December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a…
December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a…
December 19: The spending system of the government can be summed up as…
December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk…
December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit.…
December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade.…
December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission…
December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been…
December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month.…
December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December…
December 17: The liquidity crisis in Nepal has deepened in the last 4-5…
December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government.…
December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of…
December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly…
December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive…
December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various…
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, a meeting of the ruling alliance called by Prime Minister and Nepali Congress (NC) President Sher Bahadur Deuba took a decision to this effect on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce comprises senior leader of CPN (Unified Socialist) Jhalanath Khanal, Minister for Communications and Information Technology Gyanendra Bahadur Karki and CPN (Maoist Centre) Vice-chairman Narayankaji Shrestha. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been entrusted with the responsibility of holding consultations with all political parties to resolve various issues that are under consideration in the parliament and resuming the House proceedings, RSS further reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ruling coalition decided to form the taskforce after an all-party meeting called by PM Deuba could not reach a consensus regarding the MCC due to the differing views among the ruling parties. The ruling parties including Maoist Centre and CPN Unified Socialist were in favour of endorsing the grant agreement only after amendment. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting ended inconclusively due to the absence of the main opposition party CPN UML.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-20', 'modified' => '2021-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '14250', 'image' => '20211220104128_MCC.jpg', 'article_date' => '2021-12-20 10:40:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14504', 'article_category_id' => '1', 'title' => 'FinMin Happy with Speech Delivery while Development Expenditure Remains Less than 2 Percent', 'sub_title' => '', 'summary' => 'December 19: The spending system of the government can be summed up as problematic.', '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"">December 19: The spending system of the government can be summed up as problematic. The government announced large budget to please the people. But the implementation of the budget has been poor. Finance Minister Janardan Sharma has still not shown his interest in implementing the budget, despite the budget not being spent as per the provisions authorized by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma shows his pretentious nature, giving strict instructions during budget review. But, he indulges himself into empty talks in programs organized by the party instead of taking care of problems in the spending system.</span></span></span></span></p> <p><span style="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 formation of the government led by Prime Minister Sher Bahadur Deuba, Finance Minister Sharma came to take charge of the Ministry of Finance. He presented the replacement bill on budget and announced a plan to spend 10 percent of the capital budget every month. As per the announcement, the Ministry of Finance issued the 'Criteria for Making Public Expenditure Economical and Effective 2078' and set a target of achieving 100 percent result by mid-June at a minimum rate of 10 percent within the first quarter and then at least 10 percent each month.</span></span></span></span></p> <p><span style="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 the contrary, the government’s expenditure has not been able to exceed even 2 percent. Based on the target, the government was supposed to spend 30 percent of the total budget by mid-December. Meanwhile, only 6.46 percent or Rs 28.40 billion has been spent so far. This expenditure ratio is the lowest in 3 years and even weaker than during the Covid-19 pandemic period. A total of 10.18 percent of capital expenditure was incurred in the first five months of the fiscal year 2077/78. During the review period of the current fiscal year, capital expenditure has been much weaker than in the previous years. This indicates the failure of Minister Sharma to implement the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister surrounded by activists</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The budget implementation has become weak due to the ignorance in taking care of problems within the spending system. According to the sources at the Ministry of Finance, Minister Sharma is absent from the ministry most of the time. And even if he comes to the office, the party activists surround him. The room of minister Sharma is crowded all the time. Despite the administrators saying that the authority of Singha Durbar has reached to the villages, the office of finance minister is filled with huge crowds to solve minor issues all the 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"">“He (the finance minister) often has party special programs to attend. When he comes to the ministry, he is surrounded by the activists and well-wishers. The finance minister is more inclined to listen to the problems of the party workers than to address the problems of the economy,” said one of the senior officials of finance ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He doesn’t stop Instructing</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma, who is usually out attending party programmes, does not stop reviewing the budget and giving instructions to the officials. He called the secretaries and ministers of the concerned ministries to the finance ministry on Friday to review the budget after the budget implementation was proven to be weak. The meeting was attended by Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Minister for Health Birodh Khatiwada and Minister for Drinking Water Umakanta Chaudhary.</span></span></span></span></p> <p><span style="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 meeting, Finance Minister Sharma asked the secretaries / ministries to implement the budget on time. The minister directed to spend 30 percent of the budget of each ministry by mid-January. Stating that the failure to make timely capital expenditure has also affected liquidity, he urged the ministries to spend on development as soon as possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma warned that if the budget expenditure is not seen, the allocated amount will be transferred under other headings during the upcoming review of the budget expenditure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma said that the budget would be transferred to the places where the expenditure would be incurred at the state and local level if the situation was not resolved on 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"">“If you don't spend, you can't hold on to that budget,” said the minister. Despite the strict instructions, there are no signs of compliance with spending the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the budget implementation is weak, the government has not paid much attention to identification of the problem as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economist Bishwambhar Pyakurel said that the report prepared by the Public Expenditure Review Commission formed by the government three years ago is still kept secret , while pointing out the problems in the expenditure system. This makes it clear that the government itself does not want to spend the money. According to him, the government must show seriousness in resolving the problems prevalent in the expenditure system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers-secretaries are the obstacles in budget implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers and secretaries are seen as obstacles in the implementation of the current budget. In particular, Urban Development Minister Ram Kumari Jhankri was firm in reversing the provisions in the budget. Later the decision of the minister was reversed through a secretary level deision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few months ago, Urban Development Minister Jhankri decided to block the agreement reached through the Consumer Committee. Because of which, the activities to be carried out through the consumer committee as per the budget had been stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Recently, the Ministry of Federal Affairs and General Administration made a secretary-level decision and revoked the decision of Minister Jhankri in order to continue the work to be done through the Consumer Committee. Minister Jhankri had decided to stop the purchase agreement saying that the work of the consumer committee was not of quality, full of corruption and that they showed slowness with work. Accordingly, all kinds of public purchases through the Consumers Committee were stopped from October 31. Flipping that decision, the Ministry of General Administration wrote to all the local levels to keep the work going.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Urban Development Minister is angry over the decision of the Ministry of General Administration and Minister Jhankri has said that she will not abide by the decision and has instructed the officials not to do the work under the ministry from the Consumer Committee until further notice, as per a source close to her.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14249', 'image' => '20211219040548_20210716022924_1626392414.Clipboard14.jpg', 'article_date' => '2021-12-19 16:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14502', 'article_category_id' => '1', 'title' => 'Terrorism Threat Declines in Nepal but Risk Remains: US Report on Terrorism', 'sub_title' => '', 'summary' => 'December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists.', '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"">December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists. The new report on terrorism recently released by US Secretary of State Anthony Blinken points out that there is still a risk that Nepal could become a transit point for an international terrorist organization.</span></span></span></span></p> <p><span style="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 United States has cited Nepal’s open borders with India and inadequate security measures and arrangements at the country's only international airport as the reasons for such risk. In its 2018 report, the United States cited Nepal as a fertile ground for terrorism. However, the current report only points out the risks.</span></span></span></span></p> <p><span style="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 a report from 2015 to 2018, the United States stated that the Indian Mujahideen had expanded its base in Nepal and that Nepal was the hub of the organization. But the report, this time states the open border with India as a security risk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report was released by the US State Department's Bureau of Counterterrorism. The report states that there was no anti-US terrorist activity in Nepal in 2020.</span></span></span></span></p> <p><span style="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 Netra Bikram Chand-led group has renounced violence and entered the peace process, the US report said that the group has continued its violent activities.</span></span></span></span></p> <p><span style="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 US has addressed the group that was referred to as a pro-terrorist in the previous report, as pro-violent extremist this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal does not have its own definition of terrorism, the US report points out the risk of terrorist activity in the Middle East affecting Nepal as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of members of international terrorist organizations have been arrested in Nepal in the last two decades. The Nepal Police has taken action against the persons arrested in such incidents as per the prevailing laws of 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"">According to a high-ranking police source, Nepal has been secretly handing over many of them to the concerned countries in lack of extradition treaty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few years ago, a member of the terrorist group Lashkar-e-Taiba reportedly came to Nepal. He spent a few months in Kathmandu, Nepalgunj, Rupandehi and Kapilvastu. It was revealed that the member had obtained citizenship of Nepal from Kapilvastu. The Nepal Police had traced his activities and whereabouts. According to a high-ranking police source, he was arrested and action was taken against him for tampering with the government stamp.</span></span></span></span></p> <p><span style="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 paying the penalty, he was secretly handed over to the concerned country. According to the police, he had come to Nepal to expand his organization in South Asia. Police had recovered some money and other documents from him.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14248', 'image' => '20211219032806_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2021-12-19 15:27:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14503', 'article_category_id' => '1', 'title' => 'NRB Directs BFIs to prepare CD Ratio Action Plan', 'sub_title' => '', 'summary' => 'December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. ', '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"">December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. NRB issued the directive on Thursday, December 16. </span></span></span></span></p> <p><span style="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 has issued the directive according to its arrangements made in the first quarterly review of the monetary policy. NRB has directed that deposit mobilization and credit flow should be managed on a monthly basis in compliance with the CD ratio.</span></span></span></span></p> <p><span style="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 NRB had abolished the provision of CCD ratio of 85 percent in the current fiscal year and had made provision of CD ratio up to 90 percent. At present, the CD ratio of most banks is above 90 percent. The banks and financial institutions have been told to maintain the CD ratio at 90 percent by mid-July 2022. Accordingly, banks will be able to disburse the loans beyond the prescribed limit of CD ratio 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"">According to the NRB, banks and financial institutions can make action plans accordingly. This will resolve the issue of credit flow. NRB has introduced such provisions to facilitate lending in some essential sectors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, banks were seeking to increase the CD ratio to 92 percent. However, NRB has not increased the CD ratio but has facilitated its implementation. One of the officials of the central bank said banks should prepare an action plan to maintain CD ratio by mid July 2022. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"If the CD ratio of some banks is maintained at 91% but needs to extend the credit, the central bank will not prevent it from disbursing loans. It wouldn't be an issue if the CD ratio goes higher at present but it must be maintained within 90% by mid-July," 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"">Also, when banks and financial institutions assign the evaluator for the purpose of valuing the collateral, their work, duties, rights and responsibilities should be clearly stated in the agreement. The evaluator should evaluate the property to be accepted as collateral independently, without any bias or prejudice, on the basis of international recognition and good practices, NRB stated.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14247', 'image' => '20211219034337_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-19 15:42:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14501', 'article_category_id' => '1', 'title' => 'Government Prepares Work Procedure to Allow Participation of Private Sector in Power Trade', 'sub_title' => '', 'summary' => 'December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. ', '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"">December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. The Ministry of Energy, Water Resources and Irrigation has formulated the draft, informed a high-ranking official at the ministry.</span></span></span></span></p> <p><span style="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 official, the electricity bill under consideration in the federal parliament has proposed to allow the private sector to trade electricity. The ministry has said the work procedure will include this matter in a more precise way. According to a source, it has been proposed to allow the private sector to trade electricity not only in the country but also in the regional 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"">"Economic development is not possible without the participation of the private sector. Therefore, we need to take the private sector along in energy development. Accordingly, we have prepared a draft to allow the private sector to trade electricity," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, only the government-owned Nepal Electricity Authority is allowed to engage in such trade. The private sector has been demanding for a permit to participate in the trade of electricity for a long time. Now the government is going to make policy arrangements in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, this procedure will be implemented after the electricity bill under consideration in the parliament is endorsed. "We will implement the procedure accordingly after the bill is passed," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the ministry is also working to formulate guidelines on cross-border electricity trade. The ministry is ready to implement the guideline soon. The guideline is being formulated prioritizing electricity trade with India. As per the agreement reached between the two countries, India has already made such guidelines. The ministry expects the electricity trade to be more convenient once the guideline is prepared.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although there are no policy at the moment, the private sector has already established companies to trade electricity. Nepal Power Exchange Company has already been registered with the investment of businessmen including Kumar Pandey. Entrepreneurs including Motilal Dugad and Sandeep Shah have also set up electricity trading companies. Nepal Electricity Authority has also established Nepal Power Trade Company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal Infrastructure Bank (NIFRA) has also set up a separate company to trade electricity. However, they have not been able to get permits due to lack of necessary policy. Entrepreneur Pandey says that the possibility of getting a license has increased as the government is making policy arrangements.</span></span></span></span></p> <p><span style="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 said that an alternative company should come to trade electricity in the country. "NEA has monopoly in trading electricity here. From now on, with the participation of companies from the private sector, the energy sector should have multiple buyers and multiple traders."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14246', 'image' => '20211219024631_electricity.jpg', 'article_date' => '2021-12-19 14:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14500', 'article_category_id' => '1', 'title' => '32 Per Cent Children in Nepal Chronically Malnourished: Report ', 'sub_title' => '', 'summary' => 'December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a study conducted by the NPC, 32 per cent children in Nepal are chronically malnourished while seventeen percent of Nepalese women are overweight or obese. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report unveiled last week points out to the prevalence of stunting among the poorest households in more than double that of the richest quintile. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, micronutrient deficiency or ‘hidden hunger’ is caused by inadequate diversity and limited essential nutrients in diets. The report also noted that the production and consumption of staple food is currently higher than that of fresh nutritious food. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finding of the Fill the Nutrient Gap Analysis initiated by the NPC in 2020 show that the lowest cost nutritious diet is, at the national average, 348 per five-person household per day. The report further states that nutritious diet is more than twice as expensive as a diet that meets only the requirement of energy diets. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study supported by the World Food Programme (WFP) used a food system approach to better understand the barriers to consuming national diets including how economic barriers prevent households from affording healthy foods. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study highlights the need of a role from all sectors in improving the status of nutrition in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“To improve access to diets, Nepal must focus on food system transformation. Investment in nutrition-sensitive agriculture, staple food fortification and better infrastructure can improve accessibility to healthy foods for all,” the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the report on Friday, NPC member Dr Dil Bahadur Gurung underlined the need of credible data to rightly intervene in the malnutrition issues and reportedly said this type of analysis would help come up with right policies and programmes against malnutrition and implement them effectively in the future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">WFP country director and representative Robert Kasca recommended the implementation of social security programmes, livelihood support programmes and school mid-day programmes targeting the households facing economic barriers to afford nutritious food to address the their nutritional requirements. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14245', 'image' => '20211219104353_191028-6-1.jpg', 'article_date' => '2021-12-19 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14499', 'article_category_id' => '1', 'title' => 'Experts Warn of Economic Slump, urge Govt to take Immediate Measures ', 'sub_title' => '', 'summary' => 'December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The balance of payments in the last four months is in deficit of Rs 1.51 billion, according to Nepal Rastra Bank. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The foreign currency reserve is also declining. In the recent months, remittance inflow has also declined. The development activities have not gained pace. The banking and financial sector is not able to extend loan as deposit collection has not increased. The import of luxury goods has impacted on foreign currency. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Speaking at a recent interaction organized in the capital, economist Dr Chandramani Adhikari said that the country's economy is in imminent crisis. According to the state-owned national news agency RSS, he suggested the government to increase foreign currency reserve through export of goods and services and give priority to foreign investment. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Another economist Dr Dilliraj Khanal wondered why the production is stagnant when the banks have stepped up investment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former governor of Nepal Rastra Bank and economist Dipendra Bahadur Chhetri stressed on banning import of certain luxury items. He argued that the capital expenditure remains dismal due to managerial weakness. The current problem is not only the result of political system but also of the budget system, he added. Chhetri further said that the government did not have a clear trade policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14244', 'image' => '20211219102227_economic crisis.jpg', 'article_date' => '2021-12-19 10:21:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14498', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Ministries to Spend 30 per cent of Budget within 1 Month', 'sub_title' => '', 'summary' => 'December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister argued that lack of capital expenditure has contributed to the liquidity crunch in the country. He added that no ministry will be exempted from delaying budget expenditure. The Finance Ministry will provide necessary help in this regard, said the minister at an inter-ministry discussion at the Ministry of Finance on Friday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma warned that the unspent budget will be transferred under other headings if the ministries fail to spend the budget on time. He also reiterated to end the trend of </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">releasing budget towards the end of the fiscal year. Minister Sharma also directed prompt delivery of government services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present on the occasion were Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Health Minister Birodh Khatiwada and Minister for Water Supply Umakanta Chaudhary. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14243', 'image' => '20211217092607_fin min sharma.jpg', 'article_date' => '2021-12-17 21:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14496', 'article_category_id' => '218', 'title' => 'NIFRA Annual General Meeting Passes Financial Reports', 'sub_title' => '', 'summary' => 'December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15.', '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"">December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15. </span></span></span></span></p> <p><span style="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 per the financial statements of 2077/78, out of the accumulated profits till the end of the fiscal yuear, a resolution was passed to provide bonus shares equivalent to 8 percent of Rs 20 billion and a 0.2 percent cash dividend.</span></span></span></span></p> <p><span style="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 AGM also unanimously elected two directors representing the general shareholders. Those elected include Suman Pokharel and Lima Adhikari Acharya.</span></span></span></span></p> <p><span style="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 meeting was presided by Anuj Agrawal, who is also the Chairman of the Board of Directors of the bank. The general meeting was organized following the health guidelines against Covid-19 infections for the safety of the shareholders. Some shareholders joined the meeting via online portals in order to prevent the Covid-19 risks.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14242', 'image' => '20211217122538_NIFRA.jpg', 'article_date' => '2021-12-17 12:24:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14495', 'article_category_id' => '1', 'title' => 'Real Estate Business Flourishing amid Liquidity Crisis ', 'sub_title' => '', 'summary' => 'December 17: The liquidity crisis in Nepal has deepened in the last 4-5 months. ', '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"">December 17: The liquidity crisis in Nepal has deepened in the last 4-5 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"">All the economic indicators are disappointing while businessmen are not getting loans from banks even for urgent work. The stock market and remittance inflow have also been steadily declining. However, despite most of the economic indicators looking disappointing, the real estate business in November has been very 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"">Although the post-Dashain and Tihar season is considered as the peak season for real estate business, the real estate business was expected to be affected this year as banks were unable to provide loans. But the figures of buying and selling of housings and land in November have dismissed all such apprehensions. And the assumption that large sums of money outside the banking system are active in the real estate business in Nepal has been further strengthened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of Rs 7 billion revenue has been collected from the purchase and sale of 70,000 houses and land plots in November this year against the transaction of 65,000 houses and land plots during the corresponding period of last fiscal year, when only Rs 5.5 billion revenue was collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although slightly higher in numbers, the situation is quite different this year compared to last year. While liquidity was plentiful in the banking sector last year, it is not possible to get loan from banks even for urgent work this year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Revenue worth Rs 5 billion was collected in October from the transactions of 50,000 houses this year. But in November, when the number of transactions increased by 20,000, the revenue increased by about Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chartered Accountant Sudarshan Raj Pandey says this data further confirms the suspicion that the real estate business has been booming even when the economy is in crisis because a large amount of money has been circulating outside the banking system. </span></span></span></span></p> <p><span style="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 Nepal, among the total money sent to the market by Nepal Rastra Bank, not more than 30 percent has reached the banking channels,” said Pandey, “Even if 10 percent of the money is with people, 60 percent of the money is circulating in the non-banking sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that one of the areas where money flows through non-banking channels is the real estate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does black money run on real estate? </span></span></em></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The land administration has not been able to determine the scientific value of real estate. Banks assesse the price for the disbursement of the loan, while the Department of Land Reforms and Management sets the price for the purpose of raising revenue through land and housing transactions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Real estate experts say that the price is up to 10 times higher than the minimum valuation and a large amount of money is dealt through cash-in-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""> “Nepalese businessmen are not allowed to invest their earned money abroad. Keeping a large amount of money raises eyebrows. The best solution is to buy a house and land. When buying land, they transfer half of the money through the banking channel and the other half through the non-banking channel,” a source 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"">Experts say that the real estate sector is the safest place to keep the money earned by any industrialist through tax evasion or through corruption by politicians and government employees. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14241', 'image' => '20211217121523_20211213123222_20170320111604_ep.jpg', 'article_date' => '2021-12-17 12:14:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14497', 'article_category_id' => '1', 'title' => 'Minister Expresses Displeasure over Selection of Project Plans', 'sub_title' => '', 'summary' => 'December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. ', '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"">December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. She said that the projects are profiting a handful of people who have access to power centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“People with access to the federal government have been misusing the priority projects. It is the politicians who determine the future course of action of a nation but the politicians are not able to choose proper plans,” said Minister Jhankri while speaking at the meeting of the Development and Technology Committee of federal parliament on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Jhankri, the choice of projects is made without considering the economic impacts and do not comply with the provisions of the Financial Procedure and Financial Accountability Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">She said there is no need to build a view tower worth more than Rs 500 million on a hill at a time when hundreds of families are living under makeshift tents. According to Minister Jhankri, the parliament should curb the imbalance in the choice of plans. She said that housing reconstruction and urban development could not be carried properly out due to the lack of coordination among the different tiers of government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the meeting, the chairperson of the committee Kalyani Khadka directed the ministry to ensure proper standard and criteria for construction of buildings at a time when the government itself was constructing buildings for various bodies without giving due consideration to impact on environment and other issues.</span></span></span></span></p> <p><span style="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 Chairperson Khadka, in order to address the people's intense desire for development in the changed political context, the committee has directed the government to identify the projects that have stalled due to lack of budget and expedite them immediately.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14240', 'image' => '20211217124210_1639701173.jpg', 'article_date' => '2021-12-17 12:41:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14494', 'article_category_id' => '1', 'title' => 'Buddha Air Facing Recurring Technical Problems during Flights', 'sub_title' => '', 'summary' => 'December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late. The company carries passengers three times more than other airline companies of Nepal. However, Buddha Air has been facing recurring problems with its aircraft. The problem was repeated once again on Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An aircraft of Buddha Air that took off from Bharatpur for Kathmandu had to make an emergency landing soon after take-off due to a technical problem in the aircraft’s engine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Buddha Air said in a press statement that the Beechcraft with call sign 9N-AEE landed safely at Bharatpur Airport after a technical problem in the aircraft’s engine was reported after the take-off.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Altogether 19 passengers including two children were on board the plane. The crew members included a captain, a co-pilot and an air hostess. Buddha Air carried the passengers to Kathmandu with another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Earlier on September 27, an aircraft belonging to Buddha Air had faced a technical problem during its flight from Kathmandu to Biratnagar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A total of 73 passengers were travelling on the plane, which reported landing gear problems. The aircraft returned back to Kathmandu and made a safe landing after consuming fuel while it circled the valley for some hours. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In another such incident, a Buddha Air aircraft reported problems during Kathmandu-Bhairahawa flight on December 8. The U4-810 aircraft of Buddha Air made an emergency landing during the occasion. The aircraft was forced to land after a technical problem emerged on the right propeller of the aircraft. Buddha Air informed that it sent the passengers to Kathmandu through another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An official of Buddha Air said these incidents have come to the public’s attention because the company maintains transparency and issues notices regarding minor incidents. The official maintained the company has given high priority to technical security.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “We are more alert regarding such issues because we have a large fleet and we serve more passengers compared to other airline companies,” said the official, adding, “The aircraft are properly checked while they are on ground and even during flights.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14239', 'image' => '20211217114833_1639701101.jpg', 'article_date' => '2021-12-17 11:47:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14493', 'article_category_id' => '1', 'title' => 'Chances of Snowfall from Today', 'sub_title' => '', 'summary' => 'December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds, the Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather will be partly to generally cloudy in Sudurpaschim, Karnali, Lumbini and Gandaki provinces with the clouds moving towards the east through Sudurpaschim Province from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is possibility of light snowfall at some places of the high hills and mountainous regions in Sudurpaschim, Karnali and Gandaki provinces. Likewise, there are chances of light rain at some places of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has forecast an increase in cold as the mercury level will further plummet due to the influence of this weather system. It has urged people to adopt necessary safety measures and precaution to protect oneself from the possible impact of the snowfall and cold weather. The influence of this weather system is is likely have an impact on the daily lives of people including mountaineering activities and air transport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the latest weather bulletin of the department, the Kathmandu Valley recorded the lowest temperature of this year so far at 3.0 degrees Celsius and the highest of 17.5 degrees Celsius. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Jumla recorded the lowest minimum temperature (minus 5.7 degrees Celsius) while Bhairahawa recorded the highest temperature (28.4 degrees Celsius) throughout the country on Thursday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14238', 'image' => '20211217082241_20190220014933_facebook.jpg', 'article_date' => '2021-12-17 08:22:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14492', 'article_category_id' => '1', 'title' => 'World Bank Announces US$ 93.5 Billion Package for World's Poorest Countries', 'sub_title' => '', 'summary' => 'December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by the World Bank on December 15, the financing brings together $23.5 billion of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history, the statement further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The World Bank said that IDA’s unique leveraging model enables it to achieve greater value from donor resources. According to the World Bank, every $1 that donors contribute to IDA is now leveraged into almost $4 of financial support for the poorest countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said World Bank Group's President David Malpass. “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) programme, which focuses on helping countries recover from the impacts of the COVID-19 crisis. The World Bank noted that the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of a resilient and inclusive development in these countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis," the statement added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity. IDA will also deepen support to countries to better prepare for future crises, including pandemics, financial shocks, and natural hazards, the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With this strong package, the World Bank expects IDA will be able to scale up its support in the pandemic and address health challenges, helping 400 million people receive essential health and nutrition resources. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.</span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14237', 'image' => '20211217081712_World Bank (2).jpg', 'article_date' => '2021-12-17 08:16:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14491', 'article_category_id' => '1', 'title' => 'FNCCI Organizes Post COVID-19 Economic Revival Conference', 'sub_title' => '', 'summary' => 'December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons.', '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"">December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons. He said that the government was ready to cooperate with the private sector in this regard. He made such remarks durng a conference organized to discuss post-COVID-19 economic revival strategies</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the inaugural session of the conference organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on December 15, Finance Minister Sharma said that economic prosperity cannot be achieved without the participation of the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also shared that the government is amending laws that are detrimental to the development and progress of business establishments. He also asked the private sector to provide suggestions to solve the current liquidity crisis and the government will help accordingly. </span></span></span></span></p> <p><span style="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 finance minister also claimed that recent political events are attributed to low capital expenditure and liquidity crisis. He said it would be resolved by February. Until the second week of December, the total capital expenditure of the country is 6.13 percent. Finance Minister Sharma said that such expenditure will increase from the next three months of the current fiscal year. There is lack of liquidity in the market due to the government's inability to increase development expendiure. </span></span></span></span></p> <p><span style="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 Sharma, trade deficit cannot be reduced by selling electricity alone but it is possible by increasing domestic consumption of electricity. The government will bring a policy to increase electricity consumption by providing electricity to industries at concessional rates, asserted the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arjun Prasad Pokhrel, secretary at the Ministry of Industry, said the government would increase investment in industrial infrastructure. Stating that domestic, small and micro industries are the backbone of the country's economy, industrial areas are being developed targeting such industries. The discussions are being held with all the three levels of government to simplify the process of registering such industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Neelam Dhungana, deputy governor of Nepal Rastra Bank, said that the central bank is concerned to resolve the liquidity problem in banks and financial institutions. It is not possible to switch to CCD ratio now from CD ratio, said Dhungana The central bank would not affect the business of the capital market, but would only check where the loans of banks are headed to.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">FNCCI President Shekhar Golchha said that despite the risk of COVID-19, the economy is witnessing positive changes which should be supported through government policies. The government should not delay in prioritizing the economic revival. He also demanded the government to endorse the US-funded MCC project, as the country has not received any foreign aid.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-16', 'modified' => '2021-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '14236', 'image' => '20211216033026_1639612404.Clipboard03.jpg', 'article_date' => '2021-12-16 15:28:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14505', 'article_category_id' => '1', 'title' => 'Ruling Parties form Taskforce to Discuss MCC ', 'sub_title' => '', 'summary' => 'December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, a meeting of the ruling alliance called by Prime Minister and Nepali Congress (NC) President Sher Bahadur Deuba took a decision to this effect on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce comprises senior leader of CPN (Unified Socialist) Jhalanath Khanal, Minister for Communications and Information Technology Gyanendra Bahadur Karki and CPN (Maoist Centre) Vice-chairman Narayankaji Shrestha. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been entrusted with the responsibility of holding consultations with all political parties to resolve various issues that are under consideration in the parliament and resuming the House proceedings, RSS further reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ruling coalition decided to form the taskforce after an all-party meeting called by PM Deuba could not reach a consensus regarding the MCC due to the differing views among the ruling parties. The ruling parties including Maoist Centre and CPN Unified Socialist were in favour of endorsing the grant agreement only after amendment. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting ended inconclusively due to the absence of the main opposition party CPN UML.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-20', 'modified' => '2021-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '14250', 'image' => '20211220104128_MCC.jpg', 'article_date' => '2021-12-20 10:40:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14504', 'article_category_id' => '1', 'title' => 'FinMin Happy with Speech Delivery while Development Expenditure Remains Less than 2 Percent', 'sub_title' => '', 'summary' => 'December 19: The spending system of the government can be summed up as problematic.', '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"">December 19: The spending system of the government can be summed up as problematic. The government announced large budget to please the people. But the implementation of the budget has been poor. Finance Minister Janardan Sharma has still not shown his interest in implementing the budget, despite the budget not being spent as per the provisions authorized by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma shows his pretentious nature, giving strict instructions during budget review. But, he indulges himself into empty talks in programs organized by the party instead of taking care of problems in the spending system.</span></span></span></span></p> <p><span style="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 formation of the government led by Prime Minister Sher Bahadur Deuba, Finance Minister Sharma came to take charge of the Ministry of Finance. He presented the replacement bill on budget and announced a plan to spend 10 percent of the capital budget every month. As per the announcement, the Ministry of Finance issued the 'Criteria for Making Public Expenditure Economical and Effective 2078' and set a target of achieving 100 percent result by mid-June at a minimum rate of 10 percent within the first quarter and then at least 10 percent each month.</span></span></span></span></p> <p><span style="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 the contrary, the government’s expenditure has not been able to exceed even 2 percent. Based on the target, the government was supposed to spend 30 percent of the total budget by mid-December. Meanwhile, only 6.46 percent or Rs 28.40 billion has been spent so far. This expenditure ratio is the lowest in 3 years and even weaker than during the Covid-19 pandemic period. A total of 10.18 percent of capital expenditure was incurred in the first five months of the fiscal year 2077/78. During the review period of the current fiscal year, capital expenditure has been much weaker than in the previous years. This indicates the failure of Minister Sharma to implement the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister surrounded by activists</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The budget implementation has become weak due to the ignorance in taking care of problems within the spending system. According to the sources at the Ministry of Finance, Minister Sharma is absent from the ministry most of the time. And even if he comes to the office, the party activists surround him. The room of minister Sharma is crowded all the time. Despite the administrators saying that the authority of Singha Durbar has reached to the villages, the office of finance minister is filled with huge crowds to solve minor issues all the 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"">“He (the finance minister) often has party special programs to attend. When he comes to the ministry, he is surrounded by the activists and well-wishers. The finance minister is more inclined to listen to the problems of the party workers than to address the problems of the economy,” said one of the senior officials of finance ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He doesn’t stop Instructing</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma, who is usually out attending party programmes, does not stop reviewing the budget and giving instructions to the officials. He called the secretaries and ministers of the concerned ministries to the finance ministry on Friday to review the budget after the budget implementation was proven to be weak. The meeting was attended by Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Minister for Health Birodh Khatiwada and Minister for Drinking Water Umakanta Chaudhary.</span></span></span></span></p> <p><span style="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 meeting, Finance Minister Sharma asked the secretaries / ministries to implement the budget on time. The minister directed to spend 30 percent of the budget of each ministry by mid-January. Stating that the failure to make timely capital expenditure has also affected liquidity, he urged the ministries to spend on development as soon as possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma warned that if the budget expenditure is not seen, the allocated amount will be transferred under other headings during the upcoming review of the budget expenditure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma said that the budget would be transferred to the places where the expenditure would be incurred at the state and local level if the situation was not resolved on 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"">“If you don't spend, you can't hold on to that budget,” said the minister. Despite the strict instructions, there are no signs of compliance with spending the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the budget implementation is weak, the government has not paid much attention to identification of the problem as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economist Bishwambhar Pyakurel said that the report prepared by the Public Expenditure Review Commission formed by the government three years ago is still kept secret , while pointing out the problems in the expenditure system. This makes it clear that the government itself does not want to spend the money. According to him, the government must show seriousness in resolving the problems prevalent in the expenditure system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers-secretaries are the obstacles in budget implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers and secretaries are seen as obstacles in the implementation of the current budget. In particular, Urban Development Minister Ram Kumari Jhankri was firm in reversing the provisions in the budget. Later the decision of the minister was reversed through a secretary level deision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few months ago, Urban Development Minister Jhankri decided to block the agreement reached through the Consumer Committee. Because of which, the activities to be carried out through the consumer committee as per the budget had been stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Recently, the Ministry of Federal Affairs and General Administration made a secretary-level decision and revoked the decision of Minister Jhankri in order to continue the work to be done through the Consumer Committee. Minister Jhankri had decided to stop the purchase agreement saying that the work of the consumer committee was not of quality, full of corruption and that they showed slowness with work. Accordingly, all kinds of public purchases through the Consumers Committee were stopped from October 31. Flipping that decision, the Ministry of General Administration wrote to all the local levels to keep the work going.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Urban Development Minister is angry over the decision of the Ministry of General Administration and Minister Jhankri has said that she will not abide by the decision and has instructed the officials not to do the work under the ministry from the Consumer Committee until further notice, as per a source close to her.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14249', 'image' => '20211219040548_20210716022924_1626392414.Clipboard14.jpg', 'article_date' => '2021-12-19 16:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14502', 'article_category_id' => '1', 'title' => 'Terrorism Threat Declines in Nepal but Risk Remains: US Report on Terrorism', 'sub_title' => '', 'summary' => 'December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists.', '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"">December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists. The new report on terrorism recently released by US Secretary of State Anthony Blinken points out that there is still a risk that Nepal could become a transit point for an international terrorist organization.</span></span></span></span></p> <p><span style="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 United States has cited Nepal’s open borders with India and inadequate security measures and arrangements at the country's only international airport as the reasons for such risk. In its 2018 report, the United States cited Nepal as a fertile ground for terrorism. However, the current report only points out the risks.</span></span></span></span></p> <p><span style="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 a report from 2015 to 2018, the United States stated that the Indian Mujahideen had expanded its base in Nepal and that Nepal was the hub of the organization. But the report, this time states the open border with India as a security risk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report was released by the US State Department's Bureau of Counterterrorism. The report states that there was no anti-US terrorist activity in Nepal in 2020.</span></span></span></span></p> <p><span style="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 Netra Bikram Chand-led group has renounced violence and entered the peace process, the US report said that the group has continued its violent activities.</span></span></span></span></p> <p><span style="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 US has addressed the group that was referred to as a pro-terrorist in the previous report, as pro-violent extremist this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal does not have its own definition of terrorism, the US report points out the risk of terrorist activity in the Middle East affecting Nepal as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of members of international terrorist organizations have been arrested in Nepal in the last two decades. The Nepal Police has taken action against the persons arrested in such incidents as per the prevailing laws of 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"">According to a high-ranking police source, Nepal has been secretly handing over many of them to the concerned countries in lack of extradition treaty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few years ago, a member of the terrorist group Lashkar-e-Taiba reportedly came to Nepal. He spent a few months in Kathmandu, Nepalgunj, Rupandehi and Kapilvastu. It was revealed that the member had obtained citizenship of Nepal from Kapilvastu. The Nepal Police had traced his activities and whereabouts. According to a high-ranking police source, he was arrested and action was taken against him for tampering with the government stamp.</span></span></span></span></p> <p><span style="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 paying the penalty, he was secretly handed over to the concerned country. According to the police, he had come to Nepal to expand his organization in South Asia. Police had recovered some money and other documents from him.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14248', 'image' => '20211219032806_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2021-12-19 15:27:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14503', 'article_category_id' => '1', 'title' => 'NRB Directs BFIs to prepare CD Ratio Action Plan', 'sub_title' => '', 'summary' => 'December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. ', '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"">December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. NRB issued the directive on Thursday, December 16. </span></span></span></span></p> <p><span style="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 has issued the directive according to its arrangements made in the first quarterly review of the monetary policy. NRB has directed that deposit mobilization and credit flow should be managed on a monthly basis in compliance with the CD ratio.</span></span></span></span></p> <p><span style="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 NRB had abolished the provision of CCD ratio of 85 percent in the current fiscal year and had made provision of CD ratio up to 90 percent. At present, the CD ratio of most banks is above 90 percent. The banks and financial institutions have been told to maintain the CD ratio at 90 percent by mid-July 2022. Accordingly, banks will be able to disburse the loans beyond the prescribed limit of CD ratio 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"">According to the NRB, banks and financial institutions can make action plans accordingly. This will resolve the issue of credit flow. NRB has introduced such provisions to facilitate lending in some essential sectors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, banks were seeking to increase the CD ratio to 92 percent. However, NRB has not increased the CD ratio but has facilitated its implementation. One of the officials of the central bank said banks should prepare an action plan to maintain CD ratio by mid July 2022. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"If the CD ratio of some banks is maintained at 91% but needs to extend the credit, the central bank will not prevent it from disbursing loans. It wouldn't be an issue if the CD ratio goes higher at present but it must be maintained within 90% by mid-July," 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"">Also, when banks and financial institutions assign the evaluator for the purpose of valuing the collateral, their work, duties, rights and responsibilities should be clearly stated in the agreement. The evaluator should evaluate the property to be accepted as collateral independently, without any bias or prejudice, on the basis of international recognition and good practices, NRB stated.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14247', 'image' => '20211219034337_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-19 15:42:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14501', 'article_category_id' => '1', 'title' => 'Government Prepares Work Procedure to Allow Participation of Private Sector in Power Trade', 'sub_title' => '', 'summary' => 'December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. ', '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"">December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. The Ministry of Energy, Water Resources and Irrigation has formulated the draft, informed a high-ranking official at the ministry.</span></span></span></span></p> <p><span style="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 official, the electricity bill under consideration in the federal parliament has proposed to allow the private sector to trade electricity. The ministry has said the work procedure will include this matter in a more precise way. According to a source, it has been proposed to allow the private sector to trade electricity not only in the country but also in the regional 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"">"Economic development is not possible without the participation of the private sector. Therefore, we need to take the private sector along in energy development. Accordingly, we have prepared a draft to allow the private sector to trade electricity," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, only the government-owned Nepal Electricity Authority is allowed to engage in such trade. The private sector has been demanding for a permit to participate in the trade of electricity for a long time. Now the government is going to make policy arrangements in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, this procedure will be implemented after the electricity bill under consideration in the parliament is endorsed. "We will implement the procedure accordingly after the bill is passed," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the ministry is also working to formulate guidelines on cross-border electricity trade. The ministry is ready to implement the guideline soon. The guideline is being formulated prioritizing electricity trade with India. As per the agreement reached between the two countries, India has already made such guidelines. The ministry expects the electricity trade to be more convenient once the guideline is prepared.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although there are no policy at the moment, the private sector has already established companies to trade electricity. Nepal Power Exchange Company has already been registered with the investment of businessmen including Kumar Pandey. Entrepreneurs including Motilal Dugad and Sandeep Shah have also set up electricity trading companies. Nepal Electricity Authority has also established Nepal Power Trade Company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal Infrastructure Bank (NIFRA) has also set up a separate company to trade electricity. However, they have not been able to get permits due to lack of necessary policy. Entrepreneur Pandey says that the possibility of getting a license has increased as the government is making policy arrangements.</span></span></span></span></p> <p><span style="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 said that an alternative company should come to trade electricity in the country. "NEA has monopoly in trading electricity here. From now on, with the participation of companies from the private sector, the energy sector should have multiple buyers and multiple traders."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14246', 'image' => '20211219024631_electricity.jpg', 'article_date' => '2021-12-19 14:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14500', 'article_category_id' => '1', 'title' => '32 Per Cent Children in Nepal Chronically Malnourished: Report ', 'sub_title' => '', 'summary' => 'December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a study conducted by the NPC, 32 per cent children in Nepal are chronically malnourished while seventeen percent of Nepalese women are overweight or obese. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report unveiled last week points out to the prevalence of stunting among the poorest households in more than double that of the richest quintile. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, micronutrient deficiency or ‘hidden hunger’ is caused by inadequate diversity and limited essential nutrients in diets. The report also noted that the production and consumption of staple food is currently higher than that of fresh nutritious food. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finding of the Fill the Nutrient Gap Analysis initiated by the NPC in 2020 show that the lowest cost nutritious diet is, at the national average, 348 per five-person household per day. The report further states that nutritious diet is more than twice as expensive as a diet that meets only the requirement of energy diets. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study supported by the World Food Programme (WFP) used a food system approach to better understand the barriers to consuming national diets including how economic barriers prevent households from affording healthy foods. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study highlights the need of a role from all sectors in improving the status of nutrition in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“To improve access to diets, Nepal must focus on food system transformation. Investment in nutrition-sensitive agriculture, staple food fortification and better infrastructure can improve accessibility to healthy foods for all,” the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the report on Friday, NPC member Dr Dil Bahadur Gurung underlined the need of credible data to rightly intervene in the malnutrition issues and reportedly said this type of analysis would help come up with right policies and programmes against malnutrition and implement them effectively in the future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">WFP country director and representative Robert Kasca recommended the implementation of social security programmes, livelihood support programmes and school mid-day programmes targeting the households facing economic barriers to afford nutritious food to address the their nutritional requirements. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14245', 'image' => '20211219104353_191028-6-1.jpg', 'article_date' => '2021-12-19 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14499', 'article_category_id' => '1', 'title' => 'Experts Warn of Economic Slump, urge Govt to take Immediate Measures ', 'sub_title' => '', 'summary' => 'December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The balance of payments in the last four months is in deficit of Rs 1.51 billion, according to Nepal Rastra Bank. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The foreign currency reserve is also declining. In the recent months, remittance inflow has also declined. The development activities have not gained pace. The banking and financial sector is not able to extend loan as deposit collection has not increased. The import of luxury goods has impacted on foreign currency. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Speaking at a recent interaction organized in the capital, economist Dr Chandramani Adhikari said that the country's economy is in imminent crisis. According to the state-owned national news agency RSS, he suggested the government to increase foreign currency reserve through export of goods and services and give priority to foreign investment. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Another economist Dr Dilliraj Khanal wondered why the production is stagnant when the banks have stepped up investment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former governor of Nepal Rastra Bank and economist Dipendra Bahadur Chhetri stressed on banning import of certain luxury items. He argued that the capital expenditure remains dismal due to managerial weakness. The current problem is not only the result of political system but also of the budget system, he added. Chhetri further said that the government did not have a clear trade policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14244', 'image' => '20211219102227_economic crisis.jpg', 'article_date' => '2021-12-19 10:21:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14498', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Ministries to Spend 30 per cent of Budget within 1 Month', 'sub_title' => '', 'summary' => 'December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister argued that lack of capital expenditure has contributed to the liquidity crunch in the country. He added that no ministry will be exempted from delaying budget expenditure. The Finance Ministry will provide necessary help in this regard, said the minister at an inter-ministry discussion at the Ministry of Finance on Friday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma warned that the unspent budget will be transferred under other headings if the ministries fail to spend the budget on time. He also reiterated to end the trend of </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">releasing budget towards the end of the fiscal year. Minister Sharma also directed prompt delivery of government services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present on the occasion were Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Health Minister Birodh Khatiwada and Minister for Water Supply Umakanta Chaudhary. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14243', 'image' => '20211217092607_fin min sharma.jpg', 'article_date' => '2021-12-17 21:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14496', 'article_category_id' => '218', 'title' => 'NIFRA Annual General Meeting Passes Financial Reports', 'sub_title' => '', 'summary' => 'December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15.', '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"">December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15. </span></span></span></span></p> <p><span style="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 per the financial statements of 2077/78, out of the accumulated profits till the end of the fiscal yuear, a resolution was passed to provide bonus shares equivalent to 8 percent of Rs 20 billion and a 0.2 percent cash dividend.</span></span></span></span></p> <p><span style="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 AGM also unanimously elected two directors representing the general shareholders. Those elected include Suman Pokharel and Lima Adhikari Acharya.</span></span></span></span></p> <p><span style="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 meeting was presided by Anuj Agrawal, who is also the Chairman of the Board of Directors of the bank. The general meeting was organized following the health guidelines against Covid-19 infections for the safety of the shareholders. Some shareholders joined the meeting via online portals in order to prevent the Covid-19 risks.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14242', 'image' => '20211217122538_NIFRA.jpg', 'article_date' => '2021-12-17 12:24:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14495', 'article_category_id' => '1', 'title' => 'Real Estate Business Flourishing amid Liquidity Crisis ', 'sub_title' => '', 'summary' => 'December 17: The liquidity crisis in Nepal has deepened in the last 4-5 months. ', '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"">December 17: The liquidity crisis in Nepal has deepened in the last 4-5 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"">All the economic indicators are disappointing while businessmen are not getting loans from banks even for urgent work. The stock market and remittance inflow have also been steadily declining. However, despite most of the economic indicators looking disappointing, the real estate business in November has been very 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"">Although the post-Dashain and Tihar season is considered as the peak season for real estate business, the real estate business was expected to be affected this year as banks were unable to provide loans. But the figures of buying and selling of housings and land in November have dismissed all such apprehensions. And the assumption that large sums of money outside the banking system are active in the real estate business in Nepal has been further strengthened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of Rs 7 billion revenue has been collected from the purchase and sale of 70,000 houses and land plots in November this year against the transaction of 65,000 houses and land plots during the corresponding period of last fiscal year, when only Rs 5.5 billion revenue was collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although slightly higher in numbers, the situation is quite different this year compared to last year. While liquidity was plentiful in the banking sector last year, it is not possible to get loan from banks even for urgent work this year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Revenue worth Rs 5 billion was collected in October from the transactions of 50,000 houses this year. But in November, when the number of transactions increased by 20,000, the revenue increased by about Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chartered Accountant Sudarshan Raj Pandey says this data further confirms the suspicion that the real estate business has been booming even when the economy is in crisis because a large amount of money has been circulating outside the banking system. </span></span></span></span></p> <p><span style="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 Nepal, among the total money sent to the market by Nepal Rastra Bank, not more than 30 percent has reached the banking channels,” said Pandey, “Even if 10 percent of the money is with people, 60 percent of the money is circulating in the non-banking sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that one of the areas where money flows through non-banking channels is the real estate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does black money run on real estate? </span></span></em></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The land administration has not been able to determine the scientific value of real estate. Banks assesse the price for the disbursement of the loan, while the Department of Land Reforms and Management sets the price for the purpose of raising revenue through land and housing transactions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Real estate experts say that the price is up to 10 times higher than the minimum valuation and a large amount of money is dealt through cash-in-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""> “Nepalese businessmen are not allowed to invest their earned money abroad. Keeping a large amount of money raises eyebrows. The best solution is to buy a house and land. When buying land, they transfer half of the money through the banking channel and the other half through the non-banking channel,” a source 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"">Experts say that the real estate sector is the safest place to keep the money earned by any industrialist through tax evasion or through corruption by politicians and government employees. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14241', 'image' => '20211217121523_20211213123222_20170320111604_ep.jpg', 'article_date' => '2021-12-17 12:14:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14497', 'article_category_id' => '1', 'title' => 'Minister Expresses Displeasure over Selection of Project Plans', 'sub_title' => '', 'summary' => 'December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. ', '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"">December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. She said that the projects are profiting a handful of people who have access to power centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“People with access to the federal government have been misusing the priority projects. It is the politicians who determine the future course of action of a nation but the politicians are not able to choose proper plans,” said Minister Jhankri while speaking at the meeting of the Development and Technology Committee of federal parliament on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Jhankri, the choice of projects is made without considering the economic impacts and do not comply with the provisions of the Financial Procedure and Financial Accountability Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">She said there is no need to build a view tower worth more than Rs 500 million on a hill at a time when hundreds of families are living under makeshift tents. According to Minister Jhankri, the parliament should curb the imbalance in the choice of plans. She said that housing reconstruction and urban development could not be carried properly out due to the lack of coordination among the different tiers of government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the meeting, the chairperson of the committee Kalyani Khadka directed the ministry to ensure proper standard and criteria for construction of buildings at a time when the government itself was constructing buildings for various bodies without giving due consideration to impact on environment and other issues.</span></span></span></span></p> <p><span style="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 Chairperson Khadka, in order to address the people's intense desire for development in the changed political context, the committee has directed the government to identify the projects that have stalled due to lack of budget and expedite them immediately.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14240', 'image' => '20211217124210_1639701173.jpg', 'article_date' => '2021-12-17 12:41:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14494', 'article_category_id' => '1', 'title' => 'Buddha Air Facing Recurring Technical Problems during Flights', 'sub_title' => '', 'summary' => 'December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late. The company carries passengers three times more than other airline companies of Nepal. However, Buddha Air has been facing recurring problems with its aircraft. The problem was repeated once again on Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An aircraft of Buddha Air that took off from Bharatpur for Kathmandu had to make an emergency landing soon after take-off due to a technical problem in the aircraft’s engine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Buddha Air said in a press statement that the Beechcraft with call sign 9N-AEE landed safely at Bharatpur Airport after a technical problem in the aircraft’s engine was reported after the take-off.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Altogether 19 passengers including two children were on board the plane. The crew members included a captain, a co-pilot and an air hostess. Buddha Air carried the passengers to Kathmandu with another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Earlier on September 27, an aircraft belonging to Buddha Air had faced a technical problem during its flight from Kathmandu to Biratnagar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A total of 73 passengers were travelling on the plane, which reported landing gear problems. The aircraft returned back to Kathmandu and made a safe landing after consuming fuel while it circled the valley for some hours. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In another such incident, a Buddha Air aircraft reported problems during Kathmandu-Bhairahawa flight on December 8. The U4-810 aircraft of Buddha Air made an emergency landing during the occasion. The aircraft was forced to land after a technical problem emerged on the right propeller of the aircraft. Buddha Air informed that it sent the passengers to Kathmandu through another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An official of Buddha Air said these incidents have come to the public’s attention because the company maintains transparency and issues notices regarding minor incidents. The official maintained the company has given high priority to technical security.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “We are more alert regarding such issues because we have a large fleet and we serve more passengers compared to other airline companies,” said the official, adding, “The aircraft are properly checked while they are on ground and even during flights.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14239', 'image' => '20211217114833_1639701101.jpg', 'article_date' => '2021-12-17 11:47:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14493', 'article_category_id' => '1', 'title' => 'Chances of Snowfall from Today', 'sub_title' => '', 'summary' => 'December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds, the Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather will be partly to generally cloudy in Sudurpaschim, Karnali, Lumbini and Gandaki provinces with the clouds moving towards the east through Sudurpaschim Province from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is possibility of light snowfall at some places of the high hills and mountainous regions in Sudurpaschim, Karnali and Gandaki provinces. Likewise, there are chances of light rain at some places of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has forecast an increase in cold as the mercury level will further plummet due to the influence of this weather system. It has urged people to adopt necessary safety measures and precaution to protect oneself from the possible impact of the snowfall and cold weather. The influence of this weather system is is likely have an impact on the daily lives of people including mountaineering activities and air transport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the latest weather bulletin of the department, the Kathmandu Valley recorded the lowest temperature of this year so far at 3.0 degrees Celsius and the highest of 17.5 degrees Celsius. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Jumla recorded the lowest minimum temperature (minus 5.7 degrees Celsius) while Bhairahawa recorded the highest temperature (28.4 degrees Celsius) throughout the country on Thursday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14238', 'image' => '20211217082241_20190220014933_facebook.jpg', 'article_date' => '2021-12-17 08:22:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14492', 'article_category_id' => '1', 'title' => 'World Bank Announces US$ 93.5 Billion Package for World's Poorest Countries', 'sub_title' => '', 'summary' => 'December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by the World Bank on December 15, the financing brings together $23.5 billion of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history, the statement further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The World Bank said that IDA’s unique leveraging model enables it to achieve greater value from donor resources. According to the World Bank, every $1 that donors contribute to IDA is now leveraged into almost $4 of financial support for the poorest countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said World Bank Group's President David Malpass. “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) programme, which focuses on helping countries recover from the impacts of the COVID-19 crisis. The World Bank noted that the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of a resilient and inclusive development in these countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis," the statement added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity. IDA will also deepen support to countries to better prepare for future crises, including pandemics, financial shocks, and natural hazards, the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With this strong package, the World Bank expects IDA will be able to scale up its support in the pandemic and address health challenges, helping 400 million people receive essential health and nutrition resources. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.</span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14237', 'image' => '20211217081712_World Bank (2).jpg', 'article_date' => '2021-12-17 08:16:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14491', 'article_category_id' => '1', 'title' => 'FNCCI Organizes Post COVID-19 Economic Revival Conference', 'sub_title' => '', 'summary' => 'December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons.', '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"">December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons. He said that the government was ready to cooperate with the private sector in this regard. He made such remarks durng a conference organized to discuss post-COVID-19 economic revival strategies</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the inaugural session of the conference organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on December 15, Finance Minister Sharma said that economic prosperity cannot be achieved without the participation of the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also shared that the government is amending laws that are detrimental to the development and progress of business establishments. He also asked the private sector to provide suggestions to solve the current liquidity crisis and the government will help accordingly. </span></span></span></span></p> <p><span style="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 finance minister also claimed that recent political events are attributed to low capital expenditure and liquidity crisis. He said it would be resolved by February. Until the second week of December, the total capital expenditure of the country is 6.13 percent. Finance Minister Sharma said that such expenditure will increase from the next three months of the current fiscal year. There is lack of liquidity in the market due to the government's inability to increase development expendiure. </span></span></span></span></p> <p><span style="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 Sharma, trade deficit cannot be reduced by selling electricity alone but it is possible by increasing domestic consumption of electricity. The government will bring a policy to increase electricity consumption by providing electricity to industries at concessional rates, asserted the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arjun Prasad Pokhrel, secretary at the Ministry of Industry, said the government would increase investment in industrial infrastructure. Stating that domestic, small and micro industries are the backbone of the country's economy, industrial areas are being developed targeting such industries. The discussions are being held with all the three levels of government to simplify the process of registering such industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Neelam Dhungana, deputy governor of Nepal Rastra Bank, said that the central bank is concerned to resolve the liquidity problem in banks and financial institutions. It is not possible to switch to CCD ratio now from CD ratio, said Dhungana The central bank would not affect the business of the capital market, but would only check where the loans of banks are headed to.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">FNCCI President Shekhar Golchha said that despite the risk of COVID-19, the economy is witnessing positive changes which should be supported through government policies. The government should not delay in prioritizing the economic revival. He also demanded the government to endorse the US-funded MCC project, as the country has not received any foreign aid.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-16', 'modified' => '2021-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '14236', 'image' => '20211216033026_1639612404.Clipboard03.jpg', 'article_date' => '2021-12-16 15:28:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14505', 'article_category_id' => '1', 'title' => 'Ruling Parties form Taskforce to Discuss MCC ', 'sub_title' => '', 'summary' => 'December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, a meeting of the ruling alliance called by Prime Minister and Nepali Congress (NC) President Sher Bahadur Deuba took a decision to this effect on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce comprises senior leader of CPN (Unified Socialist) Jhalanath Khanal, Minister for Communications and Information Technology Gyanendra Bahadur Karki and CPN (Maoist Centre) Vice-chairman Narayankaji Shrestha. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been entrusted with the responsibility of holding consultations with all political parties to resolve various issues that are under consideration in the parliament and resuming the House proceedings, RSS further reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ruling coalition decided to form the taskforce after an all-party meeting called by PM Deuba could not reach a consensus regarding the MCC due to the differing views among the ruling parties. The ruling parties including Maoist Centre and CPN Unified Socialist were in favour of endorsing the grant agreement only after amendment. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting ended inconclusively due to the absence of the main opposition party CPN UML.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-20', 'modified' => '2021-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '14250', 'image' => '20211220104128_MCC.jpg', 'article_date' => '2021-12-20 10:40:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14504', 'article_category_id' => '1', 'title' => 'FinMin Happy with Speech Delivery while Development Expenditure Remains Less than 2 Percent', 'sub_title' => '', 'summary' => 'December 19: The spending system of the government can be summed up as problematic.', '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"">December 19: The spending system of the government can be summed up as problematic. The government announced large budget to please the people. But the implementation of the budget has been poor. Finance Minister Janardan Sharma has still not shown his interest in implementing the budget, despite the budget not being spent as per the provisions authorized by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma shows his pretentious nature, giving strict instructions during budget review. But, he indulges himself into empty talks in programs organized by the party instead of taking care of problems in the spending system.</span></span></span></span></p> <p><span style="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 formation of the government led by Prime Minister Sher Bahadur Deuba, Finance Minister Sharma came to take charge of the Ministry of Finance. He presented the replacement bill on budget and announced a plan to spend 10 percent of the capital budget every month. As per the announcement, the Ministry of Finance issued the 'Criteria for Making Public Expenditure Economical and Effective 2078' and set a target of achieving 100 percent result by mid-June at a minimum rate of 10 percent within the first quarter and then at least 10 percent each month.</span></span></span></span></p> <p><span style="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 the contrary, the government’s expenditure has not been able to exceed even 2 percent. Based on the target, the government was supposed to spend 30 percent of the total budget by mid-December. Meanwhile, only 6.46 percent or Rs 28.40 billion has been spent so far. This expenditure ratio is the lowest in 3 years and even weaker than during the Covid-19 pandemic period. A total of 10.18 percent of capital expenditure was incurred in the first five months of the fiscal year 2077/78. During the review period of the current fiscal year, capital expenditure has been much weaker than in the previous years. This indicates the failure of Minister Sharma to implement the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister surrounded by activists</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The budget implementation has become weak due to the ignorance in taking care of problems within the spending system. According to the sources at the Ministry of Finance, Minister Sharma is absent from the ministry most of the time. And even if he comes to the office, the party activists surround him. The room of minister Sharma is crowded all the time. Despite the administrators saying that the authority of Singha Durbar has reached to the villages, the office of finance minister is filled with huge crowds to solve minor issues all the 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"">“He (the finance minister) often has party special programs to attend. When he comes to the ministry, he is surrounded by the activists and well-wishers. The finance minister is more inclined to listen to the problems of the party workers than to address the problems of the economy,” said one of the senior officials of finance ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He doesn’t stop Instructing</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma, who is usually out attending party programmes, does not stop reviewing the budget and giving instructions to the officials. He called the secretaries and ministers of the concerned ministries to the finance ministry on Friday to review the budget after the budget implementation was proven to be weak. The meeting was attended by Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Minister for Health Birodh Khatiwada and Minister for Drinking Water Umakanta Chaudhary.</span></span></span></span></p> <p><span style="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 meeting, Finance Minister Sharma asked the secretaries / ministries to implement the budget on time. The minister directed to spend 30 percent of the budget of each ministry by mid-January. Stating that the failure to make timely capital expenditure has also affected liquidity, he urged the ministries to spend on development as soon as possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma warned that if the budget expenditure is not seen, the allocated amount will be transferred under other headings during the upcoming review of the budget expenditure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma said that the budget would be transferred to the places where the expenditure would be incurred at the state and local level if the situation was not resolved on 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"">“If you don't spend, you can't hold on to that budget,” said the minister. Despite the strict instructions, there are no signs of compliance with spending the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the budget implementation is weak, the government has not paid much attention to identification of the problem as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economist Bishwambhar Pyakurel said that the report prepared by the Public Expenditure Review Commission formed by the government three years ago is still kept secret , while pointing out the problems in the expenditure system. This makes it clear that the government itself does not want to spend the money. According to him, the government must show seriousness in resolving the problems prevalent in the expenditure system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers-secretaries are the obstacles in budget implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers and secretaries are seen as obstacles in the implementation of the current budget. In particular, Urban Development Minister Ram Kumari Jhankri was firm in reversing the provisions in the budget. Later the decision of the minister was reversed through a secretary level deision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few months ago, Urban Development Minister Jhankri decided to block the agreement reached through the Consumer Committee. Because of which, the activities to be carried out through the consumer committee as per the budget had been stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Recently, the Ministry of Federal Affairs and General Administration made a secretary-level decision and revoked the decision of Minister Jhankri in order to continue the work to be done through the Consumer Committee. Minister Jhankri had decided to stop the purchase agreement saying that the work of the consumer committee was not of quality, full of corruption and that they showed slowness with work. Accordingly, all kinds of public purchases through the Consumers Committee were stopped from October 31. Flipping that decision, the Ministry of General Administration wrote to all the local levels to keep the work going.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Urban Development Minister is angry over the decision of the Ministry of General Administration and Minister Jhankri has said that she will not abide by the decision and has instructed the officials not to do the work under the ministry from the Consumer Committee until further notice, as per a source close to her.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14249', 'image' => '20211219040548_20210716022924_1626392414.Clipboard14.jpg', 'article_date' => '2021-12-19 16:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14502', 'article_category_id' => '1', 'title' => 'Terrorism Threat Declines in Nepal but Risk Remains: US Report on Terrorism', 'sub_title' => '', 'summary' => 'December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists.', '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"">December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists. The new report on terrorism recently released by US Secretary of State Anthony Blinken points out that there is still a risk that Nepal could become a transit point for an international terrorist organization.</span></span></span></span></p> <p><span style="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 United States has cited Nepal’s open borders with India and inadequate security measures and arrangements at the country's only international airport as the reasons for such risk. In its 2018 report, the United States cited Nepal as a fertile ground for terrorism. However, the current report only points out the risks.</span></span></span></span></p> <p><span style="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 a report from 2015 to 2018, the United States stated that the Indian Mujahideen had expanded its base in Nepal and that Nepal was the hub of the organization. But the report, this time states the open border with India as a security risk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report was released by the US State Department's Bureau of Counterterrorism. The report states that there was no anti-US terrorist activity in Nepal in 2020.</span></span></span></span></p> <p><span style="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 Netra Bikram Chand-led group has renounced violence and entered the peace process, the US report said that the group has continued its violent activities.</span></span></span></span></p> <p><span style="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 US has addressed the group that was referred to as a pro-terrorist in the previous report, as pro-violent extremist this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal does not have its own definition of terrorism, the US report points out the risk of terrorist activity in the Middle East affecting Nepal as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of members of international terrorist organizations have been arrested in Nepal in the last two decades. The Nepal Police has taken action against the persons arrested in such incidents as per the prevailing laws of 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"">According to a high-ranking police source, Nepal has been secretly handing over many of them to the concerned countries in lack of extradition treaty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few years ago, a member of the terrorist group Lashkar-e-Taiba reportedly came to Nepal. He spent a few months in Kathmandu, Nepalgunj, Rupandehi and Kapilvastu. It was revealed that the member had obtained citizenship of Nepal from Kapilvastu. The Nepal Police had traced his activities and whereabouts. According to a high-ranking police source, he was arrested and action was taken against him for tampering with the government stamp.</span></span></span></span></p> <p><span style="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 paying the penalty, he was secretly handed over to the concerned country. According to the police, he had come to Nepal to expand his organization in South Asia. Police had recovered some money and other documents from him.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14248', 'image' => '20211219032806_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2021-12-19 15:27:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14503', 'article_category_id' => '1', 'title' => 'NRB Directs BFIs to prepare CD Ratio Action Plan', 'sub_title' => '', 'summary' => 'December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. ', '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"">December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. NRB issued the directive on Thursday, December 16. </span></span></span></span></p> <p><span style="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 has issued the directive according to its arrangements made in the first quarterly review of the monetary policy. NRB has directed that deposit mobilization and credit flow should be managed on a monthly basis in compliance with the CD ratio.</span></span></span></span></p> <p><span style="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 NRB had abolished the provision of CCD ratio of 85 percent in the current fiscal year and had made provision of CD ratio up to 90 percent. At present, the CD ratio of most banks is above 90 percent. The banks and financial institutions have been told to maintain the CD ratio at 90 percent by mid-July 2022. Accordingly, banks will be able to disburse the loans beyond the prescribed limit of CD ratio 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"">According to the NRB, banks and financial institutions can make action plans accordingly. This will resolve the issue of credit flow. NRB has introduced such provisions to facilitate lending in some essential sectors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, banks were seeking to increase the CD ratio to 92 percent. However, NRB has not increased the CD ratio but has facilitated its implementation. One of the officials of the central bank said banks should prepare an action plan to maintain CD ratio by mid July 2022. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"If the CD ratio of some banks is maintained at 91% but needs to extend the credit, the central bank will not prevent it from disbursing loans. It wouldn't be an issue if the CD ratio goes higher at present but it must be maintained within 90% by mid-July," 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"">Also, when banks and financial institutions assign the evaluator for the purpose of valuing the collateral, their work, duties, rights and responsibilities should be clearly stated in the agreement. The evaluator should evaluate the property to be accepted as collateral independently, without any bias or prejudice, on the basis of international recognition and good practices, NRB stated.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14247', 'image' => '20211219034337_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-19 15:42:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14501', 'article_category_id' => '1', 'title' => 'Government Prepares Work Procedure to Allow Participation of Private Sector in Power Trade', 'sub_title' => '', 'summary' => 'December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. ', '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"">December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. The Ministry of Energy, Water Resources and Irrigation has formulated the draft, informed a high-ranking official at the ministry.</span></span></span></span></p> <p><span style="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 official, the electricity bill under consideration in the federal parliament has proposed to allow the private sector to trade electricity. The ministry has said the work procedure will include this matter in a more precise way. According to a source, it has been proposed to allow the private sector to trade electricity not only in the country but also in the regional 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"">"Economic development is not possible without the participation of the private sector. Therefore, we need to take the private sector along in energy development. Accordingly, we have prepared a draft to allow the private sector to trade electricity," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, only the government-owned Nepal Electricity Authority is allowed to engage in such trade. The private sector has been demanding for a permit to participate in the trade of electricity for a long time. Now the government is going to make policy arrangements in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, this procedure will be implemented after the electricity bill under consideration in the parliament is endorsed. "We will implement the procedure accordingly after the bill is passed," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the ministry is also working to formulate guidelines on cross-border electricity trade. The ministry is ready to implement the guideline soon. The guideline is being formulated prioritizing electricity trade with India. As per the agreement reached between the two countries, India has already made such guidelines. The ministry expects the electricity trade to be more convenient once the guideline is prepared.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although there are no policy at the moment, the private sector has already established companies to trade electricity. Nepal Power Exchange Company has already been registered with the investment of businessmen including Kumar Pandey. Entrepreneurs including Motilal Dugad and Sandeep Shah have also set up electricity trading companies. Nepal Electricity Authority has also established Nepal Power Trade Company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal Infrastructure Bank (NIFRA) has also set up a separate company to trade electricity. However, they have not been able to get permits due to lack of necessary policy. Entrepreneur Pandey says that the possibility of getting a license has increased as the government is making policy arrangements.</span></span></span></span></p> <p><span style="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 said that an alternative company should come to trade electricity in the country. "NEA has monopoly in trading electricity here. From now on, with the participation of companies from the private sector, the energy sector should have multiple buyers and multiple traders."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14246', 'image' => '20211219024631_electricity.jpg', 'article_date' => '2021-12-19 14:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14500', 'article_category_id' => '1', 'title' => '32 Per Cent Children in Nepal Chronically Malnourished: Report ', 'sub_title' => '', 'summary' => 'December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a study conducted by the NPC, 32 per cent children in Nepal are chronically malnourished while seventeen percent of Nepalese women are overweight or obese. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report unveiled last week points out to the prevalence of stunting among the poorest households in more than double that of the richest quintile. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, micronutrient deficiency or ‘hidden hunger’ is caused by inadequate diversity and limited essential nutrients in diets. The report also noted that the production and consumption of staple food is currently higher than that of fresh nutritious food. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finding of the Fill the Nutrient Gap Analysis initiated by the NPC in 2020 show that the lowest cost nutritious diet is, at the national average, 348 per five-person household per day. The report further states that nutritious diet is more than twice as expensive as a diet that meets only the requirement of energy diets. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study supported by the World Food Programme (WFP) used a food system approach to better understand the barriers to consuming national diets including how economic barriers prevent households from affording healthy foods. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study highlights the need of a role from all sectors in improving the status of nutrition in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“To improve access to diets, Nepal must focus on food system transformation. Investment in nutrition-sensitive agriculture, staple food fortification and better infrastructure can improve accessibility to healthy foods for all,” the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the report on Friday, NPC member Dr Dil Bahadur Gurung underlined the need of credible data to rightly intervene in the malnutrition issues and reportedly said this type of analysis would help come up with right policies and programmes against malnutrition and implement them effectively in the future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">WFP country director and representative Robert Kasca recommended the implementation of social security programmes, livelihood support programmes and school mid-day programmes targeting the households facing economic barriers to afford nutritious food to address the their nutritional requirements. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14245', 'image' => '20211219104353_191028-6-1.jpg', 'article_date' => '2021-12-19 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14499', 'article_category_id' => '1', 'title' => 'Experts Warn of Economic Slump, urge Govt to take Immediate Measures ', 'sub_title' => '', 'summary' => 'December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The balance of payments in the last four months is in deficit of Rs 1.51 billion, according to Nepal Rastra Bank. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The foreign currency reserve is also declining. In the recent months, remittance inflow has also declined. The development activities have not gained pace. The banking and financial sector is not able to extend loan as deposit collection has not increased. The import of luxury goods has impacted on foreign currency. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Speaking at a recent interaction organized in the capital, economist Dr Chandramani Adhikari said that the country's economy is in imminent crisis. According to the state-owned national news agency RSS, he suggested the government to increase foreign currency reserve through export of goods and services and give priority to foreign investment. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Another economist Dr Dilliraj Khanal wondered why the production is stagnant when the banks have stepped up investment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former governor of Nepal Rastra Bank and economist Dipendra Bahadur Chhetri stressed on banning import of certain luxury items. He argued that the capital expenditure remains dismal due to managerial weakness. The current problem is not only the result of political system but also of the budget system, he added. Chhetri further said that the government did not have a clear trade policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14244', 'image' => '20211219102227_economic crisis.jpg', 'article_date' => '2021-12-19 10:21:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14498', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Ministries to Spend 30 per cent of Budget within 1 Month', 'sub_title' => '', 'summary' => 'December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister argued that lack of capital expenditure has contributed to the liquidity crunch in the country. He added that no ministry will be exempted from delaying budget expenditure. The Finance Ministry will provide necessary help in this regard, said the minister at an inter-ministry discussion at the Ministry of Finance on Friday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma warned that the unspent budget will be transferred under other headings if the ministries fail to spend the budget on time. He also reiterated to end the trend of </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">releasing budget towards the end of the fiscal year. Minister Sharma also directed prompt delivery of government services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present on the occasion were Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Health Minister Birodh Khatiwada and Minister for Water Supply Umakanta Chaudhary. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14243', 'image' => '20211217092607_fin min sharma.jpg', 'article_date' => '2021-12-17 21:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14496', 'article_category_id' => '218', 'title' => 'NIFRA Annual General Meeting Passes Financial Reports', 'sub_title' => '', 'summary' => 'December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15.', '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"">December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15. </span></span></span></span></p> <p><span style="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 per the financial statements of 2077/78, out of the accumulated profits till the end of the fiscal yuear, a resolution was passed to provide bonus shares equivalent to 8 percent of Rs 20 billion and a 0.2 percent cash dividend.</span></span></span></span></p> <p><span style="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 AGM also unanimously elected two directors representing the general shareholders. Those elected include Suman Pokharel and Lima Adhikari Acharya.</span></span></span></span></p> <p><span style="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 meeting was presided by Anuj Agrawal, who is also the Chairman of the Board of Directors of the bank. The general meeting was organized following the health guidelines against Covid-19 infections for the safety of the shareholders. Some shareholders joined the meeting via online portals in order to prevent the Covid-19 risks.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14242', 'image' => '20211217122538_NIFRA.jpg', 'article_date' => '2021-12-17 12:24:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14495', 'article_category_id' => '1', 'title' => 'Real Estate Business Flourishing amid Liquidity Crisis ', 'sub_title' => '', 'summary' => 'December 17: The liquidity crisis in Nepal has deepened in the last 4-5 months. ', '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"">December 17: The liquidity crisis in Nepal has deepened in the last 4-5 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"">All the economic indicators are disappointing while businessmen are not getting loans from banks even for urgent work. The stock market and remittance inflow have also been steadily declining. However, despite most of the economic indicators looking disappointing, the real estate business in November has been very 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"">Although the post-Dashain and Tihar season is considered as the peak season for real estate business, the real estate business was expected to be affected this year as banks were unable to provide loans. But the figures of buying and selling of housings and land in November have dismissed all such apprehensions. And the assumption that large sums of money outside the banking system are active in the real estate business in Nepal has been further strengthened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of Rs 7 billion revenue has been collected from the purchase and sale of 70,000 houses and land plots in November this year against the transaction of 65,000 houses and land plots during the corresponding period of last fiscal year, when only Rs 5.5 billion revenue was collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although slightly higher in numbers, the situation is quite different this year compared to last year. While liquidity was plentiful in the banking sector last year, it is not possible to get loan from banks even for urgent work this year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Revenue worth Rs 5 billion was collected in October from the transactions of 50,000 houses this year. But in November, when the number of transactions increased by 20,000, the revenue increased by about Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chartered Accountant Sudarshan Raj Pandey says this data further confirms the suspicion that the real estate business has been booming even when the economy is in crisis because a large amount of money has been circulating outside the banking system. </span></span></span></span></p> <p><span style="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 Nepal, among the total money sent to the market by Nepal Rastra Bank, not more than 30 percent has reached the banking channels,” said Pandey, “Even if 10 percent of the money is with people, 60 percent of the money is circulating in the non-banking sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that one of the areas where money flows through non-banking channels is the real estate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does black money run on real estate? </span></span></em></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The land administration has not been able to determine the scientific value of real estate. Banks assesse the price for the disbursement of the loan, while the Department of Land Reforms and Management sets the price for the purpose of raising revenue through land and housing transactions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Real estate experts say that the price is up to 10 times higher than the minimum valuation and a large amount of money is dealt through cash-in-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""> “Nepalese businessmen are not allowed to invest their earned money abroad. Keeping a large amount of money raises eyebrows. The best solution is to buy a house and land. When buying land, they transfer half of the money through the banking channel and the other half through the non-banking channel,” a source 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"">Experts say that the real estate sector is the safest place to keep the money earned by any industrialist through tax evasion or through corruption by politicians and government employees. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14241', 'image' => '20211217121523_20211213123222_20170320111604_ep.jpg', 'article_date' => '2021-12-17 12:14:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14497', 'article_category_id' => '1', 'title' => 'Minister Expresses Displeasure over Selection of Project Plans', 'sub_title' => '', 'summary' => 'December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. ', '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"">December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. She said that the projects are profiting a handful of people who have access to power centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“People with access to the federal government have been misusing the priority projects. It is the politicians who determine the future course of action of a nation but the politicians are not able to choose proper plans,” said Minister Jhankri while speaking at the meeting of the Development and Technology Committee of federal parliament on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Jhankri, the choice of projects is made without considering the economic impacts and do not comply with the provisions of the Financial Procedure and Financial Accountability Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">She said there is no need to build a view tower worth more than Rs 500 million on a hill at a time when hundreds of families are living under makeshift tents. According to Minister Jhankri, the parliament should curb the imbalance in the choice of plans. She said that housing reconstruction and urban development could not be carried properly out due to the lack of coordination among the different tiers of government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the meeting, the chairperson of the committee Kalyani Khadka directed the ministry to ensure proper standard and criteria for construction of buildings at a time when the government itself was constructing buildings for various bodies without giving due consideration to impact on environment and other issues.</span></span></span></span></p> <p><span style="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 Chairperson Khadka, in order to address the people's intense desire for development in the changed political context, the committee has directed the government to identify the projects that have stalled due to lack of budget and expedite them immediately.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14240', 'image' => '20211217124210_1639701173.jpg', 'article_date' => '2021-12-17 12:41:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14494', 'article_category_id' => '1', 'title' => 'Buddha Air Facing Recurring Technical Problems during Flights', 'sub_title' => '', 'summary' => 'December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late. The company carries passengers three times more than other airline companies of Nepal. However, Buddha Air has been facing recurring problems with its aircraft. The problem was repeated once again on Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An aircraft of Buddha Air that took off from Bharatpur for Kathmandu had to make an emergency landing soon after take-off due to a technical problem in the aircraft’s engine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Buddha Air said in a press statement that the Beechcraft with call sign 9N-AEE landed safely at Bharatpur Airport after a technical problem in the aircraft’s engine was reported after the take-off.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Altogether 19 passengers including two children were on board the plane. The crew members included a captain, a co-pilot and an air hostess. Buddha Air carried the passengers to Kathmandu with another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Earlier on September 27, an aircraft belonging to Buddha Air had faced a technical problem during its flight from Kathmandu to Biratnagar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A total of 73 passengers were travelling on the plane, which reported landing gear problems. The aircraft returned back to Kathmandu and made a safe landing after consuming fuel while it circled the valley for some hours. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In another such incident, a Buddha Air aircraft reported problems during Kathmandu-Bhairahawa flight on December 8. The U4-810 aircraft of Buddha Air made an emergency landing during the occasion. The aircraft was forced to land after a technical problem emerged on the right propeller of the aircraft. Buddha Air informed that it sent the passengers to Kathmandu through another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An official of Buddha Air said these incidents have come to the public’s attention because the company maintains transparency and issues notices regarding minor incidents. The official maintained the company has given high priority to technical security.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “We are more alert regarding such issues because we have a large fleet and we serve more passengers compared to other airline companies,” said the official, adding, “The aircraft are properly checked while they are on ground and even during flights.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14239', 'image' => '20211217114833_1639701101.jpg', 'article_date' => '2021-12-17 11:47:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14493', 'article_category_id' => '1', 'title' => 'Chances of Snowfall from Today', 'sub_title' => '', 'summary' => 'December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds, the Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather will be partly to generally cloudy in Sudurpaschim, Karnali, Lumbini and Gandaki provinces with the clouds moving towards the east through Sudurpaschim Province from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is possibility of light snowfall at some places of the high hills and mountainous regions in Sudurpaschim, Karnali and Gandaki provinces. Likewise, there are chances of light rain at some places of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has forecast an increase in cold as the mercury level will further plummet due to the influence of this weather system. It has urged people to adopt necessary safety measures and precaution to protect oneself from the possible impact of the snowfall and cold weather. The influence of this weather system is is likely have an impact on the daily lives of people including mountaineering activities and air transport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the latest weather bulletin of the department, the Kathmandu Valley recorded the lowest temperature of this year so far at 3.0 degrees Celsius and the highest of 17.5 degrees Celsius. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Jumla recorded the lowest minimum temperature (minus 5.7 degrees Celsius) while Bhairahawa recorded the highest temperature (28.4 degrees Celsius) throughout the country on Thursday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14238', 'image' => '20211217082241_20190220014933_facebook.jpg', 'article_date' => '2021-12-17 08:22:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14492', 'article_category_id' => '1', 'title' => 'World Bank Announces US$ 93.5 Billion Package for World's Poorest Countries', 'sub_title' => '', 'summary' => 'December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by the World Bank on December 15, the financing brings together $23.5 billion of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history, the statement further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The World Bank said that IDA’s unique leveraging model enables it to achieve greater value from donor resources. According to the World Bank, every $1 that donors contribute to IDA is now leveraged into almost $4 of financial support for the poorest countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said World Bank Group's President David Malpass. “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) programme, which focuses on helping countries recover from the impacts of the COVID-19 crisis. The World Bank noted that the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of a resilient and inclusive development in these countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis," the statement added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity. IDA will also deepen support to countries to better prepare for future crises, including pandemics, financial shocks, and natural hazards, the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With this strong package, the World Bank expects IDA will be able to scale up its support in the pandemic and address health challenges, helping 400 million people receive essential health and nutrition resources. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.</span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14237', 'image' => '20211217081712_World Bank (2).jpg', 'article_date' => '2021-12-17 08:16:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14491', 'article_category_id' => '1', 'title' => 'FNCCI Organizes Post COVID-19 Economic Revival Conference', 'sub_title' => '', 'summary' => 'December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons.', '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"">December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons. He said that the government was ready to cooperate with the private sector in this regard. He made such remarks durng a conference organized to discuss post-COVID-19 economic revival strategies</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the inaugural session of the conference organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on December 15, Finance Minister Sharma said that economic prosperity cannot be achieved without the participation of the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also shared that the government is amending laws that are detrimental to the development and progress of business establishments. He also asked the private sector to provide suggestions to solve the current liquidity crisis and the government will help accordingly. </span></span></span></span></p> <p><span style="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 finance minister also claimed that recent political events are attributed to low capital expenditure and liquidity crisis. He said it would be resolved by February. Until the second week of December, the total capital expenditure of the country is 6.13 percent. Finance Minister Sharma said that such expenditure will increase from the next three months of the current fiscal year. There is lack of liquidity in the market due to the government's inability to increase development expendiure. </span></span></span></span></p> <p><span style="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 Sharma, trade deficit cannot be reduced by selling electricity alone but it is possible by increasing domestic consumption of electricity. The government will bring a policy to increase electricity consumption by providing electricity to industries at concessional rates, asserted the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arjun Prasad Pokhrel, secretary at the Ministry of Industry, said the government would increase investment in industrial infrastructure. Stating that domestic, small and micro industries are the backbone of the country's economy, industrial areas are being developed targeting such industries. The discussions are being held with all the three levels of government to simplify the process of registering such industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Neelam Dhungana, deputy governor of Nepal Rastra Bank, said that the central bank is concerned to resolve the liquidity problem in banks and financial institutions. It is not possible to switch to CCD ratio now from CD ratio, said Dhungana The central bank would not affect the business of the capital market, but would only check where the loans of banks are headed to.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">FNCCI President Shekhar Golchha said that despite the risk of COVID-19, the economy is witnessing positive changes which should be supported through government policies. The government should not delay in prioritizing the economic revival. He also demanded the government to endorse the US-funded MCC project, as the country has not received any foreign aid.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-16', 'modified' => '2021-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '14236', 'image' => '20211216033026_1639612404.Clipboard03.jpg', 'article_date' => '2021-12-16 15:28:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 20: The ruling alliance has formed a three-member taskforce to hold discussions on US-funded project Millennium Challenge Corporation (MCC) with other political parties in order to reach a consensus. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, a meeting of the ruling alliance called by Prime Minister and Nepali Congress (NC) President Sher Bahadur Deuba took a decision to this effect on Sunday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce comprises senior leader of CPN (Unified Socialist) Jhalanath Khanal, Minister for Communications and Information Technology Gyanendra Bahadur Karki and CPN (Maoist Centre) Vice-chairman Narayankaji Shrestha. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The taskforce has been entrusted with the responsibility of holding consultations with all political parties to resolve various issues that are under consideration in the parliament and resuming the House proceedings, RSS further reported. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The ruling coalition decided to form the taskforce after an all-party meeting called by PM Deuba could not reach a consensus regarding the MCC due to the differing views among the ruling parties. The ruling parties including Maoist Centre and CPN Unified Socialist were in favour of endorsing the grant agreement only after amendment. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting ended inconclusively due to the absence of the main opposition party CPN UML.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-20', 'modified' => '2021-12-20', 'keywords' => '', 'description' => '', 'sortorder' => '14250', 'image' => '20211220104128_MCC.jpg', 'article_date' => '2021-12-20 10:40:50', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14504', 'article_category_id' => '1', 'title' => 'FinMin Happy with Speech Delivery while Development Expenditure Remains Less than 2 Percent', 'sub_title' => '', 'summary' => 'December 19: The spending system of the government can be summed up as problematic.', '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"">December 19: The spending system of the government can be summed up as problematic. The government announced large budget to please the people. But the implementation of the budget has been poor. Finance Minister Janardan Sharma has still not shown his interest in implementing the budget, despite the budget not being spent as per the provisions authorized by him.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister Sharma shows his pretentious nature, giving strict instructions during budget review. But, he indulges himself into empty talks in programs organized by the party instead of taking care of problems in the spending system.</span></span></span></span></p> <p><span style="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 formation of the government led by Prime Minister Sher Bahadur Deuba, Finance Minister Sharma came to take charge of the Ministry of Finance. He presented the replacement bill on budget and announced a plan to spend 10 percent of the capital budget every month. As per the announcement, the Ministry of Finance issued the 'Criteria for Making Public Expenditure Economical and Effective 2078' and set a target of achieving 100 percent result by mid-June at a minimum rate of 10 percent within the first quarter and then at least 10 percent each month.</span></span></span></span></p> <p><span style="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 the contrary, the government’s expenditure has not been able to exceed even 2 percent. Based on the target, the government was supposed to spend 30 percent of the total budget by mid-December. Meanwhile, only 6.46 percent or Rs 28.40 billion has been spent so far. This expenditure ratio is the lowest in 3 years and even weaker than during the Covid-19 pandemic period. A total of 10.18 percent of capital expenditure was incurred in the first five months of the fiscal year 2077/78. During the review period of the current fiscal year, capital expenditure has been much weaker than in the previous years. This indicates the failure of Minister Sharma to implement the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Finance Minister surrounded by activists</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The budget implementation has become weak due to the ignorance in taking care of problems within the spending system. According to the sources at the Ministry of Finance, Minister Sharma is absent from the ministry most of the time. And even if he comes to the office, the party activists surround him. The room of minister Sharma is crowded all the time. Despite the administrators saying that the authority of Singha Durbar has reached to the villages, the office of finance minister is filled with huge crowds to solve minor issues all the 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"">“He (the finance minister) often has party special programs to attend. When he comes to the ministry, he is surrounded by the activists and well-wishers. The finance minister is more inclined to listen to the problems of the party workers than to address the problems of the economy,” said one of the senior officials of finance ministry.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He doesn’t stop Instructing</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma, who is usually out attending party programmes, does not stop reviewing the budget and giving instructions to the officials. He called the secretaries and ministers of the concerned ministries to the finance ministry on Friday to review the budget after the budget implementation was proven to be weak. The meeting was attended by Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Minister for Health Birodh Khatiwada and Minister for Drinking Water Umakanta Chaudhary.</span></span></span></span></p> <p><span style="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 meeting, Finance Minister Sharma asked the secretaries / ministries to implement the budget on time. The minister directed to spend 30 percent of the budget of each ministry by mid-January. Stating that the failure to make timely capital expenditure has also affected liquidity, he urged the ministries to spend on development as soon as possible.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma warned that if the budget expenditure is not seen, the allocated amount will be transferred under other headings during the upcoming review of the budget expenditure.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Minister Sharma said that the budget would be transferred to the places where the expenditure would be incurred at the state and local level if the situation was not resolved on 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"">“If you don't spend, you can't hold on to that budget,” said the minister. Despite the strict instructions, there are no signs of compliance with spending the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">While the budget implementation is weak, the government has not paid much attention to identification of the problem as well. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Economist Bishwambhar Pyakurel said that the report prepared by the Public Expenditure Review Commission formed by the government three years ago is still kept secret , while pointing out the problems in the expenditure system. This makes it clear that the government itself does not want to spend the money. According to him, the government must show seriousness in resolving the problems prevalent in the expenditure system.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers-secretaries are the obstacles in budget implementation</span></span></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Ministers and secretaries are seen as obstacles in the implementation of the current budget. In particular, Urban Development Minister Ram Kumari Jhankri was firm in reversing the provisions in the budget. Later the decision of the minister was reversed through a secretary level deision.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few months ago, Urban Development Minister Jhankri decided to block the agreement reached through the Consumer Committee. Because of which, the activities to be carried out through the consumer committee as per the budget had been stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif""> Recently, the Ministry of Federal Affairs and General Administration made a secretary-level decision and revoked the decision of Minister Jhankri in order to continue the work to be done through the Consumer Committee. Minister Jhankri had decided to stop the purchase agreement saying that the work of the consumer committee was not of quality, full of corruption and that they showed slowness with work. Accordingly, all kinds of public purchases through the Consumers Committee were stopped from October 31. Flipping that decision, the Ministry of General Administration wrote to all the local levels to keep the work going.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, the Urban Development Minister is angry over the decision of the Ministry of General Administration and Minister Jhankri has said that she will not abide by the decision and has instructed the officials not to do the work under the ministry from the Consumer Committee until further notice, as per a source close to her.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14249', 'image' => '20211219040548_20210716022924_1626392414.Clipboard14.jpg', 'article_date' => '2021-12-19 16:04:59', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14502', 'article_category_id' => '1', 'title' => 'Terrorism Threat Declines in Nepal but Risk Remains: US Report on Terrorism', 'sub_title' => '', 'summary' => 'December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists.', '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"">December 19: A US report released on Thursday states that the threat posed by international terrorist organization has decreased in Nepal, but the risk persists. The new report on terrorism recently released by US Secretary of State Anthony Blinken points out that there is still a risk that Nepal could become a transit point for an international terrorist organization.</span></span></span></span></p> <p><span style="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 United States has cited Nepal’s open borders with India and inadequate security measures and arrangements at the country's only international airport as the reasons for such risk. In its 2018 report, the United States cited Nepal as a fertile ground for terrorism. However, the current report only points out the risks.</span></span></span></span></p> <p><span style="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 a report from 2015 to 2018, the United States stated that the Indian Mujahideen had expanded its base in Nepal and that Nepal was the hub of the organization. But the report, this time states the open border with India as a security risk.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The report was released by the US State Department's Bureau of Counterterrorism. The report states that there was no anti-US terrorist activity in Nepal in 2020.</span></span></span></span></p> <p><span style="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 Netra Bikram Chand-led group has renounced violence and entered the peace process, the US report said that the group has continued its violent activities.</span></span></span></span></p> <p><span style="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 US has addressed the group that was referred to as a pro-terrorist in the previous report, as pro-violent extremist this year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Stating that Nepal does not have its own definition of terrorism, the US report points out the risk of terrorist activity in the Middle East affecting Nepal as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Dozens of members of international terrorist organizations have been arrested in Nepal in the last two decades. The Nepal Police has taken action against the persons arrested in such incidents as per the prevailing laws of 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"">According to a high-ranking police source, Nepal has been secretly handing over many of them to the concerned countries in lack of extradition treaty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A few years ago, a member of the terrorist group Lashkar-e-Taiba reportedly came to Nepal. He spent a few months in Kathmandu, Nepalgunj, Rupandehi and Kapilvastu. It was revealed that the member had obtained citizenship of Nepal from Kapilvastu. The Nepal Police had traced his activities and whereabouts. According to a high-ranking police source, he was arrested and action was taken against him for tampering with the government stamp.</span></span></span></span></p> <p><span style="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 paying the penalty, he was secretly handed over to the concerned country. According to the police, he had come to Nepal to expand his organization in South Asia. Police had recovered some money and other documents from him.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14248', 'image' => '20211219032806_20211202020506_2009-03_Kathmandu_10.jpg', 'article_date' => '2021-12-19 15:27:15', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14503', 'article_category_id' => '1', 'title' => 'NRB Directs BFIs to prepare CD Ratio Action Plan', 'sub_title' => '', 'summary' => 'December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. ', '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"">December 19: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to prepare necessary action plans to maintain the CD ratio within the prescribed limit. NRB issued the directive on Thursday, December 16. </span></span></span></span></p> <p><span style="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 has issued the directive according to its arrangements made in the first quarterly review of the monetary policy. NRB has directed that deposit mobilization and credit flow should be managed on a monthly basis in compliance with the CD ratio.</span></span></span></span></p> <p><span style="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 NRB had abolished the provision of CCD ratio of 85 percent in the current fiscal year and had made provision of CD ratio up to 90 percent. At present, the CD ratio of most banks is above 90 percent. The banks and financial institutions have been told to maintain the CD ratio at 90 percent by mid-July 2022. Accordingly, banks will be able to disburse the loans beyond the prescribed limit of CD ratio 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"">According to the NRB, banks and financial institutions can make action plans accordingly. This will resolve the issue of credit flow. NRB has introduced such provisions to facilitate lending in some essential sectors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Earlier, banks were seeking to increase the CD ratio to 92 percent. However, NRB has not increased the CD ratio but has facilitated its implementation. One of the officials of the central bank said banks should prepare an action plan to maintain CD ratio by mid July 2022. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">"If the CD ratio of some banks is maintained at 91% but needs to extend the credit, the central bank will not prevent it from disbursing loans. It wouldn't be an issue if the CD ratio goes higher at present but it must be maintained within 90% by mid-July," 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"">Also, when banks and financial institutions assign the evaluator for the purpose of valuing the collateral, their work, duties, rights and responsibilities should be clearly stated in the agreement. The evaluator should evaluate the property to be accepted as collateral independently, without any bias or prejudice, on the basis of international recognition and good practices, NRB stated.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14247', 'image' => '20211219034337_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-12-19 15:42:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14501', 'article_category_id' => '1', 'title' => 'Government Prepares Work Procedure to Allow Participation of Private Sector in Power Trade', 'sub_title' => '', 'summary' => 'December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. ', '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"">December 19: The government has prepared a draft of electricity trade work procedure to allow the private sector to get involved in electricity trade. The Ministry of Energy, Water Resources and Irrigation has formulated the draft, informed a high-ranking official at the ministry.</span></span></span></span></p> <p><span style="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 official, the electricity bill under consideration in the federal parliament has proposed to allow the private sector to trade electricity. The ministry has said the work procedure will include this matter in a more precise way. According to a source, it has been proposed to allow the private sector to trade electricity not only in the country but also in the regional 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"">"Economic development is not possible without the participation of the private sector. Therefore, we need to take the private sector along in energy development. Accordingly, we have prepared a draft to allow the private sector to trade electricity," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Currently, only the government-owned Nepal Electricity Authority is allowed to engage in such trade. The private sector has been demanding for a permit to participate in the trade of electricity for a long time. Now the government is going to make policy arrangements in this regard. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">However, this procedure will be implemented after the electricity bill under consideration in the parliament is endorsed. "We will implement the procedure accordingly after the bill is passed," said the source.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the ministry is also working to formulate guidelines on cross-border electricity trade. The ministry is ready to implement the guideline soon. The guideline is being formulated prioritizing electricity trade with India. As per the agreement reached between the two countries, India has already made such guidelines. The ministry expects the electricity trade to be more convenient once the guideline is prepared.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although there are no policy at the moment, the private sector has already established companies to trade electricity. Nepal Power Exchange Company has already been registered with the investment of businessmen including Kumar Pandey. Entrepreneurs including Motilal Dugad and Sandeep Shah have also set up electricity trading companies. Nepal Electricity Authority has also established Nepal Power Trade Company.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Recently, Nepal Infrastructure Bank (NIFRA) has also set up a separate company to trade electricity. However, they have not been able to get permits due to lack of necessary policy. Entrepreneur Pandey says that the possibility of getting a license has increased as the government is making policy arrangements.</span></span></span></span></p> <p><span style="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 said that an alternative company should come to trade electricity in the country. "NEA has monopoly in trading electricity here. From now on, with the participation of companies from the private sector, the energy sector should have multiple buyers and multiple traders."</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14246', 'image' => '20211219024631_electricity.jpg', 'article_date' => '2021-12-19 14:45:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14500', 'article_category_id' => '1', 'title' => '32 Per Cent Children in Nepal Chronically Malnourished: Report ', 'sub_title' => '', 'summary' => 'December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">December 19: Nepal’s progress towards reducing malnutrition faces setback due to multidimensional poverty, vulnerability to shocks including the economic slowdown from COVID-19 and weak infrastructure, states a report prepared by the National Planning Commission (NPC).</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to a study conducted by the NPC, 32 per cent children in Nepal are chronically malnourished while seventeen percent of Nepalese women are overweight or obese. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The report unveiled last week points out to the prevalence of stunting among the poorest households in more than double that of the richest quintile. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">According to the report, micronutrient deficiency or ‘hidden hunger’ is caused by inadequate diversity and limited essential nutrients in diets. The report also noted that the production and consumption of staple food is currently higher than that of fresh nutritious food. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The finding of the Fill the Nutrient Gap Analysis initiated by the NPC in 2020 show that the lowest cost nutritious diet is, at the national average, 348 per five-person household per day. The report further states that nutritious diet is more than twice as expensive as a diet that meets only the requirement of energy diets. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study supported by the World Food Programme (WFP) used a food system approach to better understand the barriers to consuming national diets including how economic barriers prevent households from affording healthy foods. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">The study highlights the need of a role from all sectors in improving the status of nutrition in Nepal. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">“To improve access to diets, Nepal must focus on food system transformation. Investment in nutrition-sensitive agriculture, staple food fortification and better infrastructure can improve accessibility to healthy foods for all,” the report states. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">Unveiling the report on Friday, NPC member Dr Dil Bahadur Gurung underlined the need of credible data to rightly intervene in the malnutrition issues and reportedly said this type of analysis would help come up with right policies and programmes against malnutrition and implement them effectively in the future. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt">WFP country director and representative Robert Kasca recommended the implementation of social security programmes, livelihood support programmes and school mid-day programmes targeting the households facing economic barriers to afford nutritious food to address the their nutritional requirements. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14245', 'image' => '20211219104353_191028-6-1.jpg', 'article_date' => '2021-12-19 10:43:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14499', 'article_category_id' => '1', 'title' => 'Experts Warn of Economic Slump, urge Govt to take Immediate Measures ', 'sub_title' => '', 'summary' => 'December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">December 19: Economists have urged the government to take immediate measures to bail out the country's economy from crisis, arguing that the banking sector has been facing liquidity crunch while the capital expenditure is meagre, and the balance of payments (BoP) has been increasing. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The balance of payments in the last four months is in deficit of Rs 1.51 billion, according to Nepal Rastra Bank. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">The foreign currency reserve is also declining. In the recent months, remittance inflow has also declined. The development activities have not gained pace. The banking and financial sector is not able to extend loan as deposit collection has not increased. The import of luxury goods has impacted on foreign currency. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Speaking at a recent interaction organized in the capital, economist Dr Chandramani Adhikari said that the country's economy is in imminent crisis. According to the state-owned national news agency RSS, he suggested the government to increase foreign currency reserve through export of goods and services and give priority to foreign investment. </span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Another economist Dr Dilliraj Khanal wondered why the production is stagnant when the banks have stepped up investment.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Calibri,"sans-serif"">Former governor of Nepal Rastra Bank and economist Dipendra Bahadur Chhetri stressed on banning import of certain luxury items. He argued that the capital expenditure remains dismal due to managerial weakness. The current problem is not only the result of political system but also of the budget system, he added. Chhetri further said that the government did not have a clear trade policy. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-19', 'modified' => '2021-12-19', 'keywords' => '', 'description' => '', 'sortorder' => '14244', 'image' => '20211219102227_economic crisis.jpg', 'article_date' => '2021-12-19 10:21:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14498', 'article_category_id' => '1', 'title' => 'Finance Minister Directs Ministries to Spend 30 per cent of Budget within 1 Month', 'sub_title' => '', 'summary' => 'December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: Finance Minister Janardan Sharma has directed all ministries to spend 30 per cent of their budget within one month. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The finance minister argued that lack of capital expenditure has contributed to the liquidity crunch in the country. He added that no ministry will be exempted from delaying budget expenditure. The Finance Ministry will provide necessary help in this regard, said the minister at an inter-ministry discussion at the Ministry of Finance on Friday. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Minister Sharma warned that the unspent budget will be transferred under other headings if the ministries fail to spend the budget on time. He also reiterated to end the trend of </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">releasing budget towards the end of the fiscal year. Minister Sharma also directed prompt delivery of government services. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Present on the occasion were Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Physical Infrastructure and Transport Renu Kumari Yadav, Health Minister Birodh Khatiwada and Minister for Water Supply Umakanta Chaudhary. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14243', 'image' => '20211217092607_fin min sharma.jpg', 'article_date' => '2021-12-17 21:25:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14496', 'article_category_id' => '218', 'title' => 'NIFRA Annual General Meeting Passes Financial Reports', 'sub_title' => '', 'summary' => 'December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15.', '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"">December 17: The third Annual General Meeting (AGM) of Nepal Infrastructure Bank Limited passed the report of the Board of Directors of the Fiscal Year 2077/78 and the financial statements unanimously amid a programme held on December 15. </span></span></span></span></p> <p><span style="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 per the financial statements of 2077/78, out of the accumulated profits till the end of the fiscal yuear, a resolution was passed to provide bonus shares equivalent to 8 percent of Rs 20 billion and a 0.2 percent cash dividend.</span></span></span></span></p> <p><span style="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 AGM also unanimously elected two directors representing the general shareholders. Those elected include Suman Pokharel and Lima Adhikari Acharya.</span></span></span></span></p> <p><span style="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 meeting was presided by Anuj Agrawal, who is also the Chairman of the Board of Directors of the bank. The general meeting was organized following the health guidelines against Covid-19 infections for the safety of the shareholders. Some shareholders joined the meeting via online portals in order to prevent the Covid-19 risks.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14242', 'image' => '20211217122538_NIFRA.jpg', 'article_date' => '2021-12-17 12:24:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14495', 'article_category_id' => '1', 'title' => 'Real Estate Business Flourishing amid Liquidity Crisis ', 'sub_title' => '', 'summary' => 'December 17: The liquidity crisis in Nepal has deepened in the last 4-5 months. ', '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"">December 17: The liquidity crisis in Nepal has deepened in the last 4-5 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"">All the economic indicators are disappointing while businessmen are not getting loans from banks even for urgent work. The stock market and remittance inflow have also been steadily declining. However, despite most of the economic indicators looking disappointing, the real estate business in November has been very 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"">Although the post-Dashain and Tihar season is considered as the peak season for real estate business, the real estate business was expected to be affected this year as banks were unable to provide loans. But the figures of buying and selling of housings and land in November have dismissed all such apprehensions. And the assumption that large sums of money outside the banking system are active in the real estate business in Nepal has been further strengthened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">A total of Rs 7 billion revenue has been collected from the purchase and sale of 70,000 houses and land plots in November this year against the transaction of 65,000 houses and land plots during the corresponding period of last fiscal year, when only Rs 5.5 billion revenue was collected. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Although slightly higher in numbers, the situation is quite different this year compared to last year. While liquidity was plentiful in the banking sector last year, it is not possible to get loan from banks even for urgent work this year. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Revenue worth Rs 5 billion was collected in October from the transactions of 50,000 houses this year. But in November, when the number of transactions increased by 20,000, the revenue increased by about Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Chartered Accountant Sudarshan Raj Pandey says this data further confirms the suspicion that the real estate business has been booming even when the economy is in crisis because a large amount of money has been circulating outside the banking system. </span></span></span></span></p> <p><span style="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 Nepal, among the total money sent to the market by Nepal Rastra Bank, not more than 30 percent has reached the banking channels,” said Pandey, “Even if 10 percent of the money is with people, 60 percent of the money is circulating in the non-banking sector.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He said that one of the areas where money flows through non-banking channels is the real estate. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong><em><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">How does black money run on real estate? </span></span></em></strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The land administration has not been able to determine the scientific value of real estate. Banks assesse the price for the disbursement of the loan, while the Department of Land Reforms and Management sets the price for the purpose of raising revenue through land and housing transactions. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Real estate experts say that the price is up to 10 times higher than the minimum valuation and a large amount of money is dealt through cash-in-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""> “Nepalese businessmen are not allowed to invest their earned money abroad. Keeping a large amount of money raises eyebrows. The best solution is to buy a house and land. When buying land, they transfer half of the money through the banking channel and the other half through the non-banking channel,” a source 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"">Experts say that the real estate sector is the safest place to keep the money earned by any industrialist through tax evasion or through corruption by politicians and government employees. </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14241', 'image' => '20211217121523_20211213123222_20170320111604_ep.jpg', 'article_date' => '2021-12-17 12:14:42', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14497', 'article_category_id' => '1', 'title' => 'Minister Expresses Displeasure over Selection of Project Plans', 'sub_title' => '', 'summary' => 'December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. ', '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"">December 17: Minister for Urban Development Ram Kumari Jhankri has expressed her dissatisfaction over the so-called priority projects of the federal government. She said that the projects are profiting a handful of people who have access to power centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“People with access to the federal government have been misusing the priority projects. It is the politicians who determine the future course of action of a nation but the politicians are not able to choose proper plans,” said Minister Jhankri while speaking at the meeting of the Development and Technology Committee of federal parliament on Thursday.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to Jhankri, the choice of projects is made without considering the economic impacts and do not comply with the provisions of the Financial Procedure and Financial Accountability Act.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">She said there is no need to build a view tower worth more than Rs 500 million on a hill at a time when hundreds of families are living under makeshift tents. According to Minister Jhankri, the parliament should curb the imbalance in the choice of plans. She said that housing reconstruction and urban development could not be carried properly out due to the lack of coordination among the different tiers of government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">During the meeting, the chairperson of the committee Kalyani Khadka directed the ministry to ensure proper standard and criteria for construction of buildings at a time when the government itself was constructing buildings for various bodies without giving due consideration to impact on environment and other issues.</span></span></span></span></p> <p><span style="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 Chairperson Khadka, in order to address the people's intense desire for development in the changed political context, the committee has directed the government to identify the projects that have stalled due to lack of budget and expedite them immediately.</span></span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14240', 'image' => '20211217124210_1639701173.jpg', 'article_date' => '2021-12-17 12:41:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14494', 'article_category_id' => '1', 'title' => 'Buddha Air Facing Recurring Technical Problems during Flights', 'sub_title' => '', 'summary' => 'December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">December 17: Buddha Air, one of the leading private airline companies of Nepal, is facing problems with its aircraft of late. The company carries passengers three times more than other airline companies of Nepal. However, Buddha Air has been facing recurring problems with its aircraft. The problem was repeated once again on Thursday. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An aircraft of Buddha Air that took off from Bharatpur for Kathmandu had to make an emergency landing soon after take-off due to a technical problem in the aircraft’s engine.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Buddha Air said in a press statement that the Beechcraft with call sign 9N-AEE landed safely at Bharatpur Airport after a technical problem in the aircraft’s engine was reported after the take-off.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Altogether 19 passengers including two children were on board the plane. The crew members included a captain, a co-pilot and an air hostess. Buddha Air carried the passengers to Kathmandu with another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">Earlier on September 27, an aircraft belonging to Buddha Air had faced a technical problem during its flight from Kathmandu to Biratnagar.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">A total of 73 passengers were travelling on the plane, which reported landing gear problems. The aircraft returned back to Kathmandu and made a safe landing after consuming fuel while it circled the valley for some hours. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">In another such incident, a Buddha Air aircraft reported problems during Kathmandu-Bhairahawa flight on December 8. The U4-810 aircraft of Buddha Air made an emergency landing during the occasion. The aircraft was forced to land after a technical problem emerged on the right propeller of the aircraft. Buddha Air informed that it sent the passengers to Kathmandu through another aircraft.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif"">An official of Buddha Air said these incidents have come to the public’s attention because the company maintains transparency and issues notices regarding minor incidents. The official maintained the company has given high priority to technical security.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt"><span style="font-family:"Arial","sans-serif""> “We are more alert regarding such issues because we have a large fleet and we serve more passengers compared to other airline companies,” said the official, adding, “The aircraft are properly checked while they are on ground and even during flights.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14239', 'image' => '20211217114833_1639701101.jpg', 'article_date' => '2021-12-17 11:47:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14493', 'article_category_id' => '1', 'title' => 'Chances of Snowfall from Today', 'sub_title' => '', 'summary' => 'December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">December 17: There are chances of snowfall in high hills and mountainous region of the country from Friday (December 17) onwards due to the western low pressure system (westerly trough) advancing along with the westerly winds, the Department of Hydrology and Meteorology said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The weather will be partly to generally cloudy in Sudurpaschim, Karnali, Lumbini and Gandaki provinces with the clouds moving towards the east through Sudurpaschim Province from Friday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There is possibility of light snowfall at some places of the high hills and mountainous regions in Sudurpaschim, Karnali and Gandaki provinces. Likewise, there are chances of light rain at some places of Sudurpaschim Province. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The department has forecast an increase in cold as the mercury level will further plummet due to the influence of this weather system. It has urged people to adopt necessary safety measures and precaution to protect oneself from the possible impact of the snowfall and cold weather. The influence of this weather system is is likely have an impact on the daily lives of people including mountaineering activities and air transport. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">As per the latest weather bulletin of the department, the Kathmandu Valley recorded the lowest temperature of this year so far at 3.0 degrees Celsius and the highest of 17.5 degrees Celsius. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, Jumla recorded the lowest minimum temperature (minus 5.7 degrees Celsius) while Bhairahawa recorded the highest temperature (28.4 degrees Celsius) throughout the country on Thursday. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14238', 'image' => '20211217082241_20190220014933_facebook.jpg', 'article_date' => '2021-12-17 08:22:12', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14492', 'article_category_id' => '1', 'title' => 'World Bank Announces US$ 93.5 Billion Package for World's Poorest Countries', 'sub_title' => '', 'summary' => 'December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">December 17: The World Bank has announced a US$ 93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to a statement issued by the World Bank on December 15, the financing brings together $23.5 billion of contributions from 48 high and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The financing package, agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history, the statement further said.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The World Bank said that IDA’s unique leveraging model enables it to achieve greater value from donor resources. According to the World Bank, every $1 that donors contribute to IDA is now leveraged into almost $4 of financial support for the poorest countries. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis,” said World Bank Group's President David Malpass. “We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds will be delivered to the world’s 74 poorest countries under the 20th replenishment (IDA20) programme, which focuses on helping countries recover from the impacts of the COVID-19 crisis. The World Bank noted that the ongoing pandemic is worsening poverty, undermining growth, and jeopardizing the prospects of a resilient and inclusive development in these countries.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Countries are struggling with falling government revenues; increasing debt vulnerabilities; rising risks to fragility, conflict, and instability; and dropping literacy rates. About a third of IDA countries are facing a looming food crisis," the statement added. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To help countries build back greener, a substantial portion of these funds go to tackling climate change, with a focus on helping countries to adapt to rising climate impacts and preserve biodiversity. IDA will also deepen support to countries to better prepare for future crises, including pandemics, financial shocks, and natural hazards, the statement added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With this strong package, the World Bank expects IDA will be able to scale up its support in the pandemic and address health challenges, helping 400 million people receive essential health and nutrition resources. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.</span></span></p> ', 'published' => true, 'created' => '2021-12-17', 'modified' => '2021-12-17', 'keywords' => '', 'description' => '', 'sortorder' => '14237', 'image' => '20211217081712_World Bank (2).jpg', 'article_date' => '2021-12-17 08:16:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14491', 'article_category_id' => '1', 'title' => 'FNCCI Organizes Post COVID-19 Economic Revival Conference', 'sub_title' => '', 'summary' => 'December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons.', '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"">December 16: Finance Minister Janardan Sharma has called upon the private sector to operate government-owned industrial establishments that have been shut down due to various reasons. He said that the government was ready to cooperate with the private sector in this regard. He made such remarks durng a conference organized to discuss post-COVID-19 economic revival strategies</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Addressing the inaugural session of the conference organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on December 15, Finance Minister Sharma said that economic prosperity cannot be achieved without the participation of the private sector.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">He also shared that the government is amending laws that are detrimental to the development and progress of business establishments. He also asked the private sector to provide suggestions to solve the current liquidity crisis and the government will help accordingly. </span></span></span></span></p> <p><span style="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 finance minister also claimed that recent political events are attributed to low capital expenditure and liquidity crisis. He said it would be resolved by February. Until the second week of December, the total capital expenditure of the country is 6.13 percent. Finance Minister Sharma said that such expenditure will increase from the next three months of the current fiscal year. There is lack of liquidity in the market due to the government's inability to increase development expendiure. </span></span></span></span></p> <p><span style="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 Sharma, trade deficit cannot be reduced by selling electricity alone but it is possible by increasing domestic consumption of electricity. The government will bring a policy to increase electricity consumption by providing electricity to industries at concessional rates, asserted the minister.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Arjun Prasad Pokhrel, secretary at the Ministry of Industry, said the government would increase investment in industrial infrastructure. Stating that domestic, small and micro industries are the backbone of the country's economy, industrial areas are being developed targeting such industries. The discussions are being held with all the three levels of government to simplify the process of registering such industries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Neelam Dhungana, deputy governor of Nepal Rastra Bank, said that the central bank is concerned to resolve the liquidity problem in banks and financial institutions. It is not possible to switch to CCD ratio now from CD ratio, said Dhungana The central bank would not affect the business of the capital market, but would only check where the loans of banks are headed to.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">FNCCI President Shekhar Golchha said that despite the risk of COVID-19, the economy is witnessing positive changes which should be supported through government policies. The government should not delay in prioritizing the economic revival. He also demanded the government to endorse the US-funded MCC project, as the country has not received any foreign aid.</span></span></span></span></p> ', 'published' => true, 'created' => '2021-12-16', 'modified' => '2021-12-16', 'keywords' => '', 'description' => '', 'sortorder' => '14236', 'image' => '20211216033026_1639612404.Clipboard03.jpg', 'article_date' => '2021-12-16 15:28:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
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| 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
