Prices of Fruits and Vegetables Increasing due to Impact of 13 Percent VAT

Jun 09, 2023 0 2 minutes 52 seconds to read

June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable…

Donor Agencies Consulted to Manage Investment for Upper Arun Hydropower Project

Jun 09, 2023 0 1 minutes 41 seconds to read

The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061…

NRB Grants Final Merger Approval of Sana Kisan Laghubitta and RMDC Laghubitta

Jun 09, 2023 0 51 seconds to read

Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their…

Government Initiates Ambitious Plan to Increase Exports to Rs 1600 Billion in 5 Years

Jun 08, 2023 0 3 minutes 19 seconds to read

June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue…

Lumpy Skin Disease Claims Lives of 80 Cattle in Chitwan District

Jun 08, 2023 0 1 minutes 8 seconds to read

An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan…

Prime Minister Dahal Inaugurates Lumbini Cable Car

Jun 08, 2023 0 2 minutes 48 seconds to read

Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the newly installed Lumbini cable car service…

Deposit Collection up by Rs 3 Billion in a Single Day

Jun 08, 2023 0 2 minutes 14 seconds to read

June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this…

Sikkim Shows Interest in Opening Chiwabhanjyang Checkpoint

Jun 08, 2023 0 2 minutes 11 seconds to read

June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang…

Hot Air to Prevail for Next Five Days

Jun 08, 2023 0 2 minutes 41 seconds to read

June 8: Hot air or loo is likely to continue in the Terai belt of the…

World Bank Revises Nepal’s Growth to 4.1 Percent in 2023

Jun 08, 2023 0 3 minutes 27 seconds to read

June 8: The World Bank has projected Nepal’s economic growth to drop to 4.1 percent in…

Pokhara to Host Nepal-China Friendship Dragon Boat Race Festival

Jun 08, 2023 0 1 minutes 37 seconds to read

Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time. The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two…

Insurance Companies Reluctant to Open Branch Offices in Foreign Countries

Jun 07, 2023 0 3 minutes 29 seconds to read

…

General Deliberations on Budget for Upcoming FY Underway in HoR

Jun 07, 2023 0 5 minutes 37 seconds to read

June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year…

Prime Bank Wins the 'Mahalaxmi Corporate Cricket League 2023'

Jun 07, 2023 0 1 minutes 10 seconds to read

Prime Commercial Bank has emerged as the champion of 'Mahalaxmi Corporate Cricket…

NRB Reduces Concessions for Big Mergers

Jun 07, 2023 0 2 minutes 46 seconds to read

June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks.…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

. . .
read more »

NEPSE

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			'title' => 'Prices of Fruits and Vegetables Increasing due to Impact of 13 Percent VAT',
			'sub_title' => '',
			'summary' => 'June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Minister Dr Prakash Sharan Mahat has adopted the policy of canceling 13 percent VAT exemption on such items for the next fiscal year. With this decision, VAT will be imposed on items such as onions, potatoes, garlic, peas, frozen green leafy vegetables, collard greens, beans, spinach, sweet corn, other green vegetables and avocados, apples, quinces, apricot, cherry, strawberries, raspberries and cranberries, blueberries, kiwi, persimmon, &nbsp;and other fruits. Similarly, cotton, wool along with frozen meat items such as beef, lamb, pork, chicken, turkey and duck meat will also be subjected to VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the increase in taxes, prices have also started to rise. Onion which was Rs 40 per kg before the budget announcement has now reached Rs 60 per kg. Traders said that the price of apples, which used to be around Rs 280 to Rs 300 per kg, has increased to Rs 350 to Rs 400. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">No vegetables from outside the country have arrived since the last five days at the Kalimati Fruits and Vegetables Market. The wholesalers of Kalimati have not imported potatoes, onions and other vegetables, demanding that VAT be withdrawn on essential items. Potato traders were paying customs duty of Rs 4 per kg. On top of that, the government has now added 13 percent VAT. Importers have been paying customs duty of Rs 6 per kg for the import of onion. The price of onions has increased after imposing VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Traders insist that they will not import fruits and vegetables because VAT cannot be calculated on perishable goods. According to businessman Surendra Shrestha, such items should be exempted from customs duties. There is no condition to import fruits and vegetables until the VAT is revoked. According to Shrestha, traders refused to import vegetables from foreign countries from the day after the budget was announced.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal imports vegetables worth Rs 40 billion and fruits worth Rs 22 billion annually. Even though the government has adopted a policy of import substitution, it has not done any preparations. According to the experts, increasing the import duty on agricultural products when the domestic production is not enough will only add burden to the consumers. According to the experts, after the government imposed tax on vegetables and fruits with the policy of increasing revenue, the effect of this has been felt in the kitchen of the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Ministry of Finance, although VAT has been announced on perishable items, the government has also fixed a certain threshold.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the ministry say, that the import of vegetables and fruits worth less than Rs 5 million will be exempt of VAT.</span></span></p>

<p>&nbsp;</p>
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			'id' => '18122',
			'article_category_id' => '1',
			'title' => 'Donor Agencies Consulted to Manage Investment for Upper Arun Hydropower Project',
			'sub_title' => '',
			'summary' => 'The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">June 9: The Ministry of Finance on Thursday consulted donor agencies&#39; representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">The representatives of the World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), German government, OPEC Fund, European Union, European Investment Bank and other development partners were consulted regarding the financial closure of the semi-reservoir-based project.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, World Bank Vice President for South Asia Martin Raiser was also present.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">On the occasion, Finance Minister Dr Prakash Sharan Mahat said the World Bank&#39;s interest to invest in the Upper Arun was a positive move. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">&quot;We had expected the World Bank&#39;s investment on Arun-III. The World Bank was also ready but it did not happen due to different reasons. It is a matter of immense pleasure that positive talks are now held on the investment issue of Upper Arun,&quot; the Finance Minister said.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, Minister for Energy, Water Resources and Irrigation Shakti Basnet was also present.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">As per the study by the Upper Arun Hydropower Project, the total estimated cost of the project is around 1.8 billion US dollars. (RSS)</span></span></span></p>
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			'id' => '18121',
			'article_category_id' => '1',
			'title' => 'NRB Grants Final Merger Approval of Sana Kisan Laghubitta and RMDC Laghubitta',
			'sub_title' => '',
			'summary' => 'Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited  and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 9: Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited &nbsp;and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Nepal Rastra Bank granted the long-awaited&nbsp;final approval for the merger of these two companies on June 7,2023.&nbsp;The NRB decision sets the stage for the collaboration between two microfinance companies in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The groundwork for the merger was laid months ago when Sana Kisan and RMDC Laghubitta signed a memorandum of understanding on September 16, 2022.&nbsp;Sana Kisan and RMDC have agreed to merge at a swap ratio of 1:0.87. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">It is expected that the merged entity will deliver quality services and support to its clients. </span></span></p>

<p>&nbsp;</p>
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			'id' => '18120',
			'article_category_id' => '1',
			'title' => 'Government Initiates Ambitious Plan to Increase Exports to Rs 1600 Billion in 5 Years',
			'sub_title' => '',
			'summary' => 'June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Industry, Commerce and Supplies implemented a business strategy action plan with the aim of increasing the export of goods and services to more than Rs 1600 billion by the fiscal year (FY) 2027/28. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To achieve this goal, the ministry updated and implemented the &#39;Nepal Trade Integrated Strategy (NTIS) 2080&#39; with an estimated investment of Rs 463 billion. By April of current FY 2022/823, Nepal exported goods and services worth Rs 130 billion. The data of the Department of Customs shows that goods worth Rs 1335 billion were imported during this period.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The ministry has estimated that the export of goods and services will reach 20 percent of the GDP when the strategy is implemented. Gobinda Bahadur Karki, joint secretary of the ministry said that this plan is ambitious. He said, &ldquo;During this period, the size of the economy will increase to Rs 8000 billion and export will reach 20 percent of that.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the year 2021/22, the ratio of exports compared to GDP was 6.3 percent. By FY 2027/28, it is projected to reach 20 percent. To achieve the target, a total of 15 agencies will be responsible for conducting 183 activities. It is estimated that an investment of Rs 463 billion will be required to carry out those activities. Karki adde that even if it does not involve expenses for legal reform and administrative work, the investment is essential for the necessary infrastructure to the provision of cash subsidies for exports.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Karki, the Office of the Prime Minister and Council of Ministers, the National Planning Commission along with ministries that overlook industry, finance, physical infrastructure and transport, agriculture and livestock, foreign affairs, culture, tourism and civil aviation, energy and water resources, education, science and technology, forest and environment, communication and information technology, labor, employment and social security, home affairs along with Nepal Rastra Bank are the agencies responsible for implementing the strategy.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For this purpose, the industry ministry has formed a National Director Committee under the chairmanship of the Minister for Industry, with the secretaries of related bodies as members, looking over to the status of implementation. He said that the mid-term review of the action plan implementation will be done in 3 years and the final review will be done after 5 years. In addition to government agencies, representatives of private sector umbrella organizations are also participating in the action plan.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This &#39;Nepal Trade Integrated Strategy 2080&#39; was approved by the Council of Ministers on May 9 by adding 24 goods and services. Along with this, 32 goods and services have been listed in NTIS.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
',
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			'article_date' => '2023-06-08 17:26:21',
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		'Article' => array(
			'id' => '18119',
			'article_category_id' => '1',
			'title' => 'Lumpy Skin Disease Claims Lives of 80 Cattle in Chitwan District',
			'sub_title' => '',
			'summary' => 'An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Veterinary Hospital and Livestock Services Expert Centre in Chitwan reported the alarming spread of the disease throughout the district.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sushil KC, Chief of the Expert Centre, disclosed that a total of 3,086 cows and 252 buffaloes have been affected by the disease so far in Chitwan. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The disease has made its way into all seven local levels, with Rapti Municipality and Ichchhakamana Rural Municipality witnessing the highest number of cases.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The infection count includes 1,405 cattle in Rapti Municipality, 265 in Kalika Municipality, 204 in Khairahani Municipality, 225 in Bharatpur Metropolitan City, 114 in Ratnanagar Municipality, 952 in Ichchhakamana Rural Municipality, and 253 in Madi Municipality, as stated by KC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, the Centre reported that the disease has claimed the lives of 49 cattle in Ichchhakamana Rural Municipality, 13 in Bharatpur Metropolitan City, 10 in Rapti Municipality, and four in both Kalika and Ratnanagar Municipalities.</span></span></p>
',
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			'sortorder' => '17850',
			'image' => '20230608044405_collage (13).jpg',
			'article_date' => '2023-06-08 16:42:39',
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		'Article' => array(
			'id' => '18118',
			'article_category_id' => '1',
			'title' => 'Prime Minister Dahal Inaugurates Lumbini Cable Car',
			'sub_title' => '',
			'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the newly installed Lumbini cable car service today.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Prime Minister Pushpa Kamal Dahal &#39;Prachanda&#39; inaugurated the newly installed Lumbini cable car service today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;The cable car, spanning approximately three kilometers, operates from Golpark Bamghat of Butwal sub-metropolitan city-3 to Basantapur of Tinau rural municipality-3 in Palpa district, making it the first cable car in Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the inauguration, Prime Minister Dahal unveiled a copper plaque at the Bottom Station located in Golpark Bamghat, formally launching the cable car service. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Basantapur, the destination accessible through the Lumbini cable car, boasts several notable attractions, including the Kamakhyadevi temple, Bhagwati temple, Ganesh temple, Kailash Parbat, and other structures such as ponds and stone spouts. As a result, Basantapur has now emerged as a religious tourism hotspot.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The successful operation of the Lumbini cable car service is the outcome of a collaborative effort between the Lumbini Cable Car Company, Butwal sub-metropolis, and Tinau Rural Municipality. IME Group invested for the construction of the cable car and&nbsp;brought it&nbsp;into operation, which is their&nbsp;third cable car project in the country.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chandra Prasad Dhakal, the Chairperson of Lumbini Cable Car Pvt Ltd, expressed his gratitude towards the federal government, Lumbini province government, local government, and the local community for their support and assistance in bringing the Lumbini cable car to fruition. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal emphasized that the cable car&#39;s operation would contribute to the economic and social transformation of Rupandehi, Palpa, Nawalparasi, Kapilvastu, and the entire Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, Chair Dhakal announced a new campaign for the construction of a cable car religious tourism circuit. The initial phase of this project has already seen an investment of Rs 1.5 billion, with the total cost of the cable car project and resort estimated to be Rs 5 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The cable car infrastructure includes restaurants at the top station, with additional amenities such as hotels, children&#39;s playgrounds, skywalks, and zip lines currently under construction. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The bottom station sits at an elevation of 230 meters above sea level, while the top station is located at 940 meters above sea level. With 25 gondolas available, passengers can reach the top station from the bottom station in just 10 minutes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Lumbini cable car service not only enhances the region&#39;s religious significance but also contributes to its overall tourism development.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This project aligns with the aspirations of political leaders and the people of Lumbini Province, who aim to establish Rupandehi as the financial capital of the province, said Chair Dhakal. </span></span></p>
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			'sortorder' => '17849',
			'image' => '20230608035743_collage (12).jpg',
			'article_date' => '2023-06-08 15:55:25',
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	(int) 6 => array(
		'Article' => array(
			'id' => '18117',
			'article_category_id' => '1',
			'title' => 'Deposit Collection up by Rs 3 Billion in a Single Day',
			'sub_title' => '',
			'summary' => 'June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank (NRB), the total deposits of banks and financial institutions were Rs 5530 billion on Monday, which increased to Rs 5533 billion on Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During this period, deposits of development banks and finance companies decreased, but that of commercial banks increased. Compared to Monday, deposits of development banks and finance companies decreased by Rs 2 billion on Tuesday, while deposits of commercial banks increased by Rs 4 billion. As of Tuesday, total deposits in development banks and finance stood at Rs 648 billion while the deposit portfolio of commercial banks was Rs 4884 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the increase in deposits, the credit investment of banks and financial institutions remained stable. BFIs disbursed a total of Rs 4354 billion in loans as of Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although the interest rate of the banks decreased recently, the flow of money is constant. Due to high interest rates, reduction in economic activity and pressure on primary capital of banks, the credit flow has not been encouraging.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Due to lack of loan investment, the credit-deposit ratio (CD ratio) of banks fell to 84.36 percent. Banks can disburse loans until the CD ratio reaches 90 percent. As the capital adequacy ratio of some banks has reached the specified minimum limit, they have not been able to disburse loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Interbank interest rate is decreasing as well due to the high liquidity and absence of loan investment. NRB said that the interbank interest rate remained at 6.67 percent on Tuesday.</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '17848',
			'image' => '20230608025323_Banks - Copy.jpg',
			'article_date' => '2023-06-08 14:52:42',
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	(int) 7 => array(
		'Article' => array(
			'id' => '18116',
			'article_category_id' => '1',
			'title' => 'Sikkim Shows Interest in Opening Chiwabhanjyang Checkpoint   ',
			'sub_title' => '',
			'summary' => 'June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In his visit to Chiwabhanjyang on Tuesday, CM Tamang shared the state government has been effortful to open the checkpoint in a way to benefit both Nepal and India, the state-owned RSS of Nepal reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I am trying my best to explore the checkpoint so as to reap mutual benefits from Chiwa,&rdquo; RSS quoted the chief minister of Sikkim as saying.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I have been frequently raising the issue in the assembly of policy commission (Niti Ayog).&rdquo;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">CM Tamang further shared that discussion was also held with central government of India regarding the opening and operation of the checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;The central government is positive about the issue,&rdquo; he noted. In order to develop the Chiwabhanjyang as a checkpoint, the Sikkim state government has expanded 22-km road from Uttar Bazaar to Chiwabhanjyang with an investment of INR 560 million.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Mid-Hill Highway of Nepal had reached the Chiwabhanjyang a decade ago. The origin of the highway is also Chiwabhanjyang.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Sikkim state government has made efforts to open the checkpoint at a time when locals Panchthar, including Yangwarak Rural Municipality, have demanded the opening of the Chiwabhanjyang transit point located in Yangwarak-1, Panchthar.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to RRSS, CM Tamanag further stressed the need to formally open the checkpoint when people from Nepal and Sikkim have been using the territory for cross-border movement. He highlighted the necessity to develop Chiwabhanjyang as a bilateral contact point of Nepal and Sikkim. -</span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '17847',
			'image' => '20230608012803_sikkim.jpg',
			'article_date' => '2023-06-08 13:26:42',
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	(int) 8 => array(
		'Article' => array(
			'id' => '18115',
			'article_category_id' => '1',
			'title' => 'Hot Air to Prevail for Next Five Days   ',
			'sub_title' => '',
			'summary' => 'June 8: Hot air or loo is likely to continue in the Terai belt of the country.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Hot air or loo is likely to continue in the Terai belt of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Weather Forecasting Division under the Department of Hydrology and Meteorology urged one and all to adopt necessary alert measures protect oneself from the possible consequences of hot air.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Issuing a special bulletin on hot air and loo, the division urged the public to remain cautious of the abrupt rise in maximum and minimum temperatures and subsequent effects in the southern plain areas for at least next five days.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;As per the study and analysis of the environment, it seems this year&#39;s monsoon arrival will still take some more days in Nepal. Thus, hot air or loo will continue to prevail in the southern plains of the country for additional five days. The general public are requested to adopt precautionary measures to stay safe from the rising temperature,&rdquo; the bulletin stated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the temperature is predicted to gradually increase in the mountainous areas as well, the general public have been asked to remain updated on the alerts issued by the division, the bulletin added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Meteorologist Govinda Kumar Jha said loo is predicted to prevail for the next five days. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;Loo has continued in most of the territories of the Terai for the past couple of days. Temperature has exceeded 40 degree Celsius from central parts of the Terai to Bhairahawa. Areas, including Nepalgunj also has witnessed 40 plus degrees temperature which has resulted in hot wave,&rdquo; he further shared.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Loo is a gust of strong hot wind which is considered to prevail when temperature continuously remains above 40 degrees for five days. Meteorologist Jha further said loo has been prevailing with the rise in temperature and dryness in lack of rain.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, there is higher effect of Westerly winds and local wind in the country. It is predicted that mountainous belts of the country will witness partial to general changes in weather.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minimum temperature of Kathmandu Valley on Thursday was recorded at 17.5 degrees Celsius and the maximum temperature is expected to be around 32 degrees Celsius. -- RSS&nbsp;&nbsp; </span></span></span></p>
',
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			'created' => '2023-06-08',
			'modified' => '2023-06-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17846',
			'image' => '20230608120737_Untitled.jpg',
			'article_date' => '2023-06-08 12:06:47',
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	(int) 9 => array(
		'Article' => array(
			'id' => '18114',
			'article_category_id' => '1',
			'title' => 'World Bank Revises Nepal’s Growth to 4.1 Percent in 2023',
			'sub_title' => 'Global Growth to Slow Significantly to 2.1 Percent',
			'summary' => 'June 8: The World Bank has projected Nepal’s economic growth to drop to 4.1 percent in 2023.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 8: The World Bank has projected Nepal&rsquo;s economic growth to drop to 4.1 percent in 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Unveiling the June issue of the Global Economic Prospects 2023 on Wednesday, the World Bank said that growth in Nepal in FY 2022/23, undermined by import restrictions and cooled by tighter monetary policy in the face of higher inflation, has been revised down to 4.1 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The National Statistics Office, however, had earlier projected Nepal&rsquo;s growth to drop to 2.16 percent in the current fiscal year, which is four times less than the target set by the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank said that the outlook for the economies in crisis remains dire, with minimal expectation of reversing the recent declines in per capita income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Economies in South Asia are among the most vulnerable to climate change, said the report adding that more than half of South Asians have been affected by one or more climate-related disasters over the past two decades.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The region has been facing intensifying heatwaves, cyclones, droughts, and floods. With climate change increasing risks to economic activity and development, there is an urgent need to increase resilience. Failure to act could see climate change-related events imposing rising costs. In Nepal, for example, the economic impact from flooding could triple and the number of people affected more than double by 2030,&rdquo; reads the report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank report has projected global growth to slow significantly to 2.1 percent amid high inflation, tight monetary policy, and more restrictive credit conditions. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, the global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation&rsquo;s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;After growing 3.1 percent last year, the global economy is set to slow substantially in 2023, to 2.1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2.4 percent.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report states that inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. Recent banking sector stress in advanced economies will also likely dampen activity through more restrictive credit conditions, said the report, adding, &ldquo;The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth and lead to financial dislocations in the most vulnerable emerging market and developing economies (EMDEs).&rdquo; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report suggested that comprehensive policy action is needed to foster macroeconomic and financial stability. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the longer term, the report says reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.</span></span></p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '17845',
			'image' => '20230608111955_wbbb.jpg',
			'article_date' => '2023-06-08 11:18:44',
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	(int) 10 => array(
		'Article' => array(
			'id' => '18113',
			'article_category_id' => '1',
			'title' => 'Pokhara to Host Nepal-China Friendship Dragon Boat Race Festival',
			'sub_title' => '',
			'summary' => 'Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time. The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is jointly organized by Nepal Tourism Board, Chinese Embassy in Nepal, and Pokhara Metropolitan City. Preparations are already underway for the festival, which is scheduled to take place on June 23 and 24 at Fewa Lake, offering a stunning backdrop for the exhilarating races.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Eight specially designed boats have been brought from China to Pokhara, said Chairperson of Pokhara Tourism Council, Pomnarayan Shrestha. &nbsp;A total of eight teams, consisting of four teams from China and four from Nepal, will compete in thrilling races covering distances of 500 and 1000 meters. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Beyond the boat races, attendees will have the opportunity to indulge in the delectable flavors of Nepali and Chinese cuisine, adding an extra layer of delight to the festival.&nbsp;&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A total of 260 participants including 60 athletes will come to Pokhara by chartering a plane to participate in the Nepal-China Dragon Boat Race Festival, according to the organisers.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Chinese team will land at the Pokhara International Airport on two chartered planes from China.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is estimated to cost Rs 25 million, and it&nbsp;promises to be a resounding success.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '17844',
			'image' => '20230608055919_collage (12).jpg',
			'article_date' => '2023-06-08 05:56:58',
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	(int) 11 => array(
		'Article' => array(
			'id' => '18112',
			'article_category_id' => '1',
			'title' => 'Insurance Companies Reluctant to Open Branch Offices in Foreign Countries',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 7: The Nepal Insurance Authority (NIA) had introduced a policy in April to allow Nepali insurers to open branches abroad. However, no insurer has sought permission to open a branch abroad so far, citing that there has been no homework regarding the process.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the release of the &#39;Directive on Insurance Branch Offices, 2079&#39; by NIA, insurers who have fulfilled the conditions will be allowed to open their offices in other countries and expand their business with approval of the regulatory body. According to the guidelines, the insurer should inform the authority about opening an office within six months after receiving the final approval from the authority.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">NIA claimed that the business of Nepali insurers abroad can become a good source of foreign exchange earnings in the near future. However, almost two months after the issuance of the guidelines, no insurer has applied for permission to open a branch abroad, according to Raju Raman Paudel, spokesperson of NIA.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;As per the guidelines issued by the authority, if any company meets the criteria and applies for permission to open a branch, the authority will give approval after necessary study,&rdquo; said Paudel, adding, &ldquo;The provision provides that the insurance companies must comply with the prevailing laws of the country where the branch is to be opened in addition to maintaining the capital determined by the regulatory body there. As far as the authority has understood, the insurers are in the process of studying the prevailing laws of the country where they will open a branch, resulting in no response even after two months of availability of the facility.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bishwa Nath Adhikari, information officer of Sagarmatha Lumbini Insurance Company says that the company has not done its homework about branches abroad. &ldquo;The customers of life insurance companies can be Nepali workers working abroad, but it is necessary for non-life insurance to identify the main customers and also study the potential of the business. Since the company is still new in the field, it has not proceeded towards homework,&rdquo; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Umesh Prasad Mainali, information officer of Suryajyoti Life Insurance says that there is no immediate plan to open a branch abroad. &ldquo;The opening of branches abroad should be discussed in the board itself. There is no discussion on the matter as of now,&rdquo;&nbsp;said Mainali.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Chairman of the then Insurance Board Nepal Chiranjeevi Chapagain believes that insurers are not willing to open branches abroad because it is not &#39;feasible&#39;. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;The target group of companies is Nepali workers abroad. For that, companies already have the option of foreign employment insurance. Although there is an option, opening a branch abroad will increase the cost of operation. This is preventing them from opening a branch in other countries,&rdquo; said Chapagain.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chapagain says that when any agency makes a policy, it should be made only after studying the demands and needs of the company as well as the market demand. &ldquo;For the sake of cheap popularity, various agencies are now making policies without studying the demands and needs of the market,&rdquo; he added.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-06-07',
			'modified' => '2023-06-07',
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			'description' => '',
			'sortorder' => '17843',
			'image' => '20230607064224_INSURANCE-COVERAGE.jpg',
			'article_date' => '2023-06-07 18:40:36',
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	(int) 12 => array(
		'Article' => array(
			'id' => '18111',
			'article_category_id' => '1',
			'title' => 'General Deliberations on Budget for Upcoming FY Underway in HoR',
			'sub_title' => '',
			'summary' => 'June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Taking part in the deliberations on Wednesday, lawmaker Dilendra Prasad Badu said the budget for the upcoming fiscal year brought by the government has taken positive initiatives for improving the overall economic condition of the nation.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;It has made efforts towards increasing the capital expenditure and cutting down on the unproductive expenses. The government has also prepared the time-bound action plan on budget implementation,&quot; he said, adding that the provision of enhancing the effectiveness of implementation of budget for the next fiscal year and the decision of dissolving and merging 20 government entities were positive aspects of the budget.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Raghuveer Mahaseth raised a question on the implementation aspect of the budget. He stressed that the projects of national pride and priority should be designed on EPCF concept. &quot;The government is responsible for the delay in preparing the DPR of the Birgunj-Kathmandu and Rasuwa-Kathmandu Railway. Works on Sunkoshi Marin, Bheri Babai and Rani Jamara among the irrigation projects have not been attached due priority,&quot; he pointed out.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Lekhnath Dahal opined that the government has tried to address all the positive topics raised by the parliamentarians through the policies and programmes and the budget. &quot;Checking revenue leakage, maintaining budget allocation efficiency, prioritization of good governance and service delivery and keeping the production and industrial sector in priority for promoting capital formation are some of the positive aspects of the budget,&quot; he added.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Manish Jha criticized the budget, saying it lacked harmonization between income and expenditure. He said the citizens should take ownership of the budget.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The government should be clear about which sector has to be prioritized for the comprehensive economic development of the country. It is not clear where this sort of budget will take us until 2030. So, this budget is merely ritualistic,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Deepak Bahadur Singh said the budget has failed to bring any concrete plans and programmes on addressing the problems faced by most of the industries in the country. He also questioned the effectiveness of the subsidies provided to the farmers. &quot;It is necessary to stop the import of vegetables, fruits, food grains and other agricultural goods from other countries including India and to provide protection to the domestic agricultural goods and produce,&quot; he stressed.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Upendra Yadav said the budget has both positive and negative sides. &quot;There are some positive, some negative and some discriminatory issues, he shared, claiming that the budget has failed to adopt the concept of balanced and inclusive development.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Yadav said the process to prepare the budget is wrong, adding, &quot;People may think that lawmakers and ministers prepare the budget, but employees, and middlemen prepare it.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Sher Bahadur Kunwar expressed the view that decreasing share of capital expenditure in the annual budget is a matter of worry.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The share of capital expenditure in the budget was equal to 65 percent three decades ago. But it has now decreased to 17 percent.&nbsp; Keeping the country&#39;s economy in poor condition is a matter of concern for all of us&quot;, he mentioned.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Kunwar further said the cooperative sector, which is considered as the main pillar of the three-pillar economic policy, could not be mobilized in building the economy.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Another lawmaker Anita Devi complained of allocating inadequate budget in Madhes Province for the coming fiscal year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">The budget has failed to meet the expectation of strengthening fiscal federalism implementation, she said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Chitra Bahadur KC raised questions over the federal system, adding there was no alternative to reduce cabinet size, ministries and scrapping federalism to reduce expenses.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">He stressed the need of providing voting rights to migrant Nepalis.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Dr Amaresh Kumar Singh mentioned that Madhesh has been discriminated against in the course of distributing resources. He further said that arrangements should be made to provide education, health and justice free of cost.</span> --<span style="font-size:14.0pt">RSS</span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Prime Bank Wins the 'Mahalaxmi Corporate Cricket League 2023'',
			'sub_title' => '',
			'summary' => 'Prime Commercial Bank has emerged as the champion of  'Mahalaxmi Corporate Cricket League-2023'.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 7: Prime Commercial Bank emerged as the champion of &#39;Mahalaxmi Corporate Cricket League-2023&#39;.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In the final match held on Monday, Prime Bank defeated Machhapuchhre Bank by 40 runs to clinch the title. Kritartha Shakya of Prime Bank was named the &#39;Man of the Match&#39; for his outstanding performance in the final. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Machhapuchhre Bank won the toss and invited Prime Bank for batting. Prime Bank had set a target of 87 runs, losing 6 wickets in the allotted overs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;In response, Machhapuchhre Bank could only score 47 runs. Samir Thapa from Kamana Development Bank was declared the Best Batsman, while Chheten Dorje Sherpa from the same Bank was honored as the Best Bowler in the competition.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sanjay Giri from NIC Asia Bank received the award of Best Fielder, and Ritesh Adhikari from NIC Asia Bank was recognized as the Best Wicket-Keeper of the tournament. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, Kritartha Shakya from Prime Bank was announced as the Best Player of the Tournament. </span></span></p>
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			'id' => '18109',
			'article_category_id' => '1',
			'title' => 'NRB Reduces Concessions for Big Mergers',
			'sub_title' => 'Banks that could not start integrated business until mid-January can do so by mid-July',
			'summary' => 'June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. Amending the unified directives on Tuesday (June 6), the central bank reduced the facilities and exemptions given to commercial banks opting for merger and acquisition but extended the deadline. As per the new provision, banks that initiated the merger process but could not start integrated transaction can do so by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They can still enjoy six types of offers given by the central bank if they start integrated transactions by mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If the integrated business is started within the given timeframe, the banks will get one-year extension for providing loans in the specified areas. Likewise, the cooling period provision of directors and high-ranking employees, who cannot join another organization for at least 6 months after quitting their posts, will not be applicable to the merged entities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the merged banks will be provided with additional six months to fix their credit-deposit ratio if it has crossed the limit fixed by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, arrangements have been made for such banks that the will not require the&nbsp; approval of the NRB for one year to merge or close branch offices operating within one kilometer distance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, NRB such facilities were available only if integrated transactions were done within mid-January. However, the NRB has extended the deadline for the banks that could not complete the integrated transactions within that period. However, the banks that are yet to start integrated business will not get some facilities given to banks that started integrated business by mid-January.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The relaxation given to the banks doing integrated transactions to maintain the mandatory cash balance, statutory liquidity ratio, spread rate and other indicators has been removed. Similarly, the exemption given to the chief executive officer on the age limit, the ratio of institutional deposits and the concession given on the compulsory arrangement to issue bonds have also been removed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Among the banks that have signed an agreement for the merger, only Laxmi Bank and Sunrise Bank are yet to start integrated transaction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank and Bank of Kathmandu, Prabhu Bank and Century Bank, Nepal Investment Bank and Mega Bank, and Kumari Bank and NCC Bank have started integrated business within the timeframe given by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Himalayan Bank and Civil Bank started integrated business only in mid-January. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18123',
			'article_category_id' => '1',
			'title' => 'Prices of Fruits and Vegetables Increasing due to Impact of 13 Percent VAT',
			'sub_title' => '',
			'summary' => 'June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Minister Dr Prakash Sharan Mahat has adopted the policy of canceling 13 percent VAT exemption on such items for the next fiscal year. With this decision, VAT will be imposed on items such as onions, potatoes, garlic, peas, frozen green leafy vegetables, collard greens, beans, spinach, sweet corn, other green vegetables and avocados, apples, quinces, apricot, cherry, strawberries, raspberries and cranberries, blueberries, kiwi, persimmon, &nbsp;and other fruits. Similarly, cotton, wool along with frozen meat items such as beef, lamb, pork, chicken, turkey and duck meat will also be subjected to VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the increase in taxes, prices have also started to rise. Onion which was Rs 40 per kg before the budget announcement has now reached Rs 60 per kg. Traders said that the price of apples, which used to be around Rs 280 to Rs 300 per kg, has increased to Rs 350 to Rs 400. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">No vegetables from outside the country have arrived since the last five days at the Kalimati Fruits and Vegetables Market. The wholesalers of Kalimati have not imported potatoes, onions and other vegetables, demanding that VAT be withdrawn on essential items. Potato traders were paying customs duty of Rs 4 per kg. On top of that, the government has now added 13 percent VAT. Importers have been paying customs duty of Rs 6 per kg for the import of onion. The price of onions has increased after imposing VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Traders insist that they will not import fruits and vegetables because VAT cannot be calculated on perishable goods. According to businessman Surendra Shrestha, such items should be exempted from customs duties. There is no condition to import fruits and vegetables until the VAT is revoked. According to Shrestha, traders refused to import vegetables from foreign countries from the day after the budget was announced.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal imports vegetables worth Rs 40 billion and fruits worth Rs 22 billion annually. Even though the government has adopted a policy of import substitution, it has not done any preparations. According to the experts, increasing the import duty on agricultural products when the domestic production is not enough will only add burden to the consumers. According to the experts, after the government imposed tax on vegetables and fruits with the policy of increasing revenue, the effect of this has been felt in the kitchen of the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Ministry of Finance, although VAT has been announced on perishable items, the government has also fixed a certain threshold.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the ministry say, that the import of vegetables and fruits worth less than Rs 5 million will be exempt of VAT.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18122',
			'article_category_id' => '1',
			'title' => 'Donor Agencies Consulted to Manage Investment for Upper Arun Hydropower Project',
			'sub_title' => '',
			'summary' => 'The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">June 9: The Ministry of Finance on Thursday consulted donor agencies&#39; representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">The representatives of the World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), German government, OPEC Fund, European Union, European Investment Bank and other development partners were consulted regarding the financial closure of the semi-reservoir-based project.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, World Bank Vice President for South Asia Martin Raiser was also present.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">On the occasion, Finance Minister Dr Prakash Sharan Mahat said the World Bank&#39;s interest to invest in the Upper Arun was a positive move. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">&quot;We had expected the World Bank&#39;s investment on Arun-III. The World Bank was also ready but it did not happen due to different reasons. It is a matter of immense pleasure that positive talks are now held on the investment issue of Upper Arun,&quot; the Finance Minister said.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, Minister for Energy, Water Resources and Irrigation Shakti Basnet was also present.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">As per the study by the Upper Arun Hydropower Project, the total estimated cost of the project is around 1.8 billion US dollars. (RSS)</span></span></span></p>
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			'id' => '18121',
			'article_category_id' => '1',
			'title' => 'NRB Grants Final Merger Approval of Sana Kisan Laghubitta and RMDC Laghubitta',
			'sub_title' => '',
			'summary' => 'Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited  and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 9: Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited &nbsp;and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Nepal Rastra Bank granted the long-awaited&nbsp;final approval for the merger of these two companies on June 7,2023.&nbsp;The NRB decision sets the stage for the collaboration between two microfinance companies in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The groundwork for the merger was laid months ago when Sana Kisan and RMDC Laghubitta signed a memorandum of understanding on September 16, 2022.&nbsp;Sana Kisan and RMDC have agreed to merge at a swap ratio of 1:0.87. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">It is expected that the merged entity will deliver quality services and support to its clients. </span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Initiates Ambitious Plan to Increase Exports to Rs 1600 Billion in 5 Years',
			'sub_title' => '',
			'summary' => 'June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Industry, Commerce and Supplies implemented a business strategy action plan with the aim of increasing the export of goods and services to more than Rs 1600 billion by the fiscal year (FY) 2027/28. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To achieve this goal, the ministry updated and implemented the &#39;Nepal Trade Integrated Strategy (NTIS) 2080&#39; with an estimated investment of Rs 463 billion. By April of current FY 2022/823, Nepal exported goods and services worth Rs 130 billion. The data of the Department of Customs shows that goods worth Rs 1335 billion were imported during this period.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The ministry has estimated that the export of goods and services will reach 20 percent of the GDP when the strategy is implemented. Gobinda Bahadur Karki, joint secretary of the ministry said that this plan is ambitious. He said, &ldquo;During this period, the size of the economy will increase to Rs 8000 billion and export will reach 20 percent of that.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the year 2021/22, the ratio of exports compared to GDP was 6.3 percent. By FY 2027/28, it is projected to reach 20 percent. To achieve the target, a total of 15 agencies will be responsible for conducting 183 activities. It is estimated that an investment of Rs 463 billion will be required to carry out those activities. Karki adde that even if it does not involve expenses for legal reform and administrative work, the investment is essential for the necessary infrastructure to the provision of cash subsidies for exports.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Karki, the Office of the Prime Minister and Council of Ministers, the National Planning Commission along with ministries that overlook industry, finance, physical infrastructure and transport, agriculture and livestock, foreign affairs, culture, tourism and civil aviation, energy and water resources, education, science and technology, forest and environment, communication and information technology, labor, employment and social security, home affairs along with Nepal Rastra Bank are the agencies responsible for implementing the strategy.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For this purpose, the industry ministry has formed a National Director Committee under the chairmanship of the Minister for Industry, with the secretaries of related bodies as members, looking over to the status of implementation. He said that the mid-term review of the action plan implementation will be done in 3 years and the final review will be done after 5 years. In addition to government agencies, representatives of private sector umbrella organizations are also participating in the action plan.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This &#39;Nepal Trade Integrated Strategy 2080&#39; was approved by the Council of Ministers on May 9 by adding 24 goods and services. Along with this, 32 goods and services have been listed in NTIS.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '18119',
			'article_category_id' => '1',
			'title' => 'Lumpy Skin Disease Claims Lives of 80 Cattle in Chitwan District',
			'sub_title' => '',
			'summary' => 'An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Veterinary Hospital and Livestock Services Expert Centre in Chitwan reported the alarming spread of the disease throughout the district.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sushil KC, Chief of the Expert Centre, disclosed that a total of 3,086 cows and 252 buffaloes have been affected by the disease so far in Chitwan. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The disease has made its way into all seven local levels, with Rapti Municipality and Ichchhakamana Rural Municipality witnessing the highest number of cases.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The infection count includes 1,405 cattle in Rapti Municipality, 265 in Kalika Municipality, 204 in Khairahani Municipality, 225 in Bharatpur Metropolitan City, 114 in Ratnanagar Municipality, 952 in Ichchhakamana Rural Municipality, and 253 in Madi Municipality, as stated by KC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, the Centre reported that the disease has claimed the lives of 49 cattle in Ichchhakamana Rural Municipality, 13 in Bharatpur Metropolitan City, 10 in Rapti Municipality, and four in both Kalika and Ratnanagar Municipalities.</span></span></p>
',
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			'created' => '2023-06-08',
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			'description' => '',
			'sortorder' => '17850',
			'image' => '20230608044405_collage (13).jpg',
			'article_date' => '2023-06-08 16:42:39',
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	(int) 5 => array(
		'Article' => array(
			'id' => '18118',
			'article_category_id' => '1',
			'title' => 'Prime Minister Dahal Inaugurates Lumbini Cable Car',
			'sub_title' => '',
			'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the newly installed Lumbini cable car service today.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Prime Minister Pushpa Kamal Dahal &#39;Prachanda&#39; inaugurated the newly installed Lumbini cable car service today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;The cable car, spanning approximately three kilometers, operates from Golpark Bamghat of Butwal sub-metropolitan city-3 to Basantapur of Tinau rural municipality-3 in Palpa district, making it the first cable car in Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the inauguration, Prime Minister Dahal unveiled a copper plaque at the Bottom Station located in Golpark Bamghat, formally launching the cable car service. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Basantapur, the destination accessible through the Lumbini cable car, boasts several notable attractions, including the Kamakhyadevi temple, Bhagwati temple, Ganesh temple, Kailash Parbat, and other structures such as ponds and stone spouts. As a result, Basantapur has now emerged as a religious tourism hotspot.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The successful operation of the Lumbini cable car service is the outcome of a collaborative effort between the Lumbini Cable Car Company, Butwal sub-metropolis, and Tinau Rural Municipality. IME Group invested for the construction of the cable car and&nbsp;brought it&nbsp;into operation, which is their&nbsp;third cable car project in the country.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chandra Prasad Dhakal, the Chairperson of Lumbini Cable Car Pvt Ltd, expressed his gratitude towards the federal government, Lumbini province government, local government, and the local community for their support and assistance in bringing the Lumbini cable car to fruition. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal emphasized that the cable car&#39;s operation would contribute to the economic and social transformation of Rupandehi, Palpa, Nawalparasi, Kapilvastu, and the entire Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, Chair Dhakal announced a new campaign for the construction of a cable car religious tourism circuit. The initial phase of this project has already seen an investment of Rs 1.5 billion, with the total cost of the cable car project and resort estimated to be Rs 5 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The cable car infrastructure includes restaurants at the top station, with additional amenities such as hotels, children&#39;s playgrounds, skywalks, and zip lines currently under construction. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The bottom station sits at an elevation of 230 meters above sea level, while the top station is located at 940 meters above sea level. With 25 gondolas available, passengers can reach the top station from the bottom station in just 10 minutes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Lumbini cable car service not only enhances the region&#39;s religious significance but also contributes to its overall tourism development.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This project aligns with the aspirations of political leaders and the people of Lumbini Province, who aim to establish Rupandehi as the financial capital of the province, said Chair Dhakal. </span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '17849',
			'image' => '20230608035743_collage (12).jpg',
			'article_date' => '2023-06-08 15:55:25',
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	(int) 6 => array(
		'Article' => array(
			'id' => '18117',
			'article_category_id' => '1',
			'title' => 'Deposit Collection up by Rs 3 Billion in a Single Day',
			'sub_title' => '',
			'summary' => 'June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank (NRB), the total deposits of banks and financial institutions were Rs 5530 billion on Monday, which increased to Rs 5533 billion on Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During this period, deposits of development banks and finance companies decreased, but that of commercial banks increased. Compared to Monday, deposits of development banks and finance companies decreased by Rs 2 billion on Tuesday, while deposits of commercial banks increased by Rs 4 billion. As of Tuesday, total deposits in development banks and finance stood at Rs 648 billion while the deposit portfolio of commercial banks was Rs 4884 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the increase in deposits, the credit investment of banks and financial institutions remained stable. BFIs disbursed a total of Rs 4354 billion in loans as of Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although the interest rate of the banks decreased recently, the flow of money is constant. Due to high interest rates, reduction in economic activity and pressure on primary capital of banks, the credit flow has not been encouraging.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Due to lack of loan investment, the credit-deposit ratio (CD ratio) of banks fell to 84.36 percent. Banks can disburse loans until the CD ratio reaches 90 percent. As the capital adequacy ratio of some banks has reached the specified minimum limit, they have not been able to disburse loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Interbank interest rate is decreasing as well due to the high liquidity and absence of loan investment. NRB said that the interbank interest rate remained at 6.67 percent on Tuesday.</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '17848',
			'image' => '20230608025323_Banks - Copy.jpg',
			'article_date' => '2023-06-08 14:52:42',
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	(int) 7 => array(
		'Article' => array(
			'id' => '18116',
			'article_category_id' => '1',
			'title' => 'Sikkim Shows Interest in Opening Chiwabhanjyang Checkpoint   ',
			'sub_title' => '',
			'summary' => 'June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In his visit to Chiwabhanjyang on Tuesday, CM Tamang shared the state government has been effortful to open the checkpoint in a way to benefit both Nepal and India, the state-owned RSS of Nepal reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I am trying my best to explore the checkpoint so as to reap mutual benefits from Chiwa,&rdquo; RSS quoted the chief minister of Sikkim as saying.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I have been frequently raising the issue in the assembly of policy commission (Niti Ayog).&rdquo;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">CM Tamang further shared that discussion was also held with central government of India regarding the opening and operation of the checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;The central government is positive about the issue,&rdquo; he noted. In order to develop the Chiwabhanjyang as a checkpoint, the Sikkim state government has expanded 22-km road from Uttar Bazaar to Chiwabhanjyang with an investment of INR 560 million.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Mid-Hill Highway of Nepal had reached the Chiwabhanjyang a decade ago. The origin of the highway is also Chiwabhanjyang.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Sikkim state government has made efforts to open the checkpoint at a time when locals Panchthar, including Yangwarak Rural Municipality, have demanded the opening of the Chiwabhanjyang transit point located in Yangwarak-1, Panchthar.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to RRSS, CM Tamanag further stressed the need to formally open the checkpoint when people from Nepal and Sikkim have been using the territory for cross-border movement. He highlighted the necessity to develop Chiwabhanjyang as a bilateral contact point of Nepal and Sikkim. -</span></span></span></p>
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			'sortorder' => '17847',
			'image' => '20230608012803_sikkim.jpg',
			'article_date' => '2023-06-08 13:26:42',
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	(int) 8 => array(
		'Article' => array(
			'id' => '18115',
			'article_category_id' => '1',
			'title' => 'Hot Air to Prevail for Next Five Days   ',
			'sub_title' => '',
			'summary' => 'June 8: Hot air or loo is likely to continue in the Terai belt of the country.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Hot air or loo is likely to continue in the Terai belt of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Weather Forecasting Division under the Department of Hydrology and Meteorology urged one and all to adopt necessary alert measures protect oneself from the possible consequences of hot air.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Issuing a special bulletin on hot air and loo, the division urged the public to remain cautious of the abrupt rise in maximum and minimum temperatures and subsequent effects in the southern plain areas for at least next five days.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;As per the study and analysis of the environment, it seems this year&#39;s monsoon arrival will still take some more days in Nepal. Thus, hot air or loo will continue to prevail in the southern plains of the country for additional five days. The general public are requested to adopt precautionary measures to stay safe from the rising temperature,&rdquo; the bulletin stated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the temperature is predicted to gradually increase in the mountainous areas as well, the general public have been asked to remain updated on the alerts issued by the division, the bulletin added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Meteorologist Govinda Kumar Jha said loo is predicted to prevail for the next five days. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;Loo has continued in most of the territories of the Terai for the past couple of days. Temperature has exceeded 40 degree Celsius from central parts of the Terai to Bhairahawa. Areas, including Nepalgunj also has witnessed 40 plus degrees temperature which has resulted in hot wave,&rdquo; he further shared.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Loo is a gust of strong hot wind which is considered to prevail when temperature continuously remains above 40 degrees for five days. Meteorologist Jha further said loo has been prevailing with the rise in temperature and dryness in lack of rain.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, there is higher effect of Westerly winds and local wind in the country. It is predicted that mountainous belts of the country will witness partial to general changes in weather.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minimum temperature of Kathmandu Valley on Thursday was recorded at 17.5 degrees Celsius and the maximum temperature is expected to be around 32 degrees Celsius. -- RSS&nbsp;&nbsp; </span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '18114',
			'article_category_id' => '1',
			'title' => 'World Bank Revises Nepal’s Growth to 4.1 Percent in 2023',
			'sub_title' => 'Global Growth to Slow Significantly to 2.1 Percent',
			'summary' => 'June 8: The World Bank has projected Nepal’s economic growth to drop to 4.1 percent in 2023.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 8: The World Bank has projected Nepal&rsquo;s economic growth to drop to 4.1 percent in 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Unveiling the June issue of the Global Economic Prospects 2023 on Wednesday, the World Bank said that growth in Nepal in FY 2022/23, undermined by import restrictions and cooled by tighter monetary policy in the face of higher inflation, has been revised down to 4.1 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The National Statistics Office, however, had earlier projected Nepal&rsquo;s growth to drop to 2.16 percent in the current fiscal year, which is four times less than the target set by the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank said that the outlook for the economies in crisis remains dire, with minimal expectation of reversing the recent declines in per capita income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Economies in South Asia are among the most vulnerable to climate change, said the report adding that more than half of South Asians have been affected by one or more climate-related disasters over the past two decades.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The region has been facing intensifying heatwaves, cyclones, droughts, and floods. With climate change increasing risks to economic activity and development, there is an urgent need to increase resilience. Failure to act could see climate change-related events imposing rising costs. In Nepal, for example, the economic impact from flooding could triple and the number of people affected more than double by 2030,&rdquo; reads the report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank report has projected global growth to slow significantly to 2.1 percent amid high inflation, tight monetary policy, and more restrictive credit conditions. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, the global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation&rsquo;s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;After growing 3.1 percent last year, the global economy is set to slow substantially in 2023, to 2.1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2.4 percent.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report states that inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. Recent banking sector stress in advanced economies will also likely dampen activity through more restrictive credit conditions, said the report, adding, &ldquo;The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth and lead to financial dislocations in the most vulnerable emerging market and developing economies (EMDEs).&rdquo; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report suggested that comprehensive policy action is needed to foster macroeconomic and financial stability. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the longer term, the report says reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.</span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '17845',
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			'article_date' => '2023-06-08 11:18:44',
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		'Article' => array(
			'id' => '18113',
			'article_category_id' => '1',
			'title' => 'Pokhara to Host Nepal-China Friendship Dragon Boat Race Festival',
			'sub_title' => '',
			'summary' => 'Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time. The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is jointly organized by Nepal Tourism Board, Chinese Embassy in Nepal, and Pokhara Metropolitan City. Preparations are already underway for the festival, which is scheduled to take place on June 23 and 24 at Fewa Lake, offering a stunning backdrop for the exhilarating races.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Eight specially designed boats have been brought from China to Pokhara, said Chairperson of Pokhara Tourism Council, Pomnarayan Shrestha. &nbsp;A total of eight teams, consisting of four teams from China and four from Nepal, will compete in thrilling races covering distances of 500 and 1000 meters. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Beyond the boat races, attendees will have the opportunity to indulge in the delectable flavors of Nepali and Chinese cuisine, adding an extra layer of delight to the festival.&nbsp;&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A total of 260 participants including 60 athletes will come to Pokhara by chartering a plane to participate in the Nepal-China Dragon Boat Race Festival, according to the organisers.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Chinese team will land at the Pokhara International Airport on two chartered planes from China.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is estimated to cost Rs 25 million, and it&nbsp;promises to be a resounding success.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18112',
			'article_category_id' => '1',
			'title' => 'Insurance Companies Reluctant to Open Branch Offices in Foreign Countries',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 7: The Nepal Insurance Authority (NIA) had introduced a policy in April to allow Nepali insurers to open branches abroad. However, no insurer has sought permission to open a branch abroad so far, citing that there has been no homework regarding the process.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the release of the &#39;Directive on Insurance Branch Offices, 2079&#39; by NIA, insurers who have fulfilled the conditions will be allowed to open their offices in other countries and expand their business with approval of the regulatory body. According to the guidelines, the insurer should inform the authority about opening an office within six months after receiving the final approval from the authority.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">NIA claimed that the business of Nepali insurers abroad can become a good source of foreign exchange earnings in the near future. However, almost two months after the issuance of the guidelines, no insurer has applied for permission to open a branch abroad, according to Raju Raman Paudel, spokesperson of NIA.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;As per the guidelines issued by the authority, if any company meets the criteria and applies for permission to open a branch, the authority will give approval after necessary study,&rdquo; said Paudel, adding, &ldquo;The provision provides that the insurance companies must comply with the prevailing laws of the country where the branch is to be opened in addition to maintaining the capital determined by the regulatory body there. As far as the authority has understood, the insurers are in the process of studying the prevailing laws of the country where they will open a branch, resulting in no response even after two months of availability of the facility.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bishwa Nath Adhikari, information officer of Sagarmatha Lumbini Insurance Company says that the company has not done its homework about branches abroad. &ldquo;The customers of life insurance companies can be Nepali workers working abroad, but it is necessary for non-life insurance to identify the main customers and also study the potential of the business. Since the company is still new in the field, it has not proceeded towards homework,&rdquo; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Umesh Prasad Mainali, information officer of Suryajyoti Life Insurance says that there is no immediate plan to open a branch abroad. &ldquo;The opening of branches abroad should be discussed in the board itself. There is no discussion on the matter as of now,&rdquo;&nbsp;said Mainali.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Chairman of the then Insurance Board Nepal Chiranjeevi Chapagain believes that insurers are not willing to open branches abroad because it is not &#39;feasible&#39;. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;The target group of companies is Nepali workers abroad. For that, companies already have the option of foreign employment insurance. Although there is an option, opening a branch abroad will increase the cost of operation. This is preventing them from opening a branch in other countries,&rdquo; said Chapagain.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chapagain says that when any agency makes a policy, it should be made only after studying the demands and needs of the company as well as the market demand. &ldquo;For the sake of cheap popularity, various agencies are now making policies without studying the demands and needs of the market,&rdquo; he added.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18111',
			'article_category_id' => '1',
			'title' => 'General Deliberations on Budget for Upcoming FY Underway in HoR',
			'sub_title' => '',
			'summary' => 'June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Taking part in the deliberations on Wednesday, lawmaker Dilendra Prasad Badu said the budget for the upcoming fiscal year brought by the government has taken positive initiatives for improving the overall economic condition of the nation.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;It has made efforts towards increasing the capital expenditure and cutting down on the unproductive expenses. The government has also prepared the time-bound action plan on budget implementation,&quot; he said, adding that the provision of enhancing the effectiveness of implementation of budget for the next fiscal year and the decision of dissolving and merging 20 government entities were positive aspects of the budget.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Raghuveer Mahaseth raised a question on the implementation aspect of the budget. He stressed that the projects of national pride and priority should be designed on EPCF concept. &quot;The government is responsible for the delay in preparing the DPR of the Birgunj-Kathmandu and Rasuwa-Kathmandu Railway. Works on Sunkoshi Marin, Bheri Babai and Rani Jamara among the irrigation projects have not been attached due priority,&quot; he pointed out.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Lekhnath Dahal opined that the government has tried to address all the positive topics raised by the parliamentarians through the policies and programmes and the budget. &quot;Checking revenue leakage, maintaining budget allocation efficiency, prioritization of good governance and service delivery and keeping the production and industrial sector in priority for promoting capital formation are some of the positive aspects of the budget,&quot; he added.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Manish Jha criticized the budget, saying it lacked harmonization between income and expenditure. He said the citizens should take ownership of the budget.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The government should be clear about which sector has to be prioritized for the comprehensive economic development of the country. It is not clear where this sort of budget will take us until 2030. So, this budget is merely ritualistic,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Deepak Bahadur Singh said the budget has failed to bring any concrete plans and programmes on addressing the problems faced by most of the industries in the country. He also questioned the effectiveness of the subsidies provided to the farmers. &quot;It is necessary to stop the import of vegetables, fruits, food grains and other agricultural goods from other countries including India and to provide protection to the domestic agricultural goods and produce,&quot; he stressed.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Upendra Yadav said the budget has both positive and negative sides. &quot;There are some positive, some negative and some discriminatory issues, he shared, claiming that the budget has failed to adopt the concept of balanced and inclusive development.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Yadav said the process to prepare the budget is wrong, adding, &quot;People may think that lawmakers and ministers prepare the budget, but employees, and middlemen prepare it.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Sher Bahadur Kunwar expressed the view that decreasing share of capital expenditure in the annual budget is a matter of worry.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The share of capital expenditure in the budget was equal to 65 percent three decades ago. But it has now decreased to 17 percent.&nbsp; Keeping the country&#39;s economy in poor condition is a matter of concern for all of us&quot;, he mentioned.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Kunwar further said the cooperative sector, which is considered as the main pillar of the three-pillar economic policy, could not be mobilized in building the economy.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Another lawmaker Anita Devi complained of allocating inadequate budget in Madhes Province for the coming fiscal year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">The budget has failed to meet the expectation of strengthening fiscal federalism implementation, she said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Chitra Bahadur KC raised questions over the federal system, adding there was no alternative to reduce cabinet size, ministries and scrapping federalism to reduce expenses.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">He stressed the need of providing voting rights to migrant Nepalis.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Dr Amaresh Kumar Singh mentioned that Madhesh has been discriminated against in the course of distributing resources. He further said that arrangements should be made to provide education, health and justice free of cost.</span> --<span style="font-size:14.0pt">RSS</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '17842',
			'image' => '20230607054126_Parliament RSS 800.jpg',
			'article_date' => '2023-06-07 17:39:53',
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		'Article' => array(
			'id' => '18110',
			'article_category_id' => '1',
			'title' => 'Prime Bank Wins the 'Mahalaxmi Corporate Cricket League 2023'',
			'sub_title' => '',
			'summary' => 'Prime Commercial Bank has emerged as the champion of  'Mahalaxmi Corporate Cricket League-2023'.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 7: Prime Commercial Bank emerged as the champion of &#39;Mahalaxmi Corporate Cricket League-2023&#39;.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In the final match held on Monday, Prime Bank defeated Machhapuchhre Bank by 40 runs to clinch the title. Kritartha Shakya of Prime Bank was named the &#39;Man of the Match&#39; for his outstanding performance in the final. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Machhapuchhre Bank won the toss and invited Prime Bank for batting. Prime Bank had set a target of 87 runs, losing 6 wickets in the allotted overs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;In response, Machhapuchhre Bank could only score 47 runs. Samir Thapa from Kamana Development Bank was declared the Best Batsman, while Chheten Dorje Sherpa from the same Bank was honored as the Best Bowler in the competition.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sanjay Giri from NIC Asia Bank received the award of Best Fielder, and Ritesh Adhikari from NIC Asia Bank was recognized as the Best Wicket-Keeper of the tournament. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, Kritartha Shakya from Prime Bank was announced as the Best Player of the Tournament. </span></span></p>
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			'sortorder' => '17841',
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	(int) 14 => array(
		'Article' => array(
			'id' => '18109',
			'article_category_id' => '1',
			'title' => 'NRB Reduces Concessions for Big Mergers',
			'sub_title' => 'Banks that could not start integrated business until mid-January can do so by mid-July',
			'summary' => 'June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. Amending the unified directives on Tuesday (June 6), the central bank reduced the facilities and exemptions given to commercial banks opting for merger and acquisition but extended the deadline. As per the new provision, banks that initiated the merger process but could not start integrated transaction can do so by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They can still enjoy six types of offers given by the central bank if they start integrated transactions by mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If the integrated business is started within the given timeframe, the banks will get one-year extension for providing loans in the specified areas. Likewise, the cooling period provision of directors and high-ranking employees, who cannot join another organization for at least 6 months after quitting their posts, will not be applicable to the merged entities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the merged banks will be provided with additional six months to fix their credit-deposit ratio if it has crossed the limit fixed by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, arrangements have been made for such banks that the will not require the&nbsp; approval of the NRB for one year to merge or close branch offices operating within one kilometer distance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, NRB such facilities were available only if integrated transactions were done within mid-January. However, the NRB has extended the deadline for the banks that could not complete the integrated transactions within that period. However, the banks that are yet to start integrated business will not get some facilities given to banks that started integrated business by mid-January.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The relaxation given to the banks doing integrated transactions to maintain the mandatory cash balance, statutory liquidity ratio, spread rate and other indicators has been removed. Similarly, the exemption given to the chief executive officer on the age limit, the ratio of institutional deposits and the concession given on the compulsory arrangement to issue bonds have also been removed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Among the banks that have signed an agreement for the merger, only Laxmi Bank and Sunrise Bank are yet to start integrated transaction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank and Bank of Kathmandu, Prabhu Bank and Century Bank, Nepal Investment Bank and Mega Bank, and Kumari Bank and NCC Bank have started integrated business within the timeframe given by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Himalayan Bank and Civil Bank started integrated business only in mid-January. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18123',
			'article_category_id' => '1',
			'title' => 'Prices of Fruits and Vegetables Increasing due to Impact of 13 Percent VAT',
			'sub_title' => '',
			'summary' => 'June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Minister Dr Prakash Sharan Mahat has adopted the policy of canceling 13 percent VAT exemption on such items for the next fiscal year. With this decision, VAT will be imposed on items such as onions, potatoes, garlic, peas, frozen green leafy vegetables, collard greens, beans, spinach, sweet corn, other green vegetables and avocados, apples, quinces, apricot, cherry, strawberries, raspberries and cranberries, blueberries, kiwi, persimmon, &nbsp;and other fruits. Similarly, cotton, wool along with frozen meat items such as beef, lamb, pork, chicken, turkey and duck meat will also be subjected to VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the increase in taxes, prices have also started to rise. Onion which was Rs 40 per kg before the budget announcement has now reached Rs 60 per kg. Traders said that the price of apples, which used to be around Rs 280 to Rs 300 per kg, has increased to Rs 350 to Rs 400. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">No vegetables from outside the country have arrived since the last five days at the Kalimati Fruits and Vegetables Market. The wholesalers of Kalimati have not imported potatoes, onions and other vegetables, demanding that VAT be withdrawn on essential items. Potato traders were paying customs duty of Rs 4 per kg. On top of that, the government has now added 13 percent VAT. Importers have been paying customs duty of Rs 6 per kg for the import of onion. The price of onions has increased after imposing VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Traders insist that they will not import fruits and vegetables because VAT cannot be calculated on perishable goods. According to businessman Surendra Shrestha, such items should be exempted from customs duties. There is no condition to import fruits and vegetables until the VAT is revoked. According to Shrestha, traders refused to import vegetables from foreign countries from the day after the budget was announced.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal imports vegetables worth Rs 40 billion and fruits worth Rs 22 billion annually. Even though the government has adopted a policy of import substitution, it has not done any preparations. According to the experts, increasing the import duty on agricultural products when the domestic production is not enough will only add burden to the consumers. According to the experts, after the government imposed tax on vegetables and fruits with the policy of increasing revenue, the effect of this has been felt in the kitchen of the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Ministry of Finance, although VAT has been announced on perishable items, the government has also fixed a certain threshold.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the ministry say, that the import of vegetables and fruits worth less than Rs 5 million will be exempt of VAT.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-06-09',
			'modified' => '2023-06-09',
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			'description' => '',
			'sortorder' => '17854',
			'image' => '20230609114203_1686286406.jpg',
			'article_date' => '2023-06-09 11:41:24',
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		'Article' => array(
			'id' => '18122',
			'article_category_id' => '1',
			'title' => 'Donor Agencies Consulted to Manage Investment for Upper Arun Hydropower Project',
			'sub_title' => '',
			'summary' => 'The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">June 9: The Ministry of Finance on Thursday consulted donor agencies&#39; representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">The representatives of the World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), German government, OPEC Fund, European Union, European Investment Bank and other development partners were consulted regarding the financial closure of the semi-reservoir-based project.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, World Bank Vice President for South Asia Martin Raiser was also present.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">On the occasion, Finance Minister Dr Prakash Sharan Mahat said the World Bank&#39;s interest to invest in the Upper Arun was a positive move. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">&quot;We had expected the World Bank&#39;s investment on Arun-III. The World Bank was also ready but it did not happen due to different reasons. It is a matter of immense pleasure that positive talks are now held on the investment issue of Upper Arun,&quot; the Finance Minister said.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, Minister for Energy, Water Resources and Irrigation Shakti Basnet was also present.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">As per the study by the Upper Arun Hydropower Project, the total estimated cost of the project is around 1.8 billion US dollars. (RSS)</span></span></span></p>
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			'modified' => '2023-06-09',
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			'sortorder' => '17853',
			'image' => '20230609062215_collage (14).jpg',
			'article_date' => '2023-06-09 06:20:20',
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		'Article' => array(
			'id' => '18121',
			'article_category_id' => '1',
			'title' => 'NRB Grants Final Merger Approval of Sana Kisan Laghubitta and RMDC Laghubitta',
			'sub_title' => '',
			'summary' => 'Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited  and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 9: Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited &nbsp;and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Nepal Rastra Bank granted the long-awaited&nbsp;final approval for the merger of these two companies on June 7,2023.&nbsp;The NRB decision sets the stage for the collaboration between two microfinance companies in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The groundwork for the merger was laid months ago when Sana Kisan and RMDC Laghubitta signed a memorandum of understanding on September 16, 2022.&nbsp;Sana Kisan and RMDC have agreed to merge at a swap ratio of 1:0.87. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">It is expected that the merged entity will deliver quality services and support to its clients. </span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-06-09',
			'modified' => '2023-06-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17852',
			'image' => '20230609060730_collage (13).jpg',
			'article_date' => '2023-06-09 06:05:28',
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		'Article' => array(
			'id' => '18120',
			'article_category_id' => '1',
			'title' => 'Government Initiates Ambitious Plan to Increase Exports to Rs 1600 Billion in 5 Years',
			'sub_title' => '',
			'summary' => 'June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Industry, Commerce and Supplies implemented a business strategy action plan with the aim of increasing the export of goods and services to more than Rs 1600 billion by the fiscal year (FY) 2027/28. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To achieve this goal, the ministry updated and implemented the &#39;Nepal Trade Integrated Strategy (NTIS) 2080&#39; with an estimated investment of Rs 463 billion. By April of current FY 2022/823, Nepal exported goods and services worth Rs 130 billion. The data of the Department of Customs shows that goods worth Rs 1335 billion were imported during this period.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The ministry has estimated that the export of goods and services will reach 20 percent of the GDP when the strategy is implemented. Gobinda Bahadur Karki, joint secretary of the ministry said that this plan is ambitious. He said, &ldquo;During this period, the size of the economy will increase to Rs 8000 billion and export will reach 20 percent of that.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the year 2021/22, the ratio of exports compared to GDP was 6.3 percent. By FY 2027/28, it is projected to reach 20 percent. To achieve the target, a total of 15 agencies will be responsible for conducting 183 activities. It is estimated that an investment of Rs 463 billion will be required to carry out those activities. Karki adde that even if it does not involve expenses for legal reform and administrative work, the investment is essential for the necessary infrastructure to the provision of cash subsidies for exports.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Karki, the Office of the Prime Minister and Council of Ministers, the National Planning Commission along with ministries that overlook industry, finance, physical infrastructure and transport, agriculture and livestock, foreign affairs, culture, tourism and civil aviation, energy and water resources, education, science and technology, forest and environment, communication and information technology, labor, employment and social security, home affairs along with Nepal Rastra Bank are the agencies responsible for implementing the strategy.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For this purpose, the industry ministry has formed a National Director Committee under the chairmanship of the Minister for Industry, with the secretaries of related bodies as members, looking over to the status of implementation. He said that the mid-term review of the action plan implementation will be done in 3 years and the final review will be done after 5 years. In addition to government agencies, representatives of private sector umbrella organizations are also participating in the action plan.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This &#39;Nepal Trade Integrated Strategy 2080&#39; was approved by the Council of Ministers on May 9 by adding 24 goods and services. Along with this, 32 goods and services have been listed in NTIS.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '17851',
			'image' => '20230608052704_1686200128.jpg',
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		'Article' => array(
			'id' => '18119',
			'article_category_id' => '1',
			'title' => 'Lumpy Skin Disease Claims Lives of 80 Cattle in Chitwan District',
			'sub_title' => '',
			'summary' => 'An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Veterinary Hospital and Livestock Services Expert Centre in Chitwan reported the alarming spread of the disease throughout the district.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sushil KC, Chief of the Expert Centre, disclosed that a total of 3,086 cows and 252 buffaloes have been affected by the disease so far in Chitwan. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The disease has made its way into all seven local levels, with Rapti Municipality and Ichchhakamana Rural Municipality witnessing the highest number of cases.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The infection count includes 1,405 cattle in Rapti Municipality, 265 in Kalika Municipality, 204 in Khairahani Municipality, 225 in Bharatpur Metropolitan City, 114 in Ratnanagar Municipality, 952 in Ichchhakamana Rural Municipality, and 253 in Madi Municipality, as stated by KC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, the Centre reported that the disease has claimed the lives of 49 cattle in Ichchhakamana Rural Municipality, 13 in Bharatpur Metropolitan City, 10 in Rapti Municipality, and four in both Kalika and Ratnanagar Municipalities.</span></span></p>
',
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			'sortorder' => '17850',
			'image' => '20230608044405_collage (13).jpg',
			'article_date' => '2023-06-08 16:42:39',
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		'Article' => array(
			'id' => '18118',
			'article_category_id' => '1',
			'title' => 'Prime Minister Dahal Inaugurates Lumbini Cable Car',
			'sub_title' => '',
			'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the newly installed Lumbini cable car service today.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Prime Minister Pushpa Kamal Dahal &#39;Prachanda&#39; inaugurated the newly installed Lumbini cable car service today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;The cable car, spanning approximately three kilometers, operates from Golpark Bamghat of Butwal sub-metropolitan city-3 to Basantapur of Tinau rural municipality-3 in Palpa district, making it the first cable car in Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the inauguration, Prime Minister Dahal unveiled a copper plaque at the Bottom Station located in Golpark Bamghat, formally launching the cable car service. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Basantapur, the destination accessible through the Lumbini cable car, boasts several notable attractions, including the Kamakhyadevi temple, Bhagwati temple, Ganesh temple, Kailash Parbat, and other structures such as ponds and stone spouts. As a result, Basantapur has now emerged as a religious tourism hotspot.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The successful operation of the Lumbini cable car service is the outcome of a collaborative effort between the Lumbini Cable Car Company, Butwal sub-metropolis, and Tinau Rural Municipality. IME Group invested for the construction of the cable car and&nbsp;brought it&nbsp;into operation, which is their&nbsp;third cable car project in the country.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chandra Prasad Dhakal, the Chairperson of Lumbini Cable Car Pvt Ltd, expressed his gratitude towards the federal government, Lumbini province government, local government, and the local community for their support and assistance in bringing the Lumbini cable car to fruition. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal emphasized that the cable car&#39;s operation would contribute to the economic and social transformation of Rupandehi, Palpa, Nawalparasi, Kapilvastu, and the entire Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, Chair Dhakal announced a new campaign for the construction of a cable car religious tourism circuit. The initial phase of this project has already seen an investment of Rs 1.5 billion, with the total cost of the cable car project and resort estimated to be Rs 5 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The cable car infrastructure includes restaurants at the top station, with additional amenities such as hotels, children&#39;s playgrounds, skywalks, and zip lines currently under construction. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The bottom station sits at an elevation of 230 meters above sea level, while the top station is located at 940 meters above sea level. With 25 gondolas available, passengers can reach the top station from the bottom station in just 10 minutes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Lumbini cable car service not only enhances the region&#39;s religious significance but also contributes to its overall tourism development.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This project aligns with the aspirations of political leaders and the people of Lumbini Province, who aim to establish Rupandehi as the financial capital of the province, said Chair Dhakal. </span></span></p>
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			'sortorder' => '17849',
			'image' => '20230608035743_collage (12).jpg',
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		'Article' => array(
			'id' => '18117',
			'article_category_id' => '1',
			'title' => 'Deposit Collection up by Rs 3 Billion in a Single Day',
			'sub_title' => '',
			'summary' => 'June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank (NRB), the total deposits of banks and financial institutions were Rs 5530 billion on Monday, which increased to Rs 5533 billion on Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During this period, deposits of development banks and finance companies decreased, but that of commercial banks increased. Compared to Monday, deposits of development banks and finance companies decreased by Rs 2 billion on Tuesday, while deposits of commercial banks increased by Rs 4 billion. As of Tuesday, total deposits in development banks and finance stood at Rs 648 billion while the deposit portfolio of commercial banks was Rs 4884 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the increase in deposits, the credit investment of banks and financial institutions remained stable. BFIs disbursed a total of Rs 4354 billion in loans as of Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although the interest rate of the banks decreased recently, the flow of money is constant. Due to high interest rates, reduction in economic activity and pressure on primary capital of banks, the credit flow has not been encouraging.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Due to lack of loan investment, the credit-deposit ratio (CD ratio) of banks fell to 84.36 percent. Banks can disburse loans until the CD ratio reaches 90 percent. As the capital adequacy ratio of some banks has reached the specified minimum limit, they have not been able to disburse loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Interbank interest rate is decreasing as well due to the high liquidity and absence of loan investment. NRB said that the interbank interest rate remained at 6.67 percent on Tuesday.</span></span></span></p>

<p>&nbsp;</p>
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			'image' => '20230608025323_Banks - Copy.jpg',
			'article_date' => '2023-06-08 14:52:42',
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	(int) 7 => array(
		'Article' => array(
			'id' => '18116',
			'article_category_id' => '1',
			'title' => 'Sikkim Shows Interest in Opening Chiwabhanjyang Checkpoint   ',
			'sub_title' => '',
			'summary' => 'June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In his visit to Chiwabhanjyang on Tuesday, CM Tamang shared the state government has been effortful to open the checkpoint in a way to benefit both Nepal and India, the state-owned RSS of Nepal reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I am trying my best to explore the checkpoint so as to reap mutual benefits from Chiwa,&rdquo; RSS quoted the chief minister of Sikkim as saying.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I have been frequently raising the issue in the assembly of policy commission (Niti Ayog).&rdquo;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">CM Tamang further shared that discussion was also held with central government of India regarding the opening and operation of the checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;The central government is positive about the issue,&rdquo; he noted. In order to develop the Chiwabhanjyang as a checkpoint, the Sikkim state government has expanded 22-km road from Uttar Bazaar to Chiwabhanjyang with an investment of INR 560 million.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Mid-Hill Highway of Nepal had reached the Chiwabhanjyang a decade ago. The origin of the highway is also Chiwabhanjyang.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Sikkim state government has made efforts to open the checkpoint at a time when locals Panchthar, including Yangwarak Rural Municipality, have demanded the opening of the Chiwabhanjyang transit point located in Yangwarak-1, Panchthar.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to RRSS, CM Tamanag further stressed the need to formally open the checkpoint when people from Nepal and Sikkim have been using the territory for cross-border movement. He highlighted the necessity to develop Chiwabhanjyang as a bilateral contact point of Nepal and Sikkim. -</span></span></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '18115',
			'article_category_id' => '1',
			'title' => 'Hot Air to Prevail for Next Five Days   ',
			'sub_title' => '',
			'summary' => 'June 8: Hot air or loo is likely to continue in the Terai belt of the country.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Hot air or loo is likely to continue in the Terai belt of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Weather Forecasting Division under the Department of Hydrology and Meteorology urged one and all to adopt necessary alert measures protect oneself from the possible consequences of hot air.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Issuing a special bulletin on hot air and loo, the division urged the public to remain cautious of the abrupt rise in maximum and minimum temperatures and subsequent effects in the southern plain areas for at least next five days.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;As per the study and analysis of the environment, it seems this year&#39;s monsoon arrival will still take some more days in Nepal. Thus, hot air or loo will continue to prevail in the southern plains of the country for additional five days. The general public are requested to adopt precautionary measures to stay safe from the rising temperature,&rdquo; the bulletin stated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the temperature is predicted to gradually increase in the mountainous areas as well, the general public have been asked to remain updated on the alerts issued by the division, the bulletin added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Meteorologist Govinda Kumar Jha said loo is predicted to prevail for the next five days. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;Loo has continued in most of the territories of the Terai for the past couple of days. Temperature has exceeded 40 degree Celsius from central parts of the Terai to Bhairahawa. Areas, including Nepalgunj also has witnessed 40 plus degrees temperature which has resulted in hot wave,&rdquo; he further shared.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Loo is a gust of strong hot wind which is considered to prevail when temperature continuously remains above 40 degrees for five days. Meteorologist Jha further said loo has been prevailing with the rise in temperature and dryness in lack of rain.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, there is higher effect of Westerly winds and local wind in the country. It is predicted that mountainous belts of the country will witness partial to general changes in weather.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minimum temperature of Kathmandu Valley on Thursday was recorded at 17.5 degrees Celsius and the maximum temperature is expected to be around 32 degrees Celsius. -- RSS&nbsp;&nbsp; </span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '18114',
			'article_category_id' => '1',
			'title' => 'World Bank Revises Nepal’s Growth to 4.1 Percent in 2023',
			'sub_title' => 'Global Growth to Slow Significantly to 2.1 Percent',
			'summary' => 'June 8: The World Bank has projected Nepal’s economic growth to drop to 4.1 percent in 2023.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 8: The World Bank has projected Nepal&rsquo;s economic growth to drop to 4.1 percent in 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Unveiling the June issue of the Global Economic Prospects 2023 on Wednesday, the World Bank said that growth in Nepal in FY 2022/23, undermined by import restrictions and cooled by tighter monetary policy in the face of higher inflation, has been revised down to 4.1 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The National Statistics Office, however, had earlier projected Nepal&rsquo;s growth to drop to 2.16 percent in the current fiscal year, which is four times less than the target set by the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank said that the outlook for the economies in crisis remains dire, with minimal expectation of reversing the recent declines in per capita income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Economies in South Asia are among the most vulnerable to climate change, said the report adding that more than half of South Asians have been affected by one or more climate-related disasters over the past two decades.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The region has been facing intensifying heatwaves, cyclones, droughts, and floods. With climate change increasing risks to economic activity and development, there is an urgent need to increase resilience. Failure to act could see climate change-related events imposing rising costs. In Nepal, for example, the economic impact from flooding could triple and the number of people affected more than double by 2030,&rdquo; reads the report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank report has projected global growth to slow significantly to 2.1 percent amid high inflation, tight monetary policy, and more restrictive credit conditions. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, the global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation&rsquo;s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;After growing 3.1 percent last year, the global economy is set to slow substantially in 2023, to 2.1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2.4 percent.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report states that inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. Recent banking sector stress in advanced economies will also likely dampen activity through more restrictive credit conditions, said the report, adding, &ldquo;The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth and lead to financial dislocations in the most vulnerable emerging market and developing economies (EMDEs).&rdquo; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report suggested that comprehensive policy action is needed to foster macroeconomic and financial stability. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the longer term, the report says reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18113',
			'article_category_id' => '1',
			'title' => 'Pokhara to Host Nepal-China Friendship Dragon Boat Race Festival',
			'sub_title' => '',
			'summary' => 'Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time. The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is jointly organized by Nepal Tourism Board, Chinese Embassy in Nepal, and Pokhara Metropolitan City. Preparations are already underway for the festival, which is scheduled to take place on June 23 and 24 at Fewa Lake, offering a stunning backdrop for the exhilarating races.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Eight specially designed boats have been brought from China to Pokhara, said Chairperson of Pokhara Tourism Council, Pomnarayan Shrestha. &nbsp;A total of eight teams, consisting of four teams from China and four from Nepal, will compete in thrilling races covering distances of 500 and 1000 meters. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Beyond the boat races, attendees will have the opportunity to indulge in the delectable flavors of Nepali and Chinese cuisine, adding an extra layer of delight to the festival.&nbsp;&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A total of 260 participants including 60 athletes will come to Pokhara by chartering a plane to participate in the Nepal-China Dragon Boat Race Festival, according to the organisers.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Chinese team will land at the Pokhara International Airport on two chartered planes from China.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is estimated to cost Rs 25 million, and it&nbsp;promises to be a resounding success.</span></span></p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '18112',
			'article_category_id' => '1',
			'title' => 'Insurance Companies Reluctant to Open Branch Offices in Foreign Countries',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 7: The Nepal Insurance Authority (NIA) had introduced a policy in April to allow Nepali insurers to open branches abroad. However, no insurer has sought permission to open a branch abroad so far, citing that there has been no homework regarding the process.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the release of the &#39;Directive on Insurance Branch Offices, 2079&#39; by NIA, insurers who have fulfilled the conditions will be allowed to open their offices in other countries and expand their business with approval of the regulatory body. According to the guidelines, the insurer should inform the authority about opening an office within six months after receiving the final approval from the authority.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">NIA claimed that the business of Nepali insurers abroad can become a good source of foreign exchange earnings in the near future. However, almost two months after the issuance of the guidelines, no insurer has applied for permission to open a branch abroad, according to Raju Raman Paudel, spokesperson of NIA.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;As per the guidelines issued by the authority, if any company meets the criteria and applies for permission to open a branch, the authority will give approval after necessary study,&rdquo; said Paudel, adding, &ldquo;The provision provides that the insurance companies must comply with the prevailing laws of the country where the branch is to be opened in addition to maintaining the capital determined by the regulatory body there. As far as the authority has understood, the insurers are in the process of studying the prevailing laws of the country where they will open a branch, resulting in no response even after two months of availability of the facility.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bishwa Nath Adhikari, information officer of Sagarmatha Lumbini Insurance Company says that the company has not done its homework about branches abroad. &ldquo;The customers of life insurance companies can be Nepali workers working abroad, but it is necessary for non-life insurance to identify the main customers and also study the potential of the business. Since the company is still new in the field, it has not proceeded towards homework,&rdquo; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Umesh Prasad Mainali, information officer of Suryajyoti Life Insurance says that there is no immediate plan to open a branch abroad. &ldquo;The opening of branches abroad should be discussed in the board itself. There is no discussion on the matter as of now,&rdquo;&nbsp;said Mainali.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Chairman of the then Insurance Board Nepal Chiranjeevi Chapagain believes that insurers are not willing to open branches abroad because it is not &#39;feasible&#39;. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;The target group of companies is Nepali workers abroad. For that, companies already have the option of foreign employment insurance. Although there is an option, opening a branch abroad will increase the cost of operation. This is preventing them from opening a branch in other countries,&rdquo; said Chapagain.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chapagain says that when any agency makes a policy, it should be made only after studying the demands and needs of the company as well as the market demand. &ldquo;For the sake of cheap popularity, various agencies are now making policies without studying the demands and needs of the market,&rdquo; he added.</span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '18111',
			'article_category_id' => '1',
			'title' => 'General Deliberations on Budget for Upcoming FY Underway in HoR',
			'sub_title' => '',
			'summary' => 'June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Taking part in the deliberations on Wednesday, lawmaker Dilendra Prasad Badu said the budget for the upcoming fiscal year brought by the government has taken positive initiatives for improving the overall economic condition of the nation.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;It has made efforts towards increasing the capital expenditure and cutting down on the unproductive expenses. The government has also prepared the time-bound action plan on budget implementation,&quot; he said, adding that the provision of enhancing the effectiveness of implementation of budget for the next fiscal year and the decision of dissolving and merging 20 government entities were positive aspects of the budget.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Raghuveer Mahaseth raised a question on the implementation aspect of the budget. He stressed that the projects of national pride and priority should be designed on EPCF concept. &quot;The government is responsible for the delay in preparing the DPR of the Birgunj-Kathmandu and Rasuwa-Kathmandu Railway. Works on Sunkoshi Marin, Bheri Babai and Rani Jamara among the irrigation projects have not been attached due priority,&quot; he pointed out.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Lekhnath Dahal opined that the government has tried to address all the positive topics raised by the parliamentarians through the policies and programmes and the budget. &quot;Checking revenue leakage, maintaining budget allocation efficiency, prioritization of good governance and service delivery and keeping the production and industrial sector in priority for promoting capital formation are some of the positive aspects of the budget,&quot; he added.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Manish Jha criticized the budget, saying it lacked harmonization between income and expenditure. He said the citizens should take ownership of the budget.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The government should be clear about which sector has to be prioritized for the comprehensive economic development of the country. It is not clear where this sort of budget will take us until 2030. So, this budget is merely ritualistic,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Deepak Bahadur Singh said the budget has failed to bring any concrete plans and programmes on addressing the problems faced by most of the industries in the country. He also questioned the effectiveness of the subsidies provided to the farmers. &quot;It is necessary to stop the import of vegetables, fruits, food grains and other agricultural goods from other countries including India and to provide protection to the domestic agricultural goods and produce,&quot; he stressed.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Upendra Yadav said the budget has both positive and negative sides. &quot;There are some positive, some negative and some discriminatory issues, he shared, claiming that the budget has failed to adopt the concept of balanced and inclusive development.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Yadav said the process to prepare the budget is wrong, adding, &quot;People may think that lawmakers and ministers prepare the budget, but employees, and middlemen prepare it.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Sher Bahadur Kunwar expressed the view that decreasing share of capital expenditure in the annual budget is a matter of worry.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The share of capital expenditure in the budget was equal to 65 percent three decades ago. But it has now decreased to 17 percent.&nbsp; Keeping the country&#39;s economy in poor condition is a matter of concern for all of us&quot;, he mentioned.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Kunwar further said the cooperative sector, which is considered as the main pillar of the three-pillar economic policy, could not be mobilized in building the economy.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Another lawmaker Anita Devi complained of allocating inadequate budget in Madhes Province for the coming fiscal year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">The budget has failed to meet the expectation of strengthening fiscal federalism implementation, she said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Chitra Bahadur KC raised questions over the federal system, adding there was no alternative to reduce cabinet size, ministries and scrapping federalism to reduce expenses.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">He stressed the need of providing voting rights to migrant Nepalis.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Dr Amaresh Kumar Singh mentioned that Madhesh has been discriminated against in the course of distributing resources. He further said that arrangements should be made to provide education, health and justice free of cost.</span> --<span style="font-size:14.0pt">RSS</span></span></span></p>

<p>&nbsp;</p>
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			'id' => '18110',
			'article_category_id' => '1',
			'title' => 'Prime Bank Wins the 'Mahalaxmi Corporate Cricket League 2023'',
			'sub_title' => '',
			'summary' => 'Prime Commercial Bank has emerged as the champion of  'Mahalaxmi Corporate Cricket League-2023'.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 7: Prime Commercial Bank emerged as the champion of &#39;Mahalaxmi Corporate Cricket League-2023&#39;.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In the final match held on Monday, Prime Bank defeated Machhapuchhre Bank by 40 runs to clinch the title. Kritartha Shakya of Prime Bank was named the &#39;Man of the Match&#39; for his outstanding performance in the final. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Machhapuchhre Bank won the toss and invited Prime Bank for batting. Prime Bank had set a target of 87 runs, losing 6 wickets in the allotted overs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;In response, Machhapuchhre Bank could only score 47 runs. Samir Thapa from Kamana Development Bank was declared the Best Batsman, while Chheten Dorje Sherpa from the same Bank was honored as the Best Bowler in the competition.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sanjay Giri from NIC Asia Bank received the award of Best Fielder, and Ritesh Adhikari from NIC Asia Bank was recognized as the Best Wicket-Keeper of the tournament. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, Kritartha Shakya from Prime Bank was announced as the Best Player of the Tournament. </span></span></p>
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			'created' => '2023-06-07',
			'modified' => '2023-06-07',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17841',
			'image' => '20230607044114_collage (10).jpg',
			'article_date' => '2023-06-07 16:39:01',
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		'Article' => array(
			'id' => '18109',
			'article_category_id' => '1',
			'title' => 'NRB Reduces Concessions for Big Mergers',
			'sub_title' => 'Banks that could not start integrated business until mid-January can do so by mid-July',
			'summary' => 'June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. Amending the unified directives on Tuesday (June 6), the central bank reduced the facilities and exemptions given to commercial banks opting for merger and acquisition but extended the deadline. As per the new provision, banks that initiated the merger process but could not start integrated transaction can do so by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They can still enjoy six types of offers given by the central bank if they start integrated transactions by mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If the integrated business is started within the given timeframe, the banks will get one-year extension for providing loans in the specified areas. Likewise, the cooling period provision of directors and high-ranking employees, who cannot join another organization for at least 6 months after quitting their posts, will not be applicable to the merged entities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the merged banks will be provided with additional six months to fix their credit-deposit ratio if it has crossed the limit fixed by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, arrangements have been made for such banks that the will not require the&nbsp; approval of the NRB for one year to merge or close branch offices operating within one kilometer distance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, NRB such facilities were available only if integrated transactions were done within mid-January. However, the NRB has extended the deadline for the banks that could not complete the integrated transactions within that period. However, the banks that are yet to start integrated business will not get some facilities given to banks that started integrated business by mid-January.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The relaxation given to the banks doing integrated transactions to maintain the mandatory cash balance, statutory liquidity ratio, spread rate and other indicators has been removed. Similarly, the exemption given to the chief executive officer on the age limit, the ratio of institutional deposits and the concession given on the compulsory arrangement to issue bonds have also been removed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Among the banks that have signed an agreement for the merger, only Laxmi Bank and Sunrise Bank are yet to start integrated transaction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank and Bank of Kathmandu, Prabhu Bank and Century Bank, Nepal Investment Bank and Mega Bank, and Kumari Bank and NCC Bank have started integrated business within the timeframe given by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Himalayan Bank and Civil Bank started integrated business only in mid-January. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18123',
			'article_category_id' => '1',
			'title' => 'Prices of Fruits and Vegetables Increasing due to Impact of 13 Percent VAT',
			'sub_title' => '',
			'summary' => 'June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 9: Businessmen are hesitant to import fruits and vegetables after the government announced in the budget statement to impose Value Added Tax (VAT) on the import of daily consumable items.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Finance Minister Dr Prakash Sharan Mahat has adopted the policy of canceling 13 percent VAT exemption on such items for the next fiscal year. With this decision, VAT will be imposed on items such as onions, potatoes, garlic, peas, frozen green leafy vegetables, collard greens, beans, spinach, sweet corn, other green vegetables and avocados, apples, quinces, apricot, cherry, strawberries, raspberries and cranberries, blueberries, kiwi, persimmon, &nbsp;and other fruits. Similarly, cotton, wool along with frozen meat items such as beef, lamb, pork, chicken, turkey and duck meat will also be subjected to VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the increase in taxes, prices have also started to rise. Onion which was Rs 40 per kg before the budget announcement has now reached Rs 60 per kg. Traders said that the price of apples, which used to be around Rs 280 to Rs 300 per kg, has increased to Rs 350 to Rs 400. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">No vegetables from outside the country have arrived since the last five days at the Kalimati Fruits and Vegetables Market. The wholesalers of Kalimati have not imported potatoes, onions and other vegetables, demanding that VAT be withdrawn on essential items. Potato traders were paying customs duty of Rs 4 per kg. On top of that, the government has now added 13 percent VAT. Importers have been paying customs duty of Rs 6 per kg for the import of onion. The price of onions has increased after imposing VAT.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Traders insist that they will not import fruits and vegetables because VAT cannot be calculated on perishable goods. According to businessman Surendra Shrestha, such items should be exempted from customs duties. There is no condition to import fruits and vegetables until the VAT is revoked. According to Shrestha, traders refused to import vegetables from foreign countries from the day after the budget was announced.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nepal imports vegetables worth Rs 40 billion and fruits worth Rs 22 billion annually. Even though the government has adopted a policy of import substitution, it has not done any preparations. According to the experts, increasing the import duty on agricultural products when the domestic production is not enough will only add burden to the consumers. According to the experts, after the government imposed tax on vegetables and fruits with the policy of increasing revenue, the effect of this has been felt in the kitchen of the consumers.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the Ministry of Finance, although VAT has been announced on perishable items, the government has also fixed a certain threshold.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Officials of the ministry say, that the import of vegetables and fruits worth less than Rs 5 million will be exempt of VAT.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-06-09',
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			'description' => '',
			'sortorder' => '17854',
			'image' => '20230609114203_1686286406.jpg',
			'article_date' => '2023-06-09 11:41:24',
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		'Article' => array(
			'id' => '18122',
			'article_category_id' => '1',
			'title' => 'Donor Agencies Consulted to Manage Investment for Upper Arun Hydropower Project',
			'sub_title' => '',
			'summary' => 'The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">June 9: The Ministry of Finance on Thursday consulted donor agencies&#39; representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">The representatives of the World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), German government, OPEC Fund, European Union, European Investment Bank and other development partners were consulted regarding the financial closure of the semi-reservoir-based project.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, World Bank Vice President for South Asia Martin Raiser was also present.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">On the occasion, Finance Minister Dr Prakash Sharan Mahat said the World Bank&#39;s interest to invest in the Upper Arun was a positive move. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">&quot;We had expected the World Bank&#39;s investment on Arun-III. The World Bank was also ready but it did not happen due to different reasons. It is a matter of immense pleasure that positive talks are now held on the investment issue of Upper Arun,&quot; the Finance Minister said.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">During the meeting, Minister for Energy, Water Resources and Irrigation Shakti Basnet was also present.&nbsp;&nbsp;&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt">As per the study by the Upper Arun Hydropower Project, the total estimated cost of the project is around 1.8 billion US dollars. (RSS)</span></span></span></p>
',
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			'created' => '2023-06-09',
			'modified' => '2023-06-09',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17853',
			'image' => '20230609062215_collage (14).jpg',
			'article_date' => '2023-06-09 06:20:20',
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		'Article' => array(
			'id' => '18121',
			'article_category_id' => '1',
			'title' => 'NRB Grants Final Merger Approval of Sana Kisan Laghubitta and RMDC Laghubitta',
			'sub_title' => '',
			'summary' => 'Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited  and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 9: Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited &nbsp;and RMDC Laghubitta Bittiya Sanstha Limited have received final approval from the Nepal Rastra Bank for their merger.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Nepal Rastra Bank granted the long-awaited&nbsp;final approval for the merger of these two companies on June 7,2023.&nbsp;The NRB decision sets the stage for the collaboration between two microfinance companies in Nepal. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The groundwork for the merger was laid months ago when Sana Kisan and RMDC Laghubitta signed a memorandum of understanding on September 16, 2022.&nbsp;Sana Kisan and RMDC have agreed to merge at a swap ratio of 1:0.87. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">It is expected that the merged entity will deliver quality services and support to its clients. </span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '17852',
			'image' => '20230609060730_collage (13).jpg',
			'article_date' => '2023-06-09 06:05:28',
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		'Article' => array(
			'id' => '18120',
			'article_category_id' => '1',
			'title' => 'Government Initiates Ambitious Plan to Increase Exports to Rs 1600 Billion in 5 Years',
			'sub_title' => '',
			'summary' => 'June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The government has implemented an ambitious export strategy at a time when goods and services exported from the country have been hardly encouraging in terms of quantity and revenue generation.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Industry, Commerce and Supplies implemented a business strategy action plan with the aim of increasing the export of goods and services to more than Rs 1600 billion by the fiscal year (FY) 2027/28. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">To achieve this goal, the ministry updated and implemented the &#39;Nepal Trade Integrated Strategy (NTIS) 2080&#39; with an estimated investment of Rs 463 billion. By April of current FY 2022/823, Nepal exported goods and services worth Rs 130 billion. The data of the Department of Customs shows that goods worth Rs 1335 billion were imported during this period.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The ministry has estimated that the export of goods and services will reach 20 percent of the GDP when the strategy is implemented. Gobinda Bahadur Karki, joint secretary of the ministry said that this plan is ambitious. He said, &ldquo;During this period, the size of the economy will increase to Rs 8000 billion and export will reach 20 percent of that.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">In the year 2021/22, the ratio of exports compared to GDP was 6.3 percent. By FY 2027/28, it is projected to reach 20 percent. To achieve the target, a total of 15 agencies will be responsible for conducting 183 activities. It is estimated that an investment of Rs 463 billion will be required to carry out those activities. Karki adde that even if it does not involve expenses for legal reform and administrative work, the investment is essential for the necessary infrastructure to the provision of cash subsidies for exports.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Karki, the Office of the Prime Minister and Council of Ministers, the National Planning Commission along with ministries that overlook industry, finance, physical infrastructure and transport, agriculture and livestock, foreign affairs, culture, tourism and civil aviation, energy and water resources, education, science and technology, forest and environment, communication and information technology, labor, employment and social security, home affairs along with Nepal Rastra Bank are the agencies responsible for implementing the strategy.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">For this purpose, the industry ministry has formed a National Director Committee under the chairmanship of the Minister for Industry, with the secretaries of related bodies as members, looking over to the status of implementation. He said that the mid-term review of the action plan implementation will be done in 3 years and the final review will be done after 5 years. In addition to government agencies, representatives of private sector umbrella organizations are also participating in the action plan.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">This &#39;Nepal Trade Integrated Strategy 2080&#39; was approved by the Council of Ministers on May 9 by adding 24 goods and services. Along with this, 32 goods and services have been listed in NTIS.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2023-06-08',
			'modified' => '2023-06-08',
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			'sortorder' => '17851',
			'image' => '20230608052704_1686200128.jpg',
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		'Article' => array(
			'id' => '18119',
			'article_category_id' => '1',
			'title' => 'Lumpy Skin Disease Claims Lives of 80 Cattle in Chitwan District',
			'sub_title' => '',
			'summary' => 'An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: An outbreak of lumpy skin disease has resulted in the deaths of eighty cattle in Chitwan district. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Veterinary Hospital and Livestock Services Expert Centre in Chitwan reported the alarming spread of the disease throughout the district.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sushil KC, Chief of the Expert Centre, disclosed that a total of 3,086 cows and 252 buffaloes have been affected by the disease so far in Chitwan. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The disease has made its way into all seven local levels, with Rapti Municipality and Ichchhakamana Rural Municipality witnessing the highest number of cases.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The infection count includes 1,405 cattle in Rapti Municipality, 265 in Kalika Municipality, 204 in Khairahani Municipality, 225 in Bharatpur Metropolitan City, 114 in Ratnanagar Municipality, 952 in Ichchhakamana Rural Municipality, and 253 in Madi Municipality, as stated by KC.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, the Centre reported that the disease has claimed the lives of 49 cattle in Ichchhakamana Rural Municipality, 13 in Bharatpur Metropolitan City, 10 in Rapti Municipality, and four in both Kalika and Ratnanagar Municipalities.</span></span></p>
',
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			'description' => '',
			'sortorder' => '17850',
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			'article_date' => '2023-06-08 16:42:39',
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	(int) 5 => array(
		'Article' => array(
			'id' => '18118',
			'article_category_id' => '1',
			'title' => 'Prime Minister Dahal Inaugurates Lumbini Cable Car',
			'sub_title' => '',
			'summary' => 'Prime Minister Pushpa Kamal Dahal 'Prachanda' inaugurated the newly installed Lumbini cable car service today.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Prime Minister Pushpa Kamal Dahal &#39;Prachanda&#39; inaugurated the newly installed Lumbini cable car service today.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;The cable car, spanning approximately three kilometers, operates from Golpark Bamghat of Butwal sub-metropolitan city-3 to Basantapur of Tinau rural municipality-3 in Palpa district, making it the first cable car in Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">During the inauguration, Prime Minister Dahal unveiled a copper plaque at the Bottom Station located in Golpark Bamghat, formally launching the cable car service. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Basantapur, the destination accessible through the Lumbini cable car, boasts several notable attractions, including the Kamakhyadevi temple, Bhagwati temple, Ganesh temple, Kailash Parbat, and other structures such as ponds and stone spouts. As a result, Basantapur has now emerged as a religious tourism hotspot.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The successful operation of the Lumbini cable car service is the outcome of a collaborative effort between the Lumbini Cable Car Company, Butwal sub-metropolis, and Tinau Rural Municipality. IME Group invested for the construction of the cable car and&nbsp;brought it&nbsp;into operation, which is their&nbsp;third cable car project in the country.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Chandra Prasad Dhakal, the Chairperson of Lumbini Cable Car Pvt Ltd, expressed his gratitude towards the federal government, Lumbini province government, local government, and the local community for their support and assistance in bringing the Lumbini cable car to fruition. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Dhakal emphasized that the cable car&#39;s operation would contribute to the economic and social transformation of Rupandehi, Palpa, Nawalparasi, Kapilvastu, and the entire Lumbini Province.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Furthermore, Chair Dhakal announced a new campaign for the construction of a cable car religious tourism circuit. The initial phase of this project has already seen an investment of Rs 1.5 billion, with the total cost of the cable car project and resort estimated to be Rs 5 billion.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The cable car infrastructure includes restaurants at the top station, with additional amenities such as hotels, children&#39;s playgrounds, skywalks, and zip lines currently under construction. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The bottom station sits at an elevation of 230 meters above sea level, while the top station is located at 940 meters above sea level. With 25 gondolas available, passengers can reach the top station from the bottom station in just 10 minutes.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Lumbini cable car service not only enhances the region&#39;s religious significance but also contributes to its overall tourism development.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This project aligns with the aspirations of political leaders and the people of Lumbini Province, who aim to establish Rupandehi as the financial capital of the province, said Chair Dhakal. </span></span></p>
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			'modified' => '2023-06-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17849',
			'image' => '20230608035743_collage (12).jpg',
			'article_date' => '2023-06-08 15:55:25',
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	(int) 6 => array(
		'Article' => array(
			'id' => '18117',
			'article_category_id' => '1',
			'title' => 'Deposit Collection up by Rs 3 Billion in a Single Day',
			'sub_title' => '',
			'summary' => 'June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 8: The banking system witnessed an increase in deposit collection by Rs 3 billion in a single day earlier this week. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">According to Nepal Rastra Bank (NRB), the total deposits of banks and financial institutions were Rs 5530 billion on Monday, which increased to Rs 5533 billion on Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">During this period, deposits of development banks and finance companies decreased, but that of commercial banks increased. Compared to Monday, deposits of development banks and finance companies decreased by Rs 2 billion on Tuesday, while deposits of commercial banks increased by Rs 4 billion. As of Tuesday, total deposits in development banks and finance stood at Rs 648 billion while the deposit portfolio of commercial banks was Rs 4884 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Despite the increase in deposits, the credit investment of banks and financial institutions remained stable. BFIs disbursed a total of Rs 4354 billion in loans as of Tuesday.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Although the interest rate of the banks decreased recently, the flow of money is constant. Due to high interest rates, reduction in economic activity and pressure on primary capital of banks, the credit flow has not been encouraging.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Due to lack of loan investment, the credit-deposit ratio (CD ratio) of banks fell to 84.36 percent. Banks can disburse loans until the CD ratio reaches 90 percent. As the capital adequacy ratio of some banks has reached the specified minimum limit, they have not been able to disburse loans.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Interbank interest rate is decreasing as well due to the high liquidity and absence of loan investment. NRB said that the interbank interest rate remained at 6.67 percent on Tuesday.</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '17848',
			'image' => '20230608025323_Banks - Copy.jpg',
			'article_date' => '2023-06-08 14:52:42',
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	(int) 7 => array(
		'Article' => array(
			'id' => '18116',
			'article_category_id' => '1',
			'title' => 'Sikkim Shows Interest in Opening Chiwabhanjyang Checkpoint   ',
			'sub_title' => '',
			'summary' => 'June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Chief Minister of Sikkim State government of India Prem Singh Tamang has repoetedly shown interest to open the Nepal-India border at Chiwabhanjyang checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In his visit to Chiwabhanjyang on Tuesday, CM Tamang shared the state government has been effortful to open the checkpoint in a way to benefit both Nepal and India, the state-owned RSS of Nepal reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I am trying my best to explore the checkpoint so as to reap mutual benefits from Chiwa,&rdquo; RSS quoted the chief minister of Sikkim as saying.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;I have been frequently raising the issue in the assembly of policy commission (Niti Ayog).&rdquo;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">CM Tamang further shared that discussion was also held with central government of India regarding the opening and operation of the checkpoint.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;The central government is positive about the issue,&rdquo; he noted. In order to develop the Chiwabhanjyang as a checkpoint, the Sikkim state government has expanded 22-km road from Uttar Bazaar to Chiwabhanjyang with an investment of INR 560 million.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Mid-Hill Highway of Nepal had reached the Chiwabhanjyang a decade ago. The origin of the highway is also Chiwabhanjyang.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Sikkim state government has made efforts to open the checkpoint at a time when locals Panchthar, including Yangwarak Rural Municipality, have demanded the opening of the Chiwabhanjyang transit point located in Yangwarak-1, Panchthar.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">According to RRSS, CM Tamanag further stressed the need to formally open the checkpoint when people from Nepal and Sikkim have been using the territory for cross-border movement. He highlighted the necessity to develop Chiwabhanjyang as a bilateral contact point of Nepal and Sikkim. -</span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '17847',
			'image' => '20230608012803_sikkim.jpg',
			'article_date' => '2023-06-08 13:26:42',
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	(int) 8 => array(
		'Article' => array(
			'id' => '18115',
			'article_category_id' => '1',
			'title' => 'Hot Air to Prevail for Next Five Days   ',
			'sub_title' => '',
			'summary' => 'June 8: Hot air or loo is likely to continue in the Terai belt of the country.    ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">June 8: Hot air or loo is likely to continue in the Terai belt of the country.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Weather Forecasting Division under the Department of Hydrology and Meteorology urged one and all to adopt necessary alert measures protect oneself from the possible consequences of hot air.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Issuing a special bulletin on hot air and loo, the division urged the public to remain cautious of the abrupt rise in maximum and minimum temperatures and subsequent effects in the southern plain areas for at least next five days.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;As per the study and analysis of the environment, it seems this year&#39;s monsoon arrival will still take some more days in Nepal. Thus, hot air or loo will continue to prevail in the southern plains of the country for additional five days. The general public are requested to adopt precautionary measures to stay safe from the rising temperature,&rdquo; the bulletin stated.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">As the temperature is predicted to gradually increase in the mountainous areas as well, the general public have been asked to remain updated on the alerts issued by the division, the bulletin added.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Meteorologist Govinda Kumar Jha said loo is predicted to prevail for the next five days. </span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">&ldquo;Loo has continued in most of the territories of the Terai for the past couple of days. Temperature has exceeded 40 degree Celsius from central parts of the Terai to Bhairahawa. Areas, including Nepalgunj also has witnessed 40 plus degrees temperature which has resulted in hot wave,&rdquo; he further shared.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Loo is a gust of strong hot wind which is considered to prevail when temperature continuously remains above 40 degrees for five days. Meteorologist Jha further said loo has been prevailing with the rise in temperature and dryness in lack of rain.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Currently, there is higher effect of Westerly winds and local wind in the country. It is predicted that mountainous belts of the country will witness partial to general changes in weather.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The minimum temperature of Kathmandu Valley on Thursday was recorded at 17.5 degrees Celsius and the maximum temperature is expected to be around 32 degrees Celsius. -- RSS&nbsp;&nbsp; </span></span></span></p>
',
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			'created' => '2023-06-08',
			'modified' => '2023-06-08',
			'keywords' => '',
			'description' => '',
			'sortorder' => '17846',
			'image' => '20230608120737_Untitled.jpg',
			'article_date' => '2023-06-08 12:06:47',
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	(int) 9 => array(
		'Article' => array(
			'id' => '18114',
			'article_category_id' => '1',
			'title' => 'World Bank Revises Nepal’s Growth to 4.1 Percent in 2023',
			'sub_title' => 'Global Growth to Slow Significantly to 2.1 Percent',
			'summary' => 'June 8: The World Bank has projected Nepal’s economic growth to drop to 4.1 percent in 2023.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 8: The World Bank has projected Nepal&rsquo;s economic growth to drop to 4.1 percent in 2023. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Unveiling the June issue of the Global Economic Prospects 2023 on Wednesday, the World Bank said that growth in Nepal in FY 2022/23, undermined by import restrictions and cooled by tighter monetary policy in the face of higher inflation, has been revised down to 4.1 percent.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The National Statistics Office, however, had earlier projected Nepal&rsquo;s growth to drop to 2.16 percent in the current fiscal year, which is four times less than the target set by the government.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank said that the outlook for the economies in crisis remains dire, with minimal expectation of reversing the recent declines in per capita income.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Economies in South Asia are among the most vulnerable to climate change, said the report adding that more than half of South Asians have been affected by one or more climate-related disasters over the past two decades.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;The region has been facing intensifying heatwaves, cyclones, droughts, and floods. With climate change increasing risks to economic activity and development, there is an urgent need to increase resilience. Failure to act could see climate change-related events imposing rising costs. In Nepal, for example, the economic impact from flooding could triple and the number of people affected more than double by 2030,&rdquo; reads the report.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Meanwhile, the World Bank report has projected global growth to slow significantly to 2.1 percent amid high inflation, tight monetary policy, and more restrictive credit conditions. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the report, the global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation&rsquo;s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;After growing 3.1 percent last year, the global economy is set to slow substantially in 2023, to 2.1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2.4 percent.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report states that inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. Recent banking sector stress in advanced economies will also likely dampen activity through more restrictive credit conditions, said the report, adding, &ldquo;The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth and lead to financial dislocations in the most vulnerable emerging market and developing economies (EMDEs).&rdquo; </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The report suggested that comprehensive policy action is needed to foster macroeconomic and financial stability. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In the longer term, the report says reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '17845',
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			'article_date' => '2023-06-08 11:18:44',
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	(int) 10 => array(
		'Article' => array(
			'id' => '18113',
			'article_category_id' => '1',
			'title' => 'Pokhara to Host Nepal-China Friendship Dragon Boat Race Festival',
			'sub_title' => '',
			'summary' => 'Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time. The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 8: Pokhara is set to host the Nepal-China Friendship Dragon Boat Race Festival for the first time.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is aimed at attracting Chinese tourists to Nepal while strengthening the cultural and people-to-people relations between the two nations.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is jointly organized by Nepal Tourism Board, Chinese Embassy in Nepal, and Pokhara Metropolitan City. Preparations are already underway for the festival, which is scheduled to take place on June 23 and 24 at Fewa Lake, offering a stunning backdrop for the exhilarating races.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Eight specially designed boats have been brought from China to Pokhara, said Chairperson of Pokhara Tourism Council, Pomnarayan Shrestha. &nbsp;A total of eight teams, consisting of four teams from China and four from Nepal, will compete in thrilling races covering distances of 500 and 1000 meters. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Beyond the boat races, attendees will have the opportunity to indulge in the delectable flavors of Nepali and Chinese cuisine, adding an extra layer of delight to the festival.&nbsp;&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">A total of 260 participants including 60 athletes will come to Pokhara by chartering a plane to participate in the Nepal-China Dragon Boat Race Festival, according to the organisers.&nbsp;</span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The Chinese team will land at the Pokhara International Airport on two chartered planes from China.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The festival is estimated to cost Rs 25 million, and it&nbsp;promises to be a resounding success.</span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '17844',
			'image' => '20230608055919_collage (12).jpg',
			'article_date' => '2023-06-08 05:56:58',
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	(int) 11 => array(
		'Article' => array(
			'id' => '18112',
			'article_category_id' => '1',
			'title' => 'Insurance Companies Reluctant to Open Branch Offices in Foreign Countries',
			'sub_title' => '',
			'summary' => '',
			'content' => '<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">June 7: The Nepal Insurance Authority (NIA) had introduced a policy in April to allow Nepali insurers to open branches abroad. However, no insurer has sought permission to open a branch abroad so far, citing that there has been no homework regarding the process.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">With the release of the &#39;Directive on Insurance Branch Offices, 2079&#39; by NIA, insurers who have fulfilled the conditions will be allowed to open their offices in other countries and expand their business with approval of the regulatory body. According to the guidelines, the insurer should inform the authority about opening an office within six months after receiving the final approval from the authority.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">NIA claimed that the business of Nepali insurers abroad can become a good source of foreign exchange earnings in the near future. However, almost two months after the issuance of the guidelines, no insurer has applied for permission to open a branch abroad, according to Raju Raman Paudel, spokesperson of NIA.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;As per the guidelines issued by the authority, if any company meets the criteria and applies for permission to open a branch, the authority will give approval after necessary study,&rdquo; said Paudel, adding, &ldquo;The provision provides that the insurance companies must comply with the prevailing laws of the country where the branch is to be opened in addition to maintaining the capital determined by the regulatory body there. As far as the authority has understood, the insurers are in the process of studying the prevailing laws of the country where they will open a branch, resulting in no response even after two months of availability of the facility.&rdquo;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Bishwa Nath Adhikari, information officer of Sagarmatha Lumbini Insurance Company says that the company has not done its homework about branches abroad. &ldquo;The customers of life insurance companies can be Nepali workers working abroad, but it is necessary for non-life insurance to identify the main customers and also study the potential of the business. Since the company is still new in the field, it has not proceeded towards homework,&rdquo; he said.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Umesh Prasad Mainali, information officer of Suryajyoti Life Insurance says that there is no immediate plan to open a branch abroad. &ldquo;The opening of branches abroad should be discussed in the board itself. There is no discussion on the matter as of now,&rdquo;&nbsp;said Mainali.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Former Chairman of the then Insurance Board Nepal Chiranjeevi Chapagain believes that insurers are not willing to open branches abroad because it is not &#39;feasible&#39;. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;The target group of companies is Nepali workers abroad. For that, companies already have the option of foreign employment insurance. Although there is an option, opening a branch abroad will increase the cost of operation. This is preventing them from opening a branch in other countries,&rdquo; said Chapagain.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chapagain says that when any agency makes a policy, it should be made only after studying the demands and needs of the company as well as the market demand. &ldquo;For the sake of cheap popularity, various agencies are now making policies without studying the demands and needs of the market,&rdquo; he added.</span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '18111',
			'article_category_id' => '1',
			'title' => 'General Deliberations on Budget for Upcoming FY Underway in HoR',
			'sub_title' => '',
			'summary' => 'June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.  ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">June 7: The House of Representatives (HoR) continues general discussions on the Annual Estimates of Revenue and Expenditure (Budget) for Fiscal Year 2023/24.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Taking part in the deliberations on Wednesday, lawmaker Dilendra Prasad Badu said the budget for the upcoming fiscal year brought by the government has taken positive initiatives for improving the overall economic condition of the nation.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;It has made efforts towards increasing the capital expenditure and cutting down on the unproductive expenses. The government has also prepared the time-bound action plan on budget implementation,&quot; he said, adding that the provision of enhancing the effectiveness of implementation of budget for the next fiscal year and the decision of dissolving and merging 20 government entities were positive aspects of the budget.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Raghuveer Mahaseth raised a question on the implementation aspect of the budget. He stressed that the projects of national pride and priority should be designed on EPCF concept. &quot;The government is responsible for the delay in preparing the DPR of the Birgunj-Kathmandu and Rasuwa-Kathmandu Railway. Works on Sunkoshi Marin, Bheri Babai and Rani Jamara among the irrigation projects have not been attached due priority,&quot; he pointed out.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Lekhnath Dahal opined that the government has tried to address all the positive topics raised by the parliamentarians through the policies and programmes and the budget. &quot;Checking revenue leakage, maintaining budget allocation efficiency, prioritization of good governance and service delivery and keeping the production and industrial sector in priority for promoting capital formation are some of the positive aspects of the budget,&quot; he added.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Manish Jha criticized the budget, saying it lacked harmonization between income and expenditure. He said the citizens should take ownership of the budget.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The government should be clear about which sector has to be prioritized for the comprehensive economic development of the country. It is not clear where this sort of budget will take us until 2030. So, this budget is merely ritualistic,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Deepak Bahadur Singh said the budget has failed to bring any concrete plans and programmes on addressing the problems faced by most of the industries in the country. He also questioned the effectiveness of the subsidies provided to the farmers. &quot;It is necessary to stop the import of vegetables, fruits, food grains and other agricultural goods from other countries including India and to provide protection to the domestic agricultural goods and produce,&quot; he stressed.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Upendra Yadav said the budget has both positive and negative sides. &quot;There are some positive, some negative and some discriminatory issues, he shared, claiming that the budget has failed to adopt the concept of balanced and inclusive development.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Yadav said the process to prepare the budget is wrong, adding, &quot;People may think that lawmakers and ministers prepare the budget, but employees, and middlemen prepare it.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Sher Bahadur Kunwar expressed the view that decreasing share of capital expenditure in the annual budget is a matter of worry.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">&quot;The share of capital expenditure in the budget was equal to 65 percent three decades ago. But it has now decreased to 17 percent.&nbsp; Keeping the country&#39;s economy in poor condition is a matter of concern for all of us&quot;, he mentioned.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Kunwar further said the cooperative sector, which is considered as the main pillar of the three-pillar economic policy, could not be mobilized in building the economy.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Another lawmaker Anita Devi complained of allocating inadequate budget in Madhes Province for the coming fiscal year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">The budget has failed to meet the expectation of strengthening fiscal federalism implementation, she said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Similarly, lawmaker Chitra Bahadur KC raised questions over the federal system, adding there was no alternative to reduce cabinet size, ministries and scrapping federalism to reduce expenses.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">He stressed the need of providing voting rights to migrant Nepalis.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><span style="font-size:14.0pt">Lawmaker Dr Amaresh Kumar Singh mentioned that Madhesh has been discriminated against in the course of distributing resources. He further said that arrangements should be made to provide education, health and justice free of cost.</span> --<span style="font-size:14.0pt">RSS</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '18110',
			'article_category_id' => '1',
			'title' => 'Prime Bank Wins the 'Mahalaxmi Corporate Cricket League 2023'',
			'sub_title' => '',
			'summary' => 'Prime Commercial Bank has emerged as the champion of  'Mahalaxmi Corporate Cricket League-2023'.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">June 7: Prime Commercial Bank emerged as the champion of &#39;Mahalaxmi Corporate Cricket League-2023&#39;.&nbsp;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In the final match held on Monday, Prime Bank defeated Machhapuchhre Bank by 40 runs to clinch the title. Kritartha Shakya of Prime Bank was named the &#39;Man of the Match&#39; for his outstanding performance in the final. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Machhapuchhre Bank won the toss and invited Prime Bank for batting. Prime Bank had set a target of 87 runs, losing 6 wickets in the allotted overs.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">&nbsp;In response, Machhapuchhre Bank could only score 47 runs. Samir Thapa from Kamana Development Bank was declared the Best Batsman, while Chheten Dorje Sherpa from the same Bank was honored as the Best Bowler in the competition.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Sanjay Giri from NIC Asia Bank received the award of Best Fielder, and Ritesh Adhikari from NIC Asia Bank was recognized as the Best Wicket-Keeper of the tournament. </span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, Kritartha Shakya from Prime Bank was announced as the Best Player of the Tournament. </span></span></p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '18109',
			'article_category_id' => '1',
			'title' => 'NRB Reduces Concessions for Big Mergers',
			'sub_title' => 'Banks that could not start integrated business until mid-January can do so by mid-July',
			'summary' => 'June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">June 7: Nepal Rastra Bank (NRB) has reduced the concessions and facilities given to encourage mergers between commercial banks. Amending the unified directives on Tuesday (June 6), the central bank reduced the facilities and exemptions given to commercial banks opting for merger and acquisition but extended the deadline. As per the new provision, banks that initiated the merger process but could not start integrated transaction can do so by the end of the current fiscal year.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">They can still enjoy six types of offers given by the central bank if they start integrated transactions by mid-July 2023.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">If the integrated business is started within the given timeframe, the banks will get one-year extension for providing loans in the specified areas. Likewise, the cooling period provision of directors and high-ranking employees, who cannot join another organization for at least 6 months after quitting their posts, will not be applicable to the merged entities.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Similarly, the merged banks will be provided with additional six months to fix their credit-deposit ratio if it has crossed the limit fixed by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Likewise, arrangements have been made for such banks that the will not require the&nbsp; approval of the NRB for one year to merge or close branch offices operating within one kilometer distance.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Earlier, NRB such facilities were available only if integrated transactions were done within mid-January. However, the NRB has extended the deadline for the banks that could not complete the integrated transactions within that period. However, the banks that are yet to start integrated business will not get some facilities given to banks that started integrated business by mid-January.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The relaxation given to the banks doing integrated transactions to maintain the mandatory cash balance, statutory liquidity ratio, spread rate and other indicators has been removed. Similarly, the exemption given to the chief executive officer on the age limit, the ratio of institutional deposits and the concession given on the compulsory arrangement to issue bonds have also been removed.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Among the banks that have signed an agreement for the merger, only Laxmi Bank and Sunrise Bank are yet to start integrated transaction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank and Bank of Kathmandu, Prabhu Bank and Century Bank, Nepal Investment Bank and Mega Bank, and Kumari Bank and NCC Bank have started integrated business within the timeframe given by the NRB.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Himalayan Bank and Civil Bank started integrated business only in mid-January. </span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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