May 11: Minister for Industry, Commerce and Supplies Ramesh Rijal has reiterated the government’s stance that it is ready to create an investment-friendly environment in…
May 11: Minister for Industry, Commerce and Supplies Ramesh Rijal has reiterated the government’s stance that it is ready to create an investment-friendly environment in…
May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal…
May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good…
May 11: Cases of coronavirus have declined in the country.…
May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday).…
IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from…
May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous…
May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports.…
May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous…
Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July…
May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities.…
May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank…
May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years.…
May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year.…
May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee…
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The ministry informed that various issues including bilateral relations, trade and investment were discussed during the meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Rijal said that the support provided by America in various fields including the development of Nepal is praiseworthy. He expressed his confidence that bilateral relations will continue to strengthen in the coming days as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Rijal said that the government is working on how to invest more in the tourism sector and expressed his gratitude for the support that America is giving to Nepal. He expressed confidence that the sixth meeting of the Trade and Investment Framework Agreement (TIFA) Council to be held in Kathmandu later in the month of May will be fruitful for the promotion of bilateral trade and investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the meeting, Rijal expected that the US would continue to support Nepal in some form or another in trade even when Nepal is upgraded from a least developed country to a developing country in 2026. He recalled that there is direct foreign investment from America in various sectors like information, communication and technology, energy, agriculture, etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He expressed his belief that US Ambassador Thompson will make maximum efforts to increase and diversify investment in Nepal. During the meeting, American Ambassador Thompson said that the US government will provide every support for the development of Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17560', 'image' => '20230511120222_Webp.net-resizeimage-13-1024x683 - Copy.jpg', 'article_date' => '2023-05-11 12:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17827', 'article_category_id' => '1', 'title' => 'Tight Monetary Policy and Poor Capital Expenditure of Government Resulted in Economic Slowdown: FM', 'sub_title' => '', 'summary' => 'May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy. He expressed his views on Wednesday while informing the House of Representatives about the preparations for the upcoming fiscal year’s budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the private sector drawing attention of authorities concerned towards the need for reforms in fiscal as well as monetary policies through the budget, Mahat insisted that monetary policy is the solution to get the economy moving. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Mahat said that the economic slowdown is the result of the tight monetary policy and government spending less capital expenditure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “Interest rates will lower down if the monetary policy is eased and will result in low production cost,” said Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While answering the questions raised by the MPs during the discussion on the principles and priorities of the Appropriation Bill on Wednesday, he said, “The economy has not collapsed. It's not going down. Instead, it's going up slowly. Economic growth has been positive. The pace of economic growth however is slow.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This has raised suspicions that the finance minister does not want to get the economy running through the upcoming budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Economist Swarnim Wagle, who is also a member of the House of Representatives, said that such perception of the finance minister is not good. According to him, the finance minister's argument about fiscal policy is wrong. He claimed that there is enough room for capital mobilization through the fiscal policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The finance minister insists that there is no condition to be flexible in the fiscal policy, but to move forward only with monetary instruments. This is wrong. There is enough room to explore and be creative in fiscal policy. The finance minister’s argument is flawed,” said Wagle.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking in the Parliament on Wednesday, former Finance Minister Janardan Sharma said that since there is a contraction in the overall economic activities, a controlled and expansionary policy is appropriate. He said that expansionary policy should be taken in some areas and expenditure should be cut in some areas. He said that a policy should be adopted for managerial reforms in public institutions and the available resources should be used to the maximum extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Dol Prasad Aryal said that the same old issues have come up in the principles and priorities of the next year's budget. He said that the principles and priorities of the budget cannot cover the issue of improving the existing economic situation of the country with the same old policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Gyan Bahadur Shahi said that since the policy and principles of the budget are primitive in nature, they cannot solve the current problems. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17559', 'image' => '20230511113305_CKK_KTM_.jpg', 'article_date' => '2023-05-11 11:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17826', 'article_category_id' => '1', 'title' => 'Lawmakers Call for Strong Measures to Address Economic Woes ', 'sub_title' => '', 'summary' => 'May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the discussion on principles and priorities of the Appropriation Bill in the House of Representatives (HoR) meeting on Wednesday, the MPs said that the new budget should come up with the announcements to make economy robust. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepali Congress lawmaker Arjun Narsingh KC and lawmaker Krishna Kumar Shrestha said distributive budget should be completely stopped, austerity measures should be promoted in the unproductive sector and there should be zero-tolerance towards corruption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MP Dol Prasad Aryal urged for unity among all to address the economic challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, MP Gyan Bahadur Shahi said the budget should bring programmes of free health care service, education and justice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shahi suggested that the state should focus on utilisation of tax paid by the taxpayers instead of adding woes to the taxpayers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lawmakers Anita Devi and Lalbir Chaudhary asked the government to promote consumption of agriculture goods, promote export and provide subsidies to the small farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MPs Dipak Giri, Rupa Shoshi Chaudhary, Prem Suwal and Shashanka Koirala said that agriculture should get the key priority in the budget and the agricultural land should not be allowed for the construction of buildings. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also putting forth her views, MP Ranju Kumari Jha said the budget should focus on education, energy, health care, agriculture, youth and sports, and tourism sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rajendra Rai viewed that infrastructure projects of health and education should be prioritised in the hill and mountainous regions to control unmanaged migration in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the lawmakers suggested that the government should focus on agriculture while making new budget and stated that the chemical fertilizer producing industry should be established in the country itself. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17558', 'image' => '20230511101159_KRB_KTM-0U3A1603.jpg', 'article_date' => '2023-05-11 10:11:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17825', 'article_category_id' => '1', 'title' => 'Cases of Coronavirus Declining ', 'sub_title' => '', 'summary' => 'May 11: Cases of coronavirus have declined in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Cases of coronavirus have declined in the country. A total of 17 new cases of coronavirus were detected on Wednesday while conducting 505 tests, according to the Ministry of Health and Population. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Director of the Epidemiology and Disease Control Division, Dr Chuman Lal Das confirmed that the cases of coronavirus infection have been decreasing in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Coronavirus infection is also decreasing in India. Its impact is also seen in Nepal. It is decreasing due to vaccination," Dr Das told the state-owned RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The record of last one week shows that the cases of coronavirus infection have gone down significantly. A total of 43 cases were recorded on May 4, 17 on May 5, 76 on May 6, 32 on May 7, 57 on May 8, and 51 on May 9, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, there are 141 active cases in the country. Among those infected, 14 are in institutional isolation, five in ICU and one is receiving ventilator support. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) on May 5 declared an end to the global emergency status for COVID-19 more than three years after its outbreak in China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The COVID-19 death rate globally has slowed from a peak of more than 100,000 people per week in January 2021 to just over 3,500 in the week to April 24, 2023, according to WHO data.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This reflects widespread vaccination, availability of better treatments and a level of population immunity from prior infections, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Worldometer, which keeps a track of Covid-19 infections across the world, the virus has infected more than 688 million people worldwide and claimed at least 6.8 million lives.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17557', 'image' => '20230511095338_20200315104642_20200312112722_111.jpg', 'article_date' => '2023-05-11 09:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17824', 'article_category_id' => '1', 'title' => '4.3 Magnitude Earthquake Jolts Bajura ', 'sub_title' => '', 'summary' => 'May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). According to the National Earthquake Monitoring and Research Centre, Lainchaur, Kathmandu, the epicentre of the quake was located at Bichhya in Bajura district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bajura district and western parts of Nepal have been frequently experiencing earthquakes.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The last time Bajura district witnessed an earthquake was on May 6 when a 4.1 magnitude earthquake jolted the district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Mountainous and hill areas of Nepal are considered to be prone to earthquake. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17556', 'image' => '20230511092424_20230324121121_earth.jpg', 'article_date' => '2023-05-11 09:23:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17823', 'article_category_id' => '1', 'title' => 'IME General Insuarnce and Prudential Insurance Begin Integrated Transaction ', 'sub_title' => '', 'summary' => 'IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 11: IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The merger was finalized on March 19, and it received approval from the Securities Board of Nepal and Nepal Insurance Authority on April 16 and April 9, respectively. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The two companies had agreed to a 1:1 swap ratio for the merger, resulting in a paid-up capital of NPR 3.2 billion for the merged entity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif"> IME General Insurance's paid-up capital was NPR 1.80 billion, while and Prudential Insurance's paid-up capital was NPR 1.22 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Hemraj Dhakal has been appointed as the chairman of the merged entity and was sworn in on Wednesday by Nepal Insurance Authority Chairman Surya Prasad Silwal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, the merged entity's Board of Directors includes Bishal Agrawal, Ambika Prasad Poudel, Amit Agarwal, Arpit Agrawal, Rajendra Singh Agarwal, and Krishna Prasad Sharma. Sharma is an independnet director. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17555', 'image' => '20230511061630_collage (12).jpg', 'article_date' => '2023-05-11 06:12:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17822', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases by 24 Percent', 'sub_title' => '', 'summary' => 'May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report of Nepal Rastra Bank (NRB) released on Wednesday shows that remittance inflow In terms of the US Dollar increased 13.9 percent to 6.92 billion in the review period against a decrease of 1.8 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (institutional and individual) taking new approval for foreign employment increased by 51.5 percent to 387,839 in the review period, states the Current Macroeconomic and Financial Situation Report of NRB.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali workers renewing their work permits for foreign employment increased 5.5 percent to 217,959 in the review period. It had increased 199.9 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, net transfer increased 22.8 percent to Rs 996.88 billion in the review period. Such a transfer had decreased 0.4 percent in the same period of the previous year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17554', 'image' => '20230510064422_Remittance.jpg', 'article_date' => '2023-05-10 18:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17820', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 17 Percent', 'sub_title' => '', 'summary' => 'May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. During the review period, Nepal’s total trade deficit, however, stood at Rs 1083.23 billion, according to the latest report published by Nepal Rastra Bank (NRB) on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of NRB states that such a deficit had increased 28.5 percent in the corresponding period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports decreased 18.1 percent to Rs 1201.51 billion against an increase of 32.0 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 16.4 percent, 23.0 percent, and 19.4 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of chemical fertilizer, sponge iron, petroleum products, gold, paper, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, other machinery and parts, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise exports also decreased by 26.3 percent to Rs 118.28 billion during the nine months of FY 2022/23 against an increase of 69.4 percent in the same period of the previous year. Destination-wise, exports to India decreased 35.1 percent whereas exports to China and other countries increased 2.2 percent and 8.1 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, cardamom, woolen carpets, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, jute goods, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport customs offices increased whereas exports from all other major customs points decreased in the review period. On the import side, imports from all the major customs points decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 101.67 billion. Such amount was Rs 167.53 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 55.0 percent and 44.3 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.6 percent in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 47.2 percent, 0.02 percent and 52.7 percent of total exports respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the imports side, the share of intermediate goods remained 53.3 percent, capital goods 8.3 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.2 percent, 10.5 percent and 36.3 percent respectively in the same period of the previous year</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17552', 'image' => '20230510032933_Trade.jpg', 'article_date' => '2023-05-10 15:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17819', 'article_category_id' => '1', 'title' => 'Current Account in Deficit, Balance of Payments Registers Surplus ', 'sub_title' => '', 'summary' => 'May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank (NRB) released on Wednesday, the current account in terms of the US dollar registered a deficit of 402.8 million in the review period compared to deficit of 4.27 billion in the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 24.0 percent to Rs 5.91 billion and net foreign direct investment (FDI) remained Rs 2.62 billion, according to the Current Macroeconomic and Financial Situation Report of Nepal prepared by the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, capital transfer and net FDI amounted to Rs 7.78 billion and Rs 16.51 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a surplus of Rs 180.17 billion in the review period compared to a deficit of Rs 268.26 billion in the same period of the previous year. In the US Dollar terms, the BOP remained at a surplus of 1.37 billion in the review period against a deficit of 2.25 billion in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17551', 'image' => '20230510031618_1683614421.1643946593.Clipboard02.jpg', 'article_date' => '2023-05-10 15:15:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17818', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Surges to NPR 1433.73 Billion till mid-April', 'sub_title' => '', 'summary' => 'Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 10: Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In terms of US dollars, the foreign exchange reserves stood at USD 9.54 billion in mid-July 2022, which increased by 14.8% to reach USD 10.94 billion in Chaitra 2079. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Of the total foreign exchange reserves, the reserves held by Nepal Rastra Bank increased by 20.6% to NPR 1273.99 billion until mid-April 2023 from 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves held by banks and financial institutions except Nepal Rastra Bank grew slightly by 0.2% and reached NPR 159.74 billion in mid-April 2023 from NPR 159.41 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Based on the imports of the first nine months of the current fiscal year, the foreign exchange reserve is sufficient to import merchandise for 11 months and both merchandise and services for 9.4 months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17550', 'image' => '20230510030116_fex.jpg', 'article_date' => '2023-05-10 14:58:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17817', 'article_category_id' => '1', 'title' => 'Legal Arrangements to Bring NRNs in Secondary Market on the Cards', 'sub_title' => '', 'summary' => 'May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. The board aims to finalize the legal arrangement within three months on this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON Chairman Ramesh Kumar Hamal said that efforts have been initiated to contribute more to the creation and mobilization of national capital by including NRNs in the secondary market. He informed that the board formed a committee to make legal arrangements for this.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Hamal, a committee has been formed under the coordination of SEBON Director Sujan Kumar Kafle as per the decision of the board meeting held on April 2. Kafle became the board’s director representing Nepal Chartered Accountants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Other members of the committee include expert member of the board Bholanath Dhungana and executive director Muktinath Shrestha. The responsibility of Member Secretary has been given to Deepa Dahal, deputy executive director of SEBON.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman Hamal said that the committee will formulate the necessary regulations for the entry of NRNs into Nepal's capital market within the next three months and submit it to the Board of Directors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the committee will identify the difficulties that may arise in the implementation of the regulation and recommend solutions. The board believes that the number of investors will increase and the liquidity will also ease in the securities market after the implementation of the regulations to introduce NRNs into the capital market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON expects that the entry of NRNs will strengthen the demand side of the secondary market, reduce market volatility and reduce price risk. The new regulations will also allow Nepalese people living abroad to easily transact in the securities market of Nepal, which has become completely technology-friendly. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors believe that the entry of NRNs into the secondary market will lead to an increase in investment in the stock market and help revitalize the weak state of weak economy of the country.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chairman of Nepal Investors Forum Chhote Lal Rauniyar said that if NRNs can be brought into Nepal's capital market, it will be a milestone for the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rauniyar emphasized that regulations should be made to give special priority to the securities market and encourage them to invest in various sectors. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17549', 'image' => '20230510025224_Sebon-update.jpg', 'article_date' => '2023-05-10 14:51:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17815', 'article_category_id' => '1', 'title' => 'Inflation Rises to 7.76 Percent in Mid-April', 'sub_title' => '', 'summary' => 'May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by NRB on Wednesday shows that food and beverage inflation stood at 6.93 percent whereas non-food and service inflation rose to 8.42 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel sub-category increased 14.68 percent, spices 14.67 percent, cereal grains and their products 13.72 percent, fruit 11.00 percent and tobacco products 10.83 percent, the report further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of health sub-category increased 10.39 percent, housing and utilities 9.54 percent, recreation and culture 8.81 percent, furnishing and household equipment 8.74 percent, and education 8.67 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley stood the highest at 8.57 percent followed by 7.68 percent in the Terai, 7.45 percent in the mountains and 7.01 percent in the hills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Inflation in these regions were 6.25 percent, 7.61 percent, 8.25 percent and 7.79 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17548', 'image' => '20230510022334_Inflation.jpg', 'article_date' => '2023-05-10 14:22:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17814', 'article_category_id' => '1', 'title' => 'CNI Urges Government to Declare the Next Five Years as Investment Years', 'sub_title' => '', 'summary' => 'May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. The CNI made such request while submitting its suggestions for the upcoming budget to Finance Minister Prakash Sharan Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI requested Finance Minister Mahat to emphasize on industrialization, export promotion, import substitution, promotion of indigenous products and market regulation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Other suggestions include infrastructure development, promotion of small and medium industries, business, energy, tourism, information technology, agriculture and herb production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the budget proposal on behalf of CNI, Vice President Rajesh Kumar Agarwal drew the government’s attention towards the liquidity crisis and rising interest rates, decline in the overall demand in the market, problems in cash flow, reduction in production and job cuts, declining morale of the private sector and postponement of new investment plans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the shortfall in revenue collection is a major challenge faced by the economy and it is necessary to increase investment in the infrastructure sector through the budget to resolve this problem.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI demanded to provide cash subsidy for the export of goods, to make Nepali products competitive in the market and to control unauthorized trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI also suggested formulating and implementing the Payment Security Act for the safe recovery of the amount in case the seller sells goods on credit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finance Minister Mahat said that it is necessary to create an investment-friendly environment to promote industry and business, and efforts will be made to incorporate the suggestions received from CNI in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17547', 'image' => '20230510013135_cni new.jpg', 'article_date' => '2023-05-10 13:30:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17813', 'article_category_id' => '1', 'title' => 'Over 8,000 Tourists Visit Manang in Four Months ', 'sub_title' => '', 'summary' => 'May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. A total of 8,220 tourists had visited the district from January to May 7 in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Chief of Annapurna Conservation Area Project (ACAP) Lekhnath Gautam, 5,056 men and 3,163 women visited Manang in the first four months of 2023. Tourists from 42 countries had entered the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the month of January, as many as 318 people from 42 countries had visited Manang. The inflow of tourists has increased in Nepal after the post-COVID situation gradually turned normal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mostly, the tourists entering the country prefer trekking along the Annapurna Circuit. ACAP Chief Gautam said mostly foreign tourists visited the area for trekking. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17546', 'image' => '20230510123142_manangggg.jpg', 'article_date' => '2023-05-10 12:30:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17811', 'article_category_id' => '1', 'title' => 'Former Home Minister Bal Krishna Khand Arrested in Fake Bhutanese Refugee Scam', 'sub_title' => '', 'summary' => 'May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khan was arrested by the police from his residence in Maijubahal on Wednesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He is currently being detained at the District Police Range, Kathmandu.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khand has denied any involvement in human trafficking and duping people promising to send them to the USA in the guise of Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, police have been making high-profile arrests in connection to this case based on statements given by conmen arrested earlier for duping people on the pretext of sending them to the US as Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Other high-profile individuals arrested in this scam include former lawmaker Indrajit Rai, who was also the security advisor to the then home minister Ram Bahadur Thapa and former home secretary Tek Narayan Pandey.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police have also issued arrest warrants against Ram Bahadur Thapa’s son Pratik and Indrajit Rai’s son Niraj along with UML leader Top Bahadur Rayamajhi and his son Sandeep.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">All of them are accused of being involved in a racket that allegedly scooped millions of rupees from Nepali’s aspiring to go to the USA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The group has been accused of misusing their authority and colluding with high-ranking government officials in creating fake documents.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17545', 'image' => '20230510110129_1683695010.jpg', 'article_date' => '2023-05-10 11:00:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - 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The ministry informed that various issues including bilateral relations, trade and investment were discussed during the meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Rijal said that the support provided by America in various fields including the development of Nepal is praiseworthy. He expressed his confidence that bilateral relations will continue to strengthen in the coming days as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Rijal said that the government is working on how to invest more in the tourism sector and expressed his gratitude for the support that America is giving to Nepal. He expressed confidence that the sixth meeting of the Trade and Investment Framework Agreement (TIFA) Council to be held in Kathmandu later in the month of May will be fruitful for the promotion of bilateral trade and investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the meeting, Rijal expected that the US would continue to support Nepal in some form or another in trade even when Nepal is upgraded from a least developed country to a developing country in 2026. He recalled that there is direct foreign investment from America in various sectors like information, communication and technology, energy, agriculture, etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He expressed his belief that US Ambassador Thompson will make maximum efforts to increase and diversify investment in Nepal. During the meeting, American Ambassador Thompson said that the US government will provide every support for the development of Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17560', 'image' => '20230511120222_Webp.net-resizeimage-13-1024x683 - Copy.jpg', 'article_date' => '2023-05-11 12:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17827', 'article_category_id' => '1', 'title' => 'Tight Monetary Policy and Poor Capital Expenditure of Government Resulted in Economic Slowdown: FM', 'sub_title' => '', 'summary' => 'May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy. He expressed his views on Wednesday while informing the House of Representatives about the preparations for the upcoming fiscal year’s budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the private sector drawing attention of authorities concerned towards the need for reforms in fiscal as well as monetary policies through the budget, Mahat insisted that monetary policy is the solution to get the economy moving. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Mahat said that the economic slowdown is the result of the tight monetary policy and government spending less capital expenditure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “Interest rates will lower down if the monetary policy is eased and will result in low production cost,” said Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While answering the questions raised by the MPs during the discussion on the principles and priorities of the Appropriation Bill on Wednesday, he said, “The economy has not collapsed. It's not going down. Instead, it's going up slowly. Economic growth has been positive. The pace of economic growth however is slow.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This has raised suspicions that the finance minister does not want to get the economy running through the upcoming budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Economist Swarnim Wagle, who is also a member of the House of Representatives, said that such perception of the finance minister is not good. According to him, the finance minister's argument about fiscal policy is wrong. He claimed that there is enough room for capital mobilization through the fiscal policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The finance minister insists that there is no condition to be flexible in the fiscal policy, but to move forward only with monetary instruments. This is wrong. There is enough room to explore and be creative in fiscal policy. The finance minister’s argument is flawed,” said Wagle.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking in the Parliament on Wednesday, former Finance Minister Janardan Sharma said that since there is a contraction in the overall economic activities, a controlled and expansionary policy is appropriate. He said that expansionary policy should be taken in some areas and expenditure should be cut in some areas. He said that a policy should be adopted for managerial reforms in public institutions and the available resources should be used to the maximum extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Dol Prasad Aryal said that the same old issues have come up in the principles and priorities of the next year's budget. He said that the principles and priorities of the budget cannot cover the issue of improving the existing economic situation of the country with the same old policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Gyan Bahadur Shahi said that since the policy and principles of the budget are primitive in nature, they cannot solve the current problems. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17559', 'image' => '20230511113305_CKK_KTM_.jpg', 'article_date' => '2023-05-11 11:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17826', 'article_category_id' => '1', 'title' => 'Lawmakers Call for Strong Measures to Address Economic Woes ', 'sub_title' => '', 'summary' => 'May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the discussion on principles and priorities of the Appropriation Bill in the House of Representatives (HoR) meeting on Wednesday, the MPs said that the new budget should come up with the announcements to make economy robust. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepali Congress lawmaker Arjun Narsingh KC and lawmaker Krishna Kumar Shrestha said distributive budget should be completely stopped, austerity measures should be promoted in the unproductive sector and there should be zero-tolerance towards corruption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MP Dol Prasad Aryal urged for unity among all to address the economic challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, MP Gyan Bahadur Shahi said the budget should bring programmes of free health care service, education and justice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shahi suggested that the state should focus on utilisation of tax paid by the taxpayers instead of adding woes to the taxpayers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lawmakers Anita Devi and Lalbir Chaudhary asked the government to promote consumption of agriculture goods, promote export and provide subsidies to the small farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MPs Dipak Giri, Rupa Shoshi Chaudhary, Prem Suwal and Shashanka Koirala said that agriculture should get the key priority in the budget and the agricultural land should not be allowed for the construction of buildings. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also putting forth her views, MP Ranju Kumari Jha said the budget should focus on education, energy, health care, agriculture, youth and sports, and tourism sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rajendra Rai viewed that infrastructure projects of health and education should be prioritised in the hill and mountainous regions to control unmanaged migration in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the lawmakers suggested that the government should focus on agriculture while making new budget and stated that the chemical fertilizer producing industry should be established in the country itself. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17558', 'image' => '20230511101159_KRB_KTM-0U3A1603.jpg', 'article_date' => '2023-05-11 10:11:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17825', 'article_category_id' => '1', 'title' => 'Cases of Coronavirus Declining ', 'sub_title' => '', 'summary' => 'May 11: Cases of coronavirus have declined in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Cases of coronavirus have declined in the country. A total of 17 new cases of coronavirus were detected on Wednesday while conducting 505 tests, according to the Ministry of Health and Population. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Director of the Epidemiology and Disease Control Division, Dr Chuman Lal Das confirmed that the cases of coronavirus infection have been decreasing in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Coronavirus infection is also decreasing in India. Its impact is also seen in Nepal. It is decreasing due to vaccination," Dr Das told the state-owned RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The record of last one week shows that the cases of coronavirus infection have gone down significantly. A total of 43 cases were recorded on May 4, 17 on May 5, 76 on May 6, 32 on May 7, 57 on May 8, and 51 on May 9, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, there are 141 active cases in the country. Among those infected, 14 are in institutional isolation, five in ICU and one is receiving ventilator support. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) on May 5 declared an end to the global emergency status for COVID-19 more than three years after its outbreak in China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The COVID-19 death rate globally has slowed from a peak of more than 100,000 people per week in January 2021 to just over 3,500 in the week to April 24, 2023, according to WHO data.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This reflects widespread vaccination, availability of better treatments and a level of population immunity from prior infections, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Worldometer, which keeps a track of Covid-19 infections across the world, the virus has infected more than 688 million people worldwide and claimed at least 6.8 million lives.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17557', 'image' => '20230511095338_20200315104642_20200312112722_111.jpg', 'article_date' => '2023-05-11 09:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17824', 'article_category_id' => '1', 'title' => '4.3 Magnitude Earthquake Jolts Bajura ', 'sub_title' => '', 'summary' => 'May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). According to the National Earthquake Monitoring and Research Centre, Lainchaur, Kathmandu, the epicentre of the quake was located at Bichhya in Bajura district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bajura district and western parts of Nepal have been frequently experiencing earthquakes.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The last time Bajura district witnessed an earthquake was on May 6 when a 4.1 magnitude earthquake jolted the district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Mountainous and hill areas of Nepal are considered to be prone to earthquake. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17556', 'image' => '20230511092424_20230324121121_earth.jpg', 'article_date' => '2023-05-11 09:23:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17823', 'article_category_id' => '1', 'title' => 'IME General Insuarnce and Prudential Insurance Begin Integrated Transaction ', 'sub_title' => '', 'summary' => 'IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 11: IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The merger was finalized on March 19, and it received approval from the Securities Board of Nepal and Nepal Insurance Authority on April 16 and April 9, respectively. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The two companies had agreed to a 1:1 swap ratio for the merger, resulting in a paid-up capital of NPR 3.2 billion for the merged entity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif"> IME General Insurance's paid-up capital was NPR 1.80 billion, while and Prudential Insurance's paid-up capital was NPR 1.22 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Hemraj Dhakal has been appointed as the chairman of the merged entity and was sworn in on Wednesday by Nepal Insurance Authority Chairman Surya Prasad Silwal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, the merged entity's Board of Directors includes Bishal Agrawal, Ambika Prasad Poudel, Amit Agarwal, Arpit Agrawal, Rajendra Singh Agarwal, and Krishna Prasad Sharma. Sharma is an independnet director. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17555', 'image' => '20230511061630_collage (12).jpg', 'article_date' => '2023-05-11 06:12:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17822', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases by 24 Percent', 'sub_title' => '', 'summary' => 'May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report of Nepal Rastra Bank (NRB) released on Wednesday shows that remittance inflow In terms of the US Dollar increased 13.9 percent to 6.92 billion in the review period against a decrease of 1.8 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (institutional and individual) taking new approval for foreign employment increased by 51.5 percent to 387,839 in the review period, states the Current Macroeconomic and Financial Situation Report of NRB.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali workers renewing their work permits for foreign employment increased 5.5 percent to 217,959 in the review period. It had increased 199.9 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, net transfer increased 22.8 percent to Rs 996.88 billion in the review period. Such a transfer had decreased 0.4 percent in the same period of the previous year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17554', 'image' => '20230510064422_Remittance.jpg', 'article_date' => '2023-05-10 18:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17820', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 17 Percent', 'sub_title' => '', 'summary' => 'May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. During the review period, Nepal’s total trade deficit, however, stood at Rs 1083.23 billion, according to the latest report published by Nepal Rastra Bank (NRB) on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of NRB states that such a deficit had increased 28.5 percent in the corresponding period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports decreased 18.1 percent to Rs 1201.51 billion against an increase of 32.0 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 16.4 percent, 23.0 percent, and 19.4 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of chemical fertilizer, sponge iron, petroleum products, gold, paper, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, other machinery and parts, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise exports also decreased by 26.3 percent to Rs 118.28 billion during the nine months of FY 2022/23 against an increase of 69.4 percent in the same period of the previous year. Destination-wise, exports to India decreased 35.1 percent whereas exports to China and other countries increased 2.2 percent and 8.1 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, cardamom, woolen carpets, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, jute goods, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport customs offices increased whereas exports from all other major customs points decreased in the review period. On the import side, imports from all the major customs points decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 101.67 billion. Such amount was Rs 167.53 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 55.0 percent and 44.3 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.6 percent in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 47.2 percent, 0.02 percent and 52.7 percent of total exports respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the imports side, the share of intermediate goods remained 53.3 percent, capital goods 8.3 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.2 percent, 10.5 percent and 36.3 percent respectively in the same period of the previous year</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17552', 'image' => '20230510032933_Trade.jpg', 'article_date' => '2023-05-10 15:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17819', 'article_category_id' => '1', 'title' => 'Current Account in Deficit, Balance of Payments Registers Surplus ', 'sub_title' => '', 'summary' => 'May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank (NRB) released on Wednesday, the current account in terms of the US dollar registered a deficit of 402.8 million in the review period compared to deficit of 4.27 billion in the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 24.0 percent to Rs 5.91 billion and net foreign direct investment (FDI) remained Rs 2.62 billion, according to the Current Macroeconomic and Financial Situation Report of Nepal prepared by the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, capital transfer and net FDI amounted to Rs 7.78 billion and Rs 16.51 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a surplus of Rs 180.17 billion in the review period compared to a deficit of Rs 268.26 billion in the same period of the previous year. In the US Dollar terms, the BOP remained at a surplus of 1.37 billion in the review period against a deficit of 2.25 billion in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17551', 'image' => '20230510031618_1683614421.1643946593.Clipboard02.jpg', 'article_date' => '2023-05-10 15:15:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17818', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Surges to NPR 1433.73 Billion till mid-April', 'sub_title' => '', 'summary' => 'Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 10: Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In terms of US dollars, the foreign exchange reserves stood at USD 9.54 billion in mid-July 2022, which increased by 14.8% to reach USD 10.94 billion in Chaitra 2079. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Of the total foreign exchange reserves, the reserves held by Nepal Rastra Bank increased by 20.6% to NPR 1273.99 billion until mid-April 2023 from 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves held by banks and financial institutions except Nepal Rastra Bank grew slightly by 0.2% and reached NPR 159.74 billion in mid-April 2023 from NPR 159.41 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Based on the imports of the first nine months of the current fiscal year, the foreign exchange reserve is sufficient to import merchandise for 11 months and both merchandise and services for 9.4 months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17550', 'image' => '20230510030116_fex.jpg', 'article_date' => '2023-05-10 14:58:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17817', 'article_category_id' => '1', 'title' => 'Legal Arrangements to Bring NRNs in Secondary Market on the Cards', 'sub_title' => '', 'summary' => 'May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. The board aims to finalize the legal arrangement within three months on this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON Chairman Ramesh Kumar Hamal said that efforts have been initiated to contribute more to the creation and mobilization of national capital by including NRNs in the secondary market. He informed that the board formed a committee to make legal arrangements for this.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Hamal, a committee has been formed under the coordination of SEBON Director Sujan Kumar Kafle as per the decision of the board meeting held on April 2. Kafle became the board’s director representing Nepal Chartered Accountants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Other members of the committee include expert member of the board Bholanath Dhungana and executive director Muktinath Shrestha. The responsibility of Member Secretary has been given to Deepa Dahal, deputy executive director of SEBON.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman Hamal said that the committee will formulate the necessary regulations for the entry of NRNs into Nepal's capital market within the next three months and submit it to the Board of Directors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the committee will identify the difficulties that may arise in the implementation of the regulation and recommend solutions. The board believes that the number of investors will increase and the liquidity will also ease in the securities market after the implementation of the regulations to introduce NRNs into the capital market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON expects that the entry of NRNs will strengthen the demand side of the secondary market, reduce market volatility and reduce price risk. The new regulations will also allow Nepalese people living abroad to easily transact in the securities market of Nepal, which has become completely technology-friendly. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors believe that the entry of NRNs into the secondary market will lead to an increase in investment in the stock market and help revitalize the weak state of weak economy of the country.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chairman of Nepal Investors Forum Chhote Lal Rauniyar said that if NRNs can be brought into Nepal's capital market, it will be a milestone for the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rauniyar emphasized that regulations should be made to give special priority to the securities market and encourage them to invest in various sectors. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17549', 'image' => '20230510025224_Sebon-update.jpg', 'article_date' => '2023-05-10 14:51:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17815', 'article_category_id' => '1', 'title' => 'Inflation Rises to 7.76 Percent in Mid-April', 'sub_title' => '', 'summary' => 'May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by NRB on Wednesday shows that food and beverage inflation stood at 6.93 percent whereas non-food and service inflation rose to 8.42 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel sub-category increased 14.68 percent, spices 14.67 percent, cereal grains and their products 13.72 percent, fruit 11.00 percent and tobacco products 10.83 percent, the report further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of health sub-category increased 10.39 percent, housing and utilities 9.54 percent, recreation and culture 8.81 percent, furnishing and household equipment 8.74 percent, and education 8.67 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley stood the highest at 8.57 percent followed by 7.68 percent in the Terai, 7.45 percent in the mountains and 7.01 percent in the hills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Inflation in these regions were 6.25 percent, 7.61 percent, 8.25 percent and 7.79 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17548', 'image' => '20230510022334_Inflation.jpg', 'article_date' => '2023-05-10 14:22:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17814', 'article_category_id' => '1', 'title' => 'CNI Urges Government to Declare the Next Five Years as Investment Years', 'sub_title' => '', 'summary' => 'May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. The CNI made such request while submitting its suggestions for the upcoming budget to Finance Minister Prakash Sharan Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI requested Finance Minister Mahat to emphasize on industrialization, export promotion, import substitution, promotion of indigenous products and market regulation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Other suggestions include infrastructure development, promotion of small and medium industries, business, energy, tourism, information technology, agriculture and herb production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the budget proposal on behalf of CNI, Vice President Rajesh Kumar Agarwal drew the government’s attention towards the liquidity crisis and rising interest rates, decline in the overall demand in the market, problems in cash flow, reduction in production and job cuts, declining morale of the private sector and postponement of new investment plans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the shortfall in revenue collection is a major challenge faced by the economy and it is necessary to increase investment in the infrastructure sector through the budget to resolve this problem.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI demanded to provide cash subsidy for the export of goods, to make Nepali products competitive in the market and to control unauthorized trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI also suggested formulating and implementing the Payment Security Act for the safe recovery of the amount in case the seller sells goods on credit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finance Minister Mahat said that it is necessary to create an investment-friendly environment to promote industry and business, and efforts will be made to incorporate the suggestions received from CNI in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17547', 'image' => '20230510013135_cni new.jpg', 'article_date' => '2023-05-10 13:30:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17813', 'article_category_id' => '1', 'title' => 'Over 8,000 Tourists Visit Manang in Four Months ', 'sub_title' => '', 'summary' => 'May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. A total of 8,220 tourists had visited the district from January to May 7 in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Chief of Annapurna Conservation Area Project (ACAP) Lekhnath Gautam, 5,056 men and 3,163 women visited Manang in the first four months of 2023. Tourists from 42 countries had entered the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the month of January, as many as 318 people from 42 countries had visited Manang. The inflow of tourists has increased in Nepal after the post-COVID situation gradually turned normal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mostly, the tourists entering the country prefer trekking along the Annapurna Circuit. ACAP Chief Gautam said mostly foreign tourists visited the area for trekking. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17546', 'image' => '20230510123142_manangggg.jpg', 'article_date' => '2023-05-10 12:30:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17811', 'article_category_id' => '1', 'title' => 'Former Home Minister Bal Krishna Khand Arrested in Fake Bhutanese Refugee Scam', 'sub_title' => '', 'summary' => 'May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khan was arrested by the police from his residence in Maijubahal on Wednesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He is currently being detained at the District Police Range, Kathmandu.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khand has denied any involvement in human trafficking and duping people promising to send them to the USA in the guise of Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, police have been making high-profile arrests in connection to this case based on statements given by conmen arrested earlier for duping people on the pretext of sending them to the US as Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Other high-profile individuals arrested in this scam include former lawmaker Indrajit Rai, who was also the security advisor to the then home minister Ram Bahadur Thapa and former home secretary Tek Narayan Pandey.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police have also issued arrest warrants against Ram Bahadur Thapa’s son Pratik and Indrajit Rai’s son Niraj along with UML leader Top Bahadur Rayamajhi and his son Sandeep.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">All of them are accused of being involved in a racket that allegedly scooped millions of rupees from Nepali’s aspiring to go to the USA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The group has been accused of misusing their authority and colluding with high-ranking government officials in creating fake documents.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17545', 'image' => '20230510110129_1683695010.jpg', 'article_date' => '2023-05-10 11:00:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? 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The ministry informed that various issues including bilateral relations, trade and investment were discussed during the meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Rijal said that the support provided by America in various fields including the development of Nepal is praiseworthy. He expressed his confidence that bilateral relations will continue to strengthen in the coming days as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Rijal said that the government is working on how to invest more in the tourism sector and expressed his gratitude for the support that America is giving to Nepal. He expressed confidence that the sixth meeting of the Trade and Investment Framework Agreement (TIFA) Council to be held in Kathmandu later in the month of May will be fruitful for the promotion of bilateral trade and investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the meeting, Rijal expected that the US would continue to support Nepal in some form or another in trade even when Nepal is upgraded from a least developed country to a developing country in 2026. He recalled that there is direct foreign investment from America in various sectors like information, communication and technology, energy, agriculture, etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He expressed his belief that US Ambassador Thompson will make maximum efforts to increase and diversify investment in Nepal. During the meeting, American Ambassador Thompson said that the US government will provide every support for the development of Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17560', 'image' => '20230511120222_Webp.net-resizeimage-13-1024x683 - Copy.jpg', 'article_date' => '2023-05-11 12:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17827', 'article_category_id' => '1', 'title' => 'Tight Monetary Policy and Poor Capital Expenditure of Government Resulted in Economic Slowdown: FM', 'sub_title' => '', 'summary' => 'May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy. He expressed his views on Wednesday while informing the House of Representatives about the preparations for the upcoming fiscal year’s budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the private sector drawing attention of authorities concerned towards the need for reforms in fiscal as well as monetary policies through the budget, Mahat insisted that monetary policy is the solution to get the economy moving. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Mahat said that the economic slowdown is the result of the tight monetary policy and government spending less capital expenditure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “Interest rates will lower down if the monetary policy is eased and will result in low production cost,” said Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While answering the questions raised by the MPs during the discussion on the principles and priorities of the Appropriation Bill on Wednesday, he said, “The economy has not collapsed. It's not going down. Instead, it's going up slowly. Economic growth has been positive. The pace of economic growth however is slow.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This has raised suspicions that the finance minister does not want to get the economy running through the upcoming budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Economist Swarnim Wagle, who is also a member of the House of Representatives, said that such perception of the finance minister is not good. According to him, the finance minister's argument about fiscal policy is wrong. He claimed that there is enough room for capital mobilization through the fiscal policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The finance minister insists that there is no condition to be flexible in the fiscal policy, but to move forward only with monetary instruments. This is wrong. There is enough room to explore and be creative in fiscal policy. The finance minister’s argument is flawed,” said Wagle.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking in the Parliament on Wednesday, former Finance Minister Janardan Sharma said that since there is a contraction in the overall economic activities, a controlled and expansionary policy is appropriate. He said that expansionary policy should be taken in some areas and expenditure should be cut in some areas. He said that a policy should be adopted for managerial reforms in public institutions and the available resources should be used to the maximum extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Dol Prasad Aryal said that the same old issues have come up in the principles and priorities of the next year's budget. He said that the principles and priorities of the budget cannot cover the issue of improving the existing economic situation of the country with the same old policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Gyan Bahadur Shahi said that since the policy and principles of the budget are primitive in nature, they cannot solve the current problems. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17559', 'image' => '20230511113305_CKK_KTM_.jpg', 'article_date' => '2023-05-11 11:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17826', 'article_category_id' => '1', 'title' => 'Lawmakers Call for Strong Measures to Address Economic Woes ', 'sub_title' => '', 'summary' => 'May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the discussion on principles and priorities of the Appropriation Bill in the House of Representatives (HoR) meeting on Wednesday, the MPs said that the new budget should come up with the announcements to make economy robust. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepali Congress lawmaker Arjun Narsingh KC and lawmaker Krishna Kumar Shrestha said distributive budget should be completely stopped, austerity measures should be promoted in the unproductive sector and there should be zero-tolerance towards corruption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MP Dol Prasad Aryal urged for unity among all to address the economic challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, MP Gyan Bahadur Shahi said the budget should bring programmes of free health care service, education and justice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shahi suggested that the state should focus on utilisation of tax paid by the taxpayers instead of adding woes to the taxpayers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lawmakers Anita Devi and Lalbir Chaudhary asked the government to promote consumption of agriculture goods, promote export and provide subsidies to the small farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MPs Dipak Giri, Rupa Shoshi Chaudhary, Prem Suwal and Shashanka Koirala said that agriculture should get the key priority in the budget and the agricultural land should not be allowed for the construction of buildings. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also putting forth her views, MP Ranju Kumari Jha said the budget should focus on education, energy, health care, agriculture, youth and sports, and tourism sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rajendra Rai viewed that infrastructure projects of health and education should be prioritised in the hill and mountainous regions to control unmanaged migration in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the lawmakers suggested that the government should focus on agriculture while making new budget and stated that the chemical fertilizer producing industry should be established in the country itself. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17558', 'image' => '20230511101159_KRB_KTM-0U3A1603.jpg', 'article_date' => '2023-05-11 10:11:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17825', 'article_category_id' => '1', 'title' => 'Cases of Coronavirus Declining ', 'sub_title' => '', 'summary' => 'May 11: Cases of coronavirus have declined in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Cases of coronavirus have declined in the country. A total of 17 new cases of coronavirus were detected on Wednesday while conducting 505 tests, according to the Ministry of Health and Population. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Director of the Epidemiology and Disease Control Division, Dr Chuman Lal Das confirmed that the cases of coronavirus infection have been decreasing in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Coronavirus infection is also decreasing in India. Its impact is also seen in Nepal. It is decreasing due to vaccination," Dr Das told the state-owned RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The record of last one week shows that the cases of coronavirus infection have gone down significantly. A total of 43 cases were recorded on May 4, 17 on May 5, 76 on May 6, 32 on May 7, 57 on May 8, and 51 on May 9, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, there are 141 active cases in the country. Among those infected, 14 are in institutional isolation, five in ICU and one is receiving ventilator support. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) on May 5 declared an end to the global emergency status for COVID-19 more than three years after its outbreak in China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The COVID-19 death rate globally has slowed from a peak of more than 100,000 people per week in January 2021 to just over 3,500 in the week to April 24, 2023, according to WHO data.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This reflects widespread vaccination, availability of better treatments and a level of population immunity from prior infections, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Worldometer, which keeps a track of Covid-19 infections across the world, the virus has infected more than 688 million people worldwide and claimed at least 6.8 million lives.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17557', 'image' => '20230511095338_20200315104642_20200312112722_111.jpg', 'article_date' => '2023-05-11 09:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17824', 'article_category_id' => '1', 'title' => '4.3 Magnitude Earthquake Jolts Bajura ', 'sub_title' => '', 'summary' => 'May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). According to the National Earthquake Monitoring and Research Centre, Lainchaur, Kathmandu, the epicentre of the quake was located at Bichhya in Bajura district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bajura district and western parts of Nepal have been frequently experiencing earthquakes.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The last time Bajura district witnessed an earthquake was on May 6 when a 4.1 magnitude earthquake jolted the district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Mountainous and hill areas of Nepal are considered to be prone to earthquake. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17556', 'image' => '20230511092424_20230324121121_earth.jpg', 'article_date' => '2023-05-11 09:23:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17823', 'article_category_id' => '1', 'title' => 'IME General Insuarnce and Prudential Insurance Begin Integrated Transaction ', 'sub_title' => '', 'summary' => 'IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 11: IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The merger was finalized on March 19, and it received approval from the Securities Board of Nepal and Nepal Insurance Authority on April 16 and April 9, respectively. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The two companies had agreed to a 1:1 swap ratio for the merger, resulting in a paid-up capital of NPR 3.2 billion for the merged entity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif"> IME General Insurance's paid-up capital was NPR 1.80 billion, while and Prudential Insurance's paid-up capital was NPR 1.22 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Hemraj Dhakal has been appointed as the chairman of the merged entity and was sworn in on Wednesday by Nepal Insurance Authority Chairman Surya Prasad Silwal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, the merged entity's Board of Directors includes Bishal Agrawal, Ambika Prasad Poudel, Amit Agarwal, Arpit Agrawal, Rajendra Singh Agarwal, and Krishna Prasad Sharma. Sharma is an independnet director. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17555', 'image' => '20230511061630_collage (12).jpg', 'article_date' => '2023-05-11 06:12:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17822', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases by 24 Percent', 'sub_title' => '', 'summary' => 'May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report of Nepal Rastra Bank (NRB) released on Wednesday shows that remittance inflow In terms of the US Dollar increased 13.9 percent to 6.92 billion in the review period against a decrease of 1.8 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (institutional and individual) taking new approval for foreign employment increased by 51.5 percent to 387,839 in the review period, states the Current Macroeconomic and Financial Situation Report of NRB.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali workers renewing their work permits for foreign employment increased 5.5 percent to 217,959 in the review period. It had increased 199.9 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, net transfer increased 22.8 percent to Rs 996.88 billion in the review period. Such a transfer had decreased 0.4 percent in the same period of the previous year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17554', 'image' => '20230510064422_Remittance.jpg', 'article_date' => '2023-05-10 18:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17820', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 17 Percent', 'sub_title' => '', 'summary' => 'May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. During the review period, Nepal’s total trade deficit, however, stood at Rs 1083.23 billion, according to the latest report published by Nepal Rastra Bank (NRB) on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of NRB states that such a deficit had increased 28.5 percent in the corresponding period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports decreased 18.1 percent to Rs 1201.51 billion against an increase of 32.0 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 16.4 percent, 23.0 percent, and 19.4 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of chemical fertilizer, sponge iron, petroleum products, gold, paper, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, other machinery and parts, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise exports also decreased by 26.3 percent to Rs 118.28 billion during the nine months of FY 2022/23 against an increase of 69.4 percent in the same period of the previous year. Destination-wise, exports to India decreased 35.1 percent whereas exports to China and other countries increased 2.2 percent and 8.1 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, cardamom, woolen carpets, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, jute goods, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport customs offices increased whereas exports from all other major customs points decreased in the review period. On the import side, imports from all the major customs points decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 101.67 billion. Such amount was Rs 167.53 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 55.0 percent and 44.3 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.6 percent in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 47.2 percent, 0.02 percent and 52.7 percent of total exports respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the imports side, the share of intermediate goods remained 53.3 percent, capital goods 8.3 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.2 percent, 10.5 percent and 36.3 percent respectively in the same period of the previous year</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17552', 'image' => '20230510032933_Trade.jpg', 'article_date' => '2023-05-10 15:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17819', 'article_category_id' => '1', 'title' => 'Current Account in Deficit, Balance of Payments Registers Surplus ', 'sub_title' => '', 'summary' => 'May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank (NRB) released on Wednesday, the current account in terms of the US dollar registered a deficit of 402.8 million in the review period compared to deficit of 4.27 billion in the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 24.0 percent to Rs 5.91 billion and net foreign direct investment (FDI) remained Rs 2.62 billion, according to the Current Macroeconomic and Financial Situation Report of Nepal prepared by the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, capital transfer and net FDI amounted to Rs 7.78 billion and Rs 16.51 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a surplus of Rs 180.17 billion in the review period compared to a deficit of Rs 268.26 billion in the same period of the previous year. In the US Dollar terms, the BOP remained at a surplus of 1.37 billion in the review period against a deficit of 2.25 billion in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17551', 'image' => '20230510031618_1683614421.1643946593.Clipboard02.jpg', 'article_date' => '2023-05-10 15:15:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17818', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Surges to NPR 1433.73 Billion till mid-April', 'sub_title' => '', 'summary' => 'Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 10: Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In terms of US dollars, the foreign exchange reserves stood at USD 9.54 billion in mid-July 2022, which increased by 14.8% to reach USD 10.94 billion in Chaitra 2079. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Of the total foreign exchange reserves, the reserves held by Nepal Rastra Bank increased by 20.6% to NPR 1273.99 billion until mid-April 2023 from 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves held by banks and financial institutions except Nepal Rastra Bank grew slightly by 0.2% and reached NPR 159.74 billion in mid-April 2023 from NPR 159.41 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Based on the imports of the first nine months of the current fiscal year, the foreign exchange reserve is sufficient to import merchandise for 11 months and both merchandise and services for 9.4 months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17550', 'image' => '20230510030116_fex.jpg', 'article_date' => '2023-05-10 14:58:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17817', 'article_category_id' => '1', 'title' => 'Legal Arrangements to Bring NRNs in Secondary Market on the Cards', 'sub_title' => '', 'summary' => 'May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. The board aims to finalize the legal arrangement within three months on this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON Chairman Ramesh Kumar Hamal said that efforts have been initiated to contribute more to the creation and mobilization of national capital by including NRNs in the secondary market. He informed that the board formed a committee to make legal arrangements for this.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Hamal, a committee has been formed under the coordination of SEBON Director Sujan Kumar Kafle as per the decision of the board meeting held on April 2. Kafle became the board’s director representing Nepal Chartered Accountants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Other members of the committee include expert member of the board Bholanath Dhungana and executive director Muktinath Shrestha. The responsibility of Member Secretary has been given to Deepa Dahal, deputy executive director of SEBON.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman Hamal said that the committee will formulate the necessary regulations for the entry of NRNs into Nepal's capital market within the next three months and submit it to the Board of Directors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the committee will identify the difficulties that may arise in the implementation of the regulation and recommend solutions. The board believes that the number of investors will increase and the liquidity will also ease in the securities market after the implementation of the regulations to introduce NRNs into the capital market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON expects that the entry of NRNs will strengthen the demand side of the secondary market, reduce market volatility and reduce price risk. The new regulations will also allow Nepalese people living abroad to easily transact in the securities market of Nepal, which has become completely technology-friendly. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors believe that the entry of NRNs into the secondary market will lead to an increase in investment in the stock market and help revitalize the weak state of weak economy of the country.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chairman of Nepal Investors Forum Chhote Lal Rauniyar said that if NRNs can be brought into Nepal's capital market, it will be a milestone for the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rauniyar emphasized that regulations should be made to give special priority to the securities market and encourage them to invest in various sectors. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17549', 'image' => '20230510025224_Sebon-update.jpg', 'article_date' => '2023-05-10 14:51:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17815', 'article_category_id' => '1', 'title' => 'Inflation Rises to 7.76 Percent in Mid-April', 'sub_title' => '', 'summary' => 'May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by NRB on Wednesday shows that food and beverage inflation stood at 6.93 percent whereas non-food and service inflation rose to 8.42 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel sub-category increased 14.68 percent, spices 14.67 percent, cereal grains and their products 13.72 percent, fruit 11.00 percent and tobacco products 10.83 percent, the report further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of health sub-category increased 10.39 percent, housing and utilities 9.54 percent, recreation and culture 8.81 percent, furnishing and household equipment 8.74 percent, and education 8.67 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley stood the highest at 8.57 percent followed by 7.68 percent in the Terai, 7.45 percent in the mountains and 7.01 percent in the hills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Inflation in these regions were 6.25 percent, 7.61 percent, 8.25 percent and 7.79 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17548', 'image' => '20230510022334_Inflation.jpg', 'article_date' => '2023-05-10 14:22:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17814', 'article_category_id' => '1', 'title' => 'CNI Urges Government to Declare the Next Five Years as Investment Years', 'sub_title' => '', 'summary' => 'May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. The CNI made such request while submitting its suggestions for the upcoming budget to Finance Minister Prakash Sharan Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI requested Finance Minister Mahat to emphasize on industrialization, export promotion, import substitution, promotion of indigenous products and market regulation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Other suggestions include infrastructure development, promotion of small and medium industries, business, energy, tourism, information technology, agriculture and herb production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the budget proposal on behalf of CNI, Vice President Rajesh Kumar Agarwal drew the government’s attention towards the liquidity crisis and rising interest rates, decline in the overall demand in the market, problems in cash flow, reduction in production and job cuts, declining morale of the private sector and postponement of new investment plans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the shortfall in revenue collection is a major challenge faced by the economy and it is necessary to increase investment in the infrastructure sector through the budget to resolve this problem.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI demanded to provide cash subsidy for the export of goods, to make Nepali products competitive in the market and to control unauthorized trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI also suggested formulating and implementing the Payment Security Act for the safe recovery of the amount in case the seller sells goods on credit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finance Minister Mahat said that it is necessary to create an investment-friendly environment to promote industry and business, and efforts will be made to incorporate the suggestions received from CNI in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17547', 'image' => '20230510013135_cni new.jpg', 'article_date' => '2023-05-10 13:30:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17813', 'article_category_id' => '1', 'title' => 'Over 8,000 Tourists Visit Manang in Four Months ', 'sub_title' => '', 'summary' => 'May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. A total of 8,220 tourists had visited the district from January to May 7 in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Chief of Annapurna Conservation Area Project (ACAP) Lekhnath Gautam, 5,056 men and 3,163 women visited Manang in the first four months of 2023. Tourists from 42 countries had entered the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the month of January, as many as 318 people from 42 countries had visited Manang. The inflow of tourists has increased in Nepal after the post-COVID situation gradually turned normal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mostly, the tourists entering the country prefer trekking along the Annapurna Circuit. ACAP Chief Gautam said mostly foreign tourists visited the area for trekking. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17546', 'image' => '20230510123142_manangggg.jpg', 'article_date' => '2023-05-10 12:30:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17811', 'article_category_id' => '1', 'title' => 'Former Home Minister Bal Krishna Khand Arrested in Fake Bhutanese Refugee Scam', 'sub_title' => '', 'summary' => 'May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khan was arrested by the police from his residence in Maijubahal on Wednesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He is currently being detained at the District Police Range, Kathmandu.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khand has denied any involvement in human trafficking and duping people promising to send them to the USA in the guise of Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, police have been making high-profile arrests in connection to this case based on statements given by conmen arrested earlier for duping people on the pretext of sending them to the US as Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Other high-profile individuals arrested in this scam include former lawmaker Indrajit Rai, who was also the security advisor to the then home minister Ram Bahadur Thapa and former home secretary Tek Narayan Pandey.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police have also issued arrest warrants against Ram Bahadur Thapa’s son Pratik and Indrajit Rai’s son Niraj along with UML leader Top Bahadur Rayamajhi and his son Sandeep.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">All of them are accused of being involved in a racket that allegedly scooped millions of rupees from Nepali’s aspiring to go to the USA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The group has been accused of misusing their authority and colluding with high-ranking government officials in creating fake documents.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17545', 'image' => '20230510110129_1683695010.jpg', 'article_date' => '2023-05-10 11:00:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - 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The ministry informed that various issues including bilateral relations, trade and investment were discussed during the meeting.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Minister Rijal said that the support provided by America in various fields including the development of Nepal is praiseworthy. He expressed his confidence that bilateral relations will continue to strengthen in the coming days as well.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Rijal said that the government is working on how to invest more in the tourism sector and expressed his gratitude for the support that America is giving to Nepal. He expressed confidence that the sixth meeting of the Trade and Investment Framework Agreement (TIFA) Council to be held in Kathmandu later in the month of May will be fruitful for the promotion of bilateral trade and investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the meeting, Rijal expected that the US would continue to support Nepal in some form or another in trade even when Nepal is upgraded from a least developed country to a developing country in 2026. He recalled that there is direct foreign investment from America in various sectors like information, communication and technology, energy, agriculture, etc.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He expressed his belief that US Ambassador Thompson will make maximum efforts to increase and diversify investment in Nepal. During the meeting, American Ambassador Thompson said that the US government will provide every support for the development of Nepal.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17560', 'image' => '20230511120222_Webp.net-resizeimage-13-1024x683 - Copy.jpg', 'article_date' => '2023-05-11 12:01:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17827', 'article_category_id' => '1', 'title' => 'Tight Monetary Policy and Poor Capital Expenditure of Government Resulted in Economic Slowdown: FM', 'sub_title' => '', 'summary' => 'May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 11: Finance Minister Prakash Sharan Mahat has emphasized on bailing out the country’s economy which is heading towards recession through monetary policy rather than fiscal policy. He expressed his views on Wednesday while informing the House of Representatives about the preparations for the upcoming fiscal year’s budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Despite the private sector drawing attention of authorities concerned towards the need for reforms in fiscal as well as monetary policies through the budget, Mahat insisted that monetary policy is the solution to get the economy moving. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Mahat said that the economic slowdown is the result of the tight monetary policy and government spending less capital expenditure.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> “Interest rates will lower down if the monetary policy is eased and will result in low production cost,” said Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">While answering the questions raised by the MPs during the discussion on the principles and priorities of the Appropriation Bill on Wednesday, he said, “The economy has not collapsed. It's not going down. Instead, it's going up slowly. Economic growth has been positive. The pace of economic growth however is slow.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">This has raised suspicions that the finance minister does not want to get the economy running through the upcoming budget. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Economist Swarnim Wagle, who is also a member of the House of Representatives, said that such perception of the finance minister is not good. According to him, the finance minister's argument about fiscal policy is wrong. He claimed that there is enough room for capital mobilization through the fiscal policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The finance minister insists that there is no condition to be flexible in the fiscal policy, but to move forward only with monetary instruments. This is wrong. There is enough room to explore and be creative in fiscal policy. The finance minister’s argument is flawed,” said Wagle.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Speaking in the Parliament on Wednesday, former Finance Minister Janardan Sharma said that since there is a contraction in the overall economic activities, a controlled and expansionary policy is appropriate. He said that expansionary policy should be taken in some areas and expenditure should be cut in some areas. He said that a policy should be adopted for managerial reforms in public institutions and the available resources should be used to the maximum extent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Dol Prasad Aryal said that the same old issues have come up in the principles and priorities of the next year's budget. He said that the principles and priorities of the budget cannot cover the issue of improving the existing economic situation of the country with the same old policy.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">MP Gyan Bahadur Shahi said that since the policy and principles of the budget are primitive in nature, they cannot solve the current problems. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17559', 'image' => '20230511113305_CKK_KTM_.jpg', 'article_date' => '2023-05-11 11:32:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17826', 'article_category_id' => '1', 'title' => 'Lawmakers Call for Strong Measures to Address Economic Woes ', 'sub_title' => '', 'summary' => 'May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Lawmakers have urged the government to take new measures to troubleshoot the current problems seen in the country's economy, while noting that the same old policies are insufficient to bring about good results. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the discussion on principles and priorities of the Appropriation Bill in the House of Representatives (HoR) meeting on Wednesday, the MPs said that the new budget should come up with the announcements to make economy robust. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepali Congress lawmaker Arjun Narsingh KC and lawmaker Krishna Kumar Shrestha said distributive budget should be completely stopped, austerity measures should be promoted in the unproductive sector and there should be zero-tolerance towards corruption. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MP Dol Prasad Aryal urged for unity among all to address the economic challenges faced by the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, MP Gyan Bahadur Shahi said the budget should bring programmes of free health care service, education and justice. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shahi suggested that the state should focus on utilisation of tax paid by the taxpayers instead of adding woes to the taxpayers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, lawmakers Anita Devi and Lalbir Chaudhary asked the government to promote consumption of agriculture goods, promote export and provide subsidies to the small farmers. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">MPs Dipak Giri, Rupa Shoshi Chaudhary, Prem Suwal and Shashanka Koirala said that agriculture should get the key priority in the budget and the agricultural land should not be allowed for the construction of buildings. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Also putting forth her views, MP Ranju Kumari Jha said the budget should focus on education, energy, health care, agriculture, youth and sports, and tourism sectors. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Rajendra Rai viewed that infrastructure projects of health and education should be prioritised in the hill and mountainous regions to control unmanaged migration in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Most of the lawmakers suggested that the government should focus on agriculture while making new budget and stated that the chemical fertilizer producing industry should be established in the country itself. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17558', 'image' => '20230511101159_KRB_KTM-0U3A1603.jpg', 'article_date' => '2023-05-11 10:11:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17825', 'article_category_id' => '1', 'title' => 'Cases of Coronavirus Declining ', 'sub_title' => '', 'summary' => 'May 11: Cases of coronavirus have declined in the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: Cases of coronavirus have declined in the country. A total of 17 new cases of coronavirus were detected on Wednesday while conducting 505 tests, according to the Ministry of Health and Population. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Director of the Epidemiology and Disease Control Division, Dr Chuman Lal Das confirmed that the cases of coronavirus infection have been decreasing in the country. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"Coronavirus infection is also decreasing in India. Its impact is also seen in Nepal. It is decreasing due to vaccination," Dr Das told the state-owned RSS. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The record of last one week shows that the cases of coronavirus infection have gone down significantly. A total of 43 cases were recorded on May 4, 17 on May 5, 76 on May 6, 32 on May 7, 57 on May 8, and 51 on May 9, RSS reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Currently, there are 141 active cases in the country. Among those infected, 14 are in institutional isolation, five in ICU and one is receiving ventilator support. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The World Health Organization (WHO) on May 5 declared an end to the global emergency status for COVID-19 more than three years after its outbreak in China.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The COVID-19 death rate globally has slowed from a peak of more than 100,000 people per week in January 2021 to just over 3,500 in the week to April 24, 2023, according to WHO data.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">This reflects widespread vaccination, availability of better treatments and a level of population immunity from prior infections, Reuters reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to Worldometer, which keeps a track of Covid-19 infections across the world, the virus has infected more than 688 million people worldwide and claimed at least 6.8 million lives.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17557', 'image' => '20230511095338_20200315104642_20200312112722_111.jpg', 'article_date' => '2023-05-11 09:53:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17824', 'article_category_id' => '1', 'title' => '4.3 Magnitude Earthquake Jolts Bajura ', 'sub_title' => '', 'summary' => 'May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 11: A 4.3 magnitude earthquake hit Bajura district at 5:15 am today (Thursday). According to the National Earthquake Monitoring and Research Centre, Lainchaur, Kathmandu, the epicentre of the quake was located at Bichhya in Bajura district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Bajura district and western parts of Nepal have been frequently experiencing earthquakes.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The last time Bajura district witnessed an earthquake was on May 6 when a 4.1 magnitude earthquake jolted the district.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Mountainous and hill areas of Nepal are considered to be prone to earthquake. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17556', 'image' => '20230511092424_20230324121121_earth.jpg', 'article_date' => '2023-05-11 09:23:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17823', 'article_category_id' => '1', 'title' => 'IME General Insuarnce and Prudential Insurance Begin Integrated Transaction ', 'sub_title' => '', 'summary' => 'IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 11: IME General Insurance and Prudential Insurance Company completed their merger and began joint operations under the new name "IGI Prudential Insurance” from Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The merger was finalized on March 19, and it received approval from the Securities Board of Nepal and Nepal Insurance Authority on April 16 and April 9, respectively. </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">The two companies had agreed to a 1:1 swap ratio for the merger, resulting in a paid-up capital of NPR 3.2 billion for the merged entity.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif"> IME General Insurance's paid-up capital was NPR 1.80 billion, while and Prudential Insurance's paid-up capital was NPR 1.22 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Hemraj Dhakal has been appointed as the chairman of the merged entity and was sworn in on Wednesday by Nepal Insurance Authority Chairman Surya Prasad Silwal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Additionally, the merged entity's Board of Directors includes Bishal Agrawal, Ambika Prasad Poudel, Amit Agarwal, Arpit Agrawal, Rajendra Singh Agarwal, and Krishna Prasad Sharma. Sharma is an independnet director. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-11', 'modified' => '2023-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '17555', 'image' => '20230511061630_collage (12).jpg', 'article_date' => '2023-05-11 06:12:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '17822', 'article_category_id' => '1', 'title' => 'Remittance Inflow Increases by 24 Percent', 'sub_title' => '', 'summary' => 'May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Inflow of remittance into Nepal increased by 24.2 percent to Rs 903.39 billion in the first nine months of the current fiscal year against a decrease of 0.2 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The latest report of Nepal Rastra Bank (NRB) released on Wednesday shows that remittance inflow In terms of the US Dollar increased 13.9 percent to 6.92 billion in the review period against a decrease of 1.8 percent in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (institutional and individual) taking new approval for foreign employment increased by 51.5 percent to 387,839 in the review period, states the Current Macroeconomic and Financial Situation Report of NRB.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, the number of Nepali workers renewing their work permits for foreign employment increased 5.5 percent to 217,959 in the review period. It had increased 199.9 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the NRB, net transfer increased 22.8 percent to Rs 996.88 billion in the review period. Such a transfer had decreased 0.4 percent in the same period of the previous year.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17554', 'image' => '20230510064422_Remittance.jpg', 'article_date' => '2023-05-10 18:43:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '17820', 'article_category_id' => '1', 'title' => 'Trade Deficit Declines by 17 Percent', 'sub_title' => '', 'summary' => 'May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s trade deficit decreased 17.1 percent in the first nine months of the current fiscal year (FY 2022/23) owing to a decline in imports. During the review period, Nepal’s total trade deficit, however, stood at Rs 1083.23 billion, according to the latest report published by Nepal Rastra Bank (NRB) on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report of NRB states that such a deficit had increased 28.5 percent in the corresponding period of the previous year. The export-import ratio decreased to 9.8 percent in the review period from 10.9 percent in the corresponding period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports decreased 18.1 percent to Rs 1201.51 billion against an increase of 32.0 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries decreased 16.4 percent, 23.0 percent, and 19.4 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of chemical fertilizer, sponge iron, petroleum products, gold, paper, among others, increased whereas imports of transport equipment and parts, medicine, MS billet, telecommunication equipment and parts, other machinery and parts, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, merchandise exports also decreased by 26.3 percent to Rs 118.28 billion during the nine months of FY 2022/23 against an increase of 69.4 percent in the same period of the previous year. Destination-wise, exports to India decreased 35.1 percent whereas exports to China and other countries increased 2.2 percent and 8.1 percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Exports of zinc sheet, particle board, cardamom, woolen carpets, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, jute goods, among others, decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Bhairahawa, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport customs offices increased whereas exports from all other major customs points decreased in the review period. On the import side, imports from all the major customs points decreased in the review period.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the nine months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs 101.67 billion. Such amount was Rs 167.53 billion in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the Broad Economic Categories (BEC), the intermediate and final consumption goods accounted for 55.0 percent and 44.3 percent of the total exports respectively, whereas the ratio of capital goods in total exports remained negligible at 0.6 percent in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, the ratio of intermediate, capital and final consumption goods remained 47.2 percent, 0.02 percent and 52.7 percent of total exports respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the imports side, the share of intermediate goods remained 53.3 percent, capital goods 8.3 percent and final consumption goods remained 38.3 percent in the review period. Such ratios were 53.2 percent, 10.5 percent and 36.3 percent respectively in the same period of the previous year</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17552', 'image' => '20230510032933_Trade.jpg', 'article_date' => '2023-05-10 15:28:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '17819', 'article_category_id' => '1', 'title' => 'Current Account in Deficit, Balance of Payments Registers Surplus ', 'sub_title' => '', 'summary' => 'May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: Nepal’s current account remained at a deficit of Rs 51.82 billion in the first nine months of the current fiscal year compared to a deficit of Rs 510.58 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank (NRB) released on Wednesday, the current account in terms of the US dollar registered a deficit of 402.8 million in the review period compared to deficit of 4.27 billion in the same period last year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 24.0 percent to Rs 5.91 billion and net foreign direct investment (FDI) remained Rs 2.62 billion, according to the Current Macroeconomic and Financial Situation Report of Nepal prepared by the central bank.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the same period of the previous year, capital transfer and net FDI amounted to Rs 7.78 billion and Rs 16.51 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Balance of Payments (BOP) remained at a surplus of Rs 180.17 billion in the review period compared to a deficit of Rs 268.26 billion in the same period of the previous year. In the US Dollar terms, the BOP remained at a surplus of 1.37 billion in the review period against a deficit of 2.25 billion in the same period of the previous year.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17551', 'image' => '20230510031618_1683614421.1643946593.Clipboard02.jpg', 'article_date' => '2023-05-10 15:15:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '17818', 'article_category_id' => '1', 'title' => 'Foreign Exchange Reserve Surges to NPR 1433.73 Billion till mid-April', 'sub_title' => '', 'summary' => 'Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">May 10: Foreign exchange reserves of Nepal have reached NPR 1,433.73 billion till mid-April 2023, according to the report of Nepal Rastra Bank(NRB). </span></span><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">This represents an increase of 17.9% from the total foreign exchange reserves of NPR 1,215.80 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">In terms of US dollars, the foreign exchange reserves stood at USD 9.54 billion in mid-July 2022, which increased by 14.8% to reach USD 10.94 billion in Chaitra 2079. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Of the total foreign exchange reserves, the reserves held by Nepal Rastra Bank increased by 20.6% to NPR 1273.99 billion until mid-April 2023 from 1056.39 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Foreign exchange reserves held by banks and financial institutions except Nepal Rastra Bank grew slightly by 0.2% and reached NPR 159.74 billion in mid-April 2023 from NPR 159.41 billion in mid-July 2022. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,sans-serif">Based on the imports of the first nine months of the current fiscal year, the foreign exchange reserve is sufficient to import merchandise for 11 months and both merchandise and services for 9.4 months. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17550', 'image' => '20230510030116_fex.jpg', 'article_date' => '2023-05-10 14:58:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 10 => array( 'Article' => array( 'id' => '17817', 'article_category_id' => '1', 'title' => 'Legal Arrangements to Bring NRNs in Secondary Market on the Cards', 'sub_title' => '', 'summary' => 'May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 10: Securities Board of Nepal (SEBON) is preparing to allow non-resident Nepalis (NRN) to enter the secondary market of securities. The board aims to finalize the legal arrangement within three months on this matter.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON Chairman Ramesh Kumar Hamal said that efforts have been initiated to contribute more to the creation and mobilization of national capital by including NRNs in the secondary market. He informed that the board formed a committee to make legal arrangements for this.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Hamal, a committee has been formed under the coordination of SEBON Director Sujan Kumar Kafle as per the decision of the board meeting held on April 2. Kafle became the board’s director representing Nepal Chartered Accountants.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Other members of the committee include expert member of the board Bholanath Dhungana and executive director Muktinath Shrestha. The responsibility of Member Secretary has been given to Deepa Dahal, deputy executive director of SEBON.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chairman Hamal said that the committee will formulate the necessary regulations for the entry of NRNs into Nepal's capital market within the next three months and submit it to the Board of Directors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In addition, the committee will identify the difficulties that may arise in the implementation of the regulation and recommend solutions. The board believes that the number of investors will increase and the liquidity will also ease in the securities market after the implementation of the regulations to introduce NRNs into the capital market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">SEBON expects that the entry of NRNs will strengthen the demand side of the secondary market, reduce market volatility and reduce price risk. The new regulations will also allow Nepalese people living abroad to easily transact in the securities market of Nepal, which has become completely technology-friendly. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors believe that the entry of NRNs into the secondary market will lead to an increase in investment in the stock market and help revitalize the weak state of weak economy of the country.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Former Chairman of Nepal Investors Forum Chhote Lal Rauniyar said that if NRNs can be brought into Nepal's capital market, it will be a milestone for the market.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Rauniyar emphasized that regulations should be made to give special priority to the securities market and encourage them to invest in various sectors. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17549', 'image' => '20230510025224_Sebon-update.jpg', 'article_date' => '2023-05-10 14:51:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17815', 'article_category_id' => '1', 'title' => 'Inflation Rises to 7.76 Percent in Mid-April', 'sub_title' => '', 'summary' => 'May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 10: The year-on-year consumer price inflation climbed to 7.76 percent in mid-April 2023 compared to 7.28 percent a year ago, according to the latest report of Nepal Rastra Bank (NRB). </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by NRB on Wednesday shows that food and beverage inflation stood at 6.93 percent whereas non-food and service inflation rose to 8.42 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, y-o-y price index of restaurant and hotel sub-category increased 14.68 percent, spices 14.67 percent, cereal grains and their products 13.72 percent, fruit 11.00 percent and tobacco products 10.83 percent, the report further said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the non-food and services category, y-o-y price index of health sub-category increased 10.39 percent, housing and utilities 9.54 percent, recreation and culture 8.81 percent, furnishing and household equipment 8.74 percent, and education 8.67 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, consumer price inflation in the Kathmandu Valley stood the highest at 8.57 percent followed by 7.68 percent in the Terai, 7.45 percent in the mountains and 7.01 percent in the hills.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Inflation in these regions were 6.25 percent, 7.61 percent, 8.25 percent and 7.79 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17548', 'image' => '20230510022334_Inflation.jpg', 'article_date' => '2023-05-10 14:22:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17814', 'article_category_id' => '1', 'title' => 'CNI Urges Government to Declare the Next Five Years as Investment Years', 'sub_title' => '', 'summary' => 'May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. The CNI made such request while submitting its suggestions for the upcoming budget to Finance Minister Prakash Sharan Mahat.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI requested Finance Minister Mahat to emphasize on industrialization, export promotion, import substitution, promotion of indigenous products and market regulation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Other suggestions include infrastructure development, promotion of small and medium industries, business, energy, tourism, information technology, agriculture and herb production.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Presenting the budget proposal on behalf of CNI, Vice President Rajesh Kumar Agarwal drew the government’s attention towards the liquidity crisis and rising interest rates, decline in the overall demand in the market, problems in cash flow, reduction in production and job cuts, declining morale of the private sector and postponement of new investment plans. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the shortfall in revenue collection is a major challenge faced by the economy and it is necessary to increase investment in the infrastructure sector through the budget to resolve this problem.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI demanded to provide cash subsidy for the export of goods, to make Nepali products competitive in the market and to control unauthorized trade.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CNI also suggested formulating and implementing the Payment Security Act for the safe recovery of the amount in case the seller sells goods on credit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Finance Minister Mahat said that it is necessary to create an investment-friendly environment to promote industry and business, and efforts will be made to incorporate the suggestions received from CNI in the budget.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17547', 'image' => '20230510013135_cni new.jpg', 'article_date' => '2023-05-10 13:30:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17813', 'article_category_id' => '1', 'title' => 'Over 8,000 Tourists Visit Manang in Four Months ', 'sub_title' => '', 'summary' => 'May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 10: A large number of tourists turned up to the Himalayan district of Manang as of May 7 this year. A total of 8,220 tourists had visited the district from January to May 7 in 2023. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Chief of Annapurna Conservation Area Project (ACAP) Lekhnath Gautam, 5,056 men and 3,163 women visited Manang in the first four months of 2023. Tourists from 42 countries had entered the district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the month of January, as many as 318 people from 42 countries had visited Manang. The inflow of tourists has increased in Nepal after the post-COVID situation gradually turned normal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Mostly, the tourists entering the country prefer trekking along the Annapurna Circuit. ACAP Chief Gautam said mostly foreign tourists visited the area for trekking. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17546', 'image' => '20230510123142_manangggg.jpg', 'article_date' => '2023-05-10 12:30:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17811', 'article_category_id' => '1', 'title' => 'Former Home Minister Bal Krishna Khand Arrested in Fake Bhutanese Refugee Scam', 'sub_title' => '', 'summary' => 'May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">May 10: Nepali Congress leader and former Home Minister Bal Krishna Khand has been arrested in connection with the fake Bhutanese refugee scam.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khan was arrested by the police from his residence in Maijubahal on Wednesday morning.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">He is currently being detained at the District Police Range, Kathmandu.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Khand has denied any involvement in human trafficking and duping people promising to send them to the USA in the guise of Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">However, police have been making high-profile arrests in connection to this case based on statements given by conmen arrested earlier for duping people on the pretext of sending them to the US as Bhutanese refugees.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Other high-profile individuals arrested in this scam include former lawmaker Indrajit Rai, who was also the security advisor to the then home minister Ram Bahadur Thapa and former home secretary Tek Narayan Pandey.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Police have also issued arrest warrants against Ram Bahadur Thapa’s son Pratik and Indrajit Rai’s son Niraj along with UML leader Top Bahadur Rayamajhi and his son Sandeep.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">All of them are accused of being involved in a racket that allegedly scooped millions of rupees from Nepali’s aspiring to go to the USA.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The group has been accused of misusing their authority and colluding with high-ranking government officials in creating fake documents.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-10', 'modified' => '2023-05-10', 'keywords' => '', 'description' => '', 'sortorder' => '17545', 'image' => '20230510110129_1683695010.jpg', 'article_date' => '2023-05-10 11:00:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? 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| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
