May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the…
May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the…
May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural…
May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign…
May 3: There has been a problem in utilizing locally produced wood due to the state…
May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained.…
May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday.…
The government is preparing to introduce an ordinance to address the concerns of victims of loan…
An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday…
Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fisacl year, according to the latest statistics released by the National Statistics…
May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for…
May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese…
May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia…
May 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of…
May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the…
May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner.…
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He said that the hotels in Nepal can serve 3.5 million tourists, and stressed that connectivity by air and road should be made strong.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the government should take the initiative to strengthen the connectivity with the two neighbours as millions of tourists from India and China travel abroad annually. Shah said that the private sector is capable of providing services to tourists, but the government has not been able to bring the two new international airports into operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He claimed that the country can bring in a significant number of tourists by making the best use of Pokhara and Gautam Buddha international airports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It's not that there is no improvement in road and air infrastructure, but the pace is slow. Air accidents are also happening in Nepal and there is a problem because the European Union (EU) has also blacklisted us," Shah said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that there is a problem in bringing in tourists from two neighbouring countries because of the poor quality of roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, 4,500 big and small hotels are associated with HAN, which creates more than 1.1 million jobs directly and indirectly, he shared. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Shah, the investment in the hotel sector is equal to the annual budget of the government, i.e. more than Rs 1600 billion. He estimates that the investment in the hotel business will increase when the number of tourists reaches 1.8 million annually.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, the highest number of tourists came to Nepal in 2019 when around 1.2 million tourists visited the country. However, this has slowed down after the onset of Covid-19, Since the beginning of the year 2023, there has been a continuous improvement in arrival of tourists. According to the data released by the board on Tuesday, in the first four months of this year, a total of 326,000 tourists arrived in Nepal via air route.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shah said that there is a positive situation in the business as hotels are being occupied by domestic tourists, weddings and other events. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the 48th annual general meeting of HAN, he committed to solve the issues of the hoteliers not being able to pay the interests of the bank. He said that these issues will be raised in the review of the monetary policy of the current fiscal year and also in the budget of the next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stating that during the time of the then Prime Minister Baburam Bhattarai, the hotel business was included in the national priority list, Shah said, "The sector should be recognized as an industry."</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, he emphasized that when the government advances any matter related to the tourism sector, it should be discussed and coordinated with the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that within 1 to 2 years, Nepal needs to organize mega tourism events to attract tourists and the private sector is ready for that.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17479', 'image' => '20230503032019_Hotel.jpg', 'article_date' => '2023-05-03 15:17:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17744', 'article_category_id' => '1', 'title' => 'Arun III Hydropower Worker Dies, Two Injured ', 'sub_title' => '', 'summary' => 'May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5. The deceased has been identified as Prem Rai, 27, of Silichong Rural Municipality-5. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">District Police Office Sankhuwasabha said the incident occurred on Tuesday night and Rai breathed his last on Wednesday morning while undergoing treatment at Sankhuwasabha District Hospital. </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"">Two others injured in the incident have been identified as Samamati Walita, 23, and Saimuddin Ali, 23, from Guwahati, India. They are receiving treatment at the District Hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Over 300 workers including those from India have been hired for the project. The lack of a health facility at the project site has caused problems for them during health emergency. In some cases, they are likely to face life-threatening circumstances in the absence of timely treatment. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17478', 'image' => '20230503114026_Image-3_Arun-3-Hydropower-Project.jpg', 'article_date' => '2023-05-03 11:39:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17743', 'article_category_id' => '1', 'title' => 'Role of Labour Ministry Limited only to Foreign Employment', 'sub_title' => '', 'summary' => 'May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It seems that this ministry is basically only doing the work of identifying new destinations for foreign employment, signing labor contracts with the employer countries and their renewal, and making the necessary arrangements to send Nepali workers abroad. The recurring problems in the field of foreign employment show that the ministry has not been able to do even this work effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Considering the manpower entering the country's labor market every year and the rising rate of unemployment, the department was established under the Ministry of Industry in 1971 and was required to look after all labor-related problems. Later, the Ministry of Labor was established as a separate ministry in 1981 but it has not achieved its goals even after more than four decades of establishment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Labor is responsible for enabling the manpower ready for employment with skills so that they can compete in the labor market, prevent child labor, make foreign employment safe, dignified and orderly and use the skills, technology and capital gained from foreign employment to promote domestic employment, etc. However, since it is only doing the job of sending the manpower produced in Nepal every year for foreign employment, it is missing out on other roles and responsibilities to be performed in the field of labor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Purna Chandra Bhattarai, former secretary of the Ministry of Labour, Employment and Social Security says that the ministry should do three basic things; create an environment for employment in the country, manage foreign employment and guarantee social security of workers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “The role of the ministry in creating internal employment while playing a coordinating role between various agencies is weak,” he said. Experts say that the ministry has not been able to work effectively in the field of social security of workers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, an estimated 500,000 new manpower enter Nepal's labor market every year. The government agency does not have the data on how many of them get jobs in the public and private sectors of the country. But according to the Ministry of Labour, Employment and Social Security, 628,000 people went to work abroad in 2022. According to statistics, Nepalese workers go to 178 countries for employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, during the 2021 census, 2,169,000 Nepali were outside the country. Experts say that even though Nepali workers are going to foreign jobs in large numbers, the Ministry of Labor has failed in the matter of proper implementation of the related policies and regulations. According to labor and immigration expert Som Luintel, the policies and rules related to foreign employment have not been properly implemented. Although the matter of bringing in remittances is a priority, the state along with the Ministry of Labor has failed to make good use of them.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17477', 'image' => '20230503112934_1683079796.abhiyan (10).jpg', 'article_date' => '2023-05-03 11:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17742', 'article_category_id' => '1', 'title' => 'Imported Timber Dominate the Market as Home-Grown Wood Decays in Forests', 'sub_title' => '', 'summary' => 'May 3: There has been a problem in utilizing locally produced wood due to the state mechanism.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: There has been a problem in utilizing locally produced wood due to the state mechanism. Even though timber worth billions of rupees is being imported every year, the domestically produced wood in large quantity is yet to be utilized. As a result, timber in most of the forests that occupy more than 45 percent of the total area of the country are rotting and wasting away.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal needs 70 to 100 million cubic feet of wood annually. The country itself produces 20 million cubic feet of wood from the forests annually and it has to rely on imports to fulfill requirements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to government officials, 70 to 150 million cubic feet of wood can be produced from the domestic forests. However, experts say that due to existing policies, it is not possible to increase the production of wood. The Scientific Forest Management Procedure 2071 was issued to address this problem of wood shortage and to reduce the import of wood.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stakeholders say that timber production had increased after the implementation of the procedure. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, due to the shortcomings in implementing some aspects of the procedure it was scrapped under pressure from NGOs and environmental activists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Timber traders claim that after the cancellation of the Scientific Forest Management Procedure, 2071 in the year 2020, cutting of trees has been stopped for 3 years in more than 800 forests across the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Forestry prepared the National Standard 2078 for sustainable forest management after the cancellation of the Scientific Forest Management Procedure. However, even after all this time, that standard has not been implemented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Forest management expert Bishnu Gyawali says that there is a problem in implementation of the new standard because the administrative leadership of the forest group is unable to explain the benefits of the new standards while the political leadership does not want to understand it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali said, “It seems that the administrative leadership has not been able to explain its point clearly. Apart from pressure on the political leadership not to implement it in various ways, the lack of knowledge and lack of will are also other contributing factors.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali, an expert, says that since there are mostly only small investors in the timber business, the political leadership has not been pressured to implement the national standards for sustainable forest management. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From the commercial point of view, the imports of timber from abroad have increased due to the complicated process, lack of cooperation from the bureaucracy as well as the high price of Nepali wood. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Officials of the Ministry of Forest have been delaying the implementation of the National Standard for Sustainable Forest Management, 2078, on the pretext that they do not have a departmental minister. In a conversation with New Business Age, the spokesperson for the Ministry of Forest, Somnath Kafle said, “Discussions about the report have not been able to move forward due to the absence of a minister.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17476', 'image' => '20230503112024_1682990049.काठ.jpg', 'article_date' => '2023-05-03 11:19:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17741', 'article_category_id' => '1', 'title' => 'Darchula Avalanche: Missing People Identified, Rescue Efforts Hampered by Snowfall ', 'sub_title' => '', 'summary' => 'May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. Four of them who disappeared while collecting Yarshagumba in the area are female while one is male, according to the Armed Police Force (APF)’s Number 50 Company, Chharung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those missing have been identified as Kamala Kunwar, 38 and her son Prabin Kunwar, 18, of Duhun Rural Municipality. Likewise, Nakni Dolma Thapa, 45, Ishwari Thapa, 28, and Chhimi Somo Thapa, 15, of Jorayal Rural Municipality are also missing after the avalanche. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF Deputy Superintendent of Police Ishwari Dutt Bhatt said the rescue operation has been hampered due to continuous rainfall and snowfall since Tuesday night. </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"">Following the incident, a 25-member APF team reached the incident site on Tuesday evening but returned to Chharung as rescue efforts was not possible due to rain and snowfall.</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 avalanche on Tuesday afternoon buried tents occupied by groups of people from and outside the district who trekked there to collect Yarsagumba, a prized herb known for its purported aphrodisiac property. They were waiting for a favorable weather to start Yarsa collection when the disaster struck. However, some others managed to escape to safety. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, 20 people who managed to escape the avalanche were brought to Chharung and they are safe. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17475', 'image' => '20230503100034_APF.jpg', 'article_date' => '2023-05-03 09:59:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17740', 'article_category_id' => '1', 'title' => 'Farmers on Cloud Nine as Taplejung Experiences Snowfall', 'sub_title' => '', 'summary' => 'May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. Ghunsa, Phale, Olangchung Gola and Yanga of Phaktanglung Rural Municipality witnessed the snowfall. According to Tasi Chhiring Sherpa of Ghunsa, the snowfall occurred in the area on Tuesday night, too. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tenzing Walung of Olangchung Gola said snow has been piled up to two feet in Yanga. Yanga, a part of Olangchung Gola, lies at an altitude of 4,200 meters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a tri-junction of Taplehung, Tehrathum and Sakhuwasabha districts known as Tinjure-Milke-Jalhale also reported snowfall. In addition to this, the people of Mikwakhola and Sidingawa said they witnessed snowfall in the highlands. However, this year snowfall is relatively less compared to the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers here are happy due to the rain and snowfall as they take it as a favour from the nature during the season for cultivation. They said the snowfall is good for cash crops such as cardamom and also for vegetable farming. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17474', 'image' => '20230503094732_DKL-Fungling-Himal.jpg', 'article_date' => '2023-05-03 09:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17739', 'article_category_id' => '1', 'title' => 'Government to Introduce Ordinance to Address Problems of Loan Sharking Victims', 'sub_title' => '', 'summary' => 'The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 3: The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a meeting of the Council of Ministers held on Tuesday, it was decided that legal provisions would be amended through an ordinance to resolve the problems faced by loan sharking victims. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister for Communications and Information Technology, Rekha Sharma, stated that the government would recommend the ordinance to the President to ensure the necessary legal provisions are in place to help victims of usury. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Sharma further added that the ordinance would be submitted to the President for approval on the same day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17473', 'image' => '20230503065957_collage (3).jpg', 'article_date' => '2023-05-03 06:58:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17738', 'article_category_id' => '1', 'title' => 'Avalanche Buries Yarsagumba Pickers' Tents in Byas, Darchula', 'sub_title' => '', 'summary' => 'An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.', 'content' => '<p><span style="font-size:20px">May 3: An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.</span></p> <p><span style="font-size:20px">Some individuals have reportedly gone missing after the avalanche buried the tent where they had been temporarily residing, informed Deputy Superintendent of Police (DSP) of the Armed Police Force (APF), Number 50 Company, Chhangaru, Iswori Dutta Bhatta.</span></p> <p><span style="font-size:20px">APF DSP Iswori Dutta Bhatta said that a team of 25 APF personnel is on the way to the site, but the rescue operation may be hampered by the high altitude and bad weather conditions. </span></p> <p><span style="font-size:20px">The yarsagumba pickers, who had been collecting precious herbs in the high altitude area, had been living in the tents for the past few days due to continuous snowfall. </span></p> <p><span style="font-size:20px">The incident was reported when some pickers who were outside the tent to search for firewood informed the authorities about the avalanche. </span></p> <p><span style="font-size:20px">The yarsa pickers were not only from the local area but also from other districts. </span></p> <p><span style="font-size:20px">Byas-1 ward chairperson Ashok Bohora said the yarsa pickers had ascended to the high altitude area to collect precious herbs some days ago.</span></p> <p><span style="font-size:20px"> "There was continuous snowfall. The yarsa pickers had been living in the tent but could not go outside for yarsa hunting", he shared. </span></p> <p><span style="font-size:20px">Information Officer at the District Police Office, Darchula, Inspector Gyanendra Bahadur Singh informed that a police team from the Byas-based Sita Bridge was also heading to the incident site. </span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17472', 'image' => '20230503063900_collage (1).jpg', 'article_date' => '2023-05-03 06:35:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '17737', 'article_category_id' => '274', 'title' => 'Nepal's Per Capita Income to Reach 1410 US Dollars in the Current Fiscal Year ', 'sub_title' => '', 'summary' => 'Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fisacl year, according to the latest statistics released by the National Statistics Office.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 2: Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fiscal year, according to the latest statistics released by the National Statistics Office. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The per capita income of Nepalis was 1381 US Dollars in the previous fiscal year. The per capita income is projected to rise by 29 US Dollars in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal's per capita income had crossed the 1000 US Dollar threshold in the fiscal year of 2073/74. A decade ago, the per capita income of Nepalis was 814 US Dollars.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The estimated economic growth rate for the current fiscal year is 2.16 %, and the size of Nepal's economy is projected to reach NPR 5381 billion based on market value and NPR 4696 billion based on production value.</span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17471', 'image' => '20230502055619_collage (5).jpg', 'article_date' => '2023-05-02 17:54:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17736', 'article_category_id' => '1', 'title' => 'IMF Completes Review of Extended Credit Facility for Nepal, Giving the Country Access to USD 52.8 Mn', 'sub_title' => '', 'summary' => 'May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Issuing a statement on Monday, the IMF said this gives authorities in Nepal access to Special Drawing Right (SDR) equivalent to 39.20 million (about US$ 52.8 million).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">This brings total disbursements under the ECF for budget support so far to SDR 117.70 million (about US$ 157.4 million), IMF said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The ECF arrangement for Nepal was approved by IMF’s Executive Board on January 12, 2022. The Extended Credit Facility includes an amount equivalent to SDR 282.42 million which is 180 percent of quota or about US$ 384.8 million, the IMF further stated. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement has helped mitigate the impact of the pandemic and global shocks on economic activity and aims at protecting vulnerable groups, preserving macroeconomic and financial stability, and supporting sustained growth and poverty reduction. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The program is also helping to catalyze additional financing from Nepal’s development partners.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Despite a challenging global and domestic environment last year, including the impact of Russia’s war in Ukraine, Nepal continued to make progress with the implementation of the ECF‑supported program, the IMF added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepali authorities have taken decisive actions to maintain a stable macroeconomic environment in the context of the post‑COVID‑19 recovery and global shocks. The much‑needed monetary policy tightening last year, together with the gradual unwinding of COVID support measures, helped moderate credit growth and lower inflation,” the statement said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">In addition, to preserve fiscal discipline and debt sustainability, the government has rationalized spending in its mid‑year budget review in response to weaker‑than‑expected tax collections in the first half of the year, the review report showed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank asset quality has deteriorated as higher lending rates depress borrowers’ repayment capacity, though bank capital adequacy ratios are above the regulatory minima.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, real GDP growth is forecast to soften to 4.4 percent in FY 2022/23, but continues to be supported by the ongoing recovery of tourism, strong agriculture sector performance and resilient remittances. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Inflation remains elevated, but is projected to decline to the Nepal Rastra Bank’s 7 percent target by the end of FY 2022/23. The overall fiscal deficit is expected to reach 4.5 percent of GDP in FY 2022/23. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Revenue collection has been disappointing, owing largely to lower import‑related taxes, but substantial expenditure rationalization announced in the mid-year budget review is expected to help contain the deficit, the statement further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">IMF added that the current account deficit is expected to narrow to 5.2 percent of GDP in FY 2022/23 due to weaker import demand, lower commodity prices, a recovery in tourism and buoyant remittances that reflect a post‑pandemic increase in outward migration. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Risks to the outlook are on the downside. Over the medium term, the ECF‑supported program will help Nepal’s economy respond to shocks and achieve sustainable and inclusive growth, while maintaining adequate levels of international reserves and keeping public debt at a sustainable level.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif""> “Nepal’s reform program supported by the Extended Credit Facility (ECF) has helped to mitigate the impact of the pandemic and global shocks on economic activity, while protecting vulnerable groups, preserving macroeconomic and financial stability, and sustaining growth and poverty reduction. While reform implementation has been slower than expected, in a difficult environment, the Nepali authorities remain committed to their economic reform program,” Bo Li, deputy managing director and acting chair of IMF said in a statement after the Executive Board’s review.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Maintaining momentum on governance reforms is critical to cement recent gains in fiscal transparency. Fiscal consolidation and further structural reforms are needed to support medium-term fiscal sustainability. Revenue mobilization, advancing fiscal federalism, addressing fiscal risks, and strengthening public investment management are important measures,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to IMF Acting Chair Bo, a cautious, data-driven approach to monetary policy, supported by macroprudential tools, is appropriate to maintain external stability and address elevated inflation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepal Rastra Bank is prioritizing the asset quality of banks, including through regulatory initiatives to ensure appropriate classification of loans, and is focused on advancing the financial sector reform agenda. Measures to improve the autonomy and accountability framework of the central bank and strengthen the AML/CFT framework and its effectiveness remain crucial,” added Bo.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested that structural reform priorities should include lowering the cost of doing business, removing barriers for foreign investment, improving governance, and strengthening anti-corruption institutions. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Policies to reduce vulnerability to climate change, including through better-targeted social assistance, investment in climate-resilient infrastructure and boosting agricultural productivity are important.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17470', 'image' => '20230502041401_iiii.jpg', 'article_date' => '2023-05-02 16:13:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17735', 'article_category_id' => '1', 'title' => 'Former MP Rai Arrested for Sending Nepalis to US as Bhutanese Refugees ', 'sub_title' => '', 'summary' => 'May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rai was nabbed from Saukhel in Lalitpur on Tuesday morning, according to Senior Superintendent of Police (SSP) Dr Manoj Kumar KC, chief of the Kathmandu Valley Crime Investigation Office, Minbhawan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrested Rai, who also served as a security advisor to the then Minister for Home Affairs Ram Bahadur Thapa, has now been kept at Metropolitan Police Range, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police held him after news about Rai's involvement in sending Nepalis to the USA in the guise of Bhutanese refugee was published recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier police arrested five people on the same charge. Sandesh Sharma of Dang, Keshav Dulal and Sagar Rai of Morang, Sanu Bhandari of Lalitpur and Kumar Gurung of Panchthar were arrested earlier, said SSP KC. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17469', 'image' => '20230502033250_Indrajit-Rai.jpg', 'article_date' => '2023-05-02 15:32:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17734', 'article_category_id' => '1', 'title' => 'Nepal Wins ACC Men's Premier Cup to Book a Ticket for Asia Cup ', 'sub_title' => '', 'summary' => 'May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the final match of the ACC Men’s Premier Cup held at the Kirtipur-based TU Cricket Ground on Tuesday, Nepal defeated the UAE by 7 wickets to secure its place in the Asia Cup scheduled to take place in September. </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"">Nepal will face India and Pakistan who are in the Group 'A' along with Nepal. Afghanistan, Sri Lanka and Bangladesh are in the Group 'B'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chasing a target of 118 runs posted by the UAE, Nepal met the target in 30.3 overs at the loss of 3 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gulsan Jha and Bhim Sakri shared a partnership of 96 runs to help Nepal win the match. They contributed 67 and 36 respectively. Jha hit six sixes and three fours in 84 balls and Sarki hit four fours off 71 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UAE's Rohan Mustafa took 2 wickets and Aayan Afzal Khan took one. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, the UAE was invited to bat first after losing the toss, and scored 117 losing all wickets. Asif Khan hit seven fours and one six, scoring the highest 46 for the team. Opener Aryan Larka made 13 runs off 28 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Naryan Rajbanshi took four wickets followed by each two wickets each by Karan KC and Sandip Lamichhane and one each by Gulsan Jha and Sompal Kami. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ‘reserve day’ game was the continuity of the Monday’s match which was halted due to rainfall. The match was interrupted at 27.3 overs on Monday. The UAE had made 106 at the loss of 9 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17468', 'image' => '20230502032218_20230421105116_Cricket Phot (2).jpg', 'article_date' => '2023-05-02 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17733', 'article_category_id' => '1', 'title' => 'Central Bank Insists Economy is on Track but There is no Money in the Market', 'sub_title' => '', 'summary' => 'May 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.', '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 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.</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"">NRB Governor Maha Prasad Adhikari claimed that the economy is on track, saying that there has been an improvement in the internal and external sectors.</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 central bank presented indicators such as the decline in current account deficit, Balance of Payments in surplus and a decline in interest rates of the banks. However, the situation in the market is not as easy as mentioned in Current Macroeconomic and Financial Situation Report of the country published by the NRB.</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"">Banks and financial institutions (BFIs), microfinance companies and cooperatives do not have enough capital to provide loans, while the daily transactions of simple tea shops to large commercial malls are decreasing. There is a continuous decline in foreign trade (import-export business). The daily turnover of the stock market has decreased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</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 real estate business has also slowed down. </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"">As the revenue collection has decreased, the government has found it difficult to meet the current expenditure. Due to the unusual recession in the market, which was not even observed during the devastating earthquake, Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic and the subsequent lockdown, the common people have started to question - where has the money gone?</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"">Former banker Analraj Bhattarai says that since there is no money in the pockets of consumers, it seems that money is lost in the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We have had easy money for the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10-12</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. We called it the 'Age of Easy Money'. That cycle is broken, due to which there is no money in the hands of common people," he said, adding, "Due to the excessive cash flow, the prices of the companies increased unnaturally. Now that property cannot be bought and sold. Consumption also increased but the income did not.”</span></span></span></span></p> <p><strong><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"">Imbalance in deposit-credit flow</span></span></span></span></strong></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"">In the current fiscal year (FY), there has been a huge imbalance in the deposit collection and credit disbursement of banks. Despite the increase in bank deposits, there is lack of cash flow in the market due to the low credit flow from banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the central bank, by mid-March of the current year, the deposits of banks and financial institutions increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">280</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.57 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the loan disbursement increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">128</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.18 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). In other words, compared to the increase in deposits of banks, the increase in lending is only half in the current fiscal year.</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"">In previous years, the situation in the financial sector was exactly the opposite. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the deposits of banks and financial institutions increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">417</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.22 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">536</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.34 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). Similarly, in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, bank deposits increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">810</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.72 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.77 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent) and in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076/77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, deposit collection of banks increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">576</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.24 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.2 percent) while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">354</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.11 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The cash flow in the market decreased this year as soon as the banks’ lending decreased. As the cash flow in the market depends on the loans of the banks, it seems that the cash flow decreases as soon as the credit flow decreases.</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 central bank's data show that the credit expansion of banks and financial institutions slowed down in the year of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and the lockdown. However, as soon as the Covid-19 pandemic subsided, banks became aggressive in extending loans. When the investment went to the stock market and real estate, those areas became 'overheated'. Now, after the central bank took a tight monetary policy, the credit of the banks has become tight and the cash flow to the market has decreased, due to which there seems to be a lack of money in the market.</span></span></span></span></p> <p><strong><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"">Cash transactions also went down</span></span></span></span></strong></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 data of the central bank also shows that the cash flow in the market is decreasing compared to the previous years. In addition to the cash in circulation in the market, transactions through electronic means have also decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, in October-November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">20, cash equivalent to Rs 6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">5 billion was in circulation in the market, but in February-March </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23, it has decreased to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15 billion. </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"">In August-September 2022 of the current fiscal year, the cash in circulation had dropped to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">594</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Likewise, there has been a big decline in the transactions made through various payment methods. In June of last year, transactions through electronic payment exceeded Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, but in January-February, it was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">36</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">From Covid relief to tight monetary policy</span></span></span></span></strong></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 government appointed Maha Prasad Adhikari as the governor of Nepal Rastra Bank within two weeks of the nationwide lockdown imposed on April 6, 2020 to control the Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After his appointment, the governor who instructed BFIs to give a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent discount on the interest on loans to the public affected by Covid as a relief, again instructed BFIs to reduce the interest rate by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points in May the same year. </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 policies issued by the governor, who has been praised for providing relief to the common people whose economic activities were due to Covid-19 through banks and financial institutions, were focused on the relief of the Covid-affected industrialists and the common people and the revival of the economy after the pandemic.</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"">Due to the flexible and expansionary monetary policy of the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> for the recovery of the economy affected by Covid-19, the cash flow in the market increased and the economy became vibrant.</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, when the cash flow in the market was used in unproductive sectors and imports, the indicators of the economy started to turn negative. As a result, the central bank issued a tight monetary policy for the current year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17467', 'image' => '20230502020950_20220512082020_Inflation.jpg', 'article_date' => '2023-05-02 14:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17732', 'article_category_id' => '1', 'title' => 'Fuel from Russia Makes Backdoor Entry to Europe via India', 'sub_title' => '', 'summary' => 'May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Russian oil is still powering Europe’s cars with help of India, reported the India Times.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later, added the media outlet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup,” India Times wrote in a recent article.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Citing the preliminary ship-tracking data from Kpler and Vortexa, Reuters reported that India made a record high imports of crude oil from Russia in fiscal year 2022-23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from February 5, Reuters reported referring to Kpler data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to India, displacing Iraq for the first time, the data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Indian refiners, which rarely bought Russian oil previously due to high transport costs, imported 970,000-981,000 bpd of it in 2022/23, accounting for more than a fifth of overall imports at 4.5-4.6 million bpd.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16 percent to 150,000-167,000 bpd in the last fiscal year, Reuters reported, adding that it accounted for about 30 percent of India's total gasoil exports, up from 21-24 percent a year earlier.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe accounted for about 50 percent of India's jet fuel exports, or around 70,000-75,000 bpd in 2022/23, up 40,000-42,000 bpd the previous year, the data showed.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17466', 'image' => '20230502123423_1682844293.oil.jpeg', 'article_date' => '2023-05-02 12:33:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17731', 'article_category_id' => '1', 'title' => 'Government Signs 7-Point Agreement with Mahabir Pun', 'sub_title' => '', 'summary' => 'May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. The government on Monday reached an understanding with Ramon Magsaysay award winner Mahabir Pun to set up the fund, in order to end a four-day sit in staged by Pun, president of the National Innovation Center.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On behalf of the government, Deputy Prime Minister Purna Bahadur Khadka signed an agreement with Pun. Khadka is also the Minister for Defense and Minister for Law, Justice and Parliamentary Affairs. According to the agreement, a fund will be established by the government to carry out research and development, innovation and innovation activities in an integrated manner.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government will prepare a draft bill within 60 days for the management and operation of the fund. It has been agreed that the bill will be passed in the upcoming session of the Federal Parliament. The agreement also mentions that 1 percent of the capital budget for the next fiscal year will be deposited in the fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, necessary policy, legal and institutional arrangements will be made to promote research and development, innovation and invention and to facilitate the legal reforms related to permits and licenses for goods and services produced from inventions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mahabir Pun started a sit-in at Maitighar from April 28, demanding that the federal and state governments should set aside 1 percent of the development budget to support research and innovation and deposit that amount into the research and innovation fund. In addition, Pun’s demands also include drafting of innovation and invention promotion, operation and procurement law, policies for the marketing of products produced by research centers, formation of a new entrepreneurship promotion committee to facilitate the work and policies according to the needs. In addition to this, Pun also demanded permission, licenses, grants and easy loans for Nepalese who want to become new entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ongoing movement under the leadership of Pun ended on Monday after signing the agreement with the government. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17465', 'image' => '20230502114324_1682993137.mahabir abhiyandaily.jpg', 'article_date' => '2023-05-02 11:42:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17745', 'article_category_id' => '1', 'title' => 'Hotels in Nepal can Serve 3.5 Million Tourists Annually: Shah', 'sub_title' => '', 'summary' => 'May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the country. He said that the hotels in Nepal can serve 3.5 million tourists, and stressed that connectivity by air and road should be made strong.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the government should take the initiative to strengthen the connectivity with the two neighbours as millions of tourists from India and China travel abroad annually. Shah said that the private sector is capable of providing services to tourists, but the government has not been able to bring the two new international airports into operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He claimed that the country can bring in a significant number of tourists by making the best use of Pokhara and Gautam Buddha international airports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It's not that there is no improvement in road and air infrastructure, but the pace is slow. Air accidents are also happening in Nepal and there is a problem because the European Union (EU) has also blacklisted us," Shah said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that there is a problem in bringing in tourists from two neighbouring countries because of the poor quality of roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, 4,500 big and small hotels are associated with HAN, which creates more than 1.1 million jobs directly and indirectly, he shared. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Shah, the investment in the hotel sector is equal to the annual budget of the government, i.e. more than Rs 1600 billion. He estimates that the investment in the hotel business will increase when the number of tourists reaches 1.8 million annually.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, the highest number of tourists came to Nepal in 2019 when around 1.2 million tourists visited the country. However, this has slowed down after the onset of Covid-19, Since the beginning of the year 2023, there has been a continuous improvement in arrival of tourists. According to the data released by the board on Tuesday, in the first four months of this year, a total of 326,000 tourists arrived in Nepal via air route.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shah said that there is a positive situation in the business as hotels are being occupied by domestic tourists, weddings and other events. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the 48th annual general meeting of HAN, he committed to solve the issues of the hoteliers not being able to pay the interests of the bank. He said that these issues will be raised in the review of the monetary policy of the current fiscal year and also in the budget of the next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stating that during the time of the then Prime Minister Baburam Bhattarai, the hotel business was included in the national priority list, Shah said, "The sector should be recognized as an industry."</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, he emphasized that when the government advances any matter related to the tourism sector, it should be discussed and coordinated with the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that within 1 to 2 years, Nepal needs to organize mega tourism events to attract tourists and the private sector is ready for that.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17479', 'image' => '20230503032019_Hotel.jpg', 'article_date' => '2023-05-03 15:17:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17744', 'article_category_id' => '1', 'title' => 'Arun III Hydropower Worker Dies, Two Injured ', 'sub_title' => '', 'summary' => 'May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5. The deceased has been identified as Prem Rai, 27, of Silichong Rural Municipality-5. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">District Police Office Sankhuwasabha said the incident occurred on Tuesday night and Rai breathed his last on Wednesday morning while undergoing treatment at Sankhuwasabha District Hospital. </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"">Two others injured in the incident have been identified as Samamati Walita, 23, and Saimuddin Ali, 23, from Guwahati, India. They are receiving treatment at the District Hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Over 300 workers including those from India have been hired for the project. The lack of a health facility at the project site has caused problems for them during health emergency. In some cases, they are likely to face life-threatening circumstances in the absence of timely treatment. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17478', 'image' => '20230503114026_Image-3_Arun-3-Hydropower-Project.jpg', 'article_date' => '2023-05-03 11:39:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17743', 'article_category_id' => '1', 'title' => 'Role of Labour Ministry Limited only to Foreign Employment', 'sub_title' => '', 'summary' => 'May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It seems that this ministry is basically only doing the work of identifying new destinations for foreign employment, signing labor contracts with the employer countries and their renewal, and making the necessary arrangements to send Nepali workers abroad. The recurring problems in the field of foreign employment show that the ministry has not been able to do even this work effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Considering the manpower entering the country's labor market every year and the rising rate of unemployment, the department was established under the Ministry of Industry in 1971 and was required to look after all labor-related problems. Later, the Ministry of Labor was established as a separate ministry in 1981 but it has not achieved its goals even after more than four decades of establishment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Labor is responsible for enabling the manpower ready for employment with skills so that they can compete in the labor market, prevent child labor, make foreign employment safe, dignified and orderly and use the skills, technology and capital gained from foreign employment to promote domestic employment, etc. However, since it is only doing the job of sending the manpower produced in Nepal every year for foreign employment, it is missing out on other roles and responsibilities to be performed in the field of labor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Purna Chandra Bhattarai, former secretary of the Ministry of Labour, Employment and Social Security says that the ministry should do three basic things; create an environment for employment in the country, manage foreign employment and guarantee social security of workers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “The role of the ministry in creating internal employment while playing a coordinating role between various agencies is weak,” he said. Experts say that the ministry has not been able to work effectively in the field of social security of workers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, an estimated 500,000 new manpower enter Nepal's labor market every year. The government agency does not have the data on how many of them get jobs in the public and private sectors of the country. But according to the Ministry of Labour, Employment and Social Security, 628,000 people went to work abroad in 2022. According to statistics, Nepalese workers go to 178 countries for employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, during the 2021 census, 2,169,000 Nepali were outside the country. Experts say that even though Nepali workers are going to foreign jobs in large numbers, the Ministry of Labor has failed in the matter of proper implementation of the related policies and regulations. According to labor and immigration expert Som Luintel, the policies and rules related to foreign employment have not been properly implemented. Although the matter of bringing in remittances is a priority, the state along with the Ministry of Labor has failed to make good use of them.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17477', 'image' => '20230503112934_1683079796.abhiyan (10).jpg', 'article_date' => '2023-05-03 11:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17742', 'article_category_id' => '1', 'title' => 'Imported Timber Dominate the Market as Home-Grown Wood Decays in Forests', 'sub_title' => '', 'summary' => 'May 3: There has been a problem in utilizing locally produced wood due to the state mechanism.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: There has been a problem in utilizing locally produced wood due to the state mechanism. Even though timber worth billions of rupees is being imported every year, the domestically produced wood in large quantity is yet to be utilized. As a result, timber in most of the forests that occupy more than 45 percent of the total area of the country are rotting and wasting away.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal needs 70 to 100 million cubic feet of wood annually. The country itself produces 20 million cubic feet of wood from the forests annually and it has to rely on imports to fulfill requirements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to government officials, 70 to 150 million cubic feet of wood can be produced from the domestic forests. However, experts say that due to existing policies, it is not possible to increase the production of wood. The Scientific Forest Management Procedure 2071 was issued to address this problem of wood shortage and to reduce the import of wood.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stakeholders say that timber production had increased after the implementation of the procedure. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, due to the shortcomings in implementing some aspects of the procedure it was scrapped under pressure from NGOs and environmental activists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Timber traders claim that after the cancellation of the Scientific Forest Management Procedure, 2071 in the year 2020, cutting of trees has been stopped for 3 years in more than 800 forests across the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Forestry prepared the National Standard 2078 for sustainable forest management after the cancellation of the Scientific Forest Management Procedure. However, even after all this time, that standard has not been implemented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Forest management expert Bishnu Gyawali says that there is a problem in implementation of the new standard because the administrative leadership of the forest group is unable to explain the benefits of the new standards while the political leadership does not want to understand it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali said, “It seems that the administrative leadership has not been able to explain its point clearly. Apart from pressure on the political leadership not to implement it in various ways, the lack of knowledge and lack of will are also other contributing factors.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali, an expert, says that since there are mostly only small investors in the timber business, the political leadership has not been pressured to implement the national standards for sustainable forest management. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From the commercial point of view, the imports of timber from abroad have increased due to the complicated process, lack of cooperation from the bureaucracy as well as the high price of Nepali wood. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Officials of the Ministry of Forest have been delaying the implementation of the National Standard for Sustainable Forest Management, 2078, on the pretext that they do not have a departmental minister. In a conversation with New Business Age, the spokesperson for the Ministry of Forest, Somnath Kafle said, “Discussions about the report have not been able to move forward due to the absence of a minister.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17476', 'image' => '20230503112024_1682990049.काठ.jpg', 'article_date' => '2023-05-03 11:19:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17741', 'article_category_id' => '1', 'title' => 'Darchula Avalanche: Missing People Identified, Rescue Efforts Hampered by Snowfall ', 'sub_title' => '', 'summary' => 'May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. Four of them who disappeared while collecting Yarshagumba in the area are female while one is male, according to the Armed Police Force (APF)’s Number 50 Company, Chharung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those missing have been identified as Kamala Kunwar, 38 and her son Prabin Kunwar, 18, of Duhun Rural Municipality. Likewise, Nakni Dolma Thapa, 45, Ishwari Thapa, 28, and Chhimi Somo Thapa, 15, of Jorayal Rural Municipality are also missing after the avalanche. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF Deputy Superintendent of Police Ishwari Dutt Bhatt said the rescue operation has been hampered due to continuous rainfall and snowfall since Tuesday night. </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"">Following the incident, a 25-member APF team reached the incident site on Tuesday evening but returned to Chharung as rescue efforts was not possible due to rain and snowfall.</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 avalanche on Tuesday afternoon buried tents occupied by groups of people from and outside the district who trekked there to collect Yarsagumba, a prized herb known for its purported aphrodisiac property. They were waiting for a favorable weather to start Yarsa collection when the disaster struck. However, some others managed to escape to safety. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, 20 people who managed to escape the avalanche were brought to Chharung and they are safe. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17475', 'image' => '20230503100034_APF.jpg', 'article_date' => '2023-05-03 09:59:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17740', 'article_category_id' => '1', 'title' => 'Farmers on Cloud Nine as Taplejung Experiences Snowfall', 'sub_title' => '', 'summary' => 'May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. Ghunsa, Phale, Olangchung Gola and Yanga of Phaktanglung Rural Municipality witnessed the snowfall. According to Tasi Chhiring Sherpa of Ghunsa, the snowfall occurred in the area on Tuesday night, too. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tenzing Walung of Olangchung Gola said snow has been piled up to two feet in Yanga. Yanga, a part of Olangchung Gola, lies at an altitude of 4,200 meters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a tri-junction of Taplehung, Tehrathum and Sakhuwasabha districts known as Tinjure-Milke-Jalhale also reported snowfall. In addition to this, the people of Mikwakhola and Sidingawa said they witnessed snowfall in the highlands. However, this year snowfall is relatively less compared to the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers here are happy due to the rain and snowfall as they take it as a favour from the nature during the season for cultivation. They said the snowfall is good for cash crops such as cardamom and also for vegetable farming. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17474', 'image' => '20230503094732_DKL-Fungling-Himal.jpg', 'article_date' => '2023-05-03 09:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17739', 'article_category_id' => '1', 'title' => 'Government to Introduce Ordinance to Address Problems of Loan Sharking Victims', 'sub_title' => '', 'summary' => 'The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 3: The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a meeting of the Council of Ministers held on Tuesday, it was decided that legal provisions would be amended through an ordinance to resolve the problems faced by loan sharking victims. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister for Communications and Information Technology, Rekha Sharma, stated that the government would recommend the ordinance to the President to ensure the necessary legal provisions are in place to help victims of usury. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Sharma further added that the ordinance would be submitted to the President for approval on the same day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17473', 'image' => '20230503065957_collage (3).jpg', 'article_date' => '2023-05-03 06:58:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17738', 'article_category_id' => '1', 'title' => 'Avalanche Buries Yarsagumba Pickers' Tents in Byas, Darchula', 'sub_title' => '', 'summary' => 'An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.', 'content' => '<p><span style="font-size:20px">May 3: An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.</span></p> <p><span style="font-size:20px">Some individuals have reportedly gone missing after the avalanche buried the tent where they had been temporarily residing, informed Deputy Superintendent of Police (DSP) of the Armed Police Force (APF), Number 50 Company, Chhangaru, Iswori Dutta Bhatta.</span></p> <p><span style="font-size:20px">APF DSP Iswori Dutta Bhatta said that a team of 25 APF personnel is on the way to the site, but the rescue operation may be hampered by the high altitude and bad weather conditions. </span></p> <p><span style="font-size:20px">The yarsagumba pickers, who had been collecting precious herbs in the high altitude area, had been living in the tents for the past few days due to continuous snowfall. </span></p> <p><span style="font-size:20px">The incident was reported when some pickers who were outside the tent to search for firewood informed the authorities about the avalanche. </span></p> <p><span style="font-size:20px">The yarsa pickers were not only from the local area but also from other districts. </span></p> <p><span style="font-size:20px">Byas-1 ward chairperson Ashok Bohora said the yarsa pickers had ascended to the high altitude area to collect precious herbs some days ago.</span></p> <p><span style="font-size:20px"> "There was continuous snowfall. The yarsa pickers had been living in the tent but could not go outside for yarsa hunting", he shared. </span></p> <p><span style="font-size:20px">Information Officer at the District Police Office, Darchula, Inspector Gyanendra Bahadur Singh informed that a police team from the Byas-based Sita Bridge was also heading to the incident site. </span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17472', 'image' => '20230503063900_collage (1).jpg', 'article_date' => '2023-05-03 06:35:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '17737', 'article_category_id' => '274', 'title' => 'Nepal's Per Capita Income to Reach 1410 US Dollars in the Current Fiscal Year ', 'sub_title' => '', 'summary' => 'Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fisacl year, according to the latest statistics released by the National Statistics Office.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 2: Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fiscal year, according to the latest statistics released by the National Statistics Office. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The per capita income of Nepalis was 1381 US Dollars in the previous fiscal year. The per capita income is projected to rise by 29 US Dollars in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal's per capita income had crossed the 1000 US Dollar threshold in the fiscal year of 2073/74. A decade ago, the per capita income of Nepalis was 814 US Dollars.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The estimated economic growth rate for the current fiscal year is 2.16 %, and the size of Nepal's economy is projected to reach NPR 5381 billion based on market value and NPR 4696 billion based on production value.</span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17471', 'image' => '20230502055619_collage (5).jpg', 'article_date' => '2023-05-02 17:54:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17736', 'article_category_id' => '1', 'title' => 'IMF Completes Review of Extended Credit Facility for Nepal, Giving the Country Access to USD 52.8 Mn', 'sub_title' => '', 'summary' => 'May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Issuing a statement on Monday, the IMF said this gives authorities in Nepal access to Special Drawing Right (SDR) equivalent to 39.20 million (about US$ 52.8 million).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">This brings total disbursements under the ECF for budget support so far to SDR 117.70 million (about US$ 157.4 million), IMF said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The ECF arrangement for Nepal was approved by IMF’s Executive Board on January 12, 2022. The Extended Credit Facility includes an amount equivalent to SDR 282.42 million which is 180 percent of quota or about US$ 384.8 million, the IMF further stated. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement has helped mitigate the impact of the pandemic and global shocks on economic activity and aims at protecting vulnerable groups, preserving macroeconomic and financial stability, and supporting sustained growth and poverty reduction. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The program is also helping to catalyze additional financing from Nepal’s development partners.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Despite a challenging global and domestic environment last year, including the impact of Russia’s war in Ukraine, Nepal continued to make progress with the implementation of the ECF‑supported program, the IMF added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepali authorities have taken decisive actions to maintain a stable macroeconomic environment in the context of the post‑COVID‑19 recovery and global shocks. The much‑needed monetary policy tightening last year, together with the gradual unwinding of COVID support measures, helped moderate credit growth and lower inflation,” the statement said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">In addition, to preserve fiscal discipline and debt sustainability, the government has rationalized spending in its mid‑year budget review in response to weaker‑than‑expected tax collections in the first half of the year, the review report showed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank asset quality has deteriorated as higher lending rates depress borrowers’ repayment capacity, though bank capital adequacy ratios are above the regulatory minima.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, real GDP growth is forecast to soften to 4.4 percent in FY 2022/23, but continues to be supported by the ongoing recovery of tourism, strong agriculture sector performance and resilient remittances. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Inflation remains elevated, but is projected to decline to the Nepal Rastra Bank’s 7 percent target by the end of FY 2022/23. The overall fiscal deficit is expected to reach 4.5 percent of GDP in FY 2022/23. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Revenue collection has been disappointing, owing largely to lower import‑related taxes, but substantial expenditure rationalization announced in the mid-year budget review is expected to help contain the deficit, the statement further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">IMF added that the current account deficit is expected to narrow to 5.2 percent of GDP in FY 2022/23 due to weaker import demand, lower commodity prices, a recovery in tourism and buoyant remittances that reflect a post‑pandemic increase in outward migration. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Risks to the outlook are on the downside. Over the medium term, the ECF‑supported program will help Nepal’s economy respond to shocks and achieve sustainable and inclusive growth, while maintaining adequate levels of international reserves and keeping public debt at a sustainable level.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif""> “Nepal’s reform program supported by the Extended Credit Facility (ECF) has helped to mitigate the impact of the pandemic and global shocks on economic activity, while protecting vulnerable groups, preserving macroeconomic and financial stability, and sustaining growth and poverty reduction. While reform implementation has been slower than expected, in a difficult environment, the Nepali authorities remain committed to their economic reform program,” Bo Li, deputy managing director and acting chair of IMF said in a statement after the Executive Board’s review.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Maintaining momentum on governance reforms is critical to cement recent gains in fiscal transparency. Fiscal consolidation and further structural reforms are needed to support medium-term fiscal sustainability. Revenue mobilization, advancing fiscal federalism, addressing fiscal risks, and strengthening public investment management are important measures,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to IMF Acting Chair Bo, a cautious, data-driven approach to monetary policy, supported by macroprudential tools, is appropriate to maintain external stability and address elevated inflation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepal Rastra Bank is prioritizing the asset quality of banks, including through regulatory initiatives to ensure appropriate classification of loans, and is focused on advancing the financial sector reform agenda. Measures to improve the autonomy and accountability framework of the central bank and strengthen the AML/CFT framework and its effectiveness remain crucial,” added Bo.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested that structural reform priorities should include lowering the cost of doing business, removing barriers for foreign investment, improving governance, and strengthening anti-corruption institutions. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Policies to reduce vulnerability to climate change, including through better-targeted social assistance, investment in climate-resilient infrastructure and boosting agricultural productivity are important.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17470', 'image' => '20230502041401_iiii.jpg', 'article_date' => '2023-05-02 16:13:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17735', 'article_category_id' => '1', 'title' => 'Former MP Rai Arrested for Sending Nepalis to US as Bhutanese Refugees ', 'sub_title' => '', 'summary' => 'May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rai was nabbed from Saukhel in Lalitpur on Tuesday morning, according to Senior Superintendent of Police (SSP) Dr Manoj Kumar KC, chief of the Kathmandu Valley Crime Investigation Office, Minbhawan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrested Rai, who also served as a security advisor to the then Minister for Home Affairs Ram Bahadur Thapa, has now been kept at Metropolitan Police Range, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police held him after news about Rai's involvement in sending Nepalis to the USA in the guise of Bhutanese refugee was published recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier police arrested five people on the same charge. Sandesh Sharma of Dang, Keshav Dulal and Sagar Rai of Morang, Sanu Bhandari of Lalitpur and Kumar Gurung of Panchthar were arrested earlier, said SSP KC. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17469', 'image' => '20230502033250_Indrajit-Rai.jpg', 'article_date' => '2023-05-02 15:32:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17734', 'article_category_id' => '1', 'title' => 'Nepal Wins ACC Men's Premier Cup to Book a Ticket for Asia Cup ', 'sub_title' => '', 'summary' => 'May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the final match of the ACC Men’s Premier Cup held at the Kirtipur-based TU Cricket Ground on Tuesday, Nepal defeated the UAE by 7 wickets to secure its place in the Asia Cup scheduled to take place in September. </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"">Nepal will face India and Pakistan who are in the Group 'A' along with Nepal. Afghanistan, Sri Lanka and Bangladesh are in the Group 'B'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chasing a target of 118 runs posted by the UAE, Nepal met the target in 30.3 overs at the loss of 3 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gulsan Jha and Bhim Sakri shared a partnership of 96 runs to help Nepal win the match. They contributed 67 and 36 respectively. Jha hit six sixes and three fours in 84 balls and Sarki hit four fours off 71 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UAE's Rohan Mustafa took 2 wickets and Aayan Afzal Khan took one. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, the UAE was invited to bat first after losing the toss, and scored 117 losing all wickets. Asif Khan hit seven fours and one six, scoring the highest 46 for the team. Opener Aryan Larka made 13 runs off 28 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Naryan Rajbanshi took four wickets followed by each two wickets each by Karan KC and Sandip Lamichhane and one each by Gulsan Jha and Sompal Kami. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ‘reserve day’ game was the continuity of the Monday’s match which was halted due to rainfall. The match was interrupted at 27.3 overs on Monday. The UAE had made 106 at the loss of 9 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17468', 'image' => '20230502032218_20230421105116_Cricket Phot (2).jpg', 'article_date' => '2023-05-02 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17733', 'article_category_id' => '1', 'title' => 'Central Bank Insists Economy is on Track but There is no Money in the Market', 'sub_title' => '', 'summary' => 'May 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.', '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 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.</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"">NRB Governor Maha Prasad Adhikari claimed that the economy is on track, saying that there has been an improvement in the internal and external sectors.</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 central bank presented indicators such as the decline in current account deficit, Balance of Payments in surplus and a decline in interest rates of the banks. However, the situation in the market is not as easy as mentioned in Current Macroeconomic and Financial Situation Report of the country published by the NRB.</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"">Banks and financial institutions (BFIs), microfinance companies and cooperatives do not have enough capital to provide loans, while the daily transactions of simple tea shops to large commercial malls are decreasing. There is a continuous decline in foreign trade (import-export business). The daily turnover of the stock market has decreased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</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 real estate business has also slowed down. </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"">As the revenue collection has decreased, the government has found it difficult to meet the current expenditure. Due to the unusual recession in the market, which was not even observed during the devastating earthquake, Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic and the subsequent lockdown, the common people have started to question - where has the money gone?</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"">Former banker Analraj Bhattarai says that since there is no money in the pockets of consumers, it seems that money is lost in the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We have had easy money for the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10-12</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. We called it the 'Age of Easy Money'. That cycle is broken, due to which there is no money in the hands of common people," he said, adding, "Due to the excessive cash flow, the prices of the companies increased unnaturally. Now that property cannot be bought and sold. Consumption also increased but the income did not.”</span></span></span></span></p> <p><strong><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"">Imbalance in deposit-credit flow</span></span></span></span></strong></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"">In the current fiscal year (FY), there has been a huge imbalance in the deposit collection and credit disbursement of banks. Despite the increase in bank deposits, there is lack of cash flow in the market due to the low credit flow from banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the central bank, by mid-March of the current year, the deposits of banks and financial institutions increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">280</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.57 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the loan disbursement increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">128</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.18 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). In other words, compared to the increase in deposits of banks, the increase in lending is only half in the current fiscal year.</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"">In previous years, the situation in the financial sector was exactly the opposite. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the deposits of banks and financial institutions increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">417</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.22 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">536</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.34 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). Similarly, in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, bank deposits increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">810</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.72 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.77 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent) and in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076/77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, deposit collection of banks increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">576</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.24 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.2 percent) while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">354</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.11 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The cash flow in the market decreased this year as soon as the banks’ lending decreased. As the cash flow in the market depends on the loans of the banks, it seems that the cash flow decreases as soon as the credit flow decreases.</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 central bank's data show that the credit expansion of banks and financial institutions slowed down in the year of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and the lockdown. However, as soon as the Covid-19 pandemic subsided, banks became aggressive in extending loans. When the investment went to the stock market and real estate, those areas became 'overheated'. Now, after the central bank took a tight monetary policy, the credit of the banks has become tight and the cash flow to the market has decreased, due to which there seems to be a lack of money in the market.</span></span></span></span></p> <p><strong><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"">Cash transactions also went down</span></span></span></span></strong></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 data of the central bank also shows that the cash flow in the market is decreasing compared to the previous years. In addition to the cash in circulation in the market, transactions through electronic means have also decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, in October-November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">20, cash equivalent to Rs 6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">5 billion was in circulation in the market, but in February-March </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23, it has decreased to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15 billion. </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"">In August-September 2022 of the current fiscal year, the cash in circulation had dropped to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">594</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Likewise, there has been a big decline in the transactions made through various payment methods. In June of last year, transactions through electronic payment exceeded Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, but in January-February, it was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">36</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">From Covid relief to tight monetary policy</span></span></span></span></strong></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 government appointed Maha Prasad Adhikari as the governor of Nepal Rastra Bank within two weeks of the nationwide lockdown imposed on April 6, 2020 to control the Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After his appointment, the governor who instructed BFIs to give a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent discount on the interest on loans to the public affected by Covid as a relief, again instructed BFIs to reduce the interest rate by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points in May the same year. </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 policies issued by the governor, who has been praised for providing relief to the common people whose economic activities were due to Covid-19 through banks and financial institutions, were focused on the relief of the Covid-affected industrialists and the common people and the revival of the economy after the pandemic.</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"">Due to the flexible and expansionary monetary policy of the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> for the recovery of the economy affected by Covid-19, the cash flow in the market increased and the economy became vibrant.</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, when the cash flow in the market was used in unproductive sectors and imports, the indicators of the economy started to turn negative. As a result, the central bank issued a tight monetary policy for the current year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17467', 'image' => '20230502020950_20220512082020_Inflation.jpg', 'article_date' => '2023-05-02 14:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17732', 'article_category_id' => '1', 'title' => 'Fuel from Russia Makes Backdoor Entry to Europe via India', 'sub_title' => '', 'summary' => 'May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Russian oil is still powering Europe’s cars with help of India, reported the India Times.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later, added the media outlet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup,” India Times wrote in a recent article.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Citing the preliminary ship-tracking data from Kpler and Vortexa, Reuters reported that India made a record high imports of crude oil from Russia in fiscal year 2022-23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from February 5, Reuters reported referring to Kpler data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to India, displacing Iraq for the first time, the data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Indian refiners, which rarely bought Russian oil previously due to high transport costs, imported 970,000-981,000 bpd of it in 2022/23, accounting for more than a fifth of overall imports at 4.5-4.6 million bpd.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16 percent to 150,000-167,000 bpd in the last fiscal year, Reuters reported, adding that it accounted for about 30 percent of India's total gasoil exports, up from 21-24 percent a year earlier.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe accounted for about 50 percent of India's jet fuel exports, or around 70,000-75,000 bpd in 2022/23, up 40,000-42,000 bpd the previous year, the data showed.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17466', 'image' => '20230502123423_1682844293.oil.jpeg', 'article_date' => '2023-05-02 12:33:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17731', 'article_category_id' => '1', 'title' => 'Government Signs 7-Point Agreement with Mahabir Pun', 'sub_title' => '', 'summary' => 'May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. The government on Monday reached an understanding with Ramon Magsaysay award winner Mahabir Pun to set up the fund, in order to end a four-day sit in staged by Pun, president of the National Innovation Center.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On behalf of the government, Deputy Prime Minister Purna Bahadur Khadka signed an agreement with Pun. Khadka is also the Minister for Defense and Minister for Law, Justice and Parliamentary Affairs. According to the agreement, a fund will be established by the government to carry out research and development, innovation and innovation activities in an integrated manner.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government will prepare a draft bill within 60 days for the management and operation of the fund. It has been agreed that the bill will be passed in the upcoming session of the Federal Parliament. The agreement also mentions that 1 percent of the capital budget for the next fiscal year will be deposited in the fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, necessary policy, legal and institutional arrangements will be made to promote research and development, innovation and invention and to facilitate the legal reforms related to permits and licenses for goods and services produced from inventions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mahabir Pun started a sit-in at Maitighar from April 28, demanding that the federal and state governments should set aside 1 percent of the development budget to support research and innovation and deposit that amount into the research and innovation fund. In addition, Pun’s demands also include drafting of innovation and invention promotion, operation and procurement law, policies for the marketing of products produced by research centers, formation of a new entrepreneurship promotion committee to facilitate the work and policies according to the needs. In addition to this, Pun also demanded permission, licenses, grants and easy loans for Nepalese who want to become new entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ongoing movement under the leadership of Pun ended on Monday after signing the agreement with the government. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17465', 'image' => '20230502114324_1682993137.mahabir abhiyandaily.jpg', 'article_date' => '2023-05-02 11:42:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '17745', 'article_category_id' => '1', 'title' => 'Hotels in Nepal can Serve 3.5 Million Tourists Annually: Shah', 'sub_title' => '', 'summary' => 'May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the country.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">May 3: Binayak Shah, the newly-elected president of the Hotel Association Nepal (HAN), has emphasized that Nepal should prioritise strong connectivity to attract tourists to the country. He said that the hotels in Nepal can serve 3.5 million tourists, and stressed that connectivity by air and road should be made strong.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the government should take the initiative to strengthen the connectivity with the two neighbours as millions of tourists from India and China travel abroad annually. Shah said that the private sector is capable of providing services to tourists, but the government has not been able to bring the two new international airports into operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He claimed that the country can bring in a significant number of tourists by making the best use of Pokhara and Gautam Buddha international airports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It's not that there is no improvement in road and air infrastructure, but the pace is slow. Air accidents are also happening in Nepal and there is a problem because the European Union (EU) has also blacklisted us," Shah said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that there is a problem in bringing in tourists from two neighbouring countries because of the poor quality of roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, 4,500 big and small hotels are associated with HAN, which creates more than 1.1 million jobs directly and indirectly, he shared. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Shah, the investment in the hotel sector is equal to the annual budget of the government, i.e. more than Rs 1600 billion. He estimates that the investment in the hotel business will increase when the number of tourists reaches 1.8 million annually.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, the highest number of tourists came to Nepal in 2019 when around 1.2 million tourists visited the country. However, this has slowed down after the onset of Covid-19, Since the beginning of the year 2023, there has been a continuous improvement in arrival of tourists. According to the data released by the board on Tuesday, in the first four months of this year, a total of 326,000 tourists arrived in Nepal via air route.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shah said that there is a positive situation in the business as hotels are being occupied by domestic tourists, weddings and other events. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the 48th annual general meeting of HAN, he committed to solve the issues of the hoteliers not being able to pay the interests of the bank. He said that these issues will be raised in the review of the monetary policy of the current fiscal year and also in the budget of the next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stating that during the time of the then Prime Minister Baburam Bhattarai, the hotel business was included in the national priority list, Shah said, "The sector should be recognized as an industry."</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, he emphasized that when the government advances any matter related to the tourism sector, it should be discussed and coordinated with the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that within 1 to 2 years, Nepal needs to organize mega tourism events to attract tourists and the private sector is ready for that.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17479', 'image' => '20230503032019_Hotel.jpg', 'article_date' => '2023-05-03 15:17:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17744', 'article_category_id' => '1', 'title' => 'Arun III Hydropower Worker Dies, Two Injured ', 'sub_title' => '', 'summary' => 'May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5. The deceased has been identified as Prem Rai, 27, of Silichong Rural Municipality-5. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">District Police Office Sankhuwasabha said the incident occurred on Tuesday night and Rai breathed his last on Wednesday morning while undergoing treatment at Sankhuwasabha District Hospital. </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"">Two others injured in the incident have been identified as Samamati Walita, 23, and Saimuddin Ali, 23, from Guwahati, India. They are receiving treatment at the District Hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Over 300 workers including those from India have been hired for the project. The lack of a health facility at the project site has caused problems for them during health emergency. In some cases, they are likely to face life-threatening circumstances in the absence of timely treatment. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17478', 'image' => '20230503114026_Image-3_Arun-3-Hydropower-Project.jpg', 'article_date' => '2023-05-03 11:39:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17743', 'article_category_id' => '1', 'title' => 'Role of Labour Ministry Limited only to Foreign Employment', 'sub_title' => '', 'summary' => 'May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It seems that this ministry is basically only doing the work of identifying new destinations for foreign employment, signing labor contracts with the employer countries and their renewal, and making the necessary arrangements to send Nepali workers abroad. The recurring problems in the field of foreign employment show that the ministry has not been able to do even this work effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Considering the manpower entering the country's labor market every year and the rising rate of unemployment, the department was established under the Ministry of Industry in 1971 and was required to look after all labor-related problems. Later, the Ministry of Labor was established as a separate ministry in 1981 but it has not achieved its goals even after more than four decades of establishment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Labor is responsible for enabling the manpower ready for employment with skills so that they can compete in the labor market, prevent child labor, make foreign employment safe, dignified and orderly and use the skills, technology and capital gained from foreign employment to promote domestic employment, etc. However, since it is only doing the job of sending the manpower produced in Nepal every year for foreign employment, it is missing out on other roles and responsibilities to be performed in the field of labor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Purna Chandra Bhattarai, former secretary of the Ministry of Labour, Employment and Social Security says that the ministry should do three basic things; create an environment for employment in the country, manage foreign employment and guarantee social security of workers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “The role of the ministry in creating internal employment while playing a coordinating role between various agencies is weak,” he said. Experts say that the ministry has not been able to work effectively in the field of social security of workers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, an estimated 500,000 new manpower enter Nepal's labor market every year. The government agency does not have the data on how many of them get jobs in the public and private sectors of the country. But according to the Ministry of Labour, Employment and Social Security, 628,000 people went to work abroad in 2022. According to statistics, Nepalese workers go to 178 countries for employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, during the 2021 census, 2,169,000 Nepali were outside the country. Experts say that even though Nepali workers are going to foreign jobs in large numbers, the Ministry of Labor has failed in the matter of proper implementation of the related policies and regulations. According to labor and immigration expert Som Luintel, the policies and rules related to foreign employment have not been properly implemented. Although the matter of bringing in remittances is a priority, the state along with the Ministry of Labor has failed to make good use of them.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17477', 'image' => '20230503112934_1683079796.abhiyan (10).jpg', 'article_date' => '2023-05-03 11:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17742', 'article_category_id' => '1', 'title' => 'Imported Timber Dominate the Market as Home-Grown Wood Decays in Forests', 'sub_title' => '', 'summary' => 'May 3: There has been a problem in utilizing locally produced wood due to the state mechanism.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: There has been a problem in utilizing locally produced wood due to the state mechanism. Even though timber worth billions of rupees is being imported every year, the domestically produced wood in large quantity is yet to be utilized. As a result, timber in most of the forests that occupy more than 45 percent of the total area of the country are rotting and wasting away.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal needs 70 to 100 million cubic feet of wood annually. The country itself produces 20 million cubic feet of wood from the forests annually and it has to rely on imports to fulfill requirements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to government officials, 70 to 150 million cubic feet of wood can be produced from the domestic forests. However, experts say that due to existing policies, it is not possible to increase the production of wood. The Scientific Forest Management Procedure 2071 was issued to address this problem of wood shortage and to reduce the import of wood.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stakeholders say that timber production had increased after the implementation of the procedure. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, due to the shortcomings in implementing some aspects of the procedure it was scrapped under pressure from NGOs and environmental activists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Timber traders claim that after the cancellation of the Scientific Forest Management Procedure, 2071 in the year 2020, cutting of trees has been stopped for 3 years in more than 800 forests across the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Forestry prepared the National Standard 2078 for sustainable forest management after the cancellation of the Scientific Forest Management Procedure. However, even after all this time, that standard has not been implemented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Forest management expert Bishnu Gyawali says that there is a problem in implementation of the new standard because the administrative leadership of the forest group is unable to explain the benefits of the new standards while the political leadership does not want to understand it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali said, “It seems that the administrative leadership has not been able to explain its point clearly. Apart from pressure on the political leadership not to implement it in various ways, the lack of knowledge and lack of will are also other contributing factors.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali, an expert, says that since there are mostly only small investors in the timber business, the political leadership has not been pressured to implement the national standards for sustainable forest management. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From the commercial point of view, the imports of timber from abroad have increased due to the complicated process, lack of cooperation from the bureaucracy as well as the high price of Nepali wood. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Officials of the Ministry of Forest have been delaying the implementation of the National Standard for Sustainable Forest Management, 2078, on the pretext that they do not have a departmental minister. In a conversation with New Business Age, the spokesperson for the Ministry of Forest, Somnath Kafle said, “Discussions about the report have not been able to move forward due to the absence of a minister.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17476', 'image' => '20230503112024_1682990049.काठ.jpg', 'article_date' => '2023-05-03 11:19:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17741', 'article_category_id' => '1', 'title' => 'Darchula Avalanche: Missing People Identified, Rescue Efforts Hampered by Snowfall ', 'sub_title' => '', 'summary' => 'May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. Four of them who disappeared while collecting Yarshagumba in the area are female while one is male, according to the Armed Police Force (APF)’s Number 50 Company, Chharung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those missing have been identified as Kamala Kunwar, 38 and her son Prabin Kunwar, 18, of Duhun Rural Municipality. Likewise, Nakni Dolma Thapa, 45, Ishwari Thapa, 28, and Chhimi Somo Thapa, 15, of Jorayal Rural Municipality are also missing after the avalanche. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF Deputy Superintendent of Police Ishwari Dutt Bhatt said the rescue operation has been hampered due to continuous rainfall and snowfall since Tuesday night. </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"">Following the incident, a 25-member APF team reached the incident site on Tuesday evening but returned to Chharung as rescue efforts was not possible due to rain and snowfall.</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 avalanche on Tuesday afternoon buried tents occupied by groups of people from and outside the district who trekked there to collect Yarsagumba, a prized herb known for its purported aphrodisiac property. They were waiting for a favorable weather to start Yarsa collection when the disaster struck. However, some others managed to escape to safety. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, 20 people who managed to escape the avalanche were brought to Chharung and they are safe. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17475', 'image' => '20230503100034_APF.jpg', 'article_date' => '2023-05-03 09:59:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17740', 'article_category_id' => '1', 'title' => 'Farmers on Cloud Nine as Taplejung Experiences Snowfall', 'sub_title' => '', 'summary' => 'May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. Ghunsa, Phale, Olangchung Gola and Yanga of Phaktanglung Rural Municipality witnessed the snowfall. According to Tasi Chhiring Sherpa of Ghunsa, the snowfall occurred in the area on Tuesday night, too. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tenzing Walung of Olangchung Gola said snow has been piled up to two feet in Yanga. Yanga, a part of Olangchung Gola, lies at an altitude of 4,200 meters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a tri-junction of Taplehung, Tehrathum and Sakhuwasabha districts known as Tinjure-Milke-Jalhale also reported snowfall. In addition to this, the people of Mikwakhola and Sidingawa said they witnessed snowfall in the highlands. However, this year snowfall is relatively less compared to the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers here are happy due to the rain and snowfall as they take it as a favour from the nature during the season for cultivation. They said the snowfall is good for cash crops such as cardamom and also for vegetable farming. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17474', 'image' => '20230503094732_DKL-Fungling-Himal.jpg', 'article_date' => '2023-05-03 09:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17739', 'article_category_id' => '1', 'title' => 'Government to Introduce Ordinance to Address Problems of Loan Sharking Victims', 'sub_title' => '', 'summary' => 'The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 3: The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a meeting of the Council of Ministers held on Tuesday, it was decided that legal provisions would be amended through an ordinance to resolve the problems faced by loan sharking victims. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister for Communications and Information Technology, Rekha Sharma, stated that the government would recommend the ordinance to the President to ensure the necessary legal provisions are in place to help victims of usury. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Sharma further added that the ordinance would be submitted to the President for approval on the same day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17473', 'image' => '20230503065957_collage (3).jpg', 'article_date' => '2023-05-03 06:58:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17738', 'article_category_id' => '1', 'title' => 'Avalanche Buries Yarsagumba Pickers' Tents in Byas, Darchula', 'sub_title' => '', 'summary' => 'An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.', 'content' => '<p><span style="font-size:20px">May 3: An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.</span></p> <p><span style="font-size:20px">Some individuals have reportedly gone missing after the avalanche buried the tent where they had been temporarily residing, informed Deputy Superintendent of Police (DSP) of the Armed Police Force (APF), Number 50 Company, Chhangaru, Iswori Dutta Bhatta.</span></p> <p><span style="font-size:20px">APF DSP Iswori Dutta Bhatta said that a team of 25 APF personnel is on the way to the site, but the rescue operation may be hampered by the high altitude and bad weather conditions. </span></p> <p><span style="font-size:20px">The yarsagumba pickers, who had been collecting precious herbs in the high altitude area, had been living in the tents for the past few days due to continuous snowfall. </span></p> <p><span style="font-size:20px">The incident was reported when some pickers who were outside the tent to search for firewood informed the authorities about the avalanche. </span></p> <p><span style="font-size:20px">The yarsa pickers were not only from the local area but also from other districts. </span></p> <p><span style="font-size:20px">Byas-1 ward chairperson Ashok Bohora said the yarsa pickers had ascended to the high altitude area to collect precious herbs some days ago.</span></p> <p><span style="font-size:20px"> "There was continuous snowfall. The yarsa pickers had been living in the tent but could not go outside for yarsa hunting", he shared. </span></p> <p><span style="font-size:20px">Information Officer at the District Police Office, Darchula, Inspector Gyanendra Bahadur Singh informed that a police team from the Byas-based Sita Bridge was also heading to the incident site. </span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17472', 'image' => '20230503063900_collage (1).jpg', 'article_date' => '2023-05-03 06:35:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '17737', 'article_category_id' => '274', 'title' => 'Nepal's Per Capita Income to Reach 1410 US Dollars in the Current Fiscal Year ', 'sub_title' => '', 'summary' => 'Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fisacl year, according to the latest statistics released by the National Statistics Office.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 2: Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fiscal year, according to the latest statistics released by the National Statistics Office. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The per capita income of Nepalis was 1381 US Dollars in the previous fiscal year. The per capita income is projected to rise by 29 US Dollars in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal's per capita income had crossed the 1000 US Dollar threshold in the fiscal year of 2073/74. A decade ago, the per capita income of Nepalis was 814 US Dollars.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The estimated economic growth rate for the current fiscal year is 2.16 %, and the size of Nepal's economy is projected to reach NPR 5381 billion based on market value and NPR 4696 billion based on production value.</span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17471', 'image' => '20230502055619_collage (5).jpg', 'article_date' => '2023-05-02 17:54:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17736', 'article_category_id' => '1', 'title' => 'IMF Completes Review of Extended Credit Facility for Nepal, Giving the Country Access to USD 52.8 Mn', 'sub_title' => '', 'summary' => 'May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Issuing a statement on Monday, the IMF said this gives authorities in Nepal access to Special Drawing Right (SDR) equivalent to 39.20 million (about US$ 52.8 million).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">This brings total disbursements under the ECF for budget support so far to SDR 117.70 million (about US$ 157.4 million), IMF said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The ECF arrangement for Nepal was approved by IMF’s Executive Board on January 12, 2022. The Extended Credit Facility includes an amount equivalent to SDR 282.42 million which is 180 percent of quota or about US$ 384.8 million, the IMF further stated. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement has helped mitigate the impact of the pandemic and global shocks on economic activity and aims at protecting vulnerable groups, preserving macroeconomic and financial stability, and supporting sustained growth and poverty reduction. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The program is also helping to catalyze additional financing from Nepal’s development partners.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Despite a challenging global and domestic environment last year, including the impact of Russia’s war in Ukraine, Nepal continued to make progress with the implementation of the ECF‑supported program, the IMF added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepali authorities have taken decisive actions to maintain a stable macroeconomic environment in the context of the post‑COVID‑19 recovery and global shocks. The much‑needed monetary policy tightening last year, together with the gradual unwinding of COVID support measures, helped moderate credit growth and lower inflation,” the statement said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">In addition, to preserve fiscal discipline and debt sustainability, the government has rationalized spending in its mid‑year budget review in response to weaker‑than‑expected tax collections in the first half of the year, the review report showed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank asset quality has deteriorated as higher lending rates depress borrowers’ repayment capacity, though bank capital adequacy ratios are above the regulatory minima.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, real GDP growth is forecast to soften to 4.4 percent in FY 2022/23, but continues to be supported by the ongoing recovery of tourism, strong agriculture sector performance and resilient remittances. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Inflation remains elevated, but is projected to decline to the Nepal Rastra Bank’s 7 percent target by the end of FY 2022/23. The overall fiscal deficit is expected to reach 4.5 percent of GDP in FY 2022/23. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Revenue collection has been disappointing, owing largely to lower import‑related taxes, but substantial expenditure rationalization announced in the mid-year budget review is expected to help contain the deficit, the statement further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">IMF added that the current account deficit is expected to narrow to 5.2 percent of GDP in FY 2022/23 due to weaker import demand, lower commodity prices, a recovery in tourism and buoyant remittances that reflect a post‑pandemic increase in outward migration. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Risks to the outlook are on the downside. Over the medium term, the ECF‑supported program will help Nepal’s economy respond to shocks and achieve sustainable and inclusive growth, while maintaining adequate levels of international reserves and keeping public debt at a sustainable level.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif""> “Nepal’s reform program supported by the Extended Credit Facility (ECF) has helped to mitigate the impact of the pandemic and global shocks on economic activity, while protecting vulnerable groups, preserving macroeconomic and financial stability, and sustaining growth and poverty reduction. While reform implementation has been slower than expected, in a difficult environment, the Nepali authorities remain committed to their economic reform program,” Bo Li, deputy managing director and acting chair of IMF said in a statement after the Executive Board’s review.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Maintaining momentum on governance reforms is critical to cement recent gains in fiscal transparency. Fiscal consolidation and further structural reforms are needed to support medium-term fiscal sustainability. Revenue mobilization, advancing fiscal federalism, addressing fiscal risks, and strengthening public investment management are important measures,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to IMF Acting Chair Bo, a cautious, data-driven approach to monetary policy, supported by macroprudential tools, is appropriate to maintain external stability and address elevated inflation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepal Rastra Bank is prioritizing the asset quality of banks, including through regulatory initiatives to ensure appropriate classification of loans, and is focused on advancing the financial sector reform agenda. Measures to improve the autonomy and accountability framework of the central bank and strengthen the AML/CFT framework and its effectiveness remain crucial,” added Bo.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested that structural reform priorities should include lowering the cost of doing business, removing barriers for foreign investment, improving governance, and strengthening anti-corruption institutions. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Policies to reduce vulnerability to climate change, including through better-targeted social assistance, investment in climate-resilient infrastructure and boosting agricultural productivity are important.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17470', 'image' => '20230502041401_iiii.jpg', 'article_date' => '2023-05-02 16:13:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17735', 'article_category_id' => '1', 'title' => 'Former MP Rai Arrested for Sending Nepalis to US as Bhutanese Refugees ', 'sub_title' => '', 'summary' => 'May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rai was nabbed from Saukhel in Lalitpur on Tuesday morning, according to Senior Superintendent of Police (SSP) Dr Manoj Kumar KC, chief of the Kathmandu Valley Crime Investigation Office, Minbhawan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrested Rai, who also served as a security advisor to the then Minister for Home Affairs Ram Bahadur Thapa, has now been kept at Metropolitan Police Range, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police held him after news about Rai's involvement in sending Nepalis to the USA in the guise of Bhutanese refugee was published recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier police arrested five people on the same charge. Sandesh Sharma of Dang, Keshav Dulal and Sagar Rai of Morang, Sanu Bhandari of Lalitpur and Kumar Gurung of Panchthar were arrested earlier, said SSP KC. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17469', 'image' => '20230502033250_Indrajit-Rai.jpg', 'article_date' => '2023-05-02 15:32:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17734', 'article_category_id' => '1', 'title' => 'Nepal Wins ACC Men's Premier Cup to Book a Ticket for Asia Cup ', 'sub_title' => '', 'summary' => 'May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the final match of the ACC Men’s Premier Cup held at the Kirtipur-based TU Cricket Ground on Tuesday, Nepal defeated the UAE by 7 wickets to secure its place in the Asia Cup scheduled to take place in September. </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"">Nepal will face India and Pakistan who are in the Group 'A' along with Nepal. Afghanistan, Sri Lanka and Bangladesh are in the Group 'B'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chasing a target of 118 runs posted by the UAE, Nepal met the target in 30.3 overs at the loss of 3 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gulsan Jha and Bhim Sakri shared a partnership of 96 runs to help Nepal win the match. They contributed 67 and 36 respectively. Jha hit six sixes and three fours in 84 balls and Sarki hit four fours off 71 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UAE's Rohan Mustafa took 2 wickets and Aayan Afzal Khan took one. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, the UAE was invited to bat first after losing the toss, and scored 117 losing all wickets. Asif Khan hit seven fours and one six, scoring the highest 46 for the team. Opener Aryan Larka made 13 runs off 28 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Naryan Rajbanshi took four wickets followed by each two wickets each by Karan KC and Sandip Lamichhane and one each by Gulsan Jha and Sompal Kami. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ‘reserve day’ game was the continuity of the Monday’s match which was halted due to rainfall. The match was interrupted at 27.3 overs on Monday. The UAE had made 106 at the loss of 9 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17468', 'image' => '20230502032218_20230421105116_Cricket Phot (2).jpg', 'article_date' => '2023-05-02 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17733', 'article_category_id' => '1', 'title' => 'Central Bank Insists Economy is on Track but There is no Money in the Market', 'sub_title' => '', 'summary' => 'May 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.', '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 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.</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"">NRB Governor Maha Prasad Adhikari claimed that the economy is on track, saying that there has been an improvement in the internal and external sectors.</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 central bank presented indicators such as the decline in current account deficit, Balance of Payments in surplus and a decline in interest rates of the banks. However, the situation in the market is not as easy as mentioned in Current Macroeconomic and Financial Situation Report of the country published by the NRB.</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"">Banks and financial institutions (BFIs), microfinance companies and cooperatives do not have enough capital to provide loans, while the daily transactions of simple tea shops to large commercial malls are decreasing. There is a continuous decline in foreign trade (import-export business). The daily turnover of the stock market has decreased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</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 real estate business has also slowed down. </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"">As the revenue collection has decreased, the government has found it difficult to meet the current expenditure. Due to the unusual recession in the market, which was not even observed during the devastating earthquake, Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic and the subsequent lockdown, the common people have started to question - where has the money gone?</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"">Former banker Analraj Bhattarai says that since there is no money in the pockets of consumers, it seems that money is lost in the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We have had easy money for the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10-12</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. We called it the 'Age of Easy Money'. That cycle is broken, due to which there is no money in the hands of common people," he said, adding, "Due to the excessive cash flow, the prices of the companies increased unnaturally. Now that property cannot be bought and sold. Consumption also increased but the income did not.”</span></span></span></span></p> <p><strong><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"">Imbalance in deposit-credit flow</span></span></span></span></strong></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"">In the current fiscal year (FY), there has been a huge imbalance in the deposit collection and credit disbursement of banks. Despite the increase in bank deposits, there is lack of cash flow in the market due to the low credit flow from banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the central bank, by mid-March of the current year, the deposits of banks and financial institutions increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">280</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.57 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the loan disbursement increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">128</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.18 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). In other words, compared to the increase in deposits of banks, the increase in lending is only half in the current fiscal year.</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"">In previous years, the situation in the financial sector was exactly the opposite. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the deposits of banks and financial institutions increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">417</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.22 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">536</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.34 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). Similarly, in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, bank deposits increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">810</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.72 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.77 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent) and in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076/77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, deposit collection of banks increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">576</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.24 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.2 percent) while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">354</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.11 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The cash flow in the market decreased this year as soon as the banks’ lending decreased. As the cash flow in the market depends on the loans of the banks, it seems that the cash flow decreases as soon as the credit flow decreases.</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 central bank's data show that the credit expansion of banks and financial institutions slowed down in the year of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and the lockdown. However, as soon as the Covid-19 pandemic subsided, banks became aggressive in extending loans. When the investment went to the stock market and real estate, those areas became 'overheated'. Now, after the central bank took a tight monetary policy, the credit of the banks has become tight and the cash flow to the market has decreased, due to which there seems to be a lack of money in the market.</span></span></span></span></p> <p><strong><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"">Cash transactions also went down</span></span></span></span></strong></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 data of the central bank also shows that the cash flow in the market is decreasing compared to the previous years. In addition to the cash in circulation in the market, transactions through electronic means have also decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, in October-November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">20, cash equivalent to Rs 6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">5 billion was in circulation in the market, but in February-March </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23, it has decreased to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15 billion. </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"">In August-September 2022 of the current fiscal year, the cash in circulation had dropped to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">594</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Likewise, there has been a big decline in the transactions made through various payment methods. In June of last year, transactions through electronic payment exceeded Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, but in January-February, it was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">36</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">From Covid relief to tight monetary policy</span></span></span></span></strong></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 government appointed Maha Prasad Adhikari as the governor of Nepal Rastra Bank within two weeks of the nationwide lockdown imposed on April 6, 2020 to control the Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After his appointment, the governor who instructed BFIs to give a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent discount on the interest on loans to the public affected by Covid as a relief, again instructed BFIs to reduce the interest rate by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points in May the same year. </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 policies issued by the governor, who has been praised for providing relief to the common people whose economic activities were due to Covid-19 through banks and financial institutions, were focused on the relief of the Covid-affected industrialists and the common people and the revival of the economy after the pandemic.</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"">Due to the flexible and expansionary monetary policy of the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> for the recovery of the economy affected by Covid-19, the cash flow in the market increased and the economy became vibrant.</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, when the cash flow in the market was used in unproductive sectors and imports, the indicators of the economy started to turn negative. As a result, the central bank issued a tight monetary policy for the current year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17467', 'image' => '20230502020950_20220512082020_Inflation.jpg', 'article_date' => '2023-05-02 14:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17732', 'article_category_id' => '1', 'title' => 'Fuel from Russia Makes Backdoor Entry to Europe via India', 'sub_title' => '', 'summary' => 'May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Russian oil is still powering Europe’s cars with help of India, reported the India Times.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later, added the media outlet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup,” India Times wrote in a recent article.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Citing the preliminary ship-tracking data from Kpler and Vortexa, Reuters reported that India made a record high imports of crude oil from Russia in fiscal year 2022-23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from February 5, Reuters reported referring to Kpler data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to India, displacing Iraq for the first time, the data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Indian refiners, which rarely bought Russian oil previously due to high transport costs, imported 970,000-981,000 bpd of it in 2022/23, accounting for more than a fifth of overall imports at 4.5-4.6 million bpd.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16 percent to 150,000-167,000 bpd in the last fiscal year, Reuters reported, adding that it accounted for about 30 percent of India's total gasoil exports, up from 21-24 percent a year earlier.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe accounted for about 50 percent of India's jet fuel exports, or around 70,000-75,000 bpd in 2022/23, up 40,000-42,000 bpd the previous year, the data showed.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17466', 'image' => '20230502123423_1682844293.oil.jpeg', 'article_date' => '2023-05-02 12:33:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17731', 'article_category_id' => '1', 'title' => 'Government Signs 7-Point Agreement with Mahabir Pun', 'sub_title' => '', 'summary' => 'May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. The government on Monday reached an understanding with Ramon Magsaysay award winner Mahabir Pun to set up the fund, in order to end a four-day sit in staged by Pun, president of the National Innovation Center.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On behalf of the government, Deputy Prime Minister Purna Bahadur Khadka signed an agreement with Pun. Khadka is also the Minister for Defense and Minister for Law, Justice and Parliamentary Affairs. According to the agreement, a fund will be established by the government to carry out research and development, innovation and innovation activities in an integrated manner.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government will prepare a draft bill within 60 days for the management and operation of the fund. It has been agreed that the bill will be passed in the upcoming session of the Federal Parliament. The agreement also mentions that 1 percent of the capital budget for the next fiscal year will be deposited in the fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, necessary policy, legal and institutional arrangements will be made to promote research and development, innovation and invention and to facilitate the legal reforms related to permits and licenses for goods and services produced from inventions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mahabir Pun started a sit-in at Maitighar from April 28, demanding that the federal and state governments should set aside 1 percent of the development budget to support research and innovation and deposit that amount into the research and innovation fund. In addition, Pun’s demands also include drafting of innovation and invention promotion, operation and procurement law, policies for the marketing of products produced by research centers, formation of a new entrepreneurship promotion committee to facilitate the work and policies according to the needs. In addition to this, Pun also demanded permission, licenses, grants and easy loans for Nepalese who want to become new entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ongoing movement under the leadership of Pun ended on Monday after signing the agreement with the government. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17465', 'image' => '20230502114324_1682993137.mahabir abhiyandaily.jpg', 'article_date' => '2023-05-02 11:42:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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He said that the hotels in Nepal can serve 3.5 million tourists, and stressed that connectivity by air and road should be made strong.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He said that the government should take the initiative to strengthen the connectivity with the two neighbours as millions of tourists from India and China travel abroad annually. Shah said that the private sector is capable of providing services to tourists, but the government has not been able to bring the two new international airports into operation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He claimed that the country can bring in a significant number of tourists by making the best use of Pokhara and Gautam Buddha international airports. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">"It's not that there is no improvement in road and air infrastructure, but the pace is slow. Air accidents are also happening in Nepal and there is a problem because the European Union (EU) has also blacklisted us," Shah said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that there is a problem in bringing in tourists from two neighbouring countries because of the poor quality of roads. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Currently, 4,500 big and small hotels are associated with HAN, which creates more than 1.1 million jobs directly and indirectly, he shared. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Shah, the investment in the hotel sector is equal to the annual budget of the government, i.e. more than Rs 1600 billion. He estimates that the investment in the hotel business will increase when the number of tourists reaches 1.8 million annually.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, the highest number of tourists came to Nepal in 2019 when around 1.2 million tourists visited the country. However, this has slowed down after the onset of Covid-19, Since the beginning of the year 2023, there has been a continuous improvement in arrival of tourists. According to the data released by the board on Tuesday, in the first four months of this year, a total of 326,000 tourists arrived in Nepal via air route.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Shah said that there is a positive situation in the business as hotels are being occupied by domestic tourists, weddings and other events. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">In the 48th annual general meeting of HAN, he committed to solve the issues of the hoteliers not being able to pay the interests of the bank. He said that these issues will be raised in the review of the monetary policy of the current fiscal year and also in the budget of the next year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Stating that during the time of the then Prime Minister Baburam Bhattarai, the hotel business was included in the national priority list, Shah said, "The sector should be recognized as an industry."</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, he emphasized that when the government advances any matter related to the tourism sector, it should be discussed and coordinated with the private sector. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">He added that within 1 to 2 years, Nepal needs to organize mega tourism events to attract tourists and the private sector is ready for that.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17479', 'image' => '20230503032019_Hotel.jpg', 'article_date' => '2023-05-03 15:17:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '17744', 'article_category_id' => '1', 'title' => 'Arun III Hydropower Worker Dies, Two Injured ', 'sub_title' => '', 'summary' => 'May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: A worker hired for the under-construction 900-megawatt Arun III Hydropower Project died after he was hit by a falling rock inside the project's audit-2 tunnel at Amarang of Makalu Rural Municipality-5. The deceased has been identified as Prem Rai, 27, of Silichong Rural Municipality-5. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">District Police Office Sankhuwasabha said the incident occurred on Tuesday night and Rai breathed his last on Wednesday morning while undergoing treatment at Sankhuwasabha District Hospital. </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"">Two others injured in the incident have been identified as Samamati Walita, 23, and Saimuddin Ali, 23, from Guwahati, India. They are receiving treatment at the District Hospital. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Over 300 workers including those from India have been hired for the project. The lack of a health facility at the project site has caused problems for them during health emergency. In some cases, they are likely to face life-threatening circumstances in the absence of timely treatment. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17478', 'image' => '20230503114026_Image-3_Arun-3-Hydropower-Project.jpg', 'article_date' => '2023-05-03 11:39:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '17743', 'article_category_id' => '1', 'title' => 'Role of Labour Ministry Limited only to Foreign Employment', 'sub_title' => '', 'summary' => 'May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: The Ministry of Labour, Employment and Social Security, which was established to deal with many issues related to labour, is now limited to the menial work of foreign employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">It seems that this ministry is basically only doing the work of identifying new destinations for foreign employment, signing labor contracts with the employer countries and their renewal, and making the necessary arrangements to send Nepali workers abroad. The recurring problems in the field of foreign employment show that the ministry has not been able to do even this work effectively.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Considering the manpower entering the country's labor market every year and the rising rate of unemployment, the department was established under the Ministry of Industry in 1971 and was required to look after all labor-related problems. Later, the Ministry of Labor was established as a separate ministry in 1981 but it has not achieved its goals even after more than four decades of establishment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Labor is responsible for enabling the manpower ready for employment with skills so that they can compete in the labor market, prevent child labor, make foreign employment safe, dignified and orderly and use the skills, technology and capital gained from foreign employment to promote domestic employment, etc. However, since it is only doing the job of sending the manpower produced in Nepal every year for foreign employment, it is missing out on other roles and responsibilities to be performed in the field of labor.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Purna Chandra Bhattarai, former secretary of the Ministry of Labour, Employment and Social Security says that the ministry should do three basic things; create an environment for employment in the country, manage foreign employment and guarantee social security of workers. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""> “The role of the ministry in creating internal employment while playing a coordinating role between various agencies is weak,” he said. Experts say that the ministry has not been able to work effectively in the field of social security of workers.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, an estimated 500,000 new manpower enter Nepal's labor market every year. The government agency does not have the data on how many of them get jobs in the public and private sectors of the country. But according to the Ministry of Labour, Employment and Social Security, 628,000 people went to work abroad in 2022. According to statistics, Nepalese workers go to 178 countries for employment.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the National Statistics Office, during the 2021 census, 2,169,000 Nepali were outside the country. Experts say that even though Nepali workers are going to foreign jobs in large numbers, the Ministry of Labor has failed in the matter of proper implementation of the related policies and regulations. According to labor and immigration expert Som Luintel, the policies and rules related to foreign employment have not been properly implemented. Although the matter of bringing in remittances is a priority, the state along with the Ministry of Labor has failed to make good use of them.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17477', 'image' => '20230503112934_1683079796.abhiyan (10).jpg', 'article_date' => '2023-05-03 11:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '17742', 'article_category_id' => '1', 'title' => 'Imported Timber Dominate the Market as Home-Grown Wood Decays in Forests', 'sub_title' => '', 'summary' => 'May 3: There has been a problem in utilizing locally produced wood due to the state mechanism.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 3: There has been a problem in utilizing locally produced wood due to the state mechanism. Even though timber worth billions of rupees is being imported every year, the domestically produced wood in large quantity is yet to be utilized. As a result, timber in most of the forests that occupy more than 45 percent of the total area of the country are rotting and wasting away.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Currently, Nepal needs 70 to 100 million cubic feet of wood annually. The country itself produces 20 million cubic feet of wood from the forests annually and it has to rely on imports to fulfill requirements.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to government officials, 70 to 150 million cubic feet of wood can be produced from the domestic forests. However, experts say that due to existing policies, it is not possible to increase the production of wood. The Scientific Forest Management Procedure 2071 was issued to address this problem of wood shortage and to reduce the import of wood.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Stakeholders say that timber production had increased after the implementation of the procedure. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, due to the shortcomings in implementing some aspects of the procedure it was scrapped under pressure from NGOs and environmental activists.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Timber traders claim that after the cancellation of the Scientific Forest Management Procedure, 2071 in the year 2020, cutting of trees has been stopped for 3 years in more than 800 forests across the country. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The Ministry of Forestry prepared the National Standard 2078 for sustainable forest management after the cancellation of the Scientific Forest Management Procedure. However, even after all this time, that standard has not been implemented.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Forest management expert Bishnu Gyawali says that there is a problem in implementation of the new standard because the administrative leadership of the forest group is unable to explain the benefits of the new standards while the political leadership does not want to understand it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali said, “It seems that the administrative leadership has not been able to explain its point clearly. Apart from pressure on the political leadership not to implement it in various ways, the lack of knowledge and lack of will are also other contributing factors.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Gyawali, an expert, says that since there are mostly only small investors in the timber business, the political leadership has not been pressured to implement the national standards for sustainable forest management. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">From the commercial point of view, the imports of timber from abroad have increased due to the complicated process, lack of cooperation from the bureaucracy as well as the high price of Nepali wood. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Officials of the Ministry of Forest have been delaying the implementation of the National Standard for Sustainable Forest Management, 2078, on the pretext that they do not have a departmental minister. In a conversation with New Business Age, the spokesperson for the Ministry of Forest, Somnath Kafle said, “Discussions about the report have not been able to move forward due to the absence of a minister.”</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17476', 'image' => '20230503112024_1682990049.काठ.jpg', 'article_date' => '2023-05-03 11:19:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '17741', 'article_category_id' => '1', 'title' => 'Darchula Avalanche: Missing People Identified, Rescue Efforts Hampered by Snowfall ', 'sub_title' => '', 'summary' => 'May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Identities of the people who went missing in an avalanche at Boling of Byas Rural Municipality-1 in Darchula on Tuesday have been ascertained. Four of them who disappeared while collecting Yarshagumba in the area are female while one is male, according to the Armed Police Force (APF)’s Number 50 Company, Chharung. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Those missing have been identified as Kamala Kunwar, 38 and her son Prabin Kunwar, 18, of Duhun Rural Municipality. Likewise, Nakni Dolma Thapa, 45, Ishwari Thapa, 28, and Chhimi Somo Thapa, 15, of Jorayal Rural Municipality are also missing after the avalanche. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">APF Deputy Superintendent of Police Ishwari Dutt Bhatt said the rescue operation has been hampered due to continuous rainfall and snowfall since Tuesday night. </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"">Following the incident, a 25-member APF team reached the incident site on Tuesday evening but returned to Chharung as rescue efforts was not possible due to rain and snowfall.</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 avalanche on Tuesday afternoon buried tents occupied by groups of people from and outside the district who trekked there to collect Yarsagumba, a prized herb known for its purported aphrodisiac property. They were waiting for a favorable weather to start Yarsa collection when the disaster struck. However, some others managed to escape to safety. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to DSP Bhatta, 20 people who managed to escape the avalanche were brought to Chharung and they are safe. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17475', 'image' => '20230503100034_APF.jpg', 'article_date' => '2023-05-03 09:59:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '17740', 'article_category_id' => '1', 'title' => 'Farmers on Cloud Nine as Taplejung Experiences Snowfall', 'sub_title' => '', 'summary' => 'May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 3: Highlands in Taplejung received snowfall coupled with rain on Monday and Tuesday. Ghunsa, Phale, Olangchung Gola and Yanga of Phaktanglung Rural Municipality witnessed the snowfall. According to Tasi Chhiring Sherpa of Ghunsa, the snowfall occurred in the area on Tuesday night, too. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Tenzing Walung of Olangchung Gola said snow has been piled up to two feet in Yanga. Yanga, a part of Olangchung Gola, lies at an altitude of 4,200 meters. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a tri-junction of Taplehung, Tehrathum and Sakhuwasabha districts known as Tinjure-Milke-Jalhale also reported snowfall. In addition to this, the people of Mikwakhola and Sidingawa said they witnessed snowfall in the highlands. However, this year snowfall is relatively less compared to the previous year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Farmers here are happy due to the rain and snowfall as they take it as a favour from the nature during the season for cultivation. They said the snowfall is good for cash crops such as cardamom and also for vegetable farming. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17474', 'image' => '20230503094732_DKL-Fungling-Himal.jpg', 'article_date' => '2023-05-03 09:46:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '17739', 'article_category_id' => '1', 'title' => 'Government to Introduce Ordinance to Address Problems of Loan Sharking Victims', 'sub_title' => '', 'summary' => 'The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">May 3: The government is preparing to introduce an ordinance to address the concerns of victims of loan sharking. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During a meeting of the Council of Ministers held on Tuesday, it was decided that legal provisions would be amended through an ordinance to resolve the problems faced by loan sharking victims. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister for Communications and Information Technology, Rekha Sharma, stated that the government would recommend the ordinance to the President to ensure the necessary legal provisions are in place to help victims of usury. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Minister Sharma further added that the ordinance would be submitted to the President for approval on the same day.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17473', 'image' => '20230503065957_collage (3).jpg', 'article_date' => '2023-05-03 06:58:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 7 => array( 'Article' => array( 'id' => '17738', 'article_category_id' => '1', 'title' => 'Avalanche Buries Yarsagumba Pickers' Tents in Byas, Darchula', 'sub_title' => '', 'summary' => 'An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.', 'content' => '<p><span style="font-size:20px">May 3: An avalanche hit Byas Rural Municipality-1, Boling in Darchula, burying the tents where yarsagumba pickers were taking shelter on Tuesday afternoon.</span></p> <p><span style="font-size:20px">Some individuals have reportedly gone missing after the avalanche buried the tent where they had been temporarily residing, informed Deputy Superintendent of Police (DSP) of the Armed Police Force (APF), Number 50 Company, Chhangaru, Iswori Dutta Bhatta.</span></p> <p><span style="font-size:20px">APF DSP Iswori Dutta Bhatta said that a team of 25 APF personnel is on the way to the site, but the rescue operation may be hampered by the high altitude and bad weather conditions. </span></p> <p><span style="font-size:20px">The yarsagumba pickers, who had been collecting precious herbs in the high altitude area, had been living in the tents for the past few days due to continuous snowfall. </span></p> <p><span style="font-size:20px">The incident was reported when some pickers who were outside the tent to search for firewood informed the authorities about the avalanche. </span></p> <p><span style="font-size:20px">The yarsa pickers were not only from the local area but also from other districts. </span></p> <p><span style="font-size:20px">Byas-1 ward chairperson Ashok Bohora said the yarsa pickers had ascended to the high altitude area to collect precious herbs some days ago.</span></p> <p><span style="font-size:20px"> "There was continuous snowfall. The yarsa pickers had been living in the tent but could not go outside for yarsa hunting", he shared. </span></p> <p><span style="font-size:20px">Information Officer at the District Police Office, Darchula, Inspector Gyanendra Bahadur Singh informed that a police team from the Byas-based Sita Bridge was also heading to the incident site. </span></p> ', 'published' => true, 'created' => '2023-05-03', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17472', 'image' => '20230503063900_collage (1).jpg', 'article_date' => '2023-05-03 06:35:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 8 => array( 'Article' => array( 'id' => '17737', 'article_category_id' => '274', 'title' => 'Nepal's Per Capita Income to Reach 1410 US Dollars in the Current Fiscal Year ', 'sub_title' => '', 'summary' => 'Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fisacl year, according to the latest statistics released by the National Statistics Office.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">May 2: Nepal's per capita income is estimated to reach an all-time high of 1410 US Dollars or NPR 1,84,710 in the current fiscal year, according to the latest statistics released by the National Statistics Office. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The per capita income of Nepalis was 1381 US Dollars in the previous fiscal year. The per capita income is projected to rise by 29 US Dollars in the current fiscal year.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nepal's per capita income had crossed the 1000 US Dollar threshold in the fiscal year of 2073/74. A decade ago, the per capita income of Nepalis was 814 US Dollars.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The estimated economic growth rate for the current fiscal year is 2.16 %, and the size of Nepal's economy is projected to reach NPR 5381 billion based on market value and NPR 4696 billion based on production value.</span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17471', 'image' => '20230502055619_collage (5).jpg', 'article_date' => '2023-05-02 17:54:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '17736', 'article_category_id' => '1', 'title' => 'IMF Completes Review of Extended Credit Facility for Nepal, Giving the Country Access to USD 52.8 Mn', 'sub_title' => '', 'summary' => 'May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">May 2: The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews under the Extended Credit Facility (ECF) for Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Issuing a statement on Monday, the IMF said this gives authorities in Nepal access to Special Drawing Right (SDR) equivalent to 39.20 million (about US$ 52.8 million).</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">This brings total disbursements under the ECF for budget support so far to SDR 117.70 million (about US$ 157.4 million), IMF said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">The ECF arrangement for Nepal was approved by IMF’s Executive Board on January 12, 2022. The Extended Credit Facility includes an amount equivalent to SDR 282.42 million which is 180 percent of quota or about US$ 384.8 million, the IMF further stated. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, the ECF arrangement has helped mitigate the impact of the pandemic and global shocks on economic activity and aims at protecting vulnerable groups, preserving macroeconomic and financial stability, and supporting sustained growth and poverty reduction. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The program is also helping to catalyze additional financing from Nepal’s development partners.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Despite a challenging global and domestic environment last year, including the impact of Russia’s war in Ukraine, Nepal continued to make progress with the implementation of the ECF‑supported program, the IMF added. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepali authorities have taken decisive actions to maintain a stable macroeconomic environment in the context of the post‑COVID‑19 recovery and global shocks. The much‑needed monetary policy tightening last year, together with the gradual unwinding of COVID support measures, helped moderate credit growth and lower inflation,” the statement said. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">In addition, to preserve fiscal discipline and debt sustainability, the government has rationalized spending in its mid‑year budget review in response to weaker‑than‑expected tax collections in the first half of the year, the review report showed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Bank asset quality has deteriorated as higher lending rates depress borrowers’ repayment capacity, though bank capital adequacy ratios are above the regulatory minima.”</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to the IMF, real GDP growth is forecast to soften to 4.4 percent in FY 2022/23, but continues to be supported by the ongoing recovery of tourism, strong agriculture sector performance and resilient remittances. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Inflation remains elevated, but is projected to decline to the Nepal Rastra Bank’s 7 percent target by the end of FY 2022/23. The overall fiscal deficit is expected to reach 4.5 percent of GDP in FY 2022/23. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Revenue collection has been disappointing, owing largely to lower import‑related taxes, but substantial expenditure rationalization announced in the mid-year budget review is expected to help contain the deficit, the statement further said.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">IMF added that the current account deficit is expected to narrow to 5.2 percent of GDP in FY 2022/23 due to weaker import demand, lower commodity prices, a recovery in tourism and buoyant remittances that reflect a post‑pandemic increase in outward migration. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">Risks to the outlook are on the downside. Over the medium term, the ECF‑supported program will help Nepal’s economy respond to shocks and achieve sustainable and inclusive growth, while maintaining adequate levels of international reserves and keeping public debt at a sustainable level.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif""> “Nepal’s reform program supported by the Extended Credit Facility (ECF) has helped to mitigate the impact of the pandemic and global shocks on economic activity, while protecting vulnerable groups, preserving macroeconomic and financial stability, and sustaining growth and poverty reduction. While reform implementation has been slower than expected, in a difficult environment, the Nepali authorities remain committed to their economic reform program,” Bo Li, deputy managing director and acting chair of IMF said in a statement after the Executive Board’s review.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Maintaining momentum on governance reforms is critical to cement recent gains in fiscal transparency. Fiscal consolidation and further structural reforms are needed to support medium-term fiscal sustainability. Revenue mobilization, advancing fiscal federalism, addressing fiscal risks, and strengthening public investment management are important measures,” he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">According to IMF Acting Chair Bo, a cautious, data-driven approach to monetary policy, supported by macroprudential tools, is appropriate to maintain external stability and address elevated inflation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“The Nepal Rastra Bank is prioritizing the asset quality of banks, including through regulatory initiatives to ensure appropriate classification of loans, and is focused on advancing the financial sector reform agenda. Measures to improve the autonomy and accountability framework of the central bank and strengthen the AML/CFT framework and its effectiveness remain crucial,” added Bo.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">He suggested that structural reform priorities should include lowering the cost of doing business, removing barriers for foreign investment, improving governance, and strengthening anti-corruption institutions. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-family:"Helvetica","sans-serif"">“Policies to reduce vulnerability to climate change, including through better-targeted social assistance, investment in climate-resilient infrastructure and boosting agricultural productivity are important.”</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17470', 'image' => '20230502041401_iiii.jpg', 'article_date' => '2023-05-02 16:13:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '17735', 'article_category_id' => '1', 'title' => 'Former MP Rai Arrested for Sending Nepalis to US as Bhutanese Refugees ', 'sub_title' => '', 'summary' => 'May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Police have arrested former parliamentarian Indrajit Rai for his involvement in sending Nepalis to the United States in the guise of Bhutanese refugee. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rai was nabbed from Saukhel in Lalitpur on Tuesday morning, according to Senior Superintendent of Police (SSP) Dr Manoj Kumar KC, chief of the Kathmandu Valley Crime Investigation Office, Minbhawan. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Arrested Rai, who also served as a security advisor to the then Minister for Home Affairs Ram Bahadur Thapa, has now been kept at Metropolitan Police Range, Kathmandu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Police held him after news about Rai's involvement in sending Nepalis to the USA in the guise of Bhutanese refugee was published recently. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier police arrested five people on the same charge. Sandesh Sharma of Dang, Keshav Dulal and Sagar Rai of Morang, Sanu Bhandari of Lalitpur and Kumar Gurung of Panchthar were arrested earlier, said SSP KC. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17469', 'image' => '20230502033250_Indrajit-Rai.jpg', 'article_date' => '2023-05-02 15:32:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '17734', 'article_category_id' => '1', 'title' => 'Nepal Wins ACC Men's Premier Cup to Book a Ticket for Asia Cup ', 'sub_title' => '', 'summary' => 'May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 2: Nepal has won the title of the ACC Men's Premier Cup, which secures a place in the Asia Cup. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the final match of the ACC Men’s Premier Cup held at the Kirtipur-based TU Cricket Ground on Tuesday, Nepal defeated the UAE by 7 wickets to secure its place in the Asia Cup scheduled to take place in September. </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"">Nepal will face India and Pakistan who are in the Group 'A' along with Nepal. Afghanistan, Sri Lanka and Bangladesh are in the Group 'B'. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chasing a target of 118 runs posted by the UAE, Nepal met the target in 30.3 overs at the loss of 3 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Gulsan Jha and Bhim Sakri shared a partnership of 96 runs to help Nepal win the match. They contributed 67 and 36 respectively. Jha hit six sixes and three fours in 84 balls and Sarki hit four fours off 71 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UAE's Rohan Mustafa took 2 wickets and Aayan Afzal Khan took one. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Prior to this, the UAE was invited to bat first after losing the toss, and scored 117 losing all wickets. Asif Khan hit seven fours and one six, scoring the highest 46 for the team. Opener Aryan Larka made 13 runs off 28 balls. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">For Nepal, Lalit Naryan Rajbanshi took four wickets followed by each two wickets each by Karan KC and Sandip Lamichhane and one each by Gulsan Jha and Sompal Kami. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The ‘reserve day’ game was the continuity of the Monday’s match which was halted due to rainfall. The match was interrupted at 27.3 overs on Monday. The UAE had made 106 at the loss of 9 wickets. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">-- RSS </span></span></span></p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-03', 'keywords' => '', 'description' => '', 'sortorder' => '17468', 'image' => '20230502032218_20230421105116_Cricket Phot (2).jpg', 'article_date' => '2023-05-02 15:21:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '17733', 'article_category_id' => '1', 'title' => 'Central Bank Insists Economy is on Track but There is no Money in the Market', 'sub_title' => '', 'summary' => 'May 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.', '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 2: Nepal Rastra Bank (NRB) held a press conference on April 11 and released a report stating that the economy is returning back on track from the brink of crisis.</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"">NRB Governor Maha Prasad Adhikari claimed that the economy is on track, saying that there has been an improvement in the internal and external sectors.</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 central bank presented indicators such as the decline in current account deficit, Balance of Payments in surplus and a decline in interest rates of the banks. However, the situation in the market is not as easy as mentioned in Current Macroeconomic and Financial Situation Report of the country published by the NRB.</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"">Banks and financial institutions (BFIs), microfinance companies and cooperatives do not have enough capital to provide loans, while the daily transactions of simple tea shops to large commercial malls are decreasing. There is a continuous decline in foreign trade (import-export business). The daily turnover of the stock market has decreased from Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion to around Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">1</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</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 real estate business has also slowed down. </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"">As the revenue collection has decreased, the government has found it difficult to meet the current expenditure. Due to the unusual recession in the market, which was not even observed during the devastating earthquake, Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic and the subsequent lockdown, the common people have started to question - where has the money gone?</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"">Former banker Analraj Bhattarai says that since there is no money in the pockets of consumers, it seems that money is lost in the market. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">“We have had easy money for the last </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10-12</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> years. We called it the 'Age of Easy Money'. That cycle is broken, due to which there is no money in the hands of common people," he said, adding, "Due to the excessive cash flow, the prices of the companies increased unnaturally. Now that property cannot be bought and sold. Consumption also increased but the income did not.”</span></span></span></span></p> <p><strong><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"">Imbalance in deposit-credit flow</span></span></span></span></strong></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"">In the current fiscal year (FY), there has been a huge imbalance in the deposit collection and credit disbursement of banks. Despite the increase in bank deposits, there is lack of cash flow in the market due to the low credit flow from banks.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to the data of the central bank, by mid-March of the current year, the deposits of banks and financial institutions increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">280</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.57 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">5.5</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the loan disbursement increased by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">128</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.18 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). In other words, compared to the increase in deposits of banks, the increase in lending is only half in the current fiscal year.</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"">In previous years, the situation in the financial sector was exactly the opposite. In the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, the deposits of banks and financial institutions increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">417</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.22 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">8.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">536</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.34 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent). Similarly, in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, bank deposits increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">810</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.72 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20.6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent), while credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">9</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">0</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.77 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">27.8</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent) and in the FY </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2076/77</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">, deposit collection of banks increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">576</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.24 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">17</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.2 percent) while the credit flow increased by Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">354</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">.11 billion (</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">12.2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent).</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">The cash flow in the market decreased this year as soon as the banks’ lending decreased. As the cash flow in the market depends on the loans of the banks, it seems that the cash flow decreases as soon as the credit flow decreases.</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 central bank's data show that the credit expansion of banks and financial institutions slowed down in the year of Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and the lockdown. However, as soon as the Covid-19 pandemic subsided, banks became aggressive in extending loans. When the investment went to the stock market and real estate, those areas became 'overheated'. Now, after the central bank took a tight monetary policy, the credit of the banks has become tight and the cash flow to the market has decreased, due to which there seems to be a lack of money in the market.</span></span></span></span></p> <p><strong><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"">Cash transactions also went down</span></span></span></span></strong></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 data of the central bank also shows that the cash flow in the market is decreasing compared to the previous years. In addition to the cash in circulation in the market, transactions through electronic means have also decreased.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">According to NRB, in October-November </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">20, cash equivalent to Rs 6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">7</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">5 billion was in circulation in the market, but in February-March </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">20</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">23, it has decreased to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">6</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">15 billion. </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"">In August-September 2022 of the current fiscal year, the cash in circulation had dropped to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">594</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion. Likewise, there has been a big decline in the transactions made through various payment methods. In June of last year, transactions through electronic payment exceeded Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">62</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion, but in January-February, it was limited to Rs </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">36</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> billion.</span></span></span></span></p> <p><strong><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"">From Covid relief to tight monetary policy</span></span></span></span></strong></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 government appointed Maha Prasad Adhikari as the governor of Nepal Rastra Bank within two weeks of the nationwide lockdown imposed on April 6, 2020 to control the Covid-</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">19</span></span> <span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">pandemic. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">After his appointment, the governor who instructed BFIs to give a </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">10</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percent discount on the interest on loans to the public affected by Covid as a relief, again instructed BFIs to reduce the interest rate by </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> percentage points in May the same year. </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 policies issued by the governor, who has been praised for providing relief to the common people whose economic activities were due to Covid-19 through banks and financial institutions, were focused on the relief of the Covid-affected industrialists and the common people and the revival of the economy after the pandemic.</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"">Due to the flexible and expansionary monetary policy of the year </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2077/78</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> and </span></span><span style="font-size:15.0pt"><span style="font-family:"Arial Unicode MS","sans-serif"">2078/79</span></span><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> for the recovery of the economy affected by Covid-19, the cash flow in the market increased and the economy became vibrant.</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, when the cash flow in the market was used in unproductive sectors and imports, the indicators of the economy started to turn negative. As a result, the central bank issued a tight monetary policy for the current year.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17467', 'image' => '20230502020950_20220512082020_Inflation.jpg', 'article_date' => '2023-05-02 14:08:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '17732', 'article_category_id' => '1', 'title' => 'Fuel from Russia Makes Backdoor Entry to Europe via India', 'sub_title' => '', 'summary' => 'May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Agencies</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 2: Although the European Union imposed a ban on imports of fuel from Russia following its invasion of Ukraine on February 24, 2022, fuel from Russia is still flowing to European countries through the backdoor.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Russian oil is still powering Europe’s cars with help of India, reported the India Times.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later, added the media outlet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup,” India Times wrote in a recent article.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Reuters, access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Citing the preliminary ship-tracking data from Kpler and Vortexa, Reuters reported that India made a record high imports of crude oil from Russia in fiscal year 2022-23.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from February 5, Reuters reported referring to Kpler data.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">India's imports of Russian crude in March rose for the seventh straight month to end out the fiscal year as top supplier to India, displacing Iraq for the first time, the data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Indian refiners, which rarely bought Russian oil previously due to high transport costs, imported 970,000-981,000 bpd of it in 2022/23, accounting for more than a fifth of overall imports at 4.5-4.6 million bpd.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16 percent to 150,000-167,000 bpd in the last fiscal year, Reuters reported, adding that it accounted for about 30 percent of India's total gasoil exports, up from 21-24 percent a year earlier.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Europe accounted for about 50 percent of India's jet fuel exports, or around 70,000-75,000 bpd in 2022/23, up 40,000-42,000 bpd the previous year, the data showed.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17466', 'image' => '20230502123423_1682844293.oil.jpeg', 'article_date' => '2023-05-02 12:33:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '17731', 'article_category_id' => '1', 'title' => 'Government Signs 7-Point Agreement with Mahabir Pun', 'sub_title' => '', 'summary' => 'May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 2: The government has agreed to establish a fund to carry out the work related to innovation and invention in an integrated manner. The government on Monday reached an understanding with Ramon Magsaysay award winner Mahabir Pun to set up the fund, in order to end a four-day sit in staged by Pun, president of the National Innovation Center.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">On behalf of the government, Deputy Prime Minister Purna Bahadur Khadka signed an agreement with Pun. Khadka is also the Minister for Defense and Minister for Law, Justice and Parliamentary Affairs. According to the agreement, a fund will be established by the government to carry out research and development, innovation and innovation activities in an integrated manner.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The government will prepare a draft bill within 60 days for the management and operation of the fund. It has been agreed that the bill will be passed in the upcoming session of the Federal Parliament. The agreement also mentions that 1 percent of the capital budget for the next fiscal year will be deposited in the fund.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As per the agreement, necessary policy, legal and institutional arrangements will be made to promote research and development, innovation and invention and to facilitate the legal reforms related to permits and licenses for goods and services produced from inventions.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Mahabir Pun started a sit-in at Maitighar from April 28, demanding that the federal and state governments should set aside 1 percent of the development budget to support research and innovation and deposit that amount into the research and innovation fund. In addition, Pun’s demands also include drafting of innovation and invention promotion, operation and procurement law, policies for the marketing of products produced by research centers, formation of a new entrepreneurship promotion committee to facilitate the work and policies according to the needs. In addition to this, Pun also demanded permission, licenses, grants and easy loans for Nepalese who want to become new entrepreneurs.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The ongoing movement under the leadership of Pun ended on Monday after signing the agreement with the government. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2023-05-02', 'modified' => '2023-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '17465', 'image' => '20230502114324_1682993137.mahabir abhiyandaily.jpg', 'article_date' => '2023-05-02 11:42:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
