KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal.…
KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal.…
KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal…
KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024.…
UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development…
KHALANGA: The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula…
KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year.…
The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign…
Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed…
The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. This significant rise was largely driven by a substantial increase in the Banking…
KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July…
KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector…
KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner.…
KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments.…
KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed…
KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. The government has not lobbied much for grants, leading to an increasing debt portion as these agencies emphasize loans. In the fiscal year 2023/24, the government aimed to collect foreign grants amounting to Rs 49 billion but received only Rs 11.22 billion, achieving just 22.24 percent of the target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Development Assistance Report 2021/22 issued by the Ministry of Finance, Nepal received grants equal to USD 583 million (Rs 78 billion) from donors in 2012/13. This amount decreased to USD 269 million (Rs 36 billion) in 2021/22 and further reduced to Rs 11.22 billion in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the country received foreign loans equivalent to Rs 82.67 billion up to mid-June of the last fiscal year. The government had targeted raising foreign aid equal to Rs 262 billion, including Rs 49.94 billion in grants and Rs 212 billion in loans, for FY 2023/24, but it failed to meet this target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the government expected to receive Rs 55 billion in grants but received only Rs 21.29 billion. The annual report of the Public Debt Management Office indicates an increase in loan receipts. Analyzing the trend, the report states that foreign debt obligations are on the rise, with multilateral debt obligations increasing by 15.13 percent and bilateral debt obligations by 6.93 percent in FY 2022/23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Fluctuations in foreign debt obligations are also influenced by changes in exchange rates. The increase in external debt is attributed to reconstruction efforts following the 2015 earthquake and the impact of the COVID-19 pandemic starting in 2019.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A senior official of the Ministry of Finance mentioned that since Nepal's debt repayment capacity is increasing, donor agencies are not emphasizing grants as much. "We are constantly taking initiatives to get grants," said the official. "Some have been successful, but it is true that grants have decreased recently." Despite the increase in public debt obligations, Nepal's debt repayment capacity is reportedly good, according to a recent report by the International Monetary Fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials state that donor agencies assess the country's ability to repay debt before deciding whether to provide grants or loans. They are becoming reluctant to give grants, believing Nepal's capacity is better.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts believe the government's inability to create a trustworthy environment and its weak bargaining power are reasons donors are hesitant to provide more grants. Economist Keshav Acharya notes that government officials prefer taking loans over grants due to the fewer conditions attached to loans. "Though the portion of loans taken by Nepal is not large yet, it is necessary to use them properly," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Vice Chairman of the National Planning Commission and former Governor Dipendra Bahadur Chhetri criticized the government for taking loans for non-productive programs to fulfill political ambitions. He emphasized the importance of investing in areas that provide a return on investment and warned against the habit of taking loans for political purposes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chhetri also highlighted that subsidized loans for distribution-oriented programs, like the Prime Minister's Employment Program, burden future generations with unnecessary debt without any return. He stressed that the government should avoid taking loans for such programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Interest Expense of Debt Exceeds Capital Expenditure</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite assurances from agencies like the International Monetary Fund that Nepal is not at risk of falling into a debt trap, last year Nepal spent Rs 113 billion more on payments of principal and interest on loans than on capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the government spent Rs 305 billion on domestic and foreign loan interest payments in FY 2023/24. Of this amount, Rs 255 billion was spent on repaying internal debt, and the rest on external debt repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Financial Comptroller General Office, which tracks government income and expenditure, reported that total capital expenditure last year was only Rs 192 billion. Data from the Public Debt Management Office shows that public debt, which has been increasing for almost a decade, reached Rs 2,433 billion at the end of the last fiscal year. The share of external debt is 51.47 percent. Due to high-interest rates, internal debt payments are higher despite a lower share of internal debt.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21316', 'image' => '20240719021319_20201020023510_1603151183.1.jpg', 'article_date' => '2024-07-19 14:12:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21590', 'article_category_id' => '1', 'title' => 'Joint Secretary Mahesh Baral Appointed SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON). Effective from July 18, Mahesh Baral, the joint secretary of the Ministry of Finance, has been appointed as the new chairman of SEBON. Baral's appointment comes through a ministerial decision by the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Under the Securities Act, 2063 BS, if the SEBON chairman's position becomes vacant, a member representing the Ministry of Finance serves as the interim chairman. With the board chairman's position currently vacant, Baral, in his role as the finance ministry’s representative, has been assigned the responsibilities of SEBON chairman.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board informed that the newly appointed chairman took the oath of office and secrecy before Finance Minister Bishnu Prasad Paudel on July 18.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Baral, who is also the Chief Customs Administrator of Tribhuvan International Airport Customs Office, will now serve as the SEBON chairman in addition to his regular duties. Previously, Joint Secretary Narendra Kumar Rana represented the Ministry of Finance on the board's management committee. Rana was appointed by former Finance Minister Barshaman Pun and took on the role of SEBON chairman on May 21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the welcome program organized by the board on Thursday, the newly appointed chairman, Baral, instructed all employees to fulfill their assigned responsibilities. He emphasized institutional governance of the listed organizations and market participants, capacity building of the board and its staff, and the development, expansion, and stability of the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal, the regulatory body for Nepal's securities market with a capitalization of over Rs 3,800 billion, has been without a leader since January 5. At a time when policy stability is crucial for market development and expansion, changing the chairman of the board within one month is viewed negatively by stakeholders. They argue that replacing the finance ministry’s representative, who has been given responsibility for only a short period while the board chairman's appointment process is unclear, could negatively impact performance. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21315', 'image' => '20240719022309_339d9343.jpeg', 'article_date' => '2024-07-19 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21588', 'article_category_id' => '249', 'title' => 'KUSOM Announces KJIF 2024 to Connect Students with Leading Companies', 'sub_title' => '', 'summary' => 'KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. According to KUSOM, this event aims to provide a vital platform for students to engage directly with prominent companies across diverse industries.<br /> KUSOM said in a statement that the primary objective of KJIF 2024 is to bridge the gap between interviewers and interviewees, providing a direct pathway for students to enter the job market. This fair will enable students to secure positions in their desired companies, aligning their academic achievements with career aspirations.<br /> Following the success of previous editions that attracted participation from over 60 companies, this year's fair will also feature numerous organizations from various sectors such as IT, FMCG, telecommunications, manufacturing, automotive, finance, and more, KUSOM added. This diversity ensures a wide range of opportunities for participating prospective graduates from the MBA, MBE, BBA, and BBIS programs.<br /> The statement added that the KUSOM Placement Cell emphasizes its commitment to supporting students' career growth by providing a platform for them to connect with desired companies. Companies participating in KJIF 2024 will gain advantages too, said KUSOM as they will have access to skilled candidates who match their hiring needs. “Additionally, the fair offers chances to network with academic experts and others in the industry, creating valuable connections,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to KUSOM, KJIF 2024 promises to be a significant opportunity for students and employers alike. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The KUSOM Placement Cell encourages all interested companies to participate actively and invites maximum involvement from KUSOM students to ensure the success of this pivotal event.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'KUSOM, Job, placement', 'description' => '', 'sortorder' => '21314', 'image' => '20240719124855_blank eight by six.jpg', 'article_date' => '2024-07-19 12:47:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21587', 'article_category_id' => '1', 'title' => 'UN Deputy Chief Urges Arms Spending Cuts to Save SDGs ', 'sub_title' => '', 'summary' => 'UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on behalf of Secretary-General Antonio Guterres, Mohammed called for immediate and decisive action to salvage the faltering Sustainable Development Goals (SDGs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Conflicts in Gaza, Sudan, Ukraine, and beyond are causing a devastating loss of life and diverting political attention and scarce resources from the urgent work of ending poverty and averting climate catastrophe," she said at the ministerial meeting of the High-Level Political Forum (HLPF) on Sustainable Development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to slash military budgets and instead channel funds towards peace and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Highlighting the critical state of the SDGs, Mohammed noted that only 17 percent of the targets are on track as the 2030 deadline approaches. "Future generations deserve more than 17 percent of a sustainable future," she emphasized, outlining a four-pronged strategy for urgent acceleration in a bid to meet the 2030 deadline for the goals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first step, she stressed, is to establish peace, underscoring that political and financial resources should be redirected from conflicts to development efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also emphasized the importance of advancing green and digital transition, urging nations to enhance their climate action plans by 2025, aligning them with the 1.5-degree Celsius limit in line with the Paris Agreement and invest in expanding digital connectivity. Addressing the financial challenges impeding SDG progress, Mohammed pointed out the growing financing gap and destabilizing financial conditions in many developing countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She acknowledged ongoing reform of multilateral development banks and the recycling of special drawing rights but called for more robust measures. "We must go further and faster to deliver an SDG Stimulus," she urged, calling for increased lending capacity, expanded access to contingency financing, and comprehensive debt solutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mohammed reiterated the SDGs' promise to "leave no one behind." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to prioritize vulnerable populations, uphold the rights of persons with disabilities and combat gender inequality. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Achieving this agenda means placing vulnerable people and groups at the forefront of national development plans, policies and budgets," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During its three-day ministerial segment, the HLPF will hold a general debate on the theme From the SDG Summit to the Summit of the Future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Held under the auspices of the UN Economic and Social Council, the forum concluded on July 18 with the adoption of a ministerial declaration. – Xinhua/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'UN, SDG, goals, spending, arms, cuts', 'description' => '', 'sortorder' => '21313', 'image' => '20240719120626_GettyImages-1245867689.jpg', 'article_date' => '2024-07-19 12:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21586', 'article_category_id' => '1', 'title' => 'Cross-Border Trade Up with the Opening of Tinkar Pass', 'sub_title' => '', 'summary' => 'KHALANGA: The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">KHALANGA: </span></span><span style="font-size:14.0pt">The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Twenty-seven businessmen, including 15 from Chhangru and 12 from Tinkar of Byas Rural Municipality-1, set out for the Tibet Autonomous Region of China for business purposes on Wednesday, said Yagya Raj Joshi, the Chief District Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Joshi, 187 traders from the district have received permits from the District Administration Office for entry through the transit point to travel to China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Tinkar border checkpoint, which had been closed since the COVID-19 pandemic, has recently reopened. Other local traders and Chinese citizens have also engaged in trade involving local produce and daily consumer goods at the transit point, it is reported.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21312', 'image' => '20240719111134_124991048_1136274376809763_8445161531180496329_n.jpg', 'article_date' => '2024-07-19 11:10:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21585', 'article_category_id' => '1', 'title' => 'IPO Issuance Droped by Rs 12 Billion Last Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. This approval covered more than 404.5 million shares. However, this represents a significant decrease compared to the previous fiscal year, when the board had approved IPOs worth over Rs 22.37 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The statistics reveal a drop of Rs 11.62 billion in IPO issuance permissions. The number of companies receiving approval also fell sharply, from 42 in the previous year to just 9 in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The approval process for IPOs was stalled for about six months, which contributed to the reduced number of approvals. During his tenure, SEBON Chairman Ramesh Kumar Hamal prioritized IPO approvals to increase the number of companies listed in the secondary market. However, his term ended on January 5, and the board has yet to appoint a new chairman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">From January 4 to June 28, the IPO approval process was halted. Currently, in the absence of a chairman, the board is operating under the leadership of a representative from the Ministry of Finance. Although the IPO issuance process resumed on June 28 with the approval of Reliance Spinning Mills, the company has been barred from issuing further approvals for the time being due to the controversy over its dues to the Nepal Electricity Authority.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21311', 'image' => '20240719103346_5b0a4cd9.jpeg', 'article_date' => '2024-07-19 10:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21584', 'article_category_id' => '1', 'title' => 'Birgunj Customs Office Misses Revenue Collection Target', 'sub_title' => '', 'summary' => 'The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 18 : The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The customs office had set a revenue target of Rs 245.88 billion for the last fiscal year but managed to collect only Rs 157.40 billion, according to Birgunj Customs Information Officer Raghulal Karna. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This amount is approximately 36% less than the target, with the office achieving only 64.16% of the set goal. However, this is an improvement compared to the previous fiscal year 2079/80, when the office collected 60% of its revenue target, amounting to Rs 157.15 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Chief Customs Administrator Dilaram Panthi noted that foreign trade has seen a comparative improvement recently. Despite this improvement in trade in recent months, there remains a lack of 'confidence' in the market, he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Birgunj checkpoint primarily handles the import of vehicles, petroleum products, and industrial raw materials. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Export items include juice, refined oil, textiles, and yarn products. Customs reported a decline in both the import and export of these goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21310', 'image' => '20240719054819_collage (71).jpg', 'article_date' => '2024-07-19 05:46:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21583', 'article_category_id' => '1', 'title' => 'Prominent Female Entrepreneur Ambica Shrestha Passes Away', 'sub_title' => '', 'summary' => 'Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 91-year-old Shrestha passed away this morning while undergoing treatment at Medicity Hospital in Lalitpur, according to Binayak Shah, President of Hotel Association Nepal (HAN).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Expressing sorrow over the news of her passing, Shah stated that her death is an irreplaceable loss to Nepal's tourism sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"She played a significant role and made numerous contributions in introducing Nepali tourism and boutique/heritage hotels to the world," Shah said, "Her demise is an irreplaceable loss to tourism sector."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ambica Shrestha was one of Nepal's successful female entrepreneurs. She was currently serving as the chairperson of Dwarika's Hotel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Born on February 12, 1933, in Sikkim, India, Ambica studied at Loreto Convent School in Darjeeling. She completed her undergraduate studies in commerce at Patna University. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After marrying Dwarikadas Shrestha, a member of a prominent business family in Nepal, she moved to Kathmandu. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After the death of her husband, who was also the chairperson of Dwarika's Hotel, she assumed the role of chairperson.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a successful female entrepreneur, she received various national honors. She was also honored with the 'Lifetime Achievement in Business Leadership' award at the sixth 'NewBiz Business Conclave and Awards-2019'.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In recognition of her unparalleled contributions to the Nepali industry, Shrestha was presented with this honor. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">She was the founding chairperson of Nepal's first boutique hotel, Dwarika's Hotel. Apart from this, she was involved with more than a dozen social organizations. </span></span></p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21309', 'image' => '20240718040335_collage (1).jpg', 'article_date' => '2024-07-18 16:02:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21582', 'article_category_id' => '1', 'title' => 'NEPSE Surges by 59.68 Points; Turnover Crosses Rs 15 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. This significant rise was largely driven by a substantial increase in the Banking Index.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This significant rise was largely driven by a substantial increase in the Banking Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, a total of 312 scrips were traded through 184,712 transactions on NEPSE. A total of 39,938,237 units of shares were exchanged, resulting in a turnover of Rs 15.54 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover with transactions worth Rs 42 crore. Additionally, Nepal Investment Mega Bank Limited (NIMB), Nepal Finance Limited (NFS), Ankhu Khola Jalvidhyut Company Limited (AKJCL), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL), and Three Star Hydropower Limited (TSHL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kumari Sabal Yojana (KSY) experienced the highest loss, dropping by 5.76%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in positive territory except for the Finance Index and Hydropower Index. The Banking Index saw the highest gain of 6.28%, while the Finance Index suffered a loss of 1.27%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21308', 'image' => '20240718032803_collage.jpg', 'article_date' => '2024-07-18 15:26:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21580', 'article_category_id' => '1', 'title' => 'Tripartite Agreement to Sell Electricity to Bangladesh on July 28', 'sub_title' => '', 'summary' => 'KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal will be able to export electricity to a third country other than India for the first time after the agreement comes into force. Nepal has been exporting electricity in India’s competitive market since 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for the ministry, Nabin Raj Singh, told New Business Age, “A tripartite agreement between the Nepal Electricity Authority (NEA), India's NTPC Vidyut Vyapar Nigam Limited (NVVN), and the Bangladesh Power Development Board (BPDB) is set to be signed on July 28.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh added, “Since this is a historic moment, Energy Minister Deepak Khadka wrote a letter to the Indian and Bangladeshi energy ministers to participate in the agreement signing program.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had been waiting for the Bangladesh government's decision regarding electricity export from Nepal for a few months. Last week, BPDB wrote to NEA to enter into an agreement for the purchase and sale of 40 megawatts of electricity produced in Nepal. The date of the tripartite signing was finalized based on coordination between the three sides.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the NEA, it will sell 40 megawatts of electricity to Bangladesh for six months of the rainy season (from June 15 to November 15 every year) for five years and will be paid in US dollars. The authority will receive 6.4 cents per unit by selling electricity to Bangladesh.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry stated that 28,800 megawatt hours of electricity will be exported to Bangladesh per month. A total of 144,000 megawatt hours of electricity will be exported to Bangladesh in the next five months, earning Nepal Rs 1.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, Singh mentioned that the bilateral high-level energy-related mechanism meeting between Nepal and Bangladesh is scheduled to be held on July 29 and 30 in Pokhara. The first day of the meeting will see joint secretary level joint working group meeting followed by secretary level joint steering committee meeting the next day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh also noted that an agreement regarding the formation of a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 megawatts may be signed at the bilateral mechanism meeting. He said, “We have sent the draft of the memorandum to Bangladesh. If there is an agreement before the meeting, the contract will be signed. Otherwise, there will only be more discussion about it.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21306', 'image' => '20240718112709_c70a54ed.jpeg', 'article_date' => '2024-07-18 11:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21579', 'article_category_id' => '1', 'title' => 'IMF Report Highlights Post-Pandemic Credit Challenges and Fiscal Pressure in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A report prepared by the IMF following the Fourth Review of the Extended Credit Facility to Nepal states that the country experienced demand-driven credit growth before the COVID-19 pandemic, primarily fueling investment activities. This period saw robust economic expansion without significant inflation, supported by large remittance inflows and accommodative monetary policies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In stark contrast, the post-pandemic credit boom has been largely supply-driven, facilitated by broad-based financial regulation relaxations. This surge disproportionately favored households and non-tradable sectors, leading to excessive credit accumulation. The subsequent economic slowdown and deleveraging highlight the vulnerabilities of this approach, the IMF warned.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report also notes that revenue growth in FY2023/24 has remained subdued despite several tax measures introduced in the budget. By mid-May, tax revenue grew by only 9.1 percent year-on-year, broadly in line with the nominal GDP growth projection. The tax revenue-to-GDP ratio declined from the pre-pandemic average of 18.5 percent to 16.2 percent in FY2022/23, due to factors such as weaker imports, the transition to electric vehicles with lower import duties, increased informal trade, and restrictions on Indian exports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In response to near-term fiscal pressures, the government has reduced expenditure. Despite lower-than-expected revenue collection, spending restraint through the mid-term budget review in January 2024 is expected to improve the primary balance by +0.7 percent of GDP in FY2023/24.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF report points out that Nepal’s private sector credit has expanded significantly in recent years, driven by rapid credit growth and pandemic-related stimulus. The credit-to-GDP ratio now stands near 100 percent, suggesting financial deepening levels are excessive for Nepal’s economic development stage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Analyzing the credit-to-GDP gap reveals that recent credit expansion has been unprecedented. At its peak, the credit gap exceeded 10 percentage points (pp), far above historical norms. The subsequent correction has brought the gap down to around -5 pp, indicating a sharp reversal and raising concerns about future credit cycles.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report highlights increasing financial sector vulnerabilities as banks face mounting capital pressure. Following the post-pandemic credit boom, banks have adjusted lending practices, reclassifying loans and absorbing losses amid a challenging economic environment. Improvements in working capital loan guidelines in 2022 and asset classification regulation in 2023 have led to a healthy shift to term lending but also a reassessment of client relationships and an increase in gross non-performing loans (NPLs).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The NRB phased out forbearance on restructuring and rescheduling loans in mid-April, causing banks to face higher NPLs and retroactive taxation, which have hurt profitability, added the report. Although the banking system remains adequately provisioned with a coverage ratio of 70 percent, potential differentiation among individual institutions warrants close monitoring. A downturn in the real estate market has further complicated efforts by banks to sell seized collateral.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Historically, Nepal’s business cycles led credit cycles, but this trend has reversed since the pandemic. Credit expansion now appears to drive economic activity, reversing the pre-pandemic relationship where economic output influenced credit growth, the IMF report further states</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF emphasizes the importance of understanding these credit dynamics to prevent future boom-bust cycles. It suggests that sustained regulatory adjustments by the Nepal Rastra Bank (NRB) can support sustainable, pro-growth credit allocation, and help stabilize the financial sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">By detecting early financial imbalances through measures like the credit-to-GDP gap, authorities can take proactive steps to mitigate risks and ensure financial stability. The IMF report underscores the need for continued vigilance and policy refinement to navigate the complexities of Nepal’s evolving credit landscape.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'IMF, report, Nepal, ECF, extended, credit, facility, pandemic, shift', 'description' => '', 'sortorder' => '21305', 'image' => '20240718104814_20231006125525_20220426051733_imf.jpg', 'article_date' => '2024-07-18 10:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21576', 'article_category_id' => '266', 'title' => 'Miss Universe Nepal 2024 Announces Global IME Bank as its Official Banking Partner', 'sub_title' => '', 'summary' => 'KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. The prestigious international beauty pageant Miss Universe made its debut in Nepal in 2020, the organisers said in a statement. Auditions for this year's Miss Universe Nepal 2024 are currently underway, with the grand finale scheduled for the last week of August.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organizers of the event, Global Glamor Venture, reported an impressive turnout, marked by enthusiastic and inclusive participation from individuals of diverse backgrounds. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“This year’s auditions welcomed a wide array of participants, including married individuals, transgender individuals, Non-Resident Nepalis (NRNs), and professionals such as doctors, engineers, pilots, and more,” reads the statement, adding that 60 individuals have been selected in the initial stage of the application process following physical auditions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organisers added that 35 candidates will advance to the final training phase. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Speaking on this collaboration, Sangita Puri, national director of Global Glamor Venture, expressed excitement about the partnership, stating, "We are thrilled to have Global IME Bank as our Official Banking Partner for Miss Universe Nepal 2024. Their support underscores our commitment to promoting diversity and empowerment through this platform. This partnership is more than just a sponsorship; it is a union of two entities dedicated to uplifting and empowering the women of Nepal.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Similarly, Dilip Pokharel. chief marketing officer of Global IME Bank said, "We are proud to support Miss Universe Nepal 2024, a platform that celebrates the empowerment and beauty of womanhood.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">He added that Global IME Bank is committed to initiatives that drive societal progress and empower women. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“Through our CSR programs like ‘Swastha Nari Pahal,’ a free women's health camp, and ‘Chhatralai Chhatrabritti,’ a scholarship for girl students, as well as the ‘Meri Unilai’ fixed deposit product, we aim to enhance women's access to education, health, and financial empowerment. This partnership reflects our dedication to uplifting and celebrating the diverse talents within our community.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">According to Global Glamor Venture, this year's training program features international-level trainers like Alexander Gonzalez, a respected image consultant and pageant choreographer, and Luis Portelis, an experienced pageant analyst.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'Miss, Nepal, Universe, banking, artner, Global, IME, Bank', 'description' => '', 'sortorder' => '21302', 'image' => '20240718053329_Image.jpeg', 'article_date' => '2024-07-18 05:32:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21575', 'article_category_id' => '274', 'title' => 'Government Issues 73-Point Guidelines for Budget Enforcement', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. The Finance Ministry made public the circular, which aims at promoting efficiency in budget spending and enhancing effectiveness.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The guidelines cover various agendas, including the authority of budget spending, project approval and allocation, project handover and enforcement, budget transfer, amendment and reporting, fiscal transparency, accountability, and monitoring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">According to the circular, government bodies allocated budgets for implementation in partnership must inform the Finance Ministry and the Financial Comptroller General Office about the budget share and expected results. Additionally, work procedures for budget implementation should be prepared within this month and updated on the website within a week after endorsement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Approval from the Finance Ministry is mandatory for work procedures requiring long-term liability. The adoption of two-shift work has been recommended for projects of national priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the guidelines, project chiefs should be selected based on internal competition to ensure effective project enforcement. The new guidelines demand establishing criteria to discourage the transfer of employees assigned as project chiefs during the project term, except for those who fail to achieve adequate marks in performance evaluations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Furthermore, any works not included in the budget must not be entertained. Finance Secretary Madhu Kumar Marasini informed that the guidelines would be useful in meeting liabilities incurred at the end of the fiscal year. -- RSS</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'guidelines,, government, Nepal, budget, implementation', 'description' => '', 'sortorder' => '21301', 'image' => '20240718053108_guideline.jpg', 'article_date' => '2024-07-18 05:30:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21574', 'article_category_id' => '274', 'title' => 'Finance Minister Poudel Assures Payment for Construction Entrepreneurs', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with the office-bearers of the Federation of Contractors' Association of Nepal (FCAN) at his office in Singha Durbar on Wednesday, Minister Poudel reassured them that there will be no room for complaints regarding outstanding payments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The newly appointed Minister Poudel also pledged to resolve the longstanding electricity fee dispute between industrialists and the Nepal Electricity Authority concerning the 'dedicated feeder’ and 'trunk line' in accordance with prevailing law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He mentioned that the Head of the Government has already outlined the government's stance on the 'dedicated feeder and trunk line dispute' and urged construction entrepreneurs not to panic about this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel emphasized that the government will not create any liabilities through illegal means and will avoid such efforts if any arise.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He further stated that the government, as the guardian of the private sector, is always ready to listen to the problems and complaints of the private sector and seek solutions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The incumbent government will not let the trust and confidence of the private sector be broken," he vowed, urging the delegation to move ahead with high morale and contribute to nation-building with confidence.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel acknowledged that his biggest challenge as the Minister for Finance is to raise the morale of the private sector and the general public, which he noted has been waning lately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed concerns over the decreasing demand and exports, along with the recent dip in revenue collection and capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The finance minister also expressed the government's readiness for legal, structural, and practical reforms to boost the morale of the private sector and enhance the construction sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He sought suggestions from construction entrepreneurs on how the government can facilitate supportive policies,, He added that the government has adopted a policy of facilitating, supporting, and collaborating with the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel assured that the government is aware of the inconveniences faced by the private sector regarding policy implementation and legal arrangements and will consider making laws more flexible and easy to address these issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed his belief that the monetary policy to be rolled out by the Nepal Rastra Bank in the next fiscal year would address the existing issues of the financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FCAN, construction, payment, dues, government, Nepal', 'description' => '', 'sortorder' => '21300', 'image' => '20240718052912_fcan.jpg', 'article_date' => '2024-07-18 05:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21573', 'article_category_id' => '274', 'title' => 'FNCCI Calls on Government for Policy Decision to Motivate Private Sector', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He made such remarks during a meeting with newly-appointed Finance Minister Bishnu Poudel at his office in Singha Durbar on Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The morale of all sectors, from the general public to industrialists and businessmen, is low while the whole economy is in a weak situation at present. Serious initiation is required for a way out of this situation," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president demanded that industrialists, businessmen, and the private sector be given a place in the protocol (order of precedence) determined by the government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, industrialists and businesspersons are not in a position to make fresh investments enthusiastically.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Investments are not being made despite adequate liquidity and low interest rates. Industrialists and entrepreneurs have not been able to pay the principal and interest on their loans. New entrepreneurs have not been able to venture into the market," Dhakal said. He suggested instituting a high-level mechanism with private sector’s involvement to take initiatives for resolving these problems without incurring any financial burden on the State.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dhakal reiterated that the government should make significant policy decisions to motivate the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president also complained that illegal imports have increased, resulting in lost government revenue and problems for traders and entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the meeting, the FNCCI placed several demands before the finance minister, urging government bodies to expedite works related to land acquisition for development projects, construction of approach roads, and carrying out Environmental Impact Assessments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the FNCCI suggested the government clarify the jurisdiction of regulatory bodies, expedite payment of dues to construction entrepreneurs, and promptly resolve the dedicated feeder and trunk line power tariff dispute. The FNCCI also called on the government to seriously address the problems seen in the cooperative and microfinance sectors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector requested a convenient and flexible system for the upcoming fiscal year's monetary policy that does not upset the existing system. Among other topics, the FNCCI raised the need to ease the implementation of guidelines on current capital loans and adopt a flexible policy for managing the capital budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response, the Finance Minister asserted that meaningful initiatives are being taken to address the problems faced by the microfinance and cooperatives sector.</span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FNCCI, Minister, Finance, private sector', 'description' => '', 'sortorder' => '21299', 'image' => '20240718052717_FNCCI.jpg', 'article_date' => '2024-07-18 05:26:08', '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' => '21589', 'article_category_id' => '1', 'title' => 'Share of Loans Increasing in Foreign Aid, Grants Becoming Scarce', 'sub_title' => '', 'summary' => 'KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. The government has not lobbied much for grants, leading to an increasing debt portion as these agencies emphasize loans. In the fiscal year 2023/24, the government aimed to collect foreign grants amounting to Rs 49 billion but received only Rs 11.22 billion, achieving just 22.24 percent of the target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Development Assistance Report 2021/22 issued by the Ministry of Finance, Nepal received grants equal to USD 583 million (Rs 78 billion) from donors in 2012/13. This amount decreased to USD 269 million (Rs 36 billion) in 2021/22 and further reduced to Rs 11.22 billion in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the country received foreign loans equivalent to Rs 82.67 billion up to mid-June of the last fiscal year. The government had targeted raising foreign aid equal to Rs 262 billion, including Rs 49.94 billion in grants and Rs 212 billion in loans, for FY 2023/24, but it failed to meet this target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the government expected to receive Rs 55 billion in grants but received only Rs 21.29 billion. The annual report of the Public Debt Management Office indicates an increase in loan receipts. Analyzing the trend, the report states that foreign debt obligations are on the rise, with multilateral debt obligations increasing by 15.13 percent and bilateral debt obligations by 6.93 percent in FY 2022/23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Fluctuations in foreign debt obligations are also influenced by changes in exchange rates. The increase in external debt is attributed to reconstruction efforts following the 2015 earthquake and the impact of the COVID-19 pandemic starting in 2019.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A senior official of the Ministry of Finance mentioned that since Nepal's debt repayment capacity is increasing, donor agencies are not emphasizing grants as much. "We are constantly taking initiatives to get grants," said the official. "Some have been successful, but it is true that grants have decreased recently." Despite the increase in public debt obligations, Nepal's debt repayment capacity is reportedly good, according to a recent report by the International Monetary Fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials state that donor agencies assess the country's ability to repay debt before deciding whether to provide grants or loans. They are becoming reluctant to give grants, believing Nepal's capacity is better.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts believe the government's inability to create a trustworthy environment and its weak bargaining power are reasons donors are hesitant to provide more grants. Economist Keshav Acharya notes that government officials prefer taking loans over grants due to the fewer conditions attached to loans. "Though the portion of loans taken by Nepal is not large yet, it is necessary to use them properly," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Vice Chairman of the National Planning Commission and former Governor Dipendra Bahadur Chhetri criticized the government for taking loans for non-productive programs to fulfill political ambitions. He emphasized the importance of investing in areas that provide a return on investment and warned against the habit of taking loans for political purposes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chhetri also highlighted that subsidized loans for distribution-oriented programs, like the Prime Minister's Employment Program, burden future generations with unnecessary debt without any return. He stressed that the government should avoid taking loans for such programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Interest Expense of Debt Exceeds Capital Expenditure</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite assurances from agencies like the International Monetary Fund that Nepal is not at risk of falling into a debt trap, last year Nepal spent Rs 113 billion more on payments of principal and interest on loans than on capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the government spent Rs 305 billion on domestic and foreign loan interest payments in FY 2023/24. Of this amount, Rs 255 billion was spent on repaying internal debt, and the rest on external debt repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Financial Comptroller General Office, which tracks government income and expenditure, reported that total capital expenditure last year was only Rs 192 billion. Data from the Public Debt Management Office shows that public debt, which has been increasing for almost a decade, reached Rs 2,433 billion at the end of the last fiscal year. The share of external debt is 51.47 percent. Due to high-interest rates, internal debt payments are higher despite a lower share of internal debt.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21316', 'image' => '20240719021319_20201020023510_1603151183.1.jpg', 'article_date' => '2024-07-19 14:12:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21590', 'article_category_id' => '1', 'title' => 'Joint Secretary Mahesh Baral Appointed SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON). Effective from July 18, Mahesh Baral, the joint secretary of the Ministry of Finance, has been appointed as the new chairman of SEBON. Baral's appointment comes through a ministerial decision by the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Under the Securities Act, 2063 BS, if the SEBON chairman's position becomes vacant, a member representing the Ministry of Finance serves as the interim chairman. With the board chairman's position currently vacant, Baral, in his role as the finance ministry’s representative, has been assigned the responsibilities of SEBON chairman.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board informed that the newly appointed chairman took the oath of office and secrecy before Finance Minister Bishnu Prasad Paudel on July 18.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Baral, who is also the Chief Customs Administrator of Tribhuvan International Airport Customs Office, will now serve as the SEBON chairman in addition to his regular duties. Previously, Joint Secretary Narendra Kumar Rana represented the Ministry of Finance on the board's management committee. Rana was appointed by former Finance Minister Barshaman Pun and took on the role of SEBON chairman on May 21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the welcome program organized by the board on Thursday, the newly appointed chairman, Baral, instructed all employees to fulfill their assigned responsibilities. He emphasized institutional governance of the listed organizations and market participants, capacity building of the board and its staff, and the development, expansion, and stability of the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal, the regulatory body for Nepal's securities market with a capitalization of over Rs 3,800 billion, has been without a leader since January 5. At a time when policy stability is crucial for market development and expansion, changing the chairman of the board within one month is viewed negatively by stakeholders. They argue that replacing the finance ministry’s representative, who has been given responsibility for only a short period while the board chairman's appointment process is unclear, could negatively impact performance. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21315', 'image' => '20240719022309_339d9343.jpeg', 'article_date' => '2024-07-19 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21588', 'article_category_id' => '249', 'title' => 'KUSOM Announces KJIF 2024 to Connect Students with Leading Companies', 'sub_title' => '', 'summary' => 'KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. According to KUSOM, this event aims to provide a vital platform for students to engage directly with prominent companies across diverse industries.<br /> KUSOM said in a statement that the primary objective of KJIF 2024 is to bridge the gap between interviewers and interviewees, providing a direct pathway for students to enter the job market. This fair will enable students to secure positions in their desired companies, aligning their academic achievements with career aspirations.<br /> Following the success of previous editions that attracted participation from over 60 companies, this year's fair will also feature numerous organizations from various sectors such as IT, FMCG, telecommunications, manufacturing, automotive, finance, and more, KUSOM added. This diversity ensures a wide range of opportunities for participating prospective graduates from the MBA, MBE, BBA, and BBIS programs.<br /> The statement added that the KUSOM Placement Cell emphasizes its commitment to supporting students' career growth by providing a platform for them to connect with desired companies. Companies participating in KJIF 2024 will gain advantages too, said KUSOM as they will have access to skilled candidates who match their hiring needs. “Additionally, the fair offers chances to network with academic experts and others in the industry, creating valuable connections,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to KUSOM, KJIF 2024 promises to be a significant opportunity for students and employers alike. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The KUSOM Placement Cell encourages all interested companies to participate actively and invites maximum involvement from KUSOM students to ensure the success of this pivotal event.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'KUSOM, Job, placement', 'description' => '', 'sortorder' => '21314', 'image' => '20240719124855_blank eight by six.jpg', 'article_date' => '2024-07-19 12:47:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21587', 'article_category_id' => '1', 'title' => 'UN Deputy Chief Urges Arms Spending Cuts to Save SDGs ', 'sub_title' => '', 'summary' => 'UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on behalf of Secretary-General Antonio Guterres, Mohammed called for immediate and decisive action to salvage the faltering Sustainable Development Goals (SDGs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Conflicts in Gaza, Sudan, Ukraine, and beyond are causing a devastating loss of life and diverting political attention and scarce resources from the urgent work of ending poverty and averting climate catastrophe," she said at the ministerial meeting of the High-Level Political Forum (HLPF) on Sustainable Development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to slash military budgets and instead channel funds towards peace and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Highlighting the critical state of the SDGs, Mohammed noted that only 17 percent of the targets are on track as the 2030 deadline approaches. "Future generations deserve more than 17 percent of a sustainable future," she emphasized, outlining a four-pronged strategy for urgent acceleration in a bid to meet the 2030 deadline for the goals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first step, she stressed, is to establish peace, underscoring that political and financial resources should be redirected from conflicts to development efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also emphasized the importance of advancing green and digital transition, urging nations to enhance their climate action plans by 2025, aligning them with the 1.5-degree Celsius limit in line with the Paris Agreement and invest in expanding digital connectivity. Addressing the financial challenges impeding SDG progress, Mohammed pointed out the growing financing gap and destabilizing financial conditions in many developing countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She acknowledged ongoing reform of multilateral development banks and the recycling of special drawing rights but called for more robust measures. "We must go further and faster to deliver an SDG Stimulus," she urged, calling for increased lending capacity, expanded access to contingency financing, and comprehensive debt solutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mohammed reiterated the SDGs' promise to "leave no one behind." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to prioritize vulnerable populations, uphold the rights of persons with disabilities and combat gender inequality. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Achieving this agenda means placing vulnerable people and groups at the forefront of national development plans, policies and budgets," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During its three-day ministerial segment, the HLPF will hold a general debate on the theme From the SDG Summit to the Summit of the Future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Held under the auspices of the UN Economic and Social Council, the forum concluded on July 18 with the adoption of a ministerial declaration. – Xinhua/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'UN, SDG, goals, spending, arms, cuts', 'description' => '', 'sortorder' => '21313', 'image' => '20240719120626_GettyImages-1245867689.jpg', 'article_date' => '2024-07-19 12:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21586', 'article_category_id' => '1', 'title' => 'Cross-Border Trade Up with the Opening of Tinkar Pass', 'sub_title' => '', 'summary' => 'KHALANGA: The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">KHALANGA: </span></span><span style="font-size:14.0pt">The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Twenty-seven businessmen, including 15 from Chhangru and 12 from Tinkar of Byas Rural Municipality-1, set out for the Tibet Autonomous Region of China for business purposes on Wednesday, said Yagya Raj Joshi, the Chief District Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Joshi, 187 traders from the district have received permits from the District Administration Office for entry through the transit point to travel to China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Tinkar border checkpoint, which had been closed since the COVID-19 pandemic, has recently reopened. Other local traders and Chinese citizens have also engaged in trade involving local produce and daily consumer goods at the transit point, it is reported.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21312', 'image' => '20240719111134_124991048_1136274376809763_8445161531180496329_n.jpg', 'article_date' => '2024-07-19 11:10:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21585', 'article_category_id' => '1', 'title' => 'IPO Issuance Droped by Rs 12 Billion Last Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. This approval covered more than 404.5 million shares. However, this represents a significant decrease compared to the previous fiscal year, when the board had approved IPOs worth over Rs 22.37 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The statistics reveal a drop of Rs 11.62 billion in IPO issuance permissions. The number of companies receiving approval also fell sharply, from 42 in the previous year to just 9 in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The approval process for IPOs was stalled for about six months, which contributed to the reduced number of approvals. During his tenure, SEBON Chairman Ramesh Kumar Hamal prioritized IPO approvals to increase the number of companies listed in the secondary market. However, his term ended on January 5, and the board has yet to appoint a new chairman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">From January 4 to June 28, the IPO approval process was halted. Currently, in the absence of a chairman, the board is operating under the leadership of a representative from the Ministry of Finance. Although the IPO issuance process resumed on June 28 with the approval of Reliance Spinning Mills, the company has been barred from issuing further approvals for the time being due to the controversy over its dues to the Nepal Electricity Authority.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21311', 'image' => '20240719103346_5b0a4cd9.jpeg', 'article_date' => '2024-07-19 10:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21584', 'article_category_id' => '1', 'title' => 'Birgunj Customs Office Misses Revenue Collection Target', 'sub_title' => '', 'summary' => 'The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 18 : The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The customs office had set a revenue target of Rs 245.88 billion for the last fiscal year but managed to collect only Rs 157.40 billion, according to Birgunj Customs Information Officer Raghulal Karna. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This amount is approximately 36% less than the target, with the office achieving only 64.16% of the set goal. However, this is an improvement compared to the previous fiscal year 2079/80, when the office collected 60% of its revenue target, amounting to Rs 157.15 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Chief Customs Administrator Dilaram Panthi noted that foreign trade has seen a comparative improvement recently. Despite this improvement in trade in recent months, there remains a lack of 'confidence' in the market, he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Birgunj checkpoint primarily handles the import of vehicles, petroleum products, and industrial raw materials. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Export items include juice, refined oil, textiles, and yarn products. Customs reported a decline in both the import and export of these goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21310', 'image' => '20240719054819_collage (71).jpg', 'article_date' => '2024-07-19 05:46:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21583', 'article_category_id' => '1', 'title' => 'Prominent Female Entrepreneur Ambica Shrestha Passes Away', 'sub_title' => '', 'summary' => 'Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 91-year-old Shrestha passed away this morning while undergoing treatment at Medicity Hospital in Lalitpur, according to Binayak Shah, President of Hotel Association Nepal (HAN).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Expressing sorrow over the news of her passing, Shah stated that her death is an irreplaceable loss to Nepal's tourism sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"She played a significant role and made numerous contributions in introducing Nepali tourism and boutique/heritage hotels to the world," Shah said, "Her demise is an irreplaceable loss to tourism sector."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ambica Shrestha was one of Nepal's successful female entrepreneurs. She was currently serving as the chairperson of Dwarika's Hotel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Born on February 12, 1933, in Sikkim, India, Ambica studied at Loreto Convent School in Darjeeling. She completed her undergraduate studies in commerce at Patna University. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After marrying Dwarikadas Shrestha, a member of a prominent business family in Nepal, she moved to Kathmandu. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After the death of her husband, who was also the chairperson of Dwarika's Hotel, she assumed the role of chairperson.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a successful female entrepreneur, she received various national honors. She was also honored with the 'Lifetime Achievement in Business Leadership' award at the sixth 'NewBiz Business Conclave and Awards-2019'.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In recognition of her unparalleled contributions to the Nepali industry, Shrestha was presented with this honor. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">She was the founding chairperson of Nepal's first boutique hotel, Dwarika's Hotel. Apart from this, she was involved with more than a dozen social organizations. </span></span></p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21309', 'image' => '20240718040335_collage (1).jpg', 'article_date' => '2024-07-18 16:02:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21582', 'article_category_id' => '1', 'title' => 'NEPSE Surges by 59.68 Points; Turnover Crosses Rs 15 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. This significant rise was largely driven by a substantial increase in the Banking Index.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This significant rise was largely driven by a substantial increase in the Banking Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, a total of 312 scrips were traded through 184,712 transactions on NEPSE. A total of 39,938,237 units of shares were exchanged, resulting in a turnover of Rs 15.54 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover with transactions worth Rs 42 crore. Additionally, Nepal Investment Mega Bank Limited (NIMB), Nepal Finance Limited (NFS), Ankhu Khola Jalvidhyut Company Limited (AKJCL), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL), and Three Star Hydropower Limited (TSHL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kumari Sabal Yojana (KSY) experienced the highest loss, dropping by 5.76%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in positive territory except for the Finance Index and Hydropower Index. The Banking Index saw the highest gain of 6.28%, while the Finance Index suffered a loss of 1.27%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21308', 'image' => '20240718032803_collage.jpg', 'article_date' => '2024-07-18 15:26:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21580', 'article_category_id' => '1', 'title' => 'Tripartite Agreement to Sell Electricity to Bangladesh on July 28', 'sub_title' => '', 'summary' => 'KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal will be able to export electricity to a third country other than India for the first time after the agreement comes into force. Nepal has been exporting electricity in India’s competitive market since 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for the ministry, Nabin Raj Singh, told New Business Age, “A tripartite agreement between the Nepal Electricity Authority (NEA), India's NTPC Vidyut Vyapar Nigam Limited (NVVN), and the Bangladesh Power Development Board (BPDB) is set to be signed on July 28.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh added, “Since this is a historic moment, Energy Minister Deepak Khadka wrote a letter to the Indian and Bangladeshi energy ministers to participate in the agreement signing program.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had been waiting for the Bangladesh government's decision regarding electricity export from Nepal for a few months. Last week, BPDB wrote to NEA to enter into an agreement for the purchase and sale of 40 megawatts of electricity produced in Nepal. The date of the tripartite signing was finalized based on coordination between the three sides.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the NEA, it will sell 40 megawatts of electricity to Bangladesh for six months of the rainy season (from June 15 to November 15 every year) for five years and will be paid in US dollars. The authority will receive 6.4 cents per unit by selling electricity to Bangladesh.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry stated that 28,800 megawatt hours of electricity will be exported to Bangladesh per month. A total of 144,000 megawatt hours of electricity will be exported to Bangladesh in the next five months, earning Nepal Rs 1.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, Singh mentioned that the bilateral high-level energy-related mechanism meeting between Nepal and Bangladesh is scheduled to be held on July 29 and 30 in Pokhara. The first day of the meeting will see joint secretary level joint working group meeting followed by secretary level joint steering committee meeting the next day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh also noted that an agreement regarding the formation of a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 megawatts may be signed at the bilateral mechanism meeting. He said, “We have sent the draft of the memorandum to Bangladesh. If there is an agreement before the meeting, the contract will be signed. Otherwise, there will only be more discussion about it.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21306', 'image' => '20240718112709_c70a54ed.jpeg', 'article_date' => '2024-07-18 11:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21579', 'article_category_id' => '1', 'title' => 'IMF Report Highlights Post-Pandemic Credit Challenges and Fiscal Pressure in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A report prepared by the IMF following the Fourth Review of the Extended Credit Facility to Nepal states that the country experienced demand-driven credit growth before the COVID-19 pandemic, primarily fueling investment activities. This period saw robust economic expansion without significant inflation, supported by large remittance inflows and accommodative monetary policies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In stark contrast, the post-pandemic credit boom has been largely supply-driven, facilitated by broad-based financial regulation relaxations. This surge disproportionately favored households and non-tradable sectors, leading to excessive credit accumulation. The subsequent economic slowdown and deleveraging highlight the vulnerabilities of this approach, the IMF warned.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report also notes that revenue growth in FY2023/24 has remained subdued despite several tax measures introduced in the budget. By mid-May, tax revenue grew by only 9.1 percent year-on-year, broadly in line with the nominal GDP growth projection. The tax revenue-to-GDP ratio declined from the pre-pandemic average of 18.5 percent to 16.2 percent in FY2022/23, due to factors such as weaker imports, the transition to electric vehicles with lower import duties, increased informal trade, and restrictions on Indian exports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In response to near-term fiscal pressures, the government has reduced expenditure. Despite lower-than-expected revenue collection, spending restraint through the mid-term budget review in January 2024 is expected to improve the primary balance by +0.7 percent of GDP in FY2023/24.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF report points out that Nepal’s private sector credit has expanded significantly in recent years, driven by rapid credit growth and pandemic-related stimulus. The credit-to-GDP ratio now stands near 100 percent, suggesting financial deepening levels are excessive for Nepal’s economic development stage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Analyzing the credit-to-GDP gap reveals that recent credit expansion has been unprecedented. At its peak, the credit gap exceeded 10 percentage points (pp), far above historical norms. The subsequent correction has brought the gap down to around -5 pp, indicating a sharp reversal and raising concerns about future credit cycles.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report highlights increasing financial sector vulnerabilities as banks face mounting capital pressure. Following the post-pandemic credit boom, banks have adjusted lending practices, reclassifying loans and absorbing losses amid a challenging economic environment. Improvements in working capital loan guidelines in 2022 and asset classification regulation in 2023 have led to a healthy shift to term lending but also a reassessment of client relationships and an increase in gross non-performing loans (NPLs).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The NRB phased out forbearance on restructuring and rescheduling loans in mid-April, causing banks to face higher NPLs and retroactive taxation, which have hurt profitability, added the report. Although the banking system remains adequately provisioned with a coverage ratio of 70 percent, potential differentiation among individual institutions warrants close monitoring. A downturn in the real estate market has further complicated efforts by banks to sell seized collateral.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Historically, Nepal’s business cycles led credit cycles, but this trend has reversed since the pandemic. Credit expansion now appears to drive economic activity, reversing the pre-pandemic relationship where economic output influenced credit growth, the IMF report further states</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF emphasizes the importance of understanding these credit dynamics to prevent future boom-bust cycles. It suggests that sustained regulatory adjustments by the Nepal Rastra Bank (NRB) can support sustainable, pro-growth credit allocation, and help stabilize the financial sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">By detecting early financial imbalances through measures like the credit-to-GDP gap, authorities can take proactive steps to mitigate risks and ensure financial stability. The IMF report underscores the need for continued vigilance and policy refinement to navigate the complexities of Nepal’s evolving credit landscape.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'IMF, report, Nepal, ECF, extended, credit, facility, pandemic, shift', 'description' => '', 'sortorder' => '21305', 'image' => '20240718104814_20231006125525_20220426051733_imf.jpg', 'article_date' => '2024-07-18 10:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21576', 'article_category_id' => '266', 'title' => 'Miss Universe Nepal 2024 Announces Global IME Bank as its Official Banking Partner', 'sub_title' => '', 'summary' => 'KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. The prestigious international beauty pageant Miss Universe made its debut in Nepal in 2020, the organisers said in a statement. Auditions for this year's Miss Universe Nepal 2024 are currently underway, with the grand finale scheduled for the last week of August.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organizers of the event, Global Glamor Venture, reported an impressive turnout, marked by enthusiastic and inclusive participation from individuals of diverse backgrounds. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“This year’s auditions welcomed a wide array of participants, including married individuals, transgender individuals, Non-Resident Nepalis (NRNs), and professionals such as doctors, engineers, pilots, and more,” reads the statement, adding that 60 individuals have been selected in the initial stage of the application process following physical auditions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organisers added that 35 candidates will advance to the final training phase. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Speaking on this collaboration, Sangita Puri, national director of Global Glamor Venture, expressed excitement about the partnership, stating, "We are thrilled to have Global IME Bank as our Official Banking Partner for Miss Universe Nepal 2024. Their support underscores our commitment to promoting diversity and empowerment through this platform. This partnership is more than just a sponsorship; it is a union of two entities dedicated to uplifting and empowering the women of Nepal.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Similarly, Dilip Pokharel. chief marketing officer of Global IME Bank said, "We are proud to support Miss Universe Nepal 2024, a platform that celebrates the empowerment and beauty of womanhood.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">He added that Global IME Bank is committed to initiatives that drive societal progress and empower women. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“Through our CSR programs like ‘Swastha Nari Pahal,’ a free women's health camp, and ‘Chhatralai Chhatrabritti,’ a scholarship for girl students, as well as the ‘Meri Unilai’ fixed deposit product, we aim to enhance women's access to education, health, and financial empowerment. This partnership reflects our dedication to uplifting and celebrating the diverse talents within our community.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">According to Global Glamor Venture, this year's training program features international-level trainers like Alexander Gonzalez, a respected image consultant and pageant choreographer, and Luis Portelis, an experienced pageant analyst.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'Miss, Nepal, Universe, banking, artner, Global, IME, Bank', 'description' => '', 'sortorder' => '21302', 'image' => '20240718053329_Image.jpeg', 'article_date' => '2024-07-18 05:32:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21575', 'article_category_id' => '274', 'title' => 'Government Issues 73-Point Guidelines for Budget Enforcement', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. The Finance Ministry made public the circular, which aims at promoting efficiency in budget spending and enhancing effectiveness.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The guidelines cover various agendas, including the authority of budget spending, project approval and allocation, project handover and enforcement, budget transfer, amendment and reporting, fiscal transparency, accountability, and monitoring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">According to the circular, government bodies allocated budgets for implementation in partnership must inform the Finance Ministry and the Financial Comptroller General Office about the budget share and expected results. Additionally, work procedures for budget implementation should be prepared within this month and updated on the website within a week after endorsement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Approval from the Finance Ministry is mandatory for work procedures requiring long-term liability. The adoption of two-shift work has been recommended for projects of national priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the guidelines, project chiefs should be selected based on internal competition to ensure effective project enforcement. The new guidelines demand establishing criteria to discourage the transfer of employees assigned as project chiefs during the project term, except for those who fail to achieve adequate marks in performance evaluations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Furthermore, any works not included in the budget must not be entertained. Finance Secretary Madhu Kumar Marasini informed that the guidelines would be useful in meeting liabilities incurred at the end of the fiscal year. -- RSS</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'guidelines,, government, Nepal, budget, implementation', 'description' => '', 'sortorder' => '21301', 'image' => '20240718053108_guideline.jpg', 'article_date' => '2024-07-18 05:30:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21574', 'article_category_id' => '274', 'title' => 'Finance Minister Poudel Assures Payment for Construction Entrepreneurs', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with the office-bearers of the Federation of Contractors' Association of Nepal (FCAN) at his office in Singha Durbar on Wednesday, Minister Poudel reassured them that there will be no room for complaints regarding outstanding payments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The newly appointed Minister Poudel also pledged to resolve the longstanding electricity fee dispute between industrialists and the Nepal Electricity Authority concerning the 'dedicated feeder’ and 'trunk line' in accordance with prevailing law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He mentioned that the Head of the Government has already outlined the government's stance on the 'dedicated feeder and trunk line dispute' and urged construction entrepreneurs not to panic about this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel emphasized that the government will not create any liabilities through illegal means and will avoid such efforts if any arise.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He further stated that the government, as the guardian of the private sector, is always ready to listen to the problems and complaints of the private sector and seek solutions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The incumbent government will not let the trust and confidence of the private sector be broken," he vowed, urging the delegation to move ahead with high morale and contribute to nation-building with confidence.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel acknowledged that his biggest challenge as the Minister for Finance is to raise the morale of the private sector and the general public, which he noted has been waning lately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed concerns over the decreasing demand and exports, along with the recent dip in revenue collection and capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The finance minister also expressed the government's readiness for legal, structural, and practical reforms to boost the morale of the private sector and enhance the construction sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He sought suggestions from construction entrepreneurs on how the government can facilitate supportive policies,, He added that the government has adopted a policy of facilitating, supporting, and collaborating with the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel assured that the government is aware of the inconveniences faced by the private sector regarding policy implementation and legal arrangements and will consider making laws more flexible and easy to address these issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed his belief that the monetary policy to be rolled out by the Nepal Rastra Bank in the next fiscal year would address the existing issues of the financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FCAN, construction, payment, dues, government, Nepal', 'description' => '', 'sortorder' => '21300', 'image' => '20240718052912_fcan.jpg', 'article_date' => '2024-07-18 05:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21573', 'article_category_id' => '274', 'title' => 'FNCCI Calls on Government for Policy Decision to Motivate Private Sector', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He made such remarks during a meeting with newly-appointed Finance Minister Bishnu Poudel at his office in Singha Durbar on Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The morale of all sectors, from the general public to industrialists and businessmen, is low while the whole economy is in a weak situation at present. Serious initiation is required for a way out of this situation," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president demanded that industrialists, businessmen, and the private sector be given a place in the protocol (order of precedence) determined by the government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, industrialists and businesspersons are not in a position to make fresh investments enthusiastically.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Investments are not being made despite adequate liquidity and low interest rates. Industrialists and entrepreneurs have not been able to pay the principal and interest on their loans. New entrepreneurs have not been able to venture into the market," Dhakal said. He suggested instituting a high-level mechanism with private sector’s involvement to take initiatives for resolving these problems without incurring any financial burden on the State.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dhakal reiterated that the government should make significant policy decisions to motivate the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president also complained that illegal imports have increased, resulting in lost government revenue and problems for traders and entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the meeting, the FNCCI placed several demands before the finance minister, urging government bodies to expedite works related to land acquisition for development projects, construction of approach roads, and carrying out Environmental Impact Assessments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the FNCCI suggested the government clarify the jurisdiction of regulatory bodies, expedite payment of dues to construction entrepreneurs, and promptly resolve the dedicated feeder and trunk line power tariff dispute. The FNCCI also called on the government to seriously address the problems seen in the cooperative and microfinance sectors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector requested a convenient and flexible system for the upcoming fiscal year's monetary policy that does not upset the existing system. Among other topics, the FNCCI raised the need to ease the implementation of guidelines on current capital loans and adopt a flexible policy for managing the capital budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response, the Finance Minister asserted that meaningful initiatives are being taken to address the problems faced by the microfinance and cooperatives sector.</span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FNCCI, Minister, Finance, private sector', 'description' => '', 'sortorder' => '21299', 'image' => '20240718052717_FNCCI.jpg', 'article_date' => '2024-07-18 05:26:08', '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' => '21589', 'article_category_id' => '1', 'title' => 'Share of Loans Increasing in Foreign Aid, Grants Becoming Scarce', 'sub_title' => '', 'summary' => 'KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. The government has not lobbied much for grants, leading to an increasing debt portion as these agencies emphasize loans. In the fiscal year 2023/24, the government aimed to collect foreign grants amounting to Rs 49 billion but received only Rs 11.22 billion, achieving just 22.24 percent of the target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Development Assistance Report 2021/22 issued by the Ministry of Finance, Nepal received grants equal to USD 583 million (Rs 78 billion) from donors in 2012/13. This amount decreased to USD 269 million (Rs 36 billion) in 2021/22 and further reduced to Rs 11.22 billion in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the country received foreign loans equivalent to Rs 82.67 billion up to mid-June of the last fiscal year. The government had targeted raising foreign aid equal to Rs 262 billion, including Rs 49.94 billion in grants and Rs 212 billion in loans, for FY 2023/24, but it failed to meet this target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the government expected to receive Rs 55 billion in grants but received only Rs 21.29 billion. The annual report of the Public Debt Management Office indicates an increase in loan receipts. Analyzing the trend, the report states that foreign debt obligations are on the rise, with multilateral debt obligations increasing by 15.13 percent and bilateral debt obligations by 6.93 percent in FY 2022/23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Fluctuations in foreign debt obligations are also influenced by changes in exchange rates. The increase in external debt is attributed to reconstruction efforts following the 2015 earthquake and the impact of the COVID-19 pandemic starting in 2019.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A senior official of the Ministry of Finance mentioned that since Nepal's debt repayment capacity is increasing, donor agencies are not emphasizing grants as much. "We are constantly taking initiatives to get grants," said the official. "Some have been successful, but it is true that grants have decreased recently." Despite the increase in public debt obligations, Nepal's debt repayment capacity is reportedly good, according to a recent report by the International Monetary Fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials state that donor agencies assess the country's ability to repay debt before deciding whether to provide grants or loans. They are becoming reluctant to give grants, believing Nepal's capacity is better.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts believe the government's inability to create a trustworthy environment and its weak bargaining power are reasons donors are hesitant to provide more grants. Economist Keshav Acharya notes that government officials prefer taking loans over grants due to the fewer conditions attached to loans. "Though the portion of loans taken by Nepal is not large yet, it is necessary to use them properly," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Vice Chairman of the National Planning Commission and former Governor Dipendra Bahadur Chhetri criticized the government for taking loans for non-productive programs to fulfill political ambitions. He emphasized the importance of investing in areas that provide a return on investment and warned against the habit of taking loans for political purposes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chhetri also highlighted that subsidized loans for distribution-oriented programs, like the Prime Minister's Employment Program, burden future generations with unnecessary debt without any return. He stressed that the government should avoid taking loans for such programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Interest Expense of Debt Exceeds Capital Expenditure</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite assurances from agencies like the International Monetary Fund that Nepal is not at risk of falling into a debt trap, last year Nepal spent Rs 113 billion more on payments of principal and interest on loans than on capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the government spent Rs 305 billion on domestic and foreign loan interest payments in FY 2023/24. Of this amount, Rs 255 billion was spent on repaying internal debt, and the rest on external debt repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Financial Comptroller General Office, which tracks government income and expenditure, reported that total capital expenditure last year was only Rs 192 billion. Data from the Public Debt Management Office shows that public debt, which has been increasing for almost a decade, reached Rs 2,433 billion at the end of the last fiscal year. The share of external debt is 51.47 percent. Due to high-interest rates, internal debt payments are higher despite a lower share of internal debt.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21316', 'image' => '20240719021319_20201020023510_1603151183.1.jpg', 'article_date' => '2024-07-19 14:12:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21590', 'article_category_id' => '1', 'title' => 'Joint Secretary Mahesh Baral Appointed SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON). Effective from July 18, Mahesh Baral, the joint secretary of the Ministry of Finance, has been appointed as the new chairman of SEBON. Baral's appointment comes through a ministerial decision by the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Under the Securities Act, 2063 BS, if the SEBON chairman's position becomes vacant, a member representing the Ministry of Finance serves as the interim chairman. With the board chairman's position currently vacant, Baral, in his role as the finance ministry’s representative, has been assigned the responsibilities of SEBON chairman.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board informed that the newly appointed chairman took the oath of office and secrecy before Finance Minister Bishnu Prasad Paudel on July 18.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Baral, who is also the Chief Customs Administrator of Tribhuvan International Airport Customs Office, will now serve as the SEBON chairman in addition to his regular duties. Previously, Joint Secretary Narendra Kumar Rana represented the Ministry of Finance on the board's management committee. Rana was appointed by former Finance Minister Barshaman Pun and took on the role of SEBON chairman on May 21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the welcome program organized by the board on Thursday, the newly appointed chairman, Baral, instructed all employees to fulfill their assigned responsibilities. He emphasized institutional governance of the listed organizations and market participants, capacity building of the board and its staff, and the development, expansion, and stability of the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal, the regulatory body for Nepal's securities market with a capitalization of over Rs 3,800 billion, has been without a leader since January 5. At a time when policy stability is crucial for market development and expansion, changing the chairman of the board within one month is viewed negatively by stakeholders. They argue that replacing the finance ministry’s representative, who has been given responsibility for only a short period while the board chairman's appointment process is unclear, could negatively impact performance. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21315', 'image' => '20240719022309_339d9343.jpeg', 'article_date' => '2024-07-19 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21588', 'article_category_id' => '249', 'title' => 'KUSOM Announces KJIF 2024 to Connect Students with Leading Companies', 'sub_title' => '', 'summary' => 'KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. According to KUSOM, this event aims to provide a vital platform for students to engage directly with prominent companies across diverse industries.<br /> KUSOM said in a statement that the primary objective of KJIF 2024 is to bridge the gap between interviewers and interviewees, providing a direct pathway for students to enter the job market. This fair will enable students to secure positions in their desired companies, aligning their academic achievements with career aspirations.<br /> Following the success of previous editions that attracted participation from over 60 companies, this year's fair will also feature numerous organizations from various sectors such as IT, FMCG, telecommunications, manufacturing, automotive, finance, and more, KUSOM added. This diversity ensures a wide range of opportunities for participating prospective graduates from the MBA, MBE, BBA, and BBIS programs.<br /> The statement added that the KUSOM Placement Cell emphasizes its commitment to supporting students' career growth by providing a platform for them to connect with desired companies. Companies participating in KJIF 2024 will gain advantages too, said KUSOM as they will have access to skilled candidates who match their hiring needs. “Additionally, the fair offers chances to network with academic experts and others in the industry, creating valuable connections,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to KUSOM, KJIF 2024 promises to be a significant opportunity for students and employers alike. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The KUSOM Placement Cell encourages all interested companies to participate actively and invites maximum involvement from KUSOM students to ensure the success of this pivotal event.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'KUSOM, Job, placement', 'description' => '', 'sortorder' => '21314', 'image' => '20240719124855_blank eight by six.jpg', 'article_date' => '2024-07-19 12:47:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21587', 'article_category_id' => '1', 'title' => 'UN Deputy Chief Urges Arms Spending Cuts to Save SDGs ', 'sub_title' => '', 'summary' => 'UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on behalf of Secretary-General Antonio Guterres, Mohammed called for immediate and decisive action to salvage the faltering Sustainable Development Goals (SDGs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Conflicts in Gaza, Sudan, Ukraine, and beyond are causing a devastating loss of life and diverting political attention and scarce resources from the urgent work of ending poverty and averting climate catastrophe," she said at the ministerial meeting of the High-Level Political Forum (HLPF) on Sustainable Development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to slash military budgets and instead channel funds towards peace and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Highlighting the critical state of the SDGs, Mohammed noted that only 17 percent of the targets are on track as the 2030 deadline approaches. "Future generations deserve more than 17 percent of a sustainable future," she emphasized, outlining a four-pronged strategy for urgent acceleration in a bid to meet the 2030 deadline for the goals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first step, she stressed, is to establish peace, underscoring that political and financial resources should be redirected from conflicts to development efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also emphasized the importance of advancing green and digital transition, urging nations to enhance their climate action plans by 2025, aligning them with the 1.5-degree Celsius limit in line with the Paris Agreement and invest in expanding digital connectivity. Addressing the financial challenges impeding SDG progress, Mohammed pointed out the growing financing gap and destabilizing financial conditions in many developing countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She acknowledged ongoing reform of multilateral development banks and the recycling of special drawing rights but called for more robust measures. "We must go further and faster to deliver an SDG Stimulus," she urged, calling for increased lending capacity, expanded access to contingency financing, and comprehensive debt solutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mohammed reiterated the SDGs' promise to "leave no one behind." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to prioritize vulnerable populations, uphold the rights of persons with disabilities and combat gender inequality. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Achieving this agenda means placing vulnerable people and groups at the forefront of national development plans, policies and budgets," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During its three-day ministerial segment, the HLPF will hold a general debate on the theme From the SDG Summit to the Summit of the Future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Held under the auspices of the UN Economic and Social Council, the forum concluded on July 18 with the adoption of a ministerial declaration. – Xinhua/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'UN, SDG, goals, spending, arms, cuts', 'description' => '', 'sortorder' => '21313', 'image' => '20240719120626_GettyImages-1245867689.jpg', 'article_date' => '2024-07-19 12:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21586', 'article_category_id' => '1', 'title' => 'Cross-Border Trade Up with the Opening of Tinkar Pass', 'sub_title' => '', 'summary' => 'KHALANGA: The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">KHALANGA: </span></span><span style="font-size:14.0pt">The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Twenty-seven businessmen, including 15 from Chhangru and 12 from Tinkar of Byas Rural Municipality-1, set out for the Tibet Autonomous Region of China for business purposes on Wednesday, said Yagya Raj Joshi, the Chief District Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Joshi, 187 traders from the district have received permits from the District Administration Office for entry through the transit point to travel to China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Tinkar border checkpoint, which had been closed since the COVID-19 pandemic, has recently reopened. Other local traders and Chinese citizens have also engaged in trade involving local produce and daily consumer goods at the transit point, it is reported.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21312', 'image' => '20240719111134_124991048_1136274376809763_8445161531180496329_n.jpg', 'article_date' => '2024-07-19 11:10:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21585', 'article_category_id' => '1', 'title' => 'IPO Issuance Droped by Rs 12 Billion Last Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. This approval covered more than 404.5 million shares. However, this represents a significant decrease compared to the previous fiscal year, when the board had approved IPOs worth over Rs 22.37 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The statistics reveal a drop of Rs 11.62 billion in IPO issuance permissions. The number of companies receiving approval also fell sharply, from 42 in the previous year to just 9 in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The approval process for IPOs was stalled for about six months, which contributed to the reduced number of approvals. During his tenure, SEBON Chairman Ramesh Kumar Hamal prioritized IPO approvals to increase the number of companies listed in the secondary market. However, his term ended on January 5, and the board has yet to appoint a new chairman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">From January 4 to June 28, the IPO approval process was halted. Currently, in the absence of a chairman, the board is operating under the leadership of a representative from the Ministry of Finance. Although the IPO issuance process resumed on June 28 with the approval of Reliance Spinning Mills, the company has been barred from issuing further approvals for the time being due to the controversy over its dues to the Nepal Electricity Authority.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21311', 'image' => '20240719103346_5b0a4cd9.jpeg', 'article_date' => '2024-07-19 10:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21584', 'article_category_id' => '1', 'title' => 'Birgunj Customs Office Misses Revenue Collection Target', 'sub_title' => '', 'summary' => 'The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 18 : The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The customs office had set a revenue target of Rs 245.88 billion for the last fiscal year but managed to collect only Rs 157.40 billion, according to Birgunj Customs Information Officer Raghulal Karna. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This amount is approximately 36% less than the target, with the office achieving only 64.16% of the set goal. However, this is an improvement compared to the previous fiscal year 2079/80, when the office collected 60% of its revenue target, amounting to Rs 157.15 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Chief Customs Administrator Dilaram Panthi noted that foreign trade has seen a comparative improvement recently. Despite this improvement in trade in recent months, there remains a lack of 'confidence' in the market, he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Birgunj checkpoint primarily handles the import of vehicles, petroleum products, and industrial raw materials. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Export items include juice, refined oil, textiles, and yarn products. Customs reported a decline in both the import and export of these goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21310', 'image' => '20240719054819_collage (71).jpg', 'article_date' => '2024-07-19 05:46:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21583', 'article_category_id' => '1', 'title' => 'Prominent Female Entrepreneur Ambica Shrestha Passes Away', 'sub_title' => '', 'summary' => 'Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 91-year-old Shrestha passed away this morning while undergoing treatment at Medicity Hospital in Lalitpur, according to Binayak Shah, President of Hotel Association Nepal (HAN).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Expressing sorrow over the news of her passing, Shah stated that her death is an irreplaceable loss to Nepal's tourism sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"She played a significant role and made numerous contributions in introducing Nepali tourism and boutique/heritage hotels to the world," Shah said, "Her demise is an irreplaceable loss to tourism sector."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ambica Shrestha was one of Nepal's successful female entrepreneurs. She was currently serving as the chairperson of Dwarika's Hotel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Born on February 12, 1933, in Sikkim, India, Ambica studied at Loreto Convent School in Darjeeling. She completed her undergraduate studies in commerce at Patna University. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After marrying Dwarikadas Shrestha, a member of a prominent business family in Nepal, she moved to Kathmandu. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After the death of her husband, who was also the chairperson of Dwarika's Hotel, she assumed the role of chairperson.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a successful female entrepreneur, she received various national honors. She was also honored with the 'Lifetime Achievement in Business Leadership' award at the sixth 'NewBiz Business Conclave and Awards-2019'.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In recognition of her unparalleled contributions to the Nepali industry, Shrestha was presented with this honor. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">She was the founding chairperson of Nepal's first boutique hotel, Dwarika's Hotel. Apart from this, she was involved with more than a dozen social organizations. </span></span></p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21309', 'image' => '20240718040335_collage (1).jpg', 'article_date' => '2024-07-18 16:02:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21582', 'article_category_id' => '1', 'title' => 'NEPSE Surges by 59.68 Points; Turnover Crosses Rs 15 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. This significant rise was largely driven by a substantial increase in the Banking Index.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This significant rise was largely driven by a substantial increase in the Banking Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, a total of 312 scrips were traded through 184,712 transactions on NEPSE. A total of 39,938,237 units of shares were exchanged, resulting in a turnover of Rs 15.54 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover with transactions worth Rs 42 crore. Additionally, Nepal Investment Mega Bank Limited (NIMB), Nepal Finance Limited (NFS), Ankhu Khola Jalvidhyut Company Limited (AKJCL), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL), and Three Star Hydropower Limited (TSHL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kumari Sabal Yojana (KSY) experienced the highest loss, dropping by 5.76%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in positive territory except for the Finance Index and Hydropower Index. The Banking Index saw the highest gain of 6.28%, while the Finance Index suffered a loss of 1.27%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21308', 'image' => '20240718032803_collage.jpg', 'article_date' => '2024-07-18 15:26:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21580', 'article_category_id' => '1', 'title' => 'Tripartite Agreement to Sell Electricity to Bangladesh on July 28', 'sub_title' => '', 'summary' => 'KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal will be able to export electricity to a third country other than India for the first time after the agreement comes into force. Nepal has been exporting electricity in India’s competitive market since 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for the ministry, Nabin Raj Singh, told New Business Age, “A tripartite agreement between the Nepal Electricity Authority (NEA), India's NTPC Vidyut Vyapar Nigam Limited (NVVN), and the Bangladesh Power Development Board (BPDB) is set to be signed on July 28.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh added, “Since this is a historic moment, Energy Minister Deepak Khadka wrote a letter to the Indian and Bangladeshi energy ministers to participate in the agreement signing program.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had been waiting for the Bangladesh government's decision regarding electricity export from Nepal for a few months. Last week, BPDB wrote to NEA to enter into an agreement for the purchase and sale of 40 megawatts of electricity produced in Nepal. The date of the tripartite signing was finalized based on coordination between the three sides.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the NEA, it will sell 40 megawatts of electricity to Bangladesh for six months of the rainy season (from June 15 to November 15 every year) for five years and will be paid in US dollars. The authority will receive 6.4 cents per unit by selling electricity to Bangladesh.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry stated that 28,800 megawatt hours of electricity will be exported to Bangladesh per month. A total of 144,000 megawatt hours of electricity will be exported to Bangladesh in the next five months, earning Nepal Rs 1.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, Singh mentioned that the bilateral high-level energy-related mechanism meeting between Nepal and Bangladesh is scheduled to be held on July 29 and 30 in Pokhara. The first day of the meeting will see joint secretary level joint working group meeting followed by secretary level joint steering committee meeting the next day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh also noted that an agreement regarding the formation of a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 megawatts may be signed at the bilateral mechanism meeting. He said, “We have sent the draft of the memorandum to Bangladesh. If there is an agreement before the meeting, the contract will be signed. Otherwise, there will only be more discussion about it.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21306', 'image' => '20240718112709_c70a54ed.jpeg', 'article_date' => '2024-07-18 11:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21579', 'article_category_id' => '1', 'title' => 'IMF Report Highlights Post-Pandemic Credit Challenges and Fiscal Pressure in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A report prepared by the IMF following the Fourth Review of the Extended Credit Facility to Nepal states that the country experienced demand-driven credit growth before the COVID-19 pandemic, primarily fueling investment activities. This period saw robust economic expansion without significant inflation, supported by large remittance inflows and accommodative monetary policies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In stark contrast, the post-pandemic credit boom has been largely supply-driven, facilitated by broad-based financial regulation relaxations. This surge disproportionately favored households and non-tradable sectors, leading to excessive credit accumulation. The subsequent economic slowdown and deleveraging highlight the vulnerabilities of this approach, the IMF warned.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report also notes that revenue growth in FY2023/24 has remained subdued despite several tax measures introduced in the budget. By mid-May, tax revenue grew by only 9.1 percent year-on-year, broadly in line with the nominal GDP growth projection. The tax revenue-to-GDP ratio declined from the pre-pandemic average of 18.5 percent to 16.2 percent in FY2022/23, due to factors such as weaker imports, the transition to electric vehicles with lower import duties, increased informal trade, and restrictions on Indian exports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In response to near-term fiscal pressures, the government has reduced expenditure. Despite lower-than-expected revenue collection, spending restraint through the mid-term budget review in January 2024 is expected to improve the primary balance by +0.7 percent of GDP in FY2023/24.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF report points out that Nepal’s private sector credit has expanded significantly in recent years, driven by rapid credit growth and pandemic-related stimulus. The credit-to-GDP ratio now stands near 100 percent, suggesting financial deepening levels are excessive for Nepal’s economic development stage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Analyzing the credit-to-GDP gap reveals that recent credit expansion has been unprecedented. At its peak, the credit gap exceeded 10 percentage points (pp), far above historical norms. The subsequent correction has brought the gap down to around -5 pp, indicating a sharp reversal and raising concerns about future credit cycles.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report highlights increasing financial sector vulnerabilities as banks face mounting capital pressure. Following the post-pandemic credit boom, banks have adjusted lending practices, reclassifying loans and absorbing losses amid a challenging economic environment. Improvements in working capital loan guidelines in 2022 and asset classification regulation in 2023 have led to a healthy shift to term lending but also a reassessment of client relationships and an increase in gross non-performing loans (NPLs).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The NRB phased out forbearance on restructuring and rescheduling loans in mid-April, causing banks to face higher NPLs and retroactive taxation, which have hurt profitability, added the report. Although the banking system remains adequately provisioned with a coverage ratio of 70 percent, potential differentiation among individual institutions warrants close monitoring. A downturn in the real estate market has further complicated efforts by banks to sell seized collateral.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Historically, Nepal’s business cycles led credit cycles, but this trend has reversed since the pandemic. Credit expansion now appears to drive economic activity, reversing the pre-pandemic relationship where economic output influenced credit growth, the IMF report further states</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF emphasizes the importance of understanding these credit dynamics to prevent future boom-bust cycles. It suggests that sustained regulatory adjustments by the Nepal Rastra Bank (NRB) can support sustainable, pro-growth credit allocation, and help stabilize the financial sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">By detecting early financial imbalances through measures like the credit-to-GDP gap, authorities can take proactive steps to mitigate risks and ensure financial stability. The IMF report underscores the need for continued vigilance and policy refinement to navigate the complexities of Nepal’s evolving credit landscape.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'IMF, report, Nepal, ECF, extended, credit, facility, pandemic, shift', 'description' => '', 'sortorder' => '21305', 'image' => '20240718104814_20231006125525_20220426051733_imf.jpg', 'article_date' => '2024-07-18 10:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21576', 'article_category_id' => '266', 'title' => 'Miss Universe Nepal 2024 Announces Global IME Bank as its Official Banking Partner', 'sub_title' => '', 'summary' => 'KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. The prestigious international beauty pageant Miss Universe made its debut in Nepal in 2020, the organisers said in a statement. Auditions for this year's Miss Universe Nepal 2024 are currently underway, with the grand finale scheduled for the last week of August.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organizers of the event, Global Glamor Venture, reported an impressive turnout, marked by enthusiastic and inclusive participation from individuals of diverse backgrounds. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“This year’s auditions welcomed a wide array of participants, including married individuals, transgender individuals, Non-Resident Nepalis (NRNs), and professionals such as doctors, engineers, pilots, and more,” reads the statement, adding that 60 individuals have been selected in the initial stage of the application process following physical auditions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organisers added that 35 candidates will advance to the final training phase. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Speaking on this collaboration, Sangita Puri, national director of Global Glamor Venture, expressed excitement about the partnership, stating, "We are thrilled to have Global IME Bank as our Official Banking Partner for Miss Universe Nepal 2024. Their support underscores our commitment to promoting diversity and empowerment through this platform. This partnership is more than just a sponsorship; it is a union of two entities dedicated to uplifting and empowering the women of Nepal.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Similarly, Dilip Pokharel. chief marketing officer of Global IME Bank said, "We are proud to support Miss Universe Nepal 2024, a platform that celebrates the empowerment and beauty of womanhood.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">He added that Global IME Bank is committed to initiatives that drive societal progress and empower women. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“Through our CSR programs like ‘Swastha Nari Pahal,’ a free women's health camp, and ‘Chhatralai Chhatrabritti,’ a scholarship for girl students, as well as the ‘Meri Unilai’ fixed deposit product, we aim to enhance women's access to education, health, and financial empowerment. This partnership reflects our dedication to uplifting and celebrating the diverse talents within our community.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">According to Global Glamor Venture, this year's training program features international-level trainers like Alexander Gonzalez, a respected image consultant and pageant choreographer, and Luis Portelis, an experienced pageant analyst.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'Miss, Nepal, Universe, banking, artner, Global, IME, Bank', 'description' => '', 'sortorder' => '21302', 'image' => '20240718053329_Image.jpeg', 'article_date' => '2024-07-18 05:32:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21575', 'article_category_id' => '274', 'title' => 'Government Issues 73-Point Guidelines for Budget Enforcement', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. The Finance Ministry made public the circular, which aims at promoting efficiency in budget spending and enhancing effectiveness.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The guidelines cover various agendas, including the authority of budget spending, project approval and allocation, project handover and enforcement, budget transfer, amendment and reporting, fiscal transparency, accountability, and monitoring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">According to the circular, government bodies allocated budgets for implementation in partnership must inform the Finance Ministry and the Financial Comptroller General Office about the budget share and expected results. Additionally, work procedures for budget implementation should be prepared within this month and updated on the website within a week after endorsement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Approval from the Finance Ministry is mandatory for work procedures requiring long-term liability. The adoption of two-shift work has been recommended for projects of national priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the guidelines, project chiefs should be selected based on internal competition to ensure effective project enforcement. The new guidelines demand establishing criteria to discourage the transfer of employees assigned as project chiefs during the project term, except for those who fail to achieve adequate marks in performance evaluations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Furthermore, any works not included in the budget must not be entertained. Finance Secretary Madhu Kumar Marasini informed that the guidelines would be useful in meeting liabilities incurred at the end of the fiscal year. -- RSS</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'guidelines,, government, Nepal, budget, implementation', 'description' => '', 'sortorder' => '21301', 'image' => '20240718053108_guideline.jpg', 'article_date' => '2024-07-18 05:30:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21574', 'article_category_id' => '274', 'title' => 'Finance Minister Poudel Assures Payment for Construction Entrepreneurs', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with the office-bearers of the Federation of Contractors' Association of Nepal (FCAN) at his office in Singha Durbar on Wednesday, Minister Poudel reassured them that there will be no room for complaints regarding outstanding payments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The newly appointed Minister Poudel also pledged to resolve the longstanding electricity fee dispute between industrialists and the Nepal Electricity Authority concerning the 'dedicated feeder’ and 'trunk line' in accordance with prevailing law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He mentioned that the Head of the Government has already outlined the government's stance on the 'dedicated feeder and trunk line dispute' and urged construction entrepreneurs not to panic about this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel emphasized that the government will not create any liabilities through illegal means and will avoid such efforts if any arise.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He further stated that the government, as the guardian of the private sector, is always ready to listen to the problems and complaints of the private sector and seek solutions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The incumbent government will not let the trust and confidence of the private sector be broken," he vowed, urging the delegation to move ahead with high morale and contribute to nation-building with confidence.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel acknowledged that his biggest challenge as the Minister for Finance is to raise the morale of the private sector and the general public, which he noted has been waning lately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed concerns over the decreasing demand and exports, along with the recent dip in revenue collection and capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The finance minister also expressed the government's readiness for legal, structural, and practical reforms to boost the morale of the private sector and enhance the construction sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He sought suggestions from construction entrepreneurs on how the government can facilitate supportive policies,, He added that the government has adopted a policy of facilitating, supporting, and collaborating with the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel assured that the government is aware of the inconveniences faced by the private sector regarding policy implementation and legal arrangements and will consider making laws more flexible and easy to address these issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed his belief that the monetary policy to be rolled out by the Nepal Rastra Bank in the next fiscal year would address the existing issues of the financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FCAN, construction, payment, dues, government, Nepal', 'description' => '', 'sortorder' => '21300', 'image' => '20240718052912_fcan.jpg', 'article_date' => '2024-07-18 05:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21573', 'article_category_id' => '274', 'title' => 'FNCCI Calls on Government for Policy Decision to Motivate Private Sector', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He made such remarks during a meeting with newly-appointed Finance Minister Bishnu Poudel at his office in Singha Durbar on Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The morale of all sectors, from the general public to industrialists and businessmen, is low while the whole economy is in a weak situation at present. Serious initiation is required for a way out of this situation," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president demanded that industrialists, businessmen, and the private sector be given a place in the protocol (order of precedence) determined by the government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, industrialists and businesspersons are not in a position to make fresh investments enthusiastically.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Investments are not being made despite adequate liquidity and low interest rates. Industrialists and entrepreneurs have not been able to pay the principal and interest on their loans. New entrepreneurs have not been able to venture into the market," Dhakal said. He suggested instituting a high-level mechanism with private sector’s involvement to take initiatives for resolving these problems without incurring any financial burden on the State.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dhakal reiterated that the government should make significant policy decisions to motivate the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president also complained that illegal imports have increased, resulting in lost government revenue and problems for traders and entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the meeting, the FNCCI placed several demands before the finance minister, urging government bodies to expedite works related to land acquisition for development projects, construction of approach roads, and carrying out Environmental Impact Assessments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the FNCCI suggested the government clarify the jurisdiction of regulatory bodies, expedite payment of dues to construction entrepreneurs, and promptly resolve the dedicated feeder and trunk line power tariff dispute. The FNCCI also called on the government to seriously address the problems seen in the cooperative and microfinance sectors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector requested a convenient and flexible system for the upcoming fiscal year's monetary policy that does not upset the existing system. Among other topics, the FNCCI raised the need to ease the implementation of guidelines on current capital loans and adopt a flexible policy for managing the capital budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response, the Finance Minister asserted that meaningful initiatives are being taken to address the problems faced by the microfinance and cooperatives sector.</span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FNCCI, Minister, Finance, private sector', 'description' => '', 'sortorder' => '21299', 'image' => '20240718052717_FNCCI.jpg', 'article_date' => '2024-07-18 05:26:08', '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
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Of late, donor agencies have started emphasizing loans rather than grants in foreign aid to Nepal. The government has not lobbied much for grants, leading to an increasing debt portion as these agencies emphasize loans. In the fiscal year 2023/24, the government aimed to collect foreign grants amounting to Rs 49 billion but received only Rs 11.22 billion, achieving just 22.24 percent of the target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Development Assistance Report 2021/22 issued by the Ministry of Finance, Nepal received grants equal to USD 583 million (Rs 78 billion) from donors in 2012/13. This amount decreased to USD 269 million (Rs 36 billion) in 2021/22 and further reduced to Rs 11.22 billion in the last fiscal year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the country received foreign loans equivalent to Rs 82.67 billion up to mid-June of the last fiscal year. The government had targeted raising foreign aid equal to Rs 262 billion, including Rs 49.94 billion in grants and Rs 212 billion in loans, for FY 2023/24, but it failed to meet this target.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the previous fiscal year, FY 2022/23, the government expected to receive Rs 55 billion in grants but received only Rs 21.29 billion. The annual report of the Public Debt Management Office indicates an increase in loan receipts. Analyzing the trend, the report states that foreign debt obligations are on the rise, with multilateral debt obligations increasing by 15.13 percent and bilateral debt obligations by 6.93 percent in FY 2022/23.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Fluctuations in foreign debt obligations are also influenced by changes in exchange rates. The increase in external debt is attributed to reconstruction efforts following the 2015 earthquake and the impact of the COVID-19 pandemic starting in 2019.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">A senior official of the Ministry of Finance mentioned that since Nepal's debt repayment capacity is increasing, donor agencies are not emphasizing grants as much. "We are constantly taking initiatives to get grants," said the official. "Some have been successful, but it is true that grants have decreased recently." Despite the increase in public debt obligations, Nepal's debt repayment capacity is reportedly good, according to a recent report by the International Monetary Fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Government officials state that donor agencies assess the country's ability to repay debt before deciding whether to provide grants or loans. They are becoming reluctant to give grants, believing Nepal's capacity is better.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Experts believe the government's inability to create a trustworthy environment and its weak bargaining power are reasons donors are hesitant to provide more grants. Economist Keshav Acharya notes that government officials prefer taking loans over grants due to the fewer conditions attached to loans. "Though the portion of loans taken by Nepal is not large yet, it is necessary to use them properly," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Vice Chairman of the National Planning Commission and former Governor Dipendra Bahadur Chhetri criticized the government for taking loans for non-productive programs to fulfill political ambitions. He emphasized the importance of investing in areas that provide a return on investment and warned against the habit of taking loans for political purposes.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chhetri also highlighted that subsidized loans for distribution-oriented programs, like the Prime Minister's Employment Program, burden future generations with unnecessary debt without any return. He stressed that the government should avoid taking loans for such programs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><strong>Interest Expense of Debt Exceeds Capital Expenditure</strong></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite assurances from agencies like the International Monetary Fund that Nepal is not at risk of falling into a debt trap, last year Nepal spent Rs 113 billion more on payments of principal and interest on loans than on capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Public Debt Management Office reported that the government spent Rs 305 billion on domestic and foreign loan interest payments in FY 2023/24. Of this amount, Rs 255 billion was spent on repaying internal debt, and the rest on external debt repayment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Financial Comptroller General Office, which tracks government income and expenditure, reported that total capital expenditure last year was only Rs 192 billion. Data from the Public Debt Management Office shows that public debt, which has been increasing for almost a decade, reached Rs 2,433 billion at the end of the last fiscal year. The share of external debt is 51.47 percent. Due to high-interest rates, internal debt payments are higher despite a lower share of internal debt.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21316', 'image' => '20240719021319_20201020023510_1603151183.1.jpg', 'article_date' => '2024-07-19 14:12:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21590', 'article_category_id' => '1', 'title' => 'Joint Secretary Mahesh Baral Appointed SEBON Chairman', 'sub_title' => '', 'summary' => 'KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON).', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: With the appointment of the new Finance Minister, there has been a leadership change at the Securities Board of Nepal (SEBON). Effective from July 18, Mahesh Baral, the joint secretary of the Ministry of Finance, has been appointed as the new chairman of SEBON. Baral's appointment comes through a ministerial decision by the Ministry of Finance.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Under the Securities Act, 2063 BS, if the SEBON chairman's position becomes vacant, a member representing the Ministry of Finance serves as the interim chairman. With the board chairman's position currently vacant, Baral, in his role as the finance ministry’s representative, has been assigned the responsibilities of SEBON chairman.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The board informed that the newly appointed chairman took the oath of office and secrecy before Finance Minister Bishnu Prasad Paudel on July 18.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Baral, who is also the Chief Customs Administrator of Tribhuvan International Airport Customs Office, will now serve as the SEBON chairman in addition to his regular duties. Previously, Joint Secretary Narendra Kumar Rana represented the Ministry of Finance on the board's management committee. Rana was appointed by former Finance Minister Barshaman Pun and took on the role of SEBON chairman on May 21.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Speaking at the welcome program organized by the board on Thursday, the newly appointed chairman, Baral, instructed all employees to fulfill their assigned responsibilities. He emphasized institutional governance of the listed organizations and market participants, capacity building of the board and its staff, and the development, expansion, and stability of the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Securities Board of Nepal, the regulatory body for Nepal's securities market with a capitalization of over Rs 3,800 billion, has been without a leader since January 5. At a time when policy stability is crucial for market development and expansion, changing the chairman of the board within one month is viewed negatively by stakeholders. They argue that replacing the finance ministry’s representative, who has been given responsibility for only a short period while the board chairman's appointment process is unclear, could negatively impact performance. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21315', 'image' => '20240719022309_339d9343.jpeg', 'article_date' => '2024-07-19 14:22:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21588', 'article_category_id' => '249', 'title' => 'KUSOM Announces KJIF 2024 to Connect Students with Leading Companies', 'sub_title' => '', 'summary' => 'KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Kathmandu University School of Management’s (KUSOM) Placement Cell has announced to organize the KUSOM Job and Internship Fair (KJIF) 2024 on the college premises on August 8th and 9th, 2024. According to KUSOM, this event aims to provide a vital platform for students to engage directly with prominent companies across diverse industries.<br /> KUSOM said in a statement that the primary objective of KJIF 2024 is to bridge the gap between interviewers and interviewees, providing a direct pathway for students to enter the job market. This fair will enable students to secure positions in their desired companies, aligning their academic achievements with career aspirations.<br /> Following the success of previous editions that attracted participation from over 60 companies, this year's fair will also feature numerous organizations from various sectors such as IT, FMCG, telecommunications, manufacturing, automotive, finance, and more, KUSOM added. This diversity ensures a wide range of opportunities for participating prospective graduates from the MBA, MBE, BBA, and BBIS programs.<br /> The statement added that the KUSOM Placement Cell emphasizes its commitment to supporting students' career growth by providing a platform for them to connect with desired companies. Companies participating in KJIF 2024 will gain advantages too, said KUSOM as they will have access to skilled candidates who match their hiring needs. “Additionally, the fair offers chances to network with academic experts and others in the industry, creating valuable connections,” reads the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to KUSOM, KJIF 2024 promises to be a significant opportunity for students and employers alike. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The KUSOM Placement Cell encourages all interested companies to participate actively and invites maximum involvement from KUSOM students to ensure the success of this pivotal event.”</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'KUSOM, Job, placement', 'description' => '', 'sortorder' => '21314', 'image' => '20240719124855_blank eight by six.jpg', 'article_date' => '2024-07-19 12:47:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21587', 'article_category_id' => '1', 'title' => 'UN Deputy Chief Urges Arms Spending Cuts to Save SDGs ', 'sub_title' => '', 'summary' => 'UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">UNITED NATIONS: UN Deputy Secretary-General Amina Mohammed recently urged global leaders to redirect resources from warfare to peace and sustainable development initiatives. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking on behalf of Secretary-General Antonio Guterres, Mohammed called for immediate and decisive action to salvage the faltering Sustainable Development Goals (SDGs). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Conflicts in Gaza, Sudan, Ukraine, and beyond are causing a devastating loss of life and diverting political attention and scarce resources from the urgent work of ending poverty and averting climate catastrophe," she said at the ministerial meeting of the High-Level Political Forum (HLPF) on Sustainable Development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to slash military budgets and instead channel funds towards peace and development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Highlighting the critical state of the SDGs, Mohammed noted that only 17 percent of the targets are on track as the 2030 deadline approaches. "Future generations deserve more than 17 percent of a sustainable future," she emphasized, outlining a four-pronged strategy for urgent acceleration in a bid to meet the 2030 deadline for the goals. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The first step, she stressed, is to establish peace, underscoring that political and financial resources should be redirected from conflicts to development efforts. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also emphasized the importance of advancing green and digital transition, urging nations to enhance their climate action plans by 2025, aligning them with the 1.5-degree Celsius limit in line with the Paris Agreement and invest in expanding digital connectivity. Addressing the financial challenges impeding SDG progress, Mohammed pointed out the growing financing gap and destabilizing financial conditions in many developing countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She acknowledged ongoing reform of multilateral development banks and the recycling of special drawing rights but called for more robust measures. "We must go further and faster to deliver an SDG Stimulus," she urged, calling for increased lending capacity, expanded access to contingency financing, and comprehensive debt solutions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mohammed reiterated the SDGs' promise to "leave no one behind." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She emphasized the need to prioritize vulnerable populations, uphold the rights of persons with disabilities and combat gender inequality. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"Achieving this agenda means placing vulnerable people and groups at the forefront of national development plans, policies and budgets," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During its three-day ministerial segment, the HLPF will hold a general debate on the theme From the SDG Summit to the Summit of the Future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Held under the auspices of the UN Economic and Social Council, the forum concluded on July 18 with the adoption of a ministerial declaration. – Xinhua/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => 'UN, SDG, goals, spending, arms, cuts', 'description' => '', 'sortorder' => '21313', 'image' => '20240719120626_GettyImages-1245867689.jpg', 'article_date' => '2024-07-19 12:04:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21586', 'article_category_id' => '1', 'title' => 'Cross-Border Trade Up with the Opening of Tinkar Pass', 'sub_title' => '', 'summary' => 'KHALANGA: The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">KHALANGA: </span></span><span style="font-size:14.0pt">The cross-border movement of traders has increased with the opening of the Tinkar transit point on the Nepal-China border in the Darchula district. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Twenty-seven businessmen, including 15 from Chhangru and 12 from Tinkar of Byas Rural Municipality-1, set out for the Tibet Autonomous Region of China for business purposes on Wednesday, said Yagya Raj Joshi, the Chief District Officer. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Joshi, 187 traders from the district have received permits from the District Administration Office for entry through the transit point to travel to China. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Tinkar border checkpoint, which had been closed since the COVID-19 pandemic, has recently reopened. Other local traders and Chinese citizens have also engaged in trade involving local produce and daily consumer goods at the transit point, it is reported.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21312', 'image' => '20240719111134_124991048_1136274376809763_8445161531180496329_n.jpg', 'article_date' => '2024-07-19 11:10:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21585', 'article_category_id' => '1', 'title' => 'IPO Issuance Droped by Rs 12 Billion Last Year', 'sub_title' => '', 'summary' => 'KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">KATHMANDU: The Securities Board of Nepal (Sebon) approved the issuance of ordinary shares (IPOs) worth Rs 10.75 billion in the last fiscal year. This approval covered more than 404.5 million shares. However, this represents a significant decrease compared to the previous fiscal year, when the board had approved IPOs worth over Rs 22.37 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The statistics reveal a drop of Rs 11.62 billion in IPO issuance permissions. The number of companies receiving approval also fell sharply, from 42 in the previous year to just 9 in the last fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The approval process for IPOs was stalled for about six months, which contributed to the reduced number of approvals. During his tenure, SEBON Chairman Ramesh Kumar Hamal prioritized IPO approvals to increase the number of companies listed in the secondary market. However, his term ended on January 5, and the board has yet to appoint a new chairman.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">From January 4 to June 28, the IPO approval process was halted. Currently, in the absence of a chairman, the board is operating under the leadership of a representative from the Ministry of Finance. Although the IPO issuance process resumed on June 28 with the approval of Reliance Spinning Mills, the company has been barred from issuing further approvals for the time being due to the controversy over its dues to the Nepal Electricity Authority.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21311', 'image' => '20240719103346_5b0a4cd9.jpeg', 'article_date' => '2024-07-19 10:33:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21584', 'article_category_id' => '1', 'title' => 'Birgunj Customs Office Misses Revenue Collection Target', 'sub_title' => '', 'summary' => 'The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">July 18 : The Birgunj Customs Office, a key checkpoint for import and export trade, failed to meet its revenue target for the fiscal year 2080/81 due to a decrease in foreign trade. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The customs office had set a revenue target of Rs 245.88 billion for the last fiscal year but managed to collect only Rs 157.40 billion, according to Birgunj Customs Information Officer Raghulal Karna. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">This amount is approximately 36% less than the target, with the office achieving only 64.16% of the set goal. However, this is an improvement compared to the previous fiscal year 2079/80, when the office collected 60% of its revenue target, amounting to Rs 157.15 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Chief Customs Administrator Dilaram Panthi noted that foreign trade has seen a comparative improvement recently. Despite this improvement in trade in recent months, there remains a lack of 'confidence' in the market, he said.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Birgunj checkpoint primarily handles the import of vehicles, petroleum products, and industrial raw materials. </span></span><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Export items include juice, refined oil, textiles, and yarn products. Customs reported a decline in both the import and export of these goods.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-19', 'modified' => '2024-07-19', 'keywords' => '', 'description' => '', 'sortorder' => '21310', 'image' => '20240719054819_collage (71).jpg', 'article_date' => '2024-07-19 05:46:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '21583', 'article_category_id' => '1', 'title' => 'Prominent Female Entrepreneur Ambica Shrestha Passes Away', 'sub_title' => '', 'summary' => 'Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: Ambica Shrestha, a renowned female entrepreneur, tourism businessperson, and chairperson of Dwarika's Hotel, has passed away. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">The 91-year-old Shrestha passed away this morning while undergoing treatment at Medicity Hospital in Lalitpur, according to Binayak Shah, President of Hotel Association Nepal (HAN).</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Expressing sorrow over the news of her passing, Shah stated that her death is an irreplaceable loss to Nepal's tourism sector. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">"She played a significant role and made numerous contributions in introducing Nepali tourism and boutique/heritage hotels to the world," Shah said, "Her demise is an irreplaceable loss to tourism sector."</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Ambica Shrestha was one of Nepal's successful female entrepreneurs. She was currently serving as the chairperson of Dwarika's Hotel. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Born on February 12, 1933, in Sikkim, India, Ambica studied at Loreto Convent School in Darjeeling. She completed her undergraduate studies in commerce at Patna University. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After marrying Dwarikadas Shrestha, a member of a prominent business family in Nepal, she moved to Kathmandu. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">After the death of her husband, who was also the chairperson of Dwarika's Hotel, she assumed the role of chairperson.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">As a successful female entrepreneur, she received various national honors. She was also honored with the 'Lifetime Achievement in Business Leadership' award at the sixth 'NewBiz Business Conclave and Awards-2019'.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In recognition of her unparalleled contributions to the Nepali industry, Shrestha was presented with this honor. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">She was the founding chairperson of Nepal's first boutique hotel, Dwarika's Hotel. Apart from this, she was involved with more than a dozen social organizations. </span></span></p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21309', 'image' => '20240718040335_collage (1).jpg', 'article_date' => '2024-07-18 16:02:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '21582', 'article_category_id' => '1', 'title' => 'NEPSE Surges by 59.68 Points; Turnover Crosses Rs 15 Billion', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. This significant rise was largely driven by a substantial increase in the Banking Index.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">July 18: The Nepal Stock Exchange (NEPSE) Index continued its upward trend, gaining 59.68 points or 2.52%, to close at 2,424.32 on Thursday, the last trading day of the week. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">This significant rise was largely driven by a substantial increase in the Banking Index.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, a total of 312 scrips were traded through 184,712 transactions on NEPSE. A total of 39,938,237 units of shares were exchanged, resulting in a turnover of Rs 15.54 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover with transactions worth Rs 42 crore. Additionally, Nepal Investment Mega Bank Limited (NIMB), Nepal Finance Limited (NFS), Ankhu Khola Jalvidhyut Company Limited (AKJCL), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL), and Three Star Hydropower Limited (TSHL) each gained 10%, hitting the positive circuit for the day.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Kumari Sabal Yojana (KSY) experienced the highest loss, dropping by 5.76%.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Regarding sector indices, all sectors closed in positive territory except for the Finance Index and Hydropower Index. The Banking Index saw the highest gain of 6.28%, while the Finance Index suffered a loss of 1.27%. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21308', 'image' => '20240718032803_collage.jpg', 'article_date' => '2024-07-18 15:26:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21580', 'article_category_id' => '1', 'title' => 'Tripartite Agreement to Sell Electricity to Bangladesh on July 28', 'sub_title' => '', 'summary' => 'KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: The Ministry of Energy, Water Resources and Irrigation has said that a tripartite agreement to export electricity to Bangladesh from Nepal via India will be signed on July 28.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Nepal will be able to export electricity to a third country other than India for the first time after the agreement comes into force. Nepal has been exporting electricity in India’s competitive market since 2021.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson for the ministry, Nabin Raj Singh, told New Business Age, “A tripartite agreement between the Nepal Electricity Authority (NEA), India's NTPC Vidyut Vyapar Nigam Limited (NVVN), and the Bangladesh Power Development Board (BPDB) is set to be signed on July 28.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh added, “Since this is a historic moment, Energy Minister Deepak Khadka wrote a letter to the Indian and Bangladeshi energy ministers to participate in the agreement signing program.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had been waiting for the Bangladesh government's decision regarding electricity export from Nepal for a few months. Last week, BPDB wrote to NEA to enter into an agreement for the purchase and sale of 40 megawatts of electricity produced in Nepal. The date of the tripartite signing was finalized based on coordination between the three sides.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the NEA, it will sell 40 megawatts of electricity to Bangladesh for six months of the rainy season (from June 15 to November 15 every year) for five years and will be paid in US dollars. The authority will receive 6.4 cents per unit by selling electricity to Bangladesh.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ministry stated that 28,800 megawatt hours of electricity will be exported to Bangladesh per month. A total of 144,000 megawatt hours of electricity will be exported to Bangladesh in the next five months, earning Nepal Rs 1.23 billion.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, Singh mentioned that the bilateral high-level energy-related mechanism meeting between Nepal and Bangladesh is scheduled to be held on July 29 and 30 in Pokhara. The first day of the meeting will see joint secretary level joint working group meeting followed by secretary level joint steering committee meeting the next day.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Singh also noted that an agreement regarding the formation of a joint venture to build the Sunkoshi 3 hydropower project with a capacity of 683 megawatts may be signed at the bilateral mechanism meeting. He said, “We have sent the draft of the memorandum to Bangladesh. If there is an agreement before the meeting, the contract will be signed. Otherwise, there will only be more discussion about it.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => '', 'description' => '', 'sortorder' => '21306', 'image' => '20240718112709_c70a54ed.jpeg', 'article_date' => '2024-07-18 11:26:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21579', 'article_category_id' => '1', 'title' => 'IMF Report Highlights Post-Pandemic Credit Challenges and Fiscal Pressure in Nepal', 'sub_title' => '', 'summary' => 'KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: The International Monetary Fund (IMF) has released a comprehensive report highlighting significant shifts in Nepal's credit growth patterns post-pandemic, contrasting with previous stable credit cycles, and addressing fiscal pressures and financial sector vulnerabilities.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">A report prepared by the IMF following the Fourth Review of the Extended Credit Facility to Nepal states that the country experienced demand-driven credit growth before the COVID-19 pandemic, primarily fueling investment activities. This period saw robust economic expansion without significant inflation, supported by large remittance inflows and accommodative monetary policies.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In stark contrast, the post-pandemic credit boom has been largely supply-driven, facilitated by broad-based financial regulation relaxations. This surge disproportionately favored households and non-tradable sectors, leading to excessive credit accumulation. The subsequent economic slowdown and deleveraging highlight the vulnerabilities of this approach, the IMF warned.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report also notes that revenue growth in FY2023/24 has remained subdued despite several tax measures introduced in the budget. By mid-May, tax revenue grew by only 9.1 percent year-on-year, broadly in line with the nominal GDP growth projection. The tax revenue-to-GDP ratio declined from the pre-pandemic average of 18.5 percent to 16.2 percent in FY2022/23, due to factors such as weaker imports, the transition to electric vehicles with lower import duties, increased informal trade, and restrictions on Indian exports.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In response to near-term fiscal pressures, the government has reduced expenditure. Despite lower-than-expected revenue collection, spending restraint through the mid-term budget review in January 2024 is expected to improve the primary balance by +0.7 percent of GDP in FY2023/24.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF report points out that Nepal’s private sector credit has expanded significantly in recent years, driven by rapid credit growth and pandemic-related stimulus. The credit-to-GDP ratio now stands near 100 percent, suggesting financial deepening levels are excessive for Nepal’s economic development stage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Analyzing the credit-to-GDP gap reveals that recent credit expansion has been unprecedented. At its peak, the credit gap exceeded 10 percentage points (pp), far above historical norms. The subsequent correction has brought the gap down to around -5 pp, indicating a sharp reversal and raising concerns about future credit cycles.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The report highlights increasing financial sector vulnerabilities as banks face mounting capital pressure. Following the post-pandemic credit boom, banks have adjusted lending practices, reclassifying loans and absorbing losses amid a challenging economic environment. Improvements in working capital loan guidelines in 2022 and asset classification regulation in 2023 have led to a healthy shift to term lending but also a reassessment of client relationships and an increase in gross non-performing loans (NPLs).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The NRB phased out forbearance on restructuring and rescheduling loans in mid-April, causing banks to face higher NPLs and retroactive taxation, which have hurt profitability, added the report. Although the banking system remains adequately provisioned with a coverage ratio of 70 percent, potential differentiation among individual institutions warrants close monitoring. A downturn in the real estate market has further complicated efforts by banks to sell seized collateral.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Historically, Nepal’s business cycles led credit cycles, but this trend has reversed since the pandemic. Credit expansion now appears to drive economic activity, reversing the pre-pandemic relationship where economic output influenced credit growth, the IMF report further states</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF emphasizes the importance of understanding these credit dynamics to prevent future boom-bust cycles. It suggests that sustained regulatory adjustments by the Nepal Rastra Bank (NRB) can support sustainable, pro-growth credit allocation, and help stabilize the financial sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">By detecting early financial imbalances through measures like the credit-to-GDP gap, authorities can take proactive steps to mitigate risks and ensure financial stability. The IMF report underscores the need for continued vigilance and policy refinement to navigate the complexities of Nepal’s evolving credit landscape.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'IMF, report, Nepal, ECF, extended, credit, facility, pandemic, shift', 'description' => '', 'sortorder' => '21305', 'image' => '20240718104814_20231006125525_20220426051733_imf.jpg', 'article_date' => '2024-07-18 10:47:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21576', 'article_category_id' => '266', 'title' => 'Miss Universe Nepal 2024 Announces Global IME Bank as its Official Banking Partner', 'sub_title' => '', 'summary' => 'KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">KATHMANDU: Organisers of the Miss Universe Nepal 2024 beauty pageant have announced Global IME Bank as the event’s official banking partner. The prestigious international beauty pageant Miss Universe made its debut in Nepal in 2020, the organisers said in a statement. Auditions for this year's Miss Universe Nepal 2024 are currently underway, with the grand finale scheduled for the last week of August.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organizers of the event, Global Glamor Venture, reported an impressive turnout, marked by enthusiastic and inclusive participation from individuals of diverse backgrounds. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“This year’s auditions welcomed a wide array of participants, including married individuals, transgender individuals, Non-Resident Nepalis (NRNs), and professionals such as doctors, engineers, pilots, and more,” reads the statement, adding that 60 individuals have been selected in the initial stage of the application process following physical auditions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">The organisers added that 35 candidates will advance to the final training phase. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Speaking on this collaboration, Sangita Puri, national director of Global Glamor Venture, expressed excitement about the partnership, stating, "We are thrilled to have Global IME Bank as our Official Banking Partner for Miss Universe Nepal 2024. Their support underscores our commitment to promoting diversity and empowerment through this platform. This partnership is more than just a sponsorship; it is a union of two entities dedicated to uplifting and empowering the women of Nepal.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">Similarly, Dilip Pokharel. chief marketing officer of Global IME Bank said, "We are proud to support Miss Universe Nepal 2024, a platform that celebrates the empowerment and beauty of womanhood.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">He added that Global IME Bank is committed to initiatives that drive societal progress and empower women. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">“Through our CSR programs like ‘Swastha Nari Pahal,’ a free women's health camp, and ‘Chhatralai Chhatrabritti,’ a scholarship for girl students, as well as the ‘Meri Unilai’ fixed deposit product, we aim to enhance women's access to education, health, and financial empowerment. This partnership reflects our dedication to uplifting and celebrating the diverse talents within our community.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Arial,"sans-serif"">According to Global Glamor Venture, this year's training program features international-level trainers like Alexander Gonzalez, a respected image consultant and pageant choreographer, and Luis Portelis, an experienced pageant analyst.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'Miss, Nepal, Universe, banking, artner, Global, IME, Bank', 'description' => '', 'sortorder' => '21302', 'image' => '20240718053329_Image.jpeg', 'article_date' => '2024-07-18 05:32:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21575', 'article_category_id' => '274', 'title' => 'Government Issues 73-Point Guidelines for Budget Enforcement', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">KATHMANDU: The government has issued 73-point guidelines for the enforcement of the budget, directed at all ministries, provincial governments, and local governments. The Finance Ministry made public the circular, which aims at promoting efficiency in budget spending and enhancing effectiveness.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">The guidelines cover various agendas, including the authority of budget spending, project approval and allocation, project handover and enforcement, budget transfer, amendment and reporting, fiscal transparency, accountability, and monitoring.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">According to the circular, government bodies allocated budgets for implementation in partnership must inform the Finance Ministry and the Financial Comptroller General Office about the budget share and expected results. Additionally, work procedures for budget implementation should be prepared within this month and updated on the website within a week after endorsement.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Approval from the Finance Ministry is mandatory for work procedures requiring long-term liability. The adoption of two-shift work has been recommended for projects of national priority.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">As per the guidelines, project chiefs should be selected based on internal competition to ensure effective project enforcement. The new guidelines demand establishing criteria to discourage the transfer of employees assigned as project chiefs during the project term, except for those who fail to achieve adequate marks in performance evaluations.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:13.5pt"><span style="font-family:"Calibri","sans-serif"">Furthermore, any works not included in the budget must not be entertained. Finance Secretary Madhu Kumar Marasini informed that the guidelines would be useful in meeting liabilities incurred at the end of the fiscal year. -- RSS</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'guidelines,, government, Nepal, budget, implementation', 'description' => '', 'sortorder' => '21301', 'image' => '20240718053108_guideline.jpg', 'article_date' => '2024-07-18 05:30:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21574', 'article_category_id' => '274', 'title' => 'Finance Minister Poudel Assures Payment for Construction Entrepreneurs', 'sub_title' => '', 'summary' => 'KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has assured construction entrepreneurs that their complaints regarding overdue payments from the government will be addressed soon.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In a meeting with the office-bearers of the Federation of Contractors' Association of Nepal (FCAN) at his office in Singha Durbar on Wednesday, Minister Poudel reassured them that there will be no room for complaints regarding outstanding payments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The newly appointed Minister Poudel also pledged to resolve the longstanding electricity fee dispute between industrialists and the Nepal Electricity Authority concerning the 'dedicated feeder’ and 'trunk line' in accordance with prevailing law.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He mentioned that the Head of the Government has already outlined the government's stance on the 'dedicated feeder and trunk line dispute' and urged construction entrepreneurs not to panic about this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel emphasized that the government will not create any liabilities through illegal means and will avoid such efforts if any arise.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He further stated that the government, as the guardian of the private sector, is always ready to listen to the problems and complaints of the private sector and seek solutions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The incumbent government will not let the trust and confidence of the private sector be broken," he vowed, urging the delegation to move ahead with high morale and contribute to nation-building with confidence.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel acknowledged that his biggest challenge as the Minister for Finance is to raise the morale of the private sector and the general public, which he noted has been waning lately.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed concerns over the decreasing demand and exports, along with the recent dip in revenue collection and capital expenditure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The finance minister also expressed the government's readiness for legal, structural, and practical reforms to boost the morale of the private sector and enhance the construction sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He sought suggestions from construction entrepreneurs on how the government can facilitate supportive policies,, He added that the government has adopted a policy of facilitating, supporting, and collaborating with the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Minister Poudel assured that the government is aware of the inconveniences faced by the private sector regarding policy implementation and legal arrangements and will consider making laws more flexible and easy to address these issues.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He expressed his belief that the monetary policy to be rolled out by the Nepal Rastra Bank in the next fiscal year would address the existing issues of the financial sector.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FCAN, construction, payment, dues, government, Nepal', 'description' => '', 'sortorder' => '21300', 'image' => '20240718052912_fcan.jpg', 'article_date' => '2024-07-18 05:28:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21573', 'article_category_id' => '274', 'title' => 'FNCCI Calls on Government for Policy Decision to Motivate Private Sector', 'sub_title' => '', 'summary' => 'KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.', 'content' => '<h3><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">KATHMANDU: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal highlighted the need to form a high-level mechanism with private sector’s participation to address the existing economic problems.</span></span></h3> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He made such remarks during a meeting with newly-appointed Finance Minister Bishnu Poudel at his office in Singha Durbar on Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"The morale of all sectors, from the general public to industrialists and businessmen, is low while the whole economy is in a weak situation at present. Serious initiation is required for a way out of this situation," he said.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president demanded that industrialists, businessmen, and the private sector be given a place in the protocol (order of precedence) determined by the government.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, industrialists and businesspersons are not in a position to make fresh investments enthusiastically.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">"Investments are not being made despite adequate liquidity and low interest rates. Industrialists and entrepreneurs have not been able to pay the principal and interest on their loans. New entrepreneurs have not been able to venture into the market," Dhakal said. He suggested instituting a high-level mechanism with private sector’s involvement to take initiatives for resolving these problems without incurring any financial burden on the State.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dhakal reiterated that the government should make significant policy decisions to motivate the private sector.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The FNCCI president also complained that illegal imports have increased, resulting in lost government revenue and problems for traders and entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the meeting, the FNCCI placed several demands before the finance minister, urging government bodies to expedite works related to land acquisition for development projects, construction of approach roads, and carrying out Environmental Impact Assessments.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Additionally, the FNCCI suggested the government clarify the jurisdiction of regulatory bodies, expedite payment of dues to construction entrepreneurs, and promptly resolve the dedicated feeder and trunk line power tariff dispute. The FNCCI also called on the government to seriously address the problems seen in the cooperative and microfinance sectors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The private sector requested a convenient and flexible system for the upcoming fiscal year's monetary policy that does not upset the existing system. Among other topics, the FNCCI raised the need to ease the implementation of guidelines on current capital loans and adopt a flexible policy for managing the capital budget.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In response, the Finance Minister asserted that meaningful initiatives are being taken to address the problems faced by the microfinance and cooperatives sector.</span></span></p> <p> </p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-07-18', 'modified' => '2024-07-18', 'keywords' => 'FNCCI, Minister, Finance, private sector', 'description' => '', 'sortorder' => '21299', 'image' => '20240718052717_FNCCI.jpg', 'article_date' => '2024-07-18 05:26:08', '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
