FNCCI Calls for a Realistic Budget

May 16, 2024 0 1 minutes 59 seconds to read

Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending…

Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC

May 16, 2024 0 2 minutes 33 seconds to read

Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on…

16th Plan Sets Economic Growth Rate of 7.3 Percent

May 16, 2024 0 50 seconds to read

Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years.…

Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan

May 16, 2024 0 2 minutes 59 seconds to read

Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and…

Over 90 Percent of People in Madhesh Province Lack Access to Insurance

May 16, 2024 0 2 minutes 38 seconds to read

Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding…

NOC Slashes Prices of Petroleum Products

May 16, 2024 0 1 minutes 5 seconds to read

Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May…

TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics

May 16, 2024 0 1 minutes 23 seconds to read

Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive…

High Court Acquits Former Cricket Captain Lamichhane of Rape Charge

May 15, 2024 0 2 minutes 40 seconds to read

Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP…

NEPSE Dips by 9.54 Points to Close at 2017.97

May 15, 2024 0 1 minutes 8 seconds to read

The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week,…

Share of Fixed Deposits in Banks Declining with the Drop in Interest Rates

May 15, 2024 0 3 minutes 32 seconds to read

Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to…

Government’s Expenditure in Ten Months of Current FY Stands at 60.35 Percent of the Target

May 15, 2024 0 3 minutes 28 seconds to read

Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal…

Pakistan PM Shehbaz Sharif Orders Privatisation of All State-Owned Enterprises

May 15, 2024 0 4 minutes 26 seconds to read

Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News…

MPs Give Mixed Reaction to Govt’s Policies and Programmes

May 15, 2024 0 1 minutes 58 seconds to read

Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on…

Govt to Broaden Social Security Programme

May 15, 2024 0 3 minutes 17 seconds to read

Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government's policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.…

Global IME Bank Declared 'Best Bank in Nepal for 2024' by Global Finance Magazine

May 15, 2024 0 1 minutes 35 seconds to read

Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine.…

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No Laughing Matter

The Sweet Rewards of Power

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NEPSE

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			'id' => '21004',
			'article_category_id' => '1',
			'title' => 'FNCCI Calls for a Realistic Budget',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year&#39;s federal budget should be determined based on the government&#39;s spending capacity.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">During FNCCI&#39;s pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p>
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			'keywords' => 'FNCCI, budget, realistic',
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			'sortorder' => '20731',
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			'id' => '21002',
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			'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC',
			'sub_title' => '',
			'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan&rsquo;s implementation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stated, &quot;The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p>
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			'id' => '21001',
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			'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent',
			'sub_title' => '',
			'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p>

<p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p>
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			'id' => '21003',
			'article_category_id' => '1',
			'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan',
			'sub_title' => '',
			'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed&rsquo;s team will be based in Dhaka office.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">On his appointment, Ahmed said, &ldquo;I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, &ldquo;We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the statement issued by the company, Ahmed will be responsible for charting Visa&rsquo;s business priorities in Nepal. He and the team will manage Visa&rsquo;s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;He will also be a part of Visa&rsquo;s leadership team for India and South Asia.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21000',
			'article_category_id' => '1',
			'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance',
			'sub_title' => '',
			'summary' => 'Birgunj:  A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Birgunj: &nbsp;A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. &quot;Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government,&quot; Sharma stressed.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance,&quot; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p>

<p>&nbsp;</p>
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			'image' => '20240516075930_Ed- insurance.jpg',
			'article_date' => '2024-05-16 07:58:58',
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			'id' => '20998',
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			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'id' => '20999',
			'article_category_id' => '1',
			'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Shrestha defeated Nepal&#39;s Sanyog Kapali 4-3 in the men&#39;s singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Shrestha had defeated Sri Lanka&#39;s Chamira Ginige and Sanyog had defeated Sri Lanka&#39;s Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-16',
			'modified' => '2024-05-16',
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			'description' => '',
			'sortorder' => '20725',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20992',
			'article_category_id' => '1',
			'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport&#39;s profile in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Sandeep Lamichhane has been acquitted,&quot; Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland&#39;s cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Wednesday&#39;s acquittal comes with the Nepali team in the United States to prepare ahead of next month&#39;s T20 World Cup.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner&#39;s big break came when he was snapped up for the Indian Premier League, the world&#39;s richest cricket tournament, in 2018.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20719',
			'image' => '20240515072513_GNndVIkbQAAuODW.jpg',
			'article_date' => '2024-05-15 19:24:45',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20991',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips by 9.54 Points to Close at 2017.97',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 15: The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 315 scrips were traded on the NEPSE through 55,862 transactions. A total of 8,490,772 shares changed hands, resulting in a total turnover of Rs 3.70 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">People&rsquo;s Power Limited (PPL) led the turnover amount with a total transaction of Rs 11 crores. Upakar Laghubitta Bittiya Sanstha and Unique Nepal Laghubitta Bittiya Sanstha (UNLB) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Gurans Laghubitta Bittiya Sanstha (GLBSL) faced the highest loss of 10%, closing at a market price of Rs 2139.30 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the negative territory except Manufacturing and Processing, Mutual Fund, and Trading Index. Manufacturing and Processing Index saw the highest gain at 1.40%, while the Development Bank Index lost the maximum of 0.96%.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20718',
			'image' => '20240515032355_collage (2).jpg',
			'article_date' => '2024-05-15 15:22:28',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20990',
			'article_category_id' => '1',
			'title' => 'Share of Fixed Deposits in Banks Declining with the Drop in Interest Rates',
			'sub_title' => '',
			'summary' => 'Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the banks reduced the interest rated with the increase in liquidity, the share of general savings started to increased and fixed deposits began to decrease.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank data, 58.9 percent of total deposits with banks and financial institutions were fixed deposits as of the Nepali month of Chaitra (mid-March to mid-April) in the current fiscal year. In the corresponding period of the previous fiscal year, 60.1 percent of total deposits were in fixed deposits.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Last year, due to a lack of liquidity in the banking system, banks raised interest rates to attract more deposits, resulting in an increased share of fixed deposits. However, since the beginning of the current fiscal year, banks have started reducing interest rates, causing the share of fixed deposits to decrease.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Bhuwan Kumar Dahal, former president of the Nepal Bankers Association, stated that banks offered higher interest rates to attract deposits during the liquidity crunch last year, emphasizing term deposits. However, with improved liquidity this year, fixed deposits are gradually decreasing. &quot;If there is a lack of liquidity, the banks offer fixed deposit schemes with higher interest rates to attract deposits,&quot; he said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Until the last fiscal year, banks offered high interest rates for term deposits to increase deposits. Some schemes even offered returns up to 10 times over a 21-year period. However, in the current fiscal year, increased liquidity in the banking system, due to slower credit flow compared to deposit growth, has led banks to reduce interest rates.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-April of the current year, banks and financial institutions had collected a total of Rs 6,162 billion in deposits and disbursed loans amounting to Rs 5,128 billion. During this period, bank deposits increased by 7.2 percent, while credit flow increased by only 4.6 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Bankers Association decided to end the agreement to fix a uniform interest rate from mid-July this year, allowing individual banks to set their own rates. As a result, interest rates have been continuously decreasing, with most banks reducing rates from mid-April to mid-May. For the month of Jestha (mid-May to mid-June), the maximum interest rate on fixed deposits of commercial banks has dropped below 8 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the central bank instructions, banks can offer a maximum interest rate on fixed deposits that is 5 percentage points higher than the minimum interest rate on general savings. Additionally, the difference between the maximum and minimum interest rates for all types of local currency deposit accounts, except for call deposits, cannot exceed 5 percentage points. Banks can also offer one percentage point more interest on remittance accounts compared to general term deposit accounts. According to Nepal Rastra Bank, the average interest rate on deposits of commercial banks fell to 6.53 percent in Chaitra (mid-March to mid-April), while the average interest rate on loans fell to 10.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">As interest rates on deposits have decreased, the cost of capital for banks has also reduced, causing the base rate to drop to 8.51 percent in the review month. A year ago, the base rate of commercial banks was 10.48 percent.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20717',
			'image' => '20240515025645_Banks - Copy.jpg',
			'article_date' => '2024-05-15 14:56:03',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20989',
			'article_category_id' => '1',
			'title' => 'Government’s Expenditure in Ten Months of Current FY Stands at 60.35 Percent of the Target',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">According to the data released by the Financial Comptroller General Office, the government has spent Rs 1056.89 billion as of mid-May which is </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">60.35 percent of the annual budget allocated for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had announced a budget of Rs 1751.31 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The current expenditure of the government as of mid-May this year stands at 65.91 percent of the annual budget. Under this heading, the government had allocated a budget of Rs 1141.78 billion but has so far spent only Rs 752.55 billion. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Similarly, the government has allocated a budget of Rs 302.7 billion under the heading of capital expenditure.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">As of mid-May, the government has spent only Rs 111.88 billion allocated as capital expenditure which is 37.04 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Likewise, the government has spent 62.6 percent of the budget under the heading of financial management. The government had allocated Rs 307.45 billion under this heading out of which it has spent Rs 192.45 billion as of mid-May.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The total revenue collected by the government during the review period is 58.2 percent of the annual target. In the current fiscal year, the government had set a target to raise revenue of Rs 1472.48 billion. As of mid-May, the government has collected revenue of Rs 857.28 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">In terms of tax revenue, the annual target is to collect Rs 1305.47 billion but the government has so far collected Rs 746.83 billion which is 57.21 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Towards non-tax revenue, the government had set a target to collect Rs 117.62 billion out of which it has collected Rs 85.10 billion which is 72.7 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had set a target of receiving foreign grants of Rs 49.94 billion in the current fiscal year but has achieved only 5.52 percent of the target, i.e. Rs 2.75 billion.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'modified' => '2024-05-15',
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			'sortorder' => '20716',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20988',
			'article_category_id' => '243',
			'title' => 'Pakistan PM Shehbaz Sharif Orders Privatisation of All State-Owned Enterprises   ',
			'sub_title' => '',
			'summary' => 'Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairing a review meeting on matters related to the Ministry of Privatization and Privatization Commission in Islamabad, the prime minister said apart from strategic state-owned enterprises, all other enterprises, whether profitable or loss-making, will be privatised.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the meeting, the privatisation ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz said the government had nothing to do with running the businesses but was mandated to facilitate the investors. He viewed that the privatisation of SOEs would save the taxpayers&#39; money to help the government provide quality services to the people.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Government&#39;s job is not to do business but to ensure a business and investment-friendly environment,&quot; the premier said, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz Sharif also directed all federal ministries to take necessary action in this regard and cooperate with the Privatization Commission.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He directed to live telecast of Pakistan International Airlines Company Limited&#39;s (PIA) privatisation including bidding and other important steps. The process of privatisation of other institutions will also be broadcast live.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">ARY News reported that the meeting was informed about the progress made so far for the privatization of state-owned enterprises. It was informed that the pre-qualification process for PIA privatization is to be completed by the end of this month.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was told that the privatisation of power distribution companies has been included in the privatisation program 2024-2029.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">It was informed that loss-making state-owned enterprises are to be privatized on a priority basis and that a pre-qualified panel of experts is being appointed in the privatization commission to speed up the privatization process.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was attended by federal ministers Khawaja Asif, Muhammad Aurangzeb, Jam Kamal Khan, Awais Ahmed Leghari, Abdul Aleem Khan, Musaddik Malik and Ahad Khan Cheema, PM&#39;s Coordinator Rana Ehsan Afzal, and relevant senior officers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A day earlier, Federal Minister for Finance Muhammad Aurangzeb had directed all concerned ministries and divisions to submit proposals for the categorisation of their respective State-Owned Enterprises (SOEs) by May 20.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The categorisation is a part of a comprehensive review of the rationale for retaining commercial functions within the public sector, according to a press release issued by the finance ministry.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Central Monitoring Unit of the Finance Division presented its ongoing work on the compilation of the Federal SOE Annual Financial Report for fiscal year 2023. The DG CMU informed the meeting that the data of all commercial entities has been obtained &amp; collated, while the analytical work was currently underway.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The committee was briefed on the highlights of the performance of SOEs during the reporting period. The minister noted that there were a number of gaps in the governance and financial management of companies that needed to be addressed immediately and directed that the vacancies on the BOD&#39;s should be filled without delay, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Last Friday, the Cabinet Committee on Privatisation (CCOP) approved 24 state-owned enterprises for the privatisation programme, directing the privatisation ministry to deliberate the phasing of each entity in consultation with the respective ministries. &ndash; ANI/RSS&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'modified' => '2024-05-15',
			'keywords' => 'international, Pakistan, privatisation, state, owned, enterprises, airlines, prime, minister, government, business',
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			'sortorder' => '20715',
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			'article_date' => '2024-05-15 12:22:21',
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		'Article' => array(
			'id' => '20986',
			'article_category_id' => '1',
			'title' => 'MPs Give Mixed Reaction to Govt’s Policies and Programmes   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Parliamentarians from the ruling party defended the programmes, calling them positive and transformative, while opposition leaders described them as conventional and unpromising.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (Maoist Center) leader Madhav Sapkota praised the policies and programmes overall, emphasizing the importance of their implementation. &quot;The government must show the will to implement them,&quot; he said, noting the positive focus on self-employment and youth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Vice-president of Rastriya Swatantra Party, Dr. Swarnim Wagley, highlighted that numerous reforms have been proposed, increasing their potential linkage with the budget. &quot;The ideas in the form of policies and programmes need to be realized through the budget,&quot; he stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (US) leader Rajendra Pandey characterized the policies and programmes as routine, saying they do not inspire enthusiasm or address the current political situation. &quot;The policies and programmes do not give enthusiasm to the people and address the current political situation,&quot; he said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Chandra Bhandari, a leader of the main opposition party Nepali Congress, remarked that similar themes have been included in the policies and programmes for the past 34 years of Nepal&#39;s multi-party system. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;If only 20 percent of the policies and programmes were implemented, the country would have taken leaps towards prosperity,&quot; he commented. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'description' => '',
			'sortorder' => '20714',
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			'article_date' => '2024-05-15 11:38:59',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20985',
			'article_category_id' => '1',
			'title' => 'Govt to Broaden Social Security Programme',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government's policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.

',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government&#39;s policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Temporary and salaried workers in both government and organized sectors, along with those in the formal sector, will now be encompassed within the social security programme. The government has emphasized the integration of disparate social security initiatives.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">President Paudel further outlined policy adjustments aimed at eliminating redundancy among the Social Security Fund, Employees Provident Fund, and Citizen Investment Trust.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Health insurance programme to be made mandatory for organized sector</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has made it mandatory for the organized sector to enroll in the health insurance programme. Presenting the government&rsquo;s policies and programs for the fiscal year 2024/25 on Tuesday, President Ram Chandra Paudel said a provision has been made for mandatory enrollment in health insurance for the organized sector. &ldquo;The government will make arrangements for mandatory enrollment in health insurance for all organized sectors, including government, non-government, and others across the country,&rdquo; said Poudel.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Monthly salary payments for teachers starting next fiscal year</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has declared a significant change in teachers&#39; salary payment procedures, stating that salaries will be disbursed monthly starting from the next fiscal year. President Ramchandra Paudel, in his address outlining the government&#39;s policies and programs for the fiscal year 2024/25, highlighted this initiative. Currently, teachers receive their salaries every four months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Furthermore, the government has announced its intention to establish a legal framework prohibiting teachers from affiliating with political parties.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Govt to provide electric stoves and tubewells to families below the poverty line</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has announced plans to distribute essential items such as electric stoves and tubewells to families living below the poverty line. President Ramchandra Paudel made this declaration while unveiling the policy and program for the upcoming fiscal year. Additionally, he mentioned that impoverished families will be identified and provided with free insurance through local authorities.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20987',
			'article_category_id' => '218',
			'title' => 'Global IME Bank Declared 'Best Bank in Nepal for 2024' by Global Finance Magazine',
			'sub_title' => '',
			'summary' => 'Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. This accolade recognizes Global IME Bank&#39;s excellence in several key areas, including long-term reliability, effective financial resource mobilization, geographical expansion, and the development of strategic relationships, the bank said in a press statement. The bank said it has also excelled in its professional development, customer-focused services, and strong credit rating.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Each year, Global Finance Magazine honors leading banks across various regions such as Africa, Asia Pacific, Caribbean, Central America, Latin America, North America, Western and Eastern Europe and Middle East. This year&#39;s winners&rsquo; list includes prominent institutions like HSBC of Hong Kong, Bank of America of the USA, and the State Bank of India, Standard Chartered Bank Bangladesh, Metro Bank of the Philippines among others.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank claimed that it has become the first bank from Nepal to win this prestigious award.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With a network of over 1,100 service centers across Nepal, including 354 branches and 379 ATMs, Global IME Bank said it demonstrates a strong commitment to accessibility and customer service. Serving over 4.6 million customers, the bank offers a diverse range of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the bank, its commitment to innovation and customer satisfaction has been pivotal to its success. This achievement is supported by the loyalty of its customers, the dedication of its employees, and the backing of shareholders and regulatory bodies, the statement added.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21004',
			'article_category_id' => '1',
			'title' => 'FNCCI Calls for a Realistic Budget',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year&#39;s federal budget should be determined based on the government&#39;s spending capacity.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">During FNCCI&#39;s pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p>
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			'sortorder' => '20731',
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			'id' => '21002',
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			'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC',
			'sub_title' => '',
			'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan&rsquo;s implementation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stated, &quot;The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p>
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			'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent',
			'sub_title' => '',
			'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p>

<p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p>
',
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			'keywords' => 'growth, economic, Nepal, national, planning, commission',
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			'sortorder' => '20729',
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			'id' => '21003',
			'article_category_id' => '1',
			'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan',
			'sub_title' => '',
			'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed&rsquo;s team will be based in Dhaka office.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">On his appointment, Ahmed said, &ldquo;I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, &ldquo;We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the statement issued by the company, Ahmed will be responsible for charting Visa&rsquo;s business priorities in Nepal. He and the team will manage Visa&rsquo;s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;He will also be a part of Visa&rsquo;s leadership team for India and South Asia.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20728',
			'image' => '20240516081228_blank eight by six.jpg',
			'article_date' => '2024-05-16 08:11:46',
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	(int) 4 => array(
		'Article' => array(
			'id' => '21000',
			'article_category_id' => '1',
			'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance',
			'sub_title' => '',
			'summary' => 'Birgunj:  A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Birgunj: &nbsp;A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. &quot;Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government,&quot; Sharma stressed.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance,&quot; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20727',
			'image' => '20240516075930_Ed- insurance.jpg',
			'article_date' => '2024-05-16 07:58:58',
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	(int) 5 => array(
		'Article' => array(
			'id' => '20998',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'created' => '2024-05-16',
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			'description' => '',
			'sortorder' => '20726',
			'image' => '20240516075403_Ed - nOC.jpg',
			'article_date' => '2024-05-16 07:53:27',
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	(int) 6 => array(
		'Article' => array(
			'id' => '20999',
			'article_category_id' => '1',
			'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Shrestha defeated Nepal&#39;s Sanyog Kapali 4-3 in the men&#39;s singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Shrestha had defeated Sri Lanka&#39;s Chamira Ginige and Sanyog had defeated Sri Lanka&#39;s Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20725',
			'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg',
			'article_date' => '2024-05-16 07:55:39',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20992',
			'article_category_id' => '1',
			'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport&#39;s profile in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Sandeep Lamichhane has been acquitted,&quot; Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland&#39;s cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Wednesday&#39;s acquittal comes with the Nepali team in the United States to prepare ahead of next month&#39;s T20 World Cup.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner&#39;s big break came when he was snapped up for the Indian Premier League, the world&#39;s richest cricket tournament, in 2018.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20719',
			'image' => '20240515072513_GNndVIkbQAAuODW.jpg',
			'article_date' => '2024-05-15 19:24:45',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20991',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips by 9.54 Points to Close at 2017.97',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 15: The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 315 scrips were traded on the NEPSE through 55,862 transactions. A total of 8,490,772 shares changed hands, resulting in a total turnover of Rs 3.70 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">People&rsquo;s Power Limited (PPL) led the turnover amount with a total transaction of Rs 11 crores. Upakar Laghubitta Bittiya Sanstha and Unique Nepal Laghubitta Bittiya Sanstha (UNLB) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Gurans Laghubitta Bittiya Sanstha (GLBSL) faced the highest loss of 10%, closing at a market price of Rs 2139.30 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the negative territory except Manufacturing and Processing, Mutual Fund, and Trading Index. Manufacturing and Processing Index saw the highest gain at 1.40%, while the Development Bank Index lost the maximum of 0.96%.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20718',
			'image' => '20240515032355_collage (2).jpg',
			'article_date' => '2024-05-15 15:22:28',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20990',
			'article_category_id' => '1',
			'title' => 'Share of Fixed Deposits in Banks Declining with the Drop in Interest Rates',
			'sub_title' => '',
			'summary' => 'Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the banks reduced the interest rated with the increase in liquidity, the share of general savings started to increased and fixed deposits began to decrease.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank data, 58.9 percent of total deposits with banks and financial institutions were fixed deposits as of the Nepali month of Chaitra (mid-March to mid-April) in the current fiscal year. In the corresponding period of the previous fiscal year, 60.1 percent of total deposits were in fixed deposits.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Last year, due to a lack of liquidity in the banking system, banks raised interest rates to attract more deposits, resulting in an increased share of fixed deposits. However, since the beginning of the current fiscal year, banks have started reducing interest rates, causing the share of fixed deposits to decrease.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Bhuwan Kumar Dahal, former president of the Nepal Bankers Association, stated that banks offered higher interest rates to attract deposits during the liquidity crunch last year, emphasizing term deposits. However, with improved liquidity this year, fixed deposits are gradually decreasing. &quot;If there is a lack of liquidity, the banks offer fixed deposit schemes with higher interest rates to attract deposits,&quot; he said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Until the last fiscal year, banks offered high interest rates for term deposits to increase deposits. Some schemes even offered returns up to 10 times over a 21-year period. However, in the current fiscal year, increased liquidity in the banking system, due to slower credit flow compared to deposit growth, has led banks to reduce interest rates.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-April of the current year, banks and financial institutions had collected a total of Rs 6,162 billion in deposits and disbursed loans amounting to Rs 5,128 billion. During this period, bank deposits increased by 7.2 percent, while credit flow increased by only 4.6 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Bankers Association decided to end the agreement to fix a uniform interest rate from mid-July this year, allowing individual banks to set their own rates. As a result, interest rates have been continuously decreasing, with most banks reducing rates from mid-April to mid-May. For the month of Jestha (mid-May to mid-June), the maximum interest rate on fixed deposits of commercial banks has dropped below 8 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the central bank instructions, banks can offer a maximum interest rate on fixed deposits that is 5 percentage points higher than the minimum interest rate on general savings. Additionally, the difference between the maximum and minimum interest rates for all types of local currency deposit accounts, except for call deposits, cannot exceed 5 percentage points. Banks can also offer one percentage point more interest on remittance accounts compared to general term deposit accounts. According to Nepal Rastra Bank, the average interest rate on deposits of commercial banks fell to 6.53 percent in Chaitra (mid-March to mid-April), while the average interest rate on loans fell to 10.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">As interest rates on deposits have decreased, the cost of capital for banks has also reduced, causing the base rate to drop to 8.51 percent in the review month. A year ago, the base rate of commercial banks was 10.48 percent.</span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20717',
			'image' => '20240515025645_Banks - Copy.jpg',
			'article_date' => '2024-05-15 14:56:03',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20989',
			'article_category_id' => '1',
			'title' => 'Government’s Expenditure in Ten Months of Current FY Stands at 60.35 Percent of the Target',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">According to the data released by the Financial Comptroller General Office, the government has spent Rs 1056.89 billion as of mid-May which is </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">60.35 percent of the annual budget allocated for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had announced a budget of Rs 1751.31 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The current expenditure of the government as of mid-May this year stands at 65.91 percent of the annual budget. Under this heading, the government had allocated a budget of Rs 1141.78 billion but has so far spent only Rs 752.55 billion. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Similarly, the government has allocated a budget of Rs 302.7 billion under the heading of capital expenditure.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">As of mid-May, the government has spent only Rs 111.88 billion allocated as capital expenditure which is 37.04 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Likewise, the government has spent 62.6 percent of the budget under the heading of financial management. The government had allocated Rs 307.45 billion under this heading out of which it has spent Rs 192.45 billion as of mid-May.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The total revenue collected by the government during the review period is 58.2 percent of the annual target. In the current fiscal year, the government had set a target to raise revenue of Rs 1472.48 billion. As of mid-May, the government has collected revenue of Rs 857.28 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">In terms of tax revenue, the annual target is to collect Rs 1305.47 billion but the government has so far collected Rs 746.83 billion which is 57.21 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Towards non-tax revenue, the government had set a target to collect Rs 117.62 billion out of which it has collected Rs 85.10 billion which is 72.7 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had set a target of receiving foreign grants of Rs 49.94 billion in the current fiscal year but has achieved only 5.52 percent of the target, i.e. Rs 2.75 billion.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '20988',
			'article_category_id' => '243',
			'title' => 'Pakistan PM Shehbaz Sharif Orders Privatisation of All State-Owned Enterprises   ',
			'sub_title' => '',
			'summary' => 'Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairing a review meeting on matters related to the Ministry of Privatization and Privatization Commission in Islamabad, the prime minister said apart from strategic state-owned enterprises, all other enterprises, whether profitable or loss-making, will be privatised.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the meeting, the privatisation ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz said the government had nothing to do with running the businesses but was mandated to facilitate the investors. He viewed that the privatisation of SOEs would save the taxpayers&#39; money to help the government provide quality services to the people.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Government&#39;s job is not to do business but to ensure a business and investment-friendly environment,&quot; the premier said, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz Sharif also directed all federal ministries to take necessary action in this regard and cooperate with the Privatization Commission.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He directed to live telecast of Pakistan International Airlines Company Limited&#39;s (PIA) privatisation including bidding and other important steps. The process of privatisation of other institutions will also be broadcast live.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">ARY News reported that the meeting was informed about the progress made so far for the privatization of state-owned enterprises. It was informed that the pre-qualification process for PIA privatization is to be completed by the end of this month.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was told that the privatisation of power distribution companies has been included in the privatisation program 2024-2029.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">It was informed that loss-making state-owned enterprises are to be privatized on a priority basis and that a pre-qualified panel of experts is being appointed in the privatization commission to speed up the privatization process.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was attended by federal ministers Khawaja Asif, Muhammad Aurangzeb, Jam Kamal Khan, Awais Ahmed Leghari, Abdul Aleem Khan, Musaddik Malik and Ahad Khan Cheema, PM&#39;s Coordinator Rana Ehsan Afzal, and relevant senior officers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A day earlier, Federal Minister for Finance Muhammad Aurangzeb had directed all concerned ministries and divisions to submit proposals for the categorisation of their respective State-Owned Enterprises (SOEs) by May 20.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The categorisation is a part of a comprehensive review of the rationale for retaining commercial functions within the public sector, according to a press release issued by the finance ministry.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Central Monitoring Unit of the Finance Division presented its ongoing work on the compilation of the Federal SOE Annual Financial Report for fiscal year 2023. The DG CMU informed the meeting that the data of all commercial entities has been obtained &amp; collated, while the analytical work was currently underway.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The committee was briefed on the highlights of the performance of SOEs during the reporting period. The minister noted that there were a number of gaps in the governance and financial management of companies that needed to be addressed immediately and directed that the vacancies on the BOD&#39;s should be filled without delay, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Last Friday, the Cabinet Committee on Privatisation (CCOP) approved 24 state-owned enterprises for the privatisation programme, directing the privatisation ministry to deliberate the phasing of each entity in consultation with the respective ministries. &ndash; ANI/RSS&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '20715',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20986',
			'article_category_id' => '1',
			'title' => 'MPs Give Mixed Reaction to Govt’s Policies and Programmes   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Parliamentarians from the ruling party defended the programmes, calling them positive and transformative, while opposition leaders described them as conventional and unpromising.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (Maoist Center) leader Madhav Sapkota praised the policies and programmes overall, emphasizing the importance of their implementation. &quot;The government must show the will to implement them,&quot; he said, noting the positive focus on self-employment and youth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Vice-president of Rastriya Swatantra Party, Dr. Swarnim Wagley, highlighted that numerous reforms have been proposed, increasing their potential linkage with the budget. &quot;The ideas in the form of policies and programmes need to be realized through the budget,&quot; he stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (US) leader Rajendra Pandey characterized the policies and programmes as routine, saying they do not inspire enthusiasm or address the current political situation. &quot;The policies and programmes do not give enthusiasm to the people and address the current political situation,&quot; he said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Chandra Bhandari, a leader of the main opposition party Nepali Congress, remarked that similar themes have been included in the policies and programmes for the past 34 years of Nepal&#39;s multi-party system. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;If only 20 percent of the policies and programmes were implemented, the country would have taken leaps towards prosperity,&quot; he commented. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '20985',
			'article_category_id' => '1',
			'title' => 'Govt to Broaden Social Security Programme',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government's policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.

',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government&#39;s policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Temporary and salaried workers in both government and organized sectors, along with those in the formal sector, will now be encompassed within the social security programme. The government has emphasized the integration of disparate social security initiatives.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">President Paudel further outlined policy adjustments aimed at eliminating redundancy among the Social Security Fund, Employees Provident Fund, and Citizen Investment Trust.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Health insurance programme to be made mandatory for organized sector</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has made it mandatory for the organized sector to enroll in the health insurance programme. Presenting the government&rsquo;s policies and programs for the fiscal year 2024/25 on Tuesday, President Ram Chandra Paudel said a provision has been made for mandatory enrollment in health insurance for the organized sector. &ldquo;The government will make arrangements for mandatory enrollment in health insurance for all organized sectors, including government, non-government, and others across the country,&rdquo; said Poudel.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Monthly salary payments for teachers starting next fiscal year</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has declared a significant change in teachers&#39; salary payment procedures, stating that salaries will be disbursed monthly starting from the next fiscal year. President Ramchandra Paudel, in his address outlining the government&#39;s policies and programs for the fiscal year 2024/25, highlighted this initiative. Currently, teachers receive their salaries every four months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Furthermore, the government has announced its intention to establish a legal framework prohibiting teachers from affiliating with political parties.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Govt to provide electric stoves and tubewells to families below the poverty line</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has announced plans to distribute essential items such as electric stoves and tubewells to families living below the poverty line. President Ramchandra Paudel made this declaration while unveiling the policy and program for the upcoming fiscal year. Additionally, he mentioned that impoverished families will be identified and provided with free insurance through local authorities.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 14 => array(
		'Article' => array(
			'id' => '20987',
			'article_category_id' => '218',
			'title' => 'Global IME Bank Declared 'Best Bank in Nepal for 2024' by Global Finance Magazine',
			'sub_title' => '',
			'summary' => 'Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. This accolade recognizes Global IME Bank&#39;s excellence in several key areas, including long-term reliability, effective financial resource mobilization, geographical expansion, and the development of strategic relationships, the bank said in a press statement. The bank said it has also excelled in its professional development, customer-focused services, and strong credit rating.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Each year, Global Finance Magazine honors leading banks across various regions such as Africa, Asia Pacific, Caribbean, Central America, Latin America, North America, Western and Eastern Europe and Middle East. This year&#39;s winners&rsquo; list includes prominent institutions like HSBC of Hong Kong, Bank of America of the USA, and the State Bank of India, Standard Chartered Bank Bangladesh, Metro Bank of the Philippines among others.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank claimed that it has become the first bank from Nepal to win this prestigious award.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With a network of over 1,100 service centers across Nepal, including 354 branches and 379 ATMs, Global IME Bank said it demonstrates a strong commitment to accessibility and customer service. Serving over 4.6 million customers, the bank offers a diverse range of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the bank, its commitment to innovation and customer satisfaction has been pivotal to its success. This achievement is supported by the loyalty of its customers, the dedication of its employees, and the backing of shareholders and regulatory bodies, the statement added.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21004',
			'article_category_id' => '1',
			'title' => 'FNCCI Calls for a Realistic Budget',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year&#39;s federal budget should be determined based on the government&#39;s spending capacity.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">During FNCCI&#39;s pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => 'FNCCI, budget, realistic',
			'description' => '',
			'sortorder' => '20731',
			'image' => '20240516081809_budget.jpg',
			'article_date' => '2024-05-16 08:17:29',
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	(int) 1 => array(
		'Article' => array(
			'id' => '21002',
			'article_category_id' => '1',
			'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC',
			'sub_title' => '',
			'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan&rsquo;s implementation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stated, &quot;The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => 'NPC, national, planning, commission, cost, estimated, government, Nepal, development, economic, growth, budget, literacy, per, capital, income',
			'description' => '',
			'sortorder' => '20730',
			'image' => '20240516080254_20240313031110_banknotes.jpg',
			'article_date' => '2024-05-16 08:02:18',
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		'Article' => array(
			'id' => '21001',
			'article_category_id' => '1',
			'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent',
			'sub_title' => '',
			'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p>

<p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p>
',
			'published' => true,
			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => 'growth, economic, Nepal, national, planning, commission',
			'description' => '',
			'sortorder' => '20729',
			'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg',
			'article_date' => '2024-05-16 08:00:24',
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		'Article' => array(
			'id' => '21003',
			'article_category_id' => '1',
			'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan',
			'sub_title' => '',
			'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed&rsquo;s team will be based in Dhaka office.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">On his appointment, Ahmed said, &ldquo;I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, &ldquo;We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the statement issued by the company, Ahmed will be responsible for charting Visa&rsquo;s business priorities in Nepal. He and the team will manage Visa&rsquo;s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;He will also be a part of Visa&rsquo;s leadership team for India and South Asia.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20728',
			'image' => '20240516081228_blank eight by six.jpg',
			'article_date' => '2024-05-16 08:11:46',
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		'Article' => array(
			'id' => '21000',
			'article_category_id' => '1',
			'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance',
			'sub_title' => '',
			'summary' => 'Birgunj:  A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Birgunj: &nbsp;A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. &quot;Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government,&quot; Sharma stressed.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance,&quot; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20727',
			'image' => '20240516075930_Ed- insurance.jpg',
			'article_date' => '2024-05-16 07:58:58',
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		'Article' => array(
			'id' => '20998',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20726',
			'image' => '20240516075403_Ed - nOC.jpg',
			'article_date' => '2024-05-16 07:53:27',
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	(int) 6 => array(
		'Article' => array(
			'id' => '20999',
			'article_category_id' => '1',
			'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Shrestha defeated Nepal&#39;s Sanyog Kapali 4-3 in the men&#39;s singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Shrestha had defeated Sri Lanka&#39;s Chamira Ginige and Sanyog had defeated Sri Lanka&#39;s Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20725',
			'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg',
			'article_date' => '2024-05-16 07:55:39',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20992',
			'article_category_id' => '1',
			'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport&#39;s profile in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Sandeep Lamichhane has been acquitted,&quot; Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland&#39;s cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Wednesday&#39;s acquittal comes with the Nepali team in the United States to prepare ahead of next month&#39;s T20 World Cup.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner&#39;s big break came when he was snapped up for the Indian Premier League, the world&#39;s richest cricket tournament, in 2018.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p>

<p>&nbsp;</p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '20719',
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			'article_date' => '2024-05-15 19:24:45',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20991',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips by 9.54 Points to Close at 2017.97',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 15: The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 315 scrips were traded on the NEPSE through 55,862 transactions. A total of 8,490,772 shares changed hands, resulting in a total turnover of Rs 3.70 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">People&rsquo;s Power Limited (PPL) led the turnover amount with a total transaction of Rs 11 crores. Upakar Laghubitta Bittiya Sanstha and Unique Nepal Laghubitta Bittiya Sanstha (UNLB) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Gurans Laghubitta Bittiya Sanstha (GLBSL) faced the highest loss of 10%, closing at a market price of Rs 2139.30 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the negative territory except Manufacturing and Processing, Mutual Fund, and Trading Index. Manufacturing and Processing Index saw the highest gain at 1.40%, while the Development Bank Index lost the maximum of 0.96%.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20718',
			'image' => '20240515032355_collage (2).jpg',
			'article_date' => '2024-05-15 15:22:28',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20990',
			'article_category_id' => '1',
			'title' => 'Share of Fixed Deposits in Banks Declining with the Drop in Interest Rates',
			'sub_title' => '',
			'summary' => 'Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the banks reduced the interest rated with the increase in liquidity, the share of general savings started to increased and fixed deposits began to decrease.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank data, 58.9 percent of total deposits with banks and financial institutions were fixed deposits as of the Nepali month of Chaitra (mid-March to mid-April) in the current fiscal year. In the corresponding period of the previous fiscal year, 60.1 percent of total deposits were in fixed deposits.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Last year, due to a lack of liquidity in the banking system, banks raised interest rates to attract more deposits, resulting in an increased share of fixed deposits. However, since the beginning of the current fiscal year, banks have started reducing interest rates, causing the share of fixed deposits to decrease.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Bhuwan Kumar Dahal, former president of the Nepal Bankers Association, stated that banks offered higher interest rates to attract deposits during the liquidity crunch last year, emphasizing term deposits. However, with improved liquidity this year, fixed deposits are gradually decreasing. &quot;If there is a lack of liquidity, the banks offer fixed deposit schemes with higher interest rates to attract deposits,&quot; he said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Until the last fiscal year, banks offered high interest rates for term deposits to increase deposits. Some schemes even offered returns up to 10 times over a 21-year period. However, in the current fiscal year, increased liquidity in the banking system, due to slower credit flow compared to deposit growth, has led banks to reduce interest rates.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-April of the current year, banks and financial institutions had collected a total of Rs 6,162 billion in deposits and disbursed loans amounting to Rs 5,128 billion. During this period, bank deposits increased by 7.2 percent, while credit flow increased by only 4.6 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Bankers Association decided to end the agreement to fix a uniform interest rate from mid-July this year, allowing individual banks to set their own rates. As a result, interest rates have been continuously decreasing, with most banks reducing rates from mid-April to mid-May. For the month of Jestha (mid-May to mid-June), the maximum interest rate on fixed deposits of commercial banks has dropped below 8 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the central bank instructions, banks can offer a maximum interest rate on fixed deposits that is 5 percentage points higher than the minimum interest rate on general savings. Additionally, the difference between the maximum and minimum interest rates for all types of local currency deposit accounts, except for call deposits, cannot exceed 5 percentage points. Banks can also offer one percentage point more interest on remittance accounts compared to general term deposit accounts. According to Nepal Rastra Bank, the average interest rate on deposits of commercial banks fell to 6.53 percent in Chaitra (mid-March to mid-April), while the average interest rate on loans fell to 10.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">As interest rates on deposits have decreased, the cost of capital for banks has also reduced, causing the base rate to drop to 8.51 percent in the review month. A year ago, the base rate of commercial banks was 10.48 percent.</span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20717',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20989',
			'article_category_id' => '1',
			'title' => 'Government’s Expenditure in Ten Months of Current FY Stands at 60.35 Percent of the Target',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">According to the data released by the Financial Comptroller General Office, the government has spent Rs 1056.89 billion as of mid-May which is </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">60.35 percent of the annual budget allocated for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had announced a budget of Rs 1751.31 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The current expenditure of the government as of mid-May this year stands at 65.91 percent of the annual budget. Under this heading, the government had allocated a budget of Rs 1141.78 billion but has so far spent only Rs 752.55 billion. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Similarly, the government has allocated a budget of Rs 302.7 billion under the heading of capital expenditure.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">As of mid-May, the government has spent only Rs 111.88 billion allocated as capital expenditure which is 37.04 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Likewise, the government has spent 62.6 percent of the budget under the heading of financial management. The government had allocated Rs 307.45 billion under this heading out of which it has spent Rs 192.45 billion as of mid-May.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The total revenue collected by the government during the review period is 58.2 percent of the annual target. In the current fiscal year, the government had set a target to raise revenue of Rs 1472.48 billion. As of mid-May, the government has collected revenue of Rs 857.28 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">In terms of tax revenue, the annual target is to collect Rs 1305.47 billion but the government has so far collected Rs 746.83 billion which is 57.21 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Towards non-tax revenue, the government had set a target to collect Rs 117.62 billion out of which it has collected Rs 85.10 billion which is 72.7 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had set a target of receiving foreign grants of Rs 49.94 billion in the current fiscal year but has achieved only 5.52 percent of the target, i.e. Rs 2.75 billion.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20988',
			'article_category_id' => '243',
			'title' => 'Pakistan PM Shehbaz Sharif Orders Privatisation of All State-Owned Enterprises   ',
			'sub_title' => '',
			'summary' => 'Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairing a review meeting on matters related to the Ministry of Privatization and Privatization Commission in Islamabad, the prime minister said apart from strategic state-owned enterprises, all other enterprises, whether profitable or loss-making, will be privatised.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the meeting, the privatisation ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz said the government had nothing to do with running the businesses but was mandated to facilitate the investors. He viewed that the privatisation of SOEs would save the taxpayers&#39; money to help the government provide quality services to the people.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Government&#39;s job is not to do business but to ensure a business and investment-friendly environment,&quot; the premier said, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz Sharif also directed all federal ministries to take necessary action in this regard and cooperate with the Privatization Commission.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He directed to live telecast of Pakistan International Airlines Company Limited&#39;s (PIA) privatisation including bidding and other important steps. The process of privatisation of other institutions will also be broadcast live.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">ARY News reported that the meeting was informed about the progress made so far for the privatization of state-owned enterprises. It was informed that the pre-qualification process for PIA privatization is to be completed by the end of this month.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was told that the privatisation of power distribution companies has been included in the privatisation program 2024-2029.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">It was informed that loss-making state-owned enterprises are to be privatized on a priority basis and that a pre-qualified panel of experts is being appointed in the privatization commission to speed up the privatization process.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was attended by federal ministers Khawaja Asif, Muhammad Aurangzeb, Jam Kamal Khan, Awais Ahmed Leghari, Abdul Aleem Khan, Musaddik Malik and Ahad Khan Cheema, PM&#39;s Coordinator Rana Ehsan Afzal, and relevant senior officers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A day earlier, Federal Minister for Finance Muhammad Aurangzeb had directed all concerned ministries and divisions to submit proposals for the categorisation of their respective State-Owned Enterprises (SOEs) by May 20.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The categorisation is a part of a comprehensive review of the rationale for retaining commercial functions within the public sector, according to a press release issued by the finance ministry.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Central Monitoring Unit of the Finance Division presented its ongoing work on the compilation of the Federal SOE Annual Financial Report for fiscal year 2023. The DG CMU informed the meeting that the data of all commercial entities has been obtained &amp; collated, while the analytical work was currently underway.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The committee was briefed on the highlights of the performance of SOEs during the reporting period. The minister noted that there were a number of gaps in the governance and financial management of companies that needed to be addressed immediately and directed that the vacancies on the BOD&#39;s should be filled without delay, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Last Friday, the Cabinet Committee on Privatisation (CCOP) approved 24 state-owned enterprises for the privatisation programme, directing the privatisation ministry to deliberate the phasing of each entity in consultation with the respective ministries. &ndash; ANI/RSS&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '20986',
			'article_category_id' => '1',
			'title' => 'MPs Give Mixed Reaction to Govt’s Policies and Programmes   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Parliamentarians from the ruling party defended the programmes, calling them positive and transformative, while opposition leaders described them as conventional and unpromising.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (Maoist Center) leader Madhav Sapkota praised the policies and programmes overall, emphasizing the importance of their implementation. &quot;The government must show the will to implement them,&quot; he said, noting the positive focus on self-employment and youth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Vice-president of Rastriya Swatantra Party, Dr. Swarnim Wagley, highlighted that numerous reforms have been proposed, increasing their potential linkage with the budget. &quot;The ideas in the form of policies and programmes need to be realized through the budget,&quot; he stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (US) leader Rajendra Pandey characterized the policies and programmes as routine, saying they do not inspire enthusiasm or address the current political situation. &quot;The policies and programmes do not give enthusiasm to the people and address the current political situation,&quot; he said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Chandra Bhandari, a leader of the main opposition party Nepali Congress, remarked that similar themes have been included in the policies and programmes for the past 34 years of Nepal&#39;s multi-party system. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;If only 20 percent of the policies and programmes were implemented, the country would have taken leaps towards prosperity,&quot; he commented. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
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			'keywords' => '',
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			'sortorder' => '20714',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20985',
			'article_category_id' => '1',
			'title' => 'Govt to Broaden Social Security Programme',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government's policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.

',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government&#39;s policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Temporary and salaried workers in both government and organized sectors, along with those in the formal sector, will now be encompassed within the social security programme. The government has emphasized the integration of disparate social security initiatives.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">President Paudel further outlined policy adjustments aimed at eliminating redundancy among the Social Security Fund, Employees Provident Fund, and Citizen Investment Trust.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Health insurance programme to be made mandatory for organized sector</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has made it mandatory for the organized sector to enroll in the health insurance programme. Presenting the government&rsquo;s policies and programs for the fiscal year 2024/25 on Tuesday, President Ram Chandra Paudel said a provision has been made for mandatory enrollment in health insurance for the organized sector. &ldquo;The government will make arrangements for mandatory enrollment in health insurance for all organized sectors, including government, non-government, and others across the country,&rdquo; said Poudel.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Monthly salary payments for teachers starting next fiscal year</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has declared a significant change in teachers&#39; salary payment procedures, stating that salaries will be disbursed monthly starting from the next fiscal year. President Ramchandra Paudel, in his address outlining the government&#39;s policies and programs for the fiscal year 2024/25, highlighted this initiative. Currently, teachers receive their salaries every four months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Furthermore, the government has announced its intention to establish a legal framework prohibiting teachers from affiliating with political parties.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Govt to provide electric stoves and tubewells to families below the poverty line</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has announced plans to distribute essential items such as electric stoves and tubewells to families living below the poverty line. President Ramchandra Paudel made this declaration while unveiling the policy and program for the upcoming fiscal year. Additionally, he mentioned that impoverished families will be identified and provided with free insurance through local authorities.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '20987',
			'article_category_id' => '218',
			'title' => 'Global IME Bank Declared 'Best Bank in Nepal for 2024' by Global Finance Magazine',
			'sub_title' => '',
			'summary' => 'Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. This accolade recognizes Global IME Bank&#39;s excellence in several key areas, including long-term reliability, effective financial resource mobilization, geographical expansion, and the development of strategic relationships, the bank said in a press statement. The bank said it has also excelled in its professional development, customer-focused services, and strong credit rating.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Each year, Global Finance Magazine honors leading banks across various regions such as Africa, Asia Pacific, Caribbean, Central America, Latin America, North America, Western and Eastern Europe and Middle East. This year&#39;s winners&rsquo; list includes prominent institutions like HSBC of Hong Kong, Bank of America of the USA, and the State Bank of India, Standard Chartered Bank Bangladesh, Metro Bank of the Philippines among others.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank claimed that it has become the first bank from Nepal to win this prestigious award.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With a network of over 1,100 service centers across Nepal, including 354 branches and 379 ATMs, Global IME Bank said it demonstrates a strong commitment to accessibility and customer service. Serving over 4.6 million customers, the bank offers a diverse range of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the bank, its commitment to innovation and customer satisfaction has been pivotal to its success. This achievement is supported by the loyalty of its customers, the dedication of its employees, and the backing of shareholders and regulatory bodies, the statement added.</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '21004',
			'article_category_id' => '1',
			'title' => 'FNCCI Calls for a Realistic Budget',
			'sub_title' => '',
			'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year&#39;s federal budget should be determined based on the government&#39;s spending capacity.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">During FNCCI&#39;s pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p>
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			'sortorder' => '20731',
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		'Article' => array(
			'id' => '21002',
			'article_category_id' => '1',
			'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC',
			'sub_title' => '',
			'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan&rsquo;s implementation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He stated, &quot;The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local.&quot;</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p>
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			'description' => '',
			'sortorder' => '20730',
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			'id' => '21001',
			'article_category_id' => '1',
			'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent',
			'sub_title' => '',
			'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ',
			'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p>

<p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p>
',
			'published' => true,
			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => 'growth, economic, Nepal, national, planning, commission',
			'description' => '',
			'sortorder' => '20729',
			'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg',
			'article_date' => '2024-05-16 08:00:24',
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		'Article' => array(
			'id' => '21003',
			'article_category_id' => '1',
			'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan',
			'sub_title' => '',
			'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed&rsquo;s team will be based in Dhaka office.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,&rdquo; reads the statement.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">On his appointment, Ahmed said, &ldquo;I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, &ldquo;We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the statement issued by the company, Ahmed will be responsible for charting Visa&rsquo;s business priorities in Nepal. He and the team will manage Visa&rsquo;s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&ldquo;He will also be a part of Visa&rsquo;s leadership team for India and South Asia.&rdquo;</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '21000',
			'article_category_id' => '1',
			'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance',
			'sub_title' => '',
			'summary' => 'Birgunj:  A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Birgunj: &nbsp;A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. &quot;Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government,&quot; Sharma stressed.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance,&quot; he added.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20727',
			'image' => '20240516075930_Ed- insurance.jpg',
			'article_date' => '2024-05-16 07:58:58',
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	(int) 5 => array(
		'Article' => array(
			'id' => '20998',
			'article_category_id' => '1',
			'title' => 'NOC Slashes Prices of Petroleum Products',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '20726',
			'image' => '20240516075403_Ed - nOC.jpg',
			'article_date' => '2024-05-16 07:53:27',
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	(int) 6 => array(
		'Article' => array(
			'id' => '20999',
			'article_category_id' => '1',
			'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Shrestha defeated Nepal&#39;s Sanyog Kapali 4-3 in the men&#39;s singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Earlier, Shrestha had defeated Sri Lanka&#39;s Chamira Ginige and Sanyog had defeated Sri Lanka&#39;s Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2024-05-16',
			'modified' => '2024-05-16',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20725',
			'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg',
			'article_date' => '2024-05-16 07:55:39',
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	(int) 7 => array(
		'Article' => array(
			'id' => '20992',
			'article_category_id' => '1',
			'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge',
			'sub_title' => '',
			'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Nepal&rsquo;s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport&#39;s profile in the country.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">&quot;Sandeep Lamichhane has been acquitted,&quot; Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland&#39;s cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Wednesday&#39;s acquittal comes with the Nepali team in the United States to prepare ahead of next month&#39;s T20 World Cup.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner&#39;s big break came when he was snapped up for the Indian Premier League, the world&#39;s richest cricket tournament, in 2018.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20719',
			'image' => '20240515072513_GNndVIkbQAAuODW.jpg',
			'article_date' => '2024-05-15 19:24:45',
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	(int) 8 => array(
		'Article' => array(
			'id' => '20991',
			'article_category_id' => '1',
			'title' => 'NEPSE Dips by 9.54 Points to Close at 2017.97',
			'sub_title' => '',
			'summary' => 'The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.',
			'content' => '<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">May 15: The Nepal Stock Exchange (NEPSE) Index saw a loss of 9.54 points, equivalent to 0.47%, closing at 2017.97 on the fourth trading day of the week, Wednesday.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">During today&rsquo;s trading session, 315 scrips were traded on the NEPSE through 55,862 transactions. A total of 8,490,772 shares changed hands, resulting in a total turnover of Rs 3.70 billion.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">People&rsquo;s Power Limited (PPL) led the turnover amount with a total transaction of Rs 11 crores. Upakar Laghubitta Bittiya Sanstha and Unique Nepal Laghubitta Bittiya Sanstha (UNLB) each gained 10% and hit the positive circuit for the day.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Conversely, Gurans Laghubitta Bittiya Sanstha (GLBSL) faced the highest loss of 10%, closing at a market price of Rs 2139.30 per share.</span></span></p>

<p><span style="font-size:20px"><span style="font-family:Calibri,&quot;sans-serif&quot;">In terms of sector indices, all sectors closed in the negative territory except Manufacturing and Processing, Mutual Fund, and Trading Index. Manufacturing and Processing Index saw the highest gain at 1.40%, while the Development Bank Index lost the maximum of 0.96%.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20718',
			'image' => '20240515032355_collage (2).jpg',
			'article_date' => '2024-05-15 15:22:28',
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	(int) 9 => array(
		'Article' => array(
			'id' => '20990',
			'article_category_id' => '1',
			'title' => 'Share of Fixed Deposits in Banks Declining with the Drop in Interest Rates',
			'sub_title' => '',
			'summary' => 'Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">Kathmandu: As the banks and financial institutions have started reducing the interest rates, the share of fixed deposits has also started to decrease. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;ekmukta&quot;,&quot;serif&quot;">After the banks reduced the interest rated with the increase in liquidity, the share of general savings started to increased and fixed deposits began to decrease.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to Nepal Rastra Bank data, 58.9 percent of total deposits with banks and financial institutions were fixed deposits as of the Nepali month of Chaitra (mid-March to mid-April) in the current fiscal year. In the corresponding period of the previous fiscal year, 60.1 percent of total deposits were in fixed deposits.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Last year, due to a lack of liquidity in the banking system, banks raised interest rates to attract more deposits, resulting in an increased share of fixed deposits. However, since the beginning of the current fiscal year, banks have started reducing interest rates, causing the share of fixed deposits to decrease.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Bhuwan Kumar Dahal, former president of the Nepal Bankers Association, stated that banks offered higher interest rates to attract deposits during the liquidity crunch last year, emphasizing term deposits. However, with improved liquidity this year, fixed deposits are gradually decreasing. &quot;If there is a lack of liquidity, the banks offer fixed deposit schemes with higher interest rates to attract deposits,&quot; he said.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">Until the last fiscal year, banks offered high interest rates for term deposits to increase deposits. Some schemes even offered returns up to 10 times over a 21-year period. However, in the current fiscal year, increased liquidity in the banking system, due to slower credit flow compared to deposit growth, has led banks to reduce interest rates.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">By mid-April of the current year, banks and financial institutions had collected a total of Rs 6,162 billion in deposits and disbursed loans amounting to Rs 5,128 billion. During this period, bank deposits increased by 7.2 percent, while credit flow increased by only 4.6 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Nepal Bankers Association decided to end the agreement to fix a uniform interest rate from mid-July this year, allowing individual banks to set their own rates. As a result, interest rates have been continuously decreasing, with most banks reducing rates from mid-April to mid-May. For the month of Jestha (mid-May to mid-June), the maximum interest rate on fixed deposits of commercial banks has dropped below 8 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the central bank instructions, banks can offer a maximum interest rate on fixed deposits that is 5 percentage points higher than the minimum interest rate on general savings. Additionally, the difference between the maximum and minimum interest rates for all types of local currency deposit accounts, except for call deposits, cannot exceed 5 percentage points. Banks can also offer one percentage point more interest on remittance accounts compared to general term deposit accounts. According to Nepal Rastra Bank, the average interest rate on deposits of commercial banks fell to 6.53 percent in Chaitra (mid-March to mid-April), while the average interest rate on loans fell to 10.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;">As interest rates on deposits have decreased, the cost of capital for banks has also reduced, causing the base rate to drop to 8.51 percent in the review month. A year ago, the base rate of commercial banks was 10.48 percent.</span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2024-05-15',
			'modified' => '2024-05-15',
			'keywords' => '',
			'description' => '',
			'sortorder' => '20717',
			'image' => '20240515025645_Banks - Copy.jpg',
			'article_date' => '2024-05-15 14:56:03',
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	(int) 10 => array(
		'Article' => array(
			'id' => '20989',
			'article_category_id' => '1',
			'title' => 'Government’s Expenditure in Ten Months of Current FY Stands at 60.35 Percent of the Target',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Kathmandu: The government has spent only 60.35 percent of the allocated budget in the first ten months of the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">According to the data released by the Financial Comptroller General Office, the government has spent Rs 1056.89 billion as of mid-May which is </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">60.35 percent of the annual budget allocated for the current fiscal year.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had announced a budget of Rs 1751.31 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The current expenditure of the government as of mid-May this year stands at 65.91 percent of the annual budget. Under this heading, the government had allocated a budget of Rs 1141.78 billion but has so far spent only Rs 752.55 billion. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Similarly, the government has allocated a budget of Rs 302.7 billion under the heading of capital expenditure.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">As of mid-May, the government has spent only Rs 111.88 billion allocated as capital expenditure which is 37.04 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Likewise, the government has spent 62.6 percent of the budget under the heading of financial management. The government had allocated Rs 307.45 billion under this heading out of which it has spent Rs 192.45 billion as of mid-May.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The total revenue collected by the government during the review period is 58.2 percent of the annual target. In the current fiscal year, the government had set a target to raise revenue of Rs 1472.48 billion. As of mid-May, the government has collected revenue of Rs 857.28 billion.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">In terms of tax revenue, the annual target is to collect Rs 1305.47 billion but the government has so far collected Rs 746.83 billion which is 57.21 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">Towards non-tax revenue, the government had set a target to collect Rs 117.62 billion out of which it has collected Rs 85.10 billion which is 72.7 percent of the target.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Nirmala UI&quot;,&quot;sans-serif&quot;">The government had set a target of receiving foreign grants of Rs 49.94 billion in the current fiscal year but has achieved only 5.52 percent of the target, i.e. Rs 2.75 billion.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '20716',
			'image' => '20240515013103_budget.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '20988',
			'article_category_id' => '243',
			'title' => 'Pakistan PM Shehbaz Sharif Orders Privatisation of All State-Owned Enterprises   ',
			'sub_title' => '',
			'summary' => 'Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Islamabad: :Amid the staggering economic crisis in the country, Prime Minister Shehbaz Sharif on Tuesday announced to privatise all state-owned enterprises except for strategically important entities, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Chairing a review meeting on matters related to the Ministry of Privatization and Privatization Commission in Islamabad, the prime minister said apart from strategic state-owned enterprises, all other enterprises, whether profitable or loss-making, will be privatised.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">In the meeting, the privatisation ministry and the Privatisation Commission presented a roadmap for the Privatisation Program 2024-29, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz said the government had nothing to do with running the businesses but was mandated to facilitate the investors. He viewed that the privatisation of SOEs would save the taxpayers&#39; money to help the government provide quality services to the people.&nbsp;&nbsp;&nbsp;&nbsp; &quot;Government&#39;s job is not to do business but to ensure a business and investment-friendly environment,&quot; the premier said, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">PM Shehbaz Sharif also directed all federal ministries to take necessary action in this regard and cooperate with the Privatization Commission.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">He directed to live telecast of Pakistan International Airlines Company Limited&#39;s (PIA) privatisation including bidding and other important steps. The process of privatisation of other institutions will also be broadcast live.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">ARY News reported that the meeting was informed about the progress made so far for the privatization of state-owned enterprises. It was informed that the pre-qualification process for PIA privatization is to be completed by the end of this month.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was told that the privatisation of power distribution companies has been included in the privatisation program 2024-2029.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">It was informed that loss-making state-owned enterprises are to be privatized on a priority basis and that a pre-qualified panel of experts is being appointed in the privatization commission to speed up the privatization process.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The meeting was attended by federal ministers Khawaja Asif, Muhammad Aurangzeb, Jam Kamal Khan, Awais Ahmed Leghari, Abdul Aleem Khan, Musaddik Malik and Ahad Khan Cheema, PM&#39;s Coordinator Rana Ehsan Afzal, and relevant senior officers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">A day earlier, Federal Minister for Finance Muhammad Aurangzeb had directed all concerned ministries and divisions to submit proposals for the categorisation of their respective State-Owned Enterprises (SOEs) by May 20.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The categorisation is a part of a comprehensive review of the rationale for retaining commercial functions within the public sector, according to a press release issued by the finance ministry.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The Central Monitoring Unit of the Finance Division presented its ongoing work on the compilation of the Federal SOE Annual Financial Report for fiscal year 2023. The DG CMU informed the meeting that the data of all commercial entities has been obtained &amp; collated, while the analytical work was currently underway.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">The committee was briefed on the highlights of the performance of SOEs during the reporting period. The minister noted that there were a number of gaps in the governance and financial management of companies that needed to be addressed immediately and directed that the vacancies on the BOD&#39;s should be filled without delay, ARY News reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;">Last Friday, the Cabinet Committee on Privatisation (CCOP) approved 24 state-owned enterprises for the privatisation programme, directing the privatisation ministry to deliberate the phasing of each entity in consultation with the respective ministries. &ndash; ANI/RSS&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'sortorder' => '20715',
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	(int) 12 => array(
		'Article' => array(
			'id' => '20986',
			'article_category_id' => '1',
			'title' => 'MPs Give Mixed Reaction to Govt’s Policies and Programmes   ',
			'sub_title' => '',
			'summary' => 'Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.    ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Kathmandu: Leaders of various political parties have given mixed reaction to the policies and programmes of the government for the upcoming fiscal year after President Ram Chandra Paudel tabled the policies and programmes at a joint sitting of the Federal Parliament on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Parliamentarians from the ruling party defended the programmes, calling them positive and transformative, while opposition leaders described them as conventional and unpromising.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (Maoist Center) leader Madhav Sapkota praised the policies and programmes overall, emphasizing the importance of their implementation. &quot;The government must show the will to implement them,&quot; he said, noting the positive focus on self-employment and youth.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Vice-president of Rastriya Swatantra Party, Dr. Swarnim Wagley, highlighted that numerous reforms have been proposed, increasing their potential linkage with the budget. &quot;The ideas in the form of policies and programmes need to be realized through the budget,&quot; he stated.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">CPN (US) leader Rajendra Pandey characterized the policies and programmes as routine, saying they do not inspire enthusiasm or address the current political situation. &quot;The policies and programmes do not give enthusiasm to the people and address the current political situation,&quot; he said.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">Chandra Bhandari, a leader of the main opposition party Nepali Congress, remarked that similar themes have been included in the policies and programmes for the past 34 years of Nepal&#39;s multi-party system. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:14.0pt">&quot;If only 20 percent of the policies and programmes were implemented, the country would have taken leaps towards prosperity,&quot; he commented. -- RSS</span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '20714',
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	(int) 13 => array(
		'Article' => array(
			'id' => '20985',
			'article_category_id' => '1',
			'title' => 'Govt to Broaden Social Security Programme',
			'sub_title' => '',
			'summary' => 'Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government's policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.

',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Kathmandu: The government has unveiled plans to broaden the reach of the social security programme, according to the announcement made by President Ram Chandra Paudel while presenting the government&#39;s policies and programmes during a joint meeting of the House of Representatives and National Assembly at the Federal Parliament on Tuesday.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Temporary and salaried workers in both government and organized sectors, along with those in the formal sector, will now be encompassed within the social security programme. The government has emphasized the integration of disparate social security initiatives.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">President Paudel further outlined policy adjustments aimed at eliminating redundancy among the Social Security Fund, Employees Provident Fund, and Citizen Investment Trust.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Health insurance programme to be made mandatory for organized sector</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has made it mandatory for the organized sector to enroll in the health insurance programme. Presenting the government&rsquo;s policies and programs for the fiscal year 2024/25 on Tuesday, President Ram Chandra Paudel said a provision has been made for mandatory enrollment in health insurance for the organized sector. &ldquo;The government will make arrangements for mandatory enrollment in health insurance for all organized sectors, including government, non-government, and others across the country,&rdquo; said Poudel.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Monthly salary payments for teachers starting next fiscal year</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has declared a significant change in teachers&#39; salary payment procedures, stating that salaries will be disbursed monthly starting from the next fiscal year. President Ramchandra Paudel, in his address outlining the government&#39;s policies and programs for the fiscal year 2024/25, highlighted this initiative. Currently, teachers receive their salaries every four months.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Furthermore, the government has announced its intention to establish a legal framework prohibiting teachers from affiliating with political parties.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">Govt to provide electric stoves and tubewells to families below the poverty line</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">The government has announced plans to distribute essential items such as electric stoves and tubewells to families living below the poverty line. President Ramchandra Paudel made this declaration while unveiling the policy and program for the upcoming fiscal year. Additionally, he mentioned that impoverished families will be identified and provided with free insurance through local authorities.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '20987',
			'article_category_id' => '218',
			'title' => 'Global IME Bank Declared 'Best Bank in Nepal for 2024' by Global Finance Magazine',
			'sub_title' => '',
			'summary' => 'Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Kathmandu: Global IME Bank Limited has been awarded the prestigious title of the Best Bank in Nepal for 2024 by Global Finance Magazine. This accolade recognizes Global IME Bank&#39;s excellence in several key areas, including long-term reliability, effective financial resource mobilization, geographical expansion, and the development of strategic relationships, the bank said in a press statement. The bank said it has also excelled in its professional development, customer-focused services, and strong credit rating.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Each year, Global Finance Magazine honors leading banks across various regions such as Africa, Asia Pacific, Caribbean, Central America, Latin America, North America, Western and Eastern Europe and Middle East. This year&#39;s winners&rsquo; list includes prominent institutions like HSBC of Hong Kong, Bank of America of the USA, and the State Bank of India, Standard Chartered Bank Bangladesh, Metro Bank of the Philippines among others.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">Global IME Bank claimed that it has become the first bank from Nepal to win this prestigious award.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">With a network of over 1,100 service centers across Nepal, including 354 branches and 379 ATMs, Global IME Bank said it demonstrates a strong commitment to accessibility and customer service. Serving over 4.6 million customers, the bank offers a diverse range of services.</span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;">According to the bank, its commitment to innovation and customer satisfaction has been pivotal to its success. This achievement is supported by the loyalty of its customers, the dedication of its employees, and the backing of shareholders and regulatory bodies, the statement added.</span></span></p>

<p>&nbsp;</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

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

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00