April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022.…
April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022.…
April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange…
April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it.…
April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11th amendment to the National Broadcasting Regulation…
At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in…
April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts.…
April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of…
April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical…
April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March…
April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit…
April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive…
April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange…
April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird…
April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower…
April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. Along with the improvement in tourist arrivals, foreign exchange earnings are also increasing. The increase in tourist arrivals amid the deteriorating state of the economy is expected to have a positive impact on foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, 42,006 foreigners visited Nepal in March 2022 alone. In March 2021, the number was 14,977. Mani Raj Lamichhane, director of Nepal Tourism Board, said that tourist arrivals improved after the end of Covid-19 pandemic. He said that more than Rs 3 billion was earned from tourists in March alone.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the board, 17,661 tourists visited Nepal in March from neighboring countries including India. The number of people coming from Europe has also increased significantly. In March, 11,277 tourists arrived in Nepal from European countries. During the corresponding month last year, the number was 1,790. The number of tourists arriving from the USA and Canada is 5,646.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arrival of tourists from northern neighbor China however has been declining. In March, only 431 Chinese tourists visited Nepal. The number was 1,207 last year. According to Lamichhane, the the tourism industry has contributed to foreign exchange. Compared to 2019, the revenue collected from tourists declined by 20 percent because of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Statistics-2020 released by the Ministry of Culture, Tourism and Civil Aviation, Nepal earned foreign currencies worth Rs 75.37 billion in the fiscal year 2075/76 before Covid-19. The income, however, declined sharply after the pandemic. According to the Nepal Rastra Bank, the country has earned foreign currencies worth Rs 11.35 billion from tourism in the first seven months of the current fiscal year. The amount was Rs 3.89 billion in the corresponding period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Chief Executive Officer of the Tourism Board, Deepak Raj Joshi, suggested that the tourism sector should be given first priority to boost the economy. He said, “One of the fastest growing sources of foreign exchange in Nepal is the tourism sector. Tourism can contribute 15 to 20 percent to the economy as soon as there is an improvement in arrival of tourists.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal earns billions from the tourism sector under normal circumstances, Joshi said that something should be done immediately as tourists are excited to come to Nepal even in the midst of the crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joshi suggested that the government and concerned bodies should encourage the airlines to bring tourists, by conveying the message that it is safe to visit Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14810', 'image' => '20220408032128_Tourist.jpg', 'article_date' => '2022-04-08 15:20:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15067', 'article_category_id' => '267', 'title' => 'NRB Attempts to Prevent Foreign Exchange Reserves from Further Decline', 'sub_title' => '', 'summary' => 'April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has adopted a strategy to prevent the foreign exchange reserves from further declining, fearing that the country will not be able to import medicines, food and other essential commodities if the situation goes out of hand. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal’s foreign exchange reserves have been under pressure since the beginning of the current fiscal year. In order to increase foreign exchange reserves, NRB facilitated deposit of foreign currency by non-resident Nepalis and also increased the interest rate on savings made through remittance. As the policy did not work, the central bank resorted to a strategy of tightening the screws on areas where foreign exchange is spent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last Monday, NRB called the chief executive officers (CEOs) of commercial banks and instructed them not to open LCs for import of luxurious goods. Earlier, the NRB had twice issued a circular stating that 100 percent cash margin should be maintained for importing 47 different types of goods. Besides, imports of gold and silver were also limited. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the policy to tighten imports didn’t have much effect, the NRB verbally instructed the banks not to open LCs for some time. Since the NRB does not have the right to stop the import, it has tried to discourage the banks by verbally urging them not to open LCs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of NRB Dr Gunakar Bhatt says that the focus is now on preserving the foreign exchange reserves so that there won't be problems in importing essential goods. “The pressure on foreign exchange reserves has been mounting since the beginning of the current fiscal year,” he said, adding, “We want to stop importing luxury items, including gold and silver, for a while as we might have a problem buying essential medicines.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NRB Governor Maha Prasad Adhikari briefed Finance Minister Janardan Sharma about the state of foreign exchange reserves and suggested that imports of some goods should be stopped for the time being. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Even though the NRB has implemented cash margin provision, bankers have been suggesting to stop opening new LCs for some time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB currently has foreign exchange reserves to support imports of goods and services for six and a half months. Until one year ago, there was enough reserve to support a year of import of goods and services. It is said that reaching foreign exchange reserves that support imports for less than six months would be very dangerous to the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the monetary policy, the NRB had set a target of maintaining the foreign exchange reserves that would support imports for up to seven months. The country's balance of payments is at a loss of Rs 247 billion. The trade deficit has exceeded Rs 1.15 trillion. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14809', 'image' => '20220408015226_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-08 13:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15065', 'article_category_id' => '1', 'title' => 'Cable TV Operators Oppose Amendment to National Broadcasting Regulation', 'sub_title' => '', 'summary' => 'April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11th amendment to the National Broadcasting Regulation 2052.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation accused the government of amending the regulation without consulting with the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052 has included some provisions that curtail the basic rights ensured by the constitution. The federation expresses its objection to the faulty and unconstitutional amendment,” reads a statement issued by the federation on Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation said that the amended regulation has included some provisions which the federation had been pressing for since a long time but many other issues have been left out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the federation, the amended regulation will benefit a certain group of service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement says that the new provision requires the service providers to mandatorily take permission from the Ministry of Communication and Information Technology to operate OTT streaming service. It means that the foreign OTT services will be considered illegal once the new provision comes into effect. Therefore, the federation has urged the government to stop such OTT streaming services immediately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had amended the National Broadcasting Regulation 2052 on March 3.</span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14807', 'image' => '20220408110532_plataforms.jpg', 'article_date' => '2022-04-08 11:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15064', 'article_category_id' => '267', 'title' => 'Overall Economy not in a Tailspin: NRB ', 'sub_title' => '', 'summary' => 'At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">April 8: </span><span style="font-family:"Arial Unicode MS","sans-serif"">At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized in the capital on Thursday, Executive Director and Spokesperson of NRB Dr Gunakar Bhatta insisted that although the economy witnessed some stress due to liquidity and inflation, the pillars of economy were still strong. He admitted that Nepal's economy has been affected by the impact of Russia-Ukraine war. It affected our supply system, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhatta further informed that although the foreign exchange reserves were slightly lower than the corresponding period of the last fiscal year, there was no need to panic at all. As the COVID-19 impact is subsiding, positive changes would be seen in economy, Bhatta assured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has tightened the import of luxurious goods, said Bhatta, adding, "Currently, we have the reserves sufficient to import goods and services for six and half months." -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14806', 'image' => '20220408081526_bhatta (1).jpeg', 'article_date' => '2022-04-08 08:06:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15063', 'article_category_id' => '268', 'title' => 'House Panel Instructs Government to Halt Import of Betel Nuts', 'sub_title' => '', 'summary' => 'April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. A meeting of the Industry, Commerce and Labour and Consumer Welfare Committee of the House of Representatives (HoR) has directed the Ministry of Industry, Commerce and Supplies to stop issuing permits to import betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting held discussion on Wednesday and concluded that the import of betel nuts was not necessary at a time when the country’s economy was reeling under crisis and the foreign exchange reserves were declining, informed the committee chair Bimal Prasad Shreevastav. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have instructed the government not to issue permits to import betel nuts,” said Shreevastav, adding, “The committee has decided to monitor the situation of import and usage of betel nuts through a field visit.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the committee will visit the industries that are involved in importing betel nuts for a study and then hold further discussions. The committee said it had no objection to the import of peas and black pepper.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali Congress lawmaker Prakash Rasaili insists that the government has been presenting fake data about the import of betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We had sought the government’s explanation regarding the demand of betel nuts. But the government officials lied to us by hiding the details,” said Rasaili.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He says that the committee decided to halt the import of betel nuts after the government employees presented fake data. Other lawmakers were also in favour of banning the import of betel nuts which are primarily used to make tobacco-related products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Council of Ministers had decided to allow the imports of betel nuts, peas and black pepper about two months ago. The Ministry of Industry, Commerce and Supplies has already published a notice in the Nepal Gazette stating that the ban on import of these items has been lifted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although these items are imported for industrial purpose, it is believed that the products are smuggled to India. A large amount of foreign currency is spent in importing these items. The government has been accused of lifting the ban on import of betel nuts in collusion with businessmen for the sake of money. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14805', 'image' => '20220407065951_supari.jpg', 'article_date' => '2022-04-07 18:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15062', 'article_category_id' => '268', 'title' => 'Import of Pesticides-Laden Vegetables Continues Unabated', 'sub_title' => '', 'summary' => 'April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides. However, such perishable items are entering the country every day without checking pesticide, against the government’s policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">About 45 percent of vegetables and 75 percent of fruits consumed in the Kathmandu Valley are imported from India. However, due to the weakness of the concerned authorities, there is a risk of consumption of poisonous vegetables and fruits. Statistics show that traders tried to import 12 trucks of pesticide-laden items including vegetables, fruits and nuts from Bhairahawa checkpoint alone into the country in the last three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the data provided by the Bhairahawa Customs Office, 1600 trucks entered the area from last January to the second week of April. Twelve of them were sent back after finding pesticides in high amounts in the imported vegetables and fruits. According to Tirtha Raj Paswan, Information Officer at Bhairahawa Customs Office, toxic residues were found in amounts higher than acceptable standards in tangerine, orange, grape, melon, potato, onion, mushroom, banana among other items during routine check and they were sent back to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Vegetables and fruits are considered edible if the inhibition rate is less than 35 percent. If the inhibition rate is 35 to 45 percent, such vegetables are considered edible only after the inhibition rate drops to 35 percent during retest after quarantining for at least 5 days. Officials say that if the inhibition rate does not reach the specified limit within that period, it is sent back.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Food Technology and Quality Control, which is responsible for testing the amount of toxins present in the food entering through the checkpoint, complains that it has not been able to work effectively due to inadequate staffing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior Food Research Officer of the department Bimal Kumar Dahal said that the work is not effective as there is not enough staff at the office. “Our office in Bhairahawa has a total of 11 employees. The 11 employees are responsible for testing the quality of food produced in the domestic market as well as testing pesticides on commodities imported from India,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He added that the higher workload on both fronts due to the small number of employees has reduced the effectiveness of checking. He said, “There is a risk of poisonous vegetables entering the country if the results are not obtained in time. So far, no applicants have applied for the vacancies.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal is setting up a separate pesticide laboratory at the checkpoints to test toxins on imported goods. The Ministry of Agriculture and Livestock Development has given the responsibility to the department since last October. Hundreds of samples are brought to the food offices in Butwal, Bhairahawa, Kapilbastu and Birgunj every day for testing. However, due to lack of staff, the quality of work is constantly compromised.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Doctors say that eating poisonous vegetables and fruits has adverse effects on human health. Dr Arjun Budhathoki, cardiologist at Bir Hospital says that the toxins used in vegetables and fruits affect all parts of the human body and should be avoided at all costs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“There is no part in our body that is not affected by toxins. Consumption of highly toxic vegetables mainly causes heart, skin, nerve related diseases, menstrual and reproductive problems in women and also plays a role in all types of cancers,” said Dr Budhathoki. Therefore, to avoid this, vegetables should be washed at least 5 times with clean or salt water or water mixed with potassium.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14804', 'image' => '20220407045825_p02-120209-78.jpg', 'article_date' => '2022-04-07 16:57:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15061', 'article_category_id' => '274', 'title' => 'Nepal’s Economy in Critical Situation: ADB Report', 'sub_title' => '', 'summary' => 'April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation. The Asian Development Outlook 2022, released by the ADB on Wednesday, states that the economy is becoming problematic due to the fluctuations in the world market and the failure of the state to adopt the right policy in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the ADB, the global economic recession caused by the Ukraine-Russia tensions, stagnant trade, rise in prices of crude oil and other commodities have put pressure on inflation. It also warned that the country would face challenge in maintaining the balance of payments and foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The slow expansion of developed economies due to Russia-Ukraine tensions, stagnant trade flows and rising prices of oil and other commodities could put further pressure on Nepal's balance of payments and foreign exchange reserves,” said Arnaud Cauchois, ADB's Country Director for Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2021, Nepal's economic growth rate was 3.2 percent. The ADB has projected 3.9 percent growth for 2022. The government had expected the Gross Domestic Product (GDP) growth rate to be 7 percent in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB views the growing trade deficit as a long-term challenge to Nepal’s economy. The ADB report expressed concern that rising imports but lower exports could lead to structural problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the report, the problem seems to be rising as Nepal's trade deficit is increasing but the resources to cover such deficit are not expanding in the same proportion. As per the ADB, the government's efforts to reduce costs and increase competition through trade policies and various laws to address this problem have had little effect. The ADB states that despite various multilateral and bilateral initiatives to increase exports, the results have not been encouraging. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Even though Nepal's production is good, it has not been able to export due to lack of capital, technology and skills required for it. Nepali products have not been able to enter the world market as the country does not even have a simple laboratory,” said the report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB report also pointed out that Nepal has also been unable to utilize the concessions offered by some rich countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the 2015 earthquake, the United States decided to give concessional access to Nepal's products such as carpets and pashmina. However, the ADB report says that Nepali products have not yet been able to reap the benefits due to the failure to meet the required quality standards for entry into the US market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB states that although Nepal can benefit by doing significant work in the field of information technology and tourism, this is not the case. Despite the policy formulation, the result is not seen due to the lack of implementation and continuity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Paddy production was expected to be good due to favorable rains. However, unseasonal rains and floods in October damaged crops. This has reduced paddy production by 9 percent, according to ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Based on consumer and investment demand, the industry is expected to grow by 4.1 percent this year. Wholesale and retail trade, transportation and financial services are expected to grow by 5.2 percent due to normal conditions. ADB expects the tourism sector, which had a negative impact in 2021, to improve from this year. Furthermore, the ADB considers the continuation of the vaccination campaign against the pandemic and the gradual normalization of economic activity to be positive. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14803', 'image' => '20220407021459_ADB.jpeg', 'article_date' => '2022-04-07 14:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15060', 'article_category_id' => '1', 'title' => 'Third Rating Company Comes into Operation in Nepal', 'sub_title' => '', 'summary' => 'April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Established as a subsidiary of India's rating agency Infomerics Valuation and Rating Pvt Ltd, the company has a paid-up capital of Rs 100 million. According to the Credit Rating Rules 2068, in order to establish a credit rating company in Nepal, it is mandatory to have partnership with an organization that has done rating work abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Accordingly, 51% share of the company is held by Infomerics Valuation and Rating Pvt Ltd and the rest belongs to the local partners.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a need for a new rating company in Nepal as the Nepal Rastra Bank has made arrangements for rating even for loans of more than Rs 500 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The company’s office is located at Baneshwor Heights. Chief Executive Officer of Informerics Credit Rating Nepal, Rabin Pudasaini, assured that the service of the company will be of high quality.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The number of rating companies in Nepal is currently three. The other two rating companies in operation are Care Rating Nepal and ICRA Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14802', 'image' => '20220407012426_credit-rating.jpg', 'article_date' => '2022-04-07 13:23:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15059', 'article_category_id' => '219', 'title' => 'Commercial Farmers Start Receiving Loans through Credit Cards', 'sub_title' => '', 'summary' => 'April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs have shifted their focus on providing loans to commercial farmers under pressure from the government to expand agriculture loan and to facilitate the farmers’ desire to use modern technology in farming.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks such as Agriculture Development Bank, Mega Bank, Civil Bank, Nepal Bangladesh Bank, Global IME Bank among others have already started issuing credit cards for farmers. Those banks have started providing loans to the farmers through credit cards in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to this scheme, banks make the approved loan available to the farmers through credit cards. Farmers can make payment for fertilizer, seeds, agricultural equipment and tools through their credit cards. To avail this service, the farmers must visit the designated sellers who are also linked with the bank. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Nepal Rastra Bank (NRB) had announced credit card facility for farmers through the monetary policy of the last fiscal year. To back this concept, Agriculture Development Bank had launched credit card for the farmers on the occasion of its anniversary more than a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank’s CEO Anil Kumar Upadhyay says that the bank does not only provide financial service to the farmers through the cards but also market information.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Farmers can make purchase with the loan amount that has been approved. The bank has also launched an application to help the farmers use the credit cards. Through this app, we provide the farmers with market information, weather situation and other technical advise,” said Upadhyay. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Private banks have also shown interest in this scheme after the central bank included this concept in the monetary policy. The private banks have started providing loans to the farmers in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14801', 'image' => '20220407112029_Agri.jpg', 'article_date' => '2022-04-07 11:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15058', 'article_category_id' => '224', 'title' => 'NEA to Export Additional 325 MW Energy to India ', 'sub_title' => '', 'summary' => 'April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Given the approval from the Central Electricity Authority of India, Nepal Electricity Authority (NEA) would export additional 325 MW of hydroelectricity into the Indian energy market. Prior to this, in November 2021, India had given approval for the export of 39 MW of power generated in Nuwakot district in the Indian Energy Exchange market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the second phase, Nepal has received approval to export 325 MW hydroelectricity power produced from Kaligandaki ‘A’ (144 MW), Mid-Marsyangdi (68 MW), Marsyangdi (67 MW) and Likhu-IV (51 MW), Executive Director of NEA Kulman Ghising said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the NEA has got approval to export electricity produced by six hydropower projects to India. The surplus power would be exported via Dhalkebar-Mujjafarpur 400 KV cross-border transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference at the Ministry of Energy on Wednesday, Minister for Energy Pampha Bhusal said the export of surplus power to India would help make positive contribution to economy by reducing Nepal’s trade deficit. Bhusal said India’s decision to purchase Nepal’s surplus power is a positive step. “We are in need of a big market. From this, additional market has now been expanded,” she said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14800', 'image' => '20220407080554_20210218115310_20200818043659_1597700431.Clipboard08.jpg', 'article_date' => '2022-04-07 08:04:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15056', 'article_category_id' => '267', 'title' => 'NRB under Pressure due to Declining Foreign Exchange Reserves ', 'sub_title' => '', 'summary' => 'April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves. The central bank has failed to improve the situation even after making policy arrangements to stop the decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last July, the country’s foreign exchange reserves stood at Rs 1.39 trillion. It has come down to Rs 1.17 trillion in January this year. Foreign exchange reserves are declining due to decline in foreign exchange earnings including remittances and also because of high imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepal Rastra Bank (NRB) has adopted a policy of discouraging imports in the second quarter of the current fiscal year (FY) to stop the decline in foreign exchange reserves, it has not made any substantial effects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, NRB on Monday summoned the chief executive officers (CEOs) of commercial banks and verbally instructed them not to open LC (letter of credit) for import of luxurious goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, deputy spokesperson of NRB Narayan Prasad Pokhrel claims that the current state of the economy is not so weak as it seems to be. "Our foreign exchange reserves have not diminished much due to the policy intervention of the central bank," he said, "There's no need to panic, we're just trying to be alert." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokharel informed that since NRB is not the body responsible to stop imports, it has not instructed to stop imports but there was only a general discussion on loans provided by banks for imports. "We can't stop the import," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the NRB had discussed the loan situation with the CEOs of the bank and urged them to be cautious while opening LC. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB had adopted a policy of discouraging loans for import from the second quarter of the current fiscal year. On November 26, 2021, the central bank set a limit for import of silver. As per the decision, commercial banks cannot import silver more than USD 35,000 at a time. The bank also issued a directive which reduced the gold import quota by 50 percent and to discourage the import of luxury goods. The central bank also made it mandatory for having a cash margin of 100 percent for opening LCs to import 47 types of goods. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in order to increase the foreign exchange reserves, the NRB has made the provision of opening an account in dollars for non-resident Nepalis but the foreign exchange reserves have not increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers, on the other hand, have been suggesting to ban imports of luxury goods. "The demand for LC is high now. We have no right to stop it. If you want to stop it, it is time to stop it," said Anil Keshari Shah, CEO of Nabil Bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the negative economic indicators, the government has so far been criticized for failing to adopt a policy to protect the economy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14799', 'image' => '20220406032048_NRBnew.jpg', 'article_date' => '2022-04-06 15:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15057', 'article_category_id' => '1', 'title' => 'Bird Flu on the Rise', 'sub_title' => '', 'summary' => 'April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu. The ministry warned that the infection is on the rise. Bird flu has spread in 13 districts in the last two months. The situation has gone out of hand after the government failed to take appropriate steps to control the infection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry, Prakash Kumar Sanjel said that the number of bird flu cases has increased this year as compared to previous years. The infection rate is more widespread than estimated by the Ministry and the Department of Livestock Services this year. That is why Sanjel insisted that all stakeholders need to be highly alert.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that they face manpower crunch and lack of budget to stop the infection even though the infection rate is increasing day by day. The department has allocated a budget of Rs 12.1 million this year for infection prevention and compensation. But looking at the current state of infection, it is estimated that Rs 100 million is needed to control it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the department, bird flu has been confirmed in Kathmandu, Bhaktapur, Lalitpur, Chitwan, Makwanpur, Sindhupalchowk, Kaski, Morang, Udayapur, Sunsari, Bara, Parsa and Dhanusha so far. The department has issued a notice urging all poultry traders to be more alert and not to move livestock and meat from the infected areas to other places. The departments’ spokesperson Dr Chandra Dhakal said that the infection is spreading in large farms and it is becoming difficult for a limited number of people to control the spread of the disease.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14798', 'image' => '20220406032807_birddd.jpg', 'article_date' => '2022-04-06 15:27:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15055', 'article_category_id' => '268', 'title' => 'Flower Import up as Export Declines', 'sub_title' => '', 'summary' => 'April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production. On the other hand, data show that the export of flowers is declining continuously.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Floriculture Association of Nepal, the country imported flowers worth Rs 385.3 million in the fiscal year 2077/78 alone. Meanwhile, export was limited to Rs 4.8 million. Businessmen say that exports have declined due to the decline in investment in flower business due to the impact of Covid-19 pandemic. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2073/74, flower import amounted to Rs 113.6 million and export amounted to Rs 36.5 million. Since then, imports have been steadily rising while exports have been shrinking. Looking at the data for the first eight months of the current fiscal year (July-March), it can be seen that flowers and flower products worth Rs 178.46 million have been imported into the country. Exports amounted to Rs 33.78 million during the period. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Min Bahadur Tamang, president of the association, considers the reason for decline in exports last year to the failure of florists to produce exportable flowers due to the impact of the Covid-19 pandemic. He said that about a decade ago, Nepal exported flowers worth up to Rs 190 million annually to European countries as well as the United States and Australia. He said that international demand for flowers could not be met due to insufficient investment in the flower business last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, until a few years ago, the demand for rose produced in Nepal used to be huge in the world market. Tamang said that export has declined due to the inability to supply quality flowers as per the demand and impact of the pandemic.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the state should take responsibility to create an environment for large investment in flower business to increase exports. Tamang said, “NRB has adopted a policy that allows loans up to Rs 50 million for floriculture. However, this investment is too small to produce exportable flowers. Therefore, it is important for the state to pay attention to such things.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development Prakash Kumar Sanjel also agrees with Tamang. He said that the concessional loan announced by NRB is insufficient to produce exportable flowers by investing in agriculture. He informed that a work procedure for the increment for the loan from Rs 50 million to Rs 500 million, depending on the nature of the business, has already been sent to the NRB and the Ministry of Finance. Sanjel says that the government should set up a separate body to look after the flower business to increase exports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr Gunakar Bhatt, the spokesperson of NRB, says that procedures should be amended in order to implement the recommendation of the ministry. He said that NRB alone cannot do anything if the government does not amends the working procedure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">About 700 people including entrepreneurs, businessmen and farmers were involved in the flower business with an investment of over Rs 6 billion in 43 districts before the pandemic. According to the association, the number of farmers and entrepreneurs has decreased by about 10 percent after the onset of the pandemic. Similarly, the association is also aware that more than 30,000 square kilometers of land used for floriculture is barren and other lands have not been able to produce at full capacity.</span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14797', 'image' => '20220406021821_flower.jpg', 'article_date' => '2022-04-06 14:17:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15052', 'article_category_id' => '1', 'title' => 'World Bank Pledges to Support Employment Promotion in Nepal ', 'sub_title' => '', 'summary' => 'April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Bank made such commitment during a courtesy call paid to the Minister for Labour, Employment and Social Security by its delegation led by the bank's Regional Director Lynne Benz. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, matters related to the effectiveness of the WB-funded projects were also discussed, according to the Labour Minster's secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha said the World Bank's support has been helpful in the implementation of the government-adopted strategy for the promotion of internal employment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha thanked the World Bank for its support to the Youth Employment and Transformation Initiative Project under the Prime Minister Employment Programme to generate employment opportunities for youths within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The WB has backed the improvement of integrated employment management information system to collect personal details of unemployed person, his/her knowledge, skills and experience, potential area of employment, labour market demand and supply sides. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">WB's Regional Director Lynn expressed the bank's readiness to support Nepali people living a disadvantaged and vulnerable life in collaboration with the government, development partners and the private sector. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14796', 'image' => '20220406081629_World-Bank-600x337.jpg', 'article_date' => '2022-04-06 08:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15068', 'article_category_id' => '239', 'title' => 'Tourism Industry Expected to Boost Foreign Exchange Reserves', 'sub_title' => '', 'summary' => 'April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. Along with the improvement in tourist arrivals, foreign exchange earnings are also increasing. The increase in tourist arrivals amid the deteriorating state of the economy is expected to have a positive impact on foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, 42,006 foreigners visited Nepal in March 2022 alone. In March 2021, the number was 14,977. Mani Raj Lamichhane, director of Nepal Tourism Board, said that tourist arrivals improved after the end of Covid-19 pandemic. He said that more than Rs 3 billion was earned from tourists in March alone.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the board, 17,661 tourists visited Nepal in March from neighboring countries including India. The number of people coming from Europe has also increased significantly. In March, 11,277 tourists arrived in Nepal from European countries. During the corresponding month last year, the number was 1,790. The number of tourists arriving from the USA and Canada is 5,646.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arrival of tourists from northern neighbor China however has been declining. In March, only 431 Chinese tourists visited Nepal. The number was 1,207 last year. According to Lamichhane, the the tourism industry has contributed to foreign exchange. Compared to 2019, the revenue collected from tourists declined by 20 percent because of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Statistics-2020 released by the Ministry of Culture, Tourism and Civil Aviation, Nepal earned foreign currencies worth Rs 75.37 billion in the fiscal year 2075/76 before Covid-19. The income, however, declined sharply after the pandemic. According to the Nepal Rastra Bank, the country has earned foreign currencies worth Rs 11.35 billion from tourism in the first seven months of the current fiscal year. The amount was Rs 3.89 billion in the corresponding period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Chief Executive Officer of the Tourism Board, Deepak Raj Joshi, suggested that the tourism sector should be given first priority to boost the economy. He said, “One of the fastest growing sources of foreign exchange in Nepal is the tourism sector. Tourism can contribute 15 to 20 percent to the economy as soon as there is an improvement in arrival of tourists.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal earns billions from the tourism sector under normal circumstances, Joshi said that something should be done immediately as tourists are excited to come to Nepal even in the midst of the crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joshi suggested that the government and concerned bodies should encourage the airlines to bring tourists, by conveying the message that it is safe to visit Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14810', 'image' => '20220408032128_Tourist.jpg', 'article_date' => '2022-04-08 15:20:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15067', 'article_category_id' => '267', 'title' => 'NRB Attempts to Prevent Foreign Exchange Reserves from Further Decline', 'sub_title' => '', 'summary' => 'April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has adopted a strategy to prevent the foreign exchange reserves from further declining, fearing that the country will not be able to import medicines, food and other essential commodities if the situation goes out of hand. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal’s foreign exchange reserves have been under pressure since the beginning of the current fiscal year. In order to increase foreign exchange reserves, NRB facilitated deposit of foreign currency by non-resident Nepalis and also increased the interest rate on savings made through remittance. As the policy did not work, the central bank resorted to a strategy of tightening the screws on areas where foreign exchange is spent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last Monday, NRB called the chief executive officers (CEOs) of commercial banks and instructed them not to open LCs for import of luxurious goods. Earlier, the NRB had twice issued a circular stating that 100 percent cash margin should be maintained for importing 47 different types of goods. Besides, imports of gold and silver were also limited. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the policy to tighten imports didn’t have much effect, the NRB verbally instructed the banks not to open LCs for some time. Since the NRB does not have the right to stop the import, it has tried to discourage the banks by verbally urging them not to open LCs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of NRB Dr Gunakar Bhatt says that the focus is now on preserving the foreign exchange reserves so that there won't be problems in importing essential goods. “The pressure on foreign exchange reserves has been mounting since the beginning of the current fiscal year,” he said, adding, “We want to stop importing luxury items, including gold and silver, for a while as we might have a problem buying essential medicines.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NRB Governor Maha Prasad Adhikari briefed Finance Minister Janardan Sharma about the state of foreign exchange reserves and suggested that imports of some goods should be stopped for the time being. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Even though the NRB has implemented cash margin provision, bankers have been suggesting to stop opening new LCs for some time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB currently has foreign exchange reserves to support imports of goods and services for six and a half months. Until one year ago, there was enough reserve to support a year of import of goods and services. It is said that reaching foreign exchange reserves that support imports for less than six months would be very dangerous to the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the monetary policy, the NRB had set a target of maintaining the foreign exchange reserves that would support imports for up to seven months. The country's balance of payments is at a loss of Rs 247 billion. The trade deficit has exceeded Rs 1.15 trillion. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14809', 'image' => '20220408015226_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-08 13:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15065', 'article_category_id' => '1', 'title' => 'Cable TV Operators Oppose Amendment to National Broadcasting Regulation', 'sub_title' => '', 'summary' => 'April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11th amendment to the National Broadcasting Regulation 2052.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation accused the government of amending the regulation without consulting with the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052 has included some provisions that curtail the basic rights ensured by the constitution. The federation expresses its objection to the faulty and unconstitutional amendment,” reads a statement issued by the federation on Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation said that the amended regulation has included some provisions which the federation had been pressing for since a long time but many other issues have been left out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the federation, the amended regulation will benefit a certain group of service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement says that the new provision requires the service providers to mandatorily take permission from the Ministry of Communication and Information Technology to operate OTT streaming service. It means that the foreign OTT services will be considered illegal once the new provision comes into effect. Therefore, the federation has urged the government to stop such OTT streaming services immediately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had amended the National Broadcasting Regulation 2052 on March 3.</span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14807', 'image' => '20220408110532_plataforms.jpg', 'article_date' => '2022-04-08 11:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15064', 'article_category_id' => '267', 'title' => 'Overall Economy not in a Tailspin: NRB ', 'sub_title' => '', 'summary' => 'At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">April 8: </span><span style="font-family:"Arial Unicode MS","sans-serif"">At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized in the capital on Thursday, Executive Director and Spokesperson of NRB Dr Gunakar Bhatta insisted that although the economy witnessed some stress due to liquidity and inflation, the pillars of economy were still strong. He admitted that Nepal's economy has been affected by the impact of Russia-Ukraine war. It affected our supply system, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhatta further informed that although the foreign exchange reserves were slightly lower than the corresponding period of the last fiscal year, there was no need to panic at all. As the COVID-19 impact is subsiding, positive changes would be seen in economy, Bhatta assured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has tightened the import of luxurious goods, said Bhatta, adding, "Currently, we have the reserves sufficient to import goods and services for six and half months." -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14806', 'image' => '20220408081526_bhatta (1).jpeg', 'article_date' => '2022-04-08 08:06:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15063', 'article_category_id' => '268', 'title' => 'House Panel Instructs Government to Halt Import of Betel Nuts', 'sub_title' => '', 'summary' => 'April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. A meeting of the Industry, Commerce and Labour and Consumer Welfare Committee of the House of Representatives (HoR) has directed the Ministry of Industry, Commerce and Supplies to stop issuing permits to import betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting held discussion on Wednesday and concluded that the import of betel nuts was not necessary at a time when the country’s economy was reeling under crisis and the foreign exchange reserves were declining, informed the committee chair Bimal Prasad Shreevastav. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have instructed the government not to issue permits to import betel nuts,” said Shreevastav, adding, “The committee has decided to monitor the situation of import and usage of betel nuts through a field visit.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the committee will visit the industries that are involved in importing betel nuts for a study and then hold further discussions. The committee said it had no objection to the import of peas and black pepper.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali Congress lawmaker Prakash Rasaili insists that the government has been presenting fake data about the import of betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We had sought the government’s explanation regarding the demand of betel nuts. But the government officials lied to us by hiding the details,” said Rasaili.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He says that the committee decided to halt the import of betel nuts after the government employees presented fake data. Other lawmakers were also in favour of banning the import of betel nuts which are primarily used to make tobacco-related products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Council of Ministers had decided to allow the imports of betel nuts, peas and black pepper about two months ago. The Ministry of Industry, Commerce and Supplies has already published a notice in the Nepal Gazette stating that the ban on import of these items has been lifted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although these items are imported for industrial purpose, it is believed that the products are smuggled to India. A large amount of foreign currency is spent in importing these items. The government has been accused of lifting the ban on import of betel nuts in collusion with businessmen for the sake of money. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14805', 'image' => '20220407065951_supari.jpg', 'article_date' => '2022-04-07 18:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15062', 'article_category_id' => '268', 'title' => 'Import of Pesticides-Laden Vegetables Continues Unabated', 'sub_title' => '', 'summary' => 'April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides. However, such perishable items are entering the country every day without checking pesticide, against the government’s policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">About 45 percent of vegetables and 75 percent of fruits consumed in the Kathmandu Valley are imported from India. However, due to the weakness of the concerned authorities, there is a risk of consumption of poisonous vegetables and fruits. Statistics show that traders tried to import 12 trucks of pesticide-laden items including vegetables, fruits and nuts from Bhairahawa checkpoint alone into the country in the last three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the data provided by the Bhairahawa Customs Office, 1600 trucks entered the area from last January to the second week of April. Twelve of them were sent back after finding pesticides in high amounts in the imported vegetables and fruits. According to Tirtha Raj Paswan, Information Officer at Bhairahawa Customs Office, toxic residues were found in amounts higher than acceptable standards in tangerine, orange, grape, melon, potato, onion, mushroom, banana among other items during routine check and they were sent back to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Vegetables and fruits are considered edible if the inhibition rate is less than 35 percent. If the inhibition rate is 35 to 45 percent, such vegetables are considered edible only after the inhibition rate drops to 35 percent during retest after quarantining for at least 5 days. Officials say that if the inhibition rate does not reach the specified limit within that period, it is sent back.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Food Technology and Quality Control, which is responsible for testing the amount of toxins present in the food entering through the checkpoint, complains that it has not been able to work effectively due to inadequate staffing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior Food Research Officer of the department Bimal Kumar Dahal said that the work is not effective as there is not enough staff at the office. “Our office in Bhairahawa has a total of 11 employees. The 11 employees are responsible for testing the quality of food produced in the domestic market as well as testing pesticides on commodities imported from India,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He added that the higher workload on both fronts due to the small number of employees has reduced the effectiveness of checking. He said, “There is a risk of poisonous vegetables entering the country if the results are not obtained in time. So far, no applicants have applied for the vacancies.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal is setting up a separate pesticide laboratory at the checkpoints to test toxins on imported goods. The Ministry of Agriculture and Livestock Development has given the responsibility to the department since last October. Hundreds of samples are brought to the food offices in Butwal, Bhairahawa, Kapilbastu and Birgunj every day for testing. However, due to lack of staff, the quality of work is constantly compromised.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Doctors say that eating poisonous vegetables and fruits has adverse effects on human health. Dr Arjun Budhathoki, cardiologist at Bir Hospital says that the toxins used in vegetables and fruits affect all parts of the human body and should be avoided at all costs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“There is no part in our body that is not affected by toxins. Consumption of highly toxic vegetables mainly causes heart, skin, nerve related diseases, menstrual and reproductive problems in women and also plays a role in all types of cancers,” said Dr Budhathoki. Therefore, to avoid this, vegetables should be washed at least 5 times with clean or salt water or water mixed with potassium.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14804', 'image' => '20220407045825_p02-120209-78.jpg', 'article_date' => '2022-04-07 16:57:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15061', 'article_category_id' => '274', 'title' => 'Nepal’s Economy in Critical Situation: ADB Report', 'sub_title' => '', 'summary' => 'April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation. The Asian Development Outlook 2022, released by the ADB on Wednesday, states that the economy is becoming problematic due to the fluctuations in the world market and the failure of the state to adopt the right policy in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the ADB, the global economic recession caused by the Ukraine-Russia tensions, stagnant trade, rise in prices of crude oil and other commodities have put pressure on inflation. It also warned that the country would face challenge in maintaining the balance of payments and foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The slow expansion of developed economies due to Russia-Ukraine tensions, stagnant trade flows and rising prices of oil and other commodities could put further pressure on Nepal's balance of payments and foreign exchange reserves,” said Arnaud Cauchois, ADB's Country Director for Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2021, Nepal's economic growth rate was 3.2 percent. The ADB has projected 3.9 percent growth for 2022. The government had expected the Gross Domestic Product (GDP) growth rate to be 7 percent in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB views the growing trade deficit as a long-term challenge to Nepal’s economy. The ADB report expressed concern that rising imports but lower exports could lead to structural problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the report, the problem seems to be rising as Nepal's trade deficit is increasing but the resources to cover such deficit are not expanding in the same proportion. As per the ADB, the government's efforts to reduce costs and increase competition through trade policies and various laws to address this problem have had little effect. The ADB states that despite various multilateral and bilateral initiatives to increase exports, the results have not been encouraging. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Even though Nepal's production is good, it has not been able to export due to lack of capital, technology and skills required for it. Nepali products have not been able to enter the world market as the country does not even have a simple laboratory,” said the report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB report also pointed out that Nepal has also been unable to utilize the concessions offered by some rich countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the 2015 earthquake, the United States decided to give concessional access to Nepal's products such as carpets and pashmina. However, the ADB report says that Nepali products have not yet been able to reap the benefits due to the failure to meet the required quality standards for entry into the US market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB states that although Nepal can benefit by doing significant work in the field of information technology and tourism, this is not the case. Despite the policy formulation, the result is not seen due to the lack of implementation and continuity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Paddy production was expected to be good due to favorable rains. However, unseasonal rains and floods in October damaged crops. This has reduced paddy production by 9 percent, according to ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Based on consumer and investment demand, the industry is expected to grow by 4.1 percent this year. Wholesale and retail trade, transportation and financial services are expected to grow by 5.2 percent due to normal conditions. ADB expects the tourism sector, which had a negative impact in 2021, to improve from this year. Furthermore, the ADB considers the continuation of the vaccination campaign against the pandemic and the gradual normalization of economic activity to be positive. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14803', 'image' => '20220407021459_ADB.jpeg', 'article_date' => '2022-04-07 14:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15060', 'article_category_id' => '1', 'title' => 'Third Rating Company Comes into Operation in Nepal', 'sub_title' => '', 'summary' => 'April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Established as a subsidiary of India's rating agency Infomerics Valuation and Rating Pvt Ltd, the company has a paid-up capital of Rs 100 million. According to the Credit Rating Rules 2068, in order to establish a credit rating company in Nepal, it is mandatory to have partnership with an organization that has done rating work abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Accordingly, 51% share of the company is held by Infomerics Valuation and Rating Pvt Ltd and the rest belongs to the local partners.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a need for a new rating company in Nepal as the Nepal Rastra Bank has made arrangements for rating even for loans of more than Rs 500 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The company’s office is located at Baneshwor Heights. Chief Executive Officer of Informerics Credit Rating Nepal, Rabin Pudasaini, assured that the service of the company will be of high quality.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The number of rating companies in Nepal is currently three. The other two rating companies in operation are Care Rating Nepal and ICRA Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14802', 'image' => '20220407012426_credit-rating.jpg', 'article_date' => '2022-04-07 13:23:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15059', 'article_category_id' => '219', 'title' => 'Commercial Farmers Start Receiving Loans through Credit Cards', 'sub_title' => '', 'summary' => 'April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs have shifted their focus on providing loans to commercial farmers under pressure from the government to expand agriculture loan and to facilitate the farmers’ desire to use modern technology in farming.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks such as Agriculture Development Bank, Mega Bank, Civil Bank, Nepal Bangladesh Bank, Global IME Bank among others have already started issuing credit cards for farmers. Those banks have started providing loans to the farmers through credit cards in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to this scheme, banks make the approved loan available to the farmers through credit cards. Farmers can make payment for fertilizer, seeds, agricultural equipment and tools through their credit cards. To avail this service, the farmers must visit the designated sellers who are also linked with the bank. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Nepal Rastra Bank (NRB) had announced credit card facility for farmers through the monetary policy of the last fiscal year. To back this concept, Agriculture Development Bank had launched credit card for the farmers on the occasion of its anniversary more than a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank’s CEO Anil Kumar Upadhyay says that the bank does not only provide financial service to the farmers through the cards but also market information.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Farmers can make purchase with the loan amount that has been approved. The bank has also launched an application to help the farmers use the credit cards. Through this app, we provide the farmers with market information, weather situation and other technical advise,” said Upadhyay. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Private banks have also shown interest in this scheme after the central bank included this concept in the monetary policy. The private banks have started providing loans to the farmers in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14801', 'image' => '20220407112029_Agri.jpg', 'article_date' => '2022-04-07 11:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15058', 'article_category_id' => '224', 'title' => 'NEA to Export Additional 325 MW Energy to India ', 'sub_title' => '', 'summary' => 'April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Given the approval from the Central Electricity Authority of India, Nepal Electricity Authority (NEA) would export additional 325 MW of hydroelectricity into the Indian energy market. Prior to this, in November 2021, India had given approval for the export of 39 MW of power generated in Nuwakot district in the Indian Energy Exchange market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the second phase, Nepal has received approval to export 325 MW hydroelectricity power produced from Kaligandaki ‘A’ (144 MW), Mid-Marsyangdi (68 MW), Marsyangdi (67 MW) and Likhu-IV (51 MW), Executive Director of NEA Kulman Ghising said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the NEA has got approval to export electricity produced by six hydropower projects to India. The surplus power would be exported via Dhalkebar-Mujjafarpur 400 KV cross-border transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference at the Ministry of Energy on Wednesday, Minister for Energy Pampha Bhusal said the export of surplus power to India would help make positive contribution to economy by reducing Nepal’s trade deficit. Bhusal said India’s decision to purchase Nepal’s surplus power is a positive step. “We are in need of a big market. From this, additional market has now been expanded,” she said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14800', 'image' => '20220407080554_20210218115310_20200818043659_1597700431.Clipboard08.jpg', 'article_date' => '2022-04-07 08:04:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15056', 'article_category_id' => '267', 'title' => 'NRB under Pressure due to Declining Foreign Exchange Reserves ', 'sub_title' => '', 'summary' => 'April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves. The central bank has failed to improve the situation even after making policy arrangements to stop the decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last July, the country’s foreign exchange reserves stood at Rs 1.39 trillion. It has come down to Rs 1.17 trillion in January this year. Foreign exchange reserves are declining due to decline in foreign exchange earnings including remittances and also because of high imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepal Rastra Bank (NRB) has adopted a policy of discouraging imports in the second quarter of the current fiscal year (FY) to stop the decline in foreign exchange reserves, it has not made any substantial effects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, NRB on Monday summoned the chief executive officers (CEOs) of commercial banks and verbally instructed them not to open LC (letter of credit) for import of luxurious goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, deputy spokesperson of NRB Narayan Prasad Pokhrel claims that the current state of the economy is not so weak as it seems to be. "Our foreign exchange reserves have not diminished much due to the policy intervention of the central bank," he said, "There's no need to panic, we're just trying to be alert." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokharel informed that since NRB is not the body responsible to stop imports, it has not instructed to stop imports but there was only a general discussion on loans provided by banks for imports. "We can't stop the import," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the NRB had discussed the loan situation with the CEOs of the bank and urged them to be cautious while opening LC. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB had adopted a policy of discouraging loans for import from the second quarter of the current fiscal year. On November 26, 2021, the central bank set a limit for import of silver. As per the decision, commercial banks cannot import silver more than USD 35,000 at a time. The bank also issued a directive which reduced the gold import quota by 50 percent and to discourage the import of luxury goods. The central bank also made it mandatory for having a cash margin of 100 percent for opening LCs to import 47 types of goods. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in order to increase the foreign exchange reserves, the NRB has made the provision of opening an account in dollars for non-resident Nepalis but the foreign exchange reserves have not increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers, on the other hand, have been suggesting to ban imports of luxury goods. "The demand for LC is high now. We have no right to stop it. If you want to stop it, it is time to stop it," said Anil Keshari Shah, CEO of Nabil Bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the negative economic indicators, the government has so far been criticized for failing to adopt a policy to protect the economy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14799', 'image' => '20220406032048_NRBnew.jpg', 'article_date' => '2022-04-06 15:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15057', 'article_category_id' => '1', 'title' => 'Bird Flu on the Rise', 'sub_title' => '', 'summary' => 'April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu. The ministry warned that the infection is on the rise. Bird flu has spread in 13 districts in the last two months. The situation has gone out of hand after the government failed to take appropriate steps to control the infection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry, Prakash Kumar Sanjel said that the number of bird flu cases has increased this year as compared to previous years. The infection rate is more widespread than estimated by the Ministry and the Department of Livestock Services this year. That is why Sanjel insisted that all stakeholders need to be highly alert.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that they face manpower crunch and lack of budget to stop the infection even though the infection rate is increasing day by day. The department has allocated a budget of Rs 12.1 million this year for infection prevention and compensation. But looking at the current state of infection, it is estimated that Rs 100 million is needed to control it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the department, bird flu has been confirmed in Kathmandu, Bhaktapur, Lalitpur, Chitwan, Makwanpur, Sindhupalchowk, Kaski, Morang, Udayapur, Sunsari, Bara, Parsa and Dhanusha so far. The department has issued a notice urging all poultry traders to be more alert and not to move livestock and meat from the infected areas to other places. The departments’ spokesperson Dr Chandra Dhakal said that the infection is spreading in large farms and it is becoming difficult for a limited number of people to control the spread of the disease.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14798', 'image' => '20220406032807_birddd.jpg', 'article_date' => '2022-04-06 15:27:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15055', 'article_category_id' => '268', 'title' => 'Flower Import up as Export Declines', 'sub_title' => '', 'summary' => 'April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production. On the other hand, data show that the export of flowers is declining continuously.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Floriculture Association of Nepal, the country imported flowers worth Rs 385.3 million in the fiscal year 2077/78 alone. Meanwhile, export was limited to Rs 4.8 million. Businessmen say that exports have declined due to the decline in investment in flower business due to the impact of Covid-19 pandemic. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2073/74, flower import amounted to Rs 113.6 million and export amounted to Rs 36.5 million. Since then, imports have been steadily rising while exports have been shrinking. Looking at the data for the first eight months of the current fiscal year (July-March), it can be seen that flowers and flower products worth Rs 178.46 million have been imported into the country. Exports amounted to Rs 33.78 million during the period. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Min Bahadur Tamang, president of the association, considers the reason for decline in exports last year to the failure of florists to produce exportable flowers due to the impact of the Covid-19 pandemic. He said that about a decade ago, Nepal exported flowers worth up to Rs 190 million annually to European countries as well as the United States and Australia. He said that international demand for flowers could not be met due to insufficient investment in the flower business last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, until a few years ago, the demand for rose produced in Nepal used to be huge in the world market. Tamang said that export has declined due to the inability to supply quality flowers as per the demand and impact of the pandemic.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the state should take responsibility to create an environment for large investment in flower business to increase exports. Tamang said, “NRB has adopted a policy that allows loans up to Rs 50 million for floriculture. However, this investment is too small to produce exportable flowers. Therefore, it is important for the state to pay attention to such things.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development Prakash Kumar Sanjel also agrees with Tamang. He said that the concessional loan announced by NRB is insufficient to produce exportable flowers by investing in agriculture. He informed that a work procedure for the increment for the loan from Rs 50 million to Rs 500 million, depending on the nature of the business, has already been sent to the NRB and the Ministry of Finance. Sanjel says that the government should set up a separate body to look after the flower business to increase exports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr Gunakar Bhatt, the spokesperson of NRB, says that procedures should be amended in order to implement the recommendation of the ministry. He said that NRB alone cannot do anything if the government does not amends the working procedure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">About 700 people including entrepreneurs, businessmen and farmers were involved in the flower business with an investment of over Rs 6 billion in 43 districts before the pandemic. According to the association, the number of farmers and entrepreneurs has decreased by about 10 percent after the onset of the pandemic. Similarly, the association is also aware that more than 30,000 square kilometers of land used for floriculture is barren and other lands have not been able to produce at full capacity.</span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14797', 'image' => '20220406021821_flower.jpg', 'article_date' => '2022-04-06 14:17:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15052', 'article_category_id' => '1', 'title' => 'World Bank Pledges to Support Employment Promotion in Nepal ', 'sub_title' => '', 'summary' => 'April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Bank made such commitment during a courtesy call paid to the Minister for Labour, Employment and Social Security by its delegation led by the bank's Regional Director Lynne Benz. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, matters related to the effectiveness of the WB-funded projects were also discussed, according to the Labour Minster's secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha said the World Bank's support has been helpful in the implementation of the government-adopted strategy for the promotion of internal employment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha thanked the World Bank for its support to the Youth Employment and Transformation Initiative Project under the Prime Minister Employment Programme to generate employment opportunities for youths within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The WB has backed the improvement of integrated employment management information system to collect personal details of unemployed person, his/her knowledge, skills and experience, potential area of employment, labour market demand and supply sides. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">WB's Regional Director Lynn expressed the bank's readiness to support Nepali people living a disadvantaged and vulnerable life in collaboration with the government, development partners and the private sector. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14796', 'image' => '20220406081629_World-Bank-600x337.jpg', 'article_date' => '2022-04-06 08:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '15068', 'article_category_id' => '239', 'title' => 'Tourism Industry Expected to Boost Foreign Exchange Reserves', 'sub_title' => '', 'summary' => 'April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. Along with the improvement in tourist arrivals, foreign exchange earnings are also increasing. The increase in tourist arrivals amid the deteriorating state of the economy is expected to have a positive impact on foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, 42,006 foreigners visited Nepal in March 2022 alone. In March 2021, the number was 14,977. Mani Raj Lamichhane, director of Nepal Tourism Board, said that tourist arrivals improved after the end of Covid-19 pandemic. He said that more than Rs 3 billion was earned from tourists in March alone.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the board, 17,661 tourists visited Nepal in March from neighboring countries including India. The number of people coming from Europe has also increased significantly. In March, 11,277 tourists arrived in Nepal from European countries. During the corresponding month last year, the number was 1,790. The number of tourists arriving from the USA and Canada is 5,646.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arrival of tourists from northern neighbor China however has been declining. In March, only 431 Chinese tourists visited Nepal. The number was 1,207 last year. According to Lamichhane, the the tourism industry has contributed to foreign exchange. Compared to 2019, the revenue collected from tourists declined by 20 percent because of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Statistics-2020 released by the Ministry of Culture, Tourism and Civil Aviation, Nepal earned foreign currencies worth Rs 75.37 billion in the fiscal year 2075/76 before Covid-19. The income, however, declined sharply after the pandemic. According to the Nepal Rastra Bank, the country has earned foreign currencies worth Rs 11.35 billion from tourism in the first seven months of the current fiscal year. The amount was Rs 3.89 billion in the corresponding period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Chief Executive Officer of the Tourism Board, Deepak Raj Joshi, suggested that the tourism sector should be given first priority to boost the economy. He said, “One of the fastest growing sources of foreign exchange in Nepal is the tourism sector. Tourism can contribute 15 to 20 percent to the economy as soon as there is an improvement in arrival of tourists.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal earns billions from the tourism sector under normal circumstances, Joshi said that something should be done immediately as tourists are excited to come to Nepal even in the midst of the crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joshi suggested that the government and concerned bodies should encourage the airlines to bring tourists, by conveying the message that it is safe to visit Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14810', 'image' => '20220408032128_Tourist.jpg', 'article_date' => '2022-04-08 15:20:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15067', 'article_category_id' => '267', 'title' => 'NRB Attempts to Prevent Foreign Exchange Reserves from Further Decline', 'sub_title' => '', 'summary' => 'April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has adopted a strategy to prevent the foreign exchange reserves from further declining, fearing that the country will not be able to import medicines, food and other essential commodities if the situation goes out of hand. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal’s foreign exchange reserves have been under pressure since the beginning of the current fiscal year. In order to increase foreign exchange reserves, NRB facilitated deposit of foreign currency by non-resident Nepalis and also increased the interest rate on savings made through remittance. As the policy did not work, the central bank resorted to a strategy of tightening the screws on areas where foreign exchange is spent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last Monday, NRB called the chief executive officers (CEOs) of commercial banks and instructed them not to open LCs for import of luxurious goods. Earlier, the NRB had twice issued a circular stating that 100 percent cash margin should be maintained for importing 47 different types of goods. Besides, imports of gold and silver were also limited. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the policy to tighten imports didn’t have much effect, the NRB verbally instructed the banks not to open LCs for some time. Since the NRB does not have the right to stop the import, it has tried to discourage the banks by verbally urging them not to open LCs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of NRB Dr Gunakar Bhatt says that the focus is now on preserving the foreign exchange reserves so that there won't be problems in importing essential goods. “The pressure on foreign exchange reserves has been mounting since the beginning of the current fiscal year,” he said, adding, “We want to stop importing luxury items, including gold and silver, for a while as we might have a problem buying essential medicines.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NRB Governor Maha Prasad Adhikari briefed Finance Minister Janardan Sharma about the state of foreign exchange reserves and suggested that imports of some goods should be stopped for the time being. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Even though the NRB has implemented cash margin provision, bankers have been suggesting to stop opening new LCs for some time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB currently has foreign exchange reserves to support imports of goods and services for six and a half months. Until one year ago, there was enough reserve to support a year of import of goods and services. It is said that reaching foreign exchange reserves that support imports for less than six months would be very dangerous to the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the monetary policy, the NRB had set a target of maintaining the foreign exchange reserves that would support imports for up to seven months. The country's balance of payments is at a loss of Rs 247 billion. The trade deficit has exceeded Rs 1.15 trillion. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14809', 'image' => '20220408015226_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-08 13:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15065', 'article_category_id' => '1', 'title' => 'Cable TV Operators Oppose Amendment to National Broadcasting Regulation', 'sub_title' => '', 'summary' => 'April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11th amendment to the National Broadcasting Regulation 2052.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation accused the government of amending the regulation without consulting with the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052 has included some provisions that curtail the basic rights ensured by the constitution. The federation expresses its objection to the faulty and unconstitutional amendment,” reads a statement issued by the federation on Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation said that the amended regulation has included some provisions which the federation had been pressing for since a long time but many other issues have been left out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the federation, the amended regulation will benefit a certain group of service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement says that the new provision requires the service providers to mandatorily take permission from the Ministry of Communication and Information Technology to operate OTT streaming service. It means that the foreign OTT services will be considered illegal once the new provision comes into effect. Therefore, the federation has urged the government to stop such OTT streaming services immediately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had amended the National Broadcasting Regulation 2052 on March 3.</span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14807', 'image' => '20220408110532_plataforms.jpg', 'article_date' => '2022-04-08 11:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15064', 'article_category_id' => '267', 'title' => 'Overall Economy not in a Tailspin: NRB ', 'sub_title' => '', 'summary' => 'At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">April 8: </span><span style="font-family:"Arial Unicode MS","sans-serif"">At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized in the capital on Thursday, Executive Director and Spokesperson of NRB Dr Gunakar Bhatta insisted that although the economy witnessed some stress due to liquidity and inflation, the pillars of economy were still strong. He admitted that Nepal's economy has been affected by the impact of Russia-Ukraine war. It affected our supply system, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhatta further informed that although the foreign exchange reserves were slightly lower than the corresponding period of the last fiscal year, there was no need to panic at all. As the COVID-19 impact is subsiding, positive changes would be seen in economy, Bhatta assured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has tightened the import of luxurious goods, said Bhatta, adding, "Currently, we have the reserves sufficient to import goods and services for six and half months." -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14806', 'image' => '20220408081526_bhatta (1).jpeg', 'article_date' => '2022-04-08 08:06:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15063', 'article_category_id' => '268', 'title' => 'House Panel Instructs Government to Halt Import of Betel Nuts', 'sub_title' => '', 'summary' => 'April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. A meeting of the Industry, Commerce and Labour and Consumer Welfare Committee of the House of Representatives (HoR) has directed the Ministry of Industry, Commerce and Supplies to stop issuing permits to import betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting held discussion on Wednesday and concluded that the import of betel nuts was not necessary at a time when the country’s economy was reeling under crisis and the foreign exchange reserves were declining, informed the committee chair Bimal Prasad Shreevastav. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have instructed the government not to issue permits to import betel nuts,” said Shreevastav, adding, “The committee has decided to monitor the situation of import and usage of betel nuts through a field visit.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the committee will visit the industries that are involved in importing betel nuts for a study and then hold further discussions. The committee said it had no objection to the import of peas and black pepper.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali Congress lawmaker Prakash Rasaili insists that the government has been presenting fake data about the import of betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We had sought the government’s explanation regarding the demand of betel nuts. But the government officials lied to us by hiding the details,” said Rasaili.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He says that the committee decided to halt the import of betel nuts after the government employees presented fake data. Other lawmakers were also in favour of banning the import of betel nuts which are primarily used to make tobacco-related products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Council of Ministers had decided to allow the imports of betel nuts, peas and black pepper about two months ago. The Ministry of Industry, Commerce and Supplies has already published a notice in the Nepal Gazette stating that the ban on import of these items has been lifted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although these items are imported for industrial purpose, it is believed that the products are smuggled to India. A large amount of foreign currency is spent in importing these items. The government has been accused of lifting the ban on import of betel nuts in collusion with businessmen for the sake of money. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14805', 'image' => '20220407065951_supari.jpg', 'article_date' => '2022-04-07 18:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15062', 'article_category_id' => '268', 'title' => 'Import of Pesticides-Laden Vegetables Continues Unabated', 'sub_title' => '', 'summary' => 'April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides. However, such perishable items are entering the country every day without checking pesticide, against the government’s policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">About 45 percent of vegetables and 75 percent of fruits consumed in the Kathmandu Valley are imported from India. However, due to the weakness of the concerned authorities, there is a risk of consumption of poisonous vegetables and fruits. Statistics show that traders tried to import 12 trucks of pesticide-laden items including vegetables, fruits and nuts from Bhairahawa checkpoint alone into the country in the last three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the data provided by the Bhairahawa Customs Office, 1600 trucks entered the area from last January to the second week of April. Twelve of them were sent back after finding pesticides in high amounts in the imported vegetables and fruits. According to Tirtha Raj Paswan, Information Officer at Bhairahawa Customs Office, toxic residues were found in amounts higher than acceptable standards in tangerine, orange, grape, melon, potato, onion, mushroom, banana among other items during routine check and they were sent back to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Vegetables and fruits are considered edible if the inhibition rate is less than 35 percent. If the inhibition rate is 35 to 45 percent, such vegetables are considered edible only after the inhibition rate drops to 35 percent during retest after quarantining for at least 5 days. Officials say that if the inhibition rate does not reach the specified limit within that period, it is sent back.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Food Technology and Quality Control, which is responsible for testing the amount of toxins present in the food entering through the checkpoint, complains that it has not been able to work effectively due to inadequate staffing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior Food Research Officer of the department Bimal Kumar Dahal said that the work is not effective as there is not enough staff at the office. “Our office in Bhairahawa has a total of 11 employees. The 11 employees are responsible for testing the quality of food produced in the domestic market as well as testing pesticides on commodities imported from India,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He added that the higher workload on both fronts due to the small number of employees has reduced the effectiveness of checking. He said, “There is a risk of poisonous vegetables entering the country if the results are not obtained in time. So far, no applicants have applied for the vacancies.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal is setting up a separate pesticide laboratory at the checkpoints to test toxins on imported goods. The Ministry of Agriculture and Livestock Development has given the responsibility to the department since last October. Hundreds of samples are brought to the food offices in Butwal, Bhairahawa, Kapilbastu and Birgunj every day for testing. However, due to lack of staff, the quality of work is constantly compromised.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Doctors say that eating poisonous vegetables and fruits has adverse effects on human health. Dr Arjun Budhathoki, cardiologist at Bir Hospital says that the toxins used in vegetables and fruits affect all parts of the human body and should be avoided at all costs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“There is no part in our body that is not affected by toxins. Consumption of highly toxic vegetables mainly causes heart, skin, nerve related diseases, menstrual and reproductive problems in women and also plays a role in all types of cancers,” said Dr Budhathoki. Therefore, to avoid this, vegetables should be washed at least 5 times with clean or salt water or water mixed with potassium.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14804', 'image' => '20220407045825_p02-120209-78.jpg', 'article_date' => '2022-04-07 16:57:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15061', 'article_category_id' => '274', 'title' => 'Nepal’s Economy in Critical Situation: ADB Report', 'sub_title' => '', 'summary' => 'April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation. The Asian Development Outlook 2022, released by the ADB on Wednesday, states that the economy is becoming problematic due to the fluctuations in the world market and the failure of the state to adopt the right policy in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the ADB, the global economic recession caused by the Ukraine-Russia tensions, stagnant trade, rise in prices of crude oil and other commodities have put pressure on inflation. It also warned that the country would face challenge in maintaining the balance of payments and foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The slow expansion of developed economies due to Russia-Ukraine tensions, stagnant trade flows and rising prices of oil and other commodities could put further pressure on Nepal's balance of payments and foreign exchange reserves,” said Arnaud Cauchois, ADB's Country Director for Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2021, Nepal's economic growth rate was 3.2 percent. The ADB has projected 3.9 percent growth for 2022. The government had expected the Gross Domestic Product (GDP) growth rate to be 7 percent in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB views the growing trade deficit as a long-term challenge to Nepal’s economy. The ADB report expressed concern that rising imports but lower exports could lead to structural problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the report, the problem seems to be rising as Nepal's trade deficit is increasing but the resources to cover such deficit are not expanding in the same proportion. As per the ADB, the government's efforts to reduce costs and increase competition through trade policies and various laws to address this problem have had little effect. The ADB states that despite various multilateral and bilateral initiatives to increase exports, the results have not been encouraging. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Even though Nepal's production is good, it has not been able to export due to lack of capital, technology and skills required for it. Nepali products have not been able to enter the world market as the country does not even have a simple laboratory,” said the report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB report also pointed out that Nepal has also been unable to utilize the concessions offered by some rich countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the 2015 earthquake, the United States decided to give concessional access to Nepal's products such as carpets and pashmina. However, the ADB report says that Nepali products have not yet been able to reap the benefits due to the failure to meet the required quality standards for entry into the US market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB states that although Nepal can benefit by doing significant work in the field of information technology and tourism, this is not the case. Despite the policy formulation, the result is not seen due to the lack of implementation and continuity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Paddy production was expected to be good due to favorable rains. However, unseasonal rains and floods in October damaged crops. This has reduced paddy production by 9 percent, according to ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Based on consumer and investment demand, the industry is expected to grow by 4.1 percent this year. Wholesale and retail trade, transportation and financial services are expected to grow by 5.2 percent due to normal conditions. ADB expects the tourism sector, which had a negative impact in 2021, to improve from this year. Furthermore, the ADB considers the continuation of the vaccination campaign against the pandemic and the gradual normalization of economic activity to be positive. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14803', 'image' => '20220407021459_ADB.jpeg', 'article_date' => '2022-04-07 14:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15060', 'article_category_id' => '1', 'title' => 'Third Rating Company Comes into Operation in Nepal', 'sub_title' => '', 'summary' => 'April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Established as a subsidiary of India's rating agency Infomerics Valuation and Rating Pvt Ltd, the company has a paid-up capital of Rs 100 million. According to the Credit Rating Rules 2068, in order to establish a credit rating company in Nepal, it is mandatory to have partnership with an organization that has done rating work abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Accordingly, 51% share of the company is held by Infomerics Valuation and Rating Pvt Ltd and the rest belongs to the local partners.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a need for a new rating company in Nepal as the Nepal Rastra Bank has made arrangements for rating even for loans of more than Rs 500 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The company’s office is located at Baneshwor Heights. Chief Executive Officer of Informerics Credit Rating Nepal, Rabin Pudasaini, assured that the service of the company will be of high quality.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The number of rating companies in Nepal is currently three. The other two rating companies in operation are Care Rating Nepal and ICRA Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14802', 'image' => '20220407012426_credit-rating.jpg', 'article_date' => '2022-04-07 13:23:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15059', 'article_category_id' => '219', 'title' => 'Commercial Farmers Start Receiving Loans through Credit Cards', 'sub_title' => '', 'summary' => 'April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs have shifted their focus on providing loans to commercial farmers under pressure from the government to expand agriculture loan and to facilitate the farmers’ desire to use modern technology in farming.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks such as Agriculture Development Bank, Mega Bank, Civil Bank, Nepal Bangladesh Bank, Global IME Bank among others have already started issuing credit cards for farmers. Those banks have started providing loans to the farmers through credit cards in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to this scheme, banks make the approved loan available to the farmers through credit cards. Farmers can make payment for fertilizer, seeds, agricultural equipment and tools through their credit cards. To avail this service, the farmers must visit the designated sellers who are also linked with the bank. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Nepal Rastra Bank (NRB) had announced credit card facility for farmers through the monetary policy of the last fiscal year. To back this concept, Agriculture Development Bank had launched credit card for the farmers on the occasion of its anniversary more than a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank’s CEO Anil Kumar Upadhyay says that the bank does not only provide financial service to the farmers through the cards but also market information.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Farmers can make purchase with the loan amount that has been approved. The bank has also launched an application to help the farmers use the credit cards. Through this app, we provide the farmers with market information, weather situation and other technical advise,” said Upadhyay. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Private banks have also shown interest in this scheme after the central bank included this concept in the monetary policy. The private banks have started providing loans to the farmers in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14801', 'image' => '20220407112029_Agri.jpg', 'article_date' => '2022-04-07 11:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15058', 'article_category_id' => '224', 'title' => 'NEA to Export Additional 325 MW Energy to India ', 'sub_title' => '', 'summary' => 'April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Given the approval from the Central Electricity Authority of India, Nepal Electricity Authority (NEA) would export additional 325 MW of hydroelectricity into the Indian energy market. Prior to this, in November 2021, India had given approval for the export of 39 MW of power generated in Nuwakot district in the Indian Energy Exchange market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the second phase, Nepal has received approval to export 325 MW hydroelectricity power produced from Kaligandaki ‘A’ (144 MW), Mid-Marsyangdi (68 MW), Marsyangdi (67 MW) and Likhu-IV (51 MW), Executive Director of NEA Kulman Ghising said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the NEA has got approval to export electricity produced by six hydropower projects to India. The surplus power would be exported via Dhalkebar-Mujjafarpur 400 KV cross-border transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference at the Ministry of Energy on Wednesday, Minister for Energy Pampha Bhusal said the export of surplus power to India would help make positive contribution to economy by reducing Nepal’s trade deficit. Bhusal said India’s decision to purchase Nepal’s surplus power is a positive step. “We are in need of a big market. From this, additional market has now been expanded,” she said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14800', 'image' => '20220407080554_20210218115310_20200818043659_1597700431.Clipboard08.jpg', 'article_date' => '2022-04-07 08:04:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15056', 'article_category_id' => '267', 'title' => 'NRB under Pressure due to Declining Foreign Exchange Reserves ', 'sub_title' => '', 'summary' => 'April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves. The central bank has failed to improve the situation even after making policy arrangements to stop the decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last July, the country’s foreign exchange reserves stood at Rs 1.39 trillion. It has come down to Rs 1.17 trillion in January this year. Foreign exchange reserves are declining due to decline in foreign exchange earnings including remittances and also because of high imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepal Rastra Bank (NRB) has adopted a policy of discouraging imports in the second quarter of the current fiscal year (FY) to stop the decline in foreign exchange reserves, it has not made any substantial effects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, NRB on Monday summoned the chief executive officers (CEOs) of commercial banks and verbally instructed them not to open LC (letter of credit) for import of luxurious goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, deputy spokesperson of NRB Narayan Prasad Pokhrel claims that the current state of the economy is not so weak as it seems to be. "Our foreign exchange reserves have not diminished much due to the policy intervention of the central bank," he said, "There's no need to panic, we're just trying to be alert." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokharel informed that since NRB is not the body responsible to stop imports, it has not instructed to stop imports but there was only a general discussion on loans provided by banks for imports. "We can't stop the import," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the NRB had discussed the loan situation with the CEOs of the bank and urged them to be cautious while opening LC. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB had adopted a policy of discouraging loans for import from the second quarter of the current fiscal year. On November 26, 2021, the central bank set a limit for import of silver. As per the decision, commercial banks cannot import silver more than USD 35,000 at a time. The bank also issued a directive which reduced the gold import quota by 50 percent and to discourage the import of luxury goods. The central bank also made it mandatory for having a cash margin of 100 percent for opening LCs to import 47 types of goods. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in order to increase the foreign exchange reserves, the NRB has made the provision of opening an account in dollars for non-resident Nepalis but the foreign exchange reserves have not increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers, on the other hand, have been suggesting to ban imports of luxury goods. "The demand for LC is high now. We have no right to stop it. If you want to stop it, it is time to stop it," said Anil Keshari Shah, CEO of Nabil Bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the negative economic indicators, the government has so far been criticized for failing to adopt a policy to protect the economy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14799', 'image' => '20220406032048_NRBnew.jpg', 'article_date' => '2022-04-06 15:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15057', 'article_category_id' => '1', 'title' => 'Bird Flu on the Rise', 'sub_title' => '', 'summary' => 'April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu. The ministry warned that the infection is on the rise. Bird flu has spread in 13 districts in the last two months. The situation has gone out of hand after the government failed to take appropriate steps to control the infection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry, Prakash Kumar Sanjel said that the number of bird flu cases has increased this year as compared to previous years. The infection rate is more widespread than estimated by the Ministry and the Department of Livestock Services this year. That is why Sanjel insisted that all stakeholders need to be highly alert.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that they face manpower crunch and lack of budget to stop the infection even though the infection rate is increasing day by day. The department has allocated a budget of Rs 12.1 million this year for infection prevention and compensation. But looking at the current state of infection, it is estimated that Rs 100 million is needed to control it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the department, bird flu has been confirmed in Kathmandu, Bhaktapur, Lalitpur, Chitwan, Makwanpur, Sindhupalchowk, Kaski, Morang, Udayapur, Sunsari, Bara, Parsa and Dhanusha so far. The department has issued a notice urging all poultry traders to be more alert and not to move livestock and meat from the infected areas to other places. The departments’ spokesperson Dr Chandra Dhakal said that the infection is spreading in large farms and it is becoming difficult for a limited number of people to control the spread of the disease.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14798', 'image' => '20220406032807_birddd.jpg', 'article_date' => '2022-04-06 15:27:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15055', 'article_category_id' => '268', 'title' => 'Flower Import up as Export Declines', 'sub_title' => '', 'summary' => 'April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production. On the other hand, data show that the export of flowers is declining continuously.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Floriculture Association of Nepal, the country imported flowers worth Rs 385.3 million in the fiscal year 2077/78 alone. Meanwhile, export was limited to Rs 4.8 million. Businessmen say that exports have declined due to the decline in investment in flower business due to the impact of Covid-19 pandemic. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2073/74, flower import amounted to Rs 113.6 million and export amounted to Rs 36.5 million. Since then, imports have been steadily rising while exports have been shrinking. Looking at the data for the first eight months of the current fiscal year (July-March), it can be seen that flowers and flower products worth Rs 178.46 million have been imported into the country. Exports amounted to Rs 33.78 million during the period. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Min Bahadur Tamang, president of the association, considers the reason for decline in exports last year to the failure of florists to produce exportable flowers due to the impact of the Covid-19 pandemic. He said that about a decade ago, Nepal exported flowers worth up to Rs 190 million annually to European countries as well as the United States and Australia. He said that international demand for flowers could not be met due to insufficient investment in the flower business last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, until a few years ago, the demand for rose produced in Nepal used to be huge in the world market. Tamang said that export has declined due to the inability to supply quality flowers as per the demand and impact of the pandemic.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the state should take responsibility to create an environment for large investment in flower business to increase exports. Tamang said, “NRB has adopted a policy that allows loans up to Rs 50 million for floriculture. However, this investment is too small to produce exportable flowers. Therefore, it is important for the state to pay attention to such things.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development Prakash Kumar Sanjel also agrees with Tamang. He said that the concessional loan announced by NRB is insufficient to produce exportable flowers by investing in agriculture. He informed that a work procedure for the increment for the loan from Rs 50 million to Rs 500 million, depending on the nature of the business, has already been sent to the NRB and the Ministry of Finance. Sanjel says that the government should set up a separate body to look after the flower business to increase exports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr Gunakar Bhatt, the spokesperson of NRB, says that procedures should be amended in order to implement the recommendation of the ministry. He said that NRB alone cannot do anything if the government does not amends the working procedure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">About 700 people including entrepreneurs, businessmen and farmers were involved in the flower business with an investment of over Rs 6 billion in 43 districts before the pandemic. According to the association, the number of farmers and entrepreneurs has decreased by about 10 percent after the onset of the pandemic. Similarly, the association is also aware that more than 30,000 square kilometers of land used for floriculture is barren and other lands have not been able to produce at full capacity.</span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14797', 'image' => '20220406021821_flower.jpg', 'article_date' => '2022-04-06 14:17:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15052', 'article_category_id' => '1', 'title' => 'World Bank Pledges to Support Employment Promotion in Nepal ', 'sub_title' => '', 'summary' => 'April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Bank made such commitment during a courtesy call paid to the Minister for Labour, Employment and Social Security by its delegation led by the bank's Regional Director Lynne Benz. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, matters related to the effectiveness of the WB-funded projects were also discussed, according to the Labour Minster's secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha said the World Bank's support has been helpful in the implementation of the government-adopted strategy for the promotion of internal employment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha thanked the World Bank for its support to the Youth Employment and Transformation Initiative Project under the Prime Minister Employment Programme to generate employment opportunities for youths within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The WB has backed the improvement of integrated employment management information system to collect personal details of unemployed person, his/her knowledge, skills and experience, potential area of employment, labour market demand and supply sides. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">WB's Regional Director Lynn expressed the bank's readiness to support Nepali people living a disadvantaged and vulnerable life in collaboration with the government, development partners and the private sector. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14796', 'image' => '20220406081629_World-Bank-600x337.jpg', 'article_date' => '2022-04-06 08:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: The number of foreign tourists visiting Nepal has been rising since the beginning of 2022. Along with the improvement in tourist arrivals, foreign exchange earnings are also increasing. The increase in tourist arrivals amid the deteriorating state of the economy is expected to have a positive impact on foreign exchange reserves.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Board, 42,006 foreigners visited Nepal in March 2022 alone. In March 2021, the number was 14,977. Mani Raj Lamichhane, director of Nepal Tourism Board, said that tourist arrivals improved after the end of Covid-19 pandemic. He said that more than Rs 3 billion was earned from tourists in March alone.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the board, 17,661 tourists visited Nepal in March from neighboring countries including India. The number of people coming from Europe has also increased significantly. In March, 11,277 tourists arrived in Nepal from European countries. During the corresponding month last year, the number was 1,790. The number of tourists arriving from the USA and Canada is 5,646.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arrival of tourists from northern neighbor China however has been declining. In March, only 431 Chinese tourists visited Nepal. The number was 1,207 last year. According to Lamichhane, the the tourism industry has contributed to foreign exchange. Compared to 2019, the revenue collected from tourists declined by 20 percent because of the Covid-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the Nepal Tourism Statistics-2020 released by the Ministry of Culture, Tourism and Civil Aviation, Nepal earned foreign currencies worth Rs 75.37 billion in the fiscal year 2075/76 before Covid-19. The income, however, declined sharply after the pandemic. According to the Nepal Rastra Bank, the country has earned foreign currencies worth Rs 11.35 billion from tourism in the first seven months of the current fiscal year. The amount was Rs 3.89 billion in the corresponding period of the previous year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Former Chief Executive Officer of the Tourism Board, Deepak Raj Joshi, suggested that the tourism sector should be given first priority to boost the economy. He said, “One of the fastest growing sources of foreign exchange in Nepal is the tourism sector. Tourism can contribute 15 to 20 percent to the economy as soon as there is an improvement in arrival of tourists.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal earns billions from the tourism sector under normal circumstances, Joshi said that something should be done immediately as tourists are excited to come to Nepal even in the midst of the crisis.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Joshi suggested that the government and concerned bodies should encourage the airlines to bring tourists, by conveying the message that it is safe to visit Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14810', 'image' => '20220408032128_Tourist.jpg', 'article_date' => '2022-04-08 15:20:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15067', 'article_category_id' => '267', 'title' => 'NRB Attempts to Prevent Foreign Exchange Reserves from Further Decline', 'sub_title' => '', 'summary' => 'April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 8: With the decline in inflow of remittance and high trade deficit, the central bank is focused on preparing a strategy to preserve the stock of foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal Rastra Bank (NRB) has adopted a strategy to prevent the foreign exchange reserves from further declining, fearing that the country will not be able to import medicines, food and other essential commodities if the situation goes out of hand. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Nepal’s foreign exchange reserves have been under pressure since the beginning of the current fiscal year. In order to increase foreign exchange reserves, NRB facilitated deposit of foreign currency by non-resident Nepalis and also increased the interest rate on savings made through remittance. As the policy did not work, the central bank resorted to a strategy of tightening the screws on areas where foreign exchange is spent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Last Monday, NRB called the chief executive officers (CEOs) of commercial banks and instructed them not to open LCs for import of luxurious goods. Earlier, the NRB had twice issued a circular stating that 100 percent cash margin should be maintained for importing 47 different types of goods. Besides, imports of gold and silver were also limited. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">As the policy to tighten imports didn’t have much effect, the NRB verbally instructed the banks not to open LCs for some time. Since the NRB does not have the right to stop the import, it has tried to discourage the banks by verbally urging them not to open LCs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of NRB Dr Gunakar Bhatt says that the focus is now on preserving the foreign exchange reserves so that there won't be problems in importing essential goods. “The pressure on foreign exchange reserves has been mounting since the beginning of the current fiscal year,” he said, adding, “We want to stop importing luxury items, including gold and silver, for a while as we might have a problem buying essential medicines.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">On Tuesday, NRB Governor Maha Prasad Adhikari briefed Finance Minister Janardan Sharma about the state of foreign exchange reserves and suggested that imports of some goods should be stopped for the time being. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Even though the NRB has implemented cash margin provision, bankers have been suggesting to stop opening new LCs for some time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">NRB currently has foreign exchange reserves to support imports of goods and services for six and a half months. Until one year ago, there was enough reserve to support a year of import of goods and services. It is said that reaching foreign exchange reserves that support imports for less than six months would be very dangerous to the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the monetary policy, the NRB had set a target of maintaining the foreign exchange reserves that would support imports for up to seven months. The country's balance of payments is at a loss of Rs 247 billion. The trade deficit has exceeded Rs 1.15 trillion. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14809', 'image' => '20220408015226_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-04-08 13:51:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15066', 'article_category_id' => '220', 'title' => 'Finance Ministry not Ready to Admit Economic Crisis', 'sub_title' => '', 'summary' => 'April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The economic crisis of the country is deepening but the officials at the Ministry of Finance are not ready to admit it. Government authorities argue that although the economy is under pressure, the situation is not as grim as it has been portrayed.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Joint Secretary at the Ministry of Finance Dundi Prasad Niraula says that they are constantly working to improve the economy. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to him, Nepal’s situation cannot be compared with that of Sri Lanka. Unlike Sri Lanka, Niraula argues that Nepal’s economy is under stress and the ministry is confident that the crisis will end if they take precautionary measures.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The inflow of remittance worth Rs 91 billion in the month of Falgun (mid-February to mid-March) is a positive indicator, according to the Ministry of Finance. Government officials claim that the foreign exchange reserves can sustain imports for up to six and a half months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“However, the foreign exchange reserves are declining and the government must be cautious and take measures accordingly,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He further said that the Ministry of Finance is coordinating with the Nepal Rastra Bank (NRB), the Ministry of Industry, Commerce and Supplies and the Ministry of Agriculture and Livestock Development to bring the situation under control.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have asked every unit to prepare an action plan. We will face the situation on the basis of the action plans,” said Niraula.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Dr Shalikram Pokharel, advisor to the finance minister, said that they are holding discussions with all stakeholders including the NRB to collect suggestions in order to keep the situation under control. He added that the suggestions will be effectively implemented.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“The suggestions will be implemented in a phase-wise manner to bail out the economy from the current crisis,” said Pokharel.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14808', 'image' => '20220408125340_Ministry-of-Finance-Nepal.jpg', 'article_date' => '2022-04-08 12:52:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15065', 'article_category_id' => '1', 'title' => 'Cable TV Operators Oppose Amendment to National Broadcasting Regulation', 'sub_title' => '', 'summary' => 'April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11th amendment to the National Broadcasting Regulation 2052.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 8: The Federation of Nepal Cable Television Entrepreneurs has expressed its reservation over the 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation accused the government of amending the regulation without consulting with the stakeholders.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 11<sup>th</sup> amendment to the National Broadcasting Regulation 2052 has included some provisions that curtail the basic rights ensured by the constitution. The federation expresses its objection to the faulty and unconstitutional amendment,” reads a statement issued by the federation on Thursday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The federation said that the amended regulation has included some provisions which the federation had been pressing for since a long time but many other issues have been left out.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the federation, the amended regulation will benefit a certain group of service providers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The statement says that the new provision requires the service providers to mandatorily take permission from the Ministry of Communication and Information Technology to operate OTT streaming service. It means that the foreign OTT services will be considered illegal once the new provision comes into effect. Therefore, the federation has urged the government to stop such OTT streaming services immediately.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The government had amended the National Broadcasting Regulation 2052 on March 3.</span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14807', 'image' => '20220408110532_plataforms.jpg', 'article_date' => '2022-04-08 11:04:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15064', 'article_category_id' => '267', 'title' => 'Overall Economy not in a Tailspin: NRB ', 'sub_title' => '', 'summary' => 'At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">April 8: </span><span style="font-family:"Arial Unicode MS","sans-serif"">At a time when news reports have been warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB), has said the overall economic situation of the country was not in tailspin. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a programme organized in the capital on Thursday, Executive Director and Spokesperson of NRB Dr Gunakar Bhatta insisted that although the economy witnessed some stress due to liquidity and inflation, the pillars of economy were still strong. He admitted that Nepal's economy has been affected by the impact of Russia-Ukraine war. It affected our supply system, he added. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Bhatta further informed that although the foreign exchange reserves were slightly lower than the corresponding period of the last fiscal year, there was no need to panic at all. As the COVID-19 impact is subsiding, positive changes would be seen in economy, Bhatta assured. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The government has tightened the import of luxurious goods, said Bhatta, adding, "Currently, we have the reserves sufficient to import goods and services for six and half months." -- RSS </span></span></p> ', 'published' => true, 'created' => '2022-04-08', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14806', 'image' => '20220408081526_bhatta (1).jpeg', 'article_date' => '2022-04-08 08:06:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15063', 'article_category_id' => '268', 'title' => 'House Panel Instructs Government to Halt Import of Betel Nuts', 'sub_title' => '', 'summary' => 'April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">April 7: A parliamentary committee has stood against the government’s decision to lift the ban on import of betel nuts. A meeting of the Industry, Commerce and Labour and Consumer Welfare Committee of the House of Representatives (HoR) has directed the Ministry of Industry, Commerce and Supplies to stop issuing permits to import betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The meeting held discussion on Wednesday and concluded that the import of betel nuts was not necessary at a time when the country’s economy was reeling under crisis and the foreign exchange reserves were declining, informed the committee chair Bimal Prasad Shreevastav. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We have instructed the government not to issue permits to import betel nuts,” said Shreevastav, adding, “The committee has decided to monitor the situation of import and usage of betel nuts through a field visit.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that the committee will visit the industries that are involved in importing betel nuts for a study and then hold further discussions. The committee said it had no objection to the import of peas and black pepper.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepali Congress lawmaker Prakash Rasaili insists that the government has been presenting fake data about the import of betel nuts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“We had sought the government’s explanation regarding the demand of betel nuts. But the government officials lied to us by hiding the details,” said Rasaili.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He says that the committee decided to halt the import of betel nuts after the government employees presented fake data. Other lawmakers were also in favour of banning the import of betel nuts which are primarily used to make tobacco-related products.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">A meeting of the Council of Ministers had decided to allow the imports of betel nuts, peas and black pepper about two months ago. The Ministry of Industry, Commerce and Supplies has already published a notice in the Nepal Gazette stating that the ban on import of these items has been lifted.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although these items are imported for industrial purpose, it is believed that the products are smuggled to India. A large amount of foreign currency is spent in importing these items. The government has been accused of lifting the ban on import of betel nuts in collusion with businessmen for the sake of money. </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14805', 'image' => '20220407065951_supari.jpg', 'article_date' => '2022-04-07 18:59:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15062', 'article_category_id' => '268', 'title' => 'Import of Pesticides-Laden Vegetables Continues Unabated', 'sub_title' => '', 'summary' => 'April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The government has adopted a policy of importing vegetables, fruits and other agricultural commodities from India into Nepal only after measuring the residue of pesticides. However, such perishable items are entering the country every day without checking pesticide, against the government’s policy.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">About 45 percent of vegetables and 75 percent of fruits consumed in the Kathmandu Valley are imported from India. However, due to the weakness of the concerned authorities, there is a risk of consumption of poisonous vegetables and fruits. Statistics show that traders tried to import 12 trucks of pesticide-laden items including vegetables, fruits and nuts from Bhairahawa checkpoint alone into the country in the last three months.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the data provided by the Bhairahawa Customs Office, 1600 trucks entered the area from last January to the second week of April. Twelve of them were sent back after finding pesticides in high amounts in the imported vegetables and fruits. According to Tirtha Raj Paswan, Information Officer at Bhairahawa Customs Office, toxic residues were found in amounts higher than acceptable standards in tangerine, orange, grape, melon, potato, onion, mushroom, banana among other items during routine check and they were sent back to India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Vegetables and fruits are considered edible if the inhibition rate is less than 35 percent. If the inhibition rate is 35 to 45 percent, such vegetables are considered edible only after the inhibition rate drops to 35 percent during retest after quarantining for at least 5 days. Officials say that if the inhibition rate does not reach the specified limit within that period, it is sent back.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Department of Food Technology and Quality Control, which is responsible for testing the amount of toxins present in the food entering through the checkpoint, complains that it has not been able to work effectively due to inadequate staffing.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Senior Food Research Officer of the department Bimal Kumar Dahal said that the work is not effective as there is not enough staff at the office. “Our office in Bhairahawa has a total of 11 employees. The 11 employees are responsible for testing the quality of food produced in the domestic market as well as testing pesticides on commodities imported from India,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He added that the higher workload on both fronts due to the small number of employees has reduced the effectiveness of checking. He said, “There is a risk of poisonous vegetables entering the country if the results are not obtained in time. So far, no applicants have applied for the vacancies.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Government of Nepal is setting up a separate pesticide laboratory at the checkpoints to test toxins on imported goods. The Ministry of Agriculture and Livestock Development has given the responsibility to the department since last October. Hundreds of samples are brought to the food offices in Butwal, Bhairahawa, Kapilbastu and Birgunj every day for testing. However, due to lack of staff, the quality of work is constantly compromised.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Doctors say that eating poisonous vegetables and fruits has adverse effects on human health. Dr Arjun Budhathoki, cardiologist at Bir Hospital says that the toxins used in vegetables and fruits affect all parts of the human body and should be avoided at all costs. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“There is no part in our body that is not affected by toxins. Consumption of highly toxic vegetables mainly causes heart, skin, nerve related diseases, menstrual and reproductive problems in women and also plays a role in all types of cancers,” said Dr Budhathoki. Therefore, to avoid this, vegetables should be washed at least 5 times with clean or salt water or water mixed with potassium.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-08', 'keywords' => '', 'description' => '', 'sortorder' => '14804', 'image' => '20220407045825_p02-120209-78.jpg', 'article_date' => '2022-04-07 16:57:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15061', 'article_category_id' => '274', 'title' => 'Nepal’s Economy in Critical Situation: ADB Report', 'sub_title' => '', 'summary' => 'April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The Asian Development Bank (ADB) has stated that Nepal's economy is in a critical situation. The Asian Development Outlook 2022, released by the ADB on Wednesday, states that the economy is becoming problematic due to the fluctuations in the world market and the failure of the state to adopt the right policy in time. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the ADB, the global economic recession caused by the Ukraine-Russia tensions, stagnant trade, rise in prices of crude oil and other commodities have put pressure on inflation. It also warned that the country would face challenge in maintaining the balance of payments and foreign exchange reserves. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The slow expansion of developed economies due to Russia-Ukraine tensions, stagnant trade flows and rising prices of oil and other commodities could put further pressure on Nepal's balance of payments and foreign exchange reserves,” said Arnaud Cauchois, ADB's Country Director for Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In 2021, Nepal's economic growth rate was 3.2 percent. The ADB has projected 3.9 percent growth for 2022. The government had expected the Gross Domestic Product (GDP) growth rate to be 7 percent in the current fiscal year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB views the growing trade deficit as a long-term challenge to Nepal’s economy. The ADB report expressed concern that rising imports but lower exports could lead to structural problems. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the report, the problem seems to be rising as Nepal's trade deficit is increasing but the resources to cover such deficit are not expanding in the same proportion. As per the ADB, the government's efforts to reduce costs and increase competition through trade policies and various laws to address this problem have had little effect. The ADB states that despite various multilateral and bilateral initiatives to increase exports, the results have not been encouraging. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“Even though Nepal's production is good, it has not been able to export due to lack of capital, technology and skills required for it. Nepali products have not been able to enter the world market as the country does not even have a simple laboratory,” said the report. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB report also pointed out that Nepal has also been unable to utilize the concessions offered by some rich countries. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">After the 2015 earthquake, the United States decided to give concessional access to Nepal's products such as carpets and pashmina. However, the ADB report says that Nepali products have not yet been able to reap the benefits due to the failure to meet the required quality standards for entry into the US market. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">ADB states that although Nepal can benefit by doing significant work in the field of information technology and tourism, this is not the case. Despite the policy formulation, the result is not seen due to the lack of implementation and continuity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Paddy production was expected to be good due to favorable rains. However, unseasonal rains and floods in October damaged crops. This has reduced paddy production by 9 percent, according to ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Based on consumer and investment demand, the industry is expected to grow by 4.1 percent this year. Wholesale and retail trade, transportation and financial services are expected to grow by 5.2 percent due to normal conditions. ADB expects the tourism sector, which had a negative impact in 2021, to improve from this year. Furthermore, the ADB considers the continuation of the vaccination campaign against the pandemic and the gradual normalization of economic activity to be positive. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14803', 'image' => '20220407021459_ADB.jpeg', 'article_date' => '2022-04-07 14:12:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15060', 'article_category_id' => '1', 'title' => 'Third Rating Company Comes into Operation in Nepal', 'sub_title' => '', 'summary' => 'April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Established as a subsidiary of India's rating agency Infomerics Valuation and Rating Pvt Ltd, the company has a paid-up capital of Rs 100 million. According to the Credit Rating Rules 2068, in order to establish a credit rating company in Nepal, it is mandatory to have partnership with an organization that has done rating work abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Accordingly, 51% share of the company is held by Infomerics Valuation and Rating Pvt Ltd and the rest belongs to the local partners.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">There is a need for a new rating company in Nepal as the Nepal Rastra Bank has made arrangements for rating even for loans of more than Rs 500 million.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The company’s office is located at Baneshwor Heights. Chief Executive Officer of Informerics Credit Rating Nepal, Rabin Pudasaini, assured that the service of the company will be of high quality.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The number of rating companies in Nepal is currently three. The other two rating companies in operation are Care Rating Nepal and ICRA Nepal.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14802', 'image' => '20220407012426_credit-rating.jpg', 'article_date' => '2022-04-07 13:23:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15059', 'article_category_id' => '219', 'title' => 'Commercial Farmers Start Receiving Loans through Credit Cards', 'sub_title' => '', 'summary' => 'April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">April 7: Banks and Financial Institutions (BFIs) have started attracting commercial farmers into their loan schemes through credit cards. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">BFIs have shifted their focus on providing loans to commercial farmers under pressure from the government to expand agriculture loan and to facilitate the farmers’ desire to use modern technology in farming.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Banks such as Agriculture Development Bank, Mega Bank, Civil Bank, Nepal Bangladesh Bank, Global IME Bank among others have already started issuing credit cards for farmers. Those banks have started providing loans to the farmers through credit cards in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to this scheme, banks make the approved loan available to the farmers through credit cards. Farmers can make payment for fertilizer, seeds, agricultural equipment and tools through their credit cards. To avail this service, the farmers must visit the designated sellers who are also linked with the bank. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Nepal Rastra Bank (NRB) had announced credit card facility for farmers through the monetary policy of the last fiscal year. To back this concept, Agriculture Development Bank had launched credit card for the farmers on the occasion of its anniversary more than a year ago. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Agriculture Development Bank’s CEO Anil Kumar Upadhyay says that the bank does not only provide financial service to the farmers through the cards but also market information.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Farmers can make purchase with the loan amount that has been approved. The bank has also launched an application to help the farmers use the credit cards. Through this app, we provide the farmers with market information, weather situation and other technical advise,” said Upadhyay. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Private banks have also shown interest in this scheme after the central bank included this concept in the monetary policy. The private banks have started providing loans to the farmers in collaboration with the local units and private companies. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14801', 'image' => '20220407112029_Agri.jpg', 'article_date' => '2022-04-07 11:19:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15058', 'article_category_id' => '224', 'title' => 'NEA to Export Additional 325 MW Energy to India ', 'sub_title' => '', 'summary' => 'April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 7: After negotiations for a long time, India has finally agreed to allow Nepal to export 325 megawatts of electricity to the Indian market on competitive rates. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Given the approval from the Central Electricity Authority of India, Nepal Electricity Authority (NEA) would export additional 325 MW of hydroelectricity into the Indian energy market. Prior to this, in November 2021, India had given approval for the export of 39 MW of power generated in Nuwakot district in the Indian Energy Exchange market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In the second phase, Nepal has received approval to export 325 MW hydroelectricity power produced from Kaligandaki ‘A’ (144 MW), Mid-Marsyangdi (68 MW), Marsyangdi (67 MW) and Likhu-IV (51 MW), Executive Director of NEA Kulman Ghising said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the NEA has got approval to export electricity produced by six hydropower projects to India. The surplus power would be exported via Dhalkebar-Mujjafarpur 400 KV cross-border transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Organising a news conference at the Ministry of Energy on Wednesday, Minister for Energy Pampha Bhusal said the export of surplus power to India would help make positive contribution to economy by reducing Nepal’s trade deficit. Bhusal said India’s decision to purchase Nepal’s surplus power is a positive step. “We are in need of a big market. From this, additional market has now been expanded,” she said. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-04-07', 'modified' => '2022-04-07', 'keywords' => '', 'description' => '', 'sortorder' => '14800', 'image' => '20220407080554_20210218115310_20200818043659_1597700431.Clipboard08.jpg', 'article_date' => '2022-04-07 08:04:11', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15056', 'article_category_id' => '267', 'title' => 'NRB under Pressure due to Declining Foreign Exchange Reserves ', 'sub_title' => '', 'summary' => 'April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Nepal Rastra Bank is under pressure due to the continuous decline in foreign exchange reserves. The central bank has failed to improve the situation even after making policy arrangements to stop the decline in foreign exchange reserves.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">During last July, the country’s foreign exchange reserves stood at Rs 1.39 trillion. It has come down to Rs 1.17 trillion in January this year. Foreign exchange reserves are declining due to decline in foreign exchange earnings including remittances and also because of high imports. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Although the Nepal Rastra Bank (NRB) has adopted a policy of discouraging imports in the second quarter of the current fiscal year (FY) to stop the decline in foreign exchange reserves, it has not made any substantial effects.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, NRB on Monday summoned the chief executive officers (CEOs) of commercial banks and verbally instructed them not to open LC (letter of credit) for import of luxurious goods.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">However, deputy spokesperson of NRB Narayan Prasad Pokhrel claims that the current state of the economy is not so weak as it seems to be. "Our foreign exchange reserves have not diminished much due to the policy intervention of the central bank," he said, "There's no need to panic, we're just trying to be alert." </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Pokharel informed that since NRB is not the body responsible to stop imports, it has not instructed to stop imports but there was only a general discussion on loans provided by banks for imports. "We can't stop the import," he said. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that the NRB had discussed the loan situation with the CEOs of the bank and urged them to be cautious while opening LC. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">NRB had adopted a policy of discouraging loans for import from the second quarter of the current fiscal year. On November 26, 2021, the central bank set a limit for import of silver. As per the decision, commercial banks cannot import silver more than USD 35,000 at a time. The bank also issued a directive which reduced the gold import quota by 50 percent and to discourage the import of luxury goods. The central bank also made it mandatory for having a cash margin of 100 percent for opening LCs to import 47 types of goods. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Similarly, in order to increase the foreign exchange reserves, the NRB has made the provision of opening an account in dollars for non-resident Nepalis but the foreign exchange reserves have not increased. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Bankers, on the other hand, have been suggesting to ban imports of luxury goods. "The demand for LC is high now. We have no right to stop it. If you want to stop it, it is time to stop it," said Anil Keshari Shah, CEO of Nabil Bank. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Despite the negative economic indicators, the government has so far been criticized for failing to adopt a policy to protect the economy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14799', 'image' => '20220406032048_NRBnew.jpg', 'article_date' => '2022-04-06 15:20:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15057', 'article_category_id' => '1', 'title' => 'Bird Flu on the Rise', 'sub_title' => '', 'summary' => 'April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: The Ministry of Agriculture and Livestock Development has requested poultry farmers and businessmen to stay on high alert since the outbreak of bird flu. The ministry warned that the infection is on the rise. Bird flu has spread in 13 districts in the last two months. The situation has gone out of hand after the government failed to take appropriate steps to control the infection.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry, Prakash Kumar Sanjel said that the number of bird flu cases has increased this year as compared to previous years. The infection rate is more widespread than estimated by the Ministry and the Department of Livestock Services this year. That is why Sanjel insisted that all stakeholders need to be highly alert.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He said that they face manpower crunch and lack of budget to stop the infection even though the infection rate is increasing day by day. The department has allocated a budget of Rs 12.1 million this year for infection prevention and compensation. But looking at the current state of infection, it is estimated that Rs 100 million is needed to control it.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the department, bird flu has been confirmed in Kathmandu, Bhaktapur, Lalitpur, Chitwan, Makwanpur, Sindhupalchowk, Kaski, Morang, Udayapur, Sunsari, Bara, Parsa and Dhanusha so far. The department has issued a notice urging all poultry traders to be more alert and not to move livestock and meat from the infected areas to other places. The departments’ spokesperson Dr Chandra Dhakal said that the infection is spreading in large farms and it is becoming difficult for a limited number of people to control the spread of the disease.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14798', 'image' => '20220406032807_birddd.jpg', 'article_date' => '2022-04-06 15:27:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15055', 'article_category_id' => '268', 'title' => 'Flower Import up as Export Declines', 'sub_title' => '', 'summary' => 'April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">April 6: Imports of flowers have skyrocketed in recent years despite the country being declared 90 percent self-reliant on flower production. On the other hand, data show that the export of flowers is declining continuously.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Floriculture Association of Nepal, the country imported flowers worth Rs 385.3 million in the fiscal year 2077/78 alone. Meanwhile, export was limited to Rs 4.8 million. Businessmen say that exports have declined due to the decline in investment in flower business due to the impact of Covid-19 pandemic. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">In the fiscal year 2073/74, flower import amounted to Rs 113.6 million and export amounted to Rs 36.5 million. Since then, imports have been steadily rising while exports have been shrinking. Looking at the data for the first eight months of the current fiscal year (July-March), it can be seen that flowers and flower products worth Rs 178.46 million have been imported into the country. Exports amounted to Rs 33.78 million during the period. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Min Bahadur Tamang, president of the association, considers the reason for decline in exports last year to the failure of florists to produce exportable flowers due to the impact of the Covid-19 pandemic. He said that about a decade ago, Nepal exported flowers worth up to Rs 190 million annually to European countries as well as the United States and Australia. He said that international demand for flowers could not be met due to insufficient investment in the flower business last year.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to him, until a few years ago, the demand for rose produced in Nepal used to be huge in the world market. Tamang said that export has declined due to the inability to supply quality flowers as per the demand and impact of the pandemic.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">He added that the state should take responsibility to create an environment for large investment in flower business to increase exports. Tamang said, “NRB has adopted a policy that allows loans up to Rs 50 million for floriculture. However, this investment is too small to produce exportable flowers. Therefore, it is important for the state to pay attention to such things.”</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Spokesperson of the Ministry of Agriculture and Livestock Development Prakash Kumar Sanjel also agrees with Tamang. He said that the concessional loan announced by NRB is insufficient to produce exportable flowers by investing in agriculture. He informed that a work procedure for the increment for the loan from Rs 50 million to Rs 500 million, depending on the nature of the business, has already been sent to the NRB and the Ministry of Finance. Sanjel says that the government should set up a separate body to look after the flower business to increase exports.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Dr Gunakar Bhatt, the spokesperson of NRB, says that procedures should be amended in order to implement the recommendation of the ministry. He said that NRB alone cannot do anything if the government does not amends the working procedure.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">About 700 people including entrepreneurs, businessmen and farmers were involved in the flower business with an investment of over Rs 6 billion in 43 districts before the pandemic. According to the association, the number of farmers and entrepreneurs has decreased by about 10 percent after the onset of the pandemic. Similarly, the association is also aware that more than 30,000 square kilometers of land used for floriculture is barren and other lands have not been able to produce at full capacity.</span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-11', 'keywords' => '', 'description' => '', 'sortorder' => '14797', 'image' => '20220406021821_flower.jpg', 'article_date' => '2022-04-06 14:17:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15052', 'article_category_id' => '1', 'title' => 'World Bank Pledges to Support Employment Promotion in Nepal ', 'sub_title' => '', 'summary' => 'April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">April 6: The World Bank has pledged to provide support to the government's efforts for promoting employment within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The World Bank made such commitment during a courtesy call paid to the Minister for Labour, Employment and Social Security by its delegation led by the bank's Regional Director Lynne Benz. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, matters related to the effectiveness of the WB-funded projects were also discussed, according to the Labour Minster's secretariat. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha said the World Bank's support has been helpful in the implementation of the government-adopted strategy for the promotion of internal employment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Minister Shrestha thanked the World Bank for its support to the Youth Employment and Transformation Initiative Project under the Prime Minister Employment Programme to generate employment opportunities for youths within the country. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The WB has backed the improvement of integrated employment management information system to collect personal details of unemployed person, his/her knowledge, skills and experience, potential area of employment, labour market demand and supply sides. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">WB's Regional Director Lynn expressed the bank's readiness to support Nepali people living a disadvantaged and vulnerable life in collaboration with the government, development partners and the private sector. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2022-04-06', 'modified' => '2022-04-06', 'keywords' => '', 'description' => '', 'sortorder' => '14796', 'image' => '20220406081629_World-Bank-600x337.jpg', 'article_date' => '2022-04-06 08:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? 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
