. The society that wants change quickly is now irate. We have a tendency to compare with others. We are focused more on others' duty while ignoring our own," he expressed his concerns. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Professor at Central Department of Economics at Tribhuvan University, Dr Sanjay Acharya, said citizen's aspiration of improvement in their lifestyle did not change despite change in governance and State affairs. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Millions of Nepalis are in foreign employment for lack of opportunities here. It has given a message that there are no opportunities and potentials inside the country. This is quite alarming," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Acharya further said that 600,000 Nepalis left the country for job while 200,000 Nepalis for higher study last year alone. He suggests political parties and government to pay heed to fiscal federalism. There are numerous complaints of people on fiscal federalism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sub-national governments have imposed unnecessary taxes, thereby making the new system complicated. Governments also need to improve its spending capacity. Decrease in production and export is equally worrying factor, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, he described fiscal transfer and revenue sharing as being ineffective. The concept of project banks and Mid-term expenditure framework (MTEF) have not been enforced at province and local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The trend of spending huge chunk of budget at the end of fiscal year has not ended. Capital formation is difficult but regular spending is on the rise.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the government has expressed its commitment to strengthen fiscal federalism through the current fiscal year’s budget. Point no 428 of the budget states that the Local Government Operation Act, 2074 and Inter-government Fiscal Management Act, 2074 would be amended based on implementation experiences so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nevertheless, if all the political parties make the economic agenda the first priority and move forward, there is still hope of improvement in the economy. Former NPC vice chair Kandel says that since the remittance inflow continues to improve it will provide sufficient revenue and the economy will improve if only a little confidence can be created. If capital expenditure is increased and infrastructure projects currently under construction expedited, it will certainly accelerate the economy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18778', 'image' => '20230921095240_20180513024354_Clipboard07.jpg', 'article_date' => '2023-09-21 09:51:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19047', 'article_category_id' => '1', 'title' => 'Nepal Ratifies Biodiversity Beyond National Jurisdiction Treaty ', 'sub_title' => '', 'summary' => 'September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. Minister for Foreign Affairs NP Saud, who is in New York to attend the 78th General Assembly of the United Nations, signed the agreement on behalf of the Government of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The BBNJ Treaty sets up a procedure to establish large-scale marine protected areas. This facilitates the achievement of the target to effectively conserve and manage 30 per cent of land and sea by 2030, which was agreed in December 2022 within the Kunming-Montreal Global Biodiversity Framework. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The agreement is intended to ensure conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction. The treaty is reportedly key to protect the ocean, promote equity and fairness, tackle environmental degradation, fight climate change, and prevent biodiversity loss in the high seas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deadline for signing this treaty is September 20, 2025, starting from September 20, 2023. The treaty is legally binding and will come into force after 60 state parties ratify it. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18777', 'image' => '20230921085957_francesc.jpg', 'article_date' => '2023-09-21 08:59:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19048', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolis urges Teachers to get Back to Duty ', 'sub_title' => '', 'summary' => 'September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government of the federal capital has urged school teachers within its jurisdiction not to close schools so as to ensure student's right to education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that teachers from various schools across the country, at the call of Nepal Teachers' Federation, have gathered in the federal capital to protest against the Federal Education Bill that was presented in the parliament recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">KMC spokesperson Nabin Manandhar said teachers have been urged to resume classes by Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Student's right to education should not be violated by shutting down the schools," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government is learnt to have instructed the Education Department within it to monitor the situation and take action if any schools within the metropolis is found violating the call to resume classes. Prior to this, the metropolis had warned teachers not to disrupt classes, reminding them schools as zone of peace. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18776', 'image' => '20230921092601_1695206907.jpg', 'article_date' => '2023-09-21 09:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19046', 'article_category_id' => '1', 'title' => 'ADB Forecasts Nepal's Economic Growth at 4.3% for FY 2023/2024', 'sub_title' => '', 'summary' => 'According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating the law.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '19057', 'article_category_id' => '1', 'title' => 'Govt Comes up with 47-Point Decisions to Address Issues of Foreign Labour Migration ', 'sub_title' => '', 'summary' => 'September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The government has come up with a policy arrangement to implement legal and procedural systems for long-term solution to the issues related to the country’s foreign labour migration.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">A meeting chaired by Prime Minister Pushpa Kamal Dahal on September 11 and 12 took the decision to make foreign employment safe, orderly and systematic. Nepal’s ambassadors from 12 major labour destination countries had also attended the meeting. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister for Labour, Employment and Social Security Sarat Singh Bhandari, the government will explore new destinations for foreign jobs and sign bilateral labour agreements them.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the government has decided to ensure the rights and social security of the migrant workers, and also pledged to simplify the labour approval process and to make the roles of diplomatic missions more effective. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Minister Bhandari said that bringing the dead bodies of the migrant workers and reintegration of the returnees would be ensured under the social welfare responsibility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has also decided to establish the Labour Migration Division within the Ministry of Foreign Affairs. Bhandari shared that the term of reference of the Division would be formulated to manage Roaming Ambassador and Labour Attaches by coordinating with the Ministry of Labour, Employment and Social Security. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the government will simplify the visa verification process by amending the guidelines on labour permit approval for personal labour approval system. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In order to simplify the payment process for renewing labour permit, the Labour Ministry would coordinate with diplomatic missions and Nepal Rastra Bank. Similarly, the government has also decided to set up relief and rescue fund at all labour destinations. For the mobilization of the fund, the Ministry of Foreign Affairs will prepare a directive within a month. The cost of transportation of the dead bodies of migrant worker would be borne by the fund, and the fund would be reimbursed by the government later. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the decision, the country would establish a diplomatic mission in the countries having more than 10,000 Nepali workers. Such missions would however have 'dry positing' of Under Secretary of Ministry of Foreign Affairs, a labour attaché and a local employee, according to Minister Bhandari. </span><br /> <br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It has been estimated that Portugal, Romania, Malta, Cyprus, Croatia, the Maldives, Poland, Turkey have more than 10,000 Nepali workers. The government is preparing to create a quota for labour councilor and labour attaché for these countries. The Ministry of Labour would prepare a proposal within a month in coordination with the Ministry of Foreign Affairs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the meeting pointed out the need of establishing quotas for appointing labour councilor and labour attaché in Japan, Germany, Austria and Israel and for a labour attaché in South Korea. The labour councilor and labour attaché would have three years' term in minimum hereafter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting held at Office of the Prime Minister and Council of Ministers was attended by DPM and Defense Minister, Purna Bahadur Khadka; DPM and Home Minister, Narayan Kaji Shrestha; Labour Minister Bhandari, Foreign Minister Narayan Prakash Saud, PM's Chief Political Advisor Haribol Gajurel, Chief Secretary Dr Baikuntha Aryal, Secretary at Labour Ministry, Kewal Prasad Bhandari, Foreign Secretary Bharat Raj Paudel and Nepal's ambassadors to 12 different countries and general consuls. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18786', 'image' => '20230922113901_foreign emp.jpg', 'article_date' => '2023-09-22 11:37:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '19056', 'article_category_id' => '1', 'title' => 'Furniture Expo to take place from September 27 ', 'sub_title' => '', 'summary' => 'September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 22: The ninth edition of the Furniture and Furnishing Expo 2023 is taking place in Kathmandu from September 27. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organizing a press conference on Thursday, the Nepal Furniture and Furnishing Association said that the Expo will run for five days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The association's Chairman Dinesh Agrawal stated that the expo is to be organized to promote the domestic market of Nepal's furniture and furnishing and demonstrate the entire goods and service under a single roof. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We are confident that this expo shall help make economic activities vital at a time when the economic activities are slow in the country," Agrawal added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">More than 100 stalls of wholesalers, producers, importers, distributors and others will be kept in the expo. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizer said that the main purpose of the expo is to promote domestic goods and work for their marketing. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18785', 'image' => '20230922111622_Untitled-1.jpg', 'article_date' => '2023-09-22 11:15:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '19055', 'article_category_id' => '1', 'title' => 'NEA Exports Power Worth Over Rs 5.43 Billion to India in Two Months', 'sub_title' => '', 'summary' => 'n the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 22: In the first two months of the current fiscal year, the Nepal Electricity Authority (NEA) has exported power worth over Rs 5.43 billion to India. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This export consisted of approximately Rs 1.95 billion worth of electricity supplied in the first month, Shrawan (July 17 - August 17), and a subsequent export totaling Rs 3.48 billion in the following month, Bhadra (August 18 - September 17). </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The average selling price per unit for these two months was Rs 8.13 paisa in Shrawan and Rs 12.27 paisa in Bhadra, resulting in an overall two-month average rate of Rs 10.37 paisa per unit.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This power export to India is facilitated through the Day-Ahead Market (DAM) of the Indian Energy Exchange Limited (IEX), with approximately 110 megawatts of electricity being exported to the Indian company NTPC Vidyut Vyapar Nigam Limited as part of a mid-term electricity agreement.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Central Electricity Authority under the Ministry of Power in India has granted approval for the import of 632 megawatts of electricity from Nepal. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">NEA Managing Director, Kulman Ghising, highlighted that these power trade relations have made a significant contribution to Nepal's foreign exchange reserves, helping to reduce the substantial trade deficit the country has with India.(RSS) </span></span></p> ', 'published' => true, 'created' => '2023-09-22', 'modified' => '2023-09-22', 'keywords' => '', 'description' => '', 'sortorder' => '18784', 'image' => '20230922060340_collage (7).jpg', 'article_date' => '2023-09-22 06:01:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '19054', 'article_category_id' => '1', 'title' => 'NEPSE Index Gains 44.34 Points to Close at 2029.78 Points', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">September 21: The Nepal Stock Exchange (NEPSE) Index exhibited a noteworthy performance, surging by 44.34 points or 2.23% to reach a closing value of 2029.78 points on the final trading day of the week, Thursday.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This substantial growth in the NEPSE Index is attributed to a positive development from the Nepal Rastra Bank (NRB), which indicated its intention to remove the 120 million cap on margin loans. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The meeting between Finance Minister Prakash Sharan Mahat and NRB Governor Maha Prasad Adhikari, along with Finance Minister Mahat's advocacy for eliminating the 120 million cap on share loans, has had a positive impact on the stock market, according to analysts.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, there were 278 different stocks traded in a total of 119,359 transactions. The volume of shares traded amounted to 11,264,309, with a total turnover of Rs. 3.29 billion. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Notably, Sun Nepal Life Insurance Company Limited (SNLI) recorded the highest turnover, reaching Rs. 20.18 crores, and closed at a market price of Rs. 470.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Additionally, it's worth mentioning that the stock prices of nearly 8 hydropower companies experienced significant increases, attracting many traders due to their relatively lower prices compared to other scrips.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">On the flip side, the NIBL Growth Fund (NIBLGF) experienced the highest loss of 4.07% on this trading day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all indices showed positive gains, with the Hydropower Index leading the way with a remarkable increase of 5.31%, followed closely by the Finance Index, which gained 4.38%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Furthermore, the Sensitive Index saw a rise of 1.98%, while the Float Index and Sensitive Float Index increased by 2.15% and 1.80%, respectively.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18783', 'image' => '20230921050715_collage (3).jpg', 'article_date' => '2023-09-21 17:05:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 4 => array( 'Article' => array( 'id' => '19053', 'article_category_id' => '1', 'title' => 'SSF Invests Rs 74 billion from Contribution Amount', 'sub_title' => '', 'summary' => 'September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: The contribution-based Social Security Fund has started investing in various sectors with the policy arrangement regarding investment. After the issuance of the Social Security Fund Investment Procedures, the SSF has invested in fixed deposits, shares, debentures, treasury bills, capital market mutual funds, etc in line with the procedures.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The SSF informed that it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">74</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">55</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in various sectors so far. According to the data provided by the SSF to New Business Age, it has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">58</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the fixed deposit accounts of various banks as of August 17. The fund earns </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.69</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent interest from the amount kept in the term deposit accounts. Banks can invest that amount according to their preference. SSF officials say this will help reduce the lack of liquidity in the market.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, the fund has also invested in debentures. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in debentures at an annual interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. The fund has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">26</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0 million in mutual funds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in treasury bills, government bonds issued by the central bank. The SSF has invested Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">21</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">billion in the treasury bills. Treasury bills are short-term government bonds used by Nepal Rastra Bank to raise domestic debt with a duration of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year or less than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> year. Treasury Bills are of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">4</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> types on the basis of duration with maturity period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">28</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">91</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">182</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">364</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> days. The SSF informed that the amount has been invested treasury bills at an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9.62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also invested in development bonds. According to the data provided by the SSF, it has invested more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.98</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion in development bonds with an interest rate of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.97</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent. Development bond is a government bond used to raise internal debt for medium and long terms with maturity period of more than two years.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the development bonds issued by Nepal Rastra Bank are for a period of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. The fund is investing in those development bonds.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The fund has also started giving loans to contributors. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">31</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the fund has lent more than Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1.44</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to the contributors. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The loan is given under various headings such as the Contributor Fund, the Contributor Special Fund, the Contributor House Fund for Housing and Construction, the Contributor Educational Fund to support human capital, and the Contributor Social Work Fund to provide facilities for the work of the workers, based on the contribution amount.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the SSF, the contributors can get a housing loan equal to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million or </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">15</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years of salary, whichever is less, to build and buy a house, buy a unit in a joint housing or to add or repair a floor to the house they own.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">There is a provision in the procedure that the contributor can receive up to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million for higher education studies in the country or abroad for the contributor himself or his spouse, sons and daughters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The contributors must have continuously contributed to the fund for at least </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years to avail the facilities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Vivek Panthi, the spokesperson of the fund, said that they have moved forward in the direction of obtaining high returns by investing the collected funds in various sectors through investment diversification. Targeting private sector workers, the then KP Sharma Oli-led government had formally launched the contribution-based social security fund on November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">201</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">8. The fund starting collecting contributions from the formal sector workers from July 17, 2019.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The goal of the fund is to cover all sectors by making the workers and employees of the formal and informal sectors voluntarily join the state-sponsored scheme for social security. As of August </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">7, a total of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">445,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> formal sector workers have joined the fund. More than </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">18,200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> employers have been registered so far</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Foreign workers are also joining the fund. The data shows that </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">336,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> foreign workers have joined the SSF</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Adding the formal, informal, self-employed, and those in foreign employment, the number of contributors to the fund has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">781</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000. </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Most of the employees of banks and financial institutions have not joined the fund. The employees of the bank have been taking a stand not to join the fund saying that the facilities they are receiving will decrease. They have even filed a case against the fund in the Supreme Court. The Supreme Court is yet to deliver its verdict. Due to the ongoing court cases, the fund has not advised banks and financial institutions to join the social security fund for the time being.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18782', 'image' => '20230921025001_SSF (1).jpg', 'article_date' => '2023-09-21 14:48:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '19052', 'article_category_id' => '1', 'title' => 'Govt Bearing High Cost for Operating Train Service due to Lack of its Own Manpower', 'sub_title' => 'Government Generates Rs 90 Million from Janakpur-Jayanagar while Operating Cost Stands at Rs 200 Million', 'summary' => 'September 21: It has been three years since the 34-kilometre Janakpur-Jayanagar railway came into operation. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 21: It has been three years since the </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">34</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">-kilometre Janakpur-Jayanagar railway came into operation. However, Nepal has not been able to prepare its own manpower for the operation of the railway. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The railway service, which links the border region of Nepal and India, started operation on September 18, 2020.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Even though the train was officially launched three years ago, the train could not start regular operation due to the lack of technical staff. Later, the government entered into an agreement with India’s Konkan Railway Corporation Limited and has been running the train by bringing in the employees working there. The government is still not able to prepare its own manpower to run the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After taking consent from the Ministry of Law and the Public Service Commission to appoint permanent staff for the operation of the railway, the Ministry of Physical Infrastructure and Transport has sent the file to the Ministry of Finance for final approval.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sources in the Ministry of Physical Infrastructure say that the Ministry of Finance has not yet agreed to this proposal. Arjun Jung Thapa, joint secretary of the ministry, said that the appointment of permanent staff is still in the process as the Council of Ministers needs to decide on such matters.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He admitted that the government has not been able to prepare the human resources required to operate the train.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">"Either the government should not talk about operating the train or it should make proper preparations. We set up the Nepal Railway Company so that we won’t have to rely on others to operate the train,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the company needs hundreds of more human resources including loco pilot, co-pilot, station manager, train leak maintenance manpower, IT expert for signals, electrical manager among others.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He said that the ministry cannot recruit the manpower at its will because it requires decision from the Council of Ministers. The consent of the Public Service Commission is also required for the appointment of permanent staff. The Ministry of Physical Infrastructure has not yet received the consent from the Ministry of Finance even after sending the file with the consent of the Ministry of Law and the Public Service Commission. Thapa added that after it will be possible to use the home-grown manpower after approval from the Ministry of Finance and the Council of Ministers.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“Even now, the Indian company Konkan Railway Corporation is running the train with its manpower,” said Thapa.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The employees of the Indian company are working on the basis of monthly salary. "Here, our engineer's salary is just Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">40</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> to </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">45</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> per month, but we have given Indian engineers a monthly salary of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">450</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">per person," he said, "There are </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> people who take that much amount."</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The ministry has hinted that the train service may be closed due to this situation and lack of budget. An annual income of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">90</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">million is generated by operating the train while the cost of operation is Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18781', 'image' => '20230921021403_1695260365.2023-09-21 07.24.07.jpg', 'article_date' => '2023-09-21 14:13:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '19051', 'article_category_id' => '1', 'title' => 'Gaps in DRRM Funding and Institutional Setup may Hinder Localization Plans and Policies: Study', 'sub_title' => '', 'summary' => 'September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Despite plans and policy arrangements at the federal, provincial and local levels disaster risk reduction and management (DRRM), there is a chance that the localization plans and policies relating to DRRM will remain more in theory than in practice due to gaps in funding and institutional setup, a study has revealed. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study undertaken by the Harvard Humanitarian Initiative (HHI) through its Program for Resilient Communities has come up with the findings while assessing strengths and gaps in terms of capacity, coordination, and management for any disasters in future scenarios effectively. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal has made significant strides in improving its DRRM policies in recent years. However, the capacity of working officials and stakeholders must be strengthened before the DRRM policy framework can be fully implemented,” the report released recently states. According to the report, government and non-government actors have formed different platforms for knowledge exchange and effective coordination between agencies working on disaster management, yet the declining funding volume in DRRM in Nepal has impacted these networks. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Rapid adaptations of legislation to facilitate the shift towards a decentralized approach in governance have created confusion among agencies, affecting the coordination mechanism for effective risk governance and management of disasters”, the report reveals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The legislation formation procedure of the government of Nepal is extremely complicated. Due to such loopholes, the cabinet makes ad hoc decisions, which are becoming a key problem in strengthening the country’s disaster governance, according to the study. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The study highlights the importance of key responders and discusses their roles in managing the disaster. It has found that the overlapping mandates for response of security agencies could pose some problems in the future and suggests having classified responsibilities for security agencies to make them more accountable. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Regarding the institutional DRRM, the study has pinpointed the hurdles of National Disaster Risk Reduction and Management Authority (NDRRMA) in achieving its goals. Furthermore, the study has identified significant gaps in knowledge management and capacity enhancement of disaster governance officials and management professionals. The study suggests that research and training institutions can bridge the gap by bringing agencies together to share their knowledge, experiences, and learning that can help DRR programming in local communities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“Nepal is among the countries most vulnerable to climate change impacts. From glacial lake outburst floods in the north, exacerbated by warming temperatures, to flooding in the south, impacted by increased rainfall, climate poses a direct threat to infrastructure, agriculture, health, and livelihoods. Local communities will be at the forefront of this and it is important to explore how local actors are thinking about and preparing for climate-related impacts on their communities,” said HHI Resilient Communities programme director Dr Vincenzo Bollettino in a statement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“HHI’s programme in Nepal will focus on developing an evidence base on factors that contribute to local resilience and preparedness for climate change impacts,” said Dr Bollettino. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI conducted the study, which included a literature review, consultations with stakeholders and key informant interviews (KIIs) with different government and nongovernmental agencies working in the DRRM sector in Nepal this year, informed Nepal HHI Resilient Communities Programme’s project lead Ganesh Dhungana. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">HHI is a University-wide academic and research center in humanitarian crisis and leadership. The mission of HHI is to create new knowledge and advance evidence-based leadership in disasters and humanitarian crises. HHI noted that the study only provides a quick overview of the most critical issues and challenges confronting DRRM in Nepal and does not cover all aspects of DRRM in the country. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18780', 'image' => '20230921012613_20211020080208_SBS_Kanchanpur-1.jpg', 'article_date' => '2023-09-21 13:25:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '19050', 'article_category_id' => '1', 'title' => 'Government to Allow Energy Developers to Study Prospects of Electricity Generation in Protected Area', 'sub_title' => '', 'summary' => 'September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 21: Minister for Forests and Environment Birendra Mahato has directed authorities concerned to allow interested parties to study the prospects of hydropower projects in the national park and wildlife conservation areas. During a meeting with the officials of the Independent Power Producers Association, Nepal (IPPAN) at the ministry on Wednesday, Minister Mahato instructed the secretary of the ministry to givethe go ahead for study to the projects in the protected area.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN President Ganesh Karki said that it is not possible to build a hydroelectric projects in the Terai while most of the areas in the hill and mountainous districts have restrictions in the name of protected areas. In this context, they hydropower potential of the country will go wasted, argued Karki.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">"</span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">We are also aware of protecting the environment and wildlife. However, after the Ministry of Energy issued permission to develop the project, another body of the government did not give permission for the study,'' President Karki said, adding, “The extent of the impact on the wildlife and the environment can be found only through the environmental study. It does not seem logical to say that it will have an impact on the environment without studying it.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government is preparing to publish the 'Energy Development Roadmap and Action Plan 2023-2035' with the goal of generating 28,500 megawatts of electricity within 12 years with the slogan of bringing prosperity through energy. The roadmap mentions that 15,000 MW of electricity will be exported and 13,468 MW of electricity will be consumed internally.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">IPPAN also informed Minister Mahato about the decision of the Supreme Court in favor of the projects in the conservation areas. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In Section 33 of the 'National Parks and Wildlife Protection Act 2029', the Government of Nepal can give approval for infrastructure development by making necessary regulations. Based on this basic law, the Supreme Court has ordered to pave the way for the construction of projects including hydropower, tourism and other development projects in the coming days. After the order, the National Parks and Wildlife Conservation Department is drafting the regulations and collecting opinions and suggestions from the stakeholders.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In the current situation, 12,000 megawatts of electricity cannot be produced in 12 years because of forests. IPPAN stressed that the Ministry of Forests and Environment and its subordinate agencies should be friendly towards energy development.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">At present, Nepal's total installed capacity of electricity has reached about 3,000 megawatts. The private sector alone has produced about 2,000 megawatts. The private sector has been looking for market since four years but the Electricity Act 2049 is causing problem. Karki, the president of IPPAN, said that as soon as the amendment to the Electricity Act, which has been tabled in the Parliament, is passed, the private sector will be able to trade electricity.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18779', 'image' => '20230921100834_download.jpg', 'article_date' => '2023-09-21 10:06:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '19049', 'article_category_id' => '1', 'title' => 'Political Wrangling has put Economic Agenda in the Back Burner: Former NPC Chair', 'sub_title' => 'Prolonged Transition Waters Down Ambition of National Prosperity ', 'summary' => 'September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Eight years have passed since the promulgation and enforcement of the Constitution of Nepal, 2015. Socialism-oriented economy is the ultimate goal set by the constitution. But, examining the national affairs from the socio-economic perspectives, these past eight years are off the mark. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">As majority of citizens’ aspirations have not been met, there is growing despair. The number of people leaving for foreign employment and to study abroad is on the rise, while those willing to stay back and do something at home seem disappointed. Experts say that although the system changed, people's condition has not changed for the better. They further argue that political instability and protracted transition took toll on the national ambition of prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Vice Chairperson of the National Planning Commission, Dr Pushpa Raj Kandel, viewed that the economic agenda was overshadowed because of political instability following the promulgation of the Constitution. Political wrangling put economic agenda in the back burner. Nepal is facing similar plight since 1990, he added. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"It seems that the spirit of the Constitution depend more on ideals. The objectives and goals of the Constitution and the conduct are quite contradictory," Dr Kandel said, adding, "The Constitution has envisioned a welfare state, socialism-oriented economy which is an ideal state. But the enforcement aspect shows digression from the goal. The transition has been prolonged much." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further said that all political parties and leaders call themselves devoted to development and prosperity, but that’s not true. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Instead of speeding up development works and economic prosperity measures, the government is working in a way to take revenge. Instead of bettering oneself, leaders are focused on belittling and degrading other, which is wrong," Dr Kandel said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, one and half decades went in vain due to political instability. It has taken toll on the country's long-standing journey towards prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"If the country's economy is weak, it will have adverse effect on social psychology. The society that wants change quickly is now irate. We have a tendency to compare with others. We are focused more on others' duty while ignoring our own," he expressed his concerns. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Professor at Central Department of Economics at Tribhuvan University, Dr Sanjay Acharya, said citizen's aspiration of improvement in their lifestyle did not change despite change in governance and State affairs. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Millions of Nepalis are in foreign employment for lack of opportunities here. It has given a message that there are no opportunities and potentials inside the country. This is quite alarming," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Dr Acharya further said that 600,000 Nepalis left the country for job while 200,000 Nepalis for higher study last year alone. He suggests political parties and government to pay heed to fiscal federalism. There are numerous complaints of people on fiscal federalism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The sub-national governments have imposed unnecessary taxes, thereby making the new system complicated. Governments also need to improve its spending capacity. Decrease in production and export is equally worrying factor, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, he described fiscal transfer and revenue sharing as being ineffective. The concept of project banks and Mid-term expenditure framework (MTEF) have not been enforced at province and local levels. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“The trend of spending huge chunk of budget at the end of fiscal year has not ended. Capital formation is difficult but regular spending is on the rise.” </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">However, the government has expressed its commitment to strengthen fiscal federalism through the current fiscal year’s budget. Point no 428 of the budget states that the Local Government Operation Act, 2074 and Inter-government Fiscal Management Act, 2074 would be amended based on implementation experiences so far. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nevertheless, if all the political parties make the economic agenda the first priority and move forward, there is still hope of improvement in the economy. Former NPC vice chair Kandel says that since the remittance inflow continues to improve it will provide sufficient revenue and the economy will improve if only a little confidence can be created. If capital expenditure is increased and infrastructure projects currently under construction expedited, it will certainly accelerate the economy. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18778', 'image' => '20230921095240_20180513024354_Clipboard07.jpg', 'article_date' => '2023-09-21 09:51:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '19047', 'article_category_id' => '1', 'title' => 'Nepal Ratifies Biodiversity Beyond National Jurisdiction Treaty ', 'sub_title' => '', 'summary' => 'September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 21: Nepal has ratified the Biodiversity Beyond National Jurisdiction (BBNJ) treaty proposed by the United Nations. Minister for Foreign Affairs NP Saud, who is in New York to attend the 78th General Assembly of the United Nations, signed the agreement on behalf of the Government of Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The BBNJ Treaty sets up a procedure to establish large-scale marine protected areas. This facilitates the achievement of the target to effectively conserve and manage 30 per cent of land and sea by 2030, which was agreed in December 2022 within the Kunming-Montreal Global Biodiversity Framework. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The agreement is intended to ensure conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction. The treaty is reportedly key to protect the ocean, promote equity and fairness, tackle environmental degradation, fight climate change, and prevent biodiversity loss in the high seas. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The deadline for signing this treaty is September 20, 2025, starting from September 20, 2023. The treaty is legally binding and will come into force after 60 state parties ratify it. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18777', 'image' => '20230921085957_francesc.jpg', 'article_date' => '2023-09-21 08:59:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '19048', 'article_category_id' => '1', 'title' => 'Kathmandu Metropolis urges Teachers to get Back to Duty ', 'sub_title' => '', 'summary' => 'September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">September 20: The Kathmandu Metropolitan City has urged teachers not to disrupt classes while advocating for their rights. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government of the federal capital has urged school teachers within its jurisdiction not to close schools so as to ensure student's right to education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that teachers from various schools across the country, at the call of Nepal Teachers' Federation, have gathered in the federal capital to protest against the Federal Education Bill that was presented in the parliament recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">KMC spokesperson Nabin Manandhar said teachers have been urged to resume classes by Thursday. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Student's right to education should not be violated by shutting down the schools," he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The local government is learnt to have instructed the Education Department within it to monitor the situation and take action if any schools within the metropolis is found violating the call to resume classes. Prior to this, the metropolis had warned teachers not to disrupt classes, reminding them schools as zone of peace. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18776', 'image' => '20230921092601_1695206907.jpg', 'article_date' => '2023-09-21 09:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '19046', 'article_category_id' => '1', 'title' => 'ADB Forecasts Nepal's Economic Growth at 4.3% for FY 2023/2024', 'sub_title' => '', 'summary' => 'According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">September 21: The Asian Development Bank (ADB) has released its latest economic outlook for Nepal, projecting a significant improvement in the country's economic growth. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">According to the ADB's September 2023 report, Nepal's economy is expected to grow by 4.3 percent at market prices in the fiscal year 2023/2024. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This marks a substantial increase from the estimated growth of 1.9 percent in the previous fiscal year, 2022/2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report attributes this optimistic outlook to several key factors. First, there has been a moderation in inflation, and Nepal's foreign exchange reserves are at a comfortable level. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In response to these favorable conditions, the Nepal Rastra Bank has adjusted its monetary policy stance by reducing the policy rate by 50 basis points to 6.5 percent. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">This move is anticipated to lead to lower commercial interest rates and stimulate economic activities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">In terms of sectors, the report anticipates strong performance in the services sector, particularly in real estate, wholesale and retail trade, as well as accommodation and food services. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, the growth in the agricultural sector may decelerate due to factors such as deficient rainfall in June and erratic weather patterns, compounded by a lumpy skin outbreak in cattle.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The report also addresses inflation, predicting a decline in annual average inflation to 6.2 percent in the current fiscal year, compared to 7.7 percent in the previous fiscal year.</span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> This decline is attributed to subdued increases in oil prices and a decrease in inflation in India, which is Nepal's primary source of imports.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">While progress has been made in stabilizing prices and the external sector, fiscal challenges persist. </span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The estimated fiscal deficit for FY2024 is projected to be 2.4 percent of GDP, significantly lower than the 6.1 percent deficit in FY2023.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"> However, the actual deficit could be higher if the government fails to meet its ambitious revenue target for FY2024, warns ADB Principal Economist for Nepal, Jan Hansen.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">External risks to Nepal's economic outlook are considered manageable, with foreign exchange reserves maintained at a level sufficient to cover at least seven months of imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Due to stable remittances and increased imports, the current account deficit is expected to widen to 1.8 percent of GDP as economic growth picks up in the current fiscal year.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">However, there are potential downside risks to the economic outlook, particularly related to the possibility of more contractionary economic policies being implemented by authorities to combat rising prices, given the uncertainties stemming from geopolitical tensions. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">Such policies could dampen consumption, domestic production, and overall economic growth, according to the monthly report. (RSS)</span></span></span></p> ', 'published' => true, 'created' => '2023-09-21', 'modified' => '2023-09-21', 'keywords' => '', 'description' => '', 'sortorder' => '18775', 'image' => '20230921061318_collage (5).jpg', 'article_date' => '2023-09-21 06:10:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 12 => array( 'Article' => array( 'id' => '19045', 'article_category_id' => '1', 'title' => 'Solar Energy in Nepal: Only 3.33 Percent of Total Capacity in Development Phase', 'sub_title' => '', 'summary' => 'September 20: Nepal's hydropower generation capacity is 83,000 megawatts with investment potential of 42,000 megawatts.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: Nepal's hydropower generation capacity is </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">83</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts with investment potential of </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">42</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,000 megawatts. The current installed capacity of hydropower in Nepal has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Meanwhile, the solar energy sector has a potential to produce </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">30,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of electricity but various projects are in different stages of harnessing only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts of solar energy. That is just </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3.33</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent of the total capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Apart from that, the number of individual solar panels kept for household purposes is also decreasing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Hydropower production on the other hand is increasing every year. However, the consumers are facing problems despite increase in hydro electricity generation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In the past, load-shedding schedule used to be published by specifying a certain time from power cuts. At that time, solar energy and inverters were used as alternative energy. After FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2074/75</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> load-shedding gradually ended and many people now do not have solar backup and inverter except for a limited number of people. Even though the electricity production capacity has doubled compared to a few years ago, its supply is getting erratic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Consumers complain that they are facing problems in electricity supply at present when the installed capacity has reached </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">3,000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts than the time when the production capacity was only </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1500</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> megawatts.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Lights going on and off has become a common problem now while there is not enough power to run appliances that consume a lot of electricity, such as fans, ACs, motors. Sometimes the entire electrical system of the house breaks down due to high voltage power supply, according to the electricity users.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Experts in the energy sector say that if the quality of electricity does not improve in Nepal, the demand for solar energy, which was in good demand in Nepal </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7/8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years ago, may increase again.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Due to more sophisticated solar panels than in the past, it is now possible to generate electricity that a household requires at a low cost. In the past, even if someone put solar panels on the roof of a house, it would produce electricity that was not sufficient for a household. However, new technology nowadays has helped developed solar panels that can generate electricity even if the solar panel is placed only on one corner of the house and not on the entire roof. This year, due to climate change, the global temperature has increased. An increase in temperature means an increase in demand for energy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Solar situation in Nepal</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the National Statistics Office, 429,141 households out of 6,660,841 households in Nepal are using alternative energy. That is 6.6 percent of the total households. In 2011, the number of households using solar energy was more than 7 percent. Apart from that, 82,418 households do not have access to electricity. The data shows that their houses do not even have solar energy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">1000 MW of solar development</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">During the last 3 years, solar projects with a capacity of 1000 megawatts have reached different stages in Nepal. Out of that, 12 solar projects have already started generating 58 megawatts of electricity. During the last 3 years, thousands of investors are looking for opportunities in this area as power generation has started from 12 projects. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Currently, 2 projects with a capacity of 5 MW have submitted an application to the Department of Electricity Development seeking permission for construction of solar power plants. Similarly, four projects with a capacity of 141 MW have submitted application to the department seeking for survey permission. Likewise, 14 projects with a capacity of 99 MW have received permission for construction, while 40 projects with a capacity of 705 MW have received survey license. After all, it seems that 1000 megawatt solar projects are in various stages. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">With solar, there is no need for a reservoir project</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In a place like Nepal where there are a lot of projects based on run of the river flow, solar energy is very important for energy mix. However, energy expert Dr Sandeep Shah says the government did not bring policies accordingly.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Today, the share of solar energy in India has reached 24 percent, but in Nepal it has not even reached 1 percent. However, the government has adopted a policy to keep the share of solar energy at 10 percent for energy mix. But the production of solar electricity has been lagging far behind because the government has not been able to work as per its commitment.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">If Nepal could produce more solar energy, the amount of electricity that Nepal has to import from India in winter could have been greatly reduced.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18774', 'image' => '20230920032754_20230421113953_collage (88).jpg', 'article_date' => '2023-09-20 15:26:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '19044', 'article_category_id' => '1', 'title' => 'Price of US Dollar Reaches Record High Compared to Nepali Currency', 'sub_title' => '', 'summary' => 'September 20: The value of the US dollar in the Nepali market has reached a record high. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">September 20: The value of the US dollar in the Nepali market has reached a record high. Nepal Rastra Bank fixed the buying rate of 1 US dollar at Rs 132.94 and the selling rate at Rs 133.54 on Tuesday. For Wednesday too, the central bank has continued the exchange rate fixed for Tuesday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The dollar exchange rate set by the central bank for Tuesday and Wednesday is the highest so far. Earlier, the price of US dollar broke the previous record and reached Rs 133.14 in last October. After that, it decreased to around Rs 130 and started increasing again from last month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">As the Indian rupee weakened against the US dollar, the Nepalese rupee also weakened as the Nepalese currency is pegged to the Indian currency. Therefore, when the Indian rupee becomes weak, the Nepali rupee also becomes weak and when it is strong, the NC also tends to be strong.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">Recently, the prices of US dollar, gold and petroleum products have been continuously increasing in the international market. There are both advantages and disadvantages in Nepal due to the increase in the value of the dollar.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the dollar is expensive, the price increases everywhere in Nepal, from fuel, daily consumables, to large machinery and tools, which have to be imported. Due to the increase in the cost of transportation, the prices of common people's kitchens and other items such as clothes also become expensive. Big projects have to pay higher prices for imported machines and tools. This increases the cost of such projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The government's financial management responsibility increases as the interest and installments of the loans taken by the government from foreign donors have to be paid in dollars. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">When the value of the dollar increases, families who receive remittances from abroad benefit. Their income increases. Exporters also benefit from this. As they receive export payments in dollars, their income and profits increase. In some cases, the government devalues the local currency to increase exports.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">The tourism sector also benefits when the value of the dollar increases. As they also charge for the services they provide to foreign tourists in exchangeable foreign currency, especially in dollars, the tourism sector benefits when the local currency depreciates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI","sans-serif"">In recent times, foreign exchange reserves have increased due to good remittance inflow in Nepal. According to the data of Nepal Rastra Bank, as of July of the current fiscal year, foreign exchange reserves have reached Rs 1573.12 billion. Similarly, the country received remittance worth Rs 116 billion in the first month of the current fiscal year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18773', 'image' => '20230920025200_20230407013841_dollarr.jpg', 'article_date' => '2023-09-20 14:51:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '19043', 'article_category_id' => '1', 'title' => 'Sebon Fines Care Ratings for Violating Law', 'sub_title' => '', 'summary' => 'September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs 50,000 on the rating agency Care Ratings Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">September 20: The Securities Board of Nepal (Sebon) has decided to impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50,000</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">on the rating agency Care Ratings Nepal. A meeting of the board of directors of Sebon on Tuesday decided to impose fine after concluding that the agency made ratings violating the law.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon has been taking action against market-related entities that work against the law, but this is the first time that action has been taken against a rating agency.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Sebon’s Board of Directors meeting on January 8 had decided to seek an explanation from Care Ratings for violating the Credit Rating Regulation </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2068</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and rating its main shareholder. The board asked for an explanation from Care Ratings, whose main investor is Vishal Group, for rating the bank loans of other companies established with investment from the same group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The board decided to take action eight months after asking for an explanation. Care Ratings also rated the most controversial Ghorahi Cement’s IPO. Vishal Group is also the main investor in Ghorahi Cement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Care Ratings has rated United Distributors, Asian Distributors, VG Automobiles, Mainavati Steel, Global Trading Concern and other companies under Vishal Group.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Rating should be done by evaluating the overall condition of the companies in order to help the common investors to be aware of the securities transactions. If any company is rated in violation of securities laws, Sebon can impose a fine of Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">50</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000 </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">200</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">,</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">000</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">. Sebon sources said the regulatory body decided to penalize Care Ratings accordingly.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-09-20', 'modified' => '2023-09-20', 'keywords' => '', 'description' => '', 'sortorder' => '18772', 'image' => '20230920024141_1695168268.credit-rating-agencies-21-638.jpg', 'article_date' => '2023-09-20 14:41:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
