May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary…
May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy…
May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the…
May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine.…
May 8: A recent study has shown that only 30 percent of arable land has been irrigated in…
May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY…
May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power…
May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion.…
May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public.…
May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up…
May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal…
May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB).…
May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income…
May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market.…
May 5: The government has again kept its trend of not spending a large part of the capital budget this time as…
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The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15232', 'article_category_id' => '1', 'title' => 'NEA Announces Tender Bids to Sell 200 MW Electricity in India', 'sub_title' => '', 'summary' => 'May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season. NEA said it is going to sell the electricity to India through tender bids. Currently, NEA has imposed load shedding in the industrial sector at present due to lack of adequate electricity generation during the dry season.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">But with the onset of monsoon, NEA will sell 200 MW of electricity generated from various hydropower projects to India. It has published a tender notice on Friday calling for the Indian Electricity Trading Company to submit its proposal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA is going to sell the same amount of electricity to India for four and a half months (July 1 to November 15, 2022). The pre-condition is that the interested companies should submit a proposal to purchase at least 50 MW of electricity. No limit has been set for the rate of purchase and sale of electricity. The authority said that the company which proposes the highest rate in the tender will be selected.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">If the tender is successful, NEA will start exporting electricity to India commercially for the first time. Earlier, electricity was being exported to India as electricity exchange or energy banking. NEA has received approval to sell 364 MW of electricity from 6 different hydropower projects in Nepal to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Out of this, tender has been invited to sell 200 MW at fixed price. NEA will be able to sell the electricity in the Indian open electricity market (Day Ahead Market) by bidding daily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA has already received permission to buy and sell electricity from the Indian open electricity market. As per the approval, NEA will be able to buy and sell electricity in the Indian market by bidding on a daily basis. When buying and selling electricity in this way, the selling price will be different every day. In addition, electricity can be bought and sold at a fixed price through tender. NEA is currently importing electricity from India's open market through daily bids.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA Executive Director Kulman Ghising said that the process of selling 200 MW of electricity in India through tender has been moved forward. "We have already got permission to sell 364 MW of electricity in the Indian market. We are going to sell 200 MW through tender,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the NEA is struggling to purchase electricity from the open market of India as per the demand. Coal is major source of electricity in India. Due to the recent shortage of coal in the wake of Russia-Ukraine tensions, India's power generation has been reduced and load shedding has started. As a result, NEA has not been able to get electricity from India. In order to manage the supply of electricity, NEA has started load shedding in the industrial sector across Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14974', 'image' => '20220508022533_NEA.jpg', 'article_date' => '2022-05-08 14:24:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15231', 'article_category_id' => '1', 'title' => 'Upcoming Budget to Prioritize Agriculture, Production and Employment', 'sub_title' => '', 'summary' => 'May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Dr Surendra Upreti, senior economic adviser at the Ministry of Finance, the country is performing poorly in agriculture at present. “Last year, agricultural products worth Rs 325 billion were imported. We need a new approach and different policies and programmes for the agricultural sector. A budget focused on promoting production-based economy will be introduced,” said Upreti.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also claimed that despite some pressure on the external sector and inflation, the problem in the economy will be resolved soon. Upreti also said that the problem of loan investment is high as well. At the same time, imports have skyrocketed. Therefore, there was pressure on the external sector. “Problems occurred due to the high imports,” said Upreti adding that the second major problem at present is inflation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although inflation was expected to reach 6.5 percent in the current fiscal year, it climbed to 7.1 percent due to the Russia-Ukraine war, said Upreti. He further said that although the current year's economic growth rate is projected to reach 7 percent, it is not practically possible due to natural calamities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bank and Financial Advisor at the Ministry of Finance, Dr Shalikram Pokhrel said that the upcoming budget is focused on promoting small and medium enterprises. According to Pokhrel, who is working in the core team of Finance Minister Janardan Sharma, different approaches to formulate various policies were taken to strengthen the economy for a long term. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The focus should now be on production and not just policy. The budget will be introduced accordingly.” Pokhrel said, adding, “There are many benefits if remittances can be linked to production.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economic and political analyst Hari Roka said that the upcoming budget should focus on agriculture and production. Roka also said that work should be done from the grassroots level to find a long-term solution to the current problems.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14973', 'image' => '20220508020319_agri maize.jpg', 'article_date' => '2022-05-08 14:02:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15230', 'article_category_id' => '1', 'title' => 'Production of Cooking Oil declines by a Quarter ', 'sub_title' => '', 'summary' => 'May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. The industrialists say that the production has shrunk due to the obstruction in the import of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, the oil industries of Bara-Parsa are now running at 25 percent of their capacity due to the inconvenience in supply of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, director of Narayani Oil, said that the production has dropped to about a quarter after the import of semi-refined oil from major producers was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Prior to this, the industries were producing at 80 percent of their capacity. At present, their production capacity has decreased to 25/30 percent,” said Chachan. Entrepreneurs say that the production will keep declining if the problems in the supply chain prevails. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Among the two dozen edible oil industries, the majority are in this corridor. Few others are operating in Biratnagar and Bhairahawa. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The domestic producers used to import semi-refined sunflower and soybean oil from Ukraine and Russia before the war on February 24 halted the shipments. A high quantity of mustard oil used to be imported from these countries. However, the mounting tension between these countries for a couple of months has affected the supply chain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another major exporter of palm oil, Indonesia, has banned the export since April 28 in order to control the price in the domestic market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Suresh Rungta, operator of OBC Foods, said that the industrialists, who have been exporting edible oil to India by importing semi-refined oil from Indonesia, are finding it difficult to operate the industries at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rungta informed that they have started importing soybean from Australia and India after the embargo of semi-refined oil. Furthermore, he said that the stock of soybeans in the warehouse is not enough even for a month. Currently, his industry has been consuming 80 metric tons of soybean per day. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The inconvenience in supply of raw materials can lead to the scarcity of oil in the domestic market. The industrialists say that the price of oil is skyrocketing due to the decline in production. According to Chachan, the price of semi-refined soybean oil in the international market which was USD 1,000 per metric ton a year ago, has now increased to USD 2,100. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The shortage in the international market and the pressure of inflation have impacted the domestic market price. The price of edible oil has risen by Rs 50 per liter since the Russia-Ukraine tensions started. According to Rungta, the price of cooking oil, which was Rs 250 per liter two months ago, is now Rs 300 per liter. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14972', 'image' => '20220508125051_oil1501009175_7.jpg', 'article_date' => '2022-05-08 12:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15229', 'article_category_id' => '277', 'title' => 'Food Production affected by Lack of Irrigation Facility: NARC', 'sub_title' => '', 'summary' => 'May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal.', 'content' => '<p>May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal. The information was shared at a press conference organized by the Nepal Agricultural Research Council in Kathmandu on Saturday on the occasion of its 31st anniversary.</p> <p>Executive director of the council Dr Deepak Bhandari said that it is not easy to produce food grains due to lack of irrigation facility. He urged the concerned authorities not to delay in making proper arrangements for irrigation, fertilizer and technology to increase the production of paddy, wheat and maize in the country.</p> <p>Executive Director Bhandari also recalled that the budget allocated for irrigation was spent on the construction of embankment due to which it was not possible to arrange irrigation in the cultivable land.</p> <p>The research council claimed it has so far developed 723 varieties of 80 different crops which have been made available for the farmers. Similarly, digital mapping of soil has been made public and a proposal has been put forward to introduce technology to store oranges and lemons in cold storage for three months, said Bhandari.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14971', 'image' => '20220508081558_paddy.jpg', 'article_date' => '2022-05-08 08:12:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15228', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Sees Rise in Arrival of European Tourists', 'sub_title' => '', 'summary' => 'May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna Circuit, which is one of the major tourist attractions of Nepal, has welcomed 6,584 European tourists during the review period. Among them, French tourists constituted the highest number at 801 followed by 699 German tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, tourists from other countries such as Israel, the UK and India among others have also visited to the mountainous district, according to Annapurna Conservation Area, Manang chief Lekhnath Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum number of foreign tourists arrived in the month of April when 2,382 visitors were recorded, said Gautam. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna trail is popular among the foreigners as it includes sub-tropical forests, famous trekking routes such as snow-capped Thorang-La pass, Larke Pass and places such as world's highest altitude fresh water lake Tilicho Lake and holiest shrine-Muktinath Temple and high mountains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On an average, around 77 foreign tourists are visiting Annapurna trail on a daily basis since the onset of tourist season this spring. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately, domestic tourists are also seen in Annapurna trail, recognized as one of top 10 incredible travel experiences in the world by Lonely Planet for 2021. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14970', 'image' => '20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2022-05-08 08:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15227', 'article_category_id' => '1', 'title' => 'Electricity Supply to Industries Resumes after a Week', 'sub_title' => '', 'summary' => 'May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had cut off power supply to the industrial sector from last Wednesday due to its failure in importing electricity from India. Initially, the NEA had said that the electricity supply would be cut for 12 to 16 hours but later, it was completely cut off for a week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industries in the corridor shut down entirely due to the lack of electricity. NEA had been supplying electricity to the industries by importing 500 MW of electricity daily from India. The power supply to industry was cut off after NEA failed to bring electricity from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India halted electricity exports to Nepal as India itself was facing an energy crisis due to a shortage of coal. Following the halt in supply of electricity from India, NEA imposed load shedding in the industrial sector to ensure uninterrupted supply of electricity to domestic customers. Chief of NEA Birgunj Distribution Center Jitendra Kumar Jha informed that power supply to industries resumed from Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Jha, NEA started supplying electricity from 11 and 66 KV transmission lines. “Electricity has been restored in the industrial corridor since Wednesday evening. The problem of scarcity is still prevalent as a permanent solution is not made,” said Jha.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Jha informed that the supply eased a bit as the water level in flowing water bodies rose due to rainfall on Tuesday and Wednesday. Madhav Rajpal, vice-president of the Birgunj Chamber of Commerce and Industry said that the industries in the Bara-Parsa corridor, which were closed for a week due to lack of energy supply, are now operational.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As many as 2,000 small and medium enterprises along the corridor were shut down for a week due to the lack of electricity.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14969', 'image' => '20220506032210_elec.jpg', 'article_date' => '2022-05-06 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15226', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes a Budget of Rs 196 Million for Tourism Promotion', 'sub_title' => '', 'summary' => 'May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. The ministry aims to revive the tourism sector affected by the Covid-19 pandemic. The National Tourism Revival Committee has said that an additional budget has been demanded to promote Nepal's tourism nationally and internationally and to circulate the message that Nepal is now safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A technical committee formed under the chairmanship of Tourism Minister Prem Ale has suggested that an additional budget is needed for tourism promotion. According to Rajaram Giri, coordinator of the technical committee, they are planning to carry out promotional in a more creative way than the traditional way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The ministry is organizing an international tourism summit in September to bring in tourists. High-level delegations from more than 20 countries are expected to attend the conference. The ministry plans to invite the tourism minister of the country contributing to the highest number of tourists visiting Nepal. Tourism ministers of South Asian countries and experts working in the field of tourism will be invited to the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, Giri added that international mountaineers, hikers and personalities will attend the summit. The committee believes that the summit will spread the message worldwide that Nepal is open and safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, world-famous celebrities are also being invited to the event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At the same time, the committee aims to bring Nepal to the centre of global discussion by inviting artists, athletes and mountaineers from other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the committee is going to make a 'Tourism Digital Map' keeping in view the information of every tourist area of Nepal. The aim is to include the 'One Village One Tourism Area' campaign on the same digital map. That work will be done by Nepal Tourism Board. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The digital map will include new tourist destinations to old ones. Tourists will know about the tourist areas of Nepal as soon as they see the map. Giri said that Rs 5 million has been allocated for the project alone.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14968', 'image' => '20220506023045_20220213081358_Clipboard31.jpg', 'article_date' => '2022-05-06 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15225', 'article_category_id' => '1', 'title' => 'Credit Flow to Fake Business Establishments lands Cooperatives in Trouble', 'sub_title' => '', 'summary' => 'May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. The report states that those cooperatives have become problematic due to the credit flow to fake business establishments set up by the cooperatives themselves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Problematic Cooperative Management Committee submitted the report on the problematic cooperatives to Minister for Land Management Cooperatives and Poverty Alleviation Shashi Shrestha on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report has declared Oriental Co-operative Limited, Social Savings and Loan Cooperative Limited and Luniva Multipurpose Cooperative Limited as problematic cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Receiving the report, Minister Shrestha requested to work in such a way that the basic values, beliefs and principles of the cooperatives are adhered to and arrangements are made to provide funds to the claimants on the basis of principles and criteria of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> To prevent problems in the cooperatives, Minister Shrestha said that the ministry is ready to make necessary legal and policy arrangements while emphasizing on the need to work out an action plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The committee also concluded that the cooperatives are facing problems because they acted contrary to the legal responsibility of promoting good governance in the cooperatives and strayed from embracing the concepts of self-accountability, honesty and mutual assistance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report denotes that the problem surfaced due to the misuse of depositors’ savings by the cooperatives in direct violation of the law against the purpose and principle of the cooperative, lending without collateral or security or maintaining unnaturally high value of collateral, setting up artificial business and lending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Problematic Cooperative Management Committee, Kashiraj Dahal expressed his commitment to work in a way to solve the problem of problematic cooperatives by formulating certain criteria.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14967', 'image' => '20220506015945_Cooperative.jpg', 'article_date' => '2022-05-06 13:59:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15224', 'article_category_id' => '1', 'title' => 'Himalayan and Everest Insurance Companies opt for Merger', 'sub_title' => '', 'summary' => 'May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Memorandum of Understanding (MoU) to this effect was signed by chairman of Everest Insurance Rajiv Sapkota and Mahendra Krishna Shrestha on behalf of Himalayan General INsurance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A six-member merger committee representing three directors of each company has been formed to take the merger process forward. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The merger committee will now decide on everything from <strong>asset liability assessment</strong> to determining the swap ratio in order to restructure of the company after the merger,” said Kamal Gautam, CEO of Everest Insurance, “Then we will merge with each other. As we merge with each other, the name of the company will be kept in such a way that it will reflect the identities of both the companies.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the target is to do integrated business within the current fiscal year. “We will now proceed with the necessary process after getting approval in principle from the board. Overall, our initial goal is to start integrated business within the current fiscal year,” he said, “Our goal is to become the first company to merge in the insurance sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Insurance Board had issued a directive a month ago instructing the insurance companies to increase their paid-up capital. At present, non-life insurance companies should have a minimum paid-up capital of Rs 1 billion and life insurance companies should have a minimum paid-up capital of Rs 2 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The board has directed that the non-life insurance companies should raise the minimum limit of paid-up capital to Rs 2.5 billion and life insurance companies should increase it to Rs 5 billion by mid-April 2023. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14966', 'image' => '20220506122607_merger.jpg', 'article_date' => '2022-05-06 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15223', 'article_category_id' => '1', 'title' => 'Bagmati Province Expected to make Highest Contribution to GDP', 'sub_title' => 'Study Projects National GDP to be around Rs 4852 Billion', 'summary' => 'May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by the Central Bureau of Statistics (CBS) regarding the contribution of the provinces to the GDP in the current fiscal year (FY 2021/22), Bagmati Province is expected to contribute 36.9 percent to the nation’s GDP. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The figure was 36.7 percent during the last fiscal year. As the CBS projection suggests, the national annual GDP in the current fiscal will be around Rs 4,852 billion while that of Bagmati Province is expected to be around Rs 1,791 billion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Contribution of Karnali Province to the GDP is projected to be the least among all seven provinces. The CBS data shows that Province 1 will contribute 15.7 percent to the GDP followed by Lumbini Province (14.1 percent), Madhes Province (13.2 percent), Gandaki Province (8.9 percent), Sudur Paschim Province (7.0 percent) and Karnali Province (4.1 percent).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the study, the country's economic growth rate in the current fiscal will be 5.8 percent at the national level. The CBS report says Bagmati Province is projected to record the highest economic growth rate of 6.7 percent while the lowest of 4.8 percent has been projected in the Madhes Province.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference organized to unveil the report on Thursday, CBS Director Ganesh Prasad Acharya said that the maximum contribution to the GDP will come from service sector while the industrial sector will contribute the least.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the industry taxonomy, the proportion of contribution of agriculture sector to the GDP in the last fiscal year and the current fiscal year is highest in all the provinces except Bagmati Province. The contribution of wholesale and retail trade sector is found to be more in Bagmati Province. The CBS has stated that the contribution of trade sector is found to be more in Bagmati Province due to the growing urbanization, large population and the national-level trade transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Trade sector occupies second position at the national level in terms of its contribution to the GDP.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The growth projection and other data have been made public on the basis of the information collected up to nine months of the current fiscal year, the CBS stated. Based on the estimated data, the CBS concluded that economic activities are on the way to normalcy in all provinces following a decline in COVID-19 infections. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14965', 'image' => '20220506080122_GDP.jpg', 'article_date' => '2022-05-06 08:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15222', 'article_category_id' => '1', 'title' => 'BFIs Unlikely to Meet Credit Expansion Target this Year', 'sub_title' => '', 'summary' => 'May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). As a result, the banks are unlikely to meet the target of credit flow fixed by the central bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had set a target for banks and financial institutions to expand credit flow by 19 percent in the monetary policy for the current fiscal year. As per the target, BFIs have to make loan investment of around Rs 800 billion. However, the credit flow of BFIs in the first nine months of the current fiscal year stands at 12 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Banks are unable to expand credit flow due to liquidity crisis,” said Sunil KC, vice president of Nepal Bankers’ Association, adding, “Even 15 percent credit expansion seems difficult this year.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari also admitted during a public function organized on Wednesday that the BFIs will not meet the credit expansion target this year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs were aggressively involved in credit expansion last year after the impact of Covid-19 subsided. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank had set a target of 20 percent credit expansion in the fiscal year 2020/21. However, credit expansion of BFIs during the review period stood at 28 percent. Despite expanding credit flow, banks failed to collect deposit in the same proportion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Therefore, banks are unable to extend new credit right now.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had also fixed 90 percent CCD ratio in the current fiscal year from the earlier CCD ratio of 85 percent. Due to this provision, banks credit flow was affected as they can extend credit flow in proportion to deposit collection. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Economist Dr Bishwas Gauchan says banks were aggressively involved in credit flow to the unproductive sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is over financing in our economy. Credit flow has not helped in economic growth. It has only helped increase imports which is unproductive,” said Gauchan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Central bank officials have also concluded that banks have mostly extended credit to the unproductive sector due to which there has been liquidity crisis. </span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14964', 'image' => '20220505071950_Banks - Copy.jpg', 'article_date' => '2022-05-05 19:19:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15221', 'article_category_id' => '1', 'title' => 'USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country ', 'sub_title' => '', 'summary' => 'May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary and Head of the International Economic Cooperation Coordination Division (IECCD) of the Ministry of Finance Ishwori Prasad Aryal and USAID Nepal’s Mission Director Sepideh Keyvanshad signed an agreement to this effect on behalf their respective governments at a programme organized at the ministry on Thursday (May 5). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Termed as the new Development Objective Agreement, this assistance will span for five years. The US government will partner with the Government of Nepal, civil society, and the private sector to implement projects under the grant assistance.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US assistance is expected to advance Nepal's sustainable development through strengthening democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance in collaboration with line ministries and implement them in accordance with GoN rules and regulations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Delivering a short remark following the signing ceremony, Aryal expressed, "In 1951, after signing the Point Four Program, the United States became the first bilateral donor to Nepal. This started a 70 plus year relationship of trust, mutual respect, and commitment to the people of Nepal." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal's socioeconomic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Keyvanshad noted, "Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government's long-term commitment to support activities that strengthen Nepal's democracy, governance, and economic growth across the country." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the United States government and the Government of Nepal are celebrating 75 years of bilateral relationship. The Government of Nepal expressed its sincere appreciation to the Government of the United States of America for its invariable support in socioeconomic development and advancements of human resources of Nepal. Both governments acknowledge the partnership has seen many successes and looked forward to continuing in the spirit of strong collaboration, the Ministry of Finance and the USAID said in a joint press release. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14963', 'image' => '20220505041459_US flag.jpg', 'article_date' => '2022-05-05 16:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15220', 'article_category_id' => '1', 'title' => 'Investors Troubled by Margin Call as Share Market Continues to Decline ', 'sub_title' => '', 'summary' => 'May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. Investors who have taken loans of a margin nature from banks and financial institutions have started facing margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions, when giving loans of a margin nature, call for an additional amount or share in case the value of the pledged shares falls by 20 per cent. It has raised concerns among the investors who have taken loans of the margin nature.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Secretary of the Share Investors Pressure Group, Nayan Bastola, informed that investors have been suffering due to the recent margin call. Investors who took loans when the market was at a historic high are now facing the risk of margin calls, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Bastola, there is a lack of investable capital in the financial system, and investors will have difficulty completing the margin call process when the stock price is declining day by day. He is of the view that investors will be relieved from the problem of the margin call if the government pays attention to the need for policy change in the market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An experienced investor and secretary of Nepal Investors Forum, Durga Tiwari, also said that investors are falling prey to margin calls. He says margin calls have added tensions as investors are worried about declining market. "Liquidity can ease this problem," said Tiwari.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tiwari said that the problem of not wanting to sell at a loss when the price of securities is low and also the problem of not getting loans from banks and financial institutions is making the investors panic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the rate at which the market has declined, investors do not have the problem of margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to sources, if the market continues to decline, all the borrowers will face the problem of margin calls. Nepse had set a record by crossing 3,200 points on August 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After that, the market dropped to 2,259.51 points on November 12 and climbed to a historic point on January 15. On that day, the Nepse index had risen to 2,956 points. On Wednesday, the last trading day, Nepse stood at 2,275.68 points. Based on the high point of January 19, Nepse has dropped by 23 per cent in the meantime.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions can disburse margin loans up to 70 per cent. Investors can get such loans up to Rs 40 million from one institution and up to Rs 120 million from four banks by pledging their shares. </span></span></span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14962', 'image' => '20220505025332_margin call.jpg', 'article_date' => '2022-05-05 14:51:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15219', 'article_category_id' => '274', 'title' => 'Government Needs to Spend Rs 754 billion in 2 Months', 'sub_title' => '', 'summary' => 'May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well. With only two months left for the current fiscal year to end, the government has not been able to spend almost half of the budget allocated for this FY.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite an increase in current expenditure, the government has not been able to spend the capital budget. According to the Financial General Comptrollers’ Office, which keeps track of government expenditure and revenue, the government had passed a budget of Rs 1.632 trillion for the current fiscal year while it has so far spent only Rs 878 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With two months left in the current fiscal year, the government is yet to spend Rs 754 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government, which initially announced a budget of Rs 16.32 trillion, had downsized the budget during the mid-term review after it became clear that the government would not be able to achieve its target.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has spent only half of the budget allocated in the first ten months of the current fiscal year and its seems implausible to spend the remaining amount in the next two months. The current expenditure is likely to increase further. As the country is engaged in elections, the current expenditure is expected to increase this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has already spent Rs 693 billion out of the total current expenditure of Rs 1065 billion for this year. The government will have to spend more than Rs 372 billion in the next two months under this heading.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Development spending weak</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The last four months of a fiscal year (mid-April to mid-July) are the season for spending capital (development) budget in Nepal. However, there has not been any encouraging expenditure this time around. According to the FCGO, more than Rs 378 billion has been allocated for capital expenditure in the current fiscal year’s budget, but only Rs 111 billion has been spent so far.</span></span></span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14961', 'image' => '20220505012709_budget new.jpg', 'article_date' => '2022-05-05 13:26:21', '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' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15232', 'article_category_id' => '1', 'title' => 'NEA Announces Tender Bids to Sell 200 MW Electricity in India', 'sub_title' => '', 'summary' => 'May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season. NEA said it is going to sell the electricity to India through tender bids. Currently, NEA has imposed load shedding in the industrial sector at present due to lack of adequate electricity generation during the dry season.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">But with the onset of monsoon, NEA will sell 200 MW of electricity generated from various hydropower projects to India. It has published a tender notice on Friday calling for the Indian Electricity Trading Company to submit its proposal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA is going to sell the same amount of electricity to India for four and a half months (July 1 to November 15, 2022). The pre-condition is that the interested companies should submit a proposal to purchase at least 50 MW of electricity. No limit has been set for the rate of purchase and sale of electricity. The authority said that the company which proposes the highest rate in the tender will be selected.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">If the tender is successful, NEA will start exporting electricity to India commercially for the first time. Earlier, electricity was being exported to India as electricity exchange or energy banking. NEA has received approval to sell 364 MW of electricity from 6 different hydropower projects in Nepal to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Out of this, tender has been invited to sell 200 MW at fixed price. NEA will be able to sell the electricity in the Indian open electricity market (Day Ahead Market) by bidding daily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA has already received permission to buy and sell electricity from the Indian open electricity market. As per the approval, NEA will be able to buy and sell electricity in the Indian market by bidding on a daily basis. When buying and selling electricity in this way, the selling price will be different every day. In addition, electricity can be bought and sold at a fixed price through tender. NEA is currently importing electricity from India's open market through daily bids.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA Executive Director Kulman Ghising said that the process of selling 200 MW of electricity in India through tender has been moved forward. "We have already got permission to sell 364 MW of electricity in the Indian market. We are going to sell 200 MW through tender,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the NEA is struggling to purchase electricity from the open market of India as per the demand. Coal is major source of electricity in India. Due to the recent shortage of coal in the wake of Russia-Ukraine tensions, India's power generation has been reduced and load shedding has started. As a result, NEA has not been able to get electricity from India. In order to manage the supply of electricity, NEA has started load shedding in the industrial sector across Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14974', 'image' => '20220508022533_NEA.jpg', 'article_date' => '2022-05-08 14:24:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15231', 'article_category_id' => '1', 'title' => 'Upcoming Budget to Prioritize Agriculture, Production and Employment', 'sub_title' => '', 'summary' => 'May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Dr Surendra Upreti, senior economic adviser at the Ministry of Finance, the country is performing poorly in agriculture at present. “Last year, agricultural products worth Rs 325 billion were imported. We need a new approach and different policies and programmes for the agricultural sector. A budget focused on promoting production-based economy will be introduced,” said Upreti.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also claimed that despite some pressure on the external sector and inflation, the problem in the economy will be resolved soon. Upreti also said that the problem of loan investment is high as well. At the same time, imports have skyrocketed. Therefore, there was pressure on the external sector. “Problems occurred due to the high imports,” said Upreti adding that the second major problem at present is inflation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although inflation was expected to reach 6.5 percent in the current fiscal year, it climbed to 7.1 percent due to the Russia-Ukraine war, said Upreti. He further said that although the current year's economic growth rate is projected to reach 7 percent, it is not practically possible due to natural calamities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bank and Financial Advisor at the Ministry of Finance, Dr Shalikram Pokhrel said that the upcoming budget is focused on promoting small and medium enterprises. According to Pokhrel, who is working in the core team of Finance Minister Janardan Sharma, different approaches to formulate various policies were taken to strengthen the economy for a long term. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The focus should now be on production and not just policy. The budget will be introduced accordingly.” Pokhrel said, adding, “There are many benefits if remittances can be linked to production.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economic and political analyst Hari Roka said that the upcoming budget should focus on agriculture and production. Roka also said that work should be done from the grassroots level to find a long-term solution to the current problems.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14973', 'image' => '20220508020319_agri maize.jpg', 'article_date' => '2022-05-08 14:02:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15230', 'article_category_id' => '1', 'title' => 'Production of Cooking Oil declines by a Quarter ', 'sub_title' => '', 'summary' => 'May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. The industrialists say that the production has shrunk due to the obstruction in the import of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, the oil industries of Bara-Parsa are now running at 25 percent of their capacity due to the inconvenience in supply of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, director of Narayani Oil, said that the production has dropped to about a quarter after the import of semi-refined oil from major producers was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Prior to this, the industries were producing at 80 percent of their capacity. At present, their production capacity has decreased to 25/30 percent,” said Chachan. Entrepreneurs say that the production will keep declining if the problems in the supply chain prevails. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Among the two dozen edible oil industries, the majority are in this corridor. Few others are operating in Biratnagar and Bhairahawa. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The domestic producers used to import semi-refined sunflower and soybean oil from Ukraine and Russia before the war on February 24 halted the shipments. A high quantity of mustard oil used to be imported from these countries. However, the mounting tension between these countries for a couple of months has affected the supply chain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another major exporter of palm oil, Indonesia, has banned the export since April 28 in order to control the price in the domestic market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Suresh Rungta, operator of OBC Foods, said that the industrialists, who have been exporting edible oil to India by importing semi-refined oil from Indonesia, are finding it difficult to operate the industries at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rungta informed that they have started importing soybean from Australia and India after the embargo of semi-refined oil. Furthermore, he said that the stock of soybeans in the warehouse is not enough even for a month. Currently, his industry has been consuming 80 metric tons of soybean per day. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The inconvenience in supply of raw materials can lead to the scarcity of oil in the domestic market. The industrialists say that the price of oil is skyrocketing due to the decline in production. According to Chachan, the price of semi-refined soybean oil in the international market which was USD 1,000 per metric ton a year ago, has now increased to USD 2,100. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The shortage in the international market and the pressure of inflation have impacted the domestic market price. The price of edible oil has risen by Rs 50 per liter since the Russia-Ukraine tensions started. According to Rungta, the price of cooking oil, which was Rs 250 per liter two months ago, is now Rs 300 per liter. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14972', 'image' => '20220508125051_oil1501009175_7.jpg', 'article_date' => '2022-05-08 12:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15229', 'article_category_id' => '277', 'title' => 'Food Production affected by Lack of Irrigation Facility: NARC', 'sub_title' => '', 'summary' => 'May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal.', 'content' => '<p>May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal. The information was shared at a press conference organized by the Nepal Agricultural Research Council in Kathmandu on Saturday on the occasion of its 31st anniversary.</p> <p>Executive director of the council Dr Deepak Bhandari said that it is not easy to produce food grains due to lack of irrigation facility. He urged the concerned authorities not to delay in making proper arrangements for irrigation, fertilizer and technology to increase the production of paddy, wheat and maize in the country.</p> <p>Executive Director Bhandari also recalled that the budget allocated for irrigation was spent on the construction of embankment due to which it was not possible to arrange irrigation in the cultivable land.</p> <p>The research council claimed it has so far developed 723 varieties of 80 different crops which have been made available for the farmers. Similarly, digital mapping of soil has been made public and a proposal has been put forward to introduce technology to store oranges and lemons in cold storage for three months, said Bhandari.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14971', 'image' => '20220508081558_paddy.jpg', 'article_date' => '2022-05-08 08:12:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15228', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Sees Rise in Arrival of European Tourists', 'sub_title' => '', 'summary' => 'May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna Circuit, which is one of the major tourist attractions of Nepal, has welcomed 6,584 European tourists during the review period. Among them, French tourists constituted the highest number at 801 followed by 699 German tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, tourists from other countries such as Israel, the UK and India among others have also visited to the mountainous district, according to Annapurna Conservation Area, Manang chief Lekhnath Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum number of foreign tourists arrived in the month of April when 2,382 visitors were recorded, said Gautam. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna trail is popular among the foreigners as it includes sub-tropical forests, famous trekking routes such as snow-capped Thorang-La pass, Larke Pass and places such as world's highest altitude fresh water lake Tilicho Lake and holiest shrine-Muktinath Temple and high mountains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On an average, around 77 foreign tourists are visiting Annapurna trail on a daily basis since the onset of tourist season this spring. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately, domestic tourists are also seen in Annapurna trail, recognized as one of top 10 incredible travel experiences in the world by Lonely Planet for 2021. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14970', 'image' => '20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2022-05-08 08:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15227', 'article_category_id' => '1', 'title' => 'Electricity Supply to Industries Resumes after a Week', 'sub_title' => '', 'summary' => 'May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had cut off power supply to the industrial sector from last Wednesday due to its failure in importing electricity from India. Initially, the NEA had said that the electricity supply would be cut for 12 to 16 hours but later, it was completely cut off for a week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industries in the corridor shut down entirely due to the lack of electricity. NEA had been supplying electricity to the industries by importing 500 MW of electricity daily from India. The power supply to industry was cut off after NEA failed to bring electricity from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India halted electricity exports to Nepal as India itself was facing an energy crisis due to a shortage of coal. Following the halt in supply of electricity from India, NEA imposed load shedding in the industrial sector to ensure uninterrupted supply of electricity to domestic customers. Chief of NEA Birgunj Distribution Center Jitendra Kumar Jha informed that power supply to industries resumed from Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Jha, NEA started supplying electricity from 11 and 66 KV transmission lines. “Electricity has been restored in the industrial corridor since Wednesday evening. The problem of scarcity is still prevalent as a permanent solution is not made,” said Jha.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Jha informed that the supply eased a bit as the water level in flowing water bodies rose due to rainfall on Tuesday and Wednesday. Madhav Rajpal, vice-president of the Birgunj Chamber of Commerce and Industry said that the industries in the Bara-Parsa corridor, which were closed for a week due to lack of energy supply, are now operational.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As many as 2,000 small and medium enterprises along the corridor were shut down for a week due to the lack of electricity.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14969', 'image' => '20220506032210_elec.jpg', 'article_date' => '2022-05-06 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15226', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes a Budget of Rs 196 Million for Tourism Promotion', 'sub_title' => '', 'summary' => 'May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. The ministry aims to revive the tourism sector affected by the Covid-19 pandemic. The National Tourism Revival Committee has said that an additional budget has been demanded to promote Nepal's tourism nationally and internationally and to circulate the message that Nepal is now safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A technical committee formed under the chairmanship of Tourism Minister Prem Ale has suggested that an additional budget is needed for tourism promotion. According to Rajaram Giri, coordinator of the technical committee, they are planning to carry out promotional in a more creative way than the traditional way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The ministry is organizing an international tourism summit in September to bring in tourists. High-level delegations from more than 20 countries are expected to attend the conference. The ministry plans to invite the tourism minister of the country contributing to the highest number of tourists visiting Nepal. Tourism ministers of South Asian countries and experts working in the field of tourism will be invited to the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, Giri added that international mountaineers, hikers and personalities will attend the summit. The committee believes that the summit will spread the message worldwide that Nepal is open and safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, world-famous celebrities are also being invited to the event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At the same time, the committee aims to bring Nepal to the centre of global discussion by inviting artists, athletes and mountaineers from other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the committee is going to make a 'Tourism Digital Map' keeping in view the information of every tourist area of Nepal. The aim is to include the 'One Village One Tourism Area' campaign on the same digital map. That work will be done by Nepal Tourism Board. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The digital map will include new tourist destinations to old ones. Tourists will know about the tourist areas of Nepal as soon as they see the map. Giri said that Rs 5 million has been allocated for the project alone.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14968', 'image' => '20220506023045_20220213081358_Clipboard31.jpg', 'article_date' => '2022-05-06 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15225', 'article_category_id' => '1', 'title' => 'Credit Flow to Fake Business Establishments lands Cooperatives in Trouble', 'sub_title' => '', 'summary' => 'May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. The report states that those cooperatives have become problematic due to the credit flow to fake business establishments set up by the cooperatives themselves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Problematic Cooperative Management Committee submitted the report on the problematic cooperatives to Minister for Land Management Cooperatives and Poverty Alleviation Shashi Shrestha on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report has declared Oriental Co-operative Limited, Social Savings and Loan Cooperative Limited and Luniva Multipurpose Cooperative Limited as problematic cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Receiving the report, Minister Shrestha requested to work in such a way that the basic values, beliefs and principles of the cooperatives are adhered to and arrangements are made to provide funds to the claimants on the basis of principles and criteria of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> To prevent problems in the cooperatives, Minister Shrestha said that the ministry is ready to make necessary legal and policy arrangements while emphasizing on the need to work out an action plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The committee also concluded that the cooperatives are facing problems because they acted contrary to the legal responsibility of promoting good governance in the cooperatives and strayed from embracing the concepts of self-accountability, honesty and mutual assistance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report denotes that the problem surfaced due to the misuse of depositors’ savings by the cooperatives in direct violation of the law against the purpose and principle of the cooperative, lending without collateral or security or maintaining unnaturally high value of collateral, setting up artificial business and lending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Problematic Cooperative Management Committee, Kashiraj Dahal expressed his commitment to work in a way to solve the problem of problematic cooperatives by formulating certain criteria.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14967', 'image' => '20220506015945_Cooperative.jpg', 'article_date' => '2022-05-06 13:59:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15224', 'article_category_id' => '1', 'title' => 'Himalayan and Everest Insurance Companies opt for Merger', 'sub_title' => '', 'summary' => 'May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Memorandum of Understanding (MoU) to this effect was signed by chairman of Everest Insurance Rajiv Sapkota and Mahendra Krishna Shrestha on behalf of Himalayan General INsurance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A six-member merger committee representing three directors of each company has been formed to take the merger process forward. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The merger committee will now decide on everything from <strong>asset liability assessment</strong> to determining the swap ratio in order to restructure of the company after the merger,” said Kamal Gautam, CEO of Everest Insurance, “Then we will merge with each other. As we merge with each other, the name of the company will be kept in such a way that it will reflect the identities of both the companies.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the target is to do integrated business within the current fiscal year. “We will now proceed with the necessary process after getting approval in principle from the board. Overall, our initial goal is to start integrated business within the current fiscal year,” he said, “Our goal is to become the first company to merge in the insurance sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Insurance Board had issued a directive a month ago instructing the insurance companies to increase their paid-up capital. At present, non-life insurance companies should have a minimum paid-up capital of Rs 1 billion and life insurance companies should have a minimum paid-up capital of Rs 2 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The board has directed that the non-life insurance companies should raise the minimum limit of paid-up capital to Rs 2.5 billion and life insurance companies should increase it to Rs 5 billion by mid-April 2023. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14966', 'image' => '20220506122607_merger.jpg', 'article_date' => '2022-05-06 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15223', 'article_category_id' => '1', 'title' => 'Bagmati Province Expected to make Highest Contribution to GDP', 'sub_title' => 'Study Projects National GDP to be around Rs 4852 Billion', 'summary' => 'May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by the Central Bureau of Statistics (CBS) regarding the contribution of the provinces to the GDP in the current fiscal year (FY 2021/22), Bagmati Province is expected to contribute 36.9 percent to the nation’s GDP. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The figure was 36.7 percent during the last fiscal year. As the CBS projection suggests, the national annual GDP in the current fiscal will be around Rs 4,852 billion while that of Bagmati Province is expected to be around Rs 1,791 billion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Contribution of Karnali Province to the GDP is projected to be the least among all seven provinces. The CBS data shows that Province 1 will contribute 15.7 percent to the GDP followed by Lumbini Province (14.1 percent), Madhes Province (13.2 percent), Gandaki Province (8.9 percent), Sudur Paschim Province (7.0 percent) and Karnali Province (4.1 percent).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the study, the country's economic growth rate in the current fiscal will be 5.8 percent at the national level. The CBS report says Bagmati Province is projected to record the highest economic growth rate of 6.7 percent while the lowest of 4.8 percent has been projected in the Madhes Province.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference organized to unveil the report on Thursday, CBS Director Ganesh Prasad Acharya said that the maximum contribution to the GDP will come from service sector while the industrial sector will contribute the least.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the industry taxonomy, the proportion of contribution of agriculture sector to the GDP in the last fiscal year and the current fiscal year is highest in all the provinces except Bagmati Province. The contribution of wholesale and retail trade sector is found to be more in Bagmati Province. The CBS has stated that the contribution of trade sector is found to be more in Bagmati Province due to the growing urbanization, large population and the national-level trade transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Trade sector occupies second position at the national level in terms of its contribution to the GDP.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The growth projection and other data have been made public on the basis of the information collected up to nine months of the current fiscal year, the CBS stated. Based on the estimated data, the CBS concluded that economic activities are on the way to normalcy in all provinces following a decline in COVID-19 infections. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14965', 'image' => '20220506080122_GDP.jpg', 'article_date' => '2022-05-06 08:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15222', 'article_category_id' => '1', 'title' => 'BFIs Unlikely to Meet Credit Expansion Target this Year', 'sub_title' => '', 'summary' => 'May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). As a result, the banks are unlikely to meet the target of credit flow fixed by the central bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had set a target for banks and financial institutions to expand credit flow by 19 percent in the monetary policy for the current fiscal year. As per the target, BFIs have to make loan investment of around Rs 800 billion. However, the credit flow of BFIs in the first nine months of the current fiscal year stands at 12 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Banks are unable to expand credit flow due to liquidity crisis,” said Sunil KC, vice president of Nepal Bankers’ Association, adding, “Even 15 percent credit expansion seems difficult this year.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari also admitted during a public function organized on Wednesday that the BFIs will not meet the credit expansion target this year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs were aggressively involved in credit expansion last year after the impact of Covid-19 subsided. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank had set a target of 20 percent credit expansion in the fiscal year 2020/21. However, credit expansion of BFIs during the review period stood at 28 percent. Despite expanding credit flow, banks failed to collect deposit in the same proportion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Therefore, banks are unable to extend new credit right now.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had also fixed 90 percent CCD ratio in the current fiscal year from the earlier CCD ratio of 85 percent. Due to this provision, banks credit flow was affected as they can extend credit flow in proportion to deposit collection. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Economist Dr Bishwas Gauchan says banks were aggressively involved in credit flow to the unproductive sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is over financing in our economy. Credit flow has not helped in economic growth. It has only helped increase imports which is unproductive,” said Gauchan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Central bank officials have also concluded that banks have mostly extended credit to the unproductive sector due to which there has been liquidity crisis. </span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14964', 'image' => '20220505071950_Banks - Copy.jpg', 'article_date' => '2022-05-05 19:19:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15221', 'article_category_id' => '1', 'title' => 'USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country ', 'sub_title' => '', 'summary' => 'May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary and Head of the International Economic Cooperation Coordination Division (IECCD) of the Ministry of Finance Ishwori Prasad Aryal and USAID Nepal’s Mission Director Sepideh Keyvanshad signed an agreement to this effect on behalf their respective governments at a programme organized at the ministry on Thursday (May 5). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Termed as the new Development Objective Agreement, this assistance will span for five years. The US government will partner with the Government of Nepal, civil society, and the private sector to implement projects under the grant assistance.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US assistance is expected to advance Nepal's sustainable development through strengthening democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance in collaboration with line ministries and implement them in accordance with GoN rules and regulations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Delivering a short remark following the signing ceremony, Aryal expressed, "In 1951, after signing the Point Four Program, the United States became the first bilateral donor to Nepal. This started a 70 plus year relationship of trust, mutual respect, and commitment to the people of Nepal." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal's socioeconomic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Keyvanshad noted, "Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government's long-term commitment to support activities that strengthen Nepal's democracy, governance, and economic growth across the country." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the United States government and the Government of Nepal are celebrating 75 years of bilateral relationship. The Government of Nepal expressed its sincere appreciation to the Government of the United States of America for its invariable support in socioeconomic development and advancements of human resources of Nepal. Both governments acknowledge the partnership has seen many successes and looked forward to continuing in the spirit of strong collaboration, the Ministry of Finance and the USAID said in a joint press release. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14963', 'image' => '20220505041459_US flag.jpg', 'article_date' => '2022-05-05 16:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15220', 'article_category_id' => '1', 'title' => 'Investors Troubled by Margin Call as Share Market Continues to Decline ', 'sub_title' => '', 'summary' => 'May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. Investors who have taken loans of a margin nature from banks and financial institutions have started facing margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions, when giving loans of a margin nature, call for an additional amount or share in case the value of the pledged shares falls by 20 per cent. It has raised concerns among the investors who have taken loans of the margin nature.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Secretary of the Share Investors Pressure Group, Nayan Bastola, informed that investors have been suffering due to the recent margin call. Investors who took loans when the market was at a historic high are now facing the risk of margin calls, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Bastola, there is a lack of investable capital in the financial system, and investors will have difficulty completing the margin call process when the stock price is declining day by day. He is of the view that investors will be relieved from the problem of the margin call if the government pays attention to the need for policy change in the market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An experienced investor and secretary of Nepal Investors Forum, Durga Tiwari, also said that investors are falling prey to margin calls. He says margin calls have added tensions as investors are worried about declining market. "Liquidity can ease this problem," said Tiwari.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tiwari said that the problem of not wanting to sell at a loss when the price of securities is low and also the problem of not getting loans from banks and financial institutions is making the investors panic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the rate at which the market has declined, investors do not have the problem of margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to sources, if the market continues to decline, all the borrowers will face the problem of margin calls. Nepse had set a record by crossing 3,200 points on August 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After that, the market dropped to 2,259.51 points on November 12 and climbed to a historic point on January 15. On that day, the Nepse index had risen to 2,956 points. On Wednesday, the last trading day, Nepse stood at 2,275.68 points. Based on the high point of January 19, Nepse has dropped by 23 per cent in the meantime.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions can disburse margin loans up to 70 per cent. Investors can get such loans up to Rs 40 million from one institution and up to Rs 120 million from four banks by pledging their shares. </span></span></span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14962', 'image' => '20220505025332_margin call.jpg', 'article_date' => '2022-05-05 14:51:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15219', 'article_category_id' => '274', 'title' => 'Government Needs to Spend Rs 754 billion in 2 Months', 'sub_title' => '', 'summary' => 'May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well. With only two months left for the current fiscal year to end, the government has not been able to spend almost half of the budget allocated for this FY.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite an increase in current expenditure, the government has not been able to spend the capital budget. According to the Financial General Comptrollers’ Office, which keeps track of government expenditure and revenue, the government had passed a budget of Rs 1.632 trillion for the current fiscal year while it has so far spent only Rs 878 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With two months left in the current fiscal year, the government is yet to spend Rs 754 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government, which initially announced a budget of Rs 16.32 trillion, had downsized the budget during the mid-term review after it became clear that the government would not be able to achieve its target.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has spent only half of the budget allocated in the first ten months of the current fiscal year and its seems implausible to spend the remaining amount in the next two months. The current expenditure is likely to increase further. As the country is engaged in elections, the current expenditure is expected to increase this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has already spent Rs 693 billion out of the total current expenditure of Rs 1065 billion for this year. The government will have to spend more than Rs 372 billion in the next two months under this heading.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Development spending weak</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The last four months of a fiscal year (mid-April to mid-July) are the season for spending capital (development) budget in Nepal. However, there has not been any encouraging expenditure this time around. According to the FCGO, more than Rs 378 billion has been allocated for capital expenditure in the current fiscal year’s budget, but only Rs 111 billion has been spent so far.</span></span></span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14961', 'image' => '20220505012709_budget new.jpg', 'article_date' => '2022-05-05 13:26:21', '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' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15232', 'article_category_id' => '1', 'title' => 'NEA Announces Tender Bids to Sell 200 MW Electricity in India', 'sub_title' => '', 'summary' => 'May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season. NEA said it is going to sell the electricity to India through tender bids. Currently, NEA has imposed load shedding in the industrial sector at present due to lack of adequate electricity generation during the dry season.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">But with the onset of monsoon, NEA will sell 200 MW of electricity generated from various hydropower projects to India. It has published a tender notice on Friday calling for the Indian Electricity Trading Company to submit its proposal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA is going to sell the same amount of electricity to India for four and a half months (July 1 to November 15, 2022). The pre-condition is that the interested companies should submit a proposal to purchase at least 50 MW of electricity. No limit has been set for the rate of purchase and sale of electricity. The authority said that the company which proposes the highest rate in the tender will be selected.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">If the tender is successful, NEA will start exporting electricity to India commercially for the first time. Earlier, electricity was being exported to India as electricity exchange or energy banking. NEA has received approval to sell 364 MW of electricity from 6 different hydropower projects in Nepal to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Out of this, tender has been invited to sell 200 MW at fixed price. NEA will be able to sell the electricity in the Indian open electricity market (Day Ahead Market) by bidding daily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA has already received permission to buy and sell electricity from the Indian open electricity market. As per the approval, NEA will be able to buy and sell electricity in the Indian market by bidding on a daily basis. When buying and selling electricity in this way, the selling price will be different every day. In addition, electricity can be bought and sold at a fixed price through tender. NEA is currently importing electricity from India's open market through daily bids.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA Executive Director Kulman Ghising said that the process of selling 200 MW of electricity in India through tender has been moved forward. "We have already got permission to sell 364 MW of electricity in the Indian market. We are going to sell 200 MW through tender,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the NEA is struggling to purchase electricity from the open market of India as per the demand. Coal is major source of electricity in India. Due to the recent shortage of coal in the wake of Russia-Ukraine tensions, India's power generation has been reduced and load shedding has started. As a result, NEA has not been able to get electricity from India. In order to manage the supply of electricity, NEA has started load shedding in the industrial sector across Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14974', 'image' => '20220508022533_NEA.jpg', 'article_date' => '2022-05-08 14:24:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15231', 'article_category_id' => '1', 'title' => 'Upcoming Budget to Prioritize Agriculture, Production and Employment', 'sub_title' => '', 'summary' => 'May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Dr Surendra Upreti, senior economic adviser at the Ministry of Finance, the country is performing poorly in agriculture at present. “Last year, agricultural products worth Rs 325 billion were imported. We need a new approach and different policies and programmes for the agricultural sector. A budget focused on promoting production-based economy will be introduced,” said Upreti.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also claimed that despite some pressure on the external sector and inflation, the problem in the economy will be resolved soon. Upreti also said that the problem of loan investment is high as well. At the same time, imports have skyrocketed. Therefore, there was pressure on the external sector. “Problems occurred due to the high imports,” said Upreti adding that the second major problem at present is inflation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although inflation was expected to reach 6.5 percent in the current fiscal year, it climbed to 7.1 percent due to the Russia-Ukraine war, said Upreti. He further said that although the current year's economic growth rate is projected to reach 7 percent, it is not practically possible due to natural calamities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bank and Financial Advisor at the Ministry of Finance, Dr Shalikram Pokhrel said that the upcoming budget is focused on promoting small and medium enterprises. According to Pokhrel, who is working in the core team of Finance Minister Janardan Sharma, different approaches to formulate various policies were taken to strengthen the economy for a long term. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The focus should now be on production and not just policy. The budget will be introduced accordingly.” Pokhrel said, adding, “There are many benefits if remittances can be linked to production.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economic and political analyst Hari Roka said that the upcoming budget should focus on agriculture and production. Roka also said that work should be done from the grassroots level to find a long-term solution to the current problems.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14973', 'image' => '20220508020319_agri maize.jpg', 'article_date' => '2022-05-08 14:02:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15230', 'article_category_id' => '1', 'title' => 'Production of Cooking Oil declines by a Quarter ', 'sub_title' => '', 'summary' => 'May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. The industrialists say that the production has shrunk due to the obstruction in the import of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, the oil industries of Bara-Parsa are now running at 25 percent of their capacity due to the inconvenience in supply of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, director of Narayani Oil, said that the production has dropped to about a quarter after the import of semi-refined oil from major producers was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Prior to this, the industries were producing at 80 percent of their capacity. At present, their production capacity has decreased to 25/30 percent,” said Chachan. Entrepreneurs say that the production will keep declining if the problems in the supply chain prevails. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Among the two dozen edible oil industries, the majority are in this corridor. Few others are operating in Biratnagar and Bhairahawa. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The domestic producers used to import semi-refined sunflower and soybean oil from Ukraine and Russia before the war on February 24 halted the shipments. A high quantity of mustard oil used to be imported from these countries. However, the mounting tension between these countries for a couple of months has affected the supply chain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another major exporter of palm oil, Indonesia, has banned the export since April 28 in order to control the price in the domestic market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Suresh Rungta, operator of OBC Foods, said that the industrialists, who have been exporting edible oil to India by importing semi-refined oil from Indonesia, are finding it difficult to operate the industries at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rungta informed that they have started importing soybean from Australia and India after the embargo of semi-refined oil. Furthermore, he said that the stock of soybeans in the warehouse is not enough even for a month. Currently, his industry has been consuming 80 metric tons of soybean per day. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The inconvenience in supply of raw materials can lead to the scarcity of oil in the domestic market. The industrialists say that the price of oil is skyrocketing due to the decline in production. According to Chachan, the price of semi-refined soybean oil in the international market which was USD 1,000 per metric ton a year ago, has now increased to USD 2,100. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The shortage in the international market and the pressure of inflation have impacted the domestic market price. The price of edible oil has risen by Rs 50 per liter since the Russia-Ukraine tensions started. According to Rungta, the price of cooking oil, which was Rs 250 per liter two months ago, is now Rs 300 per liter. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14972', 'image' => '20220508125051_oil1501009175_7.jpg', 'article_date' => '2022-05-08 12:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15229', 'article_category_id' => '277', 'title' => 'Food Production affected by Lack of Irrigation Facility: NARC', 'sub_title' => '', 'summary' => 'May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal.', 'content' => '<p>May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal. The information was shared at a press conference organized by the Nepal Agricultural Research Council in Kathmandu on Saturday on the occasion of its 31st anniversary.</p> <p>Executive director of the council Dr Deepak Bhandari said that it is not easy to produce food grains due to lack of irrigation facility. He urged the concerned authorities not to delay in making proper arrangements for irrigation, fertilizer and technology to increase the production of paddy, wheat and maize in the country.</p> <p>Executive Director Bhandari also recalled that the budget allocated for irrigation was spent on the construction of embankment due to which it was not possible to arrange irrigation in the cultivable land.</p> <p>The research council claimed it has so far developed 723 varieties of 80 different crops which have been made available for the farmers. Similarly, digital mapping of soil has been made public and a proposal has been put forward to introduce technology to store oranges and lemons in cold storage for three months, said Bhandari.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14971', 'image' => '20220508081558_paddy.jpg', 'article_date' => '2022-05-08 08:12:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15228', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Sees Rise in Arrival of European Tourists', 'sub_title' => '', 'summary' => 'May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna Circuit, which is one of the major tourist attractions of Nepal, has welcomed 6,584 European tourists during the review period. Among them, French tourists constituted the highest number at 801 followed by 699 German tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, tourists from other countries such as Israel, the UK and India among others have also visited to the mountainous district, according to Annapurna Conservation Area, Manang chief Lekhnath Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum number of foreign tourists arrived in the month of April when 2,382 visitors were recorded, said Gautam. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna trail is popular among the foreigners as it includes sub-tropical forests, famous trekking routes such as snow-capped Thorang-La pass, Larke Pass and places such as world's highest altitude fresh water lake Tilicho Lake and holiest shrine-Muktinath Temple and high mountains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On an average, around 77 foreign tourists are visiting Annapurna trail on a daily basis since the onset of tourist season this spring. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately, domestic tourists are also seen in Annapurna trail, recognized as one of top 10 incredible travel experiences in the world by Lonely Planet for 2021. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14970', 'image' => '20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2022-05-08 08:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15227', 'article_category_id' => '1', 'title' => 'Electricity Supply to Industries Resumes after a Week', 'sub_title' => '', 'summary' => 'May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had cut off power supply to the industrial sector from last Wednesday due to its failure in importing electricity from India. Initially, the NEA had said that the electricity supply would be cut for 12 to 16 hours but later, it was completely cut off for a week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industries in the corridor shut down entirely due to the lack of electricity. NEA had been supplying electricity to the industries by importing 500 MW of electricity daily from India. The power supply to industry was cut off after NEA failed to bring electricity from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India halted electricity exports to Nepal as India itself was facing an energy crisis due to a shortage of coal. Following the halt in supply of electricity from India, NEA imposed load shedding in the industrial sector to ensure uninterrupted supply of electricity to domestic customers. Chief of NEA Birgunj Distribution Center Jitendra Kumar Jha informed that power supply to industries resumed from Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Jha, NEA started supplying electricity from 11 and 66 KV transmission lines. “Electricity has been restored in the industrial corridor since Wednesday evening. The problem of scarcity is still prevalent as a permanent solution is not made,” said Jha.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Jha informed that the supply eased a bit as the water level in flowing water bodies rose due to rainfall on Tuesday and Wednesday. Madhav Rajpal, vice-president of the Birgunj Chamber of Commerce and Industry said that the industries in the Bara-Parsa corridor, which were closed for a week due to lack of energy supply, are now operational.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As many as 2,000 small and medium enterprises along the corridor were shut down for a week due to the lack of electricity.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14969', 'image' => '20220506032210_elec.jpg', 'article_date' => '2022-05-06 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15226', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes a Budget of Rs 196 Million for Tourism Promotion', 'sub_title' => '', 'summary' => 'May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. The ministry aims to revive the tourism sector affected by the Covid-19 pandemic. The National Tourism Revival Committee has said that an additional budget has been demanded to promote Nepal's tourism nationally and internationally and to circulate the message that Nepal is now safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A technical committee formed under the chairmanship of Tourism Minister Prem Ale has suggested that an additional budget is needed for tourism promotion. According to Rajaram Giri, coordinator of the technical committee, they are planning to carry out promotional in a more creative way than the traditional way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The ministry is organizing an international tourism summit in September to bring in tourists. High-level delegations from more than 20 countries are expected to attend the conference. The ministry plans to invite the tourism minister of the country contributing to the highest number of tourists visiting Nepal. Tourism ministers of South Asian countries and experts working in the field of tourism will be invited to the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, Giri added that international mountaineers, hikers and personalities will attend the summit. The committee believes that the summit will spread the message worldwide that Nepal is open and safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, world-famous celebrities are also being invited to the event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At the same time, the committee aims to bring Nepal to the centre of global discussion by inviting artists, athletes and mountaineers from other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the committee is going to make a 'Tourism Digital Map' keeping in view the information of every tourist area of Nepal. The aim is to include the 'One Village One Tourism Area' campaign on the same digital map. That work will be done by Nepal Tourism Board. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The digital map will include new tourist destinations to old ones. Tourists will know about the tourist areas of Nepal as soon as they see the map. Giri said that Rs 5 million has been allocated for the project alone.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14968', 'image' => '20220506023045_20220213081358_Clipboard31.jpg', 'article_date' => '2022-05-06 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15225', 'article_category_id' => '1', 'title' => 'Credit Flow to Fake Business Establishments lands Cooperatives in Trouble', 'sub_title' => '', 'summary' => 'May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. The report states that those cooperatives have become problematic due to the credit flow to fake business establishments set up by the cooperatives themselves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Problematic Cooperative Management Committee submitted the report on the problematic cooperatives to Minister for Land Management Cooperatives and Poverty Alleviation Shashi Shrestha on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report has declared Oriental Co-operative Limited, Social Savings and Loan Cooperative Limited and Luniva Multipurpose Cooperative Limited as problematic cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Receiving the report, Minister Shrestha requested to work in such a way that the basic values, beliefs and principles of the cooperatives are adhered to and arrangements are made to provide funds to the claimants on the basis of principles and criteria of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> To prevent problems in the cooperatives, Minister Shrestha said that the ministry is ready to make necessary legal and policy arrangements while emphasizing on the need to work out an action plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The committee also concluded that the cooperatives are facing problems because they acted contrary to the legal responsibility of promoting good governance in the cooperatives and strayed from embracing the concepts of self-accountability, honesty and mutual assistance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report denotes that the problem surfaced due to the misuse of depositors’ savings by the cooperatives in direct violation of the law against the purpose and principle of the cooperative, lending without collateral or security or maintaining unnaturally high value of collateral, setting up artificial business and lending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Problematic Cooperative Management Committee, Kashiraj Dahal expressed his commitment to work in a way to solve the problem of problematic cooperatives by formulating certain criteria.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14967', 'image' => '20220506015945_Cooperative.jpg', 'article_date' => '2022-05-06 13:59:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15224', 'article_category_id' => '1', 'title' => 'Himalayan and Everest Insurance Companies opt for Merger', 'sub_title' => '', 'summary' => 'May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Memorandum of Understanding (MoU) to this effect was signed by chairman of Everest Insurance Rajiv Sapkota and Mahendra Krishna Shrestha on behalf of Himalayan General INsurance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A six-member merger committee representing three directors of each company has been formed to take the merger process forward. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The merger committee will now decide on everything from <strong>asset liability assessment</strong> to determining the swap ratio in order to restructure of the company after the merger,” said Kamal Gautam, CEO of Everest Insurance, “Then we will merge with each other. As we merge with each other, the name of the company will be kept in such a way that it will reflect the identities of both the companies.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the target is to do integrated business within the current fiscal year. “We will now proceed with the necessary process after getting approval in principle from the board. Overall, our initial goal is to start integrated business within the current fiscal year,” he said, “Our goal is to become the first company to merge in the insurance sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Insurance Board had issued a directive a month ago instructing the insurance companies to increase their paid-up capital. At present, non-life insurance companies should have a minimum paid-up capital of Rs 1 billion and life insurance companies should have a minimum paid-up capital of Rs 2 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The board has directed that the non-life insurance companies should raise the minimum limit of paid-up capital to Rs 2.5 billion and life insurance companies should increase it to Rs 5 billion by mid-April 2023. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14966', 'image' => '20220506122607_merger.jpg', 'article_date' => '2022-05-06 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15223', 'article_category_id' => '1', 'title' => 'Bagmati Province Expected to make Highest Contribution to GDP', 'sub_title' => 'Study Projects National GDP to be around Rs 4852 Billion', 'summary' => 'May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by the Central Bureau of Statistics (CBS) regarding the contribution of the provinces to the GDP in the current fiscal year (FY 2021/22), Bagmati Province is expected to contribute 36.9 percent to the nation’s GDP. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The figure was 36.7 percent during the last fiscal year. As the CBS projection suggests, the national annual GDP in the current fiscal will be around Rs 4,852 billion while that of Bagmati Province is expected to be around Rs 1,791 billion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Contribution of Karnali Province to the GDP is projected to be the least among all seven provinces. The CBS data shows that Province 1 will contribute 15.7 percent to the GDP followed by Lumbini Province (14.1 percent), Madhes Province (13.2 percent), Gandaki Province (8.9 percent), Sudur Paschim Province (7.0 percent) and Karnali Province (4.1 percent).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the study, the country's economic growth rate in the current fiscal will be 5.8 percent at the national level. The CBS report says Bagmati Province is projected to record the highest economic growth rate of 6.7 percent while the lowest of 4.8 percent has been projected in the Madhes Province.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference organized to unveil the report on Thursday, CBS Director Ganesh Prasad Acharya said that the maximum contribution to the GDP will come from service sector while the industrial sector will contribute the least.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the industry taxonomy, the proportion of contribution of agriculture sector to the GDP in the last fiscal year and the current fiscal year is highest in all the provinces except Bagmati Province. The contribution of wholesale and retail trade sector is found to be more in Bagmati Province. The CBS has stated that the contribution of trade sector is found to be more in Bagmati Province due to the growing urbanization, large population and the national-level trade transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Trade sector occupies second position at the national level in terms of its contribution to the GDP.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The growth projection and other data have been made public on the basis of the information collected up to nine months of the current fiscal year, the CBS stated. Based on the estimated data, the CBS concluded that economic activities are on the way to normalcy in all provinces following a decline in COVID-19 infections. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14965', 'image' => '20220506080122_GDP.jpg', 'article_date' => '2022-05-06 08:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15222', 'article_category_id' => '1', 'title' => 'BFIs Unlikely to Meet Credit Expansion Target this Year', 'sub_title' => '', 'summary' => 'May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). As a result, the banks are unlikely to meet the target of credit flow fixed by the central bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had set a target for banks and financial institutions to expand credit flow by 19 percent in the monetary policy for the current fiscal year. As per the target, BFIs have to make loan investment of around Rs 800 billion. However, the credit flow of BFIs in the first nine months of the current fiscal year stands at 12 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Banks are unable to expand credit flow due to liquidity crisis,” said Sunil KC, vice president of Nepal Bankers’ Association, adding, “Even 15 percent credit expansion seems difficult this year.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari also admitted during a public function organized on Wednesday that the BFIs will not meet the credit expansion target this year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs were aggressively involved in credit expansion last year after the impact of Covid-19 subsided. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank had set a target of 20 percent credit expansion in the fiscal year 2020/21. However, credit expansion of BFIs during the review period stood at 28 percent. Despite expanding credit flow, banks failed to collect deposit in the same proportion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Therefore, banks are unable to extend new credit right now.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had also fixed 90 percent CCD ratio in the current fiscal year from the earlier CCD ratio of 85 percent. Due to this provision, banks credit flow was affected as they can extend credit flow in proportion to deposit collection. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Economist Dr Bishwas Gauchan says banks were aggressively involved in credit flow to the unproductive sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is over financing in our economy. Credit flow has not helped in economic growth. It has only helped increase imports which is unproductive,” said Gauchan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Central bank officials have also concluded that banks have mostly extended credit to the unproductive sector due to which there has been liquidity crisis. </span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14964', 'image' => '20220505071950_Banks - Copy.jpg', 'article_date' => '2022-05-05 19:19:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15221', 'article_category_id' => '1', 'title' => 'USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country ', 'sub_title' => '', 'summary' => 'May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary and Head of the International Economic Cooperation Coordination Division (IECCD) of the Ministry of Finance Ishwori Prasad Aryal and USAID Nepal’s Mission Director Sepideh Keyvanshad signed an agreement to this effect on behalf their respective governments at a programme organized at the ministry on Thursday (May 5). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Termed as the new Development Objective Agreement, this assistance will span for five years. The US government will partner with the Government of Nepal, civil society, and the private sector to implement projects under the grant assistance.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US assistance is expected to advance Nepal's sustainable development through strengthening democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance in collaboration with line ministries and implement them in accordance with GoN rules and regulations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Delivering a short remark following the signing ceremony, Aryal expressed, "In 1951, after signing the Point Four Program, the United States became the first bilateral donor to Nepal. This started a 70 plus year relationship of trust, mutual respect, and commitment to the people of Nepal." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal's socioeconomic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Keyvanshad noted, "Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government's long-term commitment to support activities that strengthen Nepal's democracy, governance, and economic growth across the country." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the United States government and the Government of Nepal are celebrating 75 years of bilateral relationship. The Government of Nepal expressed its sincere appreciation to the Government of the United States of America for its invariable support in socioeconomic development and advancements of human resources of Nepal. Both governments acknowledge the partnership has seen many successes and looked forward to continuing in the spirit of strong collaboration, the Ministry of Finance and the USAID said in a joint press release. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14963', 'image' => '20220505041459_US flag.jpg', 'article_date' => '2022-05-05 16:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15220', 'article_category_id' => '1', 'title' => 'Investors Troubled by Margin Call as Share Market Continues to Decline ', 'sub_title' => '', 'summary' => 'May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. Investors who have taken loans of a margin nature from banks and financial institutions have started facing margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions, when giving loans of a margin nature, call for an additional amount or share in case the value of the pledged shares falls by 20 per cent. It has raised concerns among the investors who have taken loans of the margin nature.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Secretary of the Share Investors Pressure Group, Nayan Bastola, informed that investors have been suffering due to the recent margin call. Investors who took loans when the market was at a historic high are now facing the risk of margin calls, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Bastola, there is a lack of investable capital in the financial system, and investors will have difficulty completing the margin call process when the stock price is declining day by day. He is of the view that investors will be relieved from the problem of the margin call if the government pays attention to the need for policy change in the market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An experienced investor and secretary of Nepal Investors Forum, Durga Tiwari, also said that investors are falling prey to margin calls. He says margin calls have added tensions as investors are worried about declining market. "Liquidity can ease this problem," said Tiwari.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tiwari said that the problem of not wanting to sell at a loss when the price of securities is low and also the problem of not getting loans from banks and financial institutions is making the investors panic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the rate at which the market has declined, investors do not have the problem of margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to sources, if the market continues to decline, all the borrowers will face the problem of margin calls. Nepse had set a record by crossing 3,200 points on August 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After that, the market dropped to 2,259.51 points on November 12 and climbed to a historic point on January 15. On that day, the Nepse index had risen to 2,956 points. On Wednesday, the last trading day, Nepse stood at 2,275.68 points. Based on the high point of January 19, Nepse has dropped by 23 per cent in the meantime.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions can disburse margin loans up to 70 per cent. Investors can get such loans up to Rs 40 million from one institution and up to Rs 120 million from four banks by pledging their shares. </span></span></span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14962', 'image' => '20220505025332_margin call.jpg', 'article_date' => '2022-05-05 14:51:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15219', 'article_category_id' => '274', 'title' => 'Government Needs to Spend Rs 754 billion in 2 Months', 'sub_title' => '', 'summary' => 'May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well. With only two months left for the current fiscal year to end, the government has not been able to spend almost half of the budget allocated for this FY.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite an increase in current expenditure, the government has not been able to spend the capital budget. According to the Financial General Comptrollers’ Office, which keeps track of government expenditure and revenue, the government had passed a budget of Rs 1.632 trillion for the current fiscal year while it has so far spent only Rs 878 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With two months left in the current fiscal year, the government is yet to spend Rs 754 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government, which initially announced a budget of Rs 16.32 trillion, had downsized the budget during the mid-term review after it became clear that the government would not be able to achieve its target.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has spent only half of the budget allocated in the first ten months of the current fiscal year and its seems implausible to spend the remaining amount in the next two months. The current expenditure is likely to increase further. As the country is engaged in elections, the current expenditure is expected to increase this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has already spent Rs 693 billion out of the total current expenditure of Rs 1065 billion for this year. The government will have to spend more than Rs 372 billion in the next two months under this heading.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Development spending weak</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The last four months of a fiscal year (mid-April to mid-July) are the season for spending capital (development) budget in Nepal. However, there has not been any encouraging expenditure this time around. According to the FCGO, more than Rs 378 billion has been allocated for capital expenditure in the current fiscal year’s budget, but only Rs 111 billion has been spent so far.</span></span></span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14961', 'image' => '20220505012709_budget new.jpg', 'article_date' => '2022-05-05 13:26:21', '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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The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15232', 'article_category_id' => '1', 'title' => 'NEA Announces Tender Bids to Sell 200 MW Electricity in India', 'sub_title' => '', 'summary' => 'May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">May 8: Nepal Electricity Authority (NEA) is planning to sell 200 MW of electricity to India in the upcoming rainy season. NEA said it is going to sell the electricity to India through tender bids. Currently, NEA has imposed load shedding in the industrial sector at present due to lack of adequate electricity generation during the dry season.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">But with the onset of monsoon, NEA will sell 200 MW of electricity generated from various hydropower projects to India. It has published a tender notice on Friday calling for the Indian Electricity Trading Company to submit its proposal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA is going to sell the same amount of electricity to India for four and a half months (July 1 to November 15, 2022). The pre-condition is that the interested companies should submit a proposal to purchase at least 50 MW of electricity. No limit has been set for the rate of purchase and sale of electricity. The authority said that the company which proposes the highest rate in the tender will be selected.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">If the tender is successful, NEA will start exporting electricity to India commercially for the first time. Earlier, electricity was being exported to India as electricity exchange or energy banking. NEA has received approval to sell 364 MW of electricity from 6 different hydropower projects in Nepal to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Out of this, tender has been invited to sell 200 MW at fixed price. NEA will be able to sell the electricity in the Indian open electricity market (Day Ahead Market) by bidding daily.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA has already received permission to buy and sell electricity from the Indian open electricity market. As per the approval, NEA will be able to buy and sell electricity in the Indian market by bidding on a daily basis. When buying and selling electricity in this way, the selling price will be different every day. In addition, electricity can be bought and sold at a fixed price through tender. NEA is currently importing electricity from India's open market through daily bids.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">NEA Executive Director Kulman Ghising said that the process of selling 200 MW of electricity in India through tender has been moved forward. "We have already got permission to sell 364 MW of electricity in the Indian market. We are going to sell 200 MW through tender,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Currently, the NEA is struggling to purchase electricity from the open market of India as per the demand. Coal is major source of electricity in India. Due to the recent shortage of coal in the wake of Russia-Ukraine tensions, India's power generation has been reduced and load shedding has started. As a result, NEA has not been able to get electricity from India. In order to manage the supply of electricity, NEA has started load shedding in the industrial sector across Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14974', 'image' => '20220508022533_NEA.jpg', 'article_date' => '2022-05-08 14:24:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15231', 'article_category_id' => '1', 'title' => 'Upcoming Budget to Prioritize Agriculture, Production and Employment', 'sub_title' => '', 'summary' => 'May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The government is planning to give high priority to agriculture, production and employment in the budget of the upcoming fiscal year in an attempt to improve the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Dr Surendra Upreti, senior economic adviser at the Ministry of Finance, the country is performing poorly in agriculture at present. “Last year, agricultural products worth Rs 325 billion were imported. We need a new approach and different policies and programmes for the agricultural sector. A budget focused on promoting production-based economy will be introduced,” said Upreti.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also claimed that despite some pressure on the external sector and inflation, the problem in the economy will be resolved soon. Upreti also said that the problem of loan investment is high as well. At the same time, imports have skyrocketed. Therefore, there was pressure on the external sector. “Problems occurred due to the high imports,” said Upreti adding that the second major problem at present is inflation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although inflation was expected to reach 6.5 percent in the current fiscal year, it climbed to 7.1 percent due to the Russia-Ukraine war, said Upreti. He further said that although the current year's economic growth rate is projected to reach 7 percent, it is not practically possible due to natural calamities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Bank and Financial Advisor at the Ministry of Finance, Dr Shalikram Pokhrel said that the upcoming budget is focused on promoting small and medium enterprises. According to Pokhrel, who is working in the core team of Finance Minister Janardan Sharma, different approaches to formulate various policies were taken to strengthen the economy for a long term. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The focus should now be on production and not just policy. The budget will be introduced accordingly.” Pokhrel said, adding, “There are many benefits if remittances can be linked to production.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economic and political analyst Hari Roka said that the upcoming budget should focus on agriculture and production. Roka also said that work should be done from the grassroots level to find a long-term solution to the current problems.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14973', 'image' => '20220508020319_agri maize.jpg', 'article_date' => '2022-05-08 14:02:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15230', 'article_category_id' => '1', 'title' => 'Production of Cooking Oil declines by a Quarter ', 'sub_title' => '', 'summary' => 'May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 8: The production of the domestic oil industry has fallen by a quarter since Indonesia banned the export of crude oil amid mounting tensions between Russia and Ukraine. The industrialists say that the production has shrunk due to the obstruction in the import of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the industrialists, the oil industries of Bara-Parsa are now running at 25 percent of their capacity due to the inconvenience in supply of raw materials. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nikhil Chachan, director of Narayani Oil, said that the production has dropped to about a quarter after the import of semi-refined oil from major producers was stopped. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Prior to this, the industries were producing at 80 percent of their capacity. At present, their production capacity has decreased to 25/30 percent,” said Chachan. Entrepreneurs say that the production will keep declining if the problems in the supply chain prevails. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Among the two dozen edible oil industries, the majority are in this corridor. Few others are operating in Biratnagar and Bhairahawa. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The domestic producers used to import semi-refined sunflower and soybean oil from Ukraine and Russia before the war on February 24 halted the shipments. A high quantity of mustard oil used to be imported from these countries. However, the mounting tension between these countries for a couple of months has affected the supply chain. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Another major exporter of palm oil, Indonesia, has banned the export since April 28 in order to control the price in the domestic market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Suresh Rungta, operator of OBC Foods, said that the industrialists, who have been exporting edible oil to India by importing semi-refined oil from Indonesia, are finding it difficult to operate the industries at the moment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Rungta informed that they have started importing soybean from Australia and India after the embargo of semi-refined oil. Furthermore, he said that the stock of soybeans in the warehouse is not enough even for a month. Currently, his industry has been consuming 80 metric tons of soybean per day. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The inconvenience in supply of raw materials can lead to the scarcity of oil in the domestic market. The industrialists say that the price of oil is skyrocketing due to the decline in production. According to Chachan, the price of semi-refined soybean oil in the international market which was USD 1,000 per metric ton a year ago, has now increased to USD 2,100. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The shortage in the international market and the pressure of inflation have impacted the domestic market price. The price of edible oil has risen by Rs 50 per liter since the Russia-Ukraine tensions started. According to Rungta, the price of cooking oil, which was Rs 250 per liter two months ago, is now Rs 300 per liter. </span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14972', 'image' => '20220508125051_oil1501009175_7.jpg', 'article_date' => '2022-05-08 12:50:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15229', 'article_category_id' => '277', 'title' => 'Food Production affected by Lack of Irrigation Facility: NARC', 'sub_title' => '', 'summary' => 'May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal.', 'content' => '<p>May 8: A recent study has shown that only 30 percent of arable land has been irrigated in Nepal. The information was shared at a press conference organized by the Nepal Agricultural Research Council in Kathmandu on Saturday on the occasion of its 31st anniversary.</p> <p>Executive director of the council Dr Deepak Bhandari said that it is not easy to produce food grains due to lack of irrigation facility. He urged the concerned authorities not to delay in making proper arrangements for irrigation, fertilizer and technology to increase the production of paddy, wheat and maize in the country.</p> <p>Executive Director Bhandari also recalled that the budget allocated for irrigation was spent on the construction of embankment due to which it was not possible to arrange irrigation in the cultivable land.</p> <p>The research council claimed it has so far developed 723 varieties of 80 different crops which have been made available for the farmers. Similarly, digital mapping of soil has been made public and a proposal has been put forward to introduce technology to store oranges and lemons in cold storage for three months, said Bhandari.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14971', 'image' => '20220508081558_paddy.jpg', 'article_date' => '2022-05-08 08:12:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15228', 'article_category_id' => '1', 'title' => 'Annapurna Circuit Sees Rise in Arrival of European Tourists', 'sub_title' => '', 'summary' => 'May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 8: More than 6,000 foreign tourists, mostly Europeans, have visited Manang district since the beginning of the current fiscal year (FY 2021/22). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna Circuit, which is one of the major tourist attractions of Nepal, has welcomed 6,584 European tourists during the review period. Among them, French tourists constituted the highest number at 801 followed by 699 German tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, tourists from other countries such as Israel, the UK and India among others have also visited to the mountainous district, according to Annapurna Conservation Area, Manang chief Lekhnath Gautam. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The maximum number of foreign tourists arrived in the month of April when 2,382 visitors were recorded, said Gautam. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The Annapurna trail is popular among the foreigners as it includes sub-tropical forests, famous trekking routes such as snow-capped Thorang-La pass, Larke Pass and places such as world's highest altitude fresh water lake Tilicho Lake and holiest shrine-Muktinath Temple and high mountains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On an average, around 77 foreign tourists are visiting Annapurna trail on a daily basis since the onset of tourist season this spring. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lately, domestic tourists are also seen in Annapurna trail, recognized as one of top 10 incredible travel experiences in the world by Lonely Planet for 2021. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14970', 'image' => '20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2022-05-08 08:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15227', 'article_category_id' => '1', 'title' => 'Electricity Supply to Industries Resumes after a Week', 'sub_title' => '', 'summary' => 'May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 6: Nepal Electricity Authority (NEA) has started supplying electricity to the industries of Bara-Parsa Industrial Corridor from Wednesday evening after a week-long power cuts.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The NEA had cut off power supply to the industrial sector from last Wednesday due to its failure in importing electricity from India. Initially, the NEA had said that the electricity supply would be cut for 12 to 16 hours but later, it was completely cut off for a week.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The industries in the corridor shut down entirely due to the lack of electricity. NEA had been supplying electricity to the industries by importing 500 MW of electricity daily from India. The power supply to industry was cut off after NEA failed to bring electricity from India.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">India halted electricity exports to Nepal as India itself was facing an energy crisis due to a shortage of coal. Following the halt in supply of electricity from India, NEA imposed load shedding in the industrial sector to ensure uninterrupted supply of electricity to domestic customers. Chief of NEA Birgunj Distribution Center Jitendra Kumar Jha informed that power supply to industries resumed from Wednesday.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to Jha, NEA started supplying electricity from 11 and 66 KV transmission lines. “Electricity has been restored in the industrial corridor since Wednesday evening. The problem of scarcity is still prevalent as a permanent solution is not made,” said Jha.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Jha informed that the supply eased a bit as the water level in flowing water bodies rose due to rainfall on Tuesday and Wednesday. Madhav Rajpal, vice-president of the Birgunj Chamber of Commerce and Industry said that the industries in the Bara-Parsa corridor, which were closed for a week due to lack of energy supply, are now operational.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">As many as 2,000 small and medium enterprises along the corridor were shut down for a week due to the lack of electricity.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14969', 'image' => '20220506032210_elec.jpg', 'article_date' => '2022-05-06 15:21:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15226', 'article_category_id' => '1', 'title' => 'Tourism Ministry Proposes a Budget of Rs 196 Million for Tourism Promotion', 'sub_title' => '', 'summary' => 'May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: The Ministry of Culture, Tourism and Civil Aviation has recommended allocating a budget of Rs 196 million for the upcoming fiscal year for tourism promotion. The ministry aims to revive the tourism sector affected by the Covid-19 pandemic. The National Tourism Revival Committee has said that an additional budget has been demanded to promote Nepal's tourism nationally and internationally and to circulate the message that Nepal is now safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A technical committee formed under the chairmanship of Tourism Minister Prem Ale has suggested that an additional budget is needed for tourism promotion. According to Rajaram Giri, coordinator of the technical committee, they are planning to carry out promotional in a more creative way than the traditional way.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The ministry is organizing an international tourism summit in September to bring in tourists. High-level delegations from more than 20 countries are expected to attend the conference. The ministry plans to invite the tourism minister of the country contributing to the highest number of tourists visiting Nepal. Tourism ministers of South Asian countries and experts working in the field of tourism will be invited to the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, Giri added that international mountaineers, hikers and personalities will attend the summit. The committee believes that the summit will spread the message worldwide that Nepal is open and safe for travel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Likewise, world-famous celebrities are also being invited to the event. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">At the same time, the committee aims to bring Nepal to the centre of global discussion by inviting artists, athletes and mountaineers from other countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the committee is going to make a 'Tourism Digital Map' keeping in view the information of every tourist area of Nepal. The aim is to include the 'One Village One Tourism Area' campaign on the same digital map. That work will be done by Nepal Tourism Board. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The digital map will include new tourist destinations to old ones. Tourists will know about the tourist areas of Nepal as soon as they see the map. Giri said that Rs 5 million has been allocated for the project alone.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14968', 'image' => '20220506023045_20220213081358_Clipboard31.jpg', 'article_date' => '2022-05-06 14:29:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15225', 'article_category_id' => '1', 'title' => 'Credit Flow to Fake Business Establishments lands Cooperatives in Trouble', 'sub_title' => '', 'summary' => 'May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: A report prepared by a committee formed by the government has found that some cooperatives have become unable to repay the deposits of the general public. The report states that those cooperatives have become problematic due to the credit flow to fake business establishments set up by the cooperatives themselves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Problematic Cooperative Management Committee submitted the report on the problematic cooperatives to Minister for Land Management Cooperatives and Poverty Alleviation Shashi Shrestha on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report has declared Oriental Co-operative Limited, Social Savings and Loan Cooperative Limited and Luniva Multipurpose Cooperative Limited as problematic cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Receiving the report, Minister Shrestha requested to work in such a way that the basic values, beliefs and principles of the cooperatives are adhered to and arrangements are made to provide funds to the claimants on the basis of principles and criteria of the cooperatives.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> To prevent problems in the cooperatives, Minister Shrestha said that the ministry is ready to make necessary legal and policy arrangements while emphasizing on the need to work out an action plan.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The committee also concluded that the cooperatives are facing problems because they acted contrary to the legal responsibility of promoting good governance in the cooperatives and strayed from embracing the concepts of self-accountability, honesty and mutual assistance.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report denotes that the problem surfaced due to the misuse of depositors’ savings by the cooperatives in direct violation of the law against the purpose and principle of the cooperative, lending without collateral or security or maintaining unnaturally high value of collateral, setting up artificial business and lending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chairman of the Problematic Cooperative Management Committee, Kashiraj Dahal expressed his commitment to work in a way to solve the problem of problematic cooperatives by formulating certain criteria.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14967', 'image' => '20220506015945_Cooperative.jpg', 'article_date' => '2022-05-06 13:59:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15224', 'article_category_id' => '1', 'title' => 'Himalayan and Everest Insurance Companies opt for Merger', 'sub_title' => '', 'summary' => 'May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 6: Himalayan General Insurance Company Limited and Everest Insurance Company Limited have agreed for a merger under indirect pressure from the Insurance Board to raise their paid-up capital.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A Memorandum of Understanding (MoU) to this effect was signed by chairman of Everest Insurance Rajiv Sapkota and Mahendra Krishna Shrestha on behalf of Himalayan General INsurance. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A six-member merger committee representing three directors of each company has been formed to take the merger process forward. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The merger committee will now decide on everything from <strong>asset liability assessment</strong> to determining the swap ratio in order to restructure of the company after the merger,” said Kamal Gautam, CEO of Everest Insurance, “Then we will merge with each other. As we merge with each other, the name of the company will be kept in such a way that it will reflect the identities of both the companies.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to him, the target is to do integrated business within the current fiscal year. “We will now proceed with the necessary process after getting approval in principle from the board. Overall, our initial goal is to start integrated business within the current fiscal year,” he said, “Our goal is to become the first company to merge in the insurance sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Insurance Board had issued a directive a month ago instructing the insurance companies to increase their paid-up capital. At present, non-life insurance companies should have a minimum paid-up capital of Rs 1 billion and life insurance companies should have a minimum paid-up capital of Rs 2 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The board has directed that the non-life insurance companies should raise the minimum limit of paid-up capital to Rs 2.5 billion and life insurance companies should increase it to Rs 5 billion by mid-April 2023. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14966', 'image' => '20220506122607_merger.jpg', 'article_date' => '2022-05-06 12:25:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15223', 'article_category_id' => '1', 'title' => 'Bagmati Province Expected to make Highest Contribution to GDP', 'sub_title' => 'Study Projects National GDP to be around Rs 4852 Billion', 'summary' => 'May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a study conducted by the Central Bureau of Statistics (CBS) regarding the contribution of the provinces to the GDP in the current fiscal year (FY 2021/22), Bagmati Province is expected to contribute 36.9 percent to the nation’s GDP. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The figure was 36.7 percent during the last fiscal year. As the CBS projection suggests, the national annual GDP in the current fiscal will be around Rs 4,852 billion while that of Bagmati Province is expected to be around Rs 1,791 billion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Contribution of Karnali Province to the GDP is projected to be the least among all seven provinces. The CBS data shows that Province 1 will contribute 15.7 percent to the GDP followed by Lumbini Province (14.1 percent), Madhes Province (13.2 percent), Gandaki Province (8.9 percent), Sudur Paschim Province (7.0 percent) and Karnali Province (4.1 percent).</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the study, the country's economic growth rate in the current fiscal will be 5.8 percent at the national level. The CBS report says Bagmati Province is projected to record the highest economic growth rate of 6.7 percent while the lowest of 4.8 percent has been projected in the Madhes Province.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking at a press conference organized to unveil the report on Thursday, CBS Director Ganesh Prasad Acharya said that the maximum contribution to the GDP will come from service sector while the industrial sector will contribute the least.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">As per the industry taxonomy, the proportion of contribution of agriculture sector to the GDP in the last fiscal year and the current fiscal year is highest in all the provinces except Bagmati Province. The contribution of wholesale and retail trade sector is found to be more in Bagmati Province. The CBS has stated that the contribution of trade sector is found to be more in Bagmati Province due to the growing urbanization, large population and the national-level trade transactions. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Trade sector occupies second position at the national level in terms of its contribution to the GDP.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The growth projection and other data have been made public on the basis of the information collected up to nine months of the current fiscal year, the CBS stated. Based on the estimated data, the CBS concluded that economic activities are on the way to normalcy in all provinces following a decline in COVID-19 infections. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-06', 'modified' => '2022-05-06', 'keywords' => '', 'description' => '', 'sortorder' => '14965', 'image' => '20220506080122_GDP.jpg', 'article_date' => '2022-05-06 08:00:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15222', 'article_category_id' => '1', 'title' => 'BFIs Unlikely to Meet Credit Expansion Target this Year', 'sub_title' => '', 'summary' => 'May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 5: The credit flow of banks have contracted due to the liquidity crisis in the banking system as well as the policy intervention adopted by Nepal Rastra Bank (NRB). As a result, the banks are unlikely to meet the target of credit flow fixed by the central bank.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had set a target for banks and financial institutions to expand credit flow by 19 percent in the monetary policy for the current fiscal year. As per the target, BFIs have to make loan investment of around Rs 800 billion. However, the credit flow of BFIs in the first nine months of the current fiscal year stands at 12 percent.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Banks are unable to expand credit flow due to liquidity crisis,” said Sunil KC, vice president of Nepal Bankers’ Association, adding, “Even 15 percent credit expansion seems difficult this year.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank’s Governor Maha Prasad Adhikari also admitted during a public function organized on Wednesday that the BFIs will not meet the credit expansion target this year.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs were aggressively involved in credit expansion last year after the impact of Covid-19 subsided. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank had set a target of 20 percent credit expansion in the fiscal year 2020/21. However, credit expansion of BFIs during the review period stood at 28 percent. Despite expanding credit flow, banks failed to collect deposit in the same proportion. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Therefore, banks are unable to extend new credit right now.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NRB had also fixed 90 percent CCD ratio in the current fiscal year from the earlier CCD ratio of 85 percent. Due to this provision, banks credit flow was affected as they can extend credit flow in proportion to deposit collection. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Economist Dr Bishwas Gauchan says banks were aggressively involved in credit flow to the unproductive sector.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“There is over financing in our economy. Credit flow has not helped in economic growth. It has only helped increase imports which is unproductive,” said Gauchan.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Central bank officials have also concluded that banks have mostly extended credit to the unproductive sector due to which there has been liquidity crisis. </span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14964', 'image' => '20220505071950_Banks - Copy.jpg', 'article_date' => '2022-05-05 19:19:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15221', 'article_category_id' => '1', 'title' => 'USA to Provide Rs 79.71 Billion Grant to Nepal for its Graduation to Middle-Income Country ', 'sub_title' => '', 'summary' => 'May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 5: The United States of America has agreed to provide US$ 659 million (equivalent to Rs 79.71 billion) to Nepal for supporting its goal of graduating to a middle-income country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Joint Secretary and Head of the International Economic Cooperation Coordination Division (IECCD) of the Ministry of Finance Ishwori Prasad Aryal and USAID Nepal’s Mission Director Sepideh Keyvanshad signed an agreement to this effect on behalf their respective governments at a programme organized at the ministry on Thursday (May 5). </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Termed as the new Development Objective Agreement, this assistance will span for five years. The US government will partner with the Government of Nepal, civil society, and the private sector to implement projects under the grant assistance.</span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The US assistance is expected to advance Nepal's sustainable development through strengthening democratic governance, enterprise-driven economic growth and increased resilience for communities most at-risk to natural disasters and climate change. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The amount of assistance will be recorded in the GoN Red Book and transparently implemented through both on and off treasury modalities. USAID will develop projects under this assistance in collaboration with line ministries and implement them in accordance with GoN rules and regulations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Delivering a short remark following the signing ceremony, Aryal expressed, "In 1951, after signing the Point Four Program, the United States became the first bilateral donor to Nepal. This started a 70 plus year relationship of trust, mutual respect, and commitment to the people of Nepal." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He further added that Nepal has greatly benefited from the financial and technical assistance extended by the United States to help drive Nepal's socioeconomic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Keyvanshad noted, "Today we add a new chapter to our long-standing partnership with the Government of Nepal and the Nepali people. We look forward to continuing the US government's long-term commitment to support activities that strengthen Nepal's democracy, governance, and economic growth across the country." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This year, the United States government and the Government of Nepal are celebrating 75 years of bilateral relationship. The Government of Nepal expressed its sincere appreciation to the Government of the United States of America for its invariable support in socioeconomic development and advancements of human resources of Nepal. Both governments acknowledge the partnership has seen many successes and looked forward to continuing in the spirit of strong collaboration, the Ministry of Finance and the USAID said in a joint press release. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14963', 'image' => '20220505041459_US flag.jpg', 'article_date' => '2022-05-05 16:14:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15220', 'article_category_id' => '1', 'title' => 'Investors Troubled by Margin Call as Share Market Continues to Decline ', 'sub_title' => '', 'summary' => 'May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: Investors are worried about the margin call as the price of securities is declining in the secondary market. Investors who have taken loans of a margin nature from banks and financial institutions have started facing margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions, when giving loans of a margin nature, call for an additional amount or share in case the value of the pledged shares falls by 20 per cent. It has raised concerns among the investors who have taken loans of the margin nature.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Secretary of the Share Investors Pressure Group, Nayan Bastola, informed that investors have been suffering due to the recent margin call. Investors who took loans when the market was at a historic high are now facing the risk of margin calls, he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Bastola, there is a lack of investable capital in the financial system, and investors will have difficulty completing the margin call process when the stock price is declining day by day. He is of the view that investors will be relieved from the problem of the margin call if the government pays attention to the need for policy change in the market.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An experienced investor and secretary of Nepal Investors Forum, Durga Tiwari, also said that investors are falling prey to margin calls. He says margin calls have added tensions as investors are worried about declining market. "Liquidity can ease this problem," said Tiwari.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Tiwari said that the problem of not wanting to sell at a loss when the price of securities is low and also the problem of not getting loans from banks and financial institutions is making the investors panic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the rate at which the market has declined, investors do not have the problem of margin calls.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to sources, if the market continues to decline, all the borrowers will face the problem of margin calls. Nepse had set a record by crossing 3,200 points on August 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After that, the market dropped to 2,259.51 points on November 12 and climbed to a historic point on January 15. On that day, the Nepse index had risen to 2,956 points. On Wednesday, the last trading day, Nepse stood at 2,275.68 points. Based on the high point of January 19, Nepse has dropped by 23 per cent in the meantime.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Banks and financial institutions can disburse margin loans up to 70 per cent. Investors can get such loans up to Rs 40 million from one institution and up to Rs 120 million from four banks by pledging their shares. </span></span></span></span></p> <p><br /> <br /> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14962', 'image' => '20220505025332_margin call.jpg', 'article_date' => '2022-05-05 14:51:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15219', 'article_category_id' => '274', 'title' => 'Government Needs to Spend Rs 754 billion in 2 Months', 'sub_title' => '', 'summary' => 'May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 5: The government has again kept its trend of not spending a large part of the capital budget this time as well. With only two months left for the current fiscal year to end, the government has not been able to spend almost half of the budget allocated for this FY.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Despite an increase in current expenditure, the government has not been able to spend the capital budget. According to the Financial General Comptrollers’ Office, which keeps track of government expenditure and revenue, the government had passed a budget of Rs 1.632 trillion for the current fiscal year while it has so far spent only Rs 878 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With two months left in the current fiscal year, the government is yet to spend Rs 754 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government, which initially announced a budget of Rs 16.32 trillion, had downsized the budget during the mid-term review after it became clear that the government would not be able to achieve its target.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has spent only half of the budget allocated in the first ten months of the current fiscal year and its seems implausible to spend the remaining amount in the next two months. The current expenditure is likely to increase further. As the country is engaged in elections, the current expenditure is expected to increase this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The government has already spent Rs 693 billion out of the total current expenditure of Rs 1065 billion for this year. The government will have to spend more than Rs 372 billion in the next two months under this heading.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Development spending weak</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The last four months of a fiscal year (mid-April to mid-July) are the season for spending capital (development) budget in Nepal. However, there has not been any encouraging expenditure this time around. According to the FCGO, more than Rs 378 billion has been allocated for capital expenditure in the current fiscal year’s budget, but only Rs 111 billion has been spent so far.</span></span></span></span></p> <p> </p> <p><br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-05', 'modified' => '2022-05-05', 'keywords' => '', 'description' => '', 'sortorder' => '14961', 'image' => '20220505012709_budget new.jpg', 'article_date' => '2022-05-05 13:26:21', '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
