NEWS

NOC Reduces Price of Aviation Fuel for Int'l Flights

Jun 08, 2021 0 1 minutes 39 seconds to read

June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7).…

Government to Seek Foreign Aid for Budget Implementation

Jun 07, 2021 0 2 minutes 40 seconds to read

June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an…

Mango Farmers Troubled by Market Disruption

Jun 07, 2021 0 4 minutes 8 seconds to read

June 7: Mango farmers and traders are in trouble due to the disruption of market by the current…

Startup Programme Included in Budget since 2015 Fails in Implementation

Jun 07, 2021 0 4 minutes 45 seconds to read

June 7: The government has failed to implement the startup fund designed to support the startup ventures.…

FDI Commitment Declines by Almost 10 Percent due to Covid-19 Crisis

Jun 07, 2021 0 2 minutes 2 seconds to read

June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal…

Traders and Businessmen Start Switching their Profession

Jun 06, 2021 0 3 minutes 19 seconds to read

June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period.…

Transport Entrepreneurs Unable to Pay Bank Installments

Jun 06, 2021 0 2 minutes 50 seconds to read

June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation…

‘Most of the Hotels Face Prospect of Closure in the Absence of Government Support’

Jun 06, 2021 0 3 minutes 5 seconds to read

June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal…

NOC Raises Retail Prices of Petrol, Diesel and Kerosene by Rs 2 Per Liter

Jun 05, 2021 0 1 minutes 0 seconds to read

The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per…

Bankers See Risk on Scheme to Provide Concessional Loan at 5% Interest Against Academic Certificate

Jun 05, 2021 0 2 minutes 41 seconds to read

Though the government in its budget for the upcoming fiscal year (2021/22) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certifcates, bankers say that the implementation of the scheme is…

Three Deputy PMs, 12 Ministers Inducted in Prime Minister Oli’s Reshuffled Cabinet

Jun 05, 2021 0 2 minutes 46 seconds to read

Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet…

Government Sets Target of Increasing Access to Insurance to 33.33 Percent of the Population

Jun 04, 2021 0 4 minutes 46 seconds to read

June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year.…

Preparations Underway to bring Commodities Exchange into Operation

Jun 04, 2021 0 4 minutes 56 seconds to read

June 4: Preparations are underway to bring the commodities exchange into operation…

Tourism Minister Calls for Reduction in Price of Aviation Fuel

Jun 04, 2021 0 1 minutes 11 seconds to read

June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel.…

Health Ministry Rules Out New Variant of COVID-19 in Nepal

Jun 04, 2021 0 2 minutes 34 seconds to read

June 4: The Ministry of Health and Population has clarified that there isn’t any new variant of COVID-19 in Nepal as reported in the international media.…

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NEPSE

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			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the foreign ministry, the government is receiving Rs 390 billion in foreign aid and Rs 63.37 billion grants. It is receiving aid of Rs 254 billion from multilateral agencies of which Rs 16.49 billion will be grant and Rs 238 billion will be loan. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Donor agencies are providing foreign assistance of Rs 97.42 billion through bilateral partnership. Of it, Rs 36.29 billion is grant and Rs 61.12 billion is expected to be loan. The government is arranging financial assistance of Rs 20.59 billion through joint fund, of which Rs 59.12 million consists of grant and Rs 19 billion is loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the Fiscal Year 2021/22, the government is receiving foreign aid of Rs 117 billion from Asian Development Bank to implement the budget programmes. Donor agencies like the World Bank and IMF are extending support of huge amount to the government. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Indian government has pledged to provide support of Rs 28.80 billion while the Japanese and Chinese governments have made financial commitments of Rs 20.27 billion and 17.75 billion respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has set a target of achieving 6.5 % economic growth, but faces challenge of spending the budget. Finance Minister Bishnu Poudel has been claiming that budget for the fiscal year is not prepared just to achieve popularity but to address the needs of the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However experts say that such commitment is nothing new as the government always fails to execution part.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Dr Jagadish Pokhrel, former vice chair of the National Planning Commission, said the budget is not likely to be implemented as expected because the government is occupied with political standoff.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Mango Farmers Troubled by Market Disruption ',
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			'summary' => 'June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown. Due to the lockdown imposed by the government for the prevention and control of the coronavirus, the mango farmers and traders are have problem regarding the easy access to the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The season of harvesting varieties of mangoes has already started in Nepal. However, the farmers are facing problems due to the lack of market this year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Siraha Agricultural Knowledge Center Kisun Dev Raut said that mangoes produced this year could not find a good market due to the lockdown. Under normal circumstances, the farmers would take their mangoes to the local market and sell the product themselves.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, he complained that the local markets have been closed due to the lockdown. Since the fruit shops are open only in the morning and evenings, he said that there is no environment to sell their produce easily.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Mangoes are cultivated in about 15,600 hectors of land in Siraha and Saptari districts only. According to Siraha Agricultural Knowledge Center, the production has also decreased as compared to last year, due to hailstorm.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year, 15 to 20 metric tons of mangoes were produced per hectare in these two districts, but this year the production has decreased to 5.5 metric tons per hectare. On one hand the production has decreased, and on the other hand the farmers have not been able to sell their produce in the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The main markets for mango produced in districts including Siraha, and Saptari are Kathmandu, Chitwan, Itahari, Pokhara, Hetauda and other major cities. However, due to the lockdown, the market is not functioning well and the traders from those cities are not demanding large quantities of mangoes either.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The price of mango and litchi increases</span></span></strong>&nbsp;</span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Due to the declining production and poor supply management, the prices of mangoes and litchis have increased compared to last year. Like mango, litchi farmers and businessmen have said that the production of litchi is unsatisfactory this year.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Kuleshwor Fruit Market Development Committee, Amar Baniya, said that the supply of litchis from Jhapa, Dhading, Nawalpur and other districts has decreased due to the decline in litchi production this year. He said that not only the supply of Nepali litchi, the supply of Indian litchi has also decreased.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the price list of the Kalimati Fruit and Vegetable Market Development Committee, the average wholesale price of Malda mango was Rs 85 per kg at this time last year, but this year the price has gone up to Rs 150. Similarly, the price of Calcutta mango was Rs 60 per kg last year but now it has reached Rs 125 per kg.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the price of litchi has doubled in comparison to last year. As per the price list of the development committee, the price of litchi has also increased to Rs 310 per kg this year. Last year, it was Rs 145 per kg. It is said that the production has decreased this year due to hailstorm.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, Indian Prime Minister Narendra Modi had announced a nationwide campaign to expand startup business. In order to make the campaign a success, a fund of IRs 100 billion had been set up since 2016 to promote new startups. Though the program has not given desired results, it has been quite popular in India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">After this program became popular in India, the then Finance Minister Dr Ram Sharan Mahat introduced a programme with a similar concept in the budget for the Fiscal Year 2015/16. A startup fund of Rs 500 million was set up but no guidelines were introduced for the implementation of this programme.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Since his tenure, various new names have been given to the programme and have been included in the budget every year. Schemes of cheap interest rate were added to make it appealing but it has not been implemented yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">This program was continued in the budget brought by the current government led by KP Sharma Oli. Startups with innovative ideas were to be provided with the grant after setting up a challenge fund, as per the announcement made by the government while setting up the fund.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had asked startups to submit the project proposal without preparing any draft for the implementation of the programme in the year it was launched, and about 700 applications were also received. However, none of the startups has received the grant so far.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However, in the second year, the government changed the modality of the fund and announced that the start-ups would be provided loan at subsidized interest rate of 2 percent instead of grant. But the programme couldn&#39;t be implemented due to the confusion over what to do with the applications submitted seeking for grant in the previous year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the budget brought by Finance Minister Bishnu Poudel through the ordinance for the Fiscal Year 2021/22, this programme has been included again promising to provide loans at one percent interest rate instead of two percent interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The budget mentions that&nbsp;seed capital of Rs 2.5 million will be provided at one percent interest rate to motivate young entrepreneurs to get involved in startup businesses. The budget doesn&#39;t mention what kind of startup business it refers to. The budget brought through the ordinance will also make arrangements for registration, renewal of startup business and other services to be provided free of cost through a one-stop system.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">To attract foreign investment in startup business it will form policies accordingly and a challenge fund of Rs 1 billion will be set up. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even in the previous fiscal years, such programmes were introduced. The government urged startups to submit their proposals but it was not implemented. So the uncertainty remains if the programme will be implemented even in this year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Joint Secretary at the Ministry of Finance Mahesh Acharya says that this programme will be implemented without any delay. According to him, a guideline has been formulated for the implementation of this programme.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He said that the loan will be given at one percent interest rate to those who submit the proposal with innovative ideas. However he is unaware why the programme included in the budget could not be implemented in all these years. He said that the applicants who had submitted a proposal in the previous years should submit proposal again. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Arjun Prasad Pokhrel, Secretary of Ministry of Industry, Commerce and Supplies (MoCIS), the programme couldn&#39;t be executed as the government didn&#39;t discuss it with the Ministry of Industry before including it in the budget. He said that if the government seeks support from the MoCIS, the latter is ready to work with the government.&nbsp;</span></span></span></p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '13504',
			'article_category_id' => '1',
			'title' => 'FDI Commitment Declines by Almost 10 Percent due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the statistics of the Department of Industry, 151 projects have received a total of Rs 27.03 billion foreign investment commitment as of mid-April 2021. In the corresponding period of the last fiscal year, such commitment amounted to Rs 29.92 billion. The investment commitment in each of these two fiscal years is greater than that of the pervious fiscal years, before the outbreak of Covid-19.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2018-19 the investment commitment was Rs 11.57 billion for 268 projects. Projects backed by foreign investment in the country were estimated to decline after coronavirus outbreak in Nepal in March 2020. However, the data of the Department of Industry shows that the pandemic has not adversely affected investment commitment compared to the previous fiscal years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">As per the commitment recorded in the current fiscal year, the pledged projects are expected to create employment opportunities for 4,535 people. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Director-General of the Department, Jiv Lal Bhusal, confirmed that the investment commitment has declined in the current fiscal&nbsp; year. He informed even in such a situation, the investment pledge has remained positive.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The department believes foreign investment commitment in this fiscal year would have been greater than the previous year if the second wave of coronavirus had not occurred.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;Even if foreign investment declines a little, it doesn&#39;t seem to be discouraging overall. It&#39;s just because of the current circumstances,&quot; he added.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13503',
			'article_category_id' => '1',
			'title' => 'Traders and Businessmen Start Switching their Profession',
			'sub_title' => '',
			'summary' => 'June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. Individuals involved in small and medium enterprises are switching their businesses.&nbsp; Most individuals are now involved in the vegetable business.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Entrepreneurs say that they were forced to change their profession after the government imposed the lockdown to curb coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Raj Thakur, a barber in Kuleshwor for the past five years, is currently selling vegetables from his salon. He said that he started selling vegetables after emptying the saloon to support his family of five after the government authorities did not allow him to open his salon during lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;As the prohibitory order has been extended, it has become difficult for us to meet the monthly expenses. So now, I am selling vegetables and fruits,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Rajendra KC of Dhading, who has been trading electrical goods near Khasibazar in Kalanki, faced a similar predicament.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He started his business three years ago after taking a loan of Rs 500,000 from a cooperative. Now, he has been selling chicken meat outside his shop. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;It&#39;s been three years since I started my business. But with the onset of the pandemic, the debt has increased rather than declining,&quot; he said. &ldquo;So, I was compelled to switch the business. My earnings from selling meat has somehow helped me to pay the rent of the shop,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even last year, the number of people changing their profession due to the long lockdown had increased significantly. According to the data released by the </span>Nepal National Trader&rsquo;s Federation&nbsp; (NNTF) <span style="font-family:&quot;Times New Roman&quot;">last year, about 40 percent of the shutters used for commercial purposes in the Kathmandu Valley at that time were empty due to the extended lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">NNTF President Naresh Katuwal said that most of the small traders have been selling vegetables and fruits outside their shops to make a living. He informed that many involved in clothing business, fancy-dress store, footwear business, barber, and tea shop business have changed their profession after their business was halted for a long duration due to the lockdown. Although he is not sure about the exact number of such individuals he expects that the number will grow rapidly in case the lockdown is further extended.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders say that the businesses related to fancy dress, electronics, salons, transportation, and hotel are the most affected among the small and medium businesses. The entrepreneurs are worried as they are required to pay hefty rent for the shutter space and are not able to run their business due to the lockdown.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13502',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Unable to Pay Bank Installments',
			'sub_title' => '',
			'summary' => 'June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;In a telephone conversation with Governor of Nepal Rastra Bank Maha Prasad Adhikari on Friday, Secretary of FNNTE Saroj Sitaula, on behalf of the federation, demanded a waiver of interest on bank loans of at least six installments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">He said that the banks should be instructed to facilitate the transport sector through the monetary policy of NRB, which will be made public in July. Sitaula said that they did not get any facility as the transport sector was delisted from one of the most affected sectors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Investment of Rs 1 trillion in the transportation sector is in risk due to the lockdown, of which Rs 800 billion is bank loans,&rdquo; he said, adding, &ldquo;Transportation is an area where you work all day and get paid in the evening, so it will take at least six months for the sector to normalize.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Transportation sector, which was closed for four months last year, has been closed for one month this year after the district administrations imposed prohibitory orders in most parts of the country. According to Sitaula, one million people have lost their livelihood after the closure of transportation system. In addition, he said that the vehicles parked on the road, in the yard and in the garage have started to rust and the engines have started to break down.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stating that he had informed the Governor and Finance Secretary Shishir Kumar Dhungana about the problems faced by the transportation sector, Sitaula said that the concerned authorities gave positive responses. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Adhikari confirmed that the federation informed them about its problems.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The federation has requested for relief through monetary policy,&rdquo; he said, &quot;Before bringing the monetary policy, we will listen to the problems of all sectors and address them as required.&quot; In the meantime, he said discussions will be held with all sectors as there is still time left for unveiling the monetary policy.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13501',
			'article_category_id' => '1',
			'title' => '‘Most of the Hotels Face Prospect of Closure in the Absence of Government Support’',
			'sub_title' => '',
			'summary' => 'June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at an interaction programme, Rana added that the hotel business, one of the key sectors of the tourism industry, is facing a major threat from the pandemic. Almost 80 percent of the hotels in Nepal are dependent on bank loans. In this context, stakeholders say that government support is very crucial to sustain the industry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Mani Lamichhane, director of Nepal Tourism Board, said that the hotel industry contributes to the economy in terms of foreign exchange reserve and is also a major employment provider.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NTB has forwarded the request made by hoteliers regarding refinancing, financial access, and other revival plans to the concerned government department. &ldquo;We are optimistic the government will address the issues,&rdquo; added Lamichhane.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, he added that NTB has signed a Memorandum of Understanding (MoU) with UNWTO and will finalize an agreement with the Asian Development Bank for reviving the tourism economy, he added.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Lamichanne further said that the tourism industry of Nepal is facing challenges to rebound at a time when countries like the Maldives, Turkey, Spain, and other international destinations have already resumed their tourism activities normally.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tourism stakeholders raised a major concern that the manpower involved in the sector might switch jobs affecting the sector&#39;s professionalism if the government doesn&#39;t bring in programmes to preserve the needed human resources. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">They also requested the concerned body to assure the implementation of the relief package announced in the new budget.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Deep Raj Joshi informed that resuming tourism activities by increasing vaccination drive is the need of the hour for the tourism industry. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders also discussed the potential of promoting Nepal for green tourism.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government in the new budget has listed tourism in the productive sector.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13500',
			'article_category_id' => '1',
			'title' => 'NOC Raises Retail Prices of Petrol, Diesel and Kerosene by Rs 2 Per Liter ',
			'sub_title' => 'Petrol will now cost Rs 125 per liter, diesel/kerosene Rs 108 per liter and ATF (domestic) Rs 80 per liter ',
			'summary' => 'The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter. ',
			'content' => '<p>June 5 : The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter.&nbsp;</p>

<p>Issuing a statement on Saturday, the NOC said that it decided to increase the fuel prices based on the working procedure on automated price system that allows the state-owned oil monopoly to revise the price fortnightly by 2 percent automatically based on the changes in the price it pays to its supplier Indian Oil Corporation. &nbsp;</p>

<p>With the revision of the fuel prices that will come into effect from midnight today, petrol will now cost Rs 125 per liter, diesel and kerosene Rs 108 per liter and ATF Rs 80 per liter in Kathmandu Valley.&nbsp;</p>

<p>In its statement, the NOC also said that it will have to again raise the fuel prices in the days to come if the current trend of higher crude oil prices in the global market and depreciation of the value of Nepali currency against the US Dollar continues.&nbsp;</p>

<p>The NOC, however, kept the price of cooking gas (LPG) at Rs 1,400 per cylinder.&nbsp;</p>

<p><br />
&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-05',
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			'description' => '',
			'sortorder' => '13245',
			'image' => '20210605095641_NOC Fuel prices.jpg',
			'article_date' => '2021-06-05 21:53:55',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13499',
			'article_category_id' => '1',
			'title' => 'Bankers See Risk on Scheme to Provide Concessional Loan at 5% Interest Against Academic Certificate ',
			'sub_title' => '',
			'summary' => 'Though the government in its budget for the upcoming fiscal year (2021/22) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certifcates, bankers say that the implementation of the scheme is challenging',
			'content' => '<p>June 5:&nbsp;Though the government in its budget for the upcoming fiscal year (2021/222) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certificates, bankers say that the implementation of the scheme is challenging.&nbsp;</p>

<p>This is not a new scheme as bank and financial institutions (BFIs) are already providing loans up to a limit of Rs 700,000 to youths against pledges of their academic certificates.&nbsp;<br />
BFIs have been disbursing loans based on the &#39;Integrated Procedure on Interest Subsidy for Concessional Loans, 2020&#39; issued by Nepal Rastra Bank (NRB). There are seven various subsidized loan schemes under this facility including the Educated Youth Self Employment Loan.Under these schemes, the government subsidy covers five to six percentage points of the interest rates that bank charges to their borrowers.&nbsp;<br />
According to the data of NRB, BFIs have disbursed loans to 139 youths under the Educated Youth Self Employment Loan. They have a total of Rs 65.1 million outstanding loans under this scheme. The scheme came into implementation in April 2019.&nbsp;<br />
There have been complaints that BFIs are reluctant to provide subsidized loans to youths against the collateral of academic certificates. However, bankers say that BFIs do not sanction business loans until they get convincing business plans from borrowers due to a risk of non-repayment or defaults.&nbsp;<br />
Dev Kumar Dhakal, the NRB Spokesperson, said that the central bank has decided to fix a minimum numbers of loans that each branch of bank or financial institution must provide under this facility. He said that the decision was based on complaints about the lack of willingness from BFIs to disburse subsidized interest loans.&nbsp;<br />
According to the NRB, except than agro and farming loans among various concessional loan schemes, a commercial bank must provide loans to 500 borrowers with ten minimum per branch and national level development banks to 300 borrowers or five minimum per branch, whichever is higher.&nbsp;<br />
&ldquo;After enforcement of this directive, we have found that the flow of loans under these schemes has improved,&quot; he said.<br />
Bankers say that increment in the loan amount against collateral of academic certificates also raises the risk for BFIs.&nbsp;<br />
Bhuvan Kumar Dahal, Nepal Bankers&#39; Association&rsquo;s President, says that such loans can be disbursed immediately if the borrowers pledge assets along with their certificates.</p>

<p>&quot;It is not easy to disburse such loans against collateral of academic certificates only. Such loans carry high risk. If such loans turn bad, both the bank and the government would face losses. However, we are ready to provide loans to those who come up with a viable business plan,&rdquo; he said.</p>

<p>Nepali citizens having academic certificate of minimum Bachelor degree or equivalent is eligible to get the loans under this scheme&nbsp;with repayment period of five years. Likewise, the borrower applying for the loan should have attended at least a week of enterprise or business training from any government body including the Council for Technical Education and Vocational Training. Banks also ask a brief business proposal for such loans.<br />
&nbsp;</p>
',
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			'image' => '20210605063901_Business Bank Loans.jpg',
			'article_date' => '2021-06-05 18:32:47',
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	(int) 10 => array(
		'Article' => array(
			'id' => '13498',
			'article_category_id' => '1',
			'title' => 'Three Deputy PMs, 12 Ministers Inducted in Prime Minister Oli’s Reshuffled Cabinet ',
			'sub_title' => 'Prime Minister Oli removes 13 ministers while keeping seven portfolios with himself ',
			'summary' => 'Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle. ',
			'content' => '<p>June 5:&nbsp; Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle.&nbsp;</p>

<p>Prime Minister Oli reshuffling of his cabinet on Friday follows recent dissolution of the House of Representatives and announcement to hold midterm elections in November. &nbsp; &nbsp;&nbsp;<br />
President Bhandari administerd oath of office to all newly appointed ministers of the Oli-led cabinet on Friday evening.&nbsp;</p>

<p><em><strong>NEW FACES IN OLI-LED CABINET&nbsp;</strong></em><br />
According to the notice of the Office of the President, President Bidya Devi Bhandari, upon the recommendation of Prime Minister Oli, appointed Bishnu Prasad Paudel as Deputy Prime Minister and Minister for Finance, Raghubir Mahaseth as Deputy Prime Minister and Minister for Foreign Affairs and Rajendra Mahato as Deputy Prime Minister and Minister for Urban Development. While Paudel was already the Minister for Finance, Mahaseth and Mahato are newly appointed members in the Oli-led cabinet.&nbsp;<br />
Earlier, Pradeep Gyawali was the Foreign Affairs Minister while Prime Minister Oli was himself overseeing the portfolio of Ministry of Urban Development after Prabhu Sah lost his ministerial berth on May 18 following a Supreme Court&rsquo;s order to bar seven ministers from working as ministers.<br />
Sharad Singh Bhandari (Minister for Energy, Water Resources and Irrigation), Anil Kumar Jha (Minister for Drinking Water), Sher Bahadur Tamang (Minister for Health and Population), Laxman Lal Karna (Minister for Land Management, Cooperatives and Poverty Alleviation) and Bimal Prasad Srivastav (Minister for Labour, Employment and Social Security) are new faces in the reshuffled cabinet.&nbsp;<br />
Umashankar Argariya becomes the new Minister for Culture, Tourism and Civil Aviation while the new Minister for Women, Children and Senior Citizens is Chanda Chaudhary. Chandra Kanta Chaudhary and Renuka Gurung are appointed as Minister of State for Energy, Water Resources and Irrigation and Minister for State for Women, Children and Senior Citizens respectively.&nbsp;</p>

<p><em><strong>RETAINED MINISTERS&nbsp;</strong></em></p>

<p>Prime Minister Oli retained Basanta Kumar Newmbwang (Minister for Physical Infrastructure and Transportation), Lilanath Shrestha (Minister for Law, Justice and Parliamentary Affairs) and Krishna Gopal Shrestha (Minister for Education, Science and Technology) in his reshuffled cabinet. &nbsp;Similarly, Prime Minister Oli decided to keep seven portfolio with himself. &nbsp;Industry, Commerce and Supplies, Agriculture and Livestock Development, Defence, Home Affairs, Forest and Environment, Federal Affairs and General Administration and Communication and Information Technology are the ministries that Prime Minister Oli will oversee himself.&nbsp;</p>

<p><br />
<em><strong>THOSE WHO LOST MINISTERIAL BERTH</strong></em><br />
Prime Minister Oli bade farewell to 13 ministers along with Gyawali who was the Foreign Minister since the Oli-led government was formed in February 2018. &nbsp;<br />
Those others removed from the cabinet are Deputy Prime Minister Ishwor Pokharel, Bhanubhakta Dhakal (Minister for Culture, Tourism and Civil Aviation) Padma Kumari Aryal (Minister for Agriculture and Livestock Development), Parbat Gurung (Minister for Communication and Information Technology) and Shiva Maya Tumbahangphe (Minister for Lnad Management, Cooperatives and Poverty Alleviation).&nbsp;<br />
Ganesh Singh Thagunna (Minister for Federal Affairs and General Affairs) and Juli Kumar Mahato (Minister for Women, Children and Senior Citizen) have also been relieved from their posts. Similarly, Prime Minister Oli also lost their posts on Friday.&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13497',
			'article_category_id' => '1',
			'title' => 'Government Sets Target of Increasing Access to Insurance to 33.33 Percent of the Population',
			'sub_title' => '',
			'summary' => 'June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. However, the government has remained silent about bringing programmes to support the insurance companies to achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last Saturday, Finance Minister Bishnu Prasad Poudel, while presenting the budget for the upcoming fiscal year, announced that the government aims to increase access to insurance to one-third of the people. However, insurance companies express their concern that the budget has remained silent about bringing the necessary programmes to help achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to a survey made public by Minister Poudel for the current fiscal year, access to insurance has reached 23.4 percent of the population by mid-February.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Insurance Board has said that access to insurance will reach 27 percent of population by the end of next year. In the upcoming fiscal year, an additional 6.33 percent or 1.92 million Nepalis must have access to insurance to meet the target, which is very challenging, the companies say.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the seven decades since the start of the insurance business, access to insurance has reached 23.4 percent of the total population. However, insurance companies say that it will be difficult to achieve the goal to increase access to 33.33 percent within a short span of time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Nirmal Kaji Shrestha, president of Life Insurers Association Nepal and chief executive officer (CEO) of Mate Life Insurance, said that the new budget has missed out on addressing the issues of life insurance. &ldquo;The budget aims to reach life insurance to one-third of the population. However, no programme is on the cards to help achieve that goal,&rdquo; he said, adding, &ldquo;We have seen that it will be very difficult to achieve that goal without any incentive.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The insurance companies were expecting the government to increase the income tax exemption limit for life insurance in the budget. They have been demanding such exemption since years. At present, insured people get a rebate of up to Rs 25,000 in income tax. The Insurance Board demanded that the limit should be increased to Rs 50,000. They also demanded the introduction of other incentives.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Shrestha said that the budget has remained silent on the issue of overall life insurance. &ldquo;In most South Asian countries, insurers are exempted from income tax up to millions of rupees. However, in our case, the limit has not been raised yet,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Shrestha said that now a tripartite strategy should be formulated between the Insurance Board, the Ministry of Finance, and the insurance companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Kumar Bhattarai, CEO of Mahalakshmi Life Insurance, also said that the current budget has disappointed the life insurance sector. &ldquo;The insurance sector was not already a priority in the budget. That trend has continued this year,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to Bhattarai, the budget should give priority to this sector as the contribution of the insurance sector to the GDP is increasing. &quot;It has been revealed in the budget that the access to insurance will be increased to two-thirds of population. However, the government has remained silent on what kind of assistance is needed to achieve that target,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that the concerns raised by the insurance companies will be addressed by the annual budget of the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;Our budget will come in the next few months. From the same budget, we will bring necessary programmes to increase access to insurance,&rdquo; he said adding, &ldquo;We are positive about how to work to achieve the target set by the government to increase access to life insurance.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13496',
			'article_category_id' => '1',
			'title' => 'Preparations Underway to bring Commodities Exchange into Operation',
			'sub_title' => '',
			'summary' => 'June 4: Preparations are underway to bring the commodities exchange into operation soon.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">June 4: Preparations are underway to bring the commodities exchange into operation soon. As the government has included it in the budget statement, the regulatory body Securities Board of Nepal (SEBON) has intensified preparations to operate it immediately from the upcoming fiscal year.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Prior to the budget speech, SEBON had made public the draft of the Directive on Policy and Procedure for Issuing Licenses to Operate Commodities Market, 2077 BS to collect suggestions from stakeholders. The board said it had collected more than a dozen suggestions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the board Bhishma Raj Dhungana informed that the draft of the directive will be finalized by the board meeting of SEBON after incorporating the suggestions received so far.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&quot;More than a dozen suggestions have been collected. Most of them have asked us to reconsider the paid-up capital. The meeting of the Board of Directors will finalize the issue. The meeting was delayed as some members of the committee were infected by coronavirus. The meeting will be held after they recover,&rdquo; he told New Business Age.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Deputy Executive Director of SEBON, Dr Nawaraj Adhikari said that the revised directive has increased the minimum paid-up capital limit from Rs 1 billion to Rs 2 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">As per the draft, the paid-up capital of the company dealing in agricultural related commodities should be Rs 1 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We had prepared the guideline by doing a lot of study and analysis on the global commodities &nbsp;market, understanding all the international principles and good practices,&rdquo; said Adhikari, adding, &ldquo;We have prepared the guideline based on the overall study and the level of understanding of investors suitable for Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">An earlier study had suggested that only two exchanges should be approved. &ldquo;The revised directive has allowed providing license to the companies that meet all the criteria, are experienced, competent, have done well in the past,&rdquo; Adhikari said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The revised directive has provided the limit of paid-up capital according to the nature of the companies, submission of plans, application process among others.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to the board, six organizations that have recently proposed to run the company do not have to pay the fee when re-applying. However, as per the revised guidelines they have to procure additional documents by fulfilling the specified criteria. &ldquo;We will continue to not charge the application fee for the proposed six organisations again. However, according to additional provisions, the criteria have to be met,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Earlier, Commodity Futures Exchange (CFX) Limited, Rizal Commodity Exchange (RCDX), Multi Derivative Exchange (MDX) Company, Nepal Derivatives Exchange (NDEX), National Derivatives Commodities (NCDX) and Nepal Mercentile (NEX) had applied for commodity trading.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The founders of the institution operating the commodity market will have to apply by proposing to invest at least 51 percent and at most 100 percent of the shares. The proposed institution must have a minimum of 5 percent to a maximum of 51 percent of the total paid-up capital for foreign strategic partners or technical assistance organizations. Founders may include individuals, Nepali organizations, and strategic partners or technical assistance organizations. Foreign strategic partners have been made mandatory.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The qualified ones will have to apply for pre-approval with a fee of Rs 25,000 to run a company. If the board of directors of SEBON feels the company suitable, it has to deposit up to 10 percent of the paid-up capital in the commercial bank before giving prior approval. Two copies of the business plan including the management letter and rules of the proposed institution, feasibility study report including minimum subjects and projected financial statements for the next 3 fiscal years should be submitted.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The guideline states that even if the board gives approval to manage the infrastructure, it will not be allowed to do any work including increasing or decreasing the number of founders until the final operating license is obtained. After receiving the prior approval, the company has to apply to the board to get the license to operate the commodity market. For this, the company will have to pay a fee of up to Rs 2.5 million to the board along with the application.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'title' => 'Tourism Minister Calls for Reduction in Price of Aviation Fuel ',
			'sub_title' => '',
			'summary' => 'June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The minister issued such directive during a meeting with government authorities including officials of Nepal Oil Corporation and other stakeholders.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tourism Secretary Yadav Prasad Koirala, Secretary at the Ministry of Industry, Commerce and Supplies Dinesh Bhattarai, Nepal Oil Corporation Executive Director Surendra Poudel, Director General of Civil Aviation Authority of Nepal Rajan Pokharel and Director of Nepal Airlines Corporation Dim Prakash Poudel were present during the meeting.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, the directive was issued in response to the demand by various organizations to cut down the price of aviation fuel used by international airlines companies in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
&nbsp;&nbsp; </span></span></p>
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			'title' => '     Health Ministry Rules Out New Variant of COVID-19 in Nepal',
			'sub_title' => '',
			'summary' => 'June 4: The Ministry of Health and Population has clarified that there isn’t any new variant of COVID-19 in Nepal as reported in the international media.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 4: The Ministry of Health and Population has clarified that there isn&rsquo;t any new variant of COVID-19 in Nepal as reported in the international media. &nbsp;&nbsp;&nbsp;<br />
Issuing a press statement on Thursday, the ministry&rsquo;s spokesperson Dr Krishna Prasad Poudel said that the ministry&rsquo;s attention had been drawn towards the misleading news regarding the detection of new variant and refuted those claims.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the state-owned national news&nbsp; agency RSS, Dr Poudel clarified that only the Alfa, Kappa and Delta variants are active in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The statement has urged media houses and outlets not to publish any misleading and false news until obtaining authentic information from the ministry. The Ministry had also appealed to the media and media persons to be responsible towards disseminating factual news.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Furthermore, the Ministry had appealed to one and all for complete compliance of the health safety protocols to contain the pandemic.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The World Health Organization has also clarified that it was not aware of any new variant detected in Nepal, RSS further reported.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Among the existing variants, Delta is the most active one and highly contagious, the WHO said.&nbsp;&nbsp;&nbsp;&nbsp; </span></span>&nbsp; </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><strong>Nepalese embassy refutes baseless news on origin of mutant strain of coronavirus</strong> </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">The Embassy of Nepal in London said that its serious attention has been drawn towards a news report carried out by the UK-based Daily Mail newspaper on June 3 regarding a baseless claim about the origin of a mutant strain of SARS-Cov-2 in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Issuing a press statement, the Embassy of Nepal in London said that the variants identified in Nepal so far are Alpha and Delta, both of which did not originate in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;The World Health Organization has rebutted the origin of a new variant in Nepal stating that the prevalent variant currently in circulation in Nepal is Delta (B.1.617.2),&rdquo; RSS reported citing the Embassy.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the Embassy stated that it has sent a letter of Daily Mail refuting the baseless news and requesting to correct it.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13509',
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			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
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			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the foreign ministry, the government is receiving Rs 390 billion in foreign aid and Rs 63.37 billion grants. It is receiving aid of Rs 254 billion from multilateral agencies of which Rs 16.49 billion will be grant and Rs 238 billion will be loan. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Donor agencies are providing foreign assistance of Rs 97.42 billion through bilateral partnership. Of it, Rs 36.29 billion is grant and Rs 61.12 billion is expected to be loan. The government is arranging financial assistance of Rs 20.59 billion through joint fund, of which Rs 59.12 million consists of grant and Rs 19 billion is loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the Fiscal Year 2021/22, the government is receiving foreign aid of Rs 117 billion from Asian Development Bank to implement the budget programmes. Donor agencies like the World Bank and IMF are extending support of huge amount to the government. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Indian government has pledged to provide support of Rs 28.80 billion while the Japanese and Chinese governments have made financial commitments of Rs 20.27 billion and 17.75 billion respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has set a target of achieving 6.5 % economic growth, but faces challenge of spending the budget. Finance Minister Bishnu Poudel has been claiming that budget for the fiscal year is not prepared just to achieve popularity but to address the needs of the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However experts say that such commitment is nothing new as the government always fails to execution part.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Dr Jagadish Pokhrel, former vice chair of the National Planning Commission, said the budget is not likely to be implemented as expected because the government is occupied with political standoff.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13505',
			'article_category_id' => '1',
			'title' => 'Mango Farmers Troubled by Market Disruption ',
			'sub_title' => '',
			'summary' => 'June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown. Due to the lockdown imposed by the government for the prevention and control of the coronavirus, the mango farmers and traders are have problem regarding the easy access to the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The season of harvesting varieties of mangoes has already started in Nepal. However, the farmers are facing problems due to the lack of market this year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Siraha Agricultural Knowledge Center Kisun Dev Raut said that mangoes produced this year could not find a good market due to the lockdown. Under normal circumstances, the farmers would take their mangoes to the local market and sell the product themselves.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, he complained that the local markets have been closed due to the lockdown. Since the fruit shops are open only in the morning and evenings, he said that there is no environment to sell their produce easily.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Mangoes are cultivated in about 15,600 hectors of land in Siraha and Saptari districts only. According to Siraha Agricultural Knowledge Center, the production has also decreased as compared to last year, due to hailstorm.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year, 15 to 20 metric tons of mangoes were produced per hectare in these two districts, but this year the production has decreased to 5.5 metric tons per hectare. On one hand the production has decreased, and on the other hand the farmers have not been able to sell their produce in the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The main markets for mango produced in districts including Siraha, and Saptari are Kathmandu, Chitwan, Itahari, Pokhara, Hetauda and other major cities. However, due to the lockdown, the market is not functioning well and the traders from those cities are not demanding large quantities of mangoes either.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The price of mango and litchi increases</span></span></strong>&nbsp;</span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Due to the declining production and poor supply management, the prices of mangoes and litchis have increased compared to last year. Like mango, litchi farmers and businessmen have said that the production of litchi is unsatisfactory this year.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Kuleshwor Fruit Market Development Committee, Amar Baniya, said that the supply of litchis from Jhapa, Dhading, Nawalpur and other districts has decreased due to the decline in litchi production this year. He said that not only the supply of Nepali litchi, the supply of Indian litchi has also decreased.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the price list of the Kalimati Fruit and Vegetable Market Development Committee, the average wholesale price of Malda mango was Rs 85 per kg at this time last year, but this year the price has gone up to Rs 150. Similarly, the price of Calcutta mango was Rs 60 per kg last year but now it has reached Rs 125 per kg.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the price of litchi has doubled in comparison to last year. As per the price list of the development committee, the price of litchi has also increased to Rs 310 per kg this year. Last year, it was Rs 145 per kg. It is said that the production has decreased this year due to hailstorm.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, Indian Prime Minister Narendra Modi had announced a nationwide campaign to expand startup business. In order to make the campaign a success, a fund of IRs 100 billion had been set up since 2016 to promote new startups. Though the program has not given desired results, it has been quite popular in India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">After this program became popular in India, the then Finance Minister Dr Ram Sharan Mahat introduced a programme with a similar concept in the budget for the Fiscal Year 2015/16. A startup fund of Rs 500 million was set up but no guidelines were introduced for the implementation of this programme.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Since his tenure, various new names have been given to the programme and have been included in the budget every year. Schemes of cheap interest rate were added to make it appealing but it has not been implemented yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">This program was continued in the budget brought by the current government led by KP Sharma Oli. Startups with innovative ideas were to be provided with the grant after setting up a challenge fund, as per the announcement made by the government while setting up the fund.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had asked startups to submit the project proposal without preparing any draft for the implementation of the programme in the year it was launched, and about 700 applications were also received. However, none of the startups has received the grant so far.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However, in the second year, the government changed the modality of the fund and announced that the start-ups would be provided loan at subsidized interest rate of 2 percent instead of grant. But the programme couldn&#39;t be implemented due to the confusion over what to do with the applications submitted seeking for grant in the previous year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the budget brought by Finance Minister Bishnu Poudel through the ordinance for the Fiscal Year 2021/22, this programme has been included again promising to provide loans at one percent interest rate instead of two percent interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The budget mentions that&nbsp;seed capital of Rs 2.5 million will be provided at one percent interest rate to motivate young entrepreneurs to get involved in startup businesses. The budget doesn&#39;t mention what kind of startup business it refers to. The budget brought through the ordinance will also make arrangements for registration, renewal of startup business and other services to be provided free of cost through a one-stop system.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">To attract foreign investment in startup business it will form policies accordingly and a challenge fund of Rs 1 billion will be set up. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even in the previous fiscal years, such programmes were introduced. The government urged startups to submit their proposals but it was not implemented. So the uncertainty remains if the programme will be implemented even in this year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Joint Secretary at the Ministry of Finance Mahesh Acharya says that this programme will be implemented without any delay. According to him, a guideline has been formulated for the implementation of this programme.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He said that the loan will be given at one percent interest rate to those who submit the proposal with innovative ideas. However he is unaware why the programme included in the budget could not be implemented in all these years. He said that the applicants who had submitted a proposal in the previous years should submit proposal again. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Arjun Prasad Pokhrel, Secretary of Ministry of Industry, Commerce and Supplies (MoCIS), the programme couldn&#39;t be executed as the government didn&#39;t discuss it with the Ministry of Industry before including it in the budget. He said that if the government seeks support from the MoCIS, the latter is ready to work with the government.&nbsp;</span></span></span></p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '13504',
			'article_category_id' => '1',
			'title' => 'FDI Commitment Declines by Almost 10 Percent due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the statistics of the Department of Industry, 151 projects have received a total of Rs 27.03 billion foreign investment commitment as of mid-April 2021. In the corresponding period of the last fiscal year, such commitment amounted to Rs 29.92 billion. The investment commitment in each of these two fiscal years is greater than that of the pervious fiscal years, before the outbreak of Covid-19.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2018-19 the investment commitment was Rs 11.57 billion for 268 projects. Projects backed by foreign investment in the country were estimated to decline after coronavirus outbreak in Nepal in March 2020. However, the data of the Department of Industry shows that the pandemic has not adversely affected investment commitment compared to the previous fiscal years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">As per the commitment recorded in the current fiscal year, the pledged projects are expected to create employment opportunities for 4,535 people. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Director-General of the Department, Jiv Lal Bhusal, confirmed that the investment commitment has declined in the current fiscal&nbsp; year. He informed even in such a situation, the investment pledge has remained positive.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The department believes foreign investment commitment in this fiscal year would have been greater than the previous year if the second wave of coronavirus had not occurred.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;Even if foreign investment declines a little, it doesn&#39;t seem to be discouraging overall. It&#39;s just because of the current circumstances,&quot; he added.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13503',
			'article_category_id' => '1',
			'title' => 'Traders and Businessmen Start Switching their Profession',
			'sub_title' => '',
			'summary' => 'June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. Individuals involved in small and medium enterprises are switching their businesses.&nbsp; Most individuals are now involved in the vegetable business.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Entrepreneurs say that they were forced to change their profession after the government imposed the lockdown to curb coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Raj Thakur, a barber in Kuleshwor for the past five years, is currently selling vegetables from his salon. He said that he started selling vegetables after emptying the saloon to support his family of five after the government authorities did not allow him to open his salon during lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;As the prohibitory order has been extended, it has become difficult for us to meet the monthly expenses. So now, I am selling vegetables and fruits,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Rajendra KC of Dhading, who has been trading electrical goods near Khasibazar in Kalanki, faced a similar predicament.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He started his business three years ago after taking a loan of Rs 500,000 from a cooperative. Now, he has been selling chicken meat outside his shop. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;It&#39;s been three years since I started my business. But with the onset of the pandemic, the debt has increased rather than declining,&quot; he said. &ldquo;So, I was compelled to switch the business. My earnings from selling meat has somehow helped me to pay the rent of the shop,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even last year, the number of people changing their profession due to the long lockdown had increased significantly. According to the data released by the </span>Nepal National Trader&rsquo;s Federation&nbsp; (NNTF) <span style="font-family:&quot;Times New Roman&quot;">last year, about 40 percent of the shutters used for commercial purposes in the Kathmandu Valley at that time were empty due to the extended lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">NNTF President Naresh Katuwal said that most of the small traders have been selling vegetables and fruits outside their shops to make a living. He informed that many involved in clothing business, fancy-dress store, footwear business, barber, and tea shop business have changed their profession after their business was halted for a long duration due to the lockdown. Although he is not sure about the exact number of such individuals he expects that the number will grow rapidly in case the lockdown is further extended.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders say that the businesses related to fancy dress, electronics, salons, transportation, and hotel are the most affected among the small and medium businesses. The entrepreneurs are worried as they are required to pay hefty rent for the shutter space and are not able to run their business due to the lockdown.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
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		'Article' => array(
			'id' => '13502',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Unable to Pay Bank Installments',
			'sub_title' => '',
			'summary' => 'June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;In a telephone conversation with Governor of Nepal Rastra Bank Maha Prasad Adhikari on Friday, Secretary of FNNTE Saroj Sitaula, on behalf of the federation, demanded a waiver of interest on bank loans of at least six installments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">He said that the banks should be instructed to facilitate the transport sector through the monetary policy of NRB, which will be made public in July. Sitaula said that they did not get any facility as the transport sector was delisted from one of the most affected sectors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Investment of Rs 1 trillion in the transportation sector is in risk due to the lockdown, of which Rs 800 billion is bank loans,&rdquo; he said, adding, &ldquo;Transportation is an area where you work all day and get paid in the evening, so it will take at least six months for the sector to normalize.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Transportation sector, which was closed for four months last year, has been closed for one month this year after the district administrations imposed prohibitory orders in most parts of the country. According to Sitaula, one million people have lost their livelihood after the closure of transportation system. In addition, he said that the vehicles parked on the road, in the yard and in the garage have started to rust and the engines have started to break down.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stating that he had informed the Governor and Finance Secretary Shishir Kumar Dhungana about the problems faced by the transportation sector, Sitaula said that the concerned authorities gave positive responses. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Adhikari confirmed that the federation informed them about its problems.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The federation has requested for relief through monetary policy,&rdquo; he said, &quot;Before bringing the monetary policy, we will listen to the problems of all sectors and address them as required.&quot; In the meantime, he said discussions will be held with all sectors as there is still time left for unveiling the monetary policy.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13501',
			'article_category_id' => '1',
			'title' => '‘Most of the Hotels Face Prospect of Closure in the Absence of Government Support’',
			'sub_title' => '',
			'summary' => 'June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at an interaction programme, Rana added that the hotel business, one of the key sectors of the tourism industry, is facing a major threat from the pandemic. Almost 80 percent of the hotels in Nepal are dependent on bank loans. In this context, stakeholders say that government support is very crucial to sustain the industry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Mani Lamichhane, director of Nepal Tourism Board, said that the hotel industry contributes to the economy in terms of foreign exchange reserve and is also a major employment provider.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NTB has forwarded the request made by hoteliers regarding refinancing, financial access, and other revival plans to the concerned government department. &ldquo;We are optimistic the government will address the issues,&rdquo; added Lamichhane.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, he added that NTB has signed a Memorandum of Understanding (MoU) with UNWTO and will finalize an agreement with the Asian Development Bank for reviving the tourism economy, he added.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Lamichanne further said that the tourism industry of Nepal is facing challenges to rebound at a time when countries like the Maldives, Turkey, Spain, and other international destinations have already resumed their tourism activities normally.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tourism stakeholders raised a major concern that the manpower involved in the sector might switch jobs affecting the sector&#39;s professionalism if the government doesn&#39;t bring in programmes to preserve the needed human resources. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">They also requested the concerned body to assure the implementation of the relief package announced in the new budget.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Deep Raj Joshi informed that resuming tourism activities by increasing vaccination drive is the need of the hour for the tourism industry. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders also discussed the potential of promoting Nepal for green tourism.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government in the new budget has listed tourism in the productive sector.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '13500',
			'article_category_id' => '1',
			'title' => 'NOC Raises Retail Prices of Petrol, Diesel and Kerosene by Rs 2 Per Liter ',
			'sub_title' => 'Petrol will now cost Rs 125 per liter, diesel/kerosene Rs 108 per liter and ATF (domestic) Rs 80 per liter ',
			'summary' => 'The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter. ',
			'content' => '<p>June 5 : The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter.&nbsp;</p>

<p>Issuing a statement on Saturday, the NOC said that it decided to increase the fuel prices based on the working procedure on automated price system that allows the state-owned oil monopoly to revise the price fortnightly by 2 percent automatically based on the changes in the price it pays to its supplier Indian Oil Corporation. &nbsp;</p>

<p>With the revision of the fuel prices that will come into effect from midnight today, petrol will now cost Rs 125 per liter, diesel and kerosene Rs 108 per liter and ATF Rs 80 per liter in Kathmandu Valley.&nbsp;</p>

<p>In its statement, the NOC also said that it will have to again raise the fuel prices in the days to come if the current trend of higher crude oil prices in the global market and depreciation of the value of Nepali currency against the US Dollar continues.&nbsp;</p>

<p>The NOC, however, kept the price of cooking gas (LPG) at Rs 1,400 per cylinder.&nbsp;</p>

<p><br />
&nbsp;<br />
&nbsp;</p>
',
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			'sortorder' => '13245',
			'image' => '20210605095641_NOC Fuel prices.jpg',
			'article_date' => '2021-06-05 21:53:55',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13499',
			'article_category_id' => '1',
			'title' => 'Bankers See Risk on Scheme to Provide Concessional Loan at 5% Interest Against Academic Certificate ',
			'sub_title' => '',
			'summary' => 'Though the government in its budget for the upcoming fiscal year (2021/22) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certifcates, bankers say that the implementation of the scheme is challenging',
			'content' => '<p>June 5:&nbsp;Though the government in its budget for the upcoming fiscal year (2021/222) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certificates, bankers say that the implementation of the scheme is challenging.&nbsp;</p>

<p>This is not a new scheme as bank and financial institutions (BFIs) are already providing loans up to a limit of Rs 700,000 to youths against pledges of their academic certificates.&nbsp;<br />
BFIs have been disbursing loans based on the &#39;Integrated Procedure on Interest Subsidy for Concessional Loans, 2020&#39; issued by Nepal Rastra Bank (NRB). There are seven various subsidized loan schemes under this facility including the Educated Youth Self Employment Loan.Under these schemes, the government subsidy covers five to six percentage points of the interest rates that bank charges to their borrowers.&nbsp;<br />
According to the data of NRB, BFIs have disbursed loans to 139 youths under the Educated Youth Self Employment Loan. They have a total of Rs 65.1 million outstanding loans under this scheme. The scheme came into implementation in April 2019.&nbsp;<br />
There have been complaints that BFIs are reluctant to provide subsidized loans to youths against the collateral of academic certificates. However, bankers say that BFIs do not sanction business loans until they get convincing business plans from borrowers due to a risk of non-repayment or defaults.&nbsp;<br />
Dev Kumar Dhakal, the NRB Spokesperson, said that the central bank has decided to fix a minimum numbers of loans that each branch of bank or financial institution must provide under this facility. He said that the decision was based on complaints about the lack of willingness from BFIs to disburse subsidized interest loans.&nbsp;<br />
According to the NRB, except than agro and farming loans among various concessional loan schemes, a commercial bank must provide loans to 500 borrowers with ten minimum per branch and national level development banks to 300 borrowers or five minimum per branch, whichever is higher.&nbsp;<br />
&ldquo;After enforcement of this directive, we have found that the flow of loans under these schemes has improved,&quot; he said.<br />
Bankers say that increment in the loan amount against collateral of academic certificates also raises the risk for BFIs.&nbsp;<br />
Bhuvan Kumar Dahal, Nepal Bankers&#39; Association&rsquo;s President, says that such loans can be disbursed immediately if the borrowers pledge assets along with their certificates.</p>

<p>&quot;It is not easy to disburse such loans against collateral of academic certificates only. Such loans carry high risk. If such loans turn bad, both the bank and the government would face losses. However, we are ready to provide loans to those who come up with a viable business plan,&rdquo; he said.</p>

<p>Nepali citizens having academic certificate of minimum Bachelor degree or equivalent is eligible to get the loans under this scheme&nbsp;with repayment period of five years. Likewise, the borrower applying for the loan should have attended at least a week of enterprise or business training from any government body including the Council for Technical Education and Vocational Training. Banks also ask a brief business proposal for such loans.<br />
&nbsp;</p>
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			'sortorder' => '13244',
			'image' => '20210605063901_Business Bank Loans.jpg',
			'article_date' => '2021-06-05 18:32:47',
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	(int) 10 => array(
		'Article' => array(
			'id' => '13498',
			'article_category_id' => '1',
			'title' => 'Three Deputy PMs, 12 Ministers Inducted in Prime Minister Oli’s Reshuffled Cabinet ',
			'sub_title' => 'Prime Minister Oli removes 13 ministers while keeping seven portfolios with himself ',
			'summary' => 'Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle. ',
			'content' => '<p>June 5:&nbsp; Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle.&nbsp;</p>

<p>Prime Minister Oli reshuffling of his cabinet on Friday follows recent dissolution of the House of Representatives and announcement to hold midterm elections in November. &nbsp; &nbsp;&nbsp;<br />
President Bhandari administerd oath of office to all newly appointed ministers of the Oli-led cabinet on Friday evening.&nbsp;</p>

<p><em><strong>NEW FACES IN OLI-LED CABINET&nbsp;</strong></em><br />
According to the notice of the Office of the President, President Bidya Devi Bhandari, upon the recommendation of Prime Minister Oli, appointed Bishnu Prasad Paudel as Deputy Prime Minister and Minister for Finance, Raghubir Mahaseth as Deputy Prime Minister and Minister for Foreign Affairs and Rajendra Mahato as Deputy Prime Minister and Minister for Urban Development. While Paudel was already the Minister for Finance, Mahaseth and Mahato are newly appointed members in the Oli-led cabinet.&nbsp;<br />
Earlier, Pradeep Gyawali was the Foreign Affairs Minister while Prime Minister Oli was himself overseeing the portfolio of Ministry of Urban Development after Prabhu Sah lost his ministerial berth on May 18 following a Supreme Court&rsquo;s order to bar seven ministers from working as ministers.<br />
Sharad Singh Bhandari (Minister for Energy, Water Resources and Irrigation), Anil Kumar Jha (Minister for Drinking Water), Sher Bahadur Tamang (Minister for Health and Population), Laxman Lal Karna (Minister for Land Management, Cooperatives and Poverty Alleviation) and Bimal Prasad Srivastav (Minister for Labour, Employment and Social Security) are new faces in the reshuffled cabinet.&nbsp;<br />
Umashankar Argariya becomes the new Minister for Culture, Tourism and Civil Aviation while the new Minister for Women, Children and Senior Citizens is Chanda Chaudhary. Chandra Kanta Chaudhary and Renuka Gurung are appointed as Minister of State for Energy, Water Resources and Irrigation and Minister for State for Women, Children and Senior Citizens respectively.&nbsp;</p>

<p><em><strong>RETAINED MINISTERS&nbsp;</strong></em></p>

<p>Prime Minister Oli retained Basanta Kumar Newmbwang (Minister for Physical Infrastructure and Transportation), Lilanath Shrestha (Minister for Law, Justice and Parliamentary Affairs) and Krishna Gopal Shrestha (Minister for Education, Science and Technology) in his reshuffled cabinet. &nbsp;Similarly, Prime Minister Oli decided to keep seven portfolio with himself. &nbsp;Industry, Commerce and Supplies, Agriculture and Livestock Development, Defence, Home Affairs, Forest and Environment, Federal Affairs and General Administration and Communication and Information Technology are the ministries that Prime Minister Oli will oversee himself.&nbsp;</p>

<p><br />
<em><strong>THOSE WHO LOST MINISTERIAL BERTH</strong></em><br />
Prime Minister Oli bade farewell to 13 ministers along with Gyawali who was the Foreign Minister since the Oli-led government was formed in February 2018. &nbsp;<br />
Those others removed from the cabinet are Deputy Prime Minister Ishwor Pokharel, Bhanubhakta Dhakal (Minister for Culture, Tourism and Civil Aviation) Padma Kumari Aryal (Minister for Agriculture and Livestock Development), Parbat Gurung (Minister for Communication and Information Technology) and Shiva Maya Tumbahangphe (Minister for Lnad Management, Cooperatives and Poverty Alleviation).&nbsp;<br />
Ganesh Singh Thagunna (Minister for Federal Affairs and General Affairs) and Juli Kumar Mahato (Minister for Women, Children and Senior Citizen) have also been relieved from their posts. Similarly, Prime Minister Oli also lost their posts on Friday.&nbsp;</p>
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			'image' => '20210605122816_Oath of new Ministers.jpg',
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	(int) 11 => array(
		'Article' => array(
			'id' => '13497',
			'article_category_id' => '1',
			'title' => 'Government Sets Target of Increasing Access to Insurance to 33.33 Percent of the Population',
			'sub_title' => '',
			'summary' => 'June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. However, the government has remained silent about bringing programmes to support the insurance companies to achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last Saturday, Finance Minister Bishnu Prasad Poudel, while presenting the budget for the upcoming fiscal year, announced that the government aims to increase access to insurance to one-third of the people. However, insurance companies express their concern that the budget has remained silent about bringing the necessary programmes to help achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to a survey made public by Minister Poudel for the current fiscal year, access to insurance has reached 23.4 percent of the population by mid-February.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Insurance Board has said that access to insurance will reach 27 percent of population by the end of next year. In the upcoming fiscal year, an additional 6.33 percent or 1.92 million Nepalis must have access to insurance to meet the target, which is very challenging, the companies say.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the seven decades since the start of the insurance business, access to insurance has reached 23.4 percent of the total population. However, insurance companies say that it will be difficult to achieve the goal to increase access to 33.33 percent within a short span of time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Nirmal Kaji Shrestha, president of Life Insurers Association Nepal and chief executive officer (CEO) of Mate Life Insurance, said that the new budget has missed out on addressing the issues of life insurance. &ldquo;The budget aims to reach life insurance to one-third of the population. However, no programme is on the cards to help achieve that goal,&rdquo; he said, adding, &ldquo;We have seen that it will be very difficult to achieve that goal without any incentive.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The insurance companies were expecting the government to increase the income tax exemption limit for life insurance in the budget. They have been demanding such exemption since years. At present, insured people get a rebate of up to Rs 25,000 in income tax. The Insurance Board demanded that the limit should be increased to Rs 50,000. They also demanded the introduction of other incentives.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Shrestha said that the budget has remained silent on the issue of overall life insurance. &ldquo;In most South Asian countries, insurers are exempted from income tax up to millions of rupees. However, in our case, the limit has not been raised yet,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Shrestha said that now a tripartite strategy should be formulated between the Insurance Board, the Ministry of Finance, and the insurance companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Kumar Bhattarai, CEO of Mahalakshmi Life Insurance, also said that the current budget has disappointed the life insurance sector. &ldquo;The insurance sector was not already a priority in the budget. That trend has continued this year,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to Bhattarai, the budget should give priority to this sector as the contribution of the insurance sector to the GDP is increasing. &quot;It has been revealed in the budget that the access to insurance will be increased to two-thirds of population. However, the government has remained silent on what kind of assistance is needed to achieve that target,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that the concerns raised by the insurance companies will be addressed by the annual budget of the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;Our budget will come in the next few months. From the same budget, we will bring necessary programmes to increase access to insurance,&rdquo; he said adding, &ldquo;We are positive about how to work to achieve the target set by the government to increase access to life insurance.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '13496',
			'article_category_id' => '1',
			'title' => 'Preparations Underway to bring Commodities Exchange into Operation',
			'sub_title' => '',
			'summary' => 'June 4: Preparations are underway to bring the commodities exchange into operation soon.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">June 4: Preparations are underway to bring the commodities exchange into operation soon. As the government has included it in the budget statement, the regulatory body Securities Board of Nepal (SEBON) has intensified preparations to operate it immediately from the upcoming fiscal year.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Prior to the budget speech, SEBON had made public the draft of the Directive on Policy and Procedure for Issuing Licenses to Operate Commodities Market, 2077 BS to collect suggestions from stakeholders. The board said it had collected more than a dozen suggestions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the board Bhishma Raj Dhungana informed that the draft of the directive will be finalized by the board meeting of SEBON after incorporating the suggestions received so far.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&quot;More than a dozen suggestions have been collected. Most of them have asked us to reconsider the paid-up capital. The meeting of the Board of Directors will finalize the issue. The meeting was delayed as some members of the committee were infected by coronavirus. The meeting will be held after they recover,&rdquo; he told New Business Age.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Deputy Executive Director of SEBON, Dr Nawaraj Adhikari said that the revised directive has increased the minimum paid-up capital limit from Rs 1 billion to Rs 2 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">As per the draft, the paid-up capital of the company dealing in agricultural related commodities should be Rs 1 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We had prepared the guideline by doing a lot of study and analysis on the global commodities &nbsp;market, understanding all the international principles and good practices,&rdquo; said Adhikari, adding, &ldquo;We have prepared the guideline based on the overall study and the level of understanding of investors suitable for Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">An earlier study had suggested that only two exchanges should be approved. &ldquo;The revised directive has allowed providing license to the companies that meet all the criteria, are experienced, competent, have done well in the past,&rdquo; Adhikari said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The revised directive has provided the limit of paid-up capital according to the nature of the companies, submission of plans, application process among others.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to the board, six organizations that have recently proposed to run the company do not have to pay the fee when re-applying. However, as per the revised guidelines they have to procure additional documents by fulfilling the specified criteria. &ldquo;We will continue to not charge the application fee for the proposed six organisations again. However, according to additional provisions, the criteria have to be met,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Earlier, Commodity Futures Exchange (CFX) Limited, Rizal Commodity Exchange (RCDX), Multi Derivative Exchange (MDX) Company, Nepal Derivatives Exchange (NDEX), National Derivatives Commodities (NCDX) and Nepal Mercentile (NEX) had applied for commodity trading.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The founders of the institution operating the commodity market will have to apply by proposing to invest at least 51 percent and at most 100 percent of the shares. The proposed institution must have a minimum of 5 percent to a maximum of 51 percent of the total paid-up capital for foreign strategic partners or technical assistance organizations. Founders may include individuals, Nepali organizations, and strategic partners or technical assistance organizations. Foreign strategic partners have been made mandatory.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The qualified ones will have to apply for pre-approval with a fee of Rs 25,000 to run a company. If the board of directors of SEBON feels the company suitable, it has to deposit up to 10 percent of the paid-up capital in the commercial bank before giving prior approval. Two copies of the business plan including the management letter and rules of the proposed institution, feasibility study report including minimum subjects and projected financial statements for the next 3 fiscal years should be submitted.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The guideline states that even if the board gives approval to manage the infrastructure, it will not be allowed to do any work including increasing or decreasing the number of founders until the final operating license is obtained. After receiving the prior approval, the company has to apply to the board to get the license to operate the commodity market. For this, the company will have to pay a fee of up to Rs 2.5 million to the board along with the application.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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			'id' => '13495',
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			'title' => 'Tourism Minister Calls for Reduction in Price of Aviation Fuel ',
			'sub_title' => '',
			'summary' => 'June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The minister issued such directive during a meeting with government authorities including officials of Nepal Oil Corporation and other stakeholders.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tourism Secretary Yadav Prasad Koirala, Secretary at the Ministry of Industry, Commerce and Supplies Dinesh Bhattarai, Nepal Oil Corporation Executive Director Surendra Poudel, Director General of Civil Aviation Authority of Nepal Rajan Pokharel and Director of Nepal Airlines Corporation Dim Prakash Poudel were present during the meeting.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, the directive was issued in response to the demand by various organizations to cut down the price of aviation fuel used by international airlines companies in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
&nbsp;&nbsp; </span></span></p>
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			'title' => '     Health Ministry Rules Out New Variant of COVID-19 in Nepal',
			'sub_title' => '',
			'summary' => 'June 4: The Ministry of Health and Population has clarified that there isn’t any new variant of COVID-19 in Nepal as reported in the international media.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 4: The Ministry of Health and Population has clarified that there isn&rsquo;t any new variant of COVID-19 in Nepal as reported in the international media. &nbsp;&nbsp;&nbsp;<br />
Issuing a press statement on Thursday, the ministry&rsquo;s spokesperson Dr Krishna Prasad Poudel said that the ministry&rsquo;s attention had been drawn towards the misleading news regarding the detection of new variant and refuted those claims.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the state-owned national news&nbsp; agency RSS, Dr Poudel clarified that only the Alfa, Kappa and Delta variants are active in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The statement has urged media houses and outlets not to publish any misleading and false news until obtaining authentic information from the ministry. The Ministry had also appealed to the media and media persons to be responsible towards disseminating factual news.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Furthermore, the Ministry had appealed to one and all for complete compliance of the health safety protocols to contain the pandemic.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The World Health Organization has also clarified that it was not aware of any new variant detected in Nepal, RSS further reported.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Among the existing variants, Delta is the most active one and highly contagious, the WHO said.&nbsp;&nbsp;&nbsp;&nbsp; </span></span>&nbsp; </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><strong>Nepalese embassy refutes baseless news on origin of mutant strain of coronavirus</strong> </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">The Embassy of Nepal in London said that its serious attention has been drawn towards a news report carried out by the UK-based Daily Mail newspaper on June 3 regarding a baseless claim about the origin of a mutant strain of SARS-Cov-2 in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Issuing a press statement, the Embassy of Nepal in London said that the variants identified in Nepal so far are Alpha and Delta, both of which did not originate in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;The World Health Organization has rebutted the origin of a new variant in Nepal stating that the prevalent variant currently in circulation in Nepal is Delta (B.1.617.2),&rdquo; RSS reported citing the Embassy.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the Embassy stated that it has sent a letter of Daily Mail refuting the baseless news and requesting to correct it.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13509',
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			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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			'id' => '13506',
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			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the foreign ministry, the government is receiving Rs 390 billion in foreign aid and Rs 63.37 billion grants. It is receiving aid of Rs 254 billion from multilateral agencies of which Rs 16.49 billion will be grant and Rs 238 billion will be loan. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Donor agencies are providing foreign assistance of Rs 97.42 billion through bilateral partnership. Of it, Rs 36.29 billion is grant and Rs 61.12 billion is expected to be loan. The government is arranging financial assistance of Rs 20.59 billion through joint fund, of which Rs 59.12 million consists of grant and Rs 19 billion is loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the Fiscal Year 2021/22, the government is receiving foreign aid of Rs 117 billion from Asian Development Bank to implement the budget programmes. Donor agencies like the World Bank and IMF are extending support of huge amount to the government. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Indian government has pledged to provide support of Rs 28.80 billion while the Japanese and Chinese governments have made financial commitments of Rs 20.27 billion and 17.75 billion respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has set a target of achieving 6.5 % economic growth, but faces challenge of spending the budget. Finance Minister Bishnu Poudel has been claiming that budget for the fiscal year is not prepared just to achieve popularity but to address the needs of the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However experts say that such commitment is nothing new as the government always fails to execution part.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Dr Jagadish Pokhrel, former vice chair of the National Planning Commission, said the budget is not likely to be implemented as expected because the government is occupied with political standoff.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13505',
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			'title' => 'Mango Farmers Troubled by Market Disruption ',
			'sub_title' => '',
			'summary' => 'June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown. Due to the lockdown imposed by the government for the prevention and control of the coronavirus, the mango farmers and traders are have problem regarding the easy access to the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The season of harvesting varieties of mangoes has already started in Nepal. However, the farmers are facing problems due to the lack of market this year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Siraha Agricultural Knowledge Center Kisun Dev Raut said that mangoes produced this year could not find a good market due to the lockdown. Under normal circumstances, the farmers would take their mangoes to the local market and sell the product themselves.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, he complained that the local markets have been closed due to the lockdown. Since the fruit shops are open only in the morning and evenings, he said that there is no environment to sell their produce easily.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Mangoes are cultivated in about 15,600 hectors of land in Siraha and Saptari districts only. According to Siraha Agricultural Knowledge Center, the production has also decreased as compared to last year, due to hailstorm.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year, 15 to 20 metric tons of mangoes were produced per hectare in these two districts, but this year the production has decreased to 5.5 metric tons per hectare. On one hand the production has decreased, and on the other hand the farmers have not been able to sell their produce in the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The main markets for mango produced in districts including Siraha, and Saptari are Kathmandu, Chitwan, Itahari, Pokhara, Hetauda and other major cities. However, due to the lockdown, the market is not functioning well and the traders from those cities are not demanding large quantities of mangoes either.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The price of mango and litchi increases</span></span></strong>&nbsp;</span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Due to the declining production and poor supply management, the prices of mangoes and litchis have increased compared to last year. Like mango, litchi farmers and businessmen have said that the production of litchi is unsatisfactory this year.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Kuleshwor Fruit Market Development Committee, Amar Baniya, said that the supply of litchis from Jhapa, Dhading, Nawalpur and other districts has decreased due to the decline in litchi production this year. He said that not only the supply of Nepali litchi, the supply of Indian litchi has also decreased.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the price list of the Kalimati Fruit and Vegetable Market Development Committee, the average wholesale price of Malda mango was Rs 85 per kg at this time last year, but this year the price has gone up to Rs 150. Similarly, the price of Calcutta mango was Rs 60 per kg last year but now it has reached Rs 125 per kg.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the price of litchi has doubled in comparison to last year. As per the price list of the development committee, the price of litchi has also increased to Rs 310 per kg this year. Last year, it was Rs 145 per kg. It is said that the production has decreased this year due to hailstorm.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, Indian Prime Minister Narendra Modi had announced a nationwide campaign to expand startup business. In order to make the campaign a success, a fund of IRs 100 billion had been set up since 2016 to promote new startups. Though the program has not given desired results, it has been quite popular in India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">After this program became popular in India, the then Finance Minister Dr Ram Sharan Mahat introduced a programme with a similar concept in the budget for the Fiscal Year 2015/16. A startup fund of Rs 500 million was set up but no guidelines were introduced for the implementation of this programme.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Since his tenure, various new names have been given to the programme and have been included in the budget every year. Schemes of cheap interest rate were added to make it appealing but it has not been implemented yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">This program was continued in the budget brought by the current government led by KP Sharma Oli. Startups with innovative ideas were to be provided with the grant after setting up a challenge fund, as per the announcement made by the government while setting up the fund.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had asked startups to submit the project proposal without preparing any draft for the implementation of the programme in the year it was launched, and about 700 applications were also received. However, none of the startups has received the grant so far.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However, in the second year, the government changed the modality of the fund and announced that the start-ups would be provided loan at subsidized interest rate of 2 percent instead of grant. But the programme couldn&#39;t be implemented due to the confusion over what to do with the applications submitted seeking for grant in the previous year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the budget brought by Finance Minister Bishnu Poudel through the ordinance for the Fiscal Year 2021/22, this programme has been included again promising to provide loans at one percent interest rate instead of two percent interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The budget mentions that&nbsp;seed capital of Rs 2.5 million will be provided at one percent interest rate to motivate young entrepreneurs to get involved in startup businesses. The budget doesn&#39;t mention what kind of startup business it refers to. The budget brought through the ordinance will also make arrangements for registration, renewal of startup business and other services to be provided free of cost through a one-stop system.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">To attract foreign investment in startup business it will form policies accordingly and a challenge fund of Rs 1 billion will be set up. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even in the previous fiscal years, such programmes were introduced. The government urged startups to submit their proposals but it was not implemented. So the uncertainty remains if the programme will be implemented even in this year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Joint Secretary at the Ministry of Finance Mahesh Acharya says that this programme will be implemented without any delay. According to him, a guideline has been formulated for the implementation of this programme.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He said that the loan will be given at one percent interest rate to those who submit the proposal with innovative ideas. However he is unaware why the programme included in the budget could not be implemented in all these years. He said that the applicants who had submitted a proposal in the previous years should submit proposal again. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Arjun Prasad Pokhrel, Secretary of Ministry of Industry, Commerce and Supplies (MoCIS), the programme couldn&#39;t be executed as the government didn&#39;t discuss it with the Ministry of Industry before including it in the budget. He said that if the government seeks support from the MoCIS, the latter is ready to work with the government.&nbsp;</span></span></span></p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13504',
			'article_category_id' => '1',
			'title' => 'FDI Commitment Declines by Almost 10 Percent due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the statistics of the Department of Industry, 151 projects have received a total of Rs 27.03 billion foreign investment commitment as of mid-April 2021. In the corresponding period of the last fiscal year, such commitment amounted to Rs 29.92 billion. The investment commitment in each of these two fiscal years is greater than that of the pervious fiscal years, before the outbreak of Covid-19.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2018-19 the investment commitment was Rs 11.57 billion for 268 projects. Projects backed by foreign investment in the country were estimated to decline after coronavirus outbreak in Nepal in March 2020. However, the data of the Department of Industry shows that the pandemic has not adversely affected investment commitment compared to the previous fiscal years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">As per the commitment recorded in the current fiscal year, the pledged projects are expected to create employment opportunities for 4,535 people. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Director-General of the Department, Jiv Lal Bhusal, confirmed that the investment commitment has declined in the current fiscal&nbsp; year. He informed even in such a situation, the investment pledge has remained positive.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The department believes foreign investment commitment in this fiscal year would have been greater than the previous year if the second wave of coronavirus had not occurred.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;Even if foreign investment declines a little, it doesn&#39;t seem to be discouraging overall. It&#39;s just because of the current circumstances,&quot; he added.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '13503',
			'article_category_id' => '1',
			'title' => 'Traders and Businessmen Start Switching their Profession',
			'sub_title' => '',
			'summary' => 'June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. Individuals involved in small and medium enterprises are switching their businesses.&nbsp; Most individuals are now involved in the vegetable business.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Entrepreneurs say that they were forced to change their profession after the government imposed the lockdown to curb coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Raj Thakur, a barber in Kuleshwor for the past five years, is currently selling vegetables from his salon. He said that he started selling vegetables after emptying the saloon to support his family of five after the government authorities did not allow him to open his salon during lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;As the prohibitory order has been extended, it has become difficult for us to meet the monthly expenses. So now, I am selling vegetables and fruits,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Rajendra KC of Dhading, who has been trading electrical goods near Khasibazar in Kalanki, faced a similar predicament.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He started his business three years ago after taking a loan of Rs 500,000 from a cooperative. Now, he has been selling chicken meat outside his shop. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;It&#39;s been three years since I started my business. But with the onset of the pandemic, the debt has increased rather than declining,&quot; he said. &ldquo;So, I was compelled to switch the business. My earnings from selling meat has somehow helped me to pay the rent of the shop,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even last year, the number of people changing their profession due to the long lockdown had increased significantly. According to the data released by the </span>Nepal National Trader&rsquo;s Federation&nbsp; (NNTF) <span style="font-family:&quot;Times New Roman&quot;">last year, about 40 percent of the shutters used for commercial purposes in the Kathmandu Valley at that time were empty due to the extended lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">NNTF President Naresh Katuwal said that most of the small traders have been selling vegetables and fruits outside their shops to make a living. He informed that many involved in clothing business, fancy-dress store, footwear business, barber, and tea shop business have changed their profession after their business was halted for a long duration due to the lockdown. Although he is not sure about the exact number of such individuals he expects that the number will grow rapidly in case the lockdown is further extended.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders say that the businesses related to fancy dress, electronics, salons, transportation, and hotel are the most affected among the small and medium businesses. The entrepreneurs are worried as they are required to pay hefty rent for the shutter space and are not able to run their business due to the lockdown.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13502',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Unable to Pay Bank Installments',
			'sub_title' => '',
			'summary' => 'June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;In a telephone conversation with Governor of Nepal Rastra Bank Maha Prasad Adhikari on Friday, Secretary of FNNTE Saroj Sitaula, on behalf of the federation, demanded a waiver of interest on bank loans of at least six installments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">He said that the banks should be instructed to facilitate the transport sector through the monetary policy of NRB, which will be made public in July. Sitaula said that they did not get any facility as the transport sector was delisted from one of the most affected sectors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Investment of Rs 1 trillion in the transportation sector is in risk due to the lockdown, of which Rs 800 billion is bank loans,&rdquo; he said, adding, &ldquo;Transportation is an area where you work all day and get paid in the evening, so it will take at least six months for the sector to normalize.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Transportation sector, which was closed for four months last year, has been closed for one month this year after the district administrations imposed prohibitory orders in most parts of the country. According to Sitaula, one million people have lost their livelihood after the closure of transportation system. In addition, he said that the vehicles parked on the road, in the yard and in the garage have started to rust and the engines have started to break down.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stating that he had informed the Governor and Finance Secretary Shishir Kumar Dhungana about the problems faced by the transportation sector, Sitaula said that the concerned authorities gave positive responses. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Adhikari confirmed that the federation informed them about its problems.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The federation has requested for relief through monetary policy,&rdquo; he said, &quot;Before bringing the monetary policy, we will listen to the problems of all sectors and address them as required.&quot; In the meantime, he said discussions will be held with all sectors as there is still time left for unveiling the monetary policy.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13501',
			'article_category_id' => '1',
			'title' => '‘Most of the Hotels Face Prospect of Closure in the Absence of Government Support’',
			'sub_title' => '',
			'summary' => 'June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at an interaction programme, Rana added that the hotel business, one of the key sectors of the tourism industry, is facing a major threat from the pandemic. Almost 80 percent of the hotels in Nepal are dependent on bank loans. In this context, stakeholders say that government support is very crucial to sustain the industry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Mani Lamichhane, director of Nepal Tourism Board, said that the hotel industry contributes to the economy in terms of foreign exchange reserve and is also a major employment provider.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NTB has forwarded the request made by hoteliers regarding refinancing, financial access, and other revival plans to the concerned government department. &ldquo;We are optimistic the government will address the issues,&rdquo; added Lamichhane.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, he added that NTB has signed a Memorandum of Understanding (MoU) with UNWTO and will finalize an agreement with the Asian Development Bank for reviving the tourism economy, he added.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Lamichanne further said that the tourism industry of Nepal is facing challenges to rebound at a time when countries like the Maldives, Turkey, Spain, and other international destinations have already resumed their tourism activities normally.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tourism stakeholders raised a major concern that the manpower involved in the sector might switch jobs affecting the sector&#39;s professionalism if the government doesn&#39;t bring in programmes to preserve the needed human resources. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">They also requested the concerned body to assure the implementation of the relief package announced in the new budget.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Deep Raj Joshi informed that resuming tourism activities by increasing vaccination drive is the need of the hour for the tourism industry. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders also discussed the potential of promoting Nepal for green tourism.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government in the new budget has listed tourism in the productive sector.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '13500',
			'article_category_id' => '1',
			'title' => 'NOC Raises Retail Prices of Petrol, Diesel and Kerosene by Rs 2 Per Liter ',
			'sub_title' => 'Petrol will now cost Rs 125 per liter, diesel/kerosene Rs 108 per liter and ATF (domestic) Rs 80 per liter ',
			'summary' => 'The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter. ',
			'content' => '<p>June 5 : The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter.&nbsp;</p>

<p>Issuing a statement on Saturday, the NOC said that it decided to increase the fuel prices based on the working procedure on automated price system that allows the state-owned oil monopoly to revise the price fortnightly by 2 percent automatically based on the changes in the price it pays to its supplier Indian Oil Corporation. &nbsp;</p>

<p>With the revision of the fuel prices that will come into effect from midnight today, petrol will now cost Rs 125 per liter, diesel and kerosene Rs 108 per liter and ATF Rs 80 per liter in Kathmandu Valley.&nbsp;</p>

<p>In its statement, the NOC also said that it will have to again raise the fuel prices in the days to come if the current trend of higher crude oil prices in the global market and depreciation of the value of Nepali currency against the US Dollar continues.&nbsp;</p>

<p>The NOC, however, kept the price of cooking gas (LPG) at Rs 1,400 per cylinder.&nbsp;</p>

<p><br />
&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-05',
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			'article_date' => '2021-06-05 21:53:55',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13499',
			'article_category_id' => '1',
			'title' => 'Bankers See Risk on Scheme to Provide Concessional Loan at 5% Interest Against Academic Certificate ',
			'sub_title' => '',
			'summary' => 'Though the government in its budget for the upcoming fiscal year (2021/22) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certifcates, bankers say that the implementation of the scheme is challenging',
			'content' => '<p>June 5:&nbsp;Though the government in its budget for the upcoming fiscal year (2021/222) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certificates, bankers say that the implementation of the scheme is challenging.&nbsp;</p>

<p>This is not a new scheme as bank and financial institutions (BFIs) are already providing loans up to a limit of Rs 700,000 to youths against pledges of their academic certificates.&nbsp;<br />
BFIs have been disbursing loans based on the &#39;Integrated Procedure on Interest Subsidy for Concessional Loans, 2020&#39; issued by Nepal Rastra Bank (NRB). There are seven various subsidized loan schemes under this facility including the Educated Youth Self Employment Loan.Under these schemes, the government subsidy covers five to six percentage points of the interest rates that bank charges to their borrowers.&nbsp;<br />
According to the data of NRB, BFIs have disbursed loans to 139 youths under the Educated Youth Self Employment Loan. They have a total of Rs 65.1 million outstanding loans under this scheme. The scheme came into implementation in April 2019.&nbsp;<br />
There have been complaints that BFIs are reluctant to provide subsidized loans to youths against the collateral of academic certificates. However, bankers say that BFIs do not sanction business loans until they get convincing business plans from borrowers due to a risk of non-repayment or defaults.&nbsp;<br />
Dev Kumar Dhakal, the NRB Spokesperson, said that the central bank has decided to fix a minimum numbers of loans that each branch of bank or financial institution must provide under this facility. He said that the decision was based on complaints about the lack of willingness from BFIs to disburse subsidized interest loans.&nbsp;<br />
According to the NRB, except than agro and farming loans among various concessional loan schemes, a commercial bank must provide loans to 500 borrowers with ten minimum per branch and national level development banks to 300 borrowers or five minimum per branch, whichever is higher.&nbsp;<br />
&ldquo;After enforcement of this directive, we have found that the flow of loans under these schemes has improved,&quot; he said.<br />
Bankers say that increment in the loan amount against collateral of academic certificates also raises the risk for BFIs.&nbsp;<br />
Bhuvan Kumar Dahal, Nepal Bankers&#39; Association&rsquo;s President, says that such loans can be disbursed immediately if the borrowers pledge assets along with their certificates.</p>

<p>&quot;It is not easy to disburse such loans against collateral of academic certificates only. Such loans carry high risk. If such loans turn bad, both the bank and the government would face losses. However, we are ready to provide loans to those who come up with a viable business plan,&rdquo; he said.</p>

<p>Nepali citizens having academic certificate of minimum Bachelor degree or equivalent is eligible to get the loans under this scheme&nbsp;with repayment period of five years. Likewise, the borrower applying for the loan should have attended at least a week of enterprise or business training from any government body including the Council for Technical Education and Vocational Training. Banks also ask a brief business proposal for such loans.<br />
&nbsp;</p>
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		'Article' => array(
			'id' => '13498',
			'article_category_id' => '1',
			'title' => 'Three Deputy PMs, 12 Ministers Inducted in Prime Minister Oli’s Reshuffled Cabinet ',
			'sub_title' => 'Prime Minister Oli removes 13 ministers while keeping seven portfolios with himself ',
			'summary' => 'Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle. ',
			'content' => '<p>June 5:&nbsp; Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle.&nbsp;</p>

<p>Prime Minister Oli reshuffling of his cabinet on Friday follows recent dissolution of the House of Representatives and announcement to hold midterm elections in November. &nbsp; &nbsp;&nbsp;<br />
President Bhandari administerd oath of office to all newly appointed ministers of the Oli-led cabinet on Friday evening.&nbsp;</p>

<p><em><strong>NEW FACES IN OLI-LED CABINET&nbsp;</strong></em><br />
According to the notice of the Office of the President, President Bidya Devi Bhandari, upon the recommendation of Prime Minister Oli, appointed Bishnu Prasad Paudel as Deputy Prime Minister and Minister for Finance, Raghubir Mahaseth as Deputy Prime Minister and Minister for Foreign Affairs and Rajendra Mahato as Deputy Prime Minister and Minister for Urban Development. While Paudel was already the Minister for Finance, Mahaseth and Mahato are newly appointed members in the Oli-led cabinet.&nbsp;<br />
Earlier, Pradeep Gyawali was the Foreign Affairs Minister while Prime Minister Oli was himself overseeing the portfolio of Ministry of Urban Development after Prabhu Sah lost his ministerial berth on May 18 following a Supreme Court&rsquo;s order to bar seven ministers from working as ministers.<br />
Sharad Singh Bhandari (Minister for Energy, Water Resources and Irrigation), Anil Kumar Jha (Minister for Drinking Water), Sher Bahadur Tamang (Minister for Health and Population), Laxman Lal Karna (Minister for Land Management, Cooperatives and Poverty Alleviation) and Bimal Prasad Srivastav (Minister for Labour, Employment and Social Security) are new faces in the reshuffled cabinet.&nbsp;<br />
Umashankar Argariya becomes the new Minister for Culture, Tourism and Civil Aviation while the new Minister for Women, Children and Senior Citizens is Chanda Chaudhary. Chandra Kanta Chaudhary and Renuka Gurung are appointed as Minister of State for Energy, Water Resources and Irrigation and Minister for State for Women, Children and Senior Citizens respectively.&nbsp;</p>

<p><em><strong>RETAINED MINISTERS&nbsp;</strong></em></p>

<p>Prime Minister Oli retained Basanta Kumar Newmbwang (Minister for Physical Infrastructure and Transportation), Lilanath Shrestha (Minister for Law, Justice and Parliamentary Affairs) and Krishna Gopal Shrestha (Minister for Education, Science and Technology) in his reshuffled cabinet. &nbsp;Similarly, Prime Minister Oli decided to keep seven portfolio with himself. &nbsp;Industry, Commerce and Supplies, Agriculture and Livestock Development, Defence, Home Affairs, Forest and Environment, Federal Affairs and General Administration and Communication and Information Technology are the ministries that Prime Minister Oli will oversee himself.&nbsp;</p>

<p><br />
<em><strong>THOSE WHO LOST MINISTERIAL BERTH</strong></em><br />
Prime Minister Oli bade farewell to 13 ministers along with Gyawali who was the Foreign Minister since the Oli-led government was formed in February 2018. &nbsp;<br />
Those others removed from the cabinet are Deputy Prime Minister Ishwor Pokharel, Bhanubhakta Dhakal (Minister for Culture, Tourism and Civil Aviation) Padma Kumari Aryal (Minister for Agriculture and Livestock Development), Parbat Gurung (Minister for Communication and Information Technology) and Shiva Maya Tumbahangphe (Minister for Lnad Management, Cooperatives and Poverty Alleviation).&nbsp;<br />
Ganesh Singh Thagunna (Minister for Federal Affairs and General Affairs) and Juli Kumar Mahato (Minister for Women, Children and Senior Citizen) have also been relieved from their posts. Similarly, Prime Minister Oli also lost their posts on Friday.&nbsp;</p>
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		'Article' => array(
			'id' => '13497',
			'article_category_id' => '1',
			'title' => 'Government Sets Target of Increasing Access to Insurance to 33.33 Percent of the Population',
			'sub_title' => '',
			'summary' => 'June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. However, the government has remained silent about bringing programmes to support the insurance companies to achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last Saturday, Finance Minister Bishnu Prasad Poudel, while presenting the budget for the upcoming fiscal year, announced that the government aims to increase access to insurance to one-third of the people. However, insurance companies express their concern that the budget has remained silent about bringing the necessary programmes to help achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to a survey made public by Minister Poudel for the current fiscal year, access to insurance has reached 23.4 percent of the population by mid-February.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Insurance Board has said that access to insurance will reach 27 percent of population by the end of next year. In the upcoming fiscal year, an additional 6.33 percent or 1.92 million Nepalis must have access to insurance to meet the target, which is very challenging, the companies say.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the seven decades since the start of the insurance business, access to insurance has reached 23.4 percent of the total population. However, insurance companies say that it will be difficult to achieve the goal to increase access to 33.33 percent within a short span of time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Nirmal Kaji Shrestha, president of Life Insurers Association Nepal and chief executive officer (CEO) of Mate Life Insurance, said that the new budget has missed out on addressing the issues of life insurance. &ldquo;The budget aims to reach life insurance to one-third of the population. However, no programme is on the cards to help achieve that goal,&rdquo; he said, adding, &ldquo;We have seen that it will be very difficult to achieve that goal without any incentive.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The insurance companies were expecting the government to increase the income tax exemption limit for life insurance in the budget. They have been demanding such exemption since years. At present, insured people get a rebate of up to Rs 25,000 in income tax. The Insurance Board demanded that the limit should be increased to Rs 50,000. They also demanded the introduction of other incentives.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Shrestha said that the budget has remained silent on the issue of overall life insurance. &ldquo;In most South Asian countries, insurers are exempted from income tax up to millions of rupees. However, in our case, the limit has not been raised yet,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Shrestha said that now a tripartite strategy should be formulated between the Insurance Board, the Ministry of Finance, and the insurance companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Kumar Bhattarai, CEO of Mahalakshmi Life Insurance, also said that the current budget has disappointed the life insurance sector. &ldquo;The insurance sector was not already a priority in the budget. That trend has continued this year,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to Bhattarai, the budget should give priority to this sector as the contribution of the insurance sector to the GDP is increasing. &quot;It has been revealed in the budget that the access to insurance will be increased to two-thirds of population. However, the government has remained silent on what kind of assistance is needed to achieve that target,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that the concerns raised by the insurance companies will be addressed by the annual budget of the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;Our budget will come in the next few months. From the same budget, we will bring necessary programmes to increase access to insurance,&rdquo; he said adding, &ldquo;We are positive about how to work to achieve the target set by the government to increase access to life insurance.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13496',
			'article_category_id' => '1',
			'title' => 'Preparations Underway to bring Commodities Exchange into Operation',
			'sub_title' => '',
			'summary' => 'June 4: Preparations are underway to bring the commodities exchange into operation soon.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">June 4: Preparations are underway to bring the commodities exchange into operation soon. As the government has included it in the budget statement, the regulatory body Securities Board of Nepal (SEBON) has intensified preparations to operate it immediately from the upcoming fiscal year.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Prior to the budget speech, SEBON had made public the draft of the Directive on Policy and Procedure for Issuing Licenses to Operate Commodities Market, 2077 BS to collect suggestions from stakeholders. The board said it had collected more than a dozen suggestions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the board Bhishma Raj Dhungana informed that the draft of the directive will be finalized by the board meeting of SEBON after incorporating the suggestions received so far.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&quot;More than a dozen suggestions have been collected. Most of them have asked us to reconsider the paid-up capital. The meeting of the Board of Directors will finalize the issue. The meeting was delayed as some members of the committee were infected by coronavirus. The meeting will be held after they recover,&rdquo; he told New Business Age.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Deputy Executive Director of SEBON, Dr Nawaraj Adhikari said that the revised directive has increased the minimum paid-up capital limit from Rs 1 billion to Rs 2 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">As per the draft, the paid-up capital of the company dealing in agricultural related commodities should be Rs 1 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We had prepared the guideline by doing a lot of study and analysis on the global commodities &nbsp;market, understanding all the international principles and good practices,&rdquo; said Adhikari, adding, &ldquo;We have prepared the guideline based on the overall study and the level of understanding of investors suitable for Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">An earlier study had suggested that only two exchanges should be approved. &ldquo;The revised directive has allowed providing license to the companies that meet all the criteria, are experienced, competent, have done well in the past,&rdquo; Adhikari said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The revised directive has provided the limit of paid-up capital according to the nature of the companies, submission of plans, application process among others.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to the board, six organizations that have recently proposed to run the company do not have to pay the fee when re-applying. However, as per the revised guidelines they have to procure additional documents by fulfilling the specified criteria. &ldquo;We will continue to not charge the application fee for the proposed six organisations again. However, according to additional provisions, the criteria have to be met,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Earlier, Commodity Futures Exchange (CFX) Limited, Rizal Commodity Exchange (RCDX), Multi Derivative Exchange (MDX) Company, Nepal Derivatives Exchange (NDEX), National Derivatives Commodities (NCDX) and Nepal Mercentile (NEX) had applied for commodity trading.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The founders of the institution operating the commodity market will have to apply by proposing to invest at least 51 percent and at most 100 percent of the shares. The proposed institution must have a minimum of 5 percent to a maximum of 51 percent of the total paid-up capital for foreign strategic partners or technical assistance organizations. Founders may include individuals, Nepali organizations, and strategic partners or technical assistance organizations. Foreign strategic partners have been made mandatory.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The qualified ones will have to apply for pre-approval with a fee of Rs 25,000 to run a company. If the board of directors of SEBON feels the company suitable, it has to deposit up to 10 percent of the paid-up capital in the commercial bank before giving prior approval. Two copies of the business plan including the management letter and rules of the proposed institution, feasibility study report including minimum subjects and projected financial statements for the next 3 fiscal years should be submitted.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The guideline states that even if the board gives approval to manage the infrastructure, it will not be allowed to do any work including increasing or decreasing the number of founders until the final operating license is obtained. After receiving the prior approval, the company has to apply to the board to get the license to operate the commodity market. For this, the company will have to pay a fee of up to Rs 2.5 million to the board along with the application.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13495',
			'article_category_id' => '1',
			'title' => 'Tourism Minister Calls for Reduction in Price of Aviation Fuel ',
			'sub_title' => '',
			'summary' => 'June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The minister issued such directive during a meeting with government authorities including officials of Nepal Oil Corporation and other stakeholders.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tourism Secretary Yadav Prasad Koirala, Secretary at the Ministry of Industry, Commerce and Supplies Dinesh Bhattarai, Nepal Oil Corporation Executive Director Surendra Poudel, Director General of Civil Aviation Authority of Nepal Rajan Pokharel and Director of Nepal Airlines Corporation Dim Prakash Poudel were present during the meeting.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, the directive was issued in response to the demand by various organizations to cut down the price of aviation fuel used by international airlines companies in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
&nbsp;&nbsp; </span></span></p>
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		'Article' => array(
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			'title' => '     Health Ministry Rules Out New Variant of COVID-19 in Nepal',
			'sub_title' => '',
			'summary' => 'June 4: The Ministry of Health and Population has clarified that there isn’t any new variant of COVID-19 in Nepal as reported in the international media.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 4: The Ministry of Health and Population has clarified that there isn&rsquo;t any new variant of COVID-19 in Nepal as reported in the international media. &nbsp;&nbsp;&nbsp;<br />
Issuing a press statement on Thursday, the ministry&rsquo;s spokesperson Dr Krishna Prasad Poudel said that the ministry&rsquo;s attention had been drawn towards the misleading news regarding the detection of new variant and refuted those claims.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the state-owned national news&nbsp; agency RSS, Dr Poudel clarified that only the Alfa, Kappa and Delta variants are active in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The statement has urged media houses and outlets not to publish any misleading and false news until obtaining authentic information from the ministry. The Ministry had also appealed to the media and media persons to be responsible towards disseminating factual news.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Furthermore, the Ministry had appealed to one and all for complete compliance of the health safety protocols to contain the pandemic.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The World Health Organization has also clarified that it was not aware of any new variant detected in Nepal, RSS further reported.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Among the existing variants, Delta is the most active one and highly contagious, the WHO said.&nbsp;&nbsp;&nbsp;&nbsp; </span></span>&nbsp; </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><strong>Nepalese embassy refutes baseless news on origin of mutant strain of coronavirus</strong> </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">The Embassy of Nepal in London said that its serious attention has been drawn towards a news report carried out by the UK-based Daily Mail newspaper on June 3 regarding a baseless claim about the origin of a mutant strain of SARS-Cov-2 in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Issuing a press statement, the Embassy of Nepal in London said that the variants identified in Nepal so far are Alpha and Delta, both of which did not originate in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;The World Health Organization has rebutted the origin of a new variant in Nepal stating that the prevalent variant currently in circulation in Nepal is Delta (B.1.617.2),&rdquo; RSS reported citing the Embassy.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the Embassy stated that it has sent a letter of Daily Mail refuting the baseless news and requesting to correct it.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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			'created' => '2021-06-08',
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			'id' => '13506',
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			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the foreign ministry, the government is receiving Rs 390 billion in foreign aid and Rs 63.37 billion grants. It is receiving aid of Rs 254 billion from multilateral agencies of which Rs 16.49 billion will be grant and Rs 238 billion will be loan. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Donor agencies are providing foreign assistance of Rs 97.42 billion through bilateral partnership. Of it, Rs 36.29 billion is grant and Rs 61.12 billion is expected to be loan. The government is arranging financial assistance of Rs 20.59 billion through joint fund, of which Rs 59.12 million consists of grant and Rs 19 billion is loan.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the Fiscal Year 2021/22, the government is receiving foreign aid of Rs 117 billion from Asian Development Bank to implement the budget programmes. Donor agencies like the World Bank and IMF are extending support of huge amount to the government. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Indian government has pledged to provide support of Rs 28.80 billion while the Japanese and Chinese governments have made financial commitments of Rs 20.27 billion and 17.75 billion respectively.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has set a target of achieving 6.5 % economic growth, but faces challenge of spending the budget. Finance Minister Bishnu Poudel has been claiming that budget for the fiscal year is not prepared just to achieve popularity but to address the needs of the country.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However experts say that such commitment is nothing new as the government always fails to execution part.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Dr Jagadish Pokhrel, former vice chair of the National Planning Commission, said the budget is not likely to be implemented as expected because the government is occupied with political standoff.&nbsp; </span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Mango Farmers Troubled by Market Disruption ',
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			'summary' => 'June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: Mango farmers and traders are in trouble due to the disruption of market by the current lockdown. Due to the lockdown imposed by the government for the prevention and control of the coronavirus, the mango farmers and traders are have problem regarding the easy access to the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The season of harvesting varieties of mangoes has already started in Nepal. However, the farmers are facing problems due to the lack of market this year.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Siraha Agricultural Knowledge Center Kisun Dev Raut said that mangoes produced this year could not find a good market due to the lockdown. Under normal circumstances, the farmers would take their mangoes to the local market and sell the product themselves.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, he complained that the local markets have been closed due to the lockdown. Since the fruit shops are open only in the morning and evenings, he said that there is no environment to sell their produce easily.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Mangoes are cultivated in about 15,600 hectors of land in Siraha and Saptari districts only. According to Siraha Agricultural Knowledge Center, the production has also decreased as compared to last year, due to hailstorm.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last year, 15 to 20 metric tons of mangoes were produced per hectare in these two districts, but this year the production has decreased to 5.5 metric tons per hectare. On one hand the production has decreased, and on the other hand the farmers have not been able to sell their produce in the market.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The main markets for mango produced in districts including Siraha, and Saptari are Kathmandu, Chitwan, Itahari, Pokhara, Hetauda and other major cities. However, due to the lockdown, the market is not functioning well and the traders from those cities are not demanding large quantities of mangoes either.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><strong><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The price of mango and litchi increases</span></span></strong>&nbsp;</span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Due to the declining production and poor supply management, the prices of mangoes and litchis have increased compared to last year. Like mango, litchi farmers and businessmen have said that the production of litchi is unsatisfactory this year.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chief of Kuleshwor Fruit Market Development Committee, Amar Baniya, said that the supply of litchis from Jhapa, Dhading, Nawalpur and other districts has decreased due to the decline in litchi production this year. He said that not only the supply of Nepali litchi, the supply of Indian litchi has also decreased.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to the price list of the Kalimati Fruit and Vegetable Market Development Committee, the average wholesale price of Malda mango was Rs 85 per kg at this time last year, but this year the price has gone up to Rs 150. Similarly, the price of Calcutta mango was Rs 60 per kg last year but now it has reached Rs 125 per kg.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the price of litchi has doubled in comparison to last year. As per the price list of the development committee, the price of litchi has also increased to Rs 310 per kg this year. Last year, it was Rs 145 per kg. It is said that the production has decreased this year due to hailstorm.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, Indian Prime Minister Narendra Modi had announced a nationwide campaign to expand startup business. In order to make the campaign a success, a fund of IRs 100 billion had been set up since 2016 to promote new startups. Though the program has not given desired results, it has been quite popular in India.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">After this program became popular in India, the then Finance Minister Dr Ram Sharan Mahat introduced a programme with a similar concept in the budget for the Fiscal Year 2015/16. A startup fund of Rs 500 million was set up but no guidelines were introduced for the implementation of this programme.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Since his tenure, various new names have been given to the programme and have been included in the budget every year. Schemes of cheap interest rate were added to make it appealing but it has not been implemented yet.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">This program was continued in the budget brought by the current government led by KP Sharma Oli. Startups with innovative ideas were to be provided with the grant after setting up a challenge fund, as per the announcement made by the government while setting up the fund.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had asked startups to submit the project proposal without preparing any draft for the implementation of the programme in the year it was launched, and about 700 applications were also received. However, none of the startups has received the grant so far.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However, in the second year, the government changed the modality of the fund and announced that the start-ups would be provided loan at subsidized interest rate of 2 percent instead of grant. But the programme couldn&#39;t be implemented due to the confusion over what to do with the applications submitted seeking for grant in the previous year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the budget brought by Finance Minister Bishnu Poudel through the ordinance for the Fiscal Year 2021/22, this programme has been included again promising to provide loans at one percent interest rate instead of two percent interest rate.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The budget mentions that&nbsp;seed capital of Rs 2.5 million will be provided at one percent interest rate to motivate young entrepreneurs to get involved in startup businesses. The budget doesn&#39;t mention what kind of startup business it refers to. The budget brought through the ordinance will also make arrangements for registration, renewal of startup business and other services to be provided free of cost through a one-stop system.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">To attract foreign investment in startup business it will form policies accordingly and a challenge fund of Rs 1 billion will be set up. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even in the previous fiscal years, such programmes were introduced. The government urged startups to submit their proposals but it was not implemented. So the uncertainty remains if the programme will be implemented even in this year.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Joint Secretary at the Ministry of Finance Mahesh Acharya says that this programme will be implemented without any delay. According to him, a guideline has been formulated for the implementation of this programme.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He said that the loan will be given at one percent interest rate to those who submit the proposal with innovative ideas. However he is unaware why the programme included in the budget could not be implemented in all these years. He said that the applicants who had submitted a proposal in the previous years should submit proposal again. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Arjun Prasad Pokhrel, Secretary of Ministry of Industry, Commerce and Supplies (MoCIS), the programme couldn&#39;t be executed as the government didn&#39;t discuss it with the Ministry of Industry before including it in the budget. He said that if the government seeks support from the MoCIS, the latter is ready to work with the government.&nbsp;</span></span></span></p>
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		'Article' => array(
			'id' => '13504',
			'article_category_id' => '1',
			'title' => 'FDI Commitment Declines by Almost 10 Percent due to Covid-19 Crisis',
			'sub_title' => '',
			'summary' => 'June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: Foreign investment commitment to Nepal has declined by 9.66 percent as of mid-April of the current fiscal year compared to the corresponding period of the previous fiscal year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the statistics of the Department of Industry, 151 projects have received a total of Rs 27.03 billion foreign investment commitment as of mid-April 2021. In the corresponding period of the last fiscal year, such commitment amounted to Rs 29.92 billion. The investment commitment in each of these two fiscal years is greater than that of the pervious fiscal years, before the outbreak of Covid-19.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2018-19 the investment commitment was Rs 11.57 billion for 268 projects. Projects backed by foreign investment in the country were estimated to decline after coronavirus outbreak in Nepal in March 2020. However, the data of the Department of Industry shows that the pandemic has not adversely affected investment commitment compared to the previous fiscal years.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">As per the commitment recorded in the current fiscal year, the pledged projects are expected to create employment opportunities for 4,535 people. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Director-General of the Department, Jiv Lal Bhusal, confirmed that the investment commitment has declined in the current fiscal&nbsp; year. He informed even in such a situation, the investment pledge has remained positive.&nbsp;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The department believes foreign investment commitment in this fiscal year would have been greater than the previous year if the second wave of coronavirus had not occurred.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;Even if foreign investment declines a little, it doesn&#39;t seem to be discouraging overall. It&#39;s just because of the current circumstances,&quot; he added.</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13503',
			'article_category_id' => '1',
			'title' => 'Traders and Businessmen Start Switching their Profession',
			'sub_title' => '',
			'summary' => 'June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. Individuals involved in small and medium enterprises are switching their businesses.&nbsp; Most individuals are now involved in the vegetable business.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Entrepreneurs say that they were forced to change their profession after the government imposed the lockdown to curb coronavirus pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Raj Thakur, a barber in Kuleshwor for the past five years, is currently selling vegetables from his salon. He said that he started selling vegetables after emptying the saloon to support his family of five after the government authorities did not allow him to open his salon during lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;As the prohibitory order has been extended, it has become difficult for us to meet the monthly expenses. So now, I am selling vegetables and fruits,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Rajendra KC of Dhading, who has been trading electrical goods near Khasibazar in Kalanki, faced a similar predicament.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">He started his business three years ago after taking a loan of Rs 500,000 from a cooperative. Now, he has been selling chicken meat outside his shop. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;It&#39;s been three years since I started my business. But with the onset of the pandemic, the debt has increased rather than declining,&quot; he said. &ldquo;So, I was compelled to switch the business. My earnings from selling meat has somehow helped me to pay the rent of the shop,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Even last year, the number of people changing their profession due to the long lockdown had increased significantly. According to the data released by the </span>Nepal National Trader&rsquo;s Federation&nbsp; (NNTF) <span style="font-family:&quot;Times New Roman&quot;">last year, about 40 percent of the shutters used for commercial purposes in the Kathmandu Valley at that time were empty due to the extended lockdown.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">NNTF President Naresh Katuwal said that most of the small traders have been selling vegetables and fruits outside their shops to make a living. He informed that many involved in clothing business, fancy-dress store, footwear business, barber, and tea shop business have changed their profession after their business was halted for a long duration due to the lockdown. Although he is not sure about the exact number of such individuals he expects that the number will grow rapidly in case the lockdown is further extended.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders say that the businesses related to fancy dress, electronics, salons, transportation, and hotel are the most affected among the small and medium businesses. The entrepreneurs are worried as they are required to pay hefty rent for the shutter space and are not able to run their business due to the lockdown.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13502',
			'article_category_id' => '1',
			'title' => 'Transport Entrepreneurs Unable to Pay Bank Installments',
			'sub_title' => '',
			'summary' => 'June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 6: The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has said that its members will not be able to pay the bank installment for six months even after the lockdown is lifted and transportation resumes.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;In a telephone conversation with Governor of Nepal Rastra Bank Maha Prasad Adhikari on Friday, Secretary of FNNTE Saroj Sitaula, on behalf of the federation, demanded a waiver of interest on bank loans of at least six installments.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">He said that the banks should be instructed to facilitate the transport sector through the monetary policy of NRB, which will be made public in July. Sitaula said that they did not get any facility as the transport sector was delisted from one of the most affected sectors.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;Investment of Rs 1 trillion in the transportation sector is in risk due to the lockdown, of which Rs 800 billion is bank loans,&rdquo; he said, adding, &ldquo;Transportation is an area where you work all day and get paid in the evening, so it will take at least six months for the sector to normalize.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Transportation sector, which was closed for four months last year, has been closed for one month this year after the district administrations imposed prohibitory orders in most parts of the country. According to Sitaula, one million people have lost their livelihood after the closure of transportation system. In addition, he said that the vehicles parked on the road, in the yard and in the garage have started to rust and the engines have started to break down.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stating that he had informed the Governor and Finance Secretary Shishir Kumar Dhungana about the problems faced by the transportation sector, Sitaula said that the concerned authorities gave positive responses. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Adhikari confirmed that the federation informed them about its problems.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The federation has requested for relief through monetary policy,&rdquo; he said, &quot;Before bringing the monetary policy, we will listen to the problems of all sectors and address them as required.&quot; In the meantime, he said discussions will be held with all sectors as there is still time left for unveiling the monetary policy.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13501',
			'article_category_id' => '1',
			'title' => '‘Most of the Hotels Face Prospect of Closure in the Absence of Government Support’',
			'sub_title' => '',
			'summary' => 'June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 5: Most of the hotels in Nepal are at risk of closing their business due to the impact of Covid-19, according to Shreejana Rana, president of the Hotel Association of Nepal (HAN).</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Speaking at an interaction programme, Rana added that the hotel business, one of the key sectors of the tourism industry, is facing a major threat from the pandemic. Almost 80 percent of the hotels in Nepal are dependent on bank loans. In this context, stakeholders say that government support is very crucial to sustain the industry.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Mani Lamichhane, director of Nepal Tourism Board, said that the hotel industry contributes to the economy in terms of foreign exchange reserve and is also a major employment provider.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NTB has forwarded the request made by hoteliers regarding refinancing, financial access, and other revival plans to the concerned government department. &ldquo;We are optimistic the government will address the issues,&rdquo; added Lamichhane.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Likewise, he added that NTB has signed a Memorandum of Understanding (MoU) with UNWTO and will finalize an agreement with the Asian Development Bank for reviving the tourism economy, he added.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Lamichanne further said that the tourism industry of Nepal is facing challenges to rebound at a time when countries like the Maldives, Turkey, Spain, and other international destinations have already resumed their tourism activities normally.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Tourism stakeholders raised a major concern that the manpower involved in the sector might switch jobs affecting the sector&#39;s professionalism if the government doesn&#39;t bring in programmes to preserve the needed human resources. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">They also requested the concerned body to assure the implementation of the relief package announced in the new budget.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, Deep Raj Joshi informed that resuming tourism activities by increasing vaccination drive is the need of the hour for the tourism industry. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Stakeholders also discussed the potential of promoting Nepal for green tourism.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government in the new budget has listed tourism in the productive sector.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '13500',
			'article_category_id' => '1',
			'title' => 'NOC Raises Retail Prices of Petrol, Diesel and Kerosene by Rs 2 Per Liter ',
			'sub_title' => 'Petrol will now cost Rs 125 per liter, diesel/kerosene Rs 108 per liter and ATF (domestic) Rs 80 per liter ',
			'summary' => 'The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter. ',
			'content' => '<p>June 5 : The Nepal Oil Corporation (NOC) has raised the retail prices of petrol, diesel, kerosene and aviation turbine fuel (for domestic flights) by Rs 2 per liter.&nbsp;</p>

<p>Issuing a statement on Saturday, the NOC said that it decided to increase the fuel prices based on the working procedure on automated price system that allows the state-owned oil monopoly to revise the price fortnightly by 2 percent automatically based on the changes in the price it pays to its supplier Indian Oil Corporation. &nbsp;</p>

<p>With the revision of the fuel prices that will come into effect from midnight today, petrol will now cost Rs 125 per liter, diesel and kerosene Rs 108 per liter and ATF Rs 80 per liter in Kathmandu Valley.&nbsp;</p>

<p>In its statement, the NOC also said that it will have to again raise the fuel prices in the days to come if the current trend of higher crude oil prices in the global market and depreciation of the value of Nepali currency against the US Dollar continues.&nbsp;</p>

<p>The NOC, however, kept the price of cooking gas (LPG) at Rs 1,400 per cylinder.&nbsp;</p>

<p><br />
&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-05',
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			'sortorder' => '13245',
			'image' => '20210605095641_NOC Fuel prices.jpg',
			'article_date' => '2021-06-05 21:53:55',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13499',
			'article_category_id' => '1',
			'title' => 'Bankers See Risk on Scheme to Provide Concessional Loan at 5% Interest Against Academic Certificate ',
			'sub_title' => '',
			'summary' => 'Though the government in its budget for the upcoming fiscal year (2021/22) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certifcates, bankers say that the implementation of the scheme is challenging',
			'content' => '<p>June 5:&nbsp;Though the government in its budget for the upcoming fiscal year (2021/222) announced a facility of business loan up to Rs 2.5 million for graduate students at a subsidized interest rate of 5 percent against collateral of academic certificates, bankers say that the implementation of the scheme is challenging.&nbsp;</p>

<p>This is not a new scheme as bank and financial institutions (BFIs) are already providing loans up to a limit of Rs 700,000 to youths against pledges of their academic certificates.&nbsp;<br />
BFIs have been disbursing loans based on the &#39;Integrated Procedure on Interest Subsidy for Concessional Loans, 2020&#39; issued by Nepal Rastra Bank (NRB). There are seven various subsidized loan schemes under this facility including the Educated Youth Self Employment Loan.Under these schemes, the government subsidy covers five to six percentage points of the interest rates that bank charges to their borrowers.&nbsp;<br />
According to the data of NRB, BFIs have disbursed loans to 139 youths under the Educated Youth Self Employment Loan. They have a total of Rs 65.1 million outstanding loans under this scheme. The scheme came into implementation in April 2019.&nbsp;<br />
There have been complaints that BFIs are reluctant to provide subsidized loans to youths against the collateral of academic certificates. However, bankers say that BFIs do not sanction business loans until they get convincing business plans from borrowers due to a risk of non-repayment or defaults.&nbsp;<br />
Dev Kumar Dhakal, the NRB Spokesperson, said that the central bank has decided to fix a minimum numbers of loans that each branch of bank or financial institution must provide under this facility. He said that the decision was based on complaints about the lack of willingness from BFIs to disburse subsidized interest loans.&nbsp;<br />
According to the NRB, except than agro and farming loans among various concessional loan schemes, a commercial bank must provide loans to 500 borrowers with ten minimum per branch and national level development banks to 300 borrowers or five minimum per branch, whichever is higher.&nbsp;<br />
&ldquo;After enforcement of this directive, we have found that the flow of loans under these schemes has improved,&quot; he said.<br />
Bankers say that increment in the loan amount against collateral of academic certificates also raises the risk for BFIs.&nbsp;<br />
Bhuvan Kumar Dahal, Nepal Bankers&#39; Association&rsquo;s President, says that such loans can be disbursed immediately if the borrowers pledge assets along with their certificates.</p>

<p>&quot;It is not easy to disburse such loans against collateral of academic certificates only. Such loans carry high risk. If such loans turn bad, both the bank and the government would face losses. However, we are ready to provide loans to those who come up with a viable business plan,&rdquo; he said.</p>

<p>Nepali citizens having academic certificate of minimum Bachelor degree or equivalent is eligible to get the loans under this scheme&nbsp;with repayment period of five years. Likewise, the borrower applying for the loan should have attended at least a week of enterprise or business training from any government body including the Council for Technical Education and Vocational Training. Banks also ask a brief business proposal for such loans.<br />
&nbsp;</p>
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			'sortorder' => '13244',
			'image' => '20210605063901_Business Bank Loans.jpg',
			'article_date' => '2021-06-05 18:32:47',
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	(int) 10 => array(
		'Article' => array(
			'id' => '13498',
			'article_category_id' => '1',
			'title' => 'Three Deputy PMs, 12 Ministers Inducted in Prime Minister Oli’s Reshuffled Cabinet ',
			'sub_title' => 'Prime Minister Oli removes 13 ministers while keeping seven portfolios with himself ',
			'summary' => 'Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle. ',
			'content' => '<p>June 5:&nbsp; Prime Minister KP Sharma Oli has inducted three Deputy Prime Ministers, 12 ministers and two State Ministers, retained four ministers and removed 13 ministers in his latest cabinet reshuffle.&nbsp;</p>

<p>Prime Minister Oli reshuffling of his cabinet on Friday follows recent dissolution of the House of Representatives and announcement to hold midterm elections in November. &nbsp; &nbsp;&nbsp;<br />
President Bhandari administerd oath of office to all newly appointed ministers of the Oli-led cabinet on Friday evening.&nbsp;</p>

<p><em><strong>NEW FACES IN OLI-LED CABINET&nbsp;</strong></em><br />
According to the notice of the Office of the President, President Bidya Devi Bhandari, upon the recommendation of Prime Minister Oli, appointed Bishnu Prasad Paudel as Deputy Prime Minister and Minister for Finance, Raghubir Mahaseth as Deputy Prime Minister and Minister for Foreign Affairs and Rajendra Mahato as Deputy Prime Minister and Minister for Urban Development. While Paudel was already the Minister for Finance, Mahaseth and Mahato are newly appointed members in the Oli-led cabinet.&nbsp;<br />
Earlier, Pradeep Gyawali was the Foreign Affairs Minister while Prime Minister Oli was himself overseeing the portfolio of Ministry of Urban Development after Prabhu Sah lost his ministerial berth on May 18 following a Supreme Court&rsquo;s order to bar seven ministers from working as ministers.<br />
Sharad Singh Bhandari (Minister for Energy, Water Resources and Irrigation), Anil Kumar Jha (Minister for Drinking Water), Sher Bahadur Tamang (Minister for Health and Population), Laxman Lal Karna (Minister for Land Management, Cooperatives and Poverty Alleviation) and Bimal Prasad Srivastav (Minister for Labour, Employment and Social Security) are new faces in the reshuffled cabinet.&nbsp;<br />
Umashankar Argariya becomes the new Minister for Culture, Tourism and Civil Aviation while the new Minister for Women, Children and Senior Citizens is Chanda Chaudhary. Chandra Kanta Chaudhary and Renuka Gurung are appointed as Minister of State for Energy, Water Resources and Irrigation and Minister for State for Women, Children and Senior Citizens respectively.&nbsp;</p>

<p><em><strong>RETAINED MINISTERS&nbsp;</strong></em></p>

<p>Prime Minister Oli retained Basanta Kumar Newmbwang (Minister for Physical Infrastructure and Transportation), Lilanath Shrestha (Minister for Law, Justice and Parliamentary Affairs) and Krishna Gopal Shrestha (Minister for Education, Science and Technology) in his reshuffled cabinet. &nbsp;Similarly, Prime Minister Oli decided to keep seven portfolio with himself. &nbsp;Industry, Commerce and Supplies, Agriculture and Livestock Development, Defence, Home Affairs, Forest and Environment, Federal Affairs and General Administration and Communication and Information Technology are the ministries that Prime Minister Oli will oversee himself.&nbsp;</p>

<p><br />
<em><strong>THOSE WHO LOST MINISTERIAL BERTH</strong></em><br />
Prime Minister Oli bade farewell to 13 ministers along with Gyawali who was the Foreign Minister since the Oli-led government was formed in February 2018. &nbsp;<br />
Those others removed from the cabinet are Deputy Prime Minister Ishwor Pokharel, Bhanubhakta Dhakal (Minister for Culture, Tourism and Civil Aviation) Padma Kumari Aryal (Minister for Agriculture and Livestock Development), Parbat Gurung (Minister for Communication and Information Technology) and Shiva Maya Tumbahangphe (Minister for Lnad Management, Cooperatives and Poverty Alleviation).&nbsp;<br />
Ganesh Singh Thagunna (Minister for Federal Affairs and General Affairs) and Juli Kumar Mahato (Minister for Women, Children and Senior Citizen) have also been relieved from their posts. Similarly, Prime Minister Oli also lost their posts on Friday.&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13497',
			'article_category_id' => '1',
			'title' => 'Government Sets Target of Increasing Access to Insurance to 33.33 Percent of the Population',
			'sub_title' => '',
			'summary' => 'June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 4: The government has set an ambitious target of extending access to life insurance to one-third of Nepalis or 33.33 percent of the population in the upcoming fiscal year. However, the government has remained silent about bringing programmes to support the insurance companies to achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Last Saturday, Finance Minister Bishnu Prasad Poudel, while presenting the budget for the upcoming fiscal year, announced that the government aims to increase access to insurance to one-third of the people. However, insurance companies express their concern that the budget has remained silent about bringing the necessary programmes to help achieve that goal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to a survey made public by Minister Poudel for the current fiscal year, access to insurance has reached 23.4 percent of the population by mid-February.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The Insurance Board has said that access to insurance will reach 27 percent of population by the end of next year. In the upcoming fiscal year, an additional 6.33 percent or 1.92 million Nepalis must have access to insurance to meet the target, which is very challenging, the companies say.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the seven decades since the start of the insurance business, access to insurance has reached 23.4 percent of the total population. However, insurance companies say that it will be difficult to achieve the goal to increase access to 33.33 percent within a short span of time.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Nirmal Kaji Shrestha, president of Life Insurers Association Nepal and chief executive officer (CEO) of Mate Life Insurance, said that the new budget has missed out on addressing the issues of life insurance. &ldquo;The budget aims to reach life insurance to one-third of the population. However, no programme is on the cards to help achieve that goal,&rdquo; he said, adding, &ldquo;We have seen that it will be very difficult to achieve that goal without any incentive.&rdquo;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The insurance companies were expecting the government to increase the income tax exemption limit for life insurance in the budget. They have been demanding such exemption since years. At present, insured people get a rebate of up to Rs 25,000 in income tax. The Insurance Board demanded that the limit should be increased to Rs 50,000. They also demanded the introduction of other incentives.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Shrestha said that the budget has remained silent on the issue of overall life insurance. &ldquo;In most South Asian countries, insurers are exempted from income tax up to millions of rupees. However, in our case, the limit has not been raised yet,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Shrestha said that now a tripartite strategy should be formulated between the Insurance Board, the Ministry of Finance, and the insurance companies.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Ramesh Kumar Bhattarai, CEO of Mahalakshmi Life Insurance, also said that the current budget has disappointed the life insurance sector. &ldquo;The insurance sector was not already a priority in the budget. That trend has continued this year,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">According to Bhattarai, the budget should give priority to this sector as the contribution of the insurance sector to the GDP is increasing. &quot;It has been revealed in the budget that the access to insurance will be increased to two-thirds of population. However, the government has remained silent on what kind of assistance is needed to achieve that target,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that the concerns raised by the insurance companies will be addressed by the annual budget of the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;Our budget will come in the next few months. From the same budget, we will bring necessary programmes to increase access to insurance,&rdquo; he said adding, &ldquo;We are positive about how to work to achieve the target set by the government to increase access to life insurance.&rdquo;</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13496',
			'article_category_id' => '1',
			'title' => 'Preparations Underway to bring Commodities Exchange into Operation',
			'sub_title' => '',
			'summary' => 'June 4: Preparations are underway to bring the commodities exchange into operation soon.',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">June 4: Preparations are underway to bring the commodities exchange into operation soon. As the government has included it in the budget statement, the regulatory body Securities Board of Nepal (SEBON) has intensified preparations to operate it immediately from the upcoming fiscal year.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Prior to the budget speech, SEBON had made public the draft of the Directive on Policy and Procedure for Issuing Licenses to Operate Commodities Market, 2077 BS to collect suggestions from stakeholders. The board said it had collected more than a dozen suggestions.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Chairman of the board Bhishma Raj Dhungana informed that the draft of the directive will be finalized by the board meeting of SEBON after incorporating the suggestions received so far.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&quot;More than a dozen suggestions have been collected. Most of them have asked us to reconsider the paid-up capital. The meeting of the Board of Directors will finalize the issue. The meeting was delayed as some members of the committee were infected by coronavirus. The meeting will be held after they recover,&rdquo; he told New Business Age.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Deputy Executive Director of SEBON, Dr Nawaraj Adhikari said that the revised directive has increased the minimum paid-up capital limit from Rs 1 billion to Rs 2 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">As per the draft, the paid-up capital of the company dealing in agricultural related commodities should be Rs 1 billion.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;We had prepared the guideline by doing a lot of study and analysis on the global commodities &nbsp;market, understanding all the international principles and good practices,&rdquo; said Adhikari, adding, &ldquo;We have prepared the guideline based on the overall study and the level of understanding of investors suitable for Nepal.&rdquo;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">An earlier study had suggested that only two exchanges should be approved. &ldquo;The revised directive has allowed providing license to the companies that meet all the criteria, are experienced, competent, have done well in the past,&rdquo; Adhikari said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The revised directive has provided the limit of paid-up capital according to the nature of the companies, submission of plans, application process among others.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to the board, six organizations that have recently proposed to run the company do not have to pay the fee when re-applying. However, as per the revised guidelines they have to procure additional documents by fulfilling the specified criteria. &ldquo;We will continue to not charge the application fee for the proposed six organisations again. However, according to additional provisions, the criteria have to be met,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Earlier, Commodity Futures Exchange (CFX) Limited, Rizal Commodity Exchange (RCDX), Multi Derivative Exchange (MDX) Company, Nepal Derivatives Exchange (NDEX), National Derivatives Commodities (NCDX) and Nepal Mercentile (NEX) had applied for commodity trading.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The founders of the institution operating the commodity market will have to apply by proposing to invest at least 51 percent and at most 100 percent of the shares. The proposed institution must have a minimum of 5 percent to a maximum of 51 percent of the total paid-up capital for foreign strategic partners or technical assistance organizations. Founders may include individuals, Nepali organizations, and strategic partners or technical assistance organizations. Foreign strategic partners have been made mandatory.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The qualified ones will have to apply for pre-approval with a fee of Rs 25,000 to run a company. If the board of directors of SEBON feels the company suitable, it has to deposit up to 10 percent of the paid-up capital in the commercial bank before giving prior approval. Two copies of the business plan including the management letter and rules of the proposed institution, feasibility study report including minimum subjects and projected financial statements for the next 3 fiscal years should be submitted.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The guideline states that even if the board gives approval to manage the infrastructure, it will not be allowed to do any work including increasing or decreasing the number of founders until the final operating license is obtained. After receiving the prior approval, the company has to apply to the board to get the license to operate the commodity market. For this, the company will have to pay a fee of up to Rs 2.5 million to the board along with the application.</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Times">&nbsp;</span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13495',
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			'title' => 'Tourism Minister Calls for Reduction in Price of Aviation Fuel ',
			'sub_title' => '',
			'summary' => 'June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">June 4: Minister for Culture, Tourism and Civil Aviation Bhanu Bhakta Dhakal has directed the authorities concerned to reduce the price of aviation fuel. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The minister issued such directive during a meeting with government authorities including officials of Nepal Oil Corporation and other stakeholders.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">Tourism Secretary Yadav Prasad Koirala, Secretary at the Ministry of Industry, Commerce and Supplies Dinesh Bhattarai, Nepal Oil Corporation Executive Director Surendra Poudel, Director General of Civil Aviation Authority of Nepal Rajan Pokharel and Director of Nepal Airlines Corporation Dim Prakash Poudel were present during the meeting.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, the directive was issued in response to the demand by various organizations to cut down the price of aviation fuel used by international airlines companies in Nepal.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
&nbsp;&nbsp; </span></span></p>
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			'id' => '13494',
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			'title' => '     Health Ministry Rules Out New Variant of COVID-19 in Nepal',
			'sub_title' => '',
			'summary' => 'June 4: The Ministry of Health and Population has clarified that there isn’t any new variant of COVID-19 in Nepal as reported in the international media.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 4: The Ministry of Health and Population has clarified that there isn&rsquo;t any new variant of COVID-19 in Nepal as reported in the international media. &nbsp;&nbsp;&nbsp;<br />
Issuing a press statement on Thursday, the ministry&rsquo;s spokesperson Dr Krishna Prasad Poudel said that the ministry&rsquo;s attention had been drawn towards the misleading news regarding the detection of new variant and refuted those claims.&nbsp;&nbsp;&nbsp;&nbsp;<br />
According to the state-owned national news&nbsp; agency RSS, Dr Poudel clarified that only the Alfa, Kappa and Delta variants are active in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The statement has urged media houses and outlets not to publish any misleading and false news until obtaining authentic information from the ministry. The Ministry had also appealed to the media and media persons to be responsible towards disseminating factual news.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Furthermore, the Ministry had appealed to one and all for complete compliance of the health safety protocols to contain the pandemic.&nbsp;&nbsp;&nbsp;&nbsp;<br />
The World Health Organization has also clarified that it was not aware of any new variant detected in Nepal, RSS further reported.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"> </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">Among the existing variants, Delta is the most active one and highly contagious, the WHO said.&nbsp;&nbsp;&nbsp;&nbsp; </span></span>&nbsp; </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial"><strong>Nepalese embassy refutes baseless news on origin of mutant strain of coronavirus</strong> </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">The Embassy of Nepal in London said that its serious attention has been drawn towards a news report carried out by the UK-based Daily Mail newspaper on June 3 regarding a baseless claim about the origin of a mutant strain of SARS-Cov-2 in Nepal.&nbsp;&nbsp;&nbsp;&nbsp;<br />
Issuing a press statement, the Embassy of Nepal in London said that the variants identified in Nepal so far are Alpha and Delta, both of which did not originate in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;The World Health Organization has rebutted the origin of a new variant in Nepal stating that the prevalent variant currently in circulation in Nepal is Delta (B.1.617.2),&rdquo; RSS reported citing the Embassy.&nbsp;&nbsp;&nbsp;&nbsp; </span></span><br />
<span style="font-size:14.0pt"><span style="font-family:Arial">Likewise, the Embassy stated that it has sent a letter of Daily Mail refuting the baseless news and requesting to correct it.&nbsp;&nbsp;&nbsp;&nbsp;<br />
&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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