KATHMANDU: Local-level representatives are united against the federal government's decision to cut the fiscal equalization grant by 25 percent for the last installment of the current fiscal year (FY)…
KATHMANDU: Local-level representatives are united against the federal government's decision to cut the fiscal equalization grant by 25 percent for the last installment of the current fiscal year (FY)…
KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup…
KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive…
POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism…
KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal…
A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating…
KATHMANDU: This year's monsoon is expected to enter Nepal from June…
KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year.…
The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the…
KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments.…
KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW.…
KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82.…
BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly…
NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply…
MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health…
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The Council of Ministers meeting on February 8 had decided to reduce the fiscal equalization grant for the last installment of the current year by 25.89 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives stated that the reduction of the equalization grant has affected development and construction work in the rural municipalities as they have limited resources. Most of the municipalities rely heavily on resources provided by the central government for their budgets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives demanded the federal government to reverse the grant cut, calling it unconstitutional, and correct this decision within one week. Representatives from the National Association of Rural Municipalities in Nepal and the Municipal Association of Nepal, who participated in the demonstration outside the Ministry of Finance, warned that if they do not receive the grant within the specified period, they will shut down the local governments across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to them, projects have been affected due to the lack of disbursement of Rs 24.48 billion under equalization grant this year. On May 20, a joint meeting of both the associations decided to meet with the Prime Minister, Minister of Finance, and Chief Whips of all political parties to demand the immediate disbursement of the stalled equalization grant. Consequently, the local level united in protest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bhim Prasad Dhungana, president of the Municipal Association of Nepal, said that the federal government has not sent the full amount of the fiscal equalization grant due for the last installment and has made further cuts in the new budget. "We feel that the government has cheated us," he told New Business Age. "We want to have a meaningful conversation with the federal government. Now we will not stay silent."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite calling for the correction of the decision made some months ago, Dhungana stated that they had to resort to protest as they did not receive any response from the federal government. Last year, the federal government also cut the subsidy but had to back down after strong protests. Dhungana noted that the same unconstitutional attitude is being displayed by the central government now, and they will not back down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Devi Pandey, president of the National Association of Rural Municipalities in Nepal, said that since the grant supposed to be sent to the villages was not sent, she had to come to Kathmandu. "We are meeting the finance minister and the prime minister," she said. "The federal government's decision to cut the grant amount is not acceptable."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government sends four types of grants to the local levels: Equalization, Conditional, Special, and Supplementary. People's representatives said that most municipalities rely on subsidies, so cutting the budget will affect municipal operations. The Ministry of Finance stated that the fiscal equalization grant has been reduced due to resource crunch resulting from low revenue collection this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite pressure from local-level representatives, Uttar Kumar Khatri, Joint Secretary and Head of the Planning Division at the Ministry of Finance, stated that resources cannot be provided as demanded. "The government was unable to raise resources according to the target, so it had to cut the fiscal equalization grant to the local level," Khatri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government has allocated Rs 567 billion for the upcoming fiscal year to the state and local levels under various headings, which is less than the current year. The revenue to be transferred to state and local levels will be less next year compared to the current year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20895', 'image' => '20240603032027_20230227084256_Grants-April-2019.jpg', 'article_date' => '2024-06-03 15:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21167', 'article_category_id' => '1', 'title' => 'Demand for Concessional Loans for Startup Enterprises Exceeds Allocated Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs. However, the total investment requested by startup projects seeking loans exceeds the government's budget allocation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">To assist aspiring startup entrepreneurs, the government introduced a plan to provide loans at a 3 percent interest rate with project mortgages. According to the plan, the estimated investment for 335 selected projects is Rs 36 million. Umesh Kumar Gupta, Executive Director of the Industrial Enterprise Development Institute, confirmed that the investment projects have been selected for the loans. The IEDI invited interested startup entrepreneurs to submit projects by February 2. Within 21 days, 1,658 projects were registered for loans.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the number of proposals was significant, only a few projects were shortlisted for loans. Initially, 394 projects were selected. The IEDI arranged for these shortlisted entrepreneurs to present their business plans from May 3 to 16. Out of them, 335 entrepreneurs presented their business plans. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gupta stated that the IEDI has forwarded these plans to the Rastriya Banijya Bank for credit appraisal. During this process, the bank evaluates the startup's current business state, its ability to repay the loan, and other financial conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Entrepreneurs who scored more than 50 points in various categories during the presentation will receive loans from the Rastriya Banijya Bank. Gupta mentioned that the final list of approved projects would be completed in 2-3 days, after which it will be submitted to the bank for loan recommendations. He also noted that the loans would be disbursed from the Rastriya Banijya Bank's branch offices in the respective districts, making it more convenient for the beneficiaries. The loans are expected to be disbursed starting mid-June.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Current data indicates that about 220 projects have scored more than 50 points. Gupta emphasized that the total budget for this program is Rs 25 million. A list of entrepreneurs will be prepared within this budget, and loans will be provided to the projects scoring more than 50 points.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Gupta, some projects require loans up to Rs 2.5 million. The government policy allows for concessional loans up to a maximum of Rs 2.5 million per startup enterprise. The disbursement of this amount will be based on the project's needs and demands and will be provided in installments. The second and third installments will be given only after verifying the utilization of the previous installment by visiting the project site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government will provide these loans according to the 'Startup Enterprise Loan Operation Procedure-2080' issued on January 25. The IEDI has designated 16 different areas for these loans, and entrepreneurs whose businesses were registered less than 7 years are eligible. Eligible sectors include agriculture and forestry, tourism promotion and entertainment, hospitality, science and technology, information and communication, human health services, education, transportation services, automobiles, renewable energy, climate change mitigation, and more.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Projects for such loans have been submitted from various districts, including Sankhuwasabha, Kathmandu, Bhaktapur, Lalitpur, Kavrepalanchok, Dhading, Chitwan, Nuwakot, Rasuwa, Morang, Sunsari, Kailali, Lamjung, Gorkha, Arghakhanchi, Kaski, Bara, Achham, Dang, Bajura, Baitadi, Jhapa, Banke, Makwanpur, Humla, Darchula, Kalikot, Salyan, Panchthar, Gulmi, Saptari, and Pyuthan.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20894', 'image' => '20240603030232_startup.jpg', 'article_date' => '2024-06-03 15:01:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21166', 'article_category_id' => '1', 'title' => 'Former Finance Minister Mahat Calls for Ramping up Investment in Productive Sector ', 'sub_title' => '', 'summary' => 'KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the deliberations on the annual estimations of revenues and expenditures for the fiscal year 2024-25 in the lower house of the Federal Parliament on Sunday, Mahat said that the failure to invest in the productive sector will impede the nation's economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Production and employment cannot be increased, nor can revenue, if loans are not used to invest in productive sectors. As a result, the state's debt burden increases, leading to a cycle of taking more loans to repay existing ones,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat expressed his objections to the budget, saying that the budgetary appropriations for the next fiscal year in it were 'scattered'. He argued that the budget should be pro-people than party-oriented and the allocated budget should be spend on the basis of prioritization. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said although the size of the budget has increased, the country's economic development cannot be achieved if it is not spent in a systematic manner. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">“The government is struggling to generate revenue because financial resources are not spent in productive sectors, and this has also failed to create jobs. The budget allocations for the next fiscal year have not been prioritized or apportioned based on need,” he added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Stating the budget allocated for the Ministry of Industry and Supplies is inadequate, he criticized the budget because the allocations have been made in such a way that they will be spent in unproductive sectors than in the productive ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The former finance minister stressed on being sensitive on the topic of mobilization and spending of financial resources. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The budget for the upcoming fiscal year has not been able to navigate a concrete direction. Investment has been made, we have been collecting taxes, but the production has not increased. It is necessary to find a solution to these problems," he pointed out. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Noting that the state's foreign debt has been going up and the debt burden of loans taken from the private sector is accumulating, he said that the government has not been able to generate revenue as expected revenue and this has led to a decline in the economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat said the depositors of cooperatives have been facing problem in recent days due to the fraud cases and demanded taking stern legal action against individuals who spent the savings of the cooperatives against the cooperatives laws. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20893', 'image' => '20240603015648_20230705054200_collage (14).jpg', 'article_date' => '2024-06-03 13:56:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21165', 'article_category_id' => '1', 'title' => 'Nepal to be Developed as a ‘Tourism Hub’', 'sub_title' => '', 'summary' => 'POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He made such a remark at a dinner reception hosted by the Ministry of Foreign Affairs and the Gandaki Province Office of Nepal Tourism Board to welcome the ambassadors and representatives of diplomatic missions of different countries on the occasion of 74th Annapurna Day in Pokhara on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has set a target to attract 1.6 million tourists next year, he said adding that the government has been working to identify and promote new tourism destinations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government is planning to develop tourism circuit along with the identification of new destinations and trekking routes," DPM Shrestha noted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged the ambassadors and representatives of diplomatic missions to promote Nepal's tourism in their communities and the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said that the people of Nepal are known all over the world in terms of spiritual culture. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Tourists from all over the world come to Nepal to see many natural and cultural heritages, including Lumbini, the birth place of Gautam Buddha and the Mount Everest, the world's highest peak,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said Pokhara, the tourism capital, is also being developed as an important destination for adventure tourism activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion of Annapurna Day, ambassadors of various countries and representatives of diplomatic missions marched from Dhampus to Astam in Kaski district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The trekking expedition was organized in commemoration of the ascent of the 8,041-metre-high Annapurna I for the first time on June 3, 1950, when French climbers Maurice Herzog and Louis Lachnal scaled the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 74th Annapurna Day is being celebrated in tourism capital Pokhara today by organizing several activities. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'tourism, hub, Nepal, Pokhara, Annapurna, French', 'description' => '', 'sortorder' => '20892', 'image' => '20240603125658_20230513065358_Tourist Arrival (1).jpeg', 'article_date' => '2024-06-03 12:55:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21164', 'article_category_id' => '1', 'title' => 'Lawmakers Stress on Effective Implementation of Budget ', 'sub_title' => '‘Deliberations Meaningless if Budget is not Amended’ ', 'summary' => 'KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general discussions on the proposal seeking deliberations on the annual estimates of revenue and expenditures for fiscal year 2024-25 in the NA meeting on Sunday, lawmaker Jag Prasad Sharma stressed on the practical implementation of the budget to addresses the national needs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the budget prioritizes the development and construction, preparing the base of socialism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Devendra Dahal said the budget has prioritized the policies and programmes of the coalition government and the government's 16th five-year plan. "It has also addressed the guiding principle of 'Prosperous Nepal and Happy Nepali', and paid special attention to export promotion," he said, stressing on the effective implementation of the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Dr Beduram Bhusal welcomed the budget, saying it was in the right direction. He added that the budgetary allocation to the agriculture sector is inadequate, stating the budget lacked programmes and plans for attaining self-sufficiency in food. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Krishna Bahadur Rokaya expressed doubts on the effective implementation of the budget, saying it was of a bloated size. He pointed out the difficulties in its implementation as it is distributive and the expected internal loans were untenable. He further said there is problem in revenue mobilization and the budget lacked fiscal discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mohammad Khalid said that looking at the budgetary allocations, the indigenous nationalities, Madhesi, Muslim communities cannot take ownership of the budget, as it fails to address the needs of these communities. He drew the attention of the government to the urgent need of resolving the acute shortage of water in the Tarai/Madhes region. Meanwhile, lawmakers of the House of Representatives expressed mixed reaction to the budget with most of them being critical about the budget announced by the government. In the ongoing deliberations on budget in the House of Representatives (HoR), the lawmakers argued it was pointless to comment on the budget if the government does not amend it.</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"">Shyam Kumar Ghimire said, "If there is no change in budget despite weeklong deliberations, what's its relevance? Either amend law or present it straight forward for endorsement." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the government failed in capital formation despite taking huge amount of public debt in recent years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker from the Rastriya Prajatantra Party (RPP), Dhawal Shumser JB Rana said the budget for the upcoming fiscal year 2081-82 BS (2024-25) failed to address the country's economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general deliberations on the budget in a meeting of the House of Representatives (HoR) on Sunday, Rana said the budget has come with a 'distributive approach', instead of presenting substantive plans to address the economic slowdown existing in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also expressed his concern over the decision to allocate a 'minimum' budget to the agricultural sector and the projects of national pride. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advising the government to focus on the implementation aspect of the budget, the RPP leader said it is indeed welcoming to announce 'good programmes' in the start-up sector. </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"">Similarly, Rekha Yadav said the budget speech failed to encourage the masses. "It has been challenging to effectively implement the budget," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also expressed her concerns over the reduction of the budget to the agricultural sector, accusing the government of overlooking the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Yadav also criticized the government for being 'unable' to address the water crisis issue in the Chure region and to conserve the region. The exploitation of the Chure in the name of the stone quarry and the extraction of other natural resources be promptly stopped and it should be the priority of the State, she said. </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"">Hem Raj Rai however commented that the budget would give pace to national economy. Priority to agriculture, energy, tourism and IT is a good point, he added. </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"">Gyanu Basnet Subedi also claimed the budget would help revive the sputtering economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Binita Kathayat accused the government of failing to allocate adequate budget for tourism destinations such as Rara. She wondered why government stilled ignored Karnali Province while it is still lagging behind in terms of development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Teju Lal Chaudhari also complained that Karnali and Madhes provinces which are lagging behind in Human Development Index were deprived of adequate budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pratima Gautam accused the government of ignoring capital formation and development in the budget. The finance ministers failed to take initiatives for economic restructuring, she asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The loan for start-up, fellowship to 1,000 youths, announcement of women investment year were encouraging aspects of budget, according to Eknath Dhakal. Even the plan to welcome 1.6 million tourists is appreciative. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Kantika Sejuwal argued that budget was traditional and it would not be able to achieve sustainable development goals. She expressed concerns over not prioritizing the availability of agricultural tool and goods. “Budget is populist in nature,” she added. Basudev Ghimire viewed implementation of budget is discouraging because of the lack of coordination among province and local levels. The budget is focused more on physical infrastructures while it ignored others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Finance Minister, Dr Prakash Sharan Mahat, stressed on the need of increasing financial investment in the productive sector. -- RSS </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20891', 'image' => '20240603114719_budget.jpg', 'article_date' => '2024-06-03 11:46:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21162', 'article_category_id' => '1', 'title' => 'Global Tender Issued for Jagadulla Hydropower Project', 'sub_title' => '', 'summary' => 'A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 3: A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Chief Executive Officer of the Jagadulla Hydropower Company, Sanjaya Sapkota, informed that the company has solicited a global tender for the main construction work, including civil and mechanical works. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company published a notice for the global tender on June 2. According to the notice, interested parties can apply for the tender by August 1, 2024.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company called for a global tender to expedite the project after completing financial management. A bilateral loan agreement was signed in the presence of the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet. Various banks and financial institutions, led by Nabil Bank, are investing in the project.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nabil Bank is investing Rs 4.4 billion in the hydropower project. Other investors include the Hydroelectricity Investment and Development Company Limited, Citizen Investment Trust, Laxmi Sunrise Bank, and Everest Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"We have made significant progress on time, which has opened up avenues for completing the project within the stipulated timeframe," CEO Sapkota shared.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Jagadulla Hydropower Project, located in the Dolpa district, has a total production capacity of 106 MW. The electricity generated from the project will be connected to the Bafikot sub-station, which will be constructed by the Nepal Electricity Authority. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20889', 'image' => '20240603111108_collage (19).jpg', 'article_date' => '2024-06-03 10:59:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21159', 'article_category_id' => '1', 'title' => 'Monsoon Expected to Enter Nepal on June 13 ', 'sub_title' => '', 'summary' => 'KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The monsoon has reached India's north-eastern territory, Bangladesh, Bhutan and reached Sikkim in India, according to the Weather Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rojan Lamichhane, meteorologist of the division, said that monsoon will enter Nepal in around June 13. He added that there is a 35 to 55 percent chance of more than normal rainfall in most parts of the country during this monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Climate expert Dr Dharmaraj Upreti said that this year's monsoon reached India's Assam, Sikkim and surrounding areas on Saturday. Hence, it can be estimated that the monsoon will enter Koshi region a week earlier than the scheduled date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the monsoon air has become more active, it can be assumed that the monsoon will be active in the next three to five days in Koshi Province. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'monsoon, Nepal, India, Assam, Sikkim, Bhutan, rainfall', 'description' => '', 'sortorder' => '20886', 'image' => '20240603105030_20231015093654_weatherrrr.jpg', 'article_date' => '2024-06-03 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21158', 'article_category_id' => '1', 'title' => 'Over 90K Foreign Tourists Arrived in Nepal in May ', 'sub_title' => '', 'summary' => 'KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. According to the data released by Nepal Tourism Board (NTB) on Sunday, a total of 90,211 foreign tourists visited the country in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of tourists has increased by 16.10 per cent this year compared to last year. During the corresponding period of last year, a total of 70,703 foreign tourists had visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTB Director Maniraj Lamichhane said that the arrival of foreign tourists is encouraging. He said, "Overall, the arrival of tourists seems to be encouraging. Comparatively, although a large number of Indian and American tourists entered the country, the number of tourists from China has not increased as per the expectation." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NTB, 38,288 Indian tourists entered Nepal in May. Similarly, 8,381 Chinese tourists and 8,527 tourists from the United States visited Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20885', 'image' => '20240602063034_20220410081846_himalaya-trekkers.jpg', 'article_date' => '2024-06-02 18:30:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21156', 'article_category_id' => '1', 'title' => 'NEPSE Gains 13.51 Points to Close at 2083.04', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 2: The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 325 scrips were traded on NEPSE through 65,654 transactions. A total of 9,697,206 shares changed hands, resulting in a total turnover of Rs 4.31 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover amount with total transactions worth Rs 22 crores. Multipurpose Finance Company Limited (MPFL) and Makar Jitumaya Suri Hydropower Limited (MAKAR) each saw a 10% gain and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Narayani Development Bank Limited (NABBC) faced the highest loss of 9.13%, closing at a market price of Rs 577 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in positive territory except the Investment Index, Manufacturing and Processing Index, and Mutual Fund. The Trading Index witnessed the maximum gains of 6.56%, while the Manufacturing and Processing Index faced the biggest loss of 2.40%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20883', 'image' => '20240602032634_collage (4).jpg', 'article_date' => '2024-06-02 15:24:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21155', 'article_category_id' => '1', 'title' => 'Deadline Extended for Submission of Letters of Intent for 12 Projects Presented in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. The summit held in Kathmandu on April 28 and 29 initially offered a 45-day period for submitting letters of intent for energy projects and a 35-day period for non-energy projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the deadline for non-energy projects only a few days away and the energy project deadline more than two weeks away, the government has extended the submission deadline for letters of intent for 12 projects in these categories by one month. A public notice published on Saturday informed that the deadline has been extended.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The board has decided to extend the deadline to attract more applications and ensure greater competition,” an official of the Investment Board Nepal told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the extension notice, interested investors in the 12 different projects now have until July 2 to submit their letters of intent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a Japanese company expressed interest in the Nijgadh International Airport project, but no other letters of intent were submitted, raising questions about the success of the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ramji Danai, information officer of the board, stated that the extension of deadline aims to attract more investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "The board has the legal right to extend the deadline for submitting the letters of intent," Danai said, adding, "It is not possible to say how many letters of intent have been received during this period. Since e-bidding will be conducted, the Public Procurement Monitoring Office (PPMO) will also be involved, making it impossible to determine the number of letters of intent received before the deadline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai emphasized that the deadline extension is intended to promote transparency, competition, and attract more investors to the projects. The extended deadline applies to both energy and non-energy projects. Currently, out of the projects with extended deadlines, seven letters of intent have been requested from the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai also noted that the board will focus on 12 projects. On the second day of the investment summit, a Japan-based international bank had expressed interest in the proposed Nijgadh International Airport, but has not formally entered the competition. "During the conference, they sent a letter stating their interest in constructing the airport," Danai said. "However, no formal letter of intent has been received for this project."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a total of 154 projects were presented, including 19 projects for which letters of intent were requested and nine projects for market sounding (collecting investors’ feedback). These included the 650 MW Kaligandaki-2 and 337.1 MW Bharbung Reservoir Hydro Projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit resulted in agreements to fund domestic and foreign investments worth Rs 6.5 billion. Investment agreements were signed for three projects, along with seven various cooperation agreements. An agreement was also reached for the construction of a data center, cloud service, and artificial intelligence platform in the country with an investment of Rs 3.5 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, a hotel construction agreement worth Rs 1.09 billion was signed for a site in Gorusinge, Kapilvastu. An agreement to build a resort at Rara in Mugu was also reached between private sector companies.</span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20882', 'image' => '20240602010738_20220919105145_nijgadh.jpg', 'article_date' => '2024-06-02 13:07:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21154', 'article_category_id' => '1', 'title' => 'Nepal-Bangladesh Joint Meeting Likely to Ink a Potential Deal on Sunkoshi III Hydropower Project', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. This project, to be built on the Sunkoshi River in the border of Ramechhap and Kavrepalanchok districts, has been under discussion for a long time between the two countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the upcoming meeting of the Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC) of the Ministry of Energy, Nepal and Bangladesh plan to sign the MoU to establish the joint venture. Navin Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that this meeting will be held in Pokhara on June 23 and 24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In this meeting, preparations have been made to sign a memorandum of understanding to form a joint venture for the development of the Sunkoshi III project,” Singh said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At the previous meeting of these mechanisms, held in Patuakhali, Bangladesh, last year, it was agreed to sign an MoU for the joint construction of the Sunkoshi III project by the Nepal Electricity Authority and the Bangladesh Power Development Board within six months. Although delayed, government officials are now aiming to finalize the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Singh mentioned that the share distribution within the joint venture has not yet been decided. Both Nepal and Bangladesh have expressed interest in involving Indian companies in the joint venture. They believe that including an Indian company will facilitate the export of electricity produced from the project to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It has been proposed to sign a memorandum of understanding to allow companies from Nepal, India, and Bangladesh to join the joint venture,” said Singh. Officials noted that in previous meetings, both sides agreed to involve India to help advance the project. The Government of Nepal held internal discussions before proposing the inclusion of an Indian company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has been two years since Nepal and India issued a joint statement aimed at enhancing hydropower cooperation among Bangladesh, Bhutan, India, and Nepal (BBIN). However, tripartite discussions have not yet occurred.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh is expected to purchase 40 MW of electricity from Nepal under a tripartite cooperation. During Prime Minister Pushpa Kamal Dahal’s visit to India last year, an agreement was reached to facilitate the transmission of electricity to Bangladesh via Indian transmission lines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although a five-year trade agreement has been signed for exporting 40 MW of electricity from Nepal to Bangladesh, the pricing has not yet been finalized. “Since Bangladesh has not yet decided on the price proposed by the Nepal Electricity Authority, the NEA has not been able to export the 40 MW of electricity,” Singh explained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Once the price is agreed upon, a tripartite agreement will be reached, and electricity will be exported. Efforts are being made to export electricity to Bangladesh this year, Singh added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20881', 'image' => '20240602010538_hydro.jpg', 'article_date' => '2024-06-02 13:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21153', 'article_category_id' => '1', 'title' => 'Government Seeks Extension of Deadline of the Controversial Prime Minister Employment Program', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. This project, backed by the World Bank, is set to expire at the end of June. While discussions with the World Bank are ongoing to extend the project's duration, the budget includes unspent resources provided by the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite criticism for utilizing loan from the World Bank in unproductive sectors, the government has allocated Rs 6 billion for the Prime Minister Employment Program for the upcoming fiscal year. Of this amount, approximately Rs 4 billion in unspent World Bank funds will be used for the Youth Employment Transformation Initiative (Yeti) Project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program, launched by KP Sharma Oli in 2075/76, has faced accusations of wasting billions of rupees from the state coffers on petty works. In its first year, the scheme was criticized for spending heavily on unproductive activities like chasing monkeys, uprooting weeds, and chasing cattle. In response to this criticism, the government announced plans to restructure the program in the current year's budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Minister Dr Prakash Sharan Mahat's budget statement noted that the revision aims to create productive employment and improve labor market outcomes. The program aims to provide minimum employment with workplace-based training in labor-intensive work at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget speech mentions that employment service centers will be upgraded to offer services such as labor, skill, and entrepreneurship development trainings at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, despite forming a restructuring committee which submitted a report with recommendations for improvements, these changes have not been implemented, raising questions about the effective use of the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary of the Prime Minister Employment Program Secretariat, Shobha Kumari Pokharel, stated that it would be difficult to restructure and implement the budget from the next fiscal year. She mentioned that although some changes were made, the necessary groundwork to move the program forward in a new way has not been done.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While announcing the upcoming fiscal year’s budget, Finance Minister Barshman Pun said that the Prime Minister Employment Program will provide around 200,000 people with at least 100 days of employment in public construction and maintenance projects. However, he did not mention was no mention of anything about restructuring the program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Ministry of Labour, Employment, and Social Security, the government has already spent Rs 18.73 billion on the program till date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although 4.04 million workers have been registered under the PMEP in the past five years, only 712,000 workers have benefitted from the scheme.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The program has not been able to provide employment to a significant portion of the listed workers. In the current year, 885,000 people registered for the program, but as of June 1, only 38,546 had been employed for an average of 78 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister's Office reported that the program had been conducted in over 700 municipalities, mobilizing employees, including 2,280 employment coordinators. However, some targeted programs under the Prime Minister Employment Program have not started. The 61st report of the Auditor General highlighted that the program failed to employ a large portion of registered workers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Over the past five years, 4.04 million workers were registered, but only 712,000 participated in minimum employment. The initiative to conduct workplace-based training for 59,500 individuals for entrepreneurship development has not begun. Although the annual budget promises to provide 200,000 people with at least 100 days of employment, the Auditor General's report noted that this program is not implemented universally at the local levels, and many listed individuals have not receive the promised employment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report also criticized the lack of updated information and data on external and internal employment at employment service centers, which hinders counseling for unemployed people. It pointed out that the program mainly focused on cleaning roads, drains, school playgrounds, and small infrastructure projects. It recommended that the program should involve cost-sharing with local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program includes the Youth Employment Transformation Initiative Project, funded by a US$120 million World Bank loan. The project aims to create employment opportunities, increase access to available jobs, boost workers' income, and improve the target group's living conditions. However, the report stated that these goals were not achieved. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With a quarter of the foreign aid budget remaining unspent as the project deadline approached, Ministry of Labor officials have decided to seek an extension of the project. The Prime Minister Employment Program Secretariat reported that Rs 4 billion from the World Bank remain unspent, prompting the Ministry of Labor to propose further discussions with the World Bank to extend the project's deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary Pokharel stated that the donor has agreed to extend the deadline, and the remaining funds have been included in the budget for the next year. She claimed that the proposal for the extension would soon be approved by the World Bank. </span></span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20880', 'image' => '20240602121715_PMEP.jpeg', 'article_date' => '2024-06-02 12:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21152', 'article_category_id' => '1', 'title' => 'New Policy in the Offing Ensuring 10 Percent of Income to Elderly Parents ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an event organized on the 20th establishment day of Community Development and Service Centre and Community Police Service Centre Gatthaghar on Saturday, Minister Chaudhary mentioned that the government will amend the Senior Citizens Act and Regulations to implement such a policy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">She argued that the government is planning to introduce the policy as many senior citizens were found neglected by their children. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister added that the sons and daughters should contribute at least 10 per cent of their income to the parents whether the income was generated from formal or informal means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Chaudhary, such a policy will be mandatorily implemented once the bill related to this effect is endorsed by the parliament. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20879', 'image' => '20240602111720_20220529070534_The-old-age-allowance.jpg', 'article_date' => '2024-06-02 11:16:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21151', 'article_category_id' => '1', 'title' => 'UN Global Supply Chain Forum Calls for Resilience amid World Trade Disruptions ', 'sub_title' => '', 'summary' => 'NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to a press release, over 1,000 participants from around the world convened to tackle the pressing issues of climate change, geopolitical tensions, climate change, and their impact on global trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Deputy-Secretary General Amina Mohammed, Barbados' Prime Minister Mia Amor Mottley, and UN Trade and Development Secretary-General Rebeca Grynspan led the opening of the forum against a backdrop of increasing global trade instability. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary-General Grynspan emphasized the necessity for more inclusive, sustainable, and resilient production and distribution networks to combat the growing unreliability of current global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum gathered key figures, including Trade and Transport Ministers from several small island developing states (SIDS) such as Barbados, Curacao, Fiji, Guyana, Marshall Islands, Seychelles, and Tuvalu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Representatives from various UN agencies, major ports like the Port of Seattle, and industry leaders in shipping and logistics were also present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The compounded effects of climate change, geopolitical tensions, and the COVID-19 pandemic have exacerbated vulnerabilities in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These disruptions have led to longer shipping times and higher greenhouse gas emissions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the Bridgetown port visit, Secretary-General Grynspan highlighted the critical role of ports in maintaining global value chains through the adoption of advanced technologies and sustainable practices, positioning Barbados as a model for other SIDS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum underscored the complexities and opportunities in decarbonizing global shipping, with a particular focus on developing countries rich in renewable energy resources. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ports are central to this transformation, serving as hubs for innovation and sustainability. Key initiatives discussed included incentivizing low- or zero-carbon fuels, establishing safety frameworks for new fuels, and developing port readiness assessment tools to ensure safe handling and bunkering operations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One of the major outcomes of the forum was the launch of the "Manifesto for Intermodal, Low-Carbon, Efficient and Resilient Freight Transport and Logistics." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This manifesto calls for a significant transformation in freight transport to achieve global climate targets and improve socio-economic resilience, emphasizing the transition to zero-emission fuels, optimized logistics, and sustainable value chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SIDS are particularly vulnerable to the impacts of climate change on their transport infrastructure, making resilience in the transport and logistics sector a top priority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ministers from these nations advocated for international financial support and investment in green and sustainable technologies to enhance energy efficiency and combat marine pollution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed the importance of improving connectivity and efficiency within and between their nations and with global markets through strategic investments in maritime and air transport infrastructure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital technologies were highlighted as key to enhancing global supply chain resilience. Innovations such as blockchain-enabled traceability mechanisms and advanced customs automation systems are essential for optimizing trade facilitation, increasing transparency, and reducing operational risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Trade and Development introduced guidelines for developing an electronic single window for trade, with industry leaders urging ports to become intermodal hubs that integrate energy and digital capabilities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A significant achievement of the forum was the launch of the UN Trade and Development Trade-and-Transport Dataset, developed in collaboration with the World Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This comprehensive repository provides global data on over 100 commodities and various transport modes, offering a holistic view of trade and transport costs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This freely accessible dataset is expected to enhance understanding and optimization of global trade flows and support evidence-based policymaking. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preceding the forum, the first Supply Chain Innovation Challenge aimed to inspire innovative solutions for greener and more resilient global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Almost 80 entries were received, with winning proposals presented at the forum. Secretary-General Grynspan, speaking at the University of the West Indies, encouraged students to pursue their dreams and contribute to a sustainable future, highlighting progress in renewable energy, agriculture, and medical technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the forum, UN Trade and Development signed a Memorandum of Understanding with the China Council for the Promotion of International Trade (CCPIT) to expand collaboration on trade and investment promotion, trade facilitation, and other joint activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum's outcomes are set to strengthen global supply chains and enhance the resilience of SIDS, with the Kingdom of Saudi Arabia announced as the host for the second forum in 2026. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Omar Bin Talal Hariri, President of Saudi Ports Authority, expressed the Kingdom's commitment to enhancing global supply chains and positioning Saudi Arabia as a leading logistics hub. – ANI/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20878', 'image' => '20240602103111_maxresdefault.jpg', 'article_date' => '2024-06-02 10:30:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21149', 'article_category_id' => '1', 'title' => 'Four Yarsa Collectors Die in Mugu ', 'sub_title' => '', 'summary' => 'MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Mugu, Topendra KC, said that Devraj Budha, 20, of Tallekhgaun from Chhayanath Rara Municipality-10 in the district died on the way to the District Hospital in Gamgadhi on Saturday as his treatment was not possible in Mugu Health Post.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the health condition of Jiban Budha of the same village is serious due to altitude sickness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Man Bahadur Budha, Shovan Budha and Raj Bahadur Sawad of Chhayanath Rara Municipality-12 died after suffering from altitude sickness in Patan Thulo Koiki area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Mugum Karmarong Rural Municipality has allowed collection of yarsa, a prized herb with purported aphrodisiac property, in more than 25 highlands of the district from May 7. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20876', 'image' => '20240602101409_20230522111957_1684492462.Yarsa.jpeg', 'article_date' => '2024-06-02 10:13:24', '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
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The Council of Ministers meeting on February 8 had decided to reduce the fiscal equalization grant for the last installment of the current year by 25.89 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives stated that the reduction of the equalization grant has affected development and construction work in the rural municipalities as they have limited resources. Most of the municipalities rely heavily on resources provided by the central government for their budgets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives demanded the federal government to reverse the grant cut, calling it unconstitutional, and correct this decision within one week. Representatives from the National Association of Rural Municipalities in Nepal and the Municipal Association of Nepal, who participated in the demonstration outside the Ministry of Finance, warned that if they do not receive the grant within the specified period, they will shut down the local governments across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to them, projects have been affected due to the lack of disbursement of Rs 24.48 billion under equalization grant this year. On May 20, a joint meeting of both the associations decided to meet with the Prime Minister, Minister of Finance, and Chief Whips of all political parties to demand the immediate disbursement of the stalled equalization grant. Consequently, the local level united in protest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bhim Prasad Dhungana, president of the Municipal Association of Nepal, said that the federal government has not sent the full amount of the fiscal equalization grant due for the last installment and has made further cuts in the new budget. "We feel that the government has cheated us," he told New Business Age. "We want to have a meaningful conversation with the federal government. Now we will not stay silent."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite calling for the correction of the decision made some months ago, Dhungana stated that they had to resort to protest as they did not receive any response from the federal government. Last year, the federal government also cut the subsidy but had to back down after strong protests. Dhungana noted that the same unconstitutional attitude is being displayed by the central government now, and they will not back down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Devi Pandey, president of the National Association of Rural Municipalities in Nepal, said that since the grant supposed to be sent to the villages was not sent, she had to come to Kathmandu. "We are meeting the finance minister and the prime minister," she said. "The federal government's decision to cut the grant amount is not acceptable."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government sends four types of grants to the local levels: Equalization, Conditional, Special, and Supplementary. People's representatives said that most municipalities rely on subsidies, so cutting the budget will affect municipal operations. The Ministry of Finance stated that the fiscal equalization grant has been reduced due to resource crunch resulting from low revenue collection this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite pressure from local-level representatives, Uttar Kumar Khatri, Joint Secretary and Head of the Planning Division at the Ministry of Finance, stated that resources cannot be provided as demanded. "The government was unable to raise resources according to the target, so it had to cut the fiscal equalization grant to the local level," Khatri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government has allocated Rs 567 billion for the upcoming fiscal year to the state and local levels under various headings, which is less than the current year. The revenue to be transferred to state and local levels will be less next year compared to the current year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20895', 'image' => '20240603032027_20230227084256_Grants-April-2019.jpg', 'article_date' => '2024-06-03 15:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21167', 'article_category_id' => '1', 'title' => 'Demand for Concessional Loans for Startup Enterprises Exceeds Allocated Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs. However, the total investment requested by startup projects seeking loans exceeds the government's budget allocation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">To assist aspiring startup entrepreneurs, the government introduced a plan to provide loans at a 3 percent interest rate with project mortgages. According to the plan, the estimated investment for 335 selected projects is Rs 36 million. Umesh Kumar Gupta, Executive Director of the Industrial Enterprise Development Institute, confirmed that the investment projects have been selected for the loans. The IEDI invited interested startup entrepreneurs to submit projects by February 2. Within 21 days, 1,658 projects were registered for loans.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the number of proposals was significant, only a few projects were shortlisted for loans. Initially, 394 projects were selected. The IEDI arranged for these shortlisted entrepreneurs to present their business plans from May 3 to 16. Out of them, 335 entrepreneurs presented their business plans. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gupta stated that the IEDI has forwarded these plans to the Rastriya Banijya Bank for credit appraisal. During this process, the bank evaluates the startup's current business state, its ability to repay the loan, and other financial conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Entrepreneurs who scored more than 50 points in various categories during the presentation will receive loans from the Rastriya Banijya Bank. Gupta mentioned that the final list of approved projects would be completed in 2-3 days, after which it will be submitted to the bank for loan recommendations. He also noted that the loans would be disbursed from the Rastriya Banijya Bank's branch offices in the respective districts, making it more convenient for the beneficiaries. The loans are expected to be disbursed starting mid-June.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Current data indicates that about 220 projects have scored more than 50 points. Gupta emphasized that the total budget for this program is Rs 25 million. A list of entrepreneurs will be prepared within this budget, and loans will be provided to the projects scoring more than 50 points.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Gupta, some projects require loans up to Rs 2.5 million. The government policy allows for concessional loans up to a maximum of Rs 2.5 million per startup enterprise. The disbursement of this amount will be based on the project's needs and demands and will be provided in installments. The second and third installments will be given only after verifying the utilization of the previous installment by visiting the project site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government will provide these loans according to the 'Startup Enterprise Loan Operation Procedure-2080' issued on January 25. The IEDI has designated 16 different areas for these loans, and entrepreneurs whose businesses were registered less than 7 years are eligible. Eligible sectors include agriculture and forestry, tourism promotion and entertainment, hospitality, science and technology, information and communication, human health services, education, transportation services, automobiles, renewable energy, climate change mitigation, and more.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Projects for such loans have been submitted from various districts, including Sankhuwasabha, Kathmandu, Bhaktapur, Lalitpur, Kavrepalanchok, Dhading, Chitwan, Nuwakot, Rasuwa, Morang, Sunsari, Kailali, Lamjung, Gorkha, Arghakhanchi, Kaski, Bara, Achham, Dang, Bajura, Baitadi, Jhapa, Banke, Makwanpur, Humla, Darchula, Kalikot, Salyan, Panchthar, Gulmi, Saptari, and Pyuthan.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20894', 'image' => '20240603030232_startup.jpg', 'article_date' => '2024-06-03 15:01:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21166', 'article_category_id' => '1', 'title' => 'Former Finance Minister Mahat Calls for Ramping up Investment in Productive Sector ', 'sub_title' => '', 'summary' => 'KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the deliberations on the annual estimations of revenues and expenditures for the fiscal year 2024-25 in the lower house of the Federal Parliament on Sunday, Mahat said that the failure to invest in the productive sector will impede the nation's economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Production and employment cannot be increased, nor can revenue, if loans are not used to invest in productive sectors. As a result, the state's debt burden increases, leading to a cycle of taking more loans to repay existing ones,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat expressed his objections to the budget, saying that the budgetary appropriations for the next fiscal year in it were 'scattered'. He argued that the budget should be pro-people than party-oriented and the allocated budget should be spend on the basis of prioritization. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said although the size of the budget has increased, the country's economic development cannot be achieved if it is not spent in a systematic manner. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">“The government is struggling to generate revenue because financial resources are not spent in productive sectors, and this has also failed to create jobs. The budget allocations for the next fiscal year have not been prioritized or apportioned based on need,” he added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Stating the budget allocated for the Ministry of Industry and Supplies is inadequate, he criticized the budget because the allocations have been made in such a way that they will be spent in unproductive sectors than in the productive ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The former finance minister stressed on being sensitive on the topic of mobilization and spending of financial resources. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The budget for the upcoming fiscal year has not been able to navigate a concrete direction. Investment has been made, we have been collecting taxes, but the production has not increased. It is necessary to find a solution to these problems," he pointed out. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Noting that the state's foreign debt has been going up and the debt burden of loans taken from the private sector is accumulating, he said that the government has not been able to generate revenue as expected revenue and this has led to a decline in the economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat said the depositors of cooperatives have been facing problem in recent days due to the fraud cases and demanded taking stern legal action against individuals who spent the savings of the cooperatives against the cooperatives laws. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20893', 'image' => '20240603015648_20230705054200_collage (14).jpg', 'article_date' => '2024-06-03 13:56:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21165', 'article_category_id' => '1', 'title' => 'Nepal to be Developed as a ‘Tourism Hub’', 'sub_title' => '', 'summary' => 'POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He made such a remark at a dinner reception hosted by the Ministry of Foreign Affairs and the Gandaki Province Office of Nepal Tourism Board to welcome the ambassadors and representatives of diplomatic missions of different countries on the occasion of 74th Annapurna Day in Pokhara on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has set a target to attract 1.6 million tourists next year, he said adding that the government has been working to identify and promote new tourism destinations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government is planning to develop tourism circuit along with the identification of new destinations and trekking routes," DPM Shrestha noted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged the ambassadors and representatives of diplomatic missions to promote Nepal's tourism in their communities and the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said that the people of Nepal are known all over the world in terms of spiritual culture. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Tourists from all over the world come to Nepal to see many natural and cultural heritages, including Lumbini, the birth place of Gautam Buddha and the Mount Everest, the world's highest peak,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said Pokhara, the tourism capital, is also being developed as an important destination for adventure tourism activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion of Annapurna Day, ambassadors of various countries and representatives of diplomatic missions marched from Dhampus to Astam in Kaski district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The trekking expedition was organized in commemoration of the ascent of the 8,041-metre-high Annapurna I for the first time on June 3, 1950, when French climbers Maurice Herzog and Louis Lachnal scaled the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 74th Annapurna Day is being celebrated in tourism capital Pokhara today by organizing several activities. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'tourism, hub, Nepal, Pokhara, Annapurna, French', 'description' => '', 'sortorder' => '20892', 'image' => '20240603125658_20230513065358_Tourist Arrival (1).jpeg', 'article_date' => '2024-06-03 12:55:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21164', 'article_category_id' => '1', 'title' => 'Lawmakers Stress on Effective Implementation of Budget ', 'sub_title' => '‘Deliberations Meaningless if Budget is not Amended’ ', 'summary' => 'KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general discussions on the proposal seeking deliberations on the annual estimates of revenue and expenditures for fiscal year 2024-25 in the NA meeting on Sunday, lawmaker Jag Prasad Sharma stressed on the practical implementation of the budget to addresses the national needs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the budget prioritizes the development and construction, preparing the base of socialism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Devendra Dahal said the budget has prioritized the policies and programmes of the coalition government and the government's 16th five-year plan. "It has also addressed the guiding principle of 'Prosperous Nepal and Happy Nepali', and paid special attention to export promotion," he said, stressing on the effective implementation of the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Dr Beduram Bhusal welcomed the budget, saying it was in the right direction. He added that the budgetary allocation to the agriculture sector is inadequate, stating the budget lacked programmes and plans for attaining self-sufficiency in food. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Krishna Bahadur Rokaya expressed doubts on the effective implementation of the budget, saying it was of a bloated size. He pointed out the difficulties in its implementation as it is distributive and the expected internal loans were untenable. He further said there is problem in revenue mobilization and the budget lacked fiscal discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mohammad Khalid said that looking at the budgetary allocations, the indigenous nationalities, Madhesi, Muslim communities cannot take ownership of the budget, as it fails to address the needs of these communities. He drew the attention of the government to the urgent need of resolving the acute shortage of water in the Tarai/Madhes region. Meanwhile, lawmakers of the House of Representatives expressed mixed reaction to the budget with most of them being critical about the budget announced by the government. In the ongoing deliberations on budget in the House of Representatives (HoR), the lawmakers argued it was pointless to comment on the budget if the government does not amend it.</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"">Shyam Kumar Ghimire said, "If there is no change in budget despite weeklong deliberations, what's its relevance? Either amend law or present it straight forward for endorsement." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the government failed in capital formation despite taking huge amount of public debt in recent years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker from the Rastriya Prajatantra Party (RPP), Dhawal Shumser JB Rana said the budget for the upcoming fiscal year 2081-82 BS (2024-25) failed to address the country's economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general deliberations on the budget in a meeting of the House of Representatives (HoR) on Sunday, Rana said the budget has come with a 'distributive approach', instead of presenting substantive plans to address the economic slowdown existing in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also expressed his concern over the decision to allocate a 'minimum' budget to the agricultural sector and the projects of national pride. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advising the government to focus on the implementation aspect of the budget, the RPP leader said it is indeed welcoming to announce 'good programmes' in the start-up sector. </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"">Similarly, Rekha Yadav said the budget speech failed to encourage the masses. "It has been challenging to effectively implement the budget," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also expressed her concerns over the reduction of the budget to the agricultural sector, accusing the government of overlooking the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Yadav also criticized the government for being 'unable' to address the water crisis issue in the Chure region and to conserve the region. The exploitation of the Chure in the name of the stone quarry and the extraction of other natural resources be promptly stopped and it should be the priority of the State, she said. </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"">Hem Raj Rai however commented that the budget would give pace to national economy. Priority to agriculture, energy, tourism and IT is a good point, he added. </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"">Gyanu Basnet Subedi also claimed the budget would help revive the sputtering economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Binita Kathayat accused the government of failing to allocate adequate budget for tourism destinations such as Rara. She wondered why government stilled ignored Karnali Province while it is still lagging behind in terms of development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Teju Lal Chaudhari also complained that Karnali and Madhes provinces which are lagging behind in Human Development Index were deprived of adequate budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pratima Gautam accused the government of ignoring capital formation and development in the budget. The finance ministers failed to take initiatives for economic restructuring, she asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The loan for start-up, fellowship to 1,000 youths, announcement of women investment year were encouraging aspects of budget, according to Eknath Dhakal. Even the plan to welcome 1.6 million tourists is appreciative. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Kantika Sejuwal argued that budget was traditional and it would not be able to achieve sustainable development goals. She expressed concerns over not prioritizing the availability of agricultural tool and goods. “Budget is populist in nature,” she added. Basudev Ghimire viewed implementation of budget is discouraging because of the lack of coordination among province and local levels. The budget is focused more on physical infrastructures while it ignored others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Finance Minister, Dr Prakash Sharan Mahat, stressed on the need of increasing financial investment in the productive sector. -- RSS </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20891', 'image' => '20240603114719_budget.jpg', 'article_date' => '2024-06-03 11:46:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21162', 'article_category_id' => '1', 'title' => 'Global Tender Issued for Jagadulla Hydropower Project', 'sub_title' => '', 'summary' => 'A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 3: A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Chief Executive Officer of the Jagadulla Hydropower Company, Sanjaya Sapkota, informed that the company has solicited a global tender for the main construction work, including civil and mechanical works. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company published a notice for the global tender on June 2. According to the notice, interested parties can apply for the tender by August 1, 2024.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company called for a global tender to expedite the project after completing financial management. A bilateral loan agreement was signed in the presence of the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet. Various banks and financial institutions, led by Nabil Bank, are investing in the project.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nabil Bank is investing Rs 4.4 billion in the hydropower project. Other investors include the Hydroelectricity Investment and Development Company Limited, Citizen Investment Trust, Laxmi Sunrise Bank, and Everest Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"We have made significant progress on time, which has opened up avenues for completing the project within the stipulated timeframe," CEO Sapkota shared.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Jagadulla Hydropower Project, located in the Dolpa district, has a total production capacity of 106 MW. The electricity generated from the project will be connected to the Bafikot sub-station, which will be constructed by the Nepal Electricity Authority. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20889', 'image' => '20240603111108_collage (19).jpg', 'article_date' => '2024-06-03 10:59:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21159', 'article_category_id' => '1', 'title' => 'Monsoon Expected to Enter Nepal on June 13 ', 'sub_title' => '', 'summary' => 'KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The monsoon has reached India's north-eastern territory, Bangladesh, Bhutan and reached Sikkim in India, according to the Weather Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rojan Lamichhane, meteorologist of the division, said that monsoon will enter Nepal in around June 13. He added that there is a 35 to 55 percent chance of more than normal rainfall in most parts of the country during this monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Climate expert Dr Dharmaraj Upreti said that this year's monsoon reached India's Assam, Sikkim and surrounding areas on Saturday. Hence, it can be estimated that the monsoon will enter Koshi region a week earlier than the scheduled date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the monsoon air has become more active, it can be assumed that the monsoon will be active in the next three to five days in Koshi Province. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'monsoon, Nepal, India, Assam, Sikkim, Bhutan, rainfall', 'description' => '', 'sortorder' => '20886', 'image' => '20240603105030_20231015093654_weatherrrr.jpg', 'article_date' => '2024-06-03 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21158', 'article_category_id' => '1', 'title' => 'Over 90K Foreign Tourists Arrived in Nepal in May ', 'sub_title' => '', 'summary' => 'KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. According to the data released by Nepal Tourism Board (NTB) on Sunday, a total of 90,211 foreign tourists visited the country in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of tourists has increased by 16.10 per cent this year compared to last year. During the corresponding period of last year, a total of 70,703 foreign tourists had visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTB Director Maniraj Lamichhane said that the arrival of foreign tourists is encouraging. He said, "Overall, the arrival of tourists seems to be encouraging. Comparatively, although a large number of Indian and American tourists entered the country, the number of tourists from China has not increased as per the expectation." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NTB, 38,288 Indian tourists entered Nepal in May. Similarly, 8,381 Chinese tourists and 8,527 tourists from the United States visited Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20885', 'image' => '20240602063034_20220410081846_himalaya-trekkers.jpg', 'article_date' => '2024-06-02 18:30:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21156', 'article_category_id' => '1', 'title' => 'NEPSE Gains 13.51 Points to Close at 2083.04', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 2: The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 325 scrips were traded on NEPSE through 65,654 transactions. A total of 9,697,206 shares changed hands, resulting in a total turnover of Rs 4.31 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover amount with total transactions worth Rs 22 crores. Multipurpose Finance Company Limited (MPFL) and Makar Jitumaya Suri Hydropower Limited (MAKAR) each saw a 10% gain and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Narayani Development Bank Limited (NABBC) faced the highest loss of 9.13%, closing at a market price of Rs 577 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in positive territory except the Investment Index, Manufacturing and Processing Index, and Mutual Fund. The Trading Index witnessed the maximum gains of 6.56%, while the Manufacturing and Processing Index faced the biggest loss of 2.40%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20883', 'image' => '20240602032634_collage (4).jpg', 'article_date' => '2024-06-02 15:24:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21155', 'article_category_id' => '1', 'title' => 'Deadline Extended for Submission of Letters of Intent for 12 Projects Presented in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. The summit held in Kathmandu on April 28 and 29 initially offered a 45-day period for submitting letters of intent for energy projects and a 35-day period for non-energy projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the deadline for non-energy projects only a few days away and the energy project deadline more than two weeks away, the government has extended the submission deadline for letters of intent for 12 projects in these categories by one month. A public notice published on Saturday informed that the deadline has been extended.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The board has decided to extend the deadline to attract more applications and ensure greater competition,” an official of the Investment Board Nepal told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the extension notice, interested investors in the 12 different projects now have until July 2 to submit their letters of intent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a Japanese company expressed interest in the Nijgadh International Airport project, but no other letters of intent were submitted, raising questions about the success of the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ramji Danai, information officer of the board, stated that the extension of deadline aims to attract more investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "The board has the legal right to extend the deadline for submitting the letters of intent," Danai said, adding, "It is not possible to say how many letters of intent have been received during this period. Since e-bidding will be conducted, the Public Procurement Monitoring Office (PPMO) will also be involved, making it impossible to determine the number of letters of intent received before the deadline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai emphasized that the deadline extension is intended to promote transparency, competition, and attract more investors to the projects. The extended deadline applies to both energy and non-energy projects. Currently, out of the projects with extended deadlines, seven letters of intent have been requested from the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai also noted that the board will focus on 12 projects. On the second day of the investment summit, a Japan-based international bank had expressed interest in the proposed Nijgadh International Airport, but has not formally entered the competition. "During the conference, they sent a letter stating their interest in constructing the airport," Danai said. "However, no formal letter of intent has been received for this project."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a total of 154 projects were presented, including 19 projects for which letters of intent were requested and nine projects for market sounding (collecting investors’ feedback). These included the 650 MW Kaligandaki-2 and 337.1 MW Bharbung Reservoir Hydro Projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit resulted in agreements to fund domestic and foreign investments worth Rs 6.5 billion. Investment agreements were signed for three projects, along with seven various cooperation agreements. An agreement was also reached for the construction of a data center, cloud service, and artificial intelligence platform in the country with an investment of Rs 3.5 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, a hotel construction agreement worth Rs 1.09 billion was signed for a site in Gorusinge, Kapilvastu. An agreement to build a resort at Rara in Mugu was also reached between private sector companies.</span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20882', 'image' => '20240602010738_20220919105145_nijgadh.jpg', 'article_date' => '2024-06-02 13:07:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21154', 'article_category_id' => '1', 'title' => 'Nepal-Bangladesh Joint Meeting Likely to Ink a Potential Deal on Sunkoshi III Hydropower Project', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. This project, to be built on the Sunkoshi River in the border of Ramechhap and Kavrepalanchok districts, has been under discussion for a long time between the two countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the upcoming meeting of the Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC) of the Ministry of Energy, Nepal and Bangladesh plan to sign the MoU to establish the joint venture. Navin Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that this meeting will be held in Pokhara on June 23 and 24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In this meeting, preparations have been made to sign a memorandum of understanding to form a joint venture for the development of the Sunkoshi III project,” Singh said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At the previous meeting of these mechanisms, held in Patuakhali, Bangladesh, last year, it was agreed to sign an MoU for the joint construction of the Sunkoshi III project by the Nepal Electricity Authority and the Bangladesh Power Development Board within six months. Although delayed, government officials are now aiming to finalize the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Singh mentioned that the share distribution within the joint venture has not yet been decided. Both Nepal and Bangladesh have expressed interest in involving Indian companies in the joint venture. They believe that including an Indian company will facilitate the export of electricity produced from the project to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It has been proposed to sign a memorandum of understanding to allow companies from Nepal, India, and Bangladesh to join the joint venture,” said Singh. Officials noted that in previous meetings, both sides agreed to involve India to help advance the project. The Government of Nepal held internal discussions before proposing the inclusion of an Indian company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has been two years since Nepal and India issued a joint statement aimed at enhancing hydropower cooperation among Bangladesh, Bhutan, India, and Nepal (BBIN). However, tripartite discussions have not yet occurred.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh is expected to purchase 40 MW of electricity from Nepal under a tripartite cooperation. During Prime Minister Pushpa Kamal Dahal’s visit to India last year, an agreement was reached to facilitate the transmission of electricity to Bangladesh via Indian transmission lines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although a five-year trade agreement has been signed for exporting 40 MW of electricity from Nepal to Bangladesh, the pricing has not yet been finalized. “Since Bangladesh has not yet decided on the price proposed by the Nepal Electricity Authority, the NEA has not been able to export the 40 MW of electricity,” Singh explained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Once the price is agreed upon, a tripartite agreement will be reached, and electricity will be exported. Efforts are being made to export electricity to Bangladesh this year, Singh added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20881', 'image' => '20240602010538_hydro.jpg', 'article_date' => '2024-06-02 13:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21153', 'article_category_id' => '1', 'title' => 'Government Seeks Extension of Deadline of the Controversial Prime Minister Employment Program', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. This project, backed by the World Bank, is set to expire at the end of June. While discussions with the World Bank are ongoing to extend the project's duration, the budget includes unspent resources provided by the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite criticism for utilizing loan from the World Bank in unproductive sectors, the government has allocated Rs 6 billion for the Prime Minister Employment Program for the upcoming fiscal year. Of this amount, approximately Rs 4 billion in unspent World Bank funds will be used for the Youth Employment Transformation Initiative (Yeti) Project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program, launched by KP Sharma Oli in 2075/76, has faced accusations of wasting billions of rupees from the state coffers on petty works. In its first year, the scheme was criticized for spending heavily on unproductive activities like chasing monkeys, uprooting weeds, and chasing cattle. In response to this criticism, the government announced plans to restructure the program in the current year's budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Minister Dr Prakash Sharan Mahat's budget statement noted that the revision aims to create productive employment and improve labor market outcomes. The program aims to provide minimum employment with workplace-based training in labor-intensive work at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget speech mentions that employment service centers will be upgraded to offer services such as labor, skill, and entrepreneurship development trainings at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, despite forming a restructuring committee which submitted a report with recommendations for improvements, these changes have not been implemented, raising questions about the effective use of the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary of the Prime Minister Employment Program Secretariat, Shobha Kumari Pokharel, stated that it would be difficult to restructure and implement the budget from the next fiscal year. She mentioned that although some changes were made, the necessary groundwork to move the program forward in a new way has not been done.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While announcing the upcoming fiscal year’s budget, Finance Minister Barshman Pun said that the Prime Minister Employment Program will provide around 200,000 people with at least 100 days of employment in public construction and maintenance projects. However, he did not mention was no mention of anything about restructuring the program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Ministry of Labour, Employment, and Social Security, the government has already spent Rs 18.73 billion on the program till date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although 4.04 million workers have been registered under the PMEP in the past five years, only 712,000 workers have benefitted from the scheme.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The program has not been able to provide employment to a significant portion of the listed workers. In the current year, 885,000 people registered for the program, but as of June 1, only 38,546 had been employed for an average of 78 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister's Office reported that the program had been conducted in over 700 municipalities, mobilizing employees, including 2,280 employment coordinators. However, some targeted programs under the Prime Minister Employment Program have not started. The 61st report of the Auditor General highlighted that the program failed to employ a large portion of registered workers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Over the past five years, 4.04 million workers were registered, but only 712,000 participated in minimum employment. The initiative to conduct workplace-based training for 59,500 individuals for entrepreneurship development has not begun. Although the annual budget promises to provide 200,000 people with at least 100 days of employment, the Auditor General's report noted that this program is not implemented universally at the local levels, and many listed individuals have not receive the promised employment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report also criticized the lack of updated information and data on external and internal employment at employment service centers, which hinders counseling for unemployed people. It pointed out that the program mainly focused on cleaning roads, drains, school playgrounds, and small infrastructure projects. It recommended that the program should involve cost-sharing with local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program includes the Youth Employment Transformation Initiative Project, funded by a US$120 million World Bank loan. The project aims to create employment opportunities, increase access to available jobs, boost workers' income, and improve the target group's living conditions. However, the report stated that these goals were not achieved. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With a quarter of the foreign aid budget remaining unspent as the project deadline approached, Ministry of Labor officials have decided to seek an extension of the project. The Prime Minister Employment Program Secretariat reported that Rs 4 billion from the World Bank remain unspent, prompting the Ministry of Labor to propose further discussions with the World Bank to extend the project's deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary Pokharel stated that the donor has agreed to extend the deadline, and the remaining funds have been included in the budget for the next year. She claimed that the proposal for the extension would soon be approved by the World Bank. </span></span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20880', 'image' => '20240602121715_PMEP.jpeg', 'article_date' => '2024-06-02 12:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21152', 'article_category_id' => '1', 'title' => 'New Policy in the Offing Ensuring 10 Percent of Income to Elderly Parents ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an event organized on the 20th establishment day of Community Development and Service Centre and Community Police Service Centre Gatthaghar on Saturday, Minister Chaudhary mentioned that the government will amend the Senior Citizens Act and Regulations to implement such a policy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">She argued that the government is planning to introduce the policy as many senior citizens were found neglected by their children. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister added that the sons and daughters should contribute at least 10 per cent of their income to the parents whether the income was generated from formal or informal means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Chaudhary, such a policy will be mandatorily implemented once the bill related to this effect is endorsed by the parliament. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20879', 'image' => '20240602111720_20220529070534_The-old-age-allowance.jpg', 'article_date' => '2024-06-02 11:16:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21151', 'article_category_id' => '1', 'title' => 'UN Global Supply Chain Forum Calls for Resilience amid World Trade Disruptions ', 'sub_title' => '', 'summary' => 'NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to a press release, over 1,000 participants from around the world convened to tackle the pressing issues of climate change, geopolitical tensions, climate change, and their impact on global trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Deputy-Secretary General Amina Mohammed, Barbados' Prime Minister Mia Amor Mottley, and UN Trade and Development Secretary-General Rebeca Grynspan led the opening of the forum against a backdrop of increasing global trade instability. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary-General Grynspan emphasized the necessity for more inclusive, sustainable, and resilient production and distribution networks to combat the growing unreliability of current global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum gathered key figures, including Trade and Transport Ministers from several small island developing states (SIDS) such as Barbados, Curacao, Fiji, Guyana, Marshall Islands, Seychelles, and Tuvalu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Representatives from various UN agencies, major ports like the Port of Seattle, and industry leaders in shipping and logistics were also present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The compounded effects of climate change, geopolitical tensions, and the COVID-19 pandemic have exacerbated vulnerabilities in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These disruptions have led to longer shipping times and higher greenhouse gas emissions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the Bridgetown port visit, Secretary-General Grynspan highlighted the critical role of ports in maintaining global value chains through the adoption of advanced technologies and sustainable practices, positioning Barbados as a model for other SIDS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum underscored the complexities and opportunities in decarbonizing global shipping, with a particular focus on developing countries rich in renewable energy resources. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ports are central to this transformation, serving as hubs for innovation and sustainability. Key initiatives discussed included incentivizing low- or zero-carbon fuels, establishing safety frameworks for new fuels, and developing port readiness assessment tools to ensure safe handling and bunkering operations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One of the major outcomes of the forum was the launch of the "Manifesto for Intermodal, Low-Carbon, Efficient and Resilient Freight Transport and Logistics." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This manifesto calls for a significant transformation in freight transport to achieve global climate targets and improve socio-economic resilience, emphasizing the transition to zero-emission fuels, optimized logistics, and sustainable value chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SIDS are particularly vulnerable to the impacts of climate change on their transport infrastructure, making resilience in the transport and logistics sector a top priority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ministers from these nations advocated for international financial support and investment in green and sustainable technologies to enhance energy efficiency and combat marine pollution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed the importance of improving connectivity and efficiency within and between their nations and with global markets through strategic investments in maritime and air transport infrastructure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital technologies were highlighted as key to enhancing global supply chain resilience. Innovations such as blockchain-enabled traceability mechanisms and advanced customs automation systems are essential for optimizing trade facilitation, increasing transparency, and reducing operational risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Trade and Development introduced guidelines for developing an electronic single window for trade, with industry leaders urging ports to become intermodal hubs that integrate energy and digital capabilities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A significant achievement of the forum was the launch of the UN Trade and Development Trade-and-Transport Dataset, developed in collaboration with the World Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This comprehensive repository provides global data on over 100 commodities and various transport modes, offering a holistic view of trade and transport costs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This freely accessible dataset is expected to enhance understanding and optimization of global trade flows and support evidence-based policymaking. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preceding the forum, the first Supply Chain Innovation Challenge aimed to inspire innovative solutions for greener and more resilient global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Almost 80 entries were received, with winning proposals presented at the forum. Secretary-General Grynspan, speaking at the University of the West Indies, encouraged students to pursue their dreams and contribute to a sustainable future, highlighting progress in renewable energy, agriculture, and medical technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the forum, UN Trade and Development signed a Memorandum of Understanding with the China Council for the Promotion of International Trade (CCPIT) to expand collaboration on trade and investment promotion, trade facilitation, and other joint activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum's outcomes are set to strengthen global supply chains and enhance the resilience of SIDS, with the Kingdom of Saudi Arabia announced as the host for the second forum in 2026. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Omar Bin Talal Hariri, President of Saudi Ports Authority, expressed the Kingdom's commitment to enhancing global supply chains and positioning Saudi Arabia as a leading logistics hub. – ANI/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20878', 'image' => '20240602103111_maxresdefault.jpg', 'article_date' => '2024-06-02 10:30:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21149', 'article_category_id' => '1', 'title' => 'Four Yarsa Collectors Die in Mugu ', 'sub_title' => '', 'summary' => 'MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Mugu, Topendra KC, said that Devraj Budha, 20, of Tallekhgaun from Chhayanath Rara Municipality-10 in the district died on the way to the District Hospital in Gamgadhi on Saturday as his treatment was not possible in Mugu Health Post.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the health condition of Jiban Budha of the same village is serious due to altitude sickness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Man Bahadur Budha, Shovan Budha and Raj Bahadur Sawad of Chhayanath Rara Municipality-12 died after suffering from altitude sickness in Patan Thulo Koiki area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Mugum Karmarong Rural Municipality has allowed collection of yarsa, a prized herb with purported aphrodisiac property, in more than 25 highlands of the district from May 7. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20876', 'image' => '20240602101409_20230522111957_1684492462.Yarsa.jpeg', 'article_date' => '2024-06-02 10:13:24', '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
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The Council of Ministers meeting on February 8 had decided to reduce the fiscal equalization grant for the last installment of the current year by 25.89 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives stated that the reduction of the equalization grant has affected development and construction work in the rural municipalities as they have limited resources. Most of the municipalities rely heavily on resources provided by the central government for their budgets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives demanded the federal government to reverse the grant cut, calling it unconstitutional, and correct this decision within one week. Representatives from the National Association of Rural Municipalities in Nepal and the Municipal Association of Nepal, who participated in the demonstration outside the Ministry of Finance, warned that if they do not receive the grant within the specified period, they will shut down the local governments across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to them, projects have been affected due to the lack of disbursement of Rs 24.48 billion under equalization grant this year. On May 20, a joint meeting of both the associations decided to meet with the Prime Minister, Minister of Finance, and Chief Whips of all political parties to demand the immediate disbursement of the stalled equalization grant. Consequently, the local level united in protest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bhim Prasad Dhungana, president of the Municipal Association of Nepal, said that the federal government has not sent the full amount of the fiscal equalization grant due for the last installment and has made further cuts in the new budget. "We feel that the government has cheated us," he told New Business Age. "We want to have a meaningful conversation with the federal government. Now we will not stay silent."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite calling for the correction of the decision made some months ago, Dhungana stated that they had to resort to protest as they did not receive any response from the federal government. Last year, the federal government also cut the subsidy but had to back down after strong protests. Dhungana noted that the same unconstitutional attitude is being displayed by the central government now, and they will not back down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Devi Pandey, president of the National Association of Rural Municipalities in Nepal, said that since the grant supposed to be sent to the villages was not sent, she had to come to Kathmandu. "We are meeting the finance minister and the prime minister," she said. "The federal government's decision to cut the grant amount is not acceptable."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government sends four types of grants to the local levels: Equalization, Conditional, Special, and Supplementary. People's representatives said that most municipalities rely on subsidies, so cutting the budget will affect municipal operations. The Ministry of Finance stated that the fiscal equalization grant has been reduced due to resource crunch resulting from low revenue collection this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite pressure from local-level representatives, Uttar Kumar Khatri, Joint Secretary and Head of the Planning Division at the Ministry of Finance, stated that resources cannot be provided as demanded. "The government was unable to raise resources according to the target, so it had to cut the fiscal equalization grant to the local level," Khatri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government has allocated Rs 567 billion for the upcoming fiscal year to the state and local levels under various headings, which is less than the current year. The revenue to be transferred to state and local levels will be less next year compared to the current year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20895', 'image' => '20240603032027_20230227084256_Grants-April-2019.jpg', 'article_date' => '2024-06-03 15:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21167', 'article_category_id' => '1', 'title' => 'Demand for Concessional Loans for Startup Enterprises Exceeds Allocated Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs. However, the total investment requested by startup projects seeking loans exceeds the government's budget allocation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">To assist aspiring startup entrepreneurs, the government introduced a plan to provide loans at a 3 percent interest rate with project mortgages. According to the plan, the estimated investment for 335 selected projects is Rs 36 million. Umesh Kumar Gupta, Executive Director of the Industrial Enterprise Development Institute, confirmed that the investment projects have been selected for the loans. The IEDI invited interested startup entrepreneurs to submit projects by February 2. Within 21 days, 1,658 projects were registered for loans.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the number of proposals was significant, only a few projects were shortlisted for loans. Initially, 394 projects were selected. The IEDI arranged for these shortlisted entrepreneurs to present their business plans from May 3 to 16. Out of them, 335 entrepreneurs presented their business plans. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gupta stated that the IEDI has forwarded these plans to the Rastriya Banijya Bank for credit appraisal. During this process, the bank evaluates the startup's current business state, its ability to repay the loan, and other financial conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Entrepreneurs who scored more than 50 points in various categories during the presentation will receive loans from the Rastriya Banijya Bank. Gupta mentioned that the final list of approved projects would be completed in 2-3 days, after which it will be submitted to the bank for loan recommendations. He also noted that the loans would be disbursed from the Rastriya Banijya Bank's branch offices in the respective districts, making it more convenient for the beneficiaries. The loans are expected to be disbursed starting mid-June.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Current data indicates that about 220 projects have scored more than 50 points. Gupta emphasized that the total budget for this program is Rs 25 million. A list of entrepreneurs will be prepared within this budget, and loans will be provided to the projects scoring more than 50 points.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Gupta, some projects require loans up to Rs 2.5 million. The government policy allows for concessional loans up to a maximum of Rs 2.5 million per startup enterprise. The disbursement of this amount will be based on the project's needs and demands and will be provided in installments. The second and third installments will be given only after verifying the utilization of the previous installment by visiting the project site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government will provide these loans according to the 'Startup Enterprise Loan Operation Procedure-2080' issued on January 25. The IEDI has designated 16 different areas for these loans, and entrepreneurs whose businesses were registered less than 7 years are eligible. Eligible sectors include agriculture and forestry, tourism promotion and entertainment, hospitality, science and technology, information and communication, human health services, education, transportation services, automobiles, renewable energy, climate change mitigation, and more.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Projects for such loans have been submitted from various districts, including Sankhuwasabha, Kathmandu, Bhaktapur, Lalitpur, Kavrepalanchok, Dhading, Chitwan, Nuwakot, Rasuwa, Morang, Sunsari, Kailali, Lamjung, Gorkha, Arghakhanchi, Kaski, Bara, Achham, Dang, Bajura, Baitadi, Jhapa, Banke, Makwanpur, Humla, Darchula, Kalikot, Salyan, Panchthar, Gulmi, Saptari, and Pyuthan.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20894', 'image' => '20240603030232_startup.jpg', 'article_date' => '2024-06-03 15:01:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21166', 'article_category_id' => '1', 'title' => 'Former Finance Minister Mahat Calls for Ramping up Investment in Productive Sector ', 'sub_title' => '', 'summary' => 'KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the deliberations on the annual estimations of revenues and expenditures for the fiscal year 2024-25 in the lower house of the Federal Parliament on Sunday, Mahat said that the failure to invest in the productive sector will impede the nation's economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Production and employment cannot be increased, nor can revenue, if loans are not used to invest in productive sectors. As a result, the state's debt burden increases, leading to a cycle of taking more loans to repay existing ones,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat expressed his objections to the budget, saying that the budgetary appropriations for the next fiscal year in it were 'scattered'. He argued that the budget should be pro-people than party-oriented and the allocated budget should be spend on the basis of prioritization. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said although the size of the budget has increased, the country's economic development cannot be achieved if it is not spent in a systematic manner. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">“The government is struggling to generate revenue because financial resources are not spent in productive sectors, and this has also failed to create jobs. The budget allocations for the next fiscal year have not been prioritized or apportioned based on need,” he added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Stating the budget allocated for the Ministry of Industry and Supplies is inadequate, he criticized the budget because the allocations have been made in such a way that they will be spent in unproductive sectors than in the productive ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The former finance minister stressed on being sensitive on the topic of mobilization and spending of financial resources. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The budget for the upcoming fiscal year has not been able to navigate a concrete direction. Investment has been made, we have been collecting taxes, but the production has not increased. It is necessary to find a solution to these problems," he pointed out. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Noting that the state's foreign debt has been going up and the debt burden of loans taken from the private sector is accumulating, he said that the government has not been able to generate revenue as expected revenue and this has led to a decline in the economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat said the depositors of cooperatives have been facing problem in recent days due to the fraud cases and demanded taking stern legal action against individuals who spent the savings of the cooperatives against the cooperatives laws. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20893', 'image' => '20240603015648_20230705054200_collage (14).jpg', 'article_date' => '2024-06-03 13:56:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21165', 'article_category_id' => '1', 'title' => 'Nepal to be Developed as a ‘Tourism Hub’', 'sub_title' => '', 'summary' => 'POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He made such a remark at a dinner reception hosted by the Ministry of Foreign Affairs and the Gandaki Province Office of Nepal Tourism Board to welcome the ambassadors and representatives of diplomatic missions of different countries on the occasion of 74th Annapurna Day in Pokhara on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has set a target to attract 1.6 million tourists next year, he said adding that the government has been working to identify and promote new tourism destinations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government is planning to develop tourism circuit along with the identification of new destinations and trekking routes," DPM Shrestha noted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged the ambassadors and representatives of diplomatic missions to promote Nepal's tourism in their communities and the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said that the people of Nepal are known all over the world in terms of spiritual culture. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Tourists from all over the world come to Nepal to see many natural and cultural heritages, including Lumbini, the birth place of Gautam Buddha and the Mount Everest, the world's highest peak,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said Pokhara, the tourism capital, is also being developed as an important destination for adventure tourism activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion of Annapurna Day, ambassadors of various countries and representatives of diplomatic missions marched from Dhampus to Astam in Kaski district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The trekking expedition was organized in commemoration of the ascent of the 8,041-metre-high Annapurna I for the first time on June 3, 1950, when French climbers Maurice Herzog and Louis Lachnal scaled the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 74th Annapurna Day is being celebrated in tourism capital Pokhara today by organizing several activities. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'tourism, hub, Nepal, Pokhara, Annapurna, French', 'description' => '', 'sortorder' => '20892', 'image' => '20240603125658_20230513065358_Tourist Arrival (1).jpeg', 'article_date' => '2024-06-03 12:55:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21164', 'article_category_id' => '1', 'title' => 'Lawmakers Stress on Effective Implementation of Budget ', 'sub_title' => '‘Deliberations Meaningless if Budget is not Amended’ ', 'summary' => 'KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general discussions on the proposal seeking deliberations on the annual estimates of revenue and expenditures for fiscal year 2024-25 in the NA meeting on Sunday, lawmaker Jag Prasad Sharma stressed on the practical implementation of the budget to addresses the national needs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the budget prioritizes the development and construction, preparing the base of socialism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Devendra Dahal said the budget has prioritized the policies and programmes of the coalition government and the government's 16th five-year plan. "It has also addressed the guiding principle of 'Prosperous Nepal and Happy Nepali', and paid special attention to export promotion," he said, stressing on the effective implementation of the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Dr Beduram Bhusal welcomed the budget, saying it was in the right direction. He added that the budgetary allocation to the agriculture sector is inadequate, stating the budget lacked programmes and plans for attaining self-sufficiency in food. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Krishna Bahadur Rokaya expressed doubts on the effective implementation of the budget, saying it was of a bloated size. He pointed out the difficulties in its implementation as it is distributive and the expected internal loans were untenable. He further said there is problem in revenue mobilization and the budget lacked fiscal discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mohammad Khalid said that looking at the budgetary allocations, the indigenous nationalities, Madhesi, Muslim communities cannot take ownership of the budget, as it fails to address the needs of these communities. He drew the attention of the government to the urgent need of resolving the acute shortage of water in the Tarai/Madhes region. Meanwhile, lawmakers of the House of Representatives expressed mixed reaction to the budget with most of them being critical about the budget announced by the government. In the ongoing deliberations on budget in the House of Representatives (HoR), the lawmakers argued it was pointless to comment on the budget if the government does not amend it.</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"">Shyam Kumar Ghimire said, "If there is no change in budget despite weeklong deliberations, what's its relevance? Either amend law or present it straight forward for endorsement." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the government failed in capital formation despite taking huge amount of public debt in recent years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker from the Rastriya Prajatantra Party (RPP), Dhawal Shumser JB Rana said the budget for the upcoming fiscal year 2081-82 BS (2024-25) failed to address the country's economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general deliberations on the budget in a meeting of the House of Representatives (HoR) on Sunday, Rana said the budget has come with a 'distributive approach', instead of presenting substantive plans to address the economic slowdown existing in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also expressed his concern over the decision to allocate a 'minimum' budget to the agricultural sector and the projects of national pride. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advising the government to focus on the implementation aspect of the budget, the RPP leader said it is indeed welcoming to announce 'good programmes' in the start-up sector. </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"">Similarly, Rekha Yadav said the budget speech failed to encourage the masses. "It has been challenging to effectively implement the budget," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also expressed her concerns over the reduction of the budget to the agricultural sector, accusing the government of overlooking the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Yadav also criticized the government for being 'unable' to address the water crisis issue in the Chure region and to conserve the region. The exploitation of the Chure in the name of the stone quarry and the extraction of other natural resources be promptly stopped and it should be the priority of the State, she said. </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"">Hem Raj Rai however commented that the budget would give pace to national economy. Priority to agriculture, energy, tourism and IT is a good point, he added. </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"">Gyanu Basnet Subedi also claimed the budget would help revive the sputtering economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Binita Kathayat accused the government of failing to allocate adequate budget for tourism destinations such as Rara. She wondered why government stilled ignored Karnali Province while it is still lagging behind in terms of development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Teju Lal Chaudhari also complained that Karnali and Madhes provinces which are lagging behind in Human Development Index were deprived of adequate budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pratima Gautam accused the government of ignoring capital formation and development in the budget. The finance ministers failed to take initiatives for economic restructuring, she asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The loan for start-up, fellowship to 1,000 youths, announcement of women investment year were encouraging aspects of budget, according to Eknath Dhakal. Even the plan to welcome 1.6 million tourists is appreciative. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Kantika Sejuwal argued that budget was traditional and it would not be able to achieve sustainable development goals. She expressed concerns over not prioritizing the availability of agricultural tool and goods. “Budget is populist in nature,” she added. Basudev Ghimire viewed implementation of budget is discouraging because of the lack of coordination among province and local levels. The budget is focused more on physical infrastructures while it ignored others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Finance Minister, Dr Prakash Sharan Mahat, stressed on the need of increasing financial investment in the productive sector. -- RSS </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20891', 'image' => '20240603114719_budget.jpg', 'article_date' => '2024-06-03 11:46:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21162', 'article_category_id' => '1', 'title' => 'Global Tender Issued for Jagadulla Hydropower Project', 'sub_title' => '', 'summary' => 'A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 3: A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Chief Executive Officer of the Jagadulla Hydropower Company, Sanjaya Sapkota, informed that the company has solicited a global tender for the main construction work, including civil and mechanical works. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company published a notice for the global tender on June 2. According to the notice, interested parties can apply for the tender by August 1, 2024.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company called for a global tender to expedite the project after completing financial management. A bilateral loan agreement was signed in the presence of the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet. Various banks and financial institutions, led by Nabil Bank, are investing in the project.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nabil Bank is investing Rs 4.4 billion in the hydropower project. Other investors include the Hydroelectricity Investment and Development Company Limited, Citizen Investment Trust, Laxmi Sunrise Bank, and Everest Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"We have made significant progress on time, which has opened up avenues for completing the project within the stipulated timeframe," CEO Sapkota shared.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Jagadulla Hydropower Project, located in the Dolpa district, has a total production capacity of 106 MW. The electricity generated from the project will be connected to the Bafikot sub-station, which will be constructed by the Nepal Electricity Authority. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20889', 'image' => '20240603111108_collage (19).jpg', 'article_date' => '2024-06-03 10:59:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21159', 'article_category_id' => '1', 'title' => 'Monsoon Expected to Enter Nepal on June 13 ', 'sub_title' => '', 'summary' => 'KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The monsoon has reached India's north-eastern territory, Bangladesh, Bhutan and reached Sikkim in India, according to the Weather Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rojan Lamichhane, meteorologist of the division, said that monsoon will enter Nepal in around June 13. He added that there is a 35 to 55 percent chance of more than normal rainfall in most parts of the country during this monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Climate expert Dr Dharmaraj Upreti said that this year's monsoon reached India's Assam, Sikkim and surrounding areas on Saturday. Hence, it can be estimated that the monsoon will enter Koshi region a week earlier than the scheduled date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the monsoon air has become more active, it can be assumed that the monsoon will be active in the next three to five days in Koshi Province. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'monsoon, Nepal, India, Assam, Sikkim, Bhutan, rainfall', 'description' => '', 'sortorder' => '20886', 'image' => '20240603105030_20231015093654_weatherrrr.jpg', 'article_date' => '2024-06-03 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21158', 'article_category_id' => '1', 'title' => 'Over 90K Foreign Tourists Arrived in Nepal in May ', 'sub_title' => '', 'summary' => 'KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. According to the data released by Nepal Tourism Board (NTB) on Sunday, a total of 90,211 foreign tourists visited the country in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of tourists has increased by 16.10 per cent this year compared to last year. During the corresponding period of last year, a total of 70,703 foreign tourists had visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTB Director Maniraj Lamichhane said that the arrival of foreign tourists is encouraging. He said, "Overall, the arrival of tourists seems to be encouraging. Comparatively, although a large number of Indian and American tourists entered the country, the number of tourists from China has not increased as per the expectation." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NTB, 38,288 Indian tourists entered Nepal in May. Similarly, 8,381 Chinese tourists and 8,527 tourists from the United States visited Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20885', 'image' => '20240602063034_20220410081846_himalaya-trekkers.jpg', 'article_date' => '2024-06-02 18:30:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21156', 'article_category_id' => '1', 'title' => 'NEPSE Gains 13.51 Points to Close at 2083.04', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 2: The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 325 scrips were traded on NEPSE through 65,654 transactions. A total of 9,697,206 shares changed hands, resulting in a total turnover of Rs 4.31 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover amount with total transactions worth Rs 22 crores. Multipurpose Finance Company Limited (MPFL) and Makar Jitumaya Suri Hydropower Limited (MAKAR) each saw a 10% gain and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Narayani Development Bank Limited (NABBC) faced the highest loss of 9.13%, closing at a market price of Rs 577 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in positive territory except the Investment Index, Manufacturing and Processing Index, and Mutual Fund. The Trading Index witnessed the maximum gains of 6.56%, while the Manufacturing and Processing Index faced the biggest loss of 2.40%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20883', 'image' => '20240602032634_collage (4).jpg', 'article_date' => '2024-06-02 15:24:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21155', 'article_category_id' => '1', 'title' => 'Deadline Extended for Submission of Letters of Intent for 12 Projects Presented in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. The summit held in Kathmandu on April 28 and 29 initially offered a 45-day period for submitting letters of intent for energy projects and a 35-day period for non-energy projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the deadline for non-energy projects only a few days away and the energy project deadline more than two weeks away, the government has extended the submission deadline for letters of intent for 12 projects in these categories by one month. A public notice published on Saturday informed that the deadline has been extended.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The board has decided to extend the deadline to attract more applications and ensure greater competition,” an official of the Investment Board Nepal told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the extension notice, interested investors in the 12 different projects now have until July 2 to submit their letters of intent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a Japanese company expressed interest in the Nijgadh International Airport project, but no other letters of intent were submitted, raising questions about the success of the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ramji Danai, information officer of the board, stated that the extension of deadline aims to attract more investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "The board has the legal right to extend the deadline for submitting the letters of intent," Danai said, adding, "It is not possible to say how many letters of intent have been received during this period. Since e-bidding will be conducted, the Public Procurement Monitoring Office (PPMO) will also be involved, making it impossible to determine the number of letters of intent received before the deadline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai emphasized that the deadline extension is intended to promote transparency, competition, and attract more investors to the projects. The extended deadline applies to both energy and non-energy projects. Currently, out of the projects with extended deadlines, seven letters of intent have been requested from the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai also noted that the board will focus on 12 projects. On the second day of the investment summit, a Japan-based international bank had expressed interest in the proposed Nijgadh International Airport, but has not formally entered the competition. "During the conference, they sent a letter stating their interest in constructing the airport," Danai said. "However, no formal letter of intent has been received for this project."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a total of 154 projects were presented, including 19 projects for which letters of intent were requested and nine projects for market sounding (collecting investors’ feedback). These included the 650 MW Kaligandaki-2 and 337.1 MW Bharbung Reservoir Hydro Projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit resulted in agreements to fund domestic and foreign investments worth Rs 6.5 billion. Investment agreements were signed for three projects, along with seven various cooperation agreements. An agreement was also reached for the construction of a data center, cloud service, and artificial intelligence platform in the country with an investment of Rs 3.5 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, a hotel construction agreement worth Rs 1.09 billion was signed for a site in Gorusinge, Kapilvastu. An agreement to build a resort at Rara in Mugu was also reached between private sector companies.</span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20882', 'image' => '20240602010738_20220919105145_nijgadh.jpg', 'article_date' => '2024-06-02 13:07:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21154', 'article_category_id' => '1', 'title' => 'Nepal-Bangladesh Joint Meeting Likely to Ink a Potential Deal on Sunkoshi III Hydropower Project', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. This project, to be built on the Sunkoshi River in the border of Ramechhap and Kavrepalanchok districts, has been under discussion for a long time between the two countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the upcoming meeting of the Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC) of the Ministry of Energy, Nepal and Bangladesh plan to sign the MoU to establish the joint venture. Navin Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that this meeting will be held in Pokhara on June 23 and 24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In this meeting, preparations have been made to sign a memorandum of understanding to form a joint venture for the development of the Sunkoshi III project,” Singh said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At the previous meeting of these mechanisms, held in Patuakhali, Bangladesh, last year, it was agreed to sign an MoU for the joint construction of the Sunkoshi III project by the Nepal Electricity Authority and the Bangladesh Power Development Board within six months. Although delayed, government officials are now aiming to finalize the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Singh mentioned that the share distribution within the joint venture has not yet been decided. Both Nepal and Bangladesh have expressed interest in involving Indian companies in the joint venture. They believe that including an Indian company will facilitate the export of electricity produced from the project to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It has been proposed to sign a memorandum of understanding to allow companies from Nepal, India, and Bangladesh to join the joint venture,” said Singh. Officials noted that in previous meetings, both sides agreed to involve India to help advance the project. The Government of Nepal held internal discussions before proposing the inclusion of an Indian company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has been two years since Nepal and India issued a joint statement aimed at enhancing hydropower cooperation among Bangladesh, Bhutan, India, and Nepal (BBIN). However, tripartite discussions have not yet occurred.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh is expected to purchase 40 MW of electricity from Nepal under a tripartite cooperation. During Prime Minister Pushpa Kamal Dahal’s visit to India last year, an agreement was reached to facilitate the transmission of electricity to Bangladesh via Indian transmission lines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although a five-year trade agreement has been signed for exporting 40 MW of electricity from Nepal to Bangladesh, the pricing has not yet been finalized. “Since Bangladesh has not yet decided on the price proposed by the Nepal Electricity Authority, the NEA has not been able to export the 40 MW of electricity,” Singh explained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Once the price is agreed upon, a tripartite agreement will be reached, and electricity will be exported. Efforts are being made to export electricity to Bangladesh this year, Singh added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20881', 'image' => '20240602010538_hydro.jpg', 'article_date' => '2024-06-02 13:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21153', 'article_category_id' => '1', 'title' => 'Government Seeks Extension of Deadline of the Controversial Prime Minister Employment Program', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. This project, backed by the World Bank, is set to expire at the end of June. While discussions with the World Bank are ongoing to extend the project's duration, the budget includes unspent resources provided by the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite criticism for utilizing loan from the World Bank in unproductive sectors, the government has allocated Rs 6 billion for the Prime Minister Employment Program for the upcoming fiscal year. Of this amount, approximately Rs 4 billion in unspent World Bank funds will be used for the Youth Employment Transformation Initiative (Yeti) Project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program, launched by KP Sharma Oli in 2075/76, has faced accusations of wasting billions of rupees from the state coffers on petty works. In its first year, the scheme was criticized for spending heavily on unproductive activities like chasing monkeys, uprooting weeds, and chasing cattle. In response to this criticism, the government announced plans to restructure the program in the current year's budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Minister Dr Prakash Sharan Mahat's budget statement noted that the revision aims to create productive employment and improve labor market outcomes. The program aims to provide minimum employment with workplace-based training in labor-intensive work at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget speech mentions that employment service centers will be upgraded to offer services such as labor, skill, and entrepreneurship development trainings at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, despite forming a restructuring committee which submitted a report with recommendations for improvements, these changes have not been implemented, raising questions about the effective use of the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary of the Prime Minister Employment Program Secretariat, Shobha Kumari Pokharel, stated that it would be difficult to restructure and implement the budget from the next fiscal year. She mentioned that although some changes were made, the necessary groundwork to move the program forward in a new way has not been done.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While announcing the upcoming fiscal year’s budget, Finance Minister Barshman Pun said that the Prime Minister Employment Program will provide around 200,000 people with at least 100 days of employment in public construction and maintenance projects. However, he did not mention was no mention of anything about restructuring the program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Ministry of Labour, Employment, and Social Security, the government has already spent Rs 18.73 billion on the program till date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although 4.04 million workers have been registered under the PMEP in the past five years, only 712,000 workers have benefitted from the scheme.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The program has not been able to provide employment to a significant portion of the listed workers. In the current year, 885,000 people registered for the program, but as of June 1, only 38,546 had been employed for an average of 78 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister's Office reported that the program had been conducted in over 700 municipalities, mobilizing employees, including 2,280 employment coordinators. However, some targeted programs under the Prime Minister Employment Program have not started. The 61st report of the Auditor General highlighted that the program failed to employ a large portion of registered workers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Over the past five years, 4.04 million workers were registered, but only 712,000 participated in minimum employment. The initiative to conduct workplace-based training for 59,500 individuals for entrepreneurship development has not begun. Although the annual budget promises to provide 200,000 people with at least 100 days of employment, the Auditor General's report noted that this program is not implemented universally at the local levels, and many listed individuals have not receive the promised employment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report also criticized the lack of updated information and data on external and internal employment at employment service centers, which hinders counseling for unemployed people. It pointed out that the program mainly focused on cleaning roads, drains, school playgrounds, and small infrastructure projects. It recommended that the program should involve cost-sharing with local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program includes the Youth Employment Transformation Initiative Project, funded by a US$120 million World Bank loan. The project aims to create employment opportunities, increase access to available jobs, boost workers' income, and improve the target group's living conditions. However, the report stated that these goals were not achieved. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With a quarter of the foreign aid budget remaining unspent as the project deadline approached, Ministry of Labor officials have decided to seek an extension of the project. The Prime Minister Employment Program Secretariat reported that Rs 4 billion from the World Bank remain unspent, prompting the Ministry of Labor to propose further discussions with the World Bank to extend the project's deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary Pokharel stated that the donor has agreed to extend the deadline, and the remaining funds have been included in the budget for the next year. She claimed that the proposal for the extension would soon be approved by the World Bank. </span></span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20880', 'image' => '20240602121715_PMEP.jpeg', 'article_date' => '2024-06-02 12:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21152', 'article_category_id' => '1', 'title' => 'New Policy in the Offing Ensuring 10 Percent of Income to Elderly Parents ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an event organized on the 20th establishment day of Community Development and Service Centre and Community Police Service Centre Gatthaghar on Saturday, Minister Chaudhary mentioned that the government will amend the Senior Citizens Act and Regulations to implement such a policy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">She argued that the government is planning to introduce the policy as many senior citizens were found neglected by their children. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister added that the sons and daughters should contribute at least 10 per cent of their income to the parents whether the income was generated from formal or informal means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Chaudhary, such a policy will be mandatorily implemented once the bill related to this effect is endorsed by the parliament. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20879', 'image' => '20240602111720_20220529070534_The-old-age-allowance.jpg', 'article_date' => '2024-06-02 11:16:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21151', 'article_category_id' => '1', 'title' => 'UN Global Supply Chain Forum Calls for Resilience amid World Trade Disruptions ', 'sub_title' => '', 'summary' => 'NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to a press release, over 1,000 participants from around the world convened to tackle the pressing issues of climate change, geopolitical tensions, climate change, and their impact on global trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Deputy-Secretary General Amina Mohammed, Barbados' Prime Minister Mia Amor Mottley, and UN Trade and Development Secretary-General Rebeca Grynspan led the opening of the forum against a backdrop of increasing global trade instability. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary-General Grynspan emphasized the necessity for more inclusive, sustainable, and resilient production and distribution networks to combat the growing unreliability of current global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum gathered key figures, including Trade and Transport Ministers from several small island developing states (SIDS) such as Barbados, Curacao, Fiji, Guyana, Marshall Islands, Seychelles, and Tuvalu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Representatives from various UN agencies, major ports like the Port of Seattle, and industry leaders in shipping and logistics were also present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The compounded effects of climate change, geopolitical tensions, and the COVID-19 pandemic have exacerbated vulnerabilities in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These disruptions have led to longer shipping times and higher greenhouse gas emissions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the Bridgetown port visit, Secretary-General Grynspan highlighted the critical role of ports in maintaining global value chains through the adoption of advanced technologies and sustainable practices, positioning Barbados as a model for other SIDS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum underscored the complexities and opportunities in decarbonizing global shipping, with a particular focus on developing countries rich in renewable energy resources. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ports are central to this transformation, serving as hubs for innovation and sustainability. Key initiatives discussed included incentivizing low- or zero-carbon fuels, establishing safety frameworks for new fuels, and developing port readiness assessment tools to ensure safe handling and bunkering operations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One of the major outcomes of the forum was the launch of the "Manifesto for Intermodal, Low-Carbon, Efficient and Resilient Freight Transport and Logistics." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This manifesto calls for a significant transformation in freight transport to achieve global climate targets and improve socio-economic resilience, emphasizing the transition to zero-emission fuels, optimized logistics, and sustainable value chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SIDS are particularly vulnerable to the impacts of climate change on their transport infrastructure, making resilience in the transport and logistics sector a top priority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ministers from these nations advocated for international financial support and investment in green and sustainable technologies to enhance energy efficiency and combat marine pollution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed the importance of improving connectivity and efficiency within and between their nations and with global markets through strategic investments in maritime and air transport infrastructure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital technologies were highlighted as key to enhancing global supply chain resilience. Innovations such as blockchain-enabled traceability mechanisms and advanced customs automation systems are essential for optimizing trade facilitation, increasing transparency, and reducing operational risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Trade and Development introduced guidelines for developing an electronic single window for trade, with industry leaders urging ports to become intermodal hubs that integrate energy and digital capabilities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A significant achievement of the forum was the launch of the UN Trade and Development Trade-and-Transport Dataset, developed in collaboration with the World Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This comprehensive repository provides global data on over 100 commodities and various transport modes, offering a holistic view of trade and transport costs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This freely accessible dataset is expected to enhance understanding and optimization of global trade flows and support evidence-based policymaking. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preceding the forum, the first Supply Chain Innovation Challenge aimed to inspire innovative solutions for greener and more resilient global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Almost 80 entries were received, with winning proposals presented at the forum. Secretary-General Grynspan, speaking at the University of the West Indies, encouraged students to pursue their dreams and contribute to a sustainable future, highlighting progress in renewable energy, agriculture, and medical technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the forum, UN Trade and Development signed a Memorandum of Understanding with the China Council for the Promotion of International Trade (CCPIT) to expand collaboration on trade and investment promotion, trade facilitation, and other joint activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum's outcomes are set to strengthen global supply chains and enhance the resilience of SIDS, with the Kingdom of Saudi Arabia announced as the host for the second forum in 2026. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Omar Bin Talal Hariri, President of Saudi Ports Authority, expressed the Kingdom's commitment to enhancing global supply chains and positioning Saudi Arabia as a leading logistics hub. – ANI/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20878', 'image' => '20240602103111_maxresdefault.jpg', 'article_date' => '2024-06-02 10:30:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21149', 'article_category_id' => '1', 'title' => 'Four Yarsa Collectors Die in Mugu ', 'sub_title' => '', 'summary' => 'MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Mugu, Topendra KC, said that Devraj Budha, 20, of Tallekhgaun from Chhayanath Rara Municipality-10 in the district died on the way to the District Hospital in Gamgadhi on Saturday as his treatment was not possible in Mugu Health Post.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the health condition of Jiban Budha of the same village is serious due to altitude sickness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Man Bahadur Budha, Shovan Budha and Raj Bahadur Sawad of Chhayanath Rara Municipality-12 died after suffering from altitude sickness in Patan Thulo Koiki area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Mugum Karmarong Rural Municipality has allowed collection of yarsa, a prized herb with purported aphrodisiac property, in more than 25 highlands of the district from May 7. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20876', 'image' => '20240602101409_20230522111957_1684492462.Yarsa.jpeg', 'article_date' => '2024-06-02 10:13:24', '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 Council of Ministers meeting on February 8 had decided to reduce the fiscal equalization grant for the last installment of the current year by 25.89 percent.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives stated that the reduction of the equalization grant has affected development and construction work in the rural municipalities as they have limited resources. Most of the municipalities rely heavily on resources provided by the central government for their budgets.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Local representatives demanded the federal government to reverse the grant cut, calling it unconstitutional, and correct this decision within one week. Representatives from the National Association of Rural Municipalities in Nepal and the Municipal Association of Nepal, who participated in the demonstration outside the Ministry of Finance, warned that if they do not receive the grant within the specified period, they will shut down the local governments across the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to them, projects have been affected due to the lack of disbursement of Rs 24.48 billion under equalization grant this year. On May 20, a joint meeting of both the associations decided to meet with the Prime Minister, Minister of Finance, and Chief Whips of all political parties to demand the immediate disbursement of the stalled equalization grant. Consequently, the local level united in protest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bhim Prasad Dhungana, president of the Municipal Association of Nepal, said that the federal government has not sent the full amount of the fiscal equalization grant due for the last installment and has made further cuts in the new budget. "We feel that the government has cheated us," he told New Business Age. "We want to have a meaningful conversation with the federal government. Now we will not stay silent."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite calling for the correction of the decision made some months ago, Dhungana stated that they had to resort to protest as they did not receive any response from the federal government. Last year, the federal government also cut the subsidy but had to back down after strong protests. Dhungana noted that the same unconstitutional attitude is being displayed by the central government now, and they will not back down.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Laxmi Devi Pandey, president of the National Association of Rural Municipalities in Nepal, said that since the grant supposed to be sent to the villages was not sent, she had to come to Kathmandu. "We are meeting the finance minister and the prime minister," she said. "The federal government's decision to cut the grant amount is not acceptable."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government sends four types of grants to the local levels: Equalization, Conditional, Special, and Supplementary. People's representatives said that most municipalities rely on subsidies, so cutting the budget will affect municipal operations. The Ministry of Finance stated that the fiscal equalization grant has been reduced due to resource crunch resulting from low revenue collection this year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Despite pressure from local-level representatives, Uttar Kumar Khatri, Joint Secretary and Head of the Planning Division at the Ministry of Finance, stated that resources cannot be provided as demanded. "The government was unable to raise resources according to the target, so it had to cut the fiscal equalization grant to the local level," Khatri said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federal government has allocated Rs 567 billion for the upcoming fiscal year to the state and local levels under various headings, which is less than the current year. The revenue to be transferred to state and local levels will be less next year compared to the current year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20895', 'image' => '20240603032027_20230227084256_Grants-April-2019.jpg', 'article_date' => '2024-06-03 15:19:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21167', 'article_category_id' => '1', 'title' => 'Demand for Concessional Loans for Startup Enterprises Exceeds Allocated Budget', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated Rs 25 million in the budget for the current fiscal year 2080/81 to support startup entrepreneurs. However, the total investment requested by startup projects seeking loans exceeds the government's budget allocation.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">To assist aspiring startup entrepreneurs, the government introduced a plan to provide loans at a 3 percent interest rate with project mortgages. According to the plan, the estimated investment for 335 selected projects is Rs 36 million. Umesh Kumar Gupta, Executive Director of the Industrial Enterprise Development Institute, confirmed that the investment projects have been selected for the loans. The IEDI invited interested startup entrepreneurs to submit projects by February 2. Within 21 days, 1,658 projects were registered for loans.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although the number of proposals was significant, only a few projects were shortlisted for loans. Initially, 394 projects were selected. The IEDI arranged for these shortlisted entrepreneurs to present their business plans from May 3 to 16. Out of them, 335 entrepreneurs presented their business plans. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Gupta stated that the IEDI has forwarded these plans to the Rastriya Banijya Bank for credit appraisal. During this process, the bank evaluates the startup's current business state, its ability to repay the loan, and other financial conditions.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Entrepreneurs who scored more than 50 points in various categories during the presentation will receive loans from the Rastriya Banijya Bank. Gupta mentioned that the final list of approved projects would be completed in 2-3 days, after which it will be submitted to the bank for loan recommendations. He also noted that the loans would be disbursed from the Rastriya Banijya Bank's branch offices in the respective districts, making it more convenient for the beneficiaries. The loans are expected to be disbursed starting mid-June.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Current data indicates that about 220 projects have scored more than 50 points. Gupta emphasized that the total budget for this program is Rs 25 million. A list of entrepreneurs will be prepared within this budget, and loans will be provided to the projects scoring more than 50 points.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to Gupta, some projects require loans up to Rs 2.5 million. The government policy allows for concessional loans up to a maximum of Rs 2.5 million per startup enterprise. The disbursement of this amount will be based on the project's needs and demands and will be provided in installments. The second and third installments will be given only after verifying the utilization of the previous installment by visiting the project site.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The government will provide these loans according to the 'Startup Enterprise Loan Operation Procedure-2080' issued on January 25. The IEDI has designated 16 different areas for these loans, and entrepreneurs whose businesses were registered less than 7 years are eligible. Eligible sectors include agriculture and forestry, tourism promotion and entertainment, hospitality, science and technology, information and communication, human health services, education, transportation services, automobiles, renewable energy, climate change mitigation, and more.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Projects for such loans have been submitted from various districts, including Sankhuwasabha, Kathmandu, Bhaktapur, Lalitpur, Kavrepalanchok, Dhading, Chitwan, Nuwakot, Rasuwa, Morang, Sunsari, Kailali, Lamjung, Gorkha, Arghakhanchi, Kaski, Bara, Achham, Dang, Bajura, Baitadi, Jhapa, Banke, Makwanpur, Humla, Darchula, Kalikot, Salyan, Panchthar, Gulmi, Saptari, and Pyuthan.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20894', 'image' => '20240603030232_startup.jpg', 'article_date' => '2024-06-03 15:01:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21166', 'article_category_id' => '1', 'title' => 'Former Finance Minister Mahat Calls for Ramping up Investment in Productive Sector ', 'sub_title' => '', 'summary' => 'KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Member of the House of Representatives (HoR) and former Finance Minister, Dr Prakash Sharan Mahat, urged the government to increase investment in the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the deliberations on the annual estimations of revenues and expenditures for the fiscal year 2024-25 in the lower house of the Federal Parliament on Sunday, Mahat said that the failure to invest in the productive sector will impede the nation's economic growth.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Production and employment cannot be increased, nor can revenue, if loans are not used to invest in productive sectors. As a result, the state's debt burden increases, leading to a cycle of taking more loans to repay existing ones,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat expressed his objections to the budget, saying that the budgetary appropriations for the next fiscal year in it were 'scattered'. He argued that the budget should be pro-people than party-oriented and the allocated budget should be spend on the basis of prioritization. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said although the size of the budget has increased, the country's economic development cannot be achieved if it is not spent in a systematic manner. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Segoe UI","sans-serif"">“The government is struggling to generate revenue because financial resources are not spent in productive sectors, and this has also failed to create jobs. The budget allocations for the next fiscal year have not been prioritized or apportioned based on need,” he added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Stating the budget allocated for the Ministry of Industry and Supplies is inadequate, he criticized the budget because the allocations have been made in such a way that they will be spent in unproductive sectors than in the productive ones. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The former finance minister stressed on being sensitive on the topic of mobilization and spending of financial resources. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">"The budget for the upcoming fiscal year has not been able to navigate a concrete direction. Investment has been made, we have been collecting taxes, but the production has not increased. It is necessary to find a solution to these problems," he pointed out. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Noting that the state's foreign debt has been going up and the debt burden of loans taken from the private sector is accumulating, he said that the government has not been able to generate revenue as expected revenue and this has led to a decline in the economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mahat said the depositors of cooperatives have been facing problem in recent days due to the fraud cases and demanded taking stern legal action against individuals who spent the savings of the cooperatives against the cooperatives laws. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20893', 'image' => '20240603015648_20230705054200_collage (14).jpg', 'article_date' => '2024-06-03 13:56:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21165', 'article_category_id' => '1', 'title' => 'Nepal to be Developed as a ‘Tourism Hub’', 'sub_title' => '', 'summary' => 'POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">POKHARA: Deputy Prime Minister and Minister for Foreign Affairs, Narayankaji Shrestha expressed the government's commitment to develop Nepal as a tourism hub. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He made such a remark at a dinner reception hosted by the Ministry of Foreign Affairs and the Gandaki Province Office of Nepal Tourism Board to welcome the ambassadors and representatives of diplomatic missions of different countries on the occasion of 74th Annapurna Day in Pokhara on Sunday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has set a target to attract 1.6 million tourists next year, he said adding that the government has been working to identify and promote new tourism destinations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"The government is planning to develop tourism circuit along with the identification of new destinations and trekking routes," DPM Shrestha noted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He urged the ambassadors and representatives of diplomatic missions to promote Nepal's tourism in their communities and the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said that the people of Nepal are known all over the world in terms of spiritual culture. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">“Tourists from all over the world come to Nepal to see many natural and cultural heritages, including Lumbini, the birth place of Gautam Buddha and the Mount Everest, the world's highest peak,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">DPM Shrestha said Pokhara, the tourism capital, is also being developed as an important destination for adventure tourism activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion of Annapurna Day, ambassadors of various countries and representatives of diplomatic missions marched from Dhampus to Astam in Kaski district. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The trekking expedition was organized in commemoration of the ascent of the 8,041-metre-high Annapurna I for the first time on June 3, 1950, when French climbers Maurice Herzog and Louis Lachnal scaled the mountain. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 74th Annapurna Day is being celebrated in tourism capital Pokhara today by organizing several activities. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'tourism, hub, Nepal, Pokhara, Annapurna, French', 'description' => '', 'sortorder' => '20892', 'image' => '20240603125658_20230513065358_Tourist Arrival (1).jpeg', 'article_date' => '2024-06-03 12:55:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21164', 'article_category_id' => '1', 'title' => 'Lawmakers Stress on Effective Implementation of Budget ', 'sub_title' => '‘Deliberations Meaningless if Budget is not Amended’ ', 'summary' => 'KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Members of the National Assembly (NA), the upper house of the Federal Parliament, on Sunday stressed on the need for effective implementation of the budget for the next fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general discussions on the proposal seeking deliberations on the annual estimates of revenue and expenditures for fiscal year 2024-25 in the NA meeting on Sunday, lawmaker Jag Prasad Sharma stressed on the practical implementation of the budget to addresses the national needs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the budget prioritizes the development and construction, preparing the base of socialism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Devendra Dahal said the budget has prioritized the policies and programmes of the coalition government and the government's 16th five-year plan. "It has also addressed the guiding principle of 'Prosperous Nepal and Happy Nepali', and paid special attention to export promotion," he said, stressing on the effective implementation of the budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Dr Beduram Bhusal welcomed the budget, saying it was in the right direction. He added that the budgetary allocation to the agriculture sector is inadequate, stating the budget lacked programmes and plans for attaining self-sufficiency in food. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Krishna Bahadur Rokaya expressed doubts on the effective implementation of the budget, saying it was of a bloated size. He pointed out the difficulties in its implementation as it is distributive and the expected internal loans were untenable. He further said there is problem in revenue mobilization and the budget lacked fiscal discipline. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker Mohammad Khalid said that looking at the budgetary allocations, the indigenous nationalities, Madhesi, Muslim communities cannot take ownership of the budget, as it fails to address the needs of these communities. He drew the attention of the government to the urgent need of resolving the acute shortage of water in the Tarai/Madhes region. Meanwhile, lawmakers of the House of Representatives expressed mixed reaction to the budget with most of them being critical about the budget announced by the government. In the ongoing deliberations on budget in the House of Representatives (HoR), the lawmakers argued it was pointless to comment on the budget if the government does not amend it.</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"">Shyam Kumar Ghimire said, "If there is no change in budget despite weeklong deliberations, what's its relevance? Either amend law or present it straight forward for endorsement." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to him, the government failed in capital formation despite taking huge amount of public debt in recent years. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Lawmaker from the Rastriya Prajatantra Party (RPP), Dhawal Shumser JB Rana said the budget for the upcoming fiscal year 2081-82 BS (2024-25) failed to address the country's economic slowdown. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Taking part in the general deliberations on the budget in a meeting of the House of Representatives (HoR) on Sunday, Rana said the budget has come with a 'distributive approach', instead of presenting substantive plans to address the economic slowdown existing in the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He also expressed his concern over the decision to allocate a 'minimum' budget to the agricultural sector and the projects of national pride. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Advising the government to focus on the implementation aspect of the budget, the RPP leader said it is indeed welcoming to announce 'good programmes' in the start-up sector. </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"">Similarly, Rekha Yadav said the budget speech failed to encourage the masses. "It has been challenging to effectively implement the budget," she said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">She also expressed her concerns over the reduction of the budget to the agricultural sector, accusing the government of overlooking the productive sector. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Yadav also criticized the government for being 'unable' to address the water crisis issue in the Chure region and to conserve the region. The exploitation of the Chure in the name of the stone quarry and the extraction of other natural resources be promptly stopped and it should be the priority of the State, she said. </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"">Hem Raj Rai however commented that the budget would give pace to national economy. Priority to agriculture, energy, tourism and IT is a good point, he added. </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"">Gyanu Basnet Subedi also claimed the budget would help revive the sputtering economy. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Binita Kathayat accused the government of failing to allocate adequate budget for tourism destinations such as Rara. She wondered why government stilled ignored Karnali Province while it is still lagging behind in terms of development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Teju Lal Chaudhari also complained that Karnali and Madhes provinces which are lagging behind in Human Development Index were deprived of adequate budget. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pratima Gautam accused the government of ignoring capital formation and development in the budget. The finance ministers failed to take initiatives for economic restructuring, she asserted. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The loan for start-up, fellowship to 1,000 youths, announcement of women investment year were encouraging aspects of budget, according to Eknath Dhakal. Even the plan to welcome 1.6 million tourists is appreciative. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Kantika Sejuwal argued that budget was traditional and it would not be able to achieve sustainable development goals. She expressed concerns over not prioritizing the availability of agricultural tool and goods. “Budget is populist in nature,” she added. Basudev Ghimire viewed implementation of budget is discouraging because of the lack of coordination among province and local levels. The budget is focused more on physical infrastructures while it ignored others. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Former Finance Minister, Dr Prakash Sharan Mahat, stressed on the need of increasing financial investment in the productive sector. -- RSS </span></span></span><br /> </p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20891', 'image' => '20240603114719_budget.jpg', 'article_date' => '2024-06-03 11:46:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21162', 'article_category_id' => '1', 'title' => 'Global Tender Issued for Jagadulla Hydropower Project', 'sub_title' => '', 'summary' => 'A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">June 3: A global tender has been issued for the selection of contractors for the physical construction of the Jagadulla Hydropower Project. The project aims to achieve the goal of 'illuminating Karnali.'</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Chief Executive Officer of the Jagadulla Hydropower Company, Sanjaya Sapkota, informed that the company has solicited a global tender for the main construction work, including civil and mechanical works. </span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company published a notice for the global tender on June 2. According to the notice, interested parties can apply for the tender by August 1, 2024.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The company called for a global tender to expedite the project after completing financial management. A bilateral loan agreement was signed in the presence of the Minister for Energy, Water Resources, and Irrigation, Shakti Bahadur Basnet. Various banks and financial institutions, led by Nabil Bank, are investing in the project.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">Nabil Bank is investing Rs 4.4 billion in the hydropower project. Other investors include the Hydroelectricity Investment and Development Company Limited, Citizen Investment Trust, Laxmi Sunrise Bank, and Everest Bank.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">"We have made significant progress on time, which has opened up avenues for completing the project within the stipulated timeframe," CEO Sapkota shared.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,"sans-serif"">The Jagadulla Hydropower Project, located in the Dolpa district, has a total production capacity of 106 MW. The electricity generated from the project will be connected to the Bafikot sub-station, which will be constructed by the Nepal Electricity Authority. (RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => '', 'description' => '', 'sortorder' => '20889', 'image' => '20240603111108_collage (19).jpg', 'article_date' => '2024-06-03 10:59:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 6 => array( 'Article' => array( 'id' => '21159', 'article_category_id' => '1', 'title' => 'Monsoon Expected to Enter Nepal on June 13 ', 'sub_title' => '', 'summary' => 'KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: This year's monsoon is expected to enter Nepal from June 13. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The monsoon has reached India's north-eastern territory, Bangladesh, Bhutan and reached Sikkim in India, according to the Weather Forecasting Division under the Department of Hydrology and Meteorology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Rojan Lamichhane, meteorologist of the division, said that monsoon will enter Nepal in around June 13. He added that there is a 35 to 55 percent chance of more than normal rainfall in most parts of the country during this monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Climate expert Dr Dharmaraj Upreti said that this year's monsoon reached India's Assam, Sikkim and surrounding areas on Saturday. Hence, it can be estimated that the monsoon will enter Koshi region a week earlier than the scheduled date. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Since the monsoon air has become more active, it can be assumed that the monsoon will be active in the next three to five days in Koshi Province. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-03', 'modified' => '2024-06-03', 'keywords' => 'monsoon, Nepal, India, Assam, Sikkim, Bhutan, rainfall', 'description' => '', 'sortorder' => '20886', 'image' => '20240603105030_20231015093654_weatherrrr.jpg', 'article_date' => '2024-06-03 10:49:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21158', 'article_category_id' => '1', 'title' => 'Over 90K Foreign Tourists Arrived in Nepal in May ', 'sub_title' => '', 'summary' => 'KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: More than 90,000 foreign tourists entered Nepal in the month of May this year. According to the data released by Nepal Tourism Board (NTB) on Sunday, a total of 90,211 foreign tourists visited the country in the review month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The arrival of tourists has increased by 16.10 per cent this year compared to last year. During the corresponding period of last year, a total of 70,703 foreign tourists had visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NTB Director Maniraj Lamichhane said that the arrival of foreign tourists is encouraging. He said, "Overall, the arrival of tourists seems to be encouraging. Comparatively, although a large number of Indian and American tourists entered the country, the number of tourists from China has not increased as per the expectation." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to NTB, 38,288 Indian tourists entered Nepal in May. Similarly, 8,381 Chinese tourists and 8,527 tourists from the United States visited Nepal. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20885', 'image' => '20240602063034_20220410081846_himalaya-trekkers.jpg', 'article_date' => '2024-06-02 18:30:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21156', 'article_category_id' => '1', 'title' => 'NEPSE Gains 13.51 Points to Close at 2083.04', 'sub_title' => '', 'summary' => 'The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.', 'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">June 2: The Nepal Stock Exchange (NEPSE) Index gained 13.51 points, or 0.65%, closing at 2083.04 on Sunday, the first trading day of the week.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">During today's trading session, 325 scrips were traded on NEPSE through 65,654 transactions. A total of 9,697,206 shares changed hands, resulting in a total turnover of Rs 4.31 billion.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Nepal Finance Limited (NFS) led the turnover amount with total transactions worth Rs 22 crores. Multipurpose Finance Company Limited (MPFL) and Makar Jitumaya Suri Hydropower Limited (MAKAR) each saw a 10% gain and hit the positive circuit for the day. </span></span><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">Conversely, Narayani Development Bank Limited (NABBC) faced the highest loss of 9.13%, closing at a market price of Rs 577 per share.</span></span></p> <p><span style="font-size:20px"><span style="font-family:Calibri,sans-serif">In terms of sector indices, all sectors closed in positive territory except the Investment Index, Manufacturing and Processing Index, and Mutual Fund. The Trading Index witnessed the maximum gains of 6.56%, while the Manufacturing and Processing Index faced the biggest loss of 2.40%.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20883', 'image' => '20240602032634_collage (4).jpg', 'article_date' => '2024-06-02 15:24:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '42' ) ), (int) 9 => array( 'Article' => array( 'id' => '21155', 'article_category_id' => '1', 'title' => 'Deadline Extended for Submission of Letters of Intent for 12 Projects Presented in Investment Summit', 'sub_title' => '', 'summary' => 'KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: During the Third Investment Summit held in late April, the government had provided a window for investors to submit expressions of interest, even without immediate investment commitments. The summit held in Kathmandu on April 28 and 29 initially offered a 45-day period for submitting letters of intent for energy projects and a 35-day period for non-energy projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">With the deadline for non-energy projects only a few days away and the energy project deadline more than two weeks away, the government has extended the submission deadline for letters of intent for 12 projects in these categories by one month. A public notice published on Saturday informed that the deadline has been extended.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The board has decided to extend the deadline to attract more applications and ensure greater competition,” an official of the Investment Board Nepal told New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the extension notice, interested investors in the 12 different projects now have until July 2 to submit their letters of intent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a Japanese company expressed interest in the Nijgadh International Airport project, but no other letters of intent were submitted, raising questions about the success of the summit.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Ramji Danai, information officer of the board, stated that the extension of deadline aims to attract more investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""> "The board has the legal right to extend the deadline for submitting the letters of intent," Danai said, adding, "It is not possible to say how many letters of intent have been received during this period. Since e-bidding will be conducted, the Public Procurement Monitoring Office (PPMO) will also be involved, making it impossible to determine the number of letters of intent received before the deadline."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai emphasized that the deadline extension is intended to promote transparency, competition, and attract more investors to the projects. The extended deadline applies to both energy and non-energy projects. Currently, out of the projects with extended deadlines, seven letters of intent have been requested from the private sector.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Danai also noted that the board will focus on 12 projects. On the second day of the investment summit, a Japan-based international bank had expressed interest in the proposed Nijgadh International Airport, but has not formally entered the competition. "During the conference, they sent a letter stating their interest in constructing the airport," Danai said. "However, no formal letter of intent has been received for this project."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the summit, a total of 154 projects were presented, including 19 projects for which letters of intent were requested and nine projects for market sounding (collecting investors’ feedback). These included the 650 MW Kaligandaki-2 and 337.1 MW Bharbung Reservoir Hydro Projects.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The summit resulted in agreements to fund domestic and foreign investments worth Rs 6.5 billion. Investment agreements were signed for three projects, along with seven various cooperation agreements. An agreement was also reached for the construction of a data center, cloud service, and artificial intelligence platform in the country with an investment of Rs 3.5 billion. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Additionally, a hotel construction agreement worth Rs 1.09 billion was signed for a site in Gorusinge, Kapilvastu. An agreement to build a resort at Rara in Mugu was also reached between private sector companies.</span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20882', 'image' => '20240602010738_20220919105145_nijgadh.jpg', 'article_date' => '2024-06-02 13:07:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21154', 'article_category_id' => '1', 'title' => 'Nepal-Bangladesh Joint Meeting Likely to Ink a Potential Deal on Sunkoshi III Hydropower Project', 'sub_title' => '', 'summary' => 'KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">KATHMANDU: Nepal and Bangladesh are preparing to sign a memorandum of understanding (MoU) for a joint venture to construct the Sunkoshi III Hydropower Project, with a capacity of 683 MW. This project, to be built on the Sunkoshi River in the border of Ramechhap and Kavrepalanchok districts, has been under discussion for a long time between the two countries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the upcoming meeting of the Joint Working Group (JWG) and the Secretary-level Joint Steering Committee (JSC) of the Ministry of Energy, Nepal and Bangladesh plan to sign the MoU to establish the joint venture. Navin Singh, spokesperson for the Ministry of Energy, Water Resources, and Irrigation, stated that this meeting will be held in Pokhara on June 23 and 24.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“In this meeting, preparations have been made to sign a memorandum of understanding to form a joint venture for the development of the Sunkoshi III project,” Singh said.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">At the previous meeting of these mechanisms, held in Patuakhali, Bangladesh, last year, it was agreed to sign an MoU for the joint construction of the Sunkoshi III project by the Nepal Electricity Authority and the Bangladesh Power Development Board within six months. Although delayed, government officials are now aiming to finalize the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Singh mentioned that the share distribution within the joint venture has not yet been decided. Both Nepal and Bangladesh have expressed interest in involving Indian companies in the joint venture. They believe that including an Indian company will facilitate the export of electricity produced from the project to Bangladesh.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“It has been proposed to sign a memorandum of understanding to allow companies from Nepal, India, and Bangladesh to join the joint venture,” said Singh. Officials noted that in previous meetings, both sides agreed to involve India to help advance the project. The Government of Nepal held internal discussions before proposing the inclusion of an Indian company.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">It has been two years since Nepal and India issued a joint statement aimed at enhancing hydropower cooperation among Bangladesh, Bhutan, India, and Nepal (BBIN). However, tripartite discussions have not yet occurred.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Bangladesh is expected to purchase 40 MW of electricity from Nepal under a tripartite cooperation. During Prime Minister Pushpa Kamal Dahal’s visit to India last year, an agreement was reached to facilitate the transmission of electricity to Bangladesh via Indian transmission lines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although a five-year trade agreement has been signed for exporting 40 MW of electricity from Nepal to Bangladesh, the pricing has not yet been finalized. “Since Bangladesh has not yet decided on the price proposed by the Nepal Electricity Authority, the NEA has not been able to export the 40 MW of electricity,” Singh explained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Once the price is agreed upon, a tripartite agreement will be reached, and electricity will be exported. Efforts are being made to export electricity to Bangladesh this year, Singh added.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20881', 'image' => '20240602010538_hydro.jpg', 'article_date' => '2024-06-02 13:04:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21153', 'article_category_id' => '1', 'title' => 'Government Seeks Extension of Deadline of the Controversial Prime Minister Employment Program', 'sub_title' => '', 'summary' => 'KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">KATHMANDU: The government has allocated budget for the Prime Minister Employment Program (PMEP) aimed at youth employment for the next fiscal year (FY) 2081/82. This project, backed by the World Bank, is set to expire at the end of June. While discussions with the World Bank are ongoing to extend the project's duration, the budget includes unspent resources provided by the bank.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Despite criticism for utilizing loan from the World Bank in unproductive sectors, the government has allocated Rs 6 billion for the Prime Minister Employment Program for the upcoming fiscal year. Of this amount, approximately Rs 4 billion in unspent World Bank funds will be used for the Youth Employment Transformation Initiative (Yeti) Project.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program, launched by KP Sharma Oli in 2075/76, has faced accusations of wasting billions of rupees from the state coffers on petty works. In its first year, the scheme was criticized for spending heavily on unproductive activities like chasing monkeys, uprooting weeds, and chasing cattle. In response to this criticism, the government announced plans to restructure the program in the current year's budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Former Finance Minister Dr Prakash Sharan Mahat's budget statement noted that the revision aims to create productive employment and improve labor market outcomes. The program aims to provide minimum employment with workplace-based training in labor-intensive work at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The budget speech mentions that employment service centers will be upgraded to offer services such as labor, skill, and entrepreneurship development trainings at the local levels. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">However, despite forming a restructuring committee which submitted a report with recommendations for improvements, these changes have not been implemented, raising questions about the effective use of the budget.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary of the Prime Minister Employment Program Secretariat, Shobha Kumari Pokharel, stated that it would be difficult to restructure and implement the budget from the next fiscal year. She mentioned that although some changes were made, the necessary groundwork to move the program forward in a new way has not been done.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">While announcing the upcoming fiscal year’s budget, Finance Minister Barshman Pun said that the Prime Minister Employment Program will provide around 200,000 people with at least 100 days of employment in public construction and maintenance projects. However, he did not mention was no mention of anything about restructuring the program.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the Ministry of Labour, Employment, and Social Security, the government has already spent Rs 18.73 billion on the program till date.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Although 4.04 million workers have been registered under the PMEP in the past five years, only 712,000 workers have benefitted from the scheme.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The program has not been able to provide employment to a significant portion of the listed workers. In the current year, 885,000 people registered for the program, but as of June 1, only 38,546 had been employed for an average of 78 days.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister's Office reported that the program had been conducted in over 700 municipalities, mobilizing employees, including 2,280 employment coordinators. However, some targeted programs under the Prime Minister Employment Program have not started. The 61st report of the Auditor General highlighted that the program failed to employ a large portion of registered workers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Over the past five years, 4.04 million workers were registered, but only 712,000 participated in minimum employment. The initiative to conduct workplace-based training for 59,500 individuals for entrepreneurship development has not begun. Although the annual budget promises to provide 200,000 people with at least 100 days of employment, the Auditor General's report noted that this program is not implemented universally at the local levels, and many listed individuals have not receive the promised employment.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report also criticized the lack of updated information and data on external and internal employment at employment service centers, which hinders counseling for unemployed people. It pointed out that the program mainly focused on cleaning roads, drains, school playgrounds, and small infrastructure projects. It recommended that the program should involve cost-sharing with local levels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The Prime Minister Employment Program includes the Youth Employment Transformation Initiative Project, funded by a US$120 million World Bank loan. The project aims to create employment opportunities, increase access to available jobs, boost workers' income, and improve the target group's living conditions. However, the report stated that these goals were not achieved. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">With a quarter of the foreign aid budget remaining unspent as the project deadline approached, Ministry of Labor officials have decided to seek an extension of the project. The Prime Minister Employment Program Secretariat reported that Rs 4 billion from the World Bank remain unspent, prompting the Ministry of Labor to propose further discussions with the World Bank to extend the project's deadline.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Under Secretary Pokharel stated that the donor has agreed to extend the deadline, and the remaining funds have been included in the budget for the next year. She claimed that the proposal for the extension would soon be approved by the World Bank. </span></span></span></p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20880', 'image' => '20240602121715_PMEP.jpeg', 'article_date' => '2024-06-02 12:15:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '21152', 'article_category_id' => '1', 'title' => 'New Policy in the Offing Ensuring 10 Percent of Income to Elderly Parents ', 'sub_title' => '', 'summary' => 'BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">BHAKTAPUR: Minister for Women, Children and Senior Citizens Bhagawati Chaudhary has said that the government is preparing to introduce a policy with a mandatory provision for offspring to provide at least 10 per cent of income to their elderly parents. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at an event organized on the 20th establishment day of Community Development and Service Centre and Community Police Service Centre Gatthaghar on Saturday, Minister Chaudhary mentioned that the government will amend the Senior Citizens Act and Regulations to implement such a policy.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">She argued that the government is planning to introduce the policy as many senior citizens were found neglected by their children. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minister added that the sons and daughters should contribute at least 10 per cent of their income to the parents whether the income was generated from formal or informal means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to Minister Chaudhary, such a policy will be mandatorily implemented once the bill related to this effect is endorsed by the parliament. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20879', 'image' => '20240602111720_20220529070534_The-old-age-allowance.jpg', 'article_date' => '2024-06-02 11:16:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '21151', 'article_category_id' => '1', 'title' => 'UN Global Supply Chain Forum Calls for Resilience amid World Trade Disruptions ', 'sub_title' => '', 'summary' => 'NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">NEW DELHI: The inaugural United Nations Global Supply Chain Forum, organized by the UN Trade and Development (UNCTAD) and the Government of Barbados, concluded successfully on Friday, after four days of intense discussions aimed at addressing the escalating disruptions in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to a press release, over 1,000 participants from around the world convened to tackle the pressing issues of climate change, geopolitical tensions, climate change, and their impact on global trade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Deputy-Secretary General Amina Mohammed, Barbados' Prime Minister Mia Amor Mottley, and UN Trade and Development Secretary-General Rebeca Grynspan led the opening of the forum against a backdrop of increasing global trade instability. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Secretary-General Grynspan emphasized the necessity for more inclusive, sustainable, and resilient production and distribution networks to combat the growing unreliability of current global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum gathered key figures, including Trade and Transport Ministers from several small island developing states (SIDS) such as Barbados, Curacao, Fiji, Guyana, Marshall Islands, Seychelles, and Tuvalu. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Representatives from various UN agencies, major ports like the Port of Seattle, and industry leaders in shipping and logistics were also present. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The compounded effects of climate change, geopolitical tensions, and the COVID-19 pandemic have exacerbated vulnerabilities in global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">These disruptions have led to longer shipping times and higher greenhouse gas emissions. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the Bridgetown port visit, Secretary-General Grynspan highlighted the critical role of ports in maintaining global value chains through the adoption of advanced technologies and sustainable practices, positioning Barbados as a model for other SIDS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum underscored the complexities and opportunities in decarbonizing global shipping, with a particular focus on developing countries rich in renewable energy resources. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ports are central to this transformation, serving as hubs for innovation and sustainability. Key initiatives discussed included incentivizing low- or zero-carbon fuels, establishing safety frameworks for new fuels, and developing port readiness assessment tools to ensure safe handling and bunkering operations. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">One of the major outcomes of the forum was the launch of the "Manifesto for Intermodal, Low-Carbon, Efficient and Resilient Freight Transport and Logistics." </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This manifesto calls for a significant transformation in freight transport to achieve global climate targets and improve socio-economic resilience, emphasizing the transition to zero-emission fuels, optimized logistics, and sustainable value chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">SIDS are particularly vulnerable to the impacts of climate change on their transport infrastructure, making resilience in the transport and logistics sector a top priority. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Ministers from these nations advocated for international financial support and investment in green and sustainable technologies to enhance energy efficiency and combat marine pollution. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">They stressed the importance of improving connectivity and efficiency within and between their nations and with global markets through strategic investments in maritime and air transport infrastructure. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Digital technologies were highlighted as key to enhancing global supply chain resilience. Innovations such as blockchain-enabled traceability mechanisms and advanced customs automation systems are essential for optimizing trade facilitation, increasing transparency, and reducing operational risks. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">UN Trade and Development introduced guidelines for developing an electronic single window for trade, with industry leaders urging ports to become intermodal hubs that integrate energy and digital capabilities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A significant achievement of the forum was the launch of the UN Trade and Development Trade-and-Transport Dataset, developed in collaboration with the World Bank. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This comprehensive repository provides global data on over 100 commodities and various transport modes, offering a holistic view of trade and transport costs. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">This freely accessible dataset is expected to enhance understanding and optimization of global trade flows and support evidence-based policymaking. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preceding the forum, the first Supply Chain Innovation Challenge aimed to inspire innovative solutions for greener and more resilient global supply chains. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Almost 80 entries were received, with winning proposals presented at the forum. Secretary-General Grynspan, speaking at the University of the West Indies, encouraged students to pursue their dreams and contribute to a sustainable future, highlighting progress in renewable energy, agriculture, and medical technology. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the forum, UN Trade and Development signed a Memorandum of Understanding with the China Council for the Promotion of International Trade (CCPIT) to expand collaboration on trade and investment promotion, trade facilitation, and other joint activities. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The forum's outcomes are set to strengthen global supply chains and enhance the resilience of SIDS, with the Kingdom of Saudi Arabia announced as the host for the second forum in 2026. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Omar Bin Talal Hariri, President of Saudi Ports Authority, expressed the Kingdom's commitment to enhancing global supply chains and positioning Saudi Arabia as a leading logistics hub. – ANI/RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20878', 'image' => '20240602103111_maxresdefault.jpg', 'article_date' => '2024-06-02 10:30:37', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '21149', 'article_category_id' => '1', 'title' => 'Four Yarsa Collectors Die in Mugu ', 'sub_title' => '', 'summary' => 'MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">MUGU: As many as four yarsa pickers died of altitude sickness in the past two days in Mugu district. One person is receiving treatment in a local health facility. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chief District Officer of Mugu, Topendra KC, said that Devraj Budha, 20, of Tallekhgaun from Chhayanath Rara Municipality-10 in the district died on the way to the District Hospital in Gamgadhi on Saturday as his treatment was not possible in Mugu Health Post.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, the health condition of Jiban Budha of the same village is serious due to altitude sickness. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Man Bahadur Budha, Shovan Budha and Raj Bahadur Sawad of Chhayanath Rara Municipality-12 died after suffering from altitude sickness in Patan Thulo Koiki area. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Mugum Karmarong Rural Municipality has allowed collection of yarsa, a prized herb with purported aphrodisiac property, in more than 25 highlands of the district from May 7. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-06-02', 'modified' => '2024-06-02', 'keywords' => '', 'description' => '', 'sortorder' => '20876', 'image' => '20240602101409_20230522111957_1684492462.Yarsa.jpeg', 'article_date' => '2024-06-02 10:13:24', '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
