November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal…
November 22: Nepal has given special emphasis on expanding its relation with the European…
November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank…
November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed…
November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21).…
November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers.…
November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is…
November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December…
November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9,…
November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this…
November 21: The number of tourists visiting Kanchanjanga region, which is home to the world's third highest mountain, is…
November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year.…
November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited…
November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very…
November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World…
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The budget goes to the local level from the federal government through four types of grants, revenue sharing and natural resource allocation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Based on the same sources, the local level should make an estimated budget and submit it to the village council in time as per the constitutional provision. However, these local levels are running the expenses for four months by violating the provision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Basant Adhikari, joint secretary at the Ministry of Federal Affairs and General Administration, said that the local levels have ignored the circular twice to bring the budget on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the ministry, out of 136 local levels of Province 2, a total of 25 local units are spending without presenting their budget. Six local levels from Dhanusha district, five from Rautahat, four from Bara, three each from Siraha and Parsa, two from Saptari, and one each from Mahottari and Sarlahi have not presented their budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although 116 out of 119 local levels of Bagmati Pradesh have submitted budget, three local levels have not been able to present their budget. Likewise, out of 137 local levels of Province 1, two have not submitted their budget yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Altogether 85 local levels in Gandaki, 109 in Lumbini, 79 in Karnali and 88 in the far-western region have already presented their respective budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main reason for the failure of most of the local levels to present their budget is the quarrel among the people's representatives. According to federal affairs ministry, the local levels that have not submitted the budget have been repeatedly instructed to submit their budget and they have also written to the Ministry of Finance for further action. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Adhikari, letters have been sent to the finance ministry to stop the grants to those local units for not bringing the budget within the stipulated time. As they do not have the authority to take action, he said that the recommendation has already been made and the grants will be stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Ministry of Finance, the government has the right to withhold the financial equalization grants to the local levels if they do not bring the budget on time. Ministry officials say that the government will be forced to stop such grants if they try to run the expenditure without bringing the budget. “Expenditure made after July 16 without presenting the budget on June 24 is unconstitutional and illegal. We will stop the grant,” said a senior official at the finance ministry. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14088', 'image' => '20211122025540_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-22 14:54:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14342', 'article_category_id' => '1', 'title' => 'Nepal Stresses on Expanding ties with European Union', 'sub_title' => '', 'summary' => 'November 22: Nepal has given special emphasis on expanding its relation with the European Union.', 'content' => '<p><em>Minister for Foreign Affairs Narayan Khadka (2nd R) with visiting delegates from the EU. Photo Courtesy: MoFA</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: Nepal has given special emphasis on expanding its relation with the European Union (EU). Minister for Foreign Affairs Narayan Khadka expressed the desire to expand Nepal’s relation with the EU during his meeting with the Deputy Managing Director of EU for Asia and the Pacific of European External Affairs Service, Paola Pampaloni. The meeting was held at the Ministry of Foreign Affairs in Singha Durbar on Sunday, November 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pampaloni is in Nepal leading a three-member delegation for the 13th meeting of Nepal-EU Joint Commission scheduled for November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Sunday’s meeting, Minister Khadka discussed topics of mutual interest as well as regional and multilateral affairs with the visiting delegates. Range of matters concerning Nepal-EU partnership were discussed including development cooperation, trade and civil aviation, the Ministry of Foreign Affairs said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The European Union has been supporting Nepal in trade and investment, commerce, energy, science and technology, agriculture, human resource development, environment conservation, post-earthquake reconstruction, rural development, nutrition, education, good governance, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14087', 'image' => '20211122024609_FEsY1bZUUAQmqeq.jpg', 'article_date' => '2021-11-22 14:43:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14341', 'article_category_id' => '1', 'title' => 'People Expect Inflation to Reach Double Digit in One Year: NRB Survey', 'sub_title' => '', 'summary' => 'November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB). The survey was conducted by the central bank from October 3 to 8.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The survey has revealed that the mean inflation and median average inflation are expected to reach 10.3 percent and 9 percent respectively in the next one year. In the next three months of the current fiscal year, mean and median inflation expectations remain at 9.6 percent and eight percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of NRB Dr Prakash Kumar Shrestha, who heads the Economic Research Department of the central bank, said people surveyed in the report expected price hikes in the coming months. Inflation expectation has been determined on the basis of the response given by market consumers. However, it is the report on the current macroeconomic and financial situation of the country that determines if the inflation occurs accordingly or not. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The recent macroeconomic and financial situation report of the central bank had projected an average inflation of 9.4 percent in September. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The inflation expectation varies according to the age of the customer. Consumers of 25 years of age expect average inflation to reach 10.6 percent in the next three months and 10.3 percent in the next one year. Similarly, customers above 56 years of age have said that the inflation will rise to 11.2 percent in the next three months and 12.2 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, inflation forecasts vary from city to city. Consumers in Birgunj expect price hikes to reach 12.5 percent in the next three months and 13.4 percent in one year. Similarly, customers of Nepalgunj expect inflation to rise to 5.9 percent in the next three months and also 5.9 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the world's central banks conduct inflation expectation survey. NRB has also been conducting such surveys since January last year. This is the second survey conducted by NRB. According to Shrestha these surveys make it easier to formulate necessary policies and change policies based on the results of such surveys.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><img alt="" src="/app/webroot/userfiles/images/1%2857%29.jpg" style="height:561px; width:800px" /></span></span><img alt="" src="/app/webroot/userfiles/images/2%2867%29.jpg" style="height:344px; width:800px" /></p> <p><em>Source: Nepal Rastra Bank</em></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14086', 'image' => '20211122013811_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-22 13:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14339', 'article_category_id' => '1', 'title' => 'Private Sector has Potential to Consume Additional 5,000 MW of Electricity', 'sub_title' => '', 'summary' => 'November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal Electricity Authority (NEA) has been complaining about electricity wastage for a while and is also taking necessary initiative to resolve this problem. Electricity consumption has not increased as expected. However, the private sector seems optimistic. It is taking initiative for the development and improvement of the distribution and transmission systems.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to an unofficial study by the Independent Power Producers’ Association of Nepal (IPPAN), an additional 2,000 megawatts of electricity could be consumed for cooking purposes in urban areas, 1,000 megawatts in the transport sector, and 2,000 megawatts in the industrial sector if the distribution system is improved.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the NEA brings effective marketing and subsidy programmes, the use of electric stoves will widely increase. Ashish Garg, the vice-chairman of IPPAN, stated that 3,000 MW of electricity could be consumed within three years if the capacity of transformers and other technical capabilities were expanded by giving priority only to urban and developing areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of cooking gas (LPG) is constantly rising. General changes in the price of LPG in the international market also affect Nepal. At present, the price of a cylinder of cooking gas is Rs 1,575. According to Garg, it has become a necessity to use induction cookers as the prices increase every year. For this to happen, he said the government should intervene at the policy level and bring promotional programmes including grants.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Arguing that if the subsidy is provided for induction stoves, Garg said qualitative change will be seen within a year. He added that joint effort of the government and private sector is necessary to this end. According to the Nepal Oil Corporation, LPG worth Rs 40 billion is imported annually. Imports are likely to increase further this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the construction of adequate charging stations and banning the import of petrol and diesel vehicles by the government will increase the use of electric vehicles. In such scenario, an additional 1,000 MW of electricity will be consumed in the next three years. The private sector has also been demanding necessary laws to allow them build charging stations. If there is no obstruction, a charging station can be built just like a petrol pump. Out of a total of 1 million vehicles operating in Nepal, only around 10,000 are electric vehicles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN is of the view that if the public sector adopts a policy of importing only electric vehicles, it will have an impact on the market and the private sector will be obliged to promote electric vehicles. The last time when NEA provided 30 MW of electricity to Hongshi Cement Industry, it had a positive impact on other industries as well. The industry has demanded an additional 50 MW of electricity. Similarly, industrialists and businessmen have immediately demanded 1,000 megawatts of electricity.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, 400,000 tons of coal is being imported annually. An additional 1,000 megawatts of electricity is needed to stop the import of coal for use in the cement industry alone. On this basis, the demand for 5,000 to 7,000 MW of electricity is likely to increase in the system, said Garg.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He presented this statement on the occasion of IPPAN's annual general meeting. Commenting on the details, Minister for Energy, Water Resources and Irrigation, Pampha Bhusal said that the government is committed to increase the consumption of electricity in every sector. As the chairperson of the board of directors, she said that she is ready to carry out all the works on behalf of NEA in a planned manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also urged the private sector to support the government's efforts. She further said that electricity is also a raw material and should be properly consumed within the country.</span> </span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14084', 'image' => '20211122120413_electricity.jpg', 'article_date' => '2021-11-22 12:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14338', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Transaction worth Rs 80 Million ', 'sub_title' => '', 'summary' => 'November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). The federation said that the fair recorded transaction of Rs 80 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the concluding ceremony of the fair, Chief Minister of Bagmati Province Rajendra Pandey said that the Provincial Government would extend its support for the development and expansion of handicraft products. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Deputy Mayor of Kathmandu Metropolitan City Hari Prava Khadgi also pledged her full support for the development of handicraft sector on behalf of the Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation's chairman Surendra Bhai Shakya stated that the handicraft sector has vital role for preservation of arts and cultures as well as for export and employment creation in the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14083', 'image' => '20211122111603_20171121030620__DSC8688 (1).jpg', 'article_date' => '2021-11-22 11:14:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14336', 'article_category_id' => '1', 'title' => 'Vegetable Seeds Distributed to 6000 Farmers', 'sub_title' => '', 'summary' => ' November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. The municipality has distributed the vegetable seeds to the farmers in all the wards with the objective of making the city self-reliant in vegetable production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kamal Ghimire, coordinator of the campaign, said that the municipality has been conducting a multi-purpose program, “Clean Phalewas Green Phalewas” for the last 3 years. The seeds have been distributed under the ‘one house, one garden campaign’ of the multi-purpose program.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ghimire said that vegetable seeds including mustard, radish, turnip, spinach, carrot and coriander were distributed free of cost to every household in the municipality. The municipality had allocated Rs 400,000 for the ‘clean house greenhouse campaign’ this year. He said that the seeds were distributed from the same budget. “Six types of vegetable seeds worth Rs 70 have been distributed to each of the 6,000 households across the municipality,” said Ghimire adding, “Farmers would be able to produce vegetables depending upon the weather conditions in their area”. He said that about 400 plastic tunnels were distributed in 11 wards of Phalewas Municipality in the fiscal year 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The municipality is preparing to bring another program soon to increase vegetable production for commercial farmers in the town. The people there are happy after the municipality's decision to distribute vegetable seeds free of cost. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Farmer Devi Prasad Bhusal, a representative farmer of Ward No. 6 Devisthan, said that he would focus on vegetable production by making good use of the seeds. Santosh Subedi, agriculture officer of the municipality, said that the vegetable seeds were brought from Temperate Horticulture Development Center, Marfa, Mustang and Pokhara. He said that quality seeds of improved varieties produced in government farms have been brought and distributed to the farmers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In order to make the farmers self-reliant in the profession of agricultural, Phalewas had earlier distributed fruit saplings free of cost. Similarly, a grant was distributed as an encouragement to those who cultivate on barren land. Mayor Padampani Sharma claimed that the municipality is now self-reliant in vegetables and seasonal fruits.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14082', 'image' => '20211121013556_image.jpg', 'article_date' => '2021-11-21 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14337', 'article_category_id' => '1', 'title' => 'Shipping Companies Benefit from Reduction in Freight Charge as Private Players Enter the Fray', 'sub_title' => '', 'summary' => 'November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing. Private railway service providers of India are competing among each other to transport goods to Nepal via third countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The competition started after a shipment transported by Hind Terminal entered the Birgunj dry port for the first time last September. The monopoly of the Container Corporation of India (CONCOR) was broken via the amendment of the Railway Services Agreement thereby allowing the private sector to transport goods to and from Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CONCOR had reduced its fare by 30 percent when the train of Hind Terminal entered the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Citing a sharp reduction in fares aimed at influencing the competitors, there was apprehension about private companies continuing the service. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pristine Valley, a dry port operator, said that Hind Terminal has continued their service. According to B Mohan, executive director of Pristine Valley, Hind Terminal has so far installed seven railway racks at the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The Hind Terminal has already shipped seven racks of containers. Other companies are also in the final stage of preparing for the service,” he told New Business Age. Hind Terminal has so far delivered 630 containers to Birgunj port. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Another Indian company Pristine Logistics InfraProjects, a major partner of Pristine Valley, is also set to launch the service in a few days. The JM Baxi Group, which operates port and rail services in India, is also preparing to ship containers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with CONCOR, other companies have also reduced the freight charge. However, importers say that they are not yet able to reap the benefits even after two months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is no benefit in Nepal's foreign trade as the shipping company transports goods to Birgunj port and the train fare is transaction takes place between CONCOR and the shipping company. The shipping company has been charging the freight fare to the importer up to Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Importer Pradip Kedia says that the shipping company is yet to reduce the charge even though CONCOR has already reduced the fare. “Even though CONCOR has reduced the fares, Nepal’s trade has not benefited from it. Shipping companies and shippers are benefiting instead,” said Kedia. CONCOR had reduced fares until March 31, 2022. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14081', 'image' => '20211121023618_20210422052840_20201015050305_1602718767.Clipboard09.jpg', 'article_date' => '2021-11-21 14:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14335', 'article_category_id' => '1', 'title' => 'US Urges Nepal to Take a Decision Regarding MCC Compact by Dec 14', 'sub_title' => '', 'summary' => 'November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14. During his recent visit to Nepal, US Assistant Secretary of State for South and Central Asian Affairs Donald Lu urged the government to ratify the MCC at the earliest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">US officials have been piling pressure on Nepal to take a quick decision on whether to accept the MCC grant or not. They have urged the Prime Minister and the top political leaders to take a firm decision on MCC and ratify it through the parliament for the implementation of the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The visit of the high-level delegation led by Lu comes about a after the official visit of MCC Vice President Fatima Sumar seeking endorsement of the pact.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu has made it clear that the US government would have no objection even if the MCC is rejected. "It is up to the government of Nepal and the Parliament to decide whether to pass the MCC or not. We want the government to approve it and move forward,” Lu said while talking to media persons in Kathmandu on November 19 before wrapping up his visit. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that if the MCC Compact is not approved, it will be given to some other country. Several countries are looking for the grant. Meanwhile, the Nepalese government should take a quick decision about it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Lu, the MCC board holds a review meeting every three months. It reviews the status of the project. The next board meeting will be held on December 14. The US wants Nepal to take a decision before the next review meeting. The grant agreement was signed between Nepal and the MCC in 2017.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that only countries that make progress in democracy and liberal economy are entitled to get this grant. During his visit to Nepal, he met Prime Minister Sher Bahadur Deuba, former Prime Minister and CPN (Maoist Centre) Chairman Pushpa Kamal Dahal and Chairman of the main opposition UML and former Prime Minister KP Sharma Oli.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting, the leaders expressed different views. The leaders failed to give a unanimous and concrete response. Prime Minister Deuba had hinted at endorsement of the MCC agreement. However, UML chairperson Oli said the government hasn’t consulted with them and so he could not comment on the issue. Similarly, Dahal said efforts were being made to reach a national consensus regarding the MCC but no decision had been reached yet.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14080', 'image' => '20211121120349_MCC.jpg', 'article_date' => '2021-11-21 12:03:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14334', 'article_category_id' => '1', 'title' => '13th Chitwan Festival from January 9 ', 'sub_title' => '', 'summary' => 'November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021. The festival this year is set to focus on tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organisers said during a press conference on Friday that this year's festival is being held targeting the tourism sector as the sector has been badly hit by COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival will focus on uplifting the overall tourism sector and tourism entrepreneurs by promoting activities related to tourism. It includes discussions on various aspects of the tourism sector, said Chair of the Chitwan Chamber of Commerce and Industry Raju Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There will be 350 stalls including four special stalls and domes in the festival which will run till January 18. The number of stalls has been reduced this year due to the risk of coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizers are expecting around five hundred thousand visitors to attend the festival that is estimated to lead to a trade and transaction of over Rs 250 million. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14079', 'image' => '20211121113629_20210725030344_20210202121548_20190415022754_aaa.jpg', 'article_date' => '2021-11-21 11:35:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14333', 'article_category_id' => '1', 'title' => 'Nepal-EU Joint Commission Meeting set for Wednesday ', 'sub_title' => '', 'summary' => 'November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em> Photo Courtesy: Tourism Mail</em><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, the 13th meeting of the Joint Commission is scheduled to take place in Kathmandu on Wednesday, November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Deputy Managing Director of the European External Affairs Service for Asia and Pacific Region Paolo Pampaloni has already arrived in Kathmandu in order to attend the meeting. Pampaloni arrived in the capital on Satuday leading a three-member delegation of the European Union, RSS further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting is expected to discuss regional and multilateral issues of mutual interests and all dimensions of the relations between Nepal and the European Union, an official at the Ministry of Foreign Affairs told RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting will also discuss the overall aspects of bilateral development cooperation. The EU has been providing support to Nepal in a number of areas, including trade and investment, commerce, energy, science and technology, agriculture, human resource development, environmental protection, post-earthquake reconstruction, rural development and education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Secretary Bharat Raj Poudel will lead the Nepali delegation during the meeting. The Nepali side is expected to emphatically raise the issue of lifting restriction imposed on the country's aviation sector in the skies of European countries, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EU is likely to remove the flight restriction considering Nepal’s commitment to aviation safety standards incorporated in the new civil aviation bill that has been presented in the parliament. </span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14078', 'image' => '20211121083757_EU.jpg', 'article_date' => '2021-11-21 08:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14332', 'article_category_id' => '1', 'title' => 'Tourist Arrival on the Rise in Kanchanjunga Area ', 'sub_title' => '', 'summary' => 'November 21: The number of tourists visiting Kanchanjanga region, which is home to the world's third highest mountain, is increasing.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The number of tourists visiting Kanchanjunga region, which is home to the world's third highest mountain, is increasing. Deserted for almost two years due to COVID-19 pandemic, the region is gradually seeing an increase in domestic and foreign tourists this year, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the Kanchanjunga region is bustling with domestic and foreign tourists since last month. Citing the Kanchanjunga Conservation Area Management Council Office, RSS said 100 domestic tourists from different districts of Nepal have visited the region recently. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%284%29.jpg" style="height:372px; width:600px" /> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 65 foreign tourists from the United States, France, Germany, Britain and India visited the Kanchanjunga area, said Tashi Tenjing Sherpa, tourism assistant at the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a team of two American climbers, who had made attempts to climb Faktanglung (Kumbhakarna-7710 m), returned to Phungling, the district headquarters of Taplejung, after trying for about a month, according to the Ghunsa Check Post Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the increase in tourist activities, the 3,450-meter-high Ghunsa tourist settlement has become crowded with tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chair of the Kanchanjunga Conservation Area Management Council, Khagendra Limbu, said that the Great Himalayan Trail (East-West Foot trail) has recently become the choice of tourists visiting the region. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Hotels in the Kanchanjunga area that were closed for a long time due to COVID-19 have reopened, and are operating in full swing. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%282%29.jpg" style="height:293px; width:800px" /></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14077', 'image' => '20211121081856_Kanchanjunga SVO (1).jpeg', 'article_date' => '2021-11-21 08:16:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14331', 'article_category_id' => '1', 'title' => 'Central Bank Prepares HPI Survey Report for the First Time', 'sub_title' => 'Inflation of Land and House Prices Declines in Current Fiscal Year', 'summary' => 'November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. This was revealed by a survey conducted by Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the House Price Index (HPI) Survey Report prepared by the central bank, the annual inflation of house/land prices on the basis of data collected from commercial banks in the fiscal year 2020/21 was 26.45 percent while the rate of inflation according to the data collected from the Land Survey Offices was 19.73 percent. Inflation in this sector in the first nine months of the current fiscal year (FY 2021/22) was 16.31 percent and 12.57 percent respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The survey report concluded that the inflation in the first nine months of the current fiscal year was less than the previous FY due to the slump in land/house transaction in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank prepared the House Price Index (HPI) Survey Report for the first time in line with the monetary policy to achieve monetary and financial stability as well as to prepare macro-prudential regulation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The Financial Sector Development Strategy (2074-2077/78) had given the responsibility of conducting the House Price Index Survey to the NRB. According to the central bank, it conducted the survey considering FY 2075/76 as the base year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The study was conducted in 20 places of 20 different districts taking into consideration the geological aspects, transaction and availability of data. Out of the selected clusters, the survey was focused in areas where land-related transactions were maximum, NRB said in a statement on November 19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank conducted the survey on the basis of two major sources – one of them being the transaction record while registering the land transfer at the Land Survey Office and the other being the evaluation done by banks and financial institutions while providing loan by keeping land ownership certificate as collateral.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the NRB, the HPI Index was prepared to measure the fluctuation in prices of houses and land as well as inflation of land/house prices.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14076', 'image' => '20211119072901_ddd.jpg', 'article_date' => '2021-11-19 19:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14330', 'article_category_id' => '1', 'title' => '29 Financial Institutions Connected to National Payment Switch', 'sub_title' => '', 'summary' => 'November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement was signed between NCHL and its affiliated financial institutions amid a formal program on Thursday, November 19. Representatives of NCHL and affiliated banks exchanged agreement papers at the program.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Twenty nine banks and financial institutions including eighteen commercial banks, five development banks and six finance companies are affiliated to the National Payment Switch. Similarly, other banks / financial institutions, payment system operators and payment service providers will also be affiliated to the National Payment Switch soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">It is said that all the necessary preparations have been completed for the first phase to provide additional digital payment tools and services by maintaining interconnection between non-card payment systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, interconnection between wallet to wallet and payment tools like PSO settlement will be available.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, in the second phase, card related payments will be available for which work related to National Card Switch and Nepal Payment Card has been started.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of the National Payment Switch, NCHL will coordinate with the government, regulatory authorities and various stakeholders to make the payment systems more convenient, accessible and secure.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14075', 'image' => '20211119010725_National-Payment-Switch.jpg', 'article_date' => '2021-11-19 13:06:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14329', 'article_category_id' => '1', 'title' => 'Government’s Capital Expenditure Less Than That of Pandemic Period', 'sub_title' => '', 'summary' => 'November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of the current Fiscal Year (FY 2021/22), the pace of development has been weaker than during the peak of pandemic. In the first quarter of the current fiscal year, capital expenditure has is only 5 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, the capital expenditure stands at Rs 20.79 billion which is only 4.73 percent of the total development budget. This year's capital expenditure is lower than the expenditure during the previous year when the Covid-19 pandemic was widespread.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first quarter of FY 2020/21, the capital expenditure was 8.34 percent. This is more than double the expenditure made in the current year. To meet the target this year, 95 percent of the allocated budget will have to be spent in the remaining eight months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Rs 439 billion was allocated for development works for the current fiscal year. However, after the change of government, the budget for development works was downsized by Finance Minister Janardan Sharma through the replacement bill to Rs 378 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, 17.61 percent of the allocated budget has been spent in the first four months. However, most of the money spent falls under the current expenditure that includes salary and allowance of government employees. A budget of Rs 1.632 trillion has been allocated for this fiscal year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Out of Rs 1.03 trillion allocated for current expenditure, Rs 233 billion or 23.26 percent has been spent so far.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Despite the weak spending, the finance minister continues tall promises regarding reforms in spending system. No matter who is the finance minister, reforming the expenditure system remains a major issue. Looking at the state of capital expenditure in the first four months of the last four fiscal years, the pace of development seems to be slowing down.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of FY 2075/76, only Rs 29.83 billion was spent. Government data shows that Rs 24.81 billion was spent in the subsequent fiscal year 2076/77. During the review period of FY 2077/78, such expenditure was Rs 29.44 billion while the capital expenditure was only Rs 20.78 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Even on the last day of the first quarter, Finance Minister Sharma was busy in high-level discussions to increase spending. Chief Secretary Shankar Das Bairagi, Finance Secretary Madhu Kumar Marasini, and secretaries and representatives of various ministries had attended the discussion initiated by the finance minister.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Discussions were held on the current procurement law, issues in achieving the target of capital expenditure, state of institutional coordination, and financial discipline. No matter how active Finance Minister Sharma seems to be, the low capital expenditure, as a result, indicates that the pace of development work is poor. Likewise, the results show that government officials did not follow his instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A report prepared by the Public Expenditure Review Commission formed by the government three years ago has been kept secret and has not been implemented effectively. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14074', 'image' => '20211119125246_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-19 12:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14328', 'article_category_id' => '1', 'title' => 'Government Launches Rural Enterprise Project in Collaboration with World Bank', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">A joint statement issued by the World Bank and the Government of Nepal states that the project was launched by Minister for Agriculture and Livestock Development, Mahindra Ray Yadav and World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a programme on November 18.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the project aims to boost Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. The project is financed with an $80 million credit from the World Bank and is expected to leverage additional funding from producers, financial institutions and local governments in the next four years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“In the context of Nepal’s agriculture sector transformation and COVID-19, ensuring market linkages of produce of smallholder farmers, famer groups, and cooperatives is critical to accelerate recovery of the sector and the economy from the pandemic’s impacts,” the statement quoted Minister Yadav as saying. “This project will help to increase the income of smallholder producers and farmers, promote agriculture entrepreneurship, and create jobs in rural Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The REED project will be implemented in selected municipalities in five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim to foster sustainable linkages for rural entrepreneurs. The project is aligned with the government’s Agriculture Development Strategy 2015-2035, and will work with provincial and local governments, intermediary organizations, and small and medium enterprises, especially those that are women-led to strengthen the agriculture sector and the entrepreneurship ecosystem. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19, the statement added. The project will use labor-intensive Cash for Work mechanism in infrastructure works and is expected to create short-term jobs for over 5,700 people including women to support economic recovery from COVID-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The project supports Nepal’s green, resilient, and inclusive development and provides an opportunity for the government and the private sector to work together to build the ‘Nepal’ brand in the agriculture sector,” stated World Bank’s Country Director for the Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit, and medicinal products, among others, to help them grow and to support a resilient recovery from the pandemic.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project agreement for REED was signed in December 2020 by the Government of Nepal and the World Bank.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14073', 'image' => '20211119120811_247083533_10157926738816467_6483655943314641302_n.jpg', 'article_date' => '2021-11-19 12:05:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14343', 'article_category_id' => '1', 'title' => '30 Local Units yet to Announce Budget for Current Fiscal Year', 'sub_title' => '', 'summary' => 'November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Local Government Operation Act, 2074 and the Intergovernmental Fiscal Arrangement Act, all local levels must bring a budget within June 23 and no expenditure can be made without passing the budget. The budget goes to the local level from the federal government through four types of grants, revenue sharing and natural resource allocation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Based on the same sources, the local level should make an estimated budget and submit it to the village council in time as per the constitutional provision. However, these local levels are running the expenses for four months by violating the provision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Basant Adhikari, joint secretary at the Ministry of Federal Affairs and General Administration, said that the local levels have ignored the circular twice to bring the budget on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the ministry, out of 136 local levels of Province 2, a total of 25 local units are spending without presenting their budget. Six local levels from Dhanusha district, five from Rautahat, four from Bara, three each from Siraha and Parsa, two from Saptari, and one each from Mahottari and Sarlahi have not presented their budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although 116 out of 119 local levels of Bagmati Pradesh have submitted budget, three local levels have not been able to present their budget. Likewise, out of 137 local levels of Province 1, two have not submitted their budget yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Altogether 85 local levels in Gandaki, 109 in Lumbini, 79 in Karnali and 88 in the far-western region have already presented their respective budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main reason for the failure of most of the local levels to present their budget is the quarrel among the people's representatives. According to federal affairs ministry, the local levels that have not submitted the budget have been repeatedly instructed to submit their budget and they have also written to the Ministry of Finance for further action. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Adhikari, letters have been sent to the finance ministry to stop the grants to those local units for not bringing the budget within the stipulated time. As they do not have the authority to take action, he said that the recommendation has already been made and the grants will be stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Ministry of Finance, the government has the right to withhold the financial equalization grants to the local levels if they do not bring the budget on time. Ministry officials say that the government will be forced to stop such grants if they try to run the expenditure without bringing the budget. “Expenditure made after July 16 without presenting the budget on June 24 is unconstitutional and illegal. We will stop the grant,” said a senior official at the finance ministry. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14088', 'image' => '20211122025540_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-22 14:54:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14342', 'article_category_id' => '1', 'title' => 'Nepal Stresses on Expanding ties with European Union', 'sub_title' => '', 'summary' => 'November 22: Nepal has given special emphasis on expanding its relation with the European Union.', 'content' => '<p><em>Minister for Foreign Affairs Narayan Khadka (2nd R) with visiting delegates from the EU. Photo Courtesy: MoFA</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: Nepal has given special emphasis on expanding its relation with the European Union (EU). Minister for Foreign Affairs Narayan Khadka expressed the desire to expand Nepal’s relation with the EU during his meeting with the Deputy Managing Director of EU for Asia and the Pacific of European External Affairs Service, Paola Pampaloni. The meeting was held at the Ministry of Foreign Affairs in Singha Durbar on Sunday, November 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pampaloni is in Nepal leading a three-member delegation for the 13th meeting of Nepal-EU Joint Commission scheduled for November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Sunday’s meeting, Minister Khadka discussed topics of mutual interest as well as regional and multilateral affairs with the visiting delegates. Range of matters concerning Nepal-EU partnership were discussed including development cooperation, trade and civil aviation, the Ministry of Foreign Affairs said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The European Union has been supporting Nepal in trade and investment, commerce, energy, science and technology, agriculture, human resource development, environment conservation, post-earthquake reconstruction, rural development, nutrition, education, good governance, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14087', 'image' => '20211122024609_FEsY1bZUUAQmqeq.jpg', 'article_date' => '2021-11-22 14:43:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14341', 'article_category_id' => '1', 'title' => 'People Expect Inflation to Reach Double Digit in One Year: NRB Survey', 'sub_title' => '', 'summary' => 'November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB). The survey was conducted by the central bank from October 3 to 8.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The survey has revealed that the mean inflation and median average inflation are expected to reach 10.3 percent and 9 percent respectively in the next one year. In the next three months of the current fiscal year, mean and median inflation expectations remain at 9.6 percent and eight percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of NRB Dr Prakash Kumar Shrestha, who heads the Economic Research Department of the central bank, said people surveyed in the report expected price hikes in the coming months. Inflation expectation has been determined on the basis of the response given by market consumers. However, it is the report on the current macroeconomic and financial situation of the country that determines if the inflation occurs accordingly or not. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The recent macroeconomic and financial situation report of the central bank had projected an average inflation of 9.4 percent in September. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The inflation expectation varies according to the age of the customer. Consumers of 25 years of age expect average inflation to reach 10.6 percent in the next three months and 10.3 percent in the next one year. Similarly, customers above 56 years of age have said that the inflation will rise to 11.2 percent in the next three months and 12.2 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, inflation forecasts vary from city to city. Consumers in Birgunj expect price hikes to reach 12.5 percent in the next three months and 13.4 percent in one year. Similarly, customers of Nepalgunj expect inflation to rise to 5.9 percent in the next three months and also 5.9 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the world's central banks conduct inflation expectation survey. NRB has also been conducting such surveys since January last year. This is the second survey conducted by NRB. According to Shrestha these surveys make it easier to formulate necessary policies and change policies based on the results of such surveys.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><img alt="" src="/app/webroot/userfiles/images/1%2857%29.jpg" style="height:561px; width:800px" /></span></span><img alt="" src="/app/webroot/userfiles/images/2%2867%29.jpg" style="height:344px; width:800px" /></p> <p><em>Source: Nepal Rastra Bank</em></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14086', 'image' => '20211122013811_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-22 13:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14339', 'article_category_id' => '1', 'title' => 'Private Sector has Potential to Consume Additional 5,000 MW of Electricity', 'sub_title' => '', 'summary' => 'November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal Electricity Authority (NEA) has been complaining about electricity wastage for a while and is also taking necessary initiative to resolve this problem. Electricity consumption has not increased as expected. However, the private sector seems optimistic. It is taking initiative for the development and improvement of the distribution and transmission systems.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to an unofficial study by the Independent Power Producers’ Association of Nepal (IPPAN), an additional 2,000 megawatts of electricity could be consumed for cooking purposes in urban areas, 1,000 megawatts in the transport sector, and 2,000 megawatts in the industrial sector if the distribution system is improved.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the NEA brings effective marketing and subsidy programmes, the use of electric stoves will widely increase. Ashish Garg, the vice-chairman of IPPAN, stated that 3,000 MW of electricity could be consumed within three years if the capacity of transformers and other technical capabilities were expanded by giving priority only to urban and developing areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of cooking gas (LPG) is constantly rising. General changes in the price of LPG in the international market also affect Nepal. At present, the price of a cylinder of cooking gas is Rs 1,575. According to Garg, it has become a necessity to use induction cookers as the prices increase every year. For this to happen, he said the government should intervene at the policy level and bring promotional programmes including grants.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Arguing that if the subsidy is provided for induction stoves, Garg said qualitative change will be seen within a year. He added that joint effort of the government and private sector is necessary to this end. According to the Nepal Oil Corporation, LPG worth Rs 40 billion is imported annually. Imports are likely to increase further this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the construction of adequate charging stations and banning the import of petrol and diesel vehicles by the government will increase the use of electric vehicles. In such scenario, an additional 1,000 MW of electricity will be consumed in the next three years. The private sector has also been demanding necessary laws to allow them build charging stations. If there is no obstruction, a charging station can be built just like a petrol pump. Out of a total of 1 million vehicles operating in Nepal, only around 10,000 are electric vehicles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN is of the view that if the public sector adopts a policy of importing only electric vehicles, it will have an impact on the market and the private sector will be obliged to promote electric vehicles. The last time when NEA provided 30 MW of electricity to Hongshi Cement Industry, it had a positive impact on other industries as well. The industry has demanded an additional 50 MW of electricity. Similarly, industrialists and businessmen have immediately demanded 1,000 megawatts of electricity.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, 400,000 tons of coal is being imported annually. An additional 1,000 megawatts of electricity is needed to stop the import of coal for use in the cement industry alone. On this basis, the demand for 5,000 to 7,000 MW of electricity is likely to increase in the system, said Garg.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He presented this statement on the occasion of IPPAN's annual general meeting. Commenting on the details, Minister for Energy, Water Resources and Irrigation, Pampha Bhusal said that the government is committed to increase the consumption of electricity in every sector. As the chairperson of the board of directors, she said that she is ready to carry out all the works on behalf of NEA in a planned manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also urged the private sector to support the government's efforts. She further said that electricity is also a raw material and should be properly consumed within the country.</span> </span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14084', 'image' => '20211122120413_electricity.jpg', 'article_date' => '2021-11-22 12:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14338', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Transaction worth Rs 80 Million ', 'sub_title' => '', 'summary' => 'November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). The federation said that the fair recorded transaction of Rs 80 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the concluding ceremony of the fair, Chief Minister of Bagmati Province Rajendra Pandey said that the Provincial Government would extend its support for the development and expansion of handicraft products. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Deputy Mayor of Kathmandu Metropolitan City Hari Prava Khadgi also pledged her full support for the development of handicraft sector on behalf of the Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation's chairman Surendra Bhai Shakya stated that the handicraft sector has vital role for preservation of arts and cultures as well as for export and employment creation in the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14083', 'image' => '20211122111603_20171121030620__DSC8688 (1).jpg', 'article_date' => '2021-11-22 11:14:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14336', 'article_category_id' => '1', 'title' => 'Vegetable Seeds Distributed to 6000 Farmers', 'sub_title' => '', 'summary' => ' November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. The municipality has distributed the vegetable seeds to the farmers in all the wards with the objective of making the city self-reliant in vegetable production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kamal Ghimire, coordinator of the campaign, said that the municipality has been conducting a multi-purpose program, “Clean Phalewas Green Phalewas” for the last 3 years. The seeds have been distributed under the ‘one house, one garden campaign’ of the multi-purpose program.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ghimire said that vegetable seeds including mustard, radish, turnip, spinach, carrot and coriander were distributed free of cost to every household in the municipality. The municipality had allocated Rs 400,000 for the ‘clean house greenhouse campaign’ this year. He said that the seeds were distributed from the same budget. “Six types of vegetable seeds worth Rs 70 have been distributed to each of the 6,000 households across the municipality,” said Ghimire adding, “Farmers would be able to produce vegetables depending upon the weather conditions in their area”. He said that about 400 plastic tunnels were distributed in 11 wards of Phalewas Municipality in the fiscal year 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The municipality is preparing to bring another program soon to increase vegetable production for commercial farmers in the town. The people there are happy after the municipality's decision to distribute vegetable seeds free of cost. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Farmer Devi Prasad Bhusal, a representative farmer of Ward No. 6 Devisthan, said that he would focus on vegetable production by making good use of the seeds. Santosh Subedi, agriculture officer of the municipality, said that the vegetable seeds were brought from Temperate Horticulture Development Center, Marfa, Mustang and Pokhara. He said that quality seeds of improved varieties produced in government farms have been brought and distributed to the farmers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In order to make the farmers self-reliant in the profession of agricultural, Phalewas had earlier distributed fruit saplings free of cost. Similarly, a grant was distributed as an encouragement to those who cultivate on barren land. Mayor Padampani Sharma claimed that the municipality is now self-reliant in vegetables and seasonal fruits.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14082', 'image' => '20211121013556_image.jpg', 'article_date' => '2021-11-21 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14337', 'article_category_id' => '1', 'title' => 'Shipping Companies Benefit from Reduction in Freight Charge as Private Players Enter the Fray', 'sub_title' => '', 'summary' => 'November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing. Private railway service providers of India are competing among each other to transport goods to Nepal via third countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The competition started after a shipment transported by Hind Terminal entered the Birgunj dry port for the first time last September. The monopoly of the Container Corporation of India (CONCOR) was broken via the amendment of the Railway Services Agreement thereby allowing the private sector to transport goods to and from Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CONCOR had reduced its fare by 30 percent when the train of Hind Terminal entered the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Citing a sharp reduction in fares aimed at influencing the competitors, there was apprehension about private companies continuing the service. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pristine Valley, a dry port operator, said that Hind Terminal has continued their service. According to B Mohan, executive director of Pristine Valley, Hind Terminal has so far installed seven railway racks at the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The Hind Terminal has already shipped seven racks of containers. Other companies are also in the final stage of preparing for the service,” he told New Business Age. Hind Terminal has so far delivered 630 containers to Birgunj port. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Another Indian company Pristine Logistics InfraProjects, a major partner of Pristine Valley, is also set to launch the service in a few days. The JM Baxi Group, which operates port and rail services in India, is also preparing to ship containers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with CONCOR, other companies have also reduced the freight charge. However, importers say that they are not yet able to reap the benefits even after two months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is no benefit in Nepal's foreign trade as the shipping company transports goods to Birgunj port and the train fare is transaction takes place between CONCOR and the shipping company. The shipping company has been charging the freight fare to the importer up to Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Importer Pradip Kedia says that the shipping company is yet to reduce the charge even though CONCOR has already reduced the fare. “Even though CONCOR has reduced the fares, Nepal’s trade has not benefited from it. Shipping companies and shippers are benefiting instead,” said Kedia. CONCOR had reduced fares until March 31, 2022. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14081', 'image' => '20211121023618_20210422052840_20201015050305_1602718767.Clipboard09.jpg', 'article_date' => '2021-11-21 14:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14335', 'article_category_id' => '1', 'title' => 'US Urges Nepal to Take a Decision Regarding MCC Compact by Dec 14', 'sub_title' => '', 'summary' => 'November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14. During his recent visit to Nepal, US Assistant Secretary of State for South and Central Asian Affairs Donald Lu urged the government to ratify the MCC at the earliest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">US officials have been piling pressure on Nepal to take a quick decision on whether to accept the MCC grant or not. They have urged the Prime Minister and the top political leaders to take a firm decision on MCC and ratify it through the parliament for the implementation of the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The visit of the high-level delegation led by Lu comes about a after the official visit of MCC Vice President Fatima Sumar seeking endorsement of the pact.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu has made it clear that the US government would have no objection even if the MCC is rejected. "It is up to the government of Nepal and the Parliament to decide whether to pass the MCC or not. We want the government to approve it and move forward,” Lu said while talking to media persons in Kathmandu on November 19 before wrapping up his visit. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that if the MCC Compact is not approved, it will be given to some other country. Several countries are looking for the grant. Meanwhile, the Nepalese government should take a quick decision about it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Lu, the MCC board holds a review meeting every three months. It reviews the status of the project. The next board meeting will be held on December 14. The US wants Nepal to take a decision before the next review meeting. The grant agreement was signed between Nepal and the MCC in 2017.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that only countries that make progress in democracy and liberal economy are entitled to get this grant. During his visit to Nepal, he met Prime Minister Sher Bahadur Deuba, former Prime Minister and CPN (Maoist Centre) Chairman Pushpa Kamal Dahal and Chairman of the main opposition UML and former Prime Minister KP Sharma Oli.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting, the leaders expressed different views. The leaders failed to give a unanimous and concrete response. Prime Minister Deuba had hinted at endorsement of the MCC agreement. However, UML chairperson Oli said the government hasn’t consulted with them and so he could not comment on the issue. Similarly, Dahal said efforts were being made to reach a national consensus regarding the MCC but no decision had been reached yet.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14080', 'image' => '20211121120349_MCC.jpg', 'article_date' => '2021-11-21 12:03:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14334', 'article_category_id' => '1', 'title' => '13th Chitwan Festival from January 9 ', 'sub_title' => '', 'summary' => 'November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021. The festival this year is set to focus on tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organisers said during a press conference on Friday that this year's festival is being held targeting the tourism sector as the sector has been badly hit by COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival will focus on uplifting the overall tourism sector and tourism entrepreneurs by promoting activities related to tourism. It includes discussions on various aspects of the tourism sector, said Chair of the Chitwan Chamber of Commerce and Industry Raju Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There will be 350 stalls including four special stalls and domes in the festival which will run till January 18. The number of stalls has been reduced this year due to the risk of coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizers are expecting around five hundred thousand visitors to attend the festival that is estimated to lead to a trade and transaction of over Rs 250 million. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14079', 'image' => '20211121113629_20210725030344_20210202121548_20190415022754_aaa.jpg', 'article_date' => '2021-11-21 11:35:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14333', 'article_category_id' => '1', 'title' => 'Nepal-EU Joint Commission Meeting set for Wednesday ', 'sub_title' => '', 'summary' => 'November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em> Photo Courtesy: Tourism Mail</em><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, the 13th meeting of the Joint Commission is scheduled to take place in Kathmandu on Wednesday, November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Deputy Managing Director of the European External Affairs Service for Asia and Pacific Region Paolo Pampaloni has already arrived in Kathmandu in order to attend the meeting. Pampaloni arrived in the capital on Satuday leading a three-member delegation of the European Union, RSS further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting is expected to discuss regional and multilateral issues of mutual interests and all dimensions of the relations between Nepal and the European Union, an official at the Ministry of Foreign Affairs told RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting will also discuss the overall aspects of bilateral development cooperation. The EU has been providing support to Nepal in a number of areas, including trade and investment, commerce, energy, science and technology, agriculture, human resource development, environmental protection, post-earthquake reconstruction, rural development and education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Secretary Bharat Raj Poudel will lead the Nepali delegation during the meeting. The Nepali side is expected to emphatically raise the issue of lifting restriction imposed on the country's aviation sector in the skies of European countries, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EU is likely to remove the flight restriction considering Nepal’s commitment to aviation safety standards incorporated in the new civil aviation bill that has been presented in the parliament. </span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14078', 'image' => '20211121083757_EU.jpg', 'article_date' => '2021-11-21 08:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14332', 'article_category_id' => '1', 'title' => 'Tourist Arrival on the Rise in Kanchanjunga Area ', 'sub_title' => '', 'summary' => 'November 21: The number of tourists visiting Kanchanjanga region, which is home to the world's third highest mountain, is increasing.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The number of tourists visiting Kanchanjunga region, which is home to the world's third highest mountain, is increasing. Deserted for almost two years due to COVID-19 pandemic, the region is gradually seeing an increase in domestic and foreign tourists this year, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the Kanchanjunga region is bustling with domestic and foreign tourists since last month. Citing the Kanchanjunga Conservation Area Management Council Office, RSS said 100 domestic tourists from different districts of Nepal have visited the region recently. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%284%29.jpg" style="height:372px; width:600px" /> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 65 foreign tourists from the United States, France, Germany, Britain and India visited the Kanchanjunga area, said Tashi Tenjing Sherpa, tourism assistant at the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a team of two American climbers, who had made attempts to climb Faktanglung (Kumbhakarna-7710 m), returned to Phungling, the district headquarters of Taplejung, after trying for about a month, according to the Ghunsa Check Post Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the increase in tourist activities, the 3,450-meter-high Ghunsa tourist settlement has become crowded with tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chair of the Kanchanjunga Conservation Area Management Council, Khagendra Limbu, said that the Great Himalayan Trail (East-West Foot trail) has recently become the choice of tourists visiting the region. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Hotels in the Kanchanjunga area that were closed for a long time due to COVID-19 have reopened, and are operating in full swing. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%282%29.jpg" style="height:293px; width:800px" /></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14077', 'image' => '20211121081856_Kanchanjunga SVO (1).jpeg', 'article_date' => '2021-11-21 08:16:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14331', 'article_category_id' => '1', 'title' => 'Central Bank Prepares HPI Survey Report for the First Time', 'sub_title' => 'Inflation of Land and House Prices Declines in Current Fiscal Year', 'summary' => 'November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. This was revealed by a survey conducted by Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the House Price Index (HPI) Survey Report prepared by the central bank, the annual inflation of house/land prices on the basis of data collected from commercial banks in the fiscal year 2020/21 was 26.45 percent while the rate of inflation according to the data collected from the Land Survey Offices was 19.73 percent. Inflation in this sector in the first nine months of the current fiscal year (FY 2021/22) was 16.31 percent and 12.57 percent respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The survey report concluded that the inflation in the first nine months of the current fiscal year was less than the previous FY due to the slump in land/house transaction in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank prepared the House Price Index (HPI) Survey Report for the first time in line with the monetary policy to achieve monetary and financial stability as well as to prepare macro-prudential regulation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The Financial Sector Development Strategy (2074-2077/78) had given the responsibility of conducting the House Price Index Survey to the NRB. According to the central bank, it conducted the survey considering FY 2075/76 as the base year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The study was conducted in 20 places of 20 different districts taking into consideration the geological aspects, transaction and availability of data. Out of the selected clusters, the survey was focused in areas where land-related transactions were maximum, NRB said in a statement on November 19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank conducted the survey on the basis of two major sources – one of them being the transaction record while registering the land transfer at the Land Survey Office and the other being the evaluation done by banks and financial institutions while providing loan by keeping land ownership certificate as collateral.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the NRB, the HPI Index was prepared to measure the fluctuation in prices of houses and land as well as inflation of land/house prices.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14076', 'image' => '20211119072901_ddd.jpg', 'article_date' => '2021-11-19 19:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14330', 'article_category_id' => '1', 'title' => '29 Financial Institutions Connected to National Payment Switch', 'sub_title' => '', 'summary' => 'November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement was signed between NCHL and its affiliated financial institutions amid a formal program on Thursday, November 19. Representatives of NCHL and affiliated banks exchanged agreement papers at the program.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Twenty nine banks and financial institutions including eighteen commercial banks, five development banks and six finance companies are affiliated to the National Payment Switch. Similarly, other banks / financial institutions, payment system operators and payment service providers will also be affiliated to the National Payment Switch soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">It is said that all the necessary preparations have been completed for the first phase to provide additional digital payment tools and services by maintaining interconnection between non-card payment systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, interconnection between wallet to wallet and payment tools like PSO settlement will be available.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, in the second phase, card related payments will be available for which work related to National Card Switch and Nepal Payment Card has been started.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of the National Payment Switch, NCHL will coordinate with the government, regulatory authorities and various stakeholders to make the payment systems more convenient, accessible and secure.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14075', 'image' => '20211119010725_National-Payment-Switch.jpg', 'article_date' => '2021-11-19 13:06:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14329', 'article_category_id' => '1', 'title' => 'Government’s Capital Expenditure Less Than That of Pandemic Period', 'sub_title' => '', 'summary' => 'November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of the current Fiscal Year (FY 2021/22), the pace of development has been weaker than during the peak of pandemic. In the first quarter of the current fiscal year, capital expenditure has is only 5 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, the capital expenditure stands at Rs 20.79 billion which is only 4.73 percent of the total development budget. This year's capital expenditure is lower than the expenditure during the previous year when the Covid-19 pandemic was widespread.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first quarter of FY 2020/21, the capital expenditure was 8.34 percent. This is more than double the expenditure made in the current year. To meet the target this year, 95 percent of the allocated budget will have to be spent in the remaining eight months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Rs 439 billion was allocated for development works for the current fiscal year. However, after the change of government, the budget for development works was downsized by Finance Minister Janardan Sharma through the replacement bill to Rs 378 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, 17.61 percent of the allocated budget has been spent in the first four months. However, most of the money spent falls under the current expenditure that includes salary and allowance of government employees. A budget of Rs 1.632 trillion has been allocated for this fiscal year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Out of Rs 1.03 trillion allocated for current expenditure, Rs 233 billion or 23.26 percent has been spent so far.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Despite the weak spending, the finance minister continues tall promises regarding reforms in spending system. No matter who is the finance minister, reforming the expenditure system remains a major issue. Looking at the state of capital expenditure in the first four months of the last four fiscal years, the pace of development seems to be slowing down.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of FY 2075/76, only Rs 29.83 billion was spent. Government data shows that Rs 24.81 billion was spent in the subsequent fiscal year 2076/77. During the review period of FY 2077/78, such expenditure was Rs 29.44 billion while the capital expenditure was only Rs 20.78 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Even on the last day of the first quarter, Finance Minister Sharma was busy in high-level discussions to increase spending. Chief Secretary Shankar Das Bairagi, Finance Secretary Madhu Kumar Marasini, and secretaries and representatives of various ministries had attended the discussion initiated by the finance minister.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Discussions were held on the current procurement law, issues in achieving the target of capital expenditure, state of institutional coordination, and financial discipline. No matter how active Finance Minister Sharma seems to be, the low capital expenditure, as a result, indicates that the pace of development work is poor. Likewise, the results show that government officials did not follow his instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A report prepared by the Public Expenditure Review Commission formed by the government three years ago has been kept secret and has not been implemented effectively. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14074', 'image' => '20211119125246_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-19 12:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14328', 'article_category_id' => '1', 'title' => 'Government Launches Rural Enterprise Project in Collaboration with World Bank', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">A joint statement issued by the World Bank and the Government of Nepal states that the project was launched by Minister for Agriculture and Livestock Development, Mahindra Ray Yadav and World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a programme on November 18.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the project aims to boost Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. The project is financed with an $80 million credit from the World Bank and is expected to leverage additional funding from producers, financial institutions and local governments in the next four years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“In the context of Nepal’s agriculture sector transformation and COVID-19, ensuring market linkages of produce of smallholder farmers, famer groups, and cooperatives is critical to accelerate recovery of the sector and the economy from the pandemic’s impacts,” the statement quoted Minister Yadav as saying. “This project will help to increase the income of smallholder producers and farmers, promote agriculture entrepreneurship, and create jobs in rural Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The REED project will be implemented in selected municipalities in five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim to foster sustainable linkages for rural entrepreneurs. The project is aligned with the government’s Agriculture Development Strategy 2015-2035, and will work with provincial and local governments, intermediary organizations, and small and medium enterprises, especially those that are women-led to strengthen the agriculture sector and the entrepreneurship ecosystem. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19, the statement added. The project will use labor-intensive Cash for Work mechanism in infrastructure works and is expected to create short-term jobs for over 5,700 people including women to support economic recovery from COVID-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The project supports Nepal’s green, resilient, and inclusive development and provides an opportunity for the government and the private sector to work together to build the ‘Nepal’ brand in the agriculture sector,” stated World Bank’s Country Director for the Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit, and medicinal products, among others, to help them grow and to support a resilient recovery from the pandemic.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project agreement for REED was signed in December 2020 by the Government of Nepal and the World Bank.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14073', 'image' => '20211119120811_247083533_10157926738816467_6483655943314641302_n.jpg', 'article_date' => '2021-11-19 12:05:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14343', 'article_category_id' => '1', 'title' => '30 Local Units yet to Announce Budget for Current Fiscal Year', 'sub_title' => '', 'summary' => 'November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Local Government Operation Act, 2074 and the Intergovernmental Fiscal Arrangement Act, all local levels must bring a budget within June 23 and no expenditure can be made without passing the budget. The budget goes to the local level from the federal government through four types of grants, revenue sharing and natural resource allocation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Based on the same sources, the local level should make an estimated budget and submit it to the village council in time as per the constitutional provision. However, these local levels are running the expenses for four months by violating the provision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Basant Adhikari, joint secretary at the Ministry of Federal Affairs and General Administration, said that the local levels have ignored the circular twice to bring the budget on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the ministry, out of 136 local levels of Province 2, a total of 25 local units are spending without presenting their budget. Six local levels from Dhanusha district, five from Rautahat, four from Bara, three each from Siraha and Parsa, two from Saptari, and one each from Mahottari and Sarlahi have not presented their budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although 116 out of 119 local levels of Bagmati Pradesh have submitted budget, three local levels have not been able to present their budget. Likewise, out of 137 local levels of Province 1, two have not submitted their budget yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Altogether 85 local levels in Gandaki, 109 in Lumbini, 79 in Karnali and 88 in the far-western region have already presented their respective budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main reason for the failure of most of the local levels to present their budget is the quarrel among the people's representatives. According to federal affairs ministry, the local levels that have not submitted the budget have been repeatedly instructed to submit their budget and they have also written to the Ministry of Finance for further action. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Adhikari, letters have been sent to the finance ministry to stop the grants to those local units for not bringing the budget within the stipulated time. As they do not have the authority to take action, he said that the recommendation has already been made and the grants will be stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Ministry of Finance, the government has the right to withhold the financial equalization grants to the local levels if they do not bring the budget on time. Ministry officials say that the government will be forced to stop such grants if they try to run the expenditure without bringing the budget. “Expenditure made after July 16 without presenting the budget on June 24 is unconstitutional and illegal. We will stop the grant,” said a senior official at the finance ministry. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14088', 'image' => '20211122025540_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-22 14:54:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14342', 'article_category_id' => '1', 'title' => 'Nepal Stresses on Expanding ties with European Union', 'sub_title' => '', 'summary' => 'November 22: Nepal has given special emphasis on expanding its relation with the European Union.', 'content' => '<p><em>Minister for Foreign Affairs Narayan Khadka (2nd R) with visiting delegates from the EU. Photo Courtesy: MoFA</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: Nepal has given special emphasis on expanding its relation with the European Union (EU). Minister for Foreign Affairs Narayan Khadka expressed the desire to expand Nepal’s relation with the EU during his meeting with the Deputy Managing Director of EU for Asia and the Pacific of European External Affairs Service, Paola Pampaloni. The meeting was held at the Ministry of Foreign Affairs in Singha Durbar on Sunday, November 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pampaloni is in Nepal leading a three-member delegation for the 13th meeting of Nepal-EU Joint Commission scheduled for November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Sunday’s meeting, Minister Khadka discussed topics of mutual interest as well as regional and multilateral affairs with the visiting delegates. Range of matters concerning Nepal-EU partnership were discussed including development cooperation, trade and civil aviation, the Ministry of Foreign Affairs said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The European Union has been supporting Nepal in trade and investment, commerce, energy, science and technology, agriculture, human resource development, environment conservation, post-earthquake reconstruction, rural development, nutrition, education, good governance, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14087', 'image' => '20211122024609_FEsY1bZUUAQmqeq.jpg', 'article_date' => '2021-11-22 14:43:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14341', 'article_category_id' => '1', 'title' => 'People Expect Inflation to Reach Double Digit in One Year: NRB Survey', 'sub_title' => '', 'summary' => 'November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB). The survey was conducted by the central bank from October 3 to 8.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The survey has revealed that the mean inflation and median average inflation are expected to reach 10.3 percent and 9 percent respectively in the next one year. In the next three months of the current fiscal year, mean and median inflation expectations remain at 9.6 percent and eight percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of NRB Dr Prakash Kumar Shrestha, who heads the Economic Research Department of the central bank, said people surveyed in the report expected price hikes in the coming months. Inflation expectation has been determined on the basis of the response given by market consumers. However, it is the report on the current macroeconomic and financial situation of the country that determines if the inflation occurs accordingly or not. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The recent macroeconomic and financial situation report of the central bank had projected an average inflation of 9.4 percent in September. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The inflation expectation varies according to the age of the customer. Consumers of 25 years of age expect average inflation to reach 10.6 percent in the next three months and 10.3 percent in the next one year. Similarly, customers above 56 years of age have said that the inflation will rise to 11.2 percent in the next three months and 12.2 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, inflation forecasts vary from city to city. Consumers in Birgunj expect price hikes to reach 12.5 percent in the next three months and 13.4 percent in one year. Similarly, customers of Nepalgunj expect inflation to rise to 5.9 percent in the next three months and also 5.9 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the world's central banks conduct inflation expectation survey. NRB has also been conducting such surveys since January last year. This is the second survey conducted by NRB. According to Shrestha these surveys make it easier to formulate necessary policies and change policies based on the results of such surveys.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><img alt="" src="/app/webroot/userfiles/images/1%2857%29.jpg" style="height:561px; width:800px" /></span></span><img alt="" src="/app/webroot/userfiles/images/2%2867%29.jpg" style="height:344px; width:800px" /></p> <p><em>Source: Nepal Rastra Bank</em></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14086', 'image' => '20211122013811_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-22 13:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14339', 'article_category_id' => '1', 'title' => 'Private Sector has Potential to Consume Additional 5,000 MW of Electricity', 'sub_title' => '', 'summary' => 'November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal Electricity Authority (NEA) has been complaining about electricity wastage for a while and is also taking necessary initiative to resolve this problem. Electricity consumption has not increased as expected. However, the private sector seems optimistic. It is taking initiative for the development and improvement of the distribution and transmission systems.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to an unofficial study by the Independent Power Producers’ Association of Nepal (IPPAN), an additional 2,000 megawatts of electricity could be consumed for cooking purposes in urban areas, 1,000 megawatts in the transport sector, and 2,000 megawatts in the industrial sector if the distribution system is improved.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the NEA brings effective marketing and subsidy programmes, the use of electric stoves will widely increase. Ashish Garg, the vice-chairman of IPPAN, stated that 3,000 MW of electricity could be consumed within three years if the capacity of transformers and other technical capabilities were expanded by giving priority only to urban and developing areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of cooking gas (LPG) is constantly rising. General changes in the price of LPG in the international market also affect Nepal. At present, the price of a cylinder of cooking gas is Rs 1,575. According to Garg, it has become a necessity to use induction cookers as the prices increase every year. For this to happen, he said the government should intervene at the policy level and bring promotional programmes including grants.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Arguing that if the subsidy is provided for induction stoves, Garg said qualitative change will be seen within a year. He added that joint effort of the government and private sector is necessary to this end. According to the Nepal Oil Corporation, LPG worth Rs 40 billion is imported annually. Imports are likely to increase further this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the construction of adequate charging stations and banning the import of petrol and diesel vehicles by the government will increase the use of electric vehicles. In such scenario, an additional 1,000 MW of electricity will be consumed in the next three years. The private sector has also been demanding necessary laws to allow them build charging stations. If there is no obstruction, a charging station can be built just like a petrol pump. Out of a total of 1 million vehicles operating in Nepal, only around 10,000 are electric vehicles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN is of the view that if the public sector adopts a policy of importing only electric vehicles, it will have an impact on the market and the private sector will be obliged to promote electric vehicles. The last time when NEA provided 30 MW of electricity to Hongshi Cement Industry, it had a positive impact on other industries as well. The industry has demanded an additional 50 MW of electricity. Similarly, industrialists and businessmen have immediately demanded 1,000 megawatts of electricity.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, 400,000 tons of coal is being imported annually. An additional 1,000 megawatts of electricity is needed to stop the import of coal for use in the cement industry alone. On this basis, the demand for 5,000 to 7,000 MW of electricity is likely to increase in the system, said Garg.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He presented this statement on the occasion of IPPAN's annual general meeting. Commenting on the details, Minister for Energy, Water Resources and Irrigation, Pampha Bhusal said that the government is committed to increase the consumption of electricity in every sector. As the chairperson of the board of directors, she said that she is ready to carry out all the works on behalf of NEA in a planned manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also urged the private sector to support the government's efforts. She further said that electricity is also a raw material and should be properly consumed within the country.</span> </span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14084', 'image' => '20211122120413_electricity.jpg', 'article_date' => '2021-11-22 12:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14338', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Transaction worth Rs 80 Million ', 'sub_title' => '', 'summary' => 'November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). The federation said that the fair recorded transaction of Rs 80 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the concluding ceremony of the fair, Chief Minister of Bagmati Province Rajendra Pandey said that the Provincial Government would extend its support for the development and expansion of handicraft products. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Deputy Mayor of Kathmandu Metropolitan City Hari Prava Khadgi also pledged her full support for the development of handicraft sector on behalf of the Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation's chairman Surendra Bhai Shakya stated that the handicraft sector has vital role for preservation of arts and cultures as well as for export and employment creation in the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14083', 'image' => '20211122111603_20171121030620__DSC8688 (1).jpg', 'article_date' => '2021-11-22 11:14:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14336', 'article_category_id' => '1', 'title' => 'Vegetable Seeds Distributed to 6000 Farmers', 'sub_title' => '', 'summary' => ' November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. The municipality has distributed the vegetable seeds to the farmers in all the wards with the objective of making the city self-reliant in vegetable production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kamal Ghimire, coordinator of the campaign, said that the municipality has been conducting a multi-purpose program, “Clean Phalewas Green Phalewas” for the last 3 years. The seeds have been distributed under the ‘one house, one garden campaign’ of the multi-purpose program.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ghimire said that vegetable seeds including mustard, radish, turnip, spinach, carrot and coriander were distributed free of cost to every household in the municipality. The municipality had allocated Rs 400,000 for the ‘clean house greenhouse campaign’ this year. He said that the seeds were distributed from the same budget. “Six types of vegetable seeds worth Rs 70 have been distributed to each of the 6,000 households across the municipality,” said Ghimire adding, “Farmers would be able to produce vegetables depending upon the weather conditions in their area”. He said that about 400 plastic tunnels were distributed in 11 wards of Phalewas Municipality in the fiscal year 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The municipality is preparing to bring another program soon to increase vegetable production for commercial farmers in the town. The people there are happy after the municipality's decision to distribute vegetable seeds free of cost. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Farmer Devi Prasad Bhusal, a representative farmer of Ward No. 6 Devisthan, said that he would focus on vegetable production by making good use of the seeds. Santosh Subedi, agriculture officer of the municipality, said that the vegetable seeds were brought from Temperate Horticulture Development Center, Marfa, Mustang and Pokhara. He said that quality seeds of improved varieties produced in government farms have been brought and distributed to the farmers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In order to make the farmers self-reliant in the profession of agricultural, Phalewas had earlier distributed fruit saplings free of cost. Similarly, a grant was distributed as an encouragement to those who cultivate on barren land. Mayor Padampani Sharma claimed that the municipality is now self-reliant in vegetables and seasonal fruits.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14082', 'image' => '20211121013556_image.jpg', 'article_date' => '2021-11-21 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14337', 'article_category_id' => '1', 'title' => 'Shipping Companies Benefit from Reduction in Freight Charge as Private Players Enter the Fray', 'sub_title' => '', 'summary' => 'November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing. Private railway service providers of India are competing among each other to transport goods to Nepal via third countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The competition started after a shipment transported by Hind Terminal entered the Birgunj dry port for the first time last September. The monopoly of the Container Corporation of India (CONCOR) was broken via the amendment of the Railway Services Agreement thereby allowing the private sector to transport goods to and from Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CONCOR had reduced its fare by 30 percent when the train of Hind Terminal entered the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Citing a sharp reduction in fares aimed at influencing the competitors, there was apprehension about private companies continuing the service. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pristine Valley, a dry port operator, said that Hind Terminal has continued their service. According to B Mohan, executive director of Pristine Valley, Hind Terminal has so far installed seven railway racks at the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The Hind Terminal has already shipped seven racks of containers. Other companies are also in the final stage of preparing for the service,” he told New Business Age. Hind Terminal has so far delivered 630 containers to Birgunj port. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Another Indian company Pristine Logistics InfraProjects, a major partner of Pristine Valley, is also set to launch the service in a few days. The JM Baxi Group, which operates port and rail services in India, is also preparing to ship containers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with CONCOR, other companies have also reduced the freight charge. However, importers say that they are not yet able to reap the benefits even after two months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is no benefit in Nepal's foreign trade as the shipping company transports goods to Birgunj port and the train fare is transaction takes place between CONCOR and the shipping company. The shipping company has been charging the freight fare to the importer up to Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Importer Pradip Kedia says that the shipping company is yet to reduce the charge even though CONCOR has already reduced the fare. “Even though CONCOR has reduced the fares, Nepal’s trade has not benefited from it. Shipping companies and shippers are benefiting instead,” said Kedia. CONCOR had reduced fares until March 31, 2022. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14081', 'image' => '20211121023618_20210422052840_20201015050305_1602718767.Clipboard09.jpg', 'article_date' => '2021-11-21 14:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14335', 'article_category_id' => '1', 'title' => 'US Urges Nepal to Take a Decision Regarding MCC Compact by Dec 14', 'sub_title' => '', 'summary' => 'November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14. During his recent visit to Nepal, US Assistant Secretary of State for South and Central Asian Affairs Donald Lu urged the government to ratify the MCC at the earliest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">US officials have been piling pressure on Nepal to take a quick decision on whether to accept the MCC grant or not. They have urged the Prime Minister and the top political leaders to take a firm decision on MCC and ratify it through the parliament for the implementation of the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The visit of the high-level delegation led by Lu comes about a after the official visit of MCC Vice President Fatima Sumar seeking endorsement of the pact.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu has made it clear that the US government would have no objection even if the MCC is rejected. "It is up to the government of Nepal and the Parliament to decide whether to pass the MCC or not. We want the government to approve it and move forward,” Lu said while talking to media persons in Kathmandu on November 19 before wrapping up his visit. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that if the MCC Compact is not approved, it will be given to some other country. Several countries are looking for the grant. Meanwhile, the Nepalese government should take a quick decision about it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Lu, the MCC board holds a review meeting every three months. It reviews the status of the project. The next board meeting will be held on December 14. The US wants Nepal to take a decision before the next review meeting. The grant agreement was signed between Nepal and the MCC in 2017.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that only countries that make progress in democracy and liberal economy are entitled to get this grant. During his visit to Nepal, he met Prime Minister Sher Bahadur Deuba, former Prime Minister and CPN (Maoist Centre) Chairman Pushpa Kamal Dahal and Chairman of the main opposition UML and former Prime Minister KP Sharma Oli.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting, the leaders expressed different views. The leaders failed to give a unanimous and concrete response. Prime Minister Deuba had hinted at endorsement of the MCC agreement. However, UML chairperson Oli said the government hasn’t consulted with them and so he could not comment on the issue. Similarly, Dahal said efforts were being made to reach a national consensus regarding the MCC but no decision had been reached yet.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14080', 'image' => '20211121120349_MCC.jpg', 'article_date' => '2021-11-21 12:03:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14334', 'article_category_id' => '1', 'title' => '13th Chitwan Festival from January 9 ', 'sub_title' => '', 'summary' => 'November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021. The festival this year is set to focus on tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organisers said during a press conference on Friday that this year's festival is being held targeting the tourism sector as the sector has been badly hit by COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival will focus on uplifting the overall tourism sector and tourism entrepreneurs by promoting activities related to tourism. It includes discussions on various aspects of the tourism sector, said Chair of the Chitwan Chamber of Commerce and Industry Raju Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There will be 350 stalls including four special stalls and domes in the festival which will run till January 18. The number of stalls has been reduced this year due to the risk of coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizers are expecting around five hundred thousand visitors to attend the festival that is estimated to lead to a trade and transaction of over Rs 250 million. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14079', 'image' => '20211121113629_20210725030344_20210202121548_20190415022754_aaa.jpg', 'article_date' => '2021-11-21 11:35:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14333', 'article_category_id' => '1', 'title' => 'Nepal-EU Joint Commission Meeting set for Wednesday ', 'sub_title' => '', 'summary' => 'November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em> Photo Courtesy: Tourism Mail</em><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, the 13th meeting of the Joint Commission is scheduled to take place in Kathmandu on Wednesday, November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Deputy Managing Director of the European External Affairs Service for Asia and Pacific Region Paolo Pampaloni has already arrived in Kathmandu in order to attend the meeting. Pampaloni arrived in the capital on Satuday leading a three-member delegation of the European Union, RSS further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting is expected to discuss regional and multilateral issues of mutual interests and all dimensions of the relations between Nepal and the European Union, an official at the Ministry of Foreign Affairs told RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting will also discuss the overall aspects of bilateral development cooperation. The EU has been providing support to Nepal in a number of areas, including trade and investment, commerce, energy, science and technology, agriculture, human resource development, environmental protection, post-earthquake reconstruction, rural development and education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Secretary Bharat Raj Poudel will lead the Nepali delegation during the meeting. The Nepali side is expected to emphatically raise the issue of lifting restriction imposed on the country's aviation sector in the skies of European countries, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EU is likely to remove the flight restriction considering Nepal’s commitment to aviation safety standards incorporated in the new civil aviation bill that has been presented in the parliament. </span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14078', 'image' => '20211121083757_EU.jpg', 'article_date' => '2021-11-21 08:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14332', 'article_category_id' => '1', 'title' => 'Tourist Arrival on the Rise in Kanchanjunga Area ', 'sub_title' => '', 'summary' => 'November 21: The number of tourists visiting Kanchanjanga region, which is home to the world's third highest mountain, is increasing.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The number of tourists visiting Kanchanjunga region, which is home to the world's third highest mountain, is increasing. Deserted for almost two years due to COVID-19 pandemic, the region is gradually seeing an increase in domestic and foreign tourists this year, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the Kanchanjunga region is bustling with domestic and foreign tourists since last month. Citing the Kanchanjunga Conservation Area Management Council Office, RSS said 100 domestic tourists from different districts of Nepal have visited the region recently. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%284%29.jpg" style="height:372px; width:600px" /> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 65 foreign tourists from the United States, France, Germany, Britain and India visited the Kanchanjunga area, said Tashi Tenjing Sherpa, tourism assistant at the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a team of two American climbers, who had made attempts to climb Faktanglung (Kumbhakarna-7710 m), returned to Phungling, the district headquarters of Taplejung, after trying for about a month, according to the Ghunsa Check Post Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the increase in tourist activities, the 3,450-meter-high Ghunsa tourist settlement has become crowded with tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chair of the Kanchanjunga Conservation Area Management Council, Khagendra Limbu, said that the Great Himalayan Trail (East-West Foot trail) has recently become the choice of tourists visiting the region. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Hotels in the Kanchanjunga area that were closed for a long time due to COVID-19 have reopened, and are operating in full swing. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%282%29.jpg" style="height:293px; width:800px" /></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14077', 'image' => '20211121081856_Kanchanjunga SVO (1).jpeg', 'article_date' => '2021-11-21 08:16:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14331', 'article_category_id' => '1', 'title' => 'Central Bank Prepares HPI Survey Report for the First Time', 'sub_title' => 'Inflation of Land and House Prices Declines in Current Fiscal Year', 'summary' => 'November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. This was revealed by a survey conducted by Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the House Price Index (HPI) Survey Report prepared by the central bank, the annual inflation of house/land prices on the basis of data collected from commercial banks in the fiscal year 2020/21 was 26.45 percent while the rate of inflation according to the data collected from the Land Survey Offices was 19.73 percent. Inflation in this sector in the first nine months of the current fiscal year (FY 2021/22) was 16.31 percent and 12.57 percent respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The survey report concluded that the inflation in the first nine months of the current fiscal year was less than the previous FY due to the slump in land/house transaction in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank prepared the House Price Index (HPI) Survey Report for the first time in line with the monetary policy to achieve monetary and financial stability as well as to prepare macro-prudential regulation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The Financial Sector Development Strategy (2074-2077/78) had given the responsibility of conducting the House Price Index Survey to the NRB. According to the central bank, it conducted the survey considering FY 2075/76 as the base year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The study was conducted in 20 places of 20 different districts taking into consideration the geological aspects, transaction and availability of data. Out of the selected clusters, the survey was focused in areas where land-related transactions were maximum, NRB said in a statement on November 19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank conducted the survey on the basis of two major sources – one of them being the transaction record while registering the land transfer at the Land Survey Office and the other being the evaluation done by banks and financial institutions while providing loan by keeping land ownership certificate as collateral.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the NRB, the HPI Index was prepared to measure the fluctuation in prices of houses and land as well as inflation of land/house prices.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14076', 'image' => '20211119072901_ddd.jpg', 'article_date' => '2021-11-19 19:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14330', 'article_category_id' => '1', 'title' => '29 Financial Institutions Connected to National Payment Switch', 'sub_title' => '', 'summary' => 'November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement was signed between NCHL and its affiliated financial institutions amid a formal program on Thursday, November 19. Representatives of NCHL and affiliated banks exchanged agreement papers at the program.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Twenty nine banks and financial institutions including eighteen commercial banks, five development banks and six finance companies are affiliated to the National Payment Switch. Similarly, other banks / financial institutions, payment system operators and payment service providers will also be affiliated to the National Payment Switch soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">It is said that all the necessary preparations have been completed for the first phase to provide additional digital payment tools and services by maintaining interconnection between non-card payment systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, interconnection between wallet to wallet and payment tools like PSO settlement will be available.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, in the second phase, card related payments will be available for which work related to National Card Switch and Nepal Payment Card has been started.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of the National Payment Switch, NCHL will coordinate with the government, regulatory authorities and various stakeholders to make the payment systems more convenient, accessible and secure.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14075', 'image' => '20211119010725_National-Payment-Switch.jpg', 'article_date' => '2021-11-19 13:06:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14329', 'article_category_id' => '1', 'title' => 'Government’s Capital Expenditure Less Than That of Pandemic Period', 'sub_title' => '', 'summary' => 'November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of the current Fiscal Year (FY 2021/22), the pace of development has been weaker than during the peak of pandemic. In the first quarter of the current fiscal year, capital expenditure has is only 5 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, the capital expenditure stands at Rs 20.79 billion which is only 4.73 percent of the total development budget. This year's capital expenditure is lower than the expenditure during the previous year when the Covid-19 pandemic was widespread.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first quarter of FY 2020/21, the capital expenditure was 8.34 percent. This is more than double the expenditure made in the current year. To meet the target this year, 95 percent of the allocated budget will have to be spent in the remaining eight months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Rs 439 billion was allocated for development works for the current fiscal year. However, after the change of government, the budget for development works was downsized by Finance Minister Janardan Sharma through the replacement bill to Rs 378 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, 17.61 percent of the allocated budget has been spent in the first four months. However, most of the money spent falls under the current expenditure that includes salary and allowance of government employees. A budget of Rs 1.632 trillion has been allocated for this fiscal year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Out of Rs 1.03 trillion allocated for current expenditure, Rs 233 billion or 23.26 percent has been spent so far.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Despite the weak spending, the finance minister continues tall promises regarding reforms in spending system. No matter who is the finance minister, reforming the expenditure system remains a major issue. Looking at the state of capital expenditure in the first four months of the last four fiscal years, the pace of development seems to be slowing down.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of FY 2075/76, only Rs 29.83 billion was spent. Government data shows that Rs 24.81 billion was spent in the subsequent fiscal year 2076/77. During the review period of FY 2077/78, such expenditure was Rs 29.44 billion while the capital expenditure was only Rs 20.78 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Even on the last day of the first quarter, Finance Minister Sharma was busy in high-level discussions to increase spending. Chief Secretary Shankar Das Bairagi, Finance Secretary Madhu Kumar Marasini, and secretaries and representatives of various ministries had attended the discussion initiated by the finance minister.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Discussions were held on the current procurement law, issues in achieving the target of capital expenditure, state of institutional coordination, and financial discipline. No matter how active Finance Minister Sharma seems to be, the low capital expenditure, as a result, indicates that the pace of development work is poor. Likewise, the results show that government officials did not follow his instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A report prepared by the Public Expenditure Review Commission formed by the government three years ago has been kept secret and has not been implemented effectively. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14074', 'image' => '20211119125246_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-19 12:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14328', 'article_category_id' => '1', 'title' => 'Government Launches Rural Enterprise Project in Collaboration with World Bank', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">A joint statement issued by the World Bank and the Government of Nepal states that the project was launched by Minister for Agriculture and Livestock Development, Mahindra Ray Yadav and World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a programme on November 18.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the project aims to boost Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. The project is financed with an $80 million credit from the World Bank and is expected to leverage additional funding from producers, financial institutions and local governments in the next four years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“In the context of Nepal’s agriculture sector transformation and COVID-19, ensuring market linkages of produce of smallholder farmers, famer groups, and cooperatives is critical to accelerate recovery of the sector and the economy from the pandemic’s impacts,” the statement quoted Minister Yadav as saying. “This project will help to increase the income of smallholder producers and farmers, promote agriculture entrepreneurship, and create jobs in rural Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The REED project will be implemented in selected municipalities in five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim to foster sustainable linkages for rural entrepreneurs. The project is aligned with the government’s Agriculture Development Strategy 2015-2035, and will work with provincial and local governments, intermediary organizations, and small and medium enterprises, especially those that are women-led to strengthen the agriculture sector and the entrepreneurship ecosystem. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19, the statement added. The project will use labor-intensive Cash for Work mechanism in infrastructure works and is expected to create short-term jobs for over 5,700 people including women to support economic recovery from COVID-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The project supports Nepal’s green, resilient, and inclusive development and provides an opportunity for the government and the private sector to work together to build the ‘Nepal’ brand in the agriculture sector,” stated World Bank’s Country Director for the Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit, and medicinal products, among others, to help them grow and to support a resilient recovery from the pandemic.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project agreement for REED was signed in December 2020 by the Government of Nepal and the World Bank.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14073', 'image' => '20211119120811_247083533_10157926738816467_6483655943314641302_n.jpg', 'article_date' => '2021-11-19 12:05:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '14343', 'article_category_id' => '1', 'title' => '30 Local Units yet to Announce Budget for Current Fiscal Year', 'sub_title' => '', 'summary' => 'November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Although it is mandatory for the local units to present their budget in the village council to manage the expenditure for the new fiscal year, 30 local units have tried to spend illegally without presenting the budget for the current fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Local Government Operation Act, 2074 and the Intergovernmental Fiscal Arrangement Act, all local levels must bring a budget within June 23 and no expenditure can be made without passing the budget. The budget goes to the local level from the federal government through four types of grants, revenue sharing and natural resource allocation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Based on the same sources, the local level should make an estimated budget and submit it to the village council in time as per the constitutional provision. However, these local levels are running the expenses for four months by violating the provision.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Basant Adhikari, joint secretary at the Ministry of Federal Affairs and General Administration, said that the local levels have ignored the circular twice to bring the budget on time.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the ministry, out of 136 local levels of Province 2, a total of 25 local units are spending without presenting their budget. Six local levels from Dhanusha district, five from Rautahat, four from Bara, three each from Siraha and Parsa, two from Saptari, and one each from Mahottari and Sarlahi have not presented their budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although 116 out of 119 local levels of Bagmati Pradesh have submitted budget, three local levels have not been able to present their budget. Likewise, out of 137 local levels of Province 1, two have not submitted their budget yet.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Altogether 85 local levels in Gandaki, 109 in Lumbini, 79 in Karnali and 88 in the far-western region have already presented their respective budget.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The main reason for the failure of most of the local levels to present their budget is the quarrel among the people's representatives. According to federal affairs ministry, the local levels that have not submitted the budget have been repeatedly instructed to submit their budget and they have also written to the Ministry of Finance for further action. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Adhikari, letters have been sent to the finance ministry to stop the grants to those local units for not bringing the budget within the stipulated time. As they do not have the authority to take action, he said that the recommendation has already been made and the grants will be stopped.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the Ministry of Finance, the government has the right to withhold the financial equalization grants to the local levels if they do not bring the budget on time. Ministry officials say that the government will be forced to stop such grants if they try to run the expenditure without bringing the budget. “Expenditure made after July 16 without presenting the budget on June 24 is unconstitutional and illegal. We will stop the grant,” said a senior official at the finance ministry. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14088', 'image' => '20211122025540_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-22 14:54:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '14342', 'article_category_id' => '1', 'title' => 'Nepal Stresses on Expanding ties with European Union', 'sub_title' => '', 'summary' => 'November 22: Nepal has given special emphasis on expanding its relation with the European Union.', 'content' => '<p><em>Minister for Foreign Affairs Narayan Khadka (2nd R) with visiting delegates from the EU. Photo Courtesy: MoFA</em></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: Nepal has given special emphasis on expanding its relation with the European Union (EU). Minister for Foreign Affairs Narayan Khadka expressed the desire to expand Nepal’s relation with the EU during his meeting with the Deputy Managing Director of EU for Asia and the Pacific of European External Affairs Service, Paola Pampaloni. The meeting was held at the Ministry of Foreign Affairs in Singha Durbar on Sunday, November 21. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Pampaloni is in Nepal leading a three-member delegation for the 13th meeting of Nepal-EU Joint Commission scheduled for November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During Sunday’s meeting, Minister Khadka discussed topics of mutual interest as well as regional and multilateral affairs with the visiting delegates. Range of matters concerning Nepal-EU partnership were discussed including development cooperation, trade and civil aviation, the Ministry of Foreign Affairs said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The European Union has been supporting Nepal in trade and investment, commerce, energy, science and technology, agriculture, human resource development, environment conservation, post-earthquake reconstruction, rural development, nutrition, education, good governance, among others. -- RSS</span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14087', 'image' => '20211122024609_FEsY1bZUUAQmqeq.jpg', 'article_date' => '2021-11-22 14:43:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '14341', 'article_category_id' => '1', 'title' => 'People Expect Inflation to Reach Double Digit in One Year: NRB Survey', 'sub_title' => '', 'summary' => 'November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 22: Nepal's inflation is expected to reach double digit next year, according to the Inflation Expectation Survey released by the Nepal Rastra Bank (NRB). The survey was conducted by the central bank from October 3 to 8.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The survey has revealed that the mean inflation and median average inflation are expected to reach 10.3 percent and 9 percent respectively in the next one year. In the next three months of the current fiscal year, mean and median inflation expectations remain at 9.6 percent and eight percent respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Executive Director of NRB Dr Prakash Kumar Shrestha, who heads the Economic Research Department of the central bank, said people surveyed in the report expected price hikes in the coming months. Inflation expectation has been determined on the basis of the response given by market consumers. However, it is the report on the current macroeconomic and financial situation of the country that determines if the inflation occurs accordingly or not. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The recent macroeconomic and financial situation report of the central bank had projected an average inflation of 9.4 percent in September. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The inflation expectation varies according to the age of the customer. Consumers of 25 years of age expect average inflation to reach 10.6 percent in the next three months and 10.3 percent in the next one year. Similarly, customers above 56 years of age have said that the inflation will rise to 11.2 percent in the next three months and 12.2 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Similarly, inflation forecasts vary from city to city. Consumers in Birgunj expect price hikes to reach 12.5 percent in the next three months and 13.4 percent in one year. Similarly, customers of Nepalgunj expect inflation to rise to 5.9 percent in the next three months and also 5.9 percent in one year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Most of the world's central banks conduct inflation expectation survey. NRB has also been conducting such surveys since January last year. This is the second survey conducted by NRB. According to Shrestha these surveys make it easier to formulate necessary policies and change policies based on the results of such surveys.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""><img alt="" src="/app/webroot/userfiles/images/1%2857%29.jpg" style="height:561px; width:800px" /></span></span><img alt="" src="/app/webroot/userfiles/images/2%2867%29.jpg" style="height:344px; width:800px" /></p> <p><em>Source: Nepal Rastra Bank</em></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14086', 'image' => '20211122013811_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2021-11-22 13:37:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '14339', 'article_category_id' => '1', 'title' => 'Private Sector has Potential to Consume Additional 5,000 MW of Electricity', 'sub_title' => '', 'summary' => 'November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 22: The private sector of Nepal has the potential to consume an additional 5,000 MW of electricity in the next three years provided that the transmission and distribution system is managed reliably.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Nepal Electricity Authority (NEA) has been complaining about electricity wastage for a while and is also taking necessary initiative to resolve this problem. Electricity consumption has not increased as expected. However, the private sector seems optimistic. It is taking initiative for the development and improvement of the distribution and transmission systems.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to an unofficial study by the Independent Power Producers’ Association of Nepal (IPPAN), an additional 2,000 megawatts of electricity could be consumed for cooking purposes in urban areas, 1,000 megawatts in the transport sector, and 2,000 megawatts in the industrial sector if the distribution system is improved.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">If the NEA brings effective marketing and subsidy programmes, the use of electric stoves will widely increase. Ashish Garg, the vice-chairman of IPPAN, stated that 3,000 MW of electricity could be consumed within three years if the capacity of transformers and other technical capabilities were expanded by giving priority only to urban and developing areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The price of cooking gas (LPG) is constantly rising. General changes in the price of LPG in the international market also affect Nepal. At present, the price of a cylinder of cooking gas is Rs 1,575. According to Garg, it has become a necessity to use induction cookers as the prices increase every year. For this to happen, he said the government should intervene at the policy level and bring promotional programmes including grants.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Arguing that if the subsidy is provided for induction stoves, Garg said qualitative change will be seen within a year. He added that joint effort of the government and private sector is necessary to this end. According to the Nepal Oil Corporation, LPG worth Rs 40 billion is imported annually. Imports are likely to increase further this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Similarly, the construction of adequate charging stations and banning the import of petrol and diesel vehicles by the government will increase the use of electric vehicles. In such scenario, an additional 1,000 MW of electricity will be consumed in the next three years. The private sector has also been demanding necessary laws to allow them build charging stations. If there is no obstruction, a charging station can be built just like a petrol pump. Out of a total of 1 million vehicles operating in Nepal, only around 10,000 are electric vehicles.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">IPPAN is of the view that if the public sector adopts a policy of importing only electric vehicles, it will have an impact on the market and the private sector will be obliged to promote electric vehicles. The last time when NEA provided 30 MW of electricity to Hongshi Cement Industry, it had a positive impact on other industries as well. The industry has demanded an additional 50 MW of electricity. Similarly, industrialists and businessmen have immediately demanded 1,000 megawatts of electricity.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Department of Customs, 400,000 tons of coal is being imported annually. An additional 1,000 megawatts of electricity is needed to stop the import of coal for use in the cement industry alone. On this basis, the demand for 5,000 to 7,000 MW of electricity is likely to increase in the system, said Garg.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He presented this statement on the occasion of IPPAN's annual general meeting. Commenting on the details, Minister for Energy, Water Resources and Irrigation, Pampha Bhusal said that the government is committed to increase the consumption of electricity in every sector. As the chairperson of the board of directors, she said that she is ready to carry out all the works on behalf of NEA in a planned manner.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">She also urged the private sector to support the government's efforts. She further said that electricity is also a raw material and should be properly consumed within the country.</span> </span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14084', 'image' => '20211122120413_electricity.jpg', 'article_date' => '2021-11-22 12:03:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '14338', 'article_category_id' => '1', 'title' => 'Handicraft Fair Concludes with Transaction worth Rs 80 Million ', 'sub_title' => '', 'summary' => 'November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 22: The three-day-long 18th Handicraft Trade Fair and 16th Handicraft Competition organized by the Federation of Handicraft Association of Nepal ended on Sunday (November 21). The federation said that the fair recorded transaction of Rs 80 million. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">At the concluding ceremony of the fair, Chief Minister of Bagmati Province Rajendra Pandey said that the Provincial Government would extend its support for the development and expansion of handicraft products. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, Deputy Mayor of Kathmandu Metropolitan City Hari Prava Khadgi also pledged her full support for the development of handicraft sector on behalf of the Metropolitan City. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The federation's chairman Surendra Bhai Shakya stated that the handicraft sector has vital role for preservation of arts and cultures as well as for export and employment creation in the country. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-11-22', 'modified' => '2021-11-22', 'keywords' => '', 'description' => '', 'sortorder' => '14083', 'image' => '20211122111603_20171121030620__DSC8688 (1).jpg', 'article_date' => '2021-11-22 11:14:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '14336', 'article_category_id' => '1', 'title' => 'Vegetable Seeds Distributed to 6000 Farmers', 'sub_title' => '', 'summary' => ' November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 21: Phalewas Municipality of Parbat district has distributed vegetable seeds to 6,000 farmers. The municipality has distributed the vegetable seeds to the farmers in all the wards with the objective of making the city self-reliant in vegetable production.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Kamal Ghimire, coordinator of the campaign, said that the municipality has been conducting a multi-purpose program, “Clean Phalewas Green Phalewas” for the last 3 years. The seeds have been distributed under the ‘one house, one garden campaign’ of the multi-purpose program.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ghimire said that vegetable seeds including mustard, radish, turnip, spinach, carrot and coriander were distributed free of cost to every household in the municipality. The municipality had allocated Rs 400,000 for the ‘clean house greenhouse campaign’ this year. He said that the seeds were distributed from the same budget. “Six types of vegetable seeds worth Rs 70 have been distributed to each of the 6,000 households across the municipality,” said Ghimire adding, “Farmers would be able to produce vegetables depending upon the weather conditions in their area”. He said that about 400 plastic tunnels were distributed in 11 wards of Phalewas Municipality in the fiscal year 2076/77.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The municipality is preparing to bring another program soon to increase vegetable production for commercial farmers in the town. The people there are happy after the municipality's decision to distribute vegetable seeds free of cost. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Farmer Devi Prasad Bhusal, a representative farmer of Ward No. 6 Devisthan, said that he would focus on vegetable production by making good use of the seeds. Santosh Subedi, agriculture officer of the municipality, said that the vegetable seeds were brought from Temperate Horticulture Development Center, Marfa, Mustang and Pokhara. He said that quality seeds of improved varieties produced in government farms have been brought and distributed to the farmers.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In order to make the farmers self-reliant in the profession of agricultural, Phalewas had earlier distributed fruit saplings free of cost. Similarly, a grant was distributed as an encouragement to those who cultivate on barren land. Mayor Padampani Sharma claimed that the municipality is now self-reliant in vegetables and seasonal fruits.</span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14082', 'image' => '20211121013556_image.jpg', 'article_date' => '2021-11-21 13:34:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '14337', 'article_category_id' => '1', 'title' => 'Shipping Companies Benefit from Reduction in Freight Charge as Private Players Enter the Fray', 'sub_title' => '', 'summary' => 'November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: With the entry of the private sector in rail freight transportation for Nepal, competition among the service providers is increasing. Private railway service providers of India are competing among each other to transport goods to Nepal via third countries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The competition started after a shipment transported by Hind Terminal entered the Birgunj dry port for the first time last September. The monopoly of the Container Corporation of India (CONCOR) was broken via the amendment of the Railway Services Agreement thereby allowing the private sector to transport goods to and from Nepal. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">CONCOR had reduced its fare by 30 percent when the train of Hind Terminal entered the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Citing a sharp reduction in fares aimed at influencing the competitors, there was apprehension about private companies continuing the service. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Pristine Valley, a dry port operator, said that Hind Terminal has continued their service. According to B Mohan, executive director of Pristine Valley, Hind Terminal has so far installed seven railway racks at the dry port of Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">“The Hind Terminal has already shipped seven racks of containers. Other companies are also in the final stage of preparing for the service,” he told New Business Age. Hind Terminal has so far delivered 630 containers to Birgunj port. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Another Indian company Pristine Logistics InfraProjects, a major partner of Pristine Valley, is also set to launch the service in a few days. The JM Baxi Group, which operates port and rail services in India, is also preparing to ship containers. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Along with CONCOR, other companies have also reduced the freight charge. However, importers say that they are not yet able to reap the benefits even after two months. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">There is no benefit in Nepal's foreign trade as the shipping company transports goods to Birgunj port and the train fare is transaction takes place between CONCOR and the shipping company. The shipping company has been charging the freight fare to the importer up to Birgunj. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Importer Pradip Kedia says that the shipping company is yet to reduce the charge even though CONCOR has already reduced the fare. “Even though CONCOR has reduced the fares, Nepal’s trade has not benefited from it. Shipping companies and shippers are benefiting instead,” said Kedia. CONCOR had reduced fares until March 31, 2022. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14081', 'image' => '20211121023618_20210422052840_20201015050305_1602718767.Clipboard09.jpg', 'article_date' => '2021-11-21 14:35:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '14335', 'article_category_id' => '1', 'title' => 'US Urges Nepal to Take a Decision Regarding MCC Compact by Dec 14', 'sub_title' => '', 'summary' => 'November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">November 21: The United States has urged Nepal to take concrete decisions on the controversial Millennium Challenge Corporation (MCC) pact before December 14. During his recent visit to Nepal, US Assistant Secretary of State for South and Central Asian Affairs Donald Lu urged the government to ratify the MCC at the earliest.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">US officials have been piling pressure on Nepal to take a quick decision on whether to accept the MCC grant or not. They have urged the Prime Minister and the top political leaders to take a firm decision on MCC and ratify it through the parliament for the implementation of the agreement.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The visit of the high-level delegation led by Lu comes about a after the official visit of MCC Vice President Fatima Sumar seeking endorsement of the pact.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu has made it clear that the US government would have no objection even if the MCC is rejected. "It is up to the government of Nepal and the Parliament to decide whether to pass the MCC or not. We want the government to approve it and move forward,” Lu said while talking to media persons in Kathmandu on November 19 before wrapping up his visit. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that if the MCC Compact is not approved, it will be given to some other country. Several countries are looking for the grant. Meanwhile, the Nepalese government should take a quick decision about it. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to Lu, the MCC board holds a review meeting every three months. It reviews the status of the project. The next board meeting will be held on December 14. The US wants Nepal to take a decision before the next review meeting. The grant agreement was signed between Nepal and the MCC in 2017.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Lu said that only countries that make progress in democracy and liberal economy are entitled to get this grant. During his visit to Nepal, he met Prime Minister Sher Bahadur Deuba, former Prime Minister and CPN (Maoist Centre) Chairman Pushpa Kamal Dahal and Chairman of the main opposition UML and former Prime Minister KP Sharma Oli.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">During the meeting, the leaders expressed different views. The leaders failed to give a unanimous and concrete response. Prime Minister Deuba had hinted at endorsement of the MCC agreement. However, UML chairperson Oli said the government hasn’t consulted with them and so he could not comment on the issue. Similarly, Dahal said efforts were being made to reach a national consensus regarding the MCC but no decision had been reached yet.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14080', 'image' => '20211121120349_MCC.jpg', 'article_date' => '2021-11-21 12:03:02', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '14334', 'article_category_id' => '1', 'title' => '13th Chitwan Festival from January 9 ', 'sub_title' => '', 'summary' => 'November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The 13th edition of the Chitwan Festival is to be held on the banks of the Narayani River from January 9, 2021. The festival this year is set to focus on tourism. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organisers said during a press conference on Friday that this year's festival is being held targeting the tourism sector as the sector has been badly hit by COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The festival will focus on uplifting the overall tourism sector and tourism entrepreneurs by promoting activities related to tourism. It includes discussions on various aspects of the tourism sector, said Chair of the Chitwan Chamber of Commerce and Industry Raju Shrestha. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">There will be 350 stalls including four special stalls and domes in the festival which will run till January 18. The number of stalls has been reduced this year due to the risk of coronavirus. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The organizers are expecting around five hundred thousand visitors to attend the festival that is estimated to lead to a trade and transaction of over Rs 250 million. -- RSS </span><br /> </span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14079', 'image' => '20211121113629_20210725030344_20210202121548_20190415022754_aaa.jpg', 'article_date' => '2021-11-21 11:35:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '14333', 'article_category_id' => '1', 'title' => 'Nepal-EU Joint Commission Meeting set for Wednesday ', 'sub_title' => '', 'summary' => 'November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><em> Photo Courtesy: Tourism Mail</em><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">November 21: Nepal is preparing to urge the European Union to lift the restriction imposed on the airlines companies of Nepal to fly in the skies of European countries during the upcoming meeting of the Nepal-European Union Joint Commission to be held in Kathmandu later this week. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">According to the state-owned national news agency RSS, the 13th meeting of the Joint Commission is scheduled to take place in Kathmandu on Wednesday, November 24. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The Deputy Managing Director of the European External Affairs Service for Asia and Pacific Region Paolo Pampaloni has already arrived in Kathmandu in order to attend the meeting. Pampaloni arrived in the capital on Satuday leading a three-member delegation of the European Union, RSS further reported.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">The meeting is expected to discuss regional and multilateral issues of mutual interests and all dimensions of the relations between Nepal and the European Union, an official at the Ministry of Foreign Affairs told RSS. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The meeting will also discuss the overall aspects of bilateral development cooperation. The EU has been providing support to Nepal in a number of areas, including trade and investment, commerce, energy, science and technology, agriculture, human resource development, environmental protection, post-earthquake reconstruction, rural development and education. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Foreign Secretary Bharat Raj Poudel will lead the Nepali delegation during the meeting. The Nepali side is expected to emphatically raise the issue of lifting restriction imposed on the country's aviation sector in the skies of European countries, RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The EU is likely to remove the flight restriction considering Nepal’s commitment to aviation safety standards incorporated in the new civil aviation bill that has been presented in the parliament. </span></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14078', 'image' => '20211121083757_EU.jpg', 'article_date' => '2021-11-21 08:36:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '14332', 'article_category_id' => '1', 'title' => 'Tourist Arrival on the Rise in Kanchanjunga Area ', 'sub_title' => '', 'summary' => 'November 21: The number of tourists visiting Kanchanjanga region, which is home to the world's third highest mountain, is increasing.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif"">November 21: The number of tourists visiting Kanchanjunga region, which is home to the world's third highest mountain, is increasing. Deserted for almost two years due to COVID-19 pandemic, the region is gradually seeing an increase in domestic and foreign tourists this year, the state-owned national news agency RSS reported. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to RSS, the Kanchanjunga region is bustling with domestic and foreign tourists since last month. Citing the Kanchanjunga Conservation Area Management Council Office, RSS said 100 domestic tourists from different districts of Nepal have visited the region recently. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%284%29.jpg" style="height:372px; width:600px" /> </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Likewise, 65 foreign tourists from the United States, France, Germany, Britain and India visited the Kanchanjunga area, said Tashi Tenjing Sherpa, tourism assistant at the office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, a team of two American climbers, who had made attempts to climb Faktanglung (Kumbhakarna-7710 m), returned to Phungling, the district headquarters of Taplejung, after trying for about a month, according to the Ghunsa Check Post Office. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the increase in tourist activities, the 3,450-meter-high Ghunsa tourist settlement has become crowded with tourists. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Chair of the Kanchanjunga Conservation Area Management Council, Khagendra Limbu, said that the Great Himalayan Trail (East-West Foot trail) has recently become the choice of tourists visiting the region. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Meanwhile, Hotels in the Kanchanjunga area that were closed for a long time due to COVID-19 have reopened, and are operating in full swing. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:"Arial Unicode MS","sans-serif""><img alt="" src="/app/webroot/userfiles/images/Kanchanjunga%20SVO%20%282%29.jpg" style="height:293px; width:800px" /></span></span></p> ', 'published' => true, 'created' => '2021-11-21', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14077', 'image' => '20211121081856_Kanchanjunga SVO (1).jpeg', 'article_date' => '2021-11-21 08:16:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '14331', 'article_category_id' => '1', 'title' => 'Central Bank Prepares HPI Survey Report for the First Time', 'sub_title' => 'Inflation of Land and House Prices Declines in Current Fiscal Year', 'summary' => 'November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">November 19: The inflation of land and house prices declined in the current fiscal year compared to the last fiscal year. This was revealed by a survey conducted by Nepal Rastra Bank (NRB).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the House Price Index (HPI) Survey Report prepared by the central bank, the annual inflation of house/land prices on the basis of data collected from commercial banks in the fiscal year 2020/21 was 26.45 percent while the rate of inflation according to the data collected from the Land Survey Offices was 19.73 percent. Inflation in this sector in the first nine months of the current fiscal year (FY 2021/22) was 16.31 percent and 12.57 percent respectively.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The survey report concluded that the inflation in the first nine months of the current fiscal year was less than the previous FY due to the slump in land/house transaction in the current fiscal year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank prepared the House Price Index (HPI) Survey Report for the first time in line with the monetary policy to achieve monetary and financial stability as well as to prepare macro-prudential regulation. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The Financial Sector Development Strategy (2074-2077/78) had given the responsibility of conducting the House Price Index Survey to the NRB. According to the central bank, it conducted the survey considering FY 2075/76 as the base year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The study was conducted in 20 places of 20 different districts taking into consideration the geological aspects, transaction and availability of data. Out of the selected clusters, the survey was focused in areas where land-related transactions were maximum, NRB said in a statement on November 19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">The central bank conducted the survey on the basis of two major sources – one of them being the transaction record while registering the land transfer at the Land Survey Office and the other being the evaluation done by banks and financial institutions while providing loan by keeping land ownership certificate as collateral.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:16.0pt"><span style="font-family:"Arial","sans-serif"">According to the NRB, the HPI Index was prepared to measure the fluctuation in prices of houses and land as well as inflation of land/house prices.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-21', 'keywords' => '', 'description' => '', 'sortorder' => '14076', 'image' => '20211119072901_ddd.jpg', 'article_date' => '2021-11-19 19:27:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '14330', 'article_category_id' => '1', 'title' => '29 Financial Institutions Connected to National Payment Switch', 'sub_title' => '', 'summary' => 'November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">November 19: A total of 29 banks and financial institutions (BFIs) have joined the National Payment Switch launched by Nepal Clearing House Limited (NCHL).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement was signed between NCHL and its affiliated financial institutions amid a formal program on Thursday, November 19. Representatives of NCHL and affiliated banks exchanged agreement papers at the program.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Twenty nine banks and financial institutions including eighteen commercial banks, five development banks and six finance companies are affiliated to the National Payment Switch. Similarly, other banks / financial institutions, payment system operators and payment service providers will also be affiliated to the National Payment Switch soon.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">It is said that all the necessary preparations have been completed for the first phase to provide additional digital payment tools and services by maintaining interconnection between non-card payment systems.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">In the first phase, interconnection between wallet to wallet and payment tools like PSO settlement will be available.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, in the second phase, card related payments will be available for which work related to National Card Switch and Nepal Payment Card has been started.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">With the implementation of the National Payment Switch, NCHL will coordinate with the government, regulatory authorities and various stakeholders to make the payment systems more convenient, accessible and secure.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14075', 'image' => '20211119010725_National-Payment-Switch.jpg', 'article_date' => '2021-11-19 13:06:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '14329', 'article_category_id' => '1', 'title' => 'Government’s Capital Expenditure Less Than That of Pandemic Period', 'sub_title' => '', 'summary' => 'November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">November 19: Although the coalition government has presented a budget replacement bill in line with its common minimum programme to accelerate the pace of development, its implementation has been very weak.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of the current Fiscal Year (FY 2021/22), the pace of development has been weaker than during the peak of pandemic. In the first quarter of the current fiscal year, capital expenditure has is only 5 percent.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, the capital expenditure stands at Rs 20.79 billion which is only 4.73 percent of the total development budget. This year's capital expenditure is lower than the expenditure during the previous year when the Covid-19 pandemic was widespread.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first quarter of FY 2020/21, the capital expenditure was 8.34 percent. This is more than double the expenditure made in the current year. To meet the target this year, 95 percent of the allocated budget will have to be spent in the remaining eight months.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Initially, Rs 439 billion was allocated for development works for the current fiscal year. However, after the change of government, the budget for development works was downsized by Finance Minister Janardan Sharma through the replacement bill to Rs 378 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the Financial Comptroller General’s Office, 17.61 percent of the allocated budget has been spent in the first four months. However, most of the money spent falls under the current expenditure that includes salary and allowance of government employees. A budget of Rs 1.632 trillion has been allocated for this fiscal year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Out of Rs 1.03 trillion allocated for current expenditure, Rs 233 billion or 23.26 percent has been spent so far.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Despite the weak spending, the finance minister continues tall promises regarding reforms in spending system. No matter who is the finance minister, reforming the expenditure system remains a major issue. Looking at the state of capital expenditure in the first four months of the last four fiscal years, the pace of development seems to be slowing down.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">In the first four months of FY 2075/76, only Rs 29.83 billion was spent. Government data shows that Rs 24.81 billion was spent in the subsequent fiscal year 2076/77. During the review period of FY 2077/78, such expenditure was Rs 29.44 billion while the capital expenditure was only Rs 20.78 billion.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Even on the last day of the first quarter, Finance Minister Sharma was busy in high-level discussions to increase spending. Chief Secretary Shankar Das Bairagi, Finance Secretary Madhu Kumar Marasini, and secretaries and representatives of various ministries had attended the discussion initiated by the finance minister.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Discussions were held on the current procurement law, issues in achieving the target of capital expenditure, state of institutional coordination, and financial discipline. No matter how active Finance Minister Sharma seems to be, the low capital expenditure, as a result, indicates that the pace of development work is poor. Likewise, the results show that government officials did not follow his instructions.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">A report prepared by the Public Expenditure Review Commission formed by the government three years ago has been kept secret and has not been implemented effectively. </span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14074', 'image' => '20211119125246_20190609013126_20190531021713_Budget.jpg', 'article_date' => '2021-11-19 12:52:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '14328', 'article_category_id' => '1', 'title' => 'Government Launches Rural Enterprise Project in Collaboration with World Bank', 'sub_title' => '', 'summary' => 'November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">November 18: The Government of Nepal has launched the Rural Enterprise and Economic Development (REED) project in collaboration with the World Bank.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">A joint statement issued by the World Bank and the Government of Nepal states that the project was launched by Minister for Agriculture and Livestock Development, Mahindra Ray Yadav and World Bank’s Country Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos amid a programme on November 18.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">According to the World Bank, the project aims to boost Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. The project is financed with an $80 million credit from the World Bank and is expected to leverage additional funding from producers, financial institutions and local governments in the next four years.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“In the context of Nepal’s agriculture sector transformation and COVID-19, ensuring market linkages of produce of smallholder farmers, famer groups, and cooperatives is critical to accelerate recovery of the sector and the economy from the pandemic’s impacts,” the statement quoted Minister Yadav as saying. “This project will help to increase the income of smallholder producers and farmers, promote agriculture entrepreneurship, and create jobs in rural Nepal.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The REED project will be implemented in selected municipalities in five economic corridors covering provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpashchim to foster sustainable linkages for rural entrepreneurs. The project is aligned with the government’s Agriculture Development Strategy 2015-2035, and will work with provincial and local governments, intermediary organizations, and small and medium enterprises, especially those that are women-led to strengthen the agriculture sector and the entrepreneurship ecosystem. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19, the statement added. The project will use labor-intensive Cash for Work mechanism in infrastructure works and is expected to create short-term jobs for over 5,700 people including women to support economic recovery from COVID-19.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">“The project supports Nepal’s green, resilient, and inclusive development and provides an opportunity for the government and the private sector to work together to build the ‘Nepal’ brand in the agriculture sector,” stated World Bank’s Country Director for the Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit, and medicinal products, among others, to help them grow and to support a resilient recovery from the pandemic.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The project agreement for REED was signed in December 2020 by the Government of Nepal and the World Bank.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-11-19', 'modified' => '2021-11-19', 'keywords' => '', 'description' => '', 'sortorder' => '14073', 'image' => '20211119120811_247083533_10157926738816467_6483655943314641302_n.jpg', 'article_date' => '2021-11-19 12:05:22', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
