May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic.…
May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic.…
Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal…
The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black topped roads in the first eight months of the current fiscal year…
Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of…
May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel…
May 28: With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation.…
May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at…
May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country.…
May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May…
May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird…
May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises…
May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless.…
May 27: China has announced to provide 1 million doses of Covid-19 vaccine to Nepal.…
May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year.…
May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported.…
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', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The Finance Minister made such remark while launching the Economic Survey at the Ministry of Finance on Friday afternoon (May 28), according to the state-owned national news agency RSS. On the occasion, he shared that it was a challenge even to achieve revised economic growth target in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS"">The government had set the target of achieving 7 per cent economic growth while launching the budget for the current fiscal year. It had later lowered that figure and estimated economic growth to be 4.01 per cent in view of the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Finance Minister, a situation has arisen in which the revised projected target of 4.01 per cent also could not be achieved as prohibitory order has been issued in many places of the country to contain the spread of the second wave of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">He, however, added that most of the macroeconomic indicators were positive even in the adverse situation of the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">Finance Minister Poudel said that domestic investment has expanded, the scope of financial access, capital market and insurance has broadened, the overall balance of payment situation was in reserve and the remittance inflow and foreign exchange reserve have increased. .</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Meanwhile, it has been learnt that the government is making preparations to announce the budget for the upcoming fiscal year through an ordinance at 4 PM today afternoon (May 29).</span></span></span></p> ', 'published' => true, 'created' => '2021-05-29', 'modified' => '2021-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '13208', 'image' => '20210529080705_20210110034934_1610265858.jpg', 'article_date' => '2021-05-29 08:06:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13462', 'article_category_id' => '1', 'title' => 'Public Enterprises’ Net Profit, Revenue Decline as Covid-19 Hits their Businesses ', 'sub_title' => 'However, govt collects Rs 14.9 billion in cash dividend from five profit-making public enterprises, a jump by 48.87 percent from previous fiscal year’s return ', 'summary' => 'Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. ', 'content' => '<p>May 28: Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. <br /> According to the report of ‘Annual Status Review of Public Enterprises 2021’ released by the Ministry of Finance on Friday, 24 out of 44 enterprises in existence earned a profit while 18 incurred losses. Other two public enterprises did not make any transaction, according to the report. <br /> Government officials blame the fall in the net profit of public enterprises to a decline in their businesses due to the Covid-19 and the pandemic induced containment measures. <br /> The impact of the Covid-19 is also reflected in their revenues, according to government officials. The review report, commonly known as Yellow Book, shows a 6.91 percent decline in total revenue of all public enterprises to Rs 460.39 billion in the last fiscal year. The combined revenue of public enterprises was Rs 494.59 billion in the previous fiscal year. <br /> With a net profit of Rs 12.91 billion in the last fiscal year, Nepal Oil Corporation stood at the top of the list of five highest profit earners. Other four public enterprises were Nepal Electricity Authority (Rs 11.04 billion), Nepal Doorsanchar Company Ltd (Rs 9.75 billion), Rastriya Banijya Bank Ltd ( Rs 4.38 billion) and Agricultural Development Bank Ltd (Rs 3.33 billion). <br /> The government received a total of Rs 14.9 billion in cash dividend from public enterprises, a jump by 48.87 percent of the return in the previous fiscal year. <br /> Only five public enterprises were able to pay cash dividends to the government. Nepal Doorsanchar Company Ltd was the highest dividend payer to the government with its contribution of 43.82 percent in the total cash dividend. Nepal Oil Corporation’s contribution in the total dividend was 36.56 percent. <br /> However, the return on equity ratio stands at only 4.88 percent. <br /> The Yellow Book shows that the government’s investment has gone up by 11.74 percent in public enterprises to Rs 519.55 billion. Share or equity investment accounts for 55.52 percent (Rs 288.65 billion) of the total investment. The remaining 44.48 percent (Rs 230.89 billion) of the investment the government has made in these public enterprises is in the form of loans. </p> <p>As the government has been financing big capital projects including hydropowergeneration and transmission projects, airports and drinking water project through public enterprises, the investment is on the rise, according to the report. <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13207', 'image' => '20210528085941_PEs.JPG', 'article_date' => '2021-05-28 20:58:13', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 2 => array( 'Article' => array( 'id' => '13461', 'article_category_id' => '1', 'title' => 'Govt Built 1,338 km of New Roads in Current Fiscal Year: Economic Survey Report', 'sub_title' => 'After dissolution of the House of Representatives, Finance Minister Paudel releases Economic Survey report amid a virtual press meet', 'summary' => 'The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black topped roads in the first eight months of the current fiscal year 2020/21.', 'content' => '<p>May 28: The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black-topped roads in the first eight months of the current fiscal year (FY 2020/21).<br /> Releasing the report of the Economic Survey 2020/21 on Friday, the Ministry of Finance said that the total length of roads has reached 33,528 km as of mid-February including 15,974 km of black-topped roads, 8,582 km gravel roads and 8,972 km of mud roads.<br /> Releasing the survey report amid a virtual ceremony, Minister for Finance Bishnu Prasad Paudel claimed that the government achieved a significant progress in infrastructure development and transportation sector during the review period.<br /> While the government is required to present the Economic Survey at the Federal Parliament, Finance Minister Paudel released the survey report amid a virtual press conference as the House of Representatives was dissolved by President Bidya Devi Bhandari last Friday upon the recommendation of Prime Minister KP Sharma Oli.<br /> According to the survey report, the government built 129 new bridges in the review period compared to 210 bridges constructed in the last fiscal year (FY 2019/20).<br /> Likewise, the Economic Survey shows that access to insurance reached 23.4 percent of the total population by mid-March 2020 compared to 22 percent in the same period last year.<br /> Addressing the virtual press meet, Finance Minister Paudel said that the country's major economic indicators are positive despite a shrink in economic activities due to Covid-19.<br /> Though the Central Bureau of Statistics (CBS) had made a preliminary estimate of 4.01 percent of economic growth in the current fiscal year, economists say that the GDP growth is likely to remain way below the estimate of CBS which was based on an assumption that the prohibitory period imposed in many parts of the country to contain the second wave of coronavirus would not last more than two weeks. However, the prohibitory period in Kathmandu Valley, which started on April 29, has been extended till June 3. <br /> Finance Minister Paudel pointed to lower average inflation, increase in revenue collection and mobilization of international assistance, improvement in external sector position, stock market rally and progress in human and social development, among other indicators, to paint a rosy picture of the economy.<br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13206', 'image' => '20210528062849_IMG_4910.jpg', 'article_date' => '2021-05-28 18:26:32', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 3 => array( 'Article' => array( 'id' => '13460', 'article_category_id' => '1', 'title' => 'Nepal’s Development Partners Call for Quick Purchase of Vaccines', 'sub_title' => '', 'summary' => 'Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri">Rupak D Sharma</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Kathmandu, May 28</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The commitments expressed by various countries as well as development partners, such as the Asian Development Bank (ABD) and the World Bank (WB), to support Nepal to restart its vaccination campaign are consoling. But the nature of coronavirus is such that it spreads rapidly. And delays of even a few days can wreak havoc. Just look at how rapidly the death toll has jumped. It stood at around 3,200 until a month ago and has since more than doubled to over 7,000.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“When it comes to vaccines, Nepal cannot and should not wait.... The World Bank and ADB commit to funding Nepal’s eligible vaccines that have WHO listing. We will do this today if the contracts between the government and eligible providers are ready. We are ready and on standby,” Faris Hadad-Zervos, World Bank Country Director, said in a written statement made available to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The WB has provided US$75 million and the ADB an additional US$165 million to the government for procurement of safe and effective vaccines. China recently said it is ready to offer 1 million additional doses. Other countries, including the US, the UK and those in the European Union, too have said they would support Nepal to rollout vaccines.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Daily%20new%20cases.jpg" style="height:378px; width:607px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal, which has a population of about 30 million, was among the first in Asia to receive Covid-19 vaccines. It has administered around 2.74 million doses so far, which include vaccines provided in the form of grants by India and China. Early vaccine rollout in Nepal was seen as a feat by many. Then, the drive went into a tailspin. This was not because the country lacked financial resources but because of the choices it made. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Initially, the government was too focused on getting the vaccines for free. Later initiatives were taken to purchase them and one million doses were even bought from India. Then the health minister made statements saying some of the people, who were seeing the vaccination drive as a gravy train, were creating obstructions in the procurement process. This controversy dragged on for some period and by the time it subsided, India, one of the world’s largest vaccine suppliers, was in the grips of the second wave of the pandemic. This left India with no choice but to stop exports of vaccines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The second wave of pandemic that hit India entered Nepal in no time. Soon hospitals started coming under intense pressure and the demand for oxygen and other critical medical equipment such as ventilators surged. The EU and its member states, the US, the United Nations, Switzerland, and the UK, for example, have supplied oxygen equipment, ventilators, personal protective equipment (PPE) and other medical equipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“We are also quickly mobilising emergency support with an initial 2 million euros towards the UN’s COVID appeal. We stand ready to provide further assistance,” said Janez Lenarčič, European Commissioner for Crisis Management in a statement provided to the New Business Age, thanking Finland, Spain, France, Germany and Belgium “for their quick and generous offers of assistance via the Civil Protection Mechanism”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The development partners have also formed the Health Working Group to respond to Nepal’s needs in a coordinated manner through a single window. This is expected to maximize the efficiency in meeting Nepal’s Covid-related needs and streamline support. Several development partners have also immediately deployed their technical expertise to inform a fast-tracked response.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“The UK has had a technical team working in the Ministry of Health and Population for some years. The team has proved to be invaluable in being able to support the government in shaping the response to COVID-19. They have advised on the Rapid Response Plan, the specifications for equipment, design of treatment facilities, epidemiology, analysis, data and much more,” said Lisa Honan, British Embassy’s Development Director in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/PCR%20Tests.jpg" style="height:380px; width:609px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The government has formed a high-level body, called Covid-19 Crisis Management Centre (CCMC), to take the lead in managing and coordinating the fight against the pandemic. Although many have supported formation of such a body, its image has been tarnished to some extent because of allegations of corruption levelled against it. Many are expecting the body to operate more professionally and in a transparent manner as the government has recently appointed former Nepal Army Lieutenant General Balananda Sharma as its CEO. But it has been suggested that it rope in more technical and public health experts who can help the body make streamlined, scientific, evidence-based and practical decisions to minimise health, social and economic impacts of the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal is facing a host of problems in dealing with the pandemic largely because it has failed to make adequate investment in public health infrastructure. Of course, the healthcare system of even the developed countries came under severe pressure during the pandemic. But, globally, lessons are being learnt and preparations are simultaneously being made to tackle such problems effectively and efficiently. In Nepal too calls are being made to strengthen public health infrastructure by engaging local governments. This should be supplemented by countrywide expansion of universal health insurance scheme, as many of the Covid-19 infected hesitated to visit hospitals because of the costs involved in the medical treatment. Germany, which provides one of the world’s best universal health insurance schemes using private and quasi-private agencies, is already supporting Nepal on this front. The country needs an affordable universal health insurance plan to build human capital.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Several years of common effort to build a universal health insurance, together with GIZ and other partners, provide excellent experience and the first building blocks for fulfilling this task,” said Ambassador of Germany to Nepal Roland Schäfer in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Had mechanisms like universal health insurance and a good public health infrastructure been in place, Nepal perhaps would not have had to impose one of the severest lockdowns in the world to contain the spread of the disease. During the first wave of the pandemic, entire Nepal was shut down for almost four months from March 24, 2020. The restrictions in movement brought the economy to a standstill, as almost all of the enterprises remained closed, supply chains were disrupted and many employees were relieved of their duties or were asked to take sharp pay cuts. This is expected to have made 1.6 million jobless and pushed 1.2 million into the poverty trap.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Positive%20rate%281%29.jpg" style="height:381px; width:608px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal has not imposed a nationwide lockdown to tackle the second wave of pandemic, but almost all the districts have issued prohibitive orders since the end of April, severely restricting movements. Although an official study on the impact of the second round of lockdown has not been conducted, a survey done by the General Federation of Nepalese Trade Unions (GEFONT) in 60 districts showed that 3.65 million people have lost their jobs so far. Effect on livelihood of daily wage earners, persons with disabilities and people from disadvantaged groups with no access to formal social safety net is not immediately known. But impact is likely to be greater this time as infection rate has not gone down even after a month of lockdown and the virus has penetrated rural areas as well which largely remained safe during the first wave of pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The only government mechanism that can provide a safety net at times like these is the Prime Minister Employment Programme (PMEP), but it has not been able to provide relief to the most vulnerable. Around 187 countries around the world are already providing emergency cash transfers, mainly by expanding existing programmes, according to the World Bank. But Nepal has not been able to make use of its social protection programme, although the PMEP guideline allows distribution of subsistence allowance equivalent to 50 percent of wages of unworked days to registered beneficiaries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Earlier, the government had introduced the Business Continuity Loan Scheme -- under which credit of up to Rs 100 million was pledged for a minimum of two years at five percent (first year) to six percent (second year) interest -- to save jobs as well as enterprises. But there were very few takers of this credit, as the scheme came with conditions that many businesses could not meet. Many are demanding that a similar scheme with fewer conditions be introduced to aid enterprises that are on the verge of bankruptcy. There are also calls for increasing the size of the refinance fund at the central bank -- and donors have expressed commitment to contribute to it -- to continue providing subsidised funding to priority sectors, particularly small and medium enterprises affected by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Supporting the recovery of enterprises and investment growth is a crucial part of post-Covid recovery,” said Swiss Ambassador to Nepal Elisabeth von Capeller in a statement provided to the New Business Age, adding, “Switzerland, in partnership with the World Bank, is supporting the Government of Nepal to drive forward much needed reforms and help MSMEs [micro, small and medium enterprises] recover and rebound.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Going forward, Nepal needs to prepare a coherent plan to revive the businesses and the economy, as growth contracted by two percent in the last fiscal year and the central bank has already ruled out the possibility of attaining four percent growth rate projected by the Central Bureau of Statistics for this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">But for now Nepalis want one thing: vaccine.</span></span></p> <p><span style="font-size:18px">“Vaccination program is the urgent need of the hour and the World Bank and ADB are working closely with the government and all partners in procuring and delivering COVID-19 vaccines safely and effectively. Vaccination not only saves lives and but also mitigates the negative economic impacts of the pandemic by restoring people’s ability to work and travel safely,” said Rudi Van Dael, Unit Head, Portfolio Management, of the Asian Development Bank Nepal Resident Mission, in a statement provided to the New Business Age.</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><em>(Based on views expressed by Asian Development Bank, British Embassy, European Union, German Embassy, Embassy of Switzerland, and World Bank)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13205', 'image' => '20210528053937_20201220030450_Corona3.jpg', 'article_date' => '2021-05-28 17:38:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13459', 'article_category_id' => '1', 'title' => 'Hotel Industry on the Verge of Collapse: HAN', 'sub_title' => 'Hoteliers urge the government to adopt a policy to support them', 'summary' => 'May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries. The umbrella body of hotel operators drew the government's attention stating that Covid-19 has severely affected the hotel industry and needs a government’s support and budget for revival.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Issuing a press statement on May 27, HAN demanded the government to address various issues that have troubled them. The association has requested the government to address severely affected industries, establish protection funds, provide concession on tax including special concessions, waivers, banking concessions, rebates on electricity tariffs and charges, suspension of financial obligations, in addition to staff and workers welfare scheme and promotion of internal tourism.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to HAN, the hotel industry, hit by the global pandemic, has not been able to get back on track due to the second wave of coronavirus infection. It is mentioned in the press statement that the hoteliers are in a state of great confusion and panic regarding the risk of their hotel business.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Shreejana Rana, president of HAN, said that the employment of millions of individuals dependent on the hotel and tourism business is at stake. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the press statement says that many hoteliers have been compelled to flee due to the current situation. HAN said that the tourism and hotel industry is at risk of collapsing.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The statement further says it would take time for tourism to return to normalcy even after the coronavirus pandemic subsides. HAN has also demanded the government to establish a business protection fund for the revival of the hotel industry and an employment protection fund for its dependent employees and workers.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Similarly, HAN has demanded the government to provide concession in tax for 3 years along with 50 percent exemption in value-added tax till the business returns to normalcy. HAN also stressed the need to waive direct taxes levied by the federal, provincial, and local governments on the hotel sector for the next three years. The association also has asked for a 50 percent discount on electricity tariffs for the next two years. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the association also has demanded the government introduce policies to promote domestic tourism.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13204', 'image' => '20210528010501_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2021-05-28 13:04:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13458', 'article_category_id' => '1', 'title' => 'Remittance Companies Urge Central Bank to Facilitate them in Availing their Services', 'sub_title' => '', 'summary' => 'May 28: With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28</span>: <span style="font-family:"Times New Roman"">With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. This has in turn affected not only their business but also people from availing their service. Thus, remittance companies have requested Nepal Rastra Bank to facilitate in remittance payment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The Umbrella Organization of Nepal Remitters Association has submitted a written request to the District Administration Office to arrange transportation passes for at least a limited number of employees.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The association submitted such a request after the government’s decision to extend the prohibitory period and enforce it strictly.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Officials at the Foreign Exchange Department of Nepal Rastra Bank stated that they have verbally requested the Chief District Officers to provide at least one or two passes per company since the central bank does not intend to halt remittance service.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to Guru Prasad Poudel, the director of the department, the District Administration Offices have been requested to facilitate transportation to remittance companies for giving continuity to their services.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Due to high infection of Covid-19, Nepal Rastra Bank had directed remittance companies to carry out their operation with a handful of employees. On May 2</span>, the companies were directed to work with maximum safety and vigilance. The Foreign Exchange Department of the central bank directed remittance companies to work with participation of limited number of employees.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Till date, 51 remittance companies have received permission from Nepal Rastra Bank to continue their operation. Similarly, 10 payment system operators and 28 payment service providers are given permission to operate.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13203', 'image' => '20210528125452_20210413120722_20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2021-05-28 12:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13457', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Suggest Government not to Introduce Full Budget ', 'sub_title' => '', 'summary' => 'May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They were of the view that a caretaker government should not announce full-fledged budget while the issue of restoration of parliament is sub judice in the Supreme Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They made such appeal during a meeting of the former finance ministers’ forum. The ex-ministers also discussed about the budget for the upcoming Fiscal Year (FY 2078/79) and the impact of covid-19 on the economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Issuing a statement after the meeting, former finance ministers Prakash Chandra Lohani, Ram Sharan Mahat, Krishna Bahadur Mahara, Surenda Paney and Barshaman Pun said, “According to the international practice, it is not appropriate to bring a full budget in such a situation. If a budget needs to be brought through ordinance in such times, it is suggested to bring a provisional budget with regular expenditure only.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13202', 'image' => '20210528114841_ENqxta_U8AAXhES.jpg', 'article_date' => '2021-05-28 11:47:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13456', 'article_category_id' => '1', 'title' => 'MoF Releases Rs 1.41 Billion to 41 Hospitals ', 'sub_title' => '', 'summary' => 'May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. </span><br /> <span style="font-family:"Arial Unicode MS"">The Ministry on Thursday (May 27) released funds worth Rs1.41 billion to 41 different hospitals of the country. Those receiving the funds are district-based government hospitals in Taplejung, Sankhuwasabha, Terhathum, Bhojpur, Khotang, Solukhumbu, Okhaldhunga, Rangeli, Sunsari, Sarlahi, who received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, district hospitals in Bara, Ramechhap, Dolakha, Bhaktapur, Rasuwa, Parbat, Syangja, Myagdi also received the same amount, along with the hospitals in Palpa, Rolpa and Mugu. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Ministry, the Seti Provincial Hospital received Rs 60 million while Gajendra Narayan Hospital and Tulasipur Hospital received Rs 90 million each and Bhaktapur Hospital will received Rs 120 million. </span><br /> <span style="font-family:"Arial Unicode MS"">For ICU ventilators, the Dhulikhel Hospital, Pokhare Institute of Health Sciences, the BPKIHS in Dharan and Lumbini Provincial Hospital and Bhim Hospital will received Rs 18 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Furthermore, the Gajendra Narayan Hospital, Bheri Hospital, Dadeldhura Hospital, Narayan Hospital, Koshi Hospital, Rapti Institute of Health Sciences, Karnali Institute of Health Sciences, Janakpur Provincial Hospital and Surkhet Provincial Hospital have been allocated Rs 12 million reach. </span><br /> <span style="font-family:"Arial Unicode MS"">In Kathmandu, the Kanti Children's Hospital, Patan Institute of Health Sciences and TU Teaching Hospital received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">The funds were provided as per the demand from the Ministry of Health and Population of COVID-19 prevention, control and treatment. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13201', 'image' => '20210528112937_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-05-28 11:28:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13455', 'article_category_id' => '1', 'title' => 'Former Vice Chairs of NPC Against Full-Fledged Budget ', 'sub_title' => '', 'summary' => 'May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29 at a time when the House of Representatives (HoR) is dissolved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Issuing a press statement on Thursday (May 27), they rejected the idea of full-fledged budget arguing that such budget is likely to influence the upcoming election. They also noted that the government’s move to collect excessive public debt and change of tax rate were serious breach of political moral principal. The former vice chairs warned that the move of the government is likely to push the country’s economy towards instability and therefore urged the government to become serious about this issue.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">They also raised concern regarding the unexpected dissolution of the lower house at a time when it should have held the budget session. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“This has created a constitutional crisis and uncertainty. In such situation, it is certain that the country’s economy will be pushed backward,” reads the statement.</span><br /> <span style="font-family:"Arial Unicode MS"">They further reminded that the case relating to the dissolution of HoR is sub judice at the Supreme Court. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the former vice chairmen of NPC, the unexpected dissolution of HoR is a pre-planned design to rule the country and issue budget through ordinance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Those issuing the statement include Dr Prithvi Raj Ligal, Dr Jagdish Chandra Pokhrel, Dr Shankar Sharma, Dr Pitambar Sharma, Dr Dinesh Chandra Devkota, Dipendra Bahadur Chhetri, Dr Govinda Raj Pokhrel, Dr Min Bahadur Shrestha and Dr Swarnim Wagle. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13200', 'image' => '20210528094601_20210501025837_11.jpg', 'article_date' => '2021-05-28 09:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13454', 'article_category_id' => '1', 'title' => 'Bird Flu Hits Poultry Sector Again', 'sub_title' => '', 'summary' => 'May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu. While 20 percent farmers have stopped poultry farming due to the outbreak of Newcastle disease, which has been reported since the last six months, frequent outbreak of bird flu has further troubled the farmers. Bird flu was confirmed in Tarkeshwor Municipality, Nakhu, Jajarkot and Surkhet. Recently, bird flu has been confirmed in turkeys raised by farmers in Kirtipur – 4 and 9, and Chandragiri – 2.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Department of Livestock Services, bird flu was confirmed on Monday while testing samples through real-time PCR method at the Central Veterinary Laboratory, Tripureshwor. Issuing a statement on Wednesday, the department said that the infection has been confirmed in chickens in the areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">As soon as the disease was confirmed, domesticated birds and other contagious fowls were destroyed to prevent the spread of the disease from the area.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The spokesperson of the department, Dr Chandra Dhakal, said that they are not sure about financial losses of the farmers. According to Dhakal, the farmers will get 75 percent compensation from the government after the district rate-fixation committee determines the price of the destroyed chickens.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Meanwhile, 535 turkeys, 492 local chickens, 76 quails, 20 ducks, 178 eggs and 900 kg grains have been destroyed in the affected areas. The department also said that the affected areas have been completely disinfected.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">While bird flu has been seen in chickens and turkeys in different parts of the country, the government has not shown much interest to step up the testing. Earlier, the Ministry of Agriculture and Livestock Development had informed that there were not enough laboratories for testing when the infection was detected in Tarkeshwor last January.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Spokesperson for the ministry Dr Shree Ram Ghimire said that the inadequacy of the laboratory still persists. According to him, out of the eight laboratories that are operational under the ministry, five laboratories are currently being used by the Ministry of Health for testing coronavirus. Only the remaining three are being used for testing bird flu samples. "It is not enough for us, but we have to give first priority to people," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He pointed out that there could be problems for testing if laboratories are not added as soon as possible. Out of the total eight laboratories under the Ministry of Agriculture, only the Central Veterinary Laboratory at Tripureshwor is recognized by the World Organization for Animal Health. Stakeholders point out that although the disease is tested in other laboratories, they do not meet all criteria. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13199', 'image' => '20210527073417_20210202120856_A3 Poster or Handout_Bird Flu Mar 2020 (upload)-400 2.JPG', 'article_date' => '2021-05-27 19:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13453', 'article_category_id' => '1', 'title' => 'IFC to Help Small Businesses and Support Economic Recovery in Nepal', 'sub_title' => '', 'summary' => 'May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs) in health care, renewable energy, technology, and other critical sectors, vital to the recovery of the pandemic-battered economy. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC Resident Representative in Nepal, Babacar S Faye, private equity funds like Dolma can be an important source of capital and expertise for Nepali firms that have potential to grow, including those struggling to deal with the impacts of the COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">SMEs are a key engine of growth in Nepal, contributing 20 percent of gross domestic product (GDP) and creating over 60 percent of jobs in the country, said IFC in a statement. Even before the pandemic hit, SMEs were already struggling with limited access to finance. At present only 39 percent of Nepal’s SMEs have access to finance, according to IFC. Availability of additional financing for SMEs will be key to any sustainable and inclusive economic recovery in Nepal, the statement added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“Dolma Fund Management is one of the first private equity fund managers focused on Nepal. It completed the initial $40 million close of Dolma Impact Fund II in May 2021, to invest in companies with strong growth potential, especially small and medium businesses," the statement quoted Tim Gocher, CEO of the Dolma Fund Management, as saying. "This will help scale up their capacity, increase skills and competitiveness, and create sustainable employment in Nepal. The target fund size is $75 million. We are confident that IFC’s participation will further catalyze fund raising and help us reach our target size.”</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC, its equity investment includes $5 million from the International Development Association’s Private Sector Window, created to catalyze private sector investment in low-income countries. The overall investment is part of IFC’s SME Ventures program, which provides risk capital to entrepreneurs and fund managers in low-income countries where such funding is scarce or unavailable. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“With the rise in COVID-19 cases, Nepal is in a difficult spot, but we believe in the country's potential,” said IFC Resident Representative in Nepal, Babacar S Faye. “By providing capital in emerging markets like Nepal, where it is scarce, private equity funds can help local businesses expand their operations, create more jobs, and provide critical goods and services. We also hope that this will send a strong signal to the market that we are confident in the resilience of Nepal’s entrepreneurs.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">With a combined capital of less than $100 million, private equity funds operating in Nepal are smaller than those in other emerging economies and there is significant potential for growth, according to IFC. Furthermore, IFC said its latest investment in DIF II marks its second in private equity in Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">The statement added that IFC’s current combined committed portfolio in Nepal stands at $550 million.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13198', 'image' => '20210527042743_ifc_lo.jpeg', 'article_date' => '2021-05-27 16:26:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13452', 'article_category_id' => '1', 'title' => 'Second Wave of Pandemic Renders 3.65 Million People Jobless', 'sub_title' => '', 'summary' => 'May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. The prohibitory orders imposed in the country to contain coronavirus has made people working in sectors like tourism, transportation, construction, beauty parlor business, retail shops as well as daily-wage earners jobless. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">It's been almost a month since the government imposed restrictions on April 29 for the control and prevention of coronavirus. In this period, the number of unemployed has also been increasing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"However, relief packages for the affected people are not available from the federal, provincial, or the local governments," said Binod Shrestha, president of the General Federation of Nepalese Trade Unions (GEFONT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Trade union had conducted survey in sixty districts. According to the survey, 900,000 people in tourism sector and 1.1 million people in transportation sector have been unemployed. Some vehicles working in health sector and those supplying essential materials are in operation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Similarly, 50 percent of 2.5 million people working in the construction sector have become unemployed. "Despite the prohibitory orders, construction process is ongoing in some of the national pride projects by setting up isolation centers in the construction sites," informed Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">GEFONT has stated that 50,000 porters are also unemployed. The beauty parlor business is also completely shut down at this time. The prohibitory order has brought the business of around 300,000 people working in this sector to a standstill.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Another sector which employs a large number of people is the self-employed sector. People earn their living by selling goods on pavements, and also by carrying their goods from one place to another. According to GEFONT, the number of such entrepreneurs is estimated to be around 300,000. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Domestic workers have also been hit hard by the prohibitory orders. Twenty Five percent of people working in the field of handicraft have been rendered jobless.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to Shrestha, many industries are running compared to the previous lockdown. Employees were laid off during the lockdown enforced last year. "We have not received any information of workers being laid off this year. However, workers have not received their salary this time as well," said Shrestha. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">People working in boarding schools, staff nurses, and bank employees have not been paid regularly. Similarly, another major sector affected by the restrictions is transport. Yogendra Nath Karmacharya, president of the Federation of Nepalese National Transport Entrepreneurs said that people working in this sector and investors have also been extremely affected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"Transport sector is reeling through recession and we don't know if the government exists," said Karmacharya. "We are looking forward to the policies the government will be introducing in the budget programme. If no relief is provided to this sector, we will hand over all the vehicles from all over the country to the government," he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Federation, the number of public transport stands at 300,000 and the number of freight vehicles is 60,000. He said that 80 percent of the entrepreneurs will be unable to repay the loan. He said that transport entrepreneurs are demanding a full waiver of interest.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13197', 'image' => '20210527020210_20200329020636_1*NkJiwlwHU-rOgHgIlt1mGA.jpeg', 'article_date' => '2021-05-27 14:01:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13451', 'article_category_id' => '1', 'title' => 'China to Provide 1 Million Doses of Covid-19 Vaccine to Nepal', 'sub_title' => '', 'summary' => 'May 27: China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:"Times New Roman"">China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. The Chinese government has declared to provide those vaccines free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">On Wednesday, President Bidya Devi Bhandari held a telephone conversation with her Chinese counterpart President Xi Jinping, who pledged to provide 1 million doses of vaccine free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The Ministry of Foreign Affairs informed that the two presidents held general discussion and exchanged views on the overall relations between Nepal and China, as well as assistance related to COVID-19.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari expressed her gratitude to the Chinese government for helping Nepal fight against Covid-19. China has continuously helped Nepal with life-saving medicines, medical equipment and other health items during this pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari thanked China for providing 800,000 doses of vaccines to Nepal in the past. She praised President Xi's statement that the vaccine against COVID-19 should readily be available all around the world. President Xi also requested Nepal to purchase vaccine against COVID-19 from China.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Xi acknowledged the difficult situation Nepal is going through due to the second wave of coronavirus and has assured that China would always be ready to lend a helping hand to Nepal in this fight against Covid-19. In the statement released by the Ministry, President Xi has assured Nepal saying China has placed Nepal in top priority regarding the assistance with vaccination.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Expressing gratitude for the Chinese President's announcement to provide additional vaccines during the current crisis, President Bhandari expressed confidence that Chinese assistance would continue in Nepal’s fight against Covid-19.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13196', 'image' => '20210527014204_thumb.jpg', 'article_date' => '2021-05-27 13:41:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13450', 'article_category_id' => '1', 'title' => 'Central Bank Raising Internal Loans Aggressively', 'sub_title' => 'NRB Falls Short of its Target by 50 Percent with just 2 Months Remaining', 'summary' => 'May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. By the end of the second quadrimester of the current fiscal year, the government has been able to raise 50.22 percent of internal loan out of its total target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The state-owned Nepal Rastra Bank has so far raised Rs 113 billion from treasury bills, citizens bonds, foreign employment bonds and development bonds. In the third and final quadrimester, the government is yet to collet half of its target of internal loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The central bank has started raising internal loan for the government aggressively in the third quadrimester. With just two months left in the current fiscal year, the central bank is yet to collect Rs 112 billion of its target. In order to meet its target, NRB has been issuing bonds almost on a daily basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">In this context, the central bank has issued foreign employment bond worth Rs 500 million. NRB will float the bonds between May 27 to June 17. The bonds with maturity period of five years will be issued on June 22. The rate of interest of the bond has been fixed at 10 percent and the interest will be paid every six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13195', 'image' => '20210527011421_The Nepal Rastra Bank.jpg', 'article_date' => '2021-05-27 13:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13449', 'article_category_id' => '1', 'title' => '87.19% Population has Access to Internet in Nepal: NTA', 'sub_title' => '', 'summary' => 'May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data unveiled by Nepal Telecommunications Authority (NTA), over 26.35 million population is connected to internet facility as of mid-May. NTA said it registered over 936,000 new users in the month of Falgun (mid-February to mid-March). It means 87.19 per cent population have access to internet as of Fagun end (March 13). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report was prepared on the basis of population projection (2011-2030) and it assumes the current population of Nepal to be 29.87 million. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people using the internet through mobile devices is the highest, making up 64.08 per cent of the total number of users. Likewise, 11.56 million population have access to 3G internet and the customers of Nepal Telecom are the largest contributors as their number is 9.94 million followed by 2.47 million of Ncell users. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This number was 11.35 million in the month of Magh (mid-January to mid-February), which increased by 200,000 in Falgun (mid-February to mid-March). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G users has reached 7.66 million. Three telecommunications companies have launched the 4G services and the users of Ncell make up the highest portion (4.85 million). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of 4G users was 4.32 million in the month of Magh (mid-January to mid-February). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The data shows that the number of state-owned Nepal Telecom service users (4G ) has reached 2.58 million and their number in the month of Falgun (mid-February to mid-March) went up by 44,570 compared to the previous month. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G service users of Smart Telecom has reached 223,145. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The contribution of fixed broadband is 22.35 per cent (812,000) and FTTH (Fiber to the Home) is over 5,945,000, RSS further reported citing the NTA. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-26', 'modified' => '2021-05-26', 'keywords' => '', 'description' => '', 'sortorder' => '13194', 'image' => '20210526081934_20190922030926_aaaa.jpg', 'article_date' => '2021-05-26 20:18:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The Finance Minister made such remark while launching the Economic Survey at the Ministry of Finance on Friday afternoon (May 28), according to the state-owned national news agency RSS. On the occasion, he shared that it was a challenge even to achieve revised economic growth target in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS"">The government had set the target of achieving 7 per cent economic growth while launching the budget for the current fiscal year. It had later lowered that figure and estimated economic growth to be 4.01 per cent in view of the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Finance Minister, a situation has arisen in which the revised projected target of 4.01 per cent also could not be achieved as prohibitory order has been issued in many places of the country to contain the spread of the second wave of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">He, however, added that most of the macroeconomic indicators were positive even in the adverse situation of the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">Finance Minister Poudel said that domestic investment has expanded, the scope of financial access, capital market and insurance has broadened, the overall balance of payment situation was in reserve and the remittance inflow and foreign exchange reserve have increased. .</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Meanwhile, it has been learnt that the government is making preparations to announce the budget for the upcoming fiscal year through an ordinance at 4 PM today afternoon (May 29).</span></span></span></p> ', 'published' => true, 'created' => '2021-05-29', 'modified' => '2021-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '13208', 'image' => '20210529080705_20210110034934_1610265858.jpg', 'article_date' => '2021-05-29 08:06:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13462', 'article_category_id' => '1', 'title' => 'Public Enterprises’ Net Profit, Revenue Decline as Covid-19 Hits their Businesses ', 'sub_title' => 'However, govt collects Rs 14.9 billion in cash dividend from five profit-making public enterprises, a jump by 48.87 percent from previous fiscal year’s return ', 'summary' => 'Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. ', 'content' => '<p>May 28: Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. <br /> According to the report of ‘Annual Status Review of Public Enterprises 2021’ released by the Ministry of Finance on Friday, 24 out of 44 enterprises in existence earned a profit while 18 incurred losses. Other two public enterprises did not make any transaction, according to the report. <br /> Government officials blame the fall in the net profit of public enterprises to a decline in their businesses due to the Covid-19 and the pandemic induced containment measures. <br /> The impact of the Covid-19 is also reflected in their revenues, according to government officials. The review report, commonly known as Yellow Book, shows a 6.91 percent decline in total revenue of all public enterprises to Rs 460.39 billion in the last fiscal year. The combined revenue of public enterprises was Rs 494.59 billion in the previous fiscal year. <br /> With a net profit of Rs 12.91 billion in the last fiscal year, Nepal Oil Corporation stood at the top of the list of five highest profit earners. Other four public enterprises were Nepal Electricity Authority (Rs 11.04 billion), Nepal Doorsanchar Company Ltd (Rs 9.75 billion), Rastriya Banijya Bank Ltd ( Rs 4.38 billion) and Agricultural Development Bank Ltd (Rs 3.33 billion). <br /> The government received a total of Rs 14.9 billion in cash dividend from public enterprises, a jump by 48.87 percent of the return in the previous fiscal year. <br /> Only five public enterprises were able to pay cash dividends to the government. Nepal Doorsanchar Company Ltd was the highest dividend payer to the government with its contribution of 43.82 percent in the total cash dividend. Nepal Oil Corporation’s contribution in the total dividend was 36.56 percent. <br /> However, the return on equity ratio stands at only 4.88 percent. <br /> The Yellow Book shows that the government’s investment has gone up by 11.74 percent in public enterprises to Rs 519.55 billion. Share or equity investment accounts for 55.52 percent (Rs 288.65 billion) of the total investment. The remaining 44.48 percent (Rs 230.89 billion) of the investment the government has made in these public enterprises is in the form of loans. </p> <p>As the government has been financing big capital projects including hydropowergeneration and transmission projects, airports and drinking water project through public enterprises, the investment is on the rise, according to the report. <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13207', 'image' => '20210528085941_PEs.JPG', 'article_date' => '2021-05-28 20:58:13', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 2 => array( 'Article' => array( 'id' => '13461', 'article_category_id' => '1', 'title' => 'Govt Built 1,338 km of New Roads in Current Fiscal Year: Economic Survey Report', 'sub_title' => 'After dissolution of the House of Representatives, Finance Minister Paudel releases Economic Survey report amid a virtual press meet', 'summary' => 'The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black topped roads in the first eight months of the current fiscal year 2020/21.', 'content' => '<p>May 28: The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black-topped roads in the first eight months of the current fiscal year (FY 2020/21).<br /> Releasing the report of the Economic Survey 2020/21 on Friday, the Ministry of Finance said that the total length of roads has reached 33,528 km as of mid-February including 15,974 km of black-topped roads, 8,582 km gravel roads and 8,972 km of mud roads.<br /> Releasing the survey report amid a virtual ceremony, Minister for Finance Bishnu Prasad Paudel claimed that the government achieved a significant progress in infrastructure development and transportation sector during the review period.<br /> While the government is required to present the Economic Survey at the Federal Parliament, Finance Minister Paudel released the survey report amid a virtual press conference as the House of Representatives was dissolved by President Bidya Devi Bhandari last Friday upon the recommendation of Prime Minister KP Sharma Oli.<br /> According to the survey report, the government built 129 new bridges in the review period compared to 210 bridges constructed in the last fiscal year (FY 2019/20).<br /> Likewise, the Economic Survey shows that access to insurance reached 23.4 percent of the total population by mid-March 2020 compared to 22 percent in the same period last year.<br /> Addressing the virtual press meet, Finance Minister Paudel said that the country's major economic indicators are positive despite a shrink in economic activities due to Covid-19.<br /> Though the Central Bureau of Statistics (CBS) had made a preliminary estimate of 4.01 percent of economic growth in the current fiscal year, economists say that the GDP growth is likely to remain way below the estimate of CBS which was based on an assumption that the prohibitory period imposed in many parts of the country to contain the second wave of coronavirus would not last more than two weeks. However, the prohibitory period in Kathmandu Valley, which started on April 29, has been extended till June 3. <br /> Finance Minister Paudel pointed to lower average inflation, increase in revenue collection and mobilization of international assistance, improvement in external sector position, stock market rally and progress in human and social development, among other indicators, to paint a rosy picture of the economy.<br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13206', 'image' => '20210528062849_IMG_4910.jpg', 'article_date' => '2021-05-28 18:26:32', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 3 => array( 'Article' => array( 'id' => '13460', 'article_category_id' => '1', 'title' => 'Nepal’s Development Partners Call for Quick Purchase of Vaccines', 'sub_title' => '', 'summary' => 'Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri">Rupak D Sharma</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Kathmandu, May 28</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The commitments expressed by various countries as well as development partners, such as the Asian Development Bank (ABD) and the World Bank (WB), to support Nepal to restart its vaccination campaign are consoling. But the nature of coronavirus is such that it spreads rapidly. And delays of even a few days can wreak havoc. Just look at how rapidly the death toll has jumped. It stood at around 3,200 until a month ago and has since more than doubled to over 7,000.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“When it comes to vaccines, Nepal cannot and should not wait.... The World Bank and ADB commit to funding Nepal’s eligible vaccines that have WHO listing. We will do this today if the contracts between the government and eligible providers are ready. We are ready and on standby,” Faris Hadad-Zervos, World Bank Country Director, said in a written statement made available to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The WB has provided US$75 million and the ADB an additional US$165 million to the government for procurement of safe and effective vaccines. China recently said it is ready to offer 1 million additional doses. Other countries, including the US, the UK and those in the European Union, too have said they would support Nepal to rollout vaccines.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Daily%20new%20cases.jpg" style="height:378px; width:607px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal, which has a population of about 30 million, was among the first in Asia to receive Covid-19 vaccines. It has administered around 2.74 million doses so far, which include vaccines provided in the form of grants by India and China. Early vaccine rollout in Nepal was seen as a feat by many. Then, the drive went into a tailspin. This was not because the country lacked financial resources but because of the choices it made. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Initially, the government was too focused on getting the vaccines for free. Later initiatives were taken to purchase them and one million doses were even bought from India. Then the health minister made statements saying some of the people, who were seeing the vaccination drive as a gravy train, were creating obstructions in the procurement process. This controversy dragged on for some period and by the time it subsided, India, one of the world’s largest vaccine suppliers, was in the grips of the second wave of the pandemic. This left India with no choice but to stop exports of vaccines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The second wave of pandemic that hit India entered Nepal in no time. Soon hospitals started coming under intense pressure and the demand for oxygen and other critical medical equipment such as ventilators surged. The EU and its member states, the US, the United Nations, Switzerland, and the UK, for example, have supplied oxygen equipment, ventilators, personal protective equipment (PPE) and other medical equipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“We are also quickly mobilising emergency support with an initial 2 million euros towards the UN’s COVID appeal. We stand ready to provide further assistance,” said Janez Lenarčič, European Commissioner for Crisis Management in a statement provided to the New Business Age, thanking Finland, Spain, France, Germany and Belgium “for their quick and generous offers of assistance via the Civil Protection Mechanism”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The development partners have also formed the Health Working Group to respond to Nepal’s needs in a coordinated manner through a single window. This is expected to maximize the efficiency in meeting Nepal’s Covid-related needs and streamline support. Several development partners have also immediately deployed their technical expertise to inform a fast-tracked response.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“The UK has had a technical team working in the Ministry of Health and Population for some years. The team has proved to be invaluable in being able to support the government in shaping the response to COVID-19. They have advised on the Rapid Response Plan, the specifications for equipment, design of treatment facilities, epidemiology, analysis, data and much more,” said Lisa Honan, British Embassy’s Development Director in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/PCR%20Tests.jpg" style="height:380px; width:609px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The government has formed a high-level body, called Covid-19 Crisis Management Centre (CCMC), to take the lead in managing and coordinating the fight against the pandemic. Although many have supported formation of such a body, its image has been tarnished to some extent because of allegations of corruption levelled against it. Many are expecting the body to operate more professionally and in a transparent manner as the government has recently appointed former Nepal Army Lieutenant General Balananda Sharma as its CEO. But it has been suggested that it rope in more technical and public health experts who can help the body make streamlined, scientific, evidence-based and practical decisions to minimise health, social and economic impacts of the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal is facing a host of problems in dealing with the pandemic largely because it has failed to make adequate investment in public health infrastructure. Of course, the healthcare system of even the developed countries came under severe pressure during the pandemic. But, globally, lessons are being learnt and preparations are simultaneously being made to tackle such problems effectively and efficiently. In Nepal too calls are being made to strengthen public health infrastructure by engaging local governments. This should be supplemented by countrywide expansion of universal health insurance scheme, as many of the Covid-19 infected hesitated to visit hospitals because of the costs involved in the medical treatment. Germany, which provides one of the world’s best universal health insurance schemes using private and quasi-private agencies, is already supporting Nepal on this front. The country needs an affordable universal health insurance plan to build human capital.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Several years of common effort to build a universal health insurance, together with GIZ and other partners, provide excellent experience and the first building blocks for fulfilling this task,” said Ambassador of Germany to Nepal Roland Schäfer in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Had mechanisms like universal health insurance and a good public health infrastructure been in place, Nepal perhaps would not have had to impose one of the severest lockdowns in the world to contain the spread of the disease. During the first wave of the pandemic, entire Nepal was shut down for almost four months from March 24, 2020. The restrictions in movement brought the economy to a standstill, as almost all of the enterprises remained closed, supply chains were disrupted and many employees were relieved of their duties or were asked to take sharp pay cuts. This is expected to have made 1.6 million jobless and pushed 1.2 million into the poverty trap.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Positive%20rate%281%29.jpg" style="height:381px; width:608px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal has not imposed a nationwide lockdown to tackle the second wave of pandemic, but almost all the districts have issued prohibitive orders since the end of April, severely restricting movements. Although an official study on the impact of the second round of lockdown has not been conducted, a survey done by the General Federation of Nepalese Trade Unions (GEFONT) in 60 districts showed that 3.65 million people have lost their jobs so far. Effect on livelihood of daily wage earners, persons with disabilities and people from disadvantaged groups with no access to formal social safety net is not immediately known. But impact is likely to be greater this time as infection rate has not gone down even after a month of lockdown and the virus has penetrated rural areas as well which largely remained safe during the first wave of pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The only government mechanism that can provide a safety net at times like these is the Prime Minister Employment Programme (PMEP), but it has not been able to provide relief to the most vulnerable. Around 187 countries around the world are already providing emergency cash transfers, mainly by expanding existing programmes, according to the World Bank. But Nepal has not been able to make use of its social protection programme, although the PMEP guideline allows distribution of subsistence allowance equivalent to 50 percent of wages of unworked days to registered beneficiaries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Earlier, the government had introduced the Business Continuity Loan Scheme -- under which credit of up to Rs 100 million was pledged for a minimum of two years at five percent (first year) to six percent (second year) interest -- to save jobs as well as enterprises. But there were very few takers of this credit, as the scheme came with conditions that many businesses could not meet. Many are demanding that a similar scheme with fewer conditions be introduced to aid enterprises that are on the verge of bankruptcy. There are also calls for increasing the size of the refinance fund at the central bank -- and donors have expressed commitment to contribute to it -- to continue providing subsidised funding to priority sectors, particularly small and medium enterprises affected by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Supporting the recovery of enterprises and investment growth is a crucial part of post-Covid recovery,” said Swiss Ambassador to Nepal Elisabeth von Capeller in a statement provided to the New Business Age, adding, “Switzerland, in partnership with the World Bank, is supporting the Government of Nepal to drive forward much needed reforms and help MSMEs [micro, small and medium enterprises] recover and rebound.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Going forward, Nepal needs to prepare a coherent plan to revive the businesses and the economy, as growth contracted by two percent in the last fiscal year and the central bank has already ruled out the possibility of attaining four percent growth rate projected by the Central Bureau of Statistics for this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">But for now Nepalis want one thing: vaccine.</span></span></p> <p><span style="font-size:18px">“Vaccination program is the urgent need of the hour and the World Bank and ADB are working closely with the government and all partners in procuring and delivering COVID-19 vaccines safely and effectively. Vaccination not only saves lives and but also mitigates the negative economic impacts of the pandemic by restoring people’s ability to work and travel safely,” said Rudi Van Dael, Unit Head, Portfolio Management, of the Asian Development Bank Nepal Resident Mission, in a statement provided to the New Business Age.</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><em>(Based on views expressed by Asian Development Bank, British Embassy, European Union, German Embassy, Embassy of Switzerland, and World Bank)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13205', 'image' => '20210528053937_20201220030450_Corona3.jpg', 'article_date' => '2021-05-28 17:38:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13459', 'article_category_id' => '1', 'title' => 'Hotel Industry on the Verge of Collapse: HAN', 'sub_title' => 'Hoteliers urge the government to adopt a policy to support them', 'summary' => 'May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries. The umbrella body of hotel operators drew the government's attention stating that Covid-19 has severely affected the hotel industry and needs a government’s support and budget for revival.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Issuing a press statement on May 27, HAN demanded the government to address various issues that have troubled them. The association has requested the government to address severely affected industries, establish protection funds, provide concession on tax including special concessions, waivers, banking concessions, rebates on electricity tariffs and charges, suspension of financial obligations, in addition to staff and workers welfare scheme and promotion of internal tourism.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to HAN, the hotel industry, hit by the global pandemic, has not been able to get back on track due to the second wave of coronavirus infection. It is mentioned in the press statement that the hoteliers are in a state of great confusion and panic regarding the risk of their hotel business.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Shreejana Rana, president of HAN, said that the employment of millions of individuals dependent on the hotel and tourism business is at stake. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the press statement says that many hoteliers have been compelled to flee due to the current situation. HAN said that the tourism and hotel industry is at risk of collapsing.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The statement further says it would take time for tourism to return to normalcy even after the coronavirus pandemic subsides. HAN has also demanded the government to establish a business protection fund for the revival of the hotel industry and an employment protection fund for its dependent employees and workers.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Similarly, HAN has demanded the government to provide concession in tax for 3 years along with 50 percent exemption in value-added tax till the business returns to normalcy. HAN also stressed the need to waive direct taxes levied by the federal, provincial, and local governments on the hotel sector for the next three years. The association also has asked for a 50 percent discount on electricity tariffs for the next two years. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the association also has demanded the government introduce policies to promote domestic tourism.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13204', 'image' => '20210528010501_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2021-05-28 13:04:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13458', 'article_category_id' => '1', 'title' => 'Remittance Companies Urge Central Bank to Facilitate them in Availing their Services', 'sub_title' => '', 'summary' => 'May 28: With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28</span>: <span style="font-family:"Times New Roman"">With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. This has in turn affected not only their business but also people from availing their service. Thus, remittance companies have requested Nepal Rastra Bank to facilitate in remittance payment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The Umbrella Organization of Nepal Remitters Association has submitted a written request to the District Administration Office to arrange transportation passes for at least a limited number of employees.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The association submitted such a request after the government’s decision to extend the prohibitory period and enforce it strictly.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Officials at the Foreign Exchange Department of Nepal Rastra Bank stated that they have verbally requested the Chief District Officers to provide at least one or two passes per company since the central bank does not intend to halt remittance service.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to Guru Prasad Poudel, the director of the department, the District Administration Offices have been requested to facilitate transportation to remittance companies for giving continuity to their services.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Due to high infection of Covid-19, Nepal Rastra Bank had directed remittance companies to carry out their operation with a handful of employees. On May 2</span>, the companies were directed to work with maximum safety and vigilance. The Foreign Exchange Department of the central bank directed remittance companies to work with participation of limited number of employees.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Till date, 51 remittance companies have received permission from Nepal Rastra Bank to continue their operation. Similarly, 10 payment system operators and 28 payment service providers are given permission to operate.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13203', 'image' => '20210528125452_20210413120722_20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2021-05-28 12:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13457', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Suggest Government not to Introduce Full Budget ', 'sub_title' => '', 'summary' => 'May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They were of the view that a caretaker government should not announce full-fledged budget while the issue of restoration of parliament is sub judice in the Supreme Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They made such appeal during a meeting of the former finance ministers’ forum. The ex-ministers also discussed about the budget for the upcoming Fiscal Year (FY 2078/79) and the impact of covid-19 on the economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Issuing a statement after the meeting, former finance ministers Prakash Chandra Lohani, Ram Sharan Mahat, Krishna Bahadur Mahara, Surenda Paney and Barshaman Pun said, “According to the international practice, it is not appropriate to bring a full budget in such a situation. If a budget needs to be brought through ordinance in such times, it is suggested to bring a provisional budget with regular expenditure only.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13202', 'image' => '20210528114841_ENqxta_U8AAXhES.jpg', 'article_date' => '2021-05-28 11:47:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13456', 'article_category_id' => '1', 'title' => 'MoF Releases Rs 1.41 Billion to 41 Hospitals ', 'sub_title' => '', 'summary' => 'May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. </span><br /> <span style="font-family:"Arial Unicode MS"">The Ministry on Thursday (May 27) released funds worth Rs1.41 billion to 41 different hospitals of the country. Those receiving the funds are district-based government hospitals in Taplejung, Sankhuwasabha, Terhathum, Bhojpur, Khotang, Solukhumbu, Okhaldhunga, Rangeli, Sunsari, Sarlahi, who received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, district hospitals in Bara, Ramechhap, Dolakha, Bhaktapur, Rasuwa, Parbat, Syangja, Myagdi also received the same amount, along with the hospitals in Palpa, Rolpa and Mugu. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Ministry, the Seti Provincial Hospital received Rs 60 million while Gajendra Narayan Hospital and Tulasipur Hospital received Rs 90 million each and Bhaktapur Hospital will received Rs 120 million. </span><br /> <span style="font-family:"Arial Unicode MS"">For ICU ventilators, the Dhulikhel Hospital, Pokhare Institute of Health Sciences, the BPKIHS in Dharan and Lumbini Provincial Hospital and Bhim Hospital will received Rs 18 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Furthermore, the Gajendra Narayan Hospital, Bheri Hospital, Dadeldhura Hospital, Narayan Hospital, Koshi Hospital, Rapti Institute of Health Sciences, Karnali Institute of Health Sciences, Janakpur Provincial Hospital and Surkhet Provincial Hospital have been allocated Rs 12 million reach. </span><br /> <span style="font-family:"Arial Unicode MS"">In Kathmandu, the Kanti Children's Hospital, Patan Institute of Health Sciences and TU Teaching Hospital received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">The funds were provided as per the demand from the Ministry of Health and Population of COVID-19 prevention, control and treatment. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13201', 'image' => '20210528112937_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-05-28 11:28:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13455', 'article_category_id' => '1', 'title' => 'Former Vice Chairs of NPC Against Full-Fledged Budget ', 'sub_title' => '', 'summary' => 'May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29 at a time when the House of Representatives (HoR) is dissolved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Issuing a press statement on Thursday (May 27), they rejected the idea of full-fledged budget arguing that such budget is likely to influence the upcoming election. They also noted that the government’s move to collect excessive public debt and change of tax rate were serious breach of political moral principal. The former vice chairs warned that the move of the government is likely to push the country’s economy towards instability and therefore urged the government to become serious about this issue.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">They also raised concern regarding the unexpected dissolution of the lower house at a time when it should have held the budget session. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“This has created a constitutional crisis and uncertainty. In such situation, it is certain that the country’s economy will be pushed backward,” reads the statement.</span><br /> <span style="font-family:"Arial Unicode MS"">They further reminded that the case relating to the dissolution of HoR is sub judice at the Supreme Court. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the former vice chairmen of NPC, the unexpected dissolution of HoR is a pre-planned design to rule the country and issue budget through ordinance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Those issuing the statement include Dr Prithvi Raj Ligal, Dr Jagdish Chandra Pokhrel, Dr Shankar Sharma, Dr Pitambar Sharma, Dr Dinesh Chandra Devkota, Dipendra Bahadur Chhetri, Dr Govinda Raj Pokhrel, Dr Min Bahadur Shrestha and Dr Swarnim Wagle. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13200', 'image' => '20210528094601_20210501025837_11.jpg', 'article_date' => '2021-05-28 09:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13454', 'article_category_id' => '1', 'title' => 'Bird Flu Hits Poultry Sector Again', 'sub_title' => '', 'summary' => 'May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu. While 20 percent farmers have stopped poultry farming due to the outbreak of Newcastle disease, which has been reported since the last six months, frequent outbreak of bird flu has further troubled the farmers. Bird flu was confirmed in Tarkeshwor Municipality, Nakhu, Jajarkot and Surkhet. Recently, bird flu has been confirmed in turkeys raised by farmers in Kirtipur – 4 and 9, and Chandragiri – 2.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Department of Livestock Services, bird flu was confirmed on Monday while testing samples through real-time PCR method at the Central Veterinary Laboratory, Tripureshwor. Issuing a statement on Wednesday, the department said that the infection has been confirmed in chickens in the areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">As soon as the disease was confirmed, domesticated birds and other contagious fowls were destroyed to prevent the spread of the disease from the area.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The spokesperson of the department, Dr Chandra Dhakal, said that they are not sure about financial losses of the farmers. According to Dhakal, the farmers will get 75 percent compensation from the government after the district rate-fixation committee determines the price of the destroyed chickens.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Meanwhile, 535 turkeys, 492 local chickens, 76 quails, 20 ducks, 178 eggs and 900 kg grains have been destroyed in the affected areas. The department also said that the affected areas have been completely disinfected.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">While bird flu has been seen in chickens and turkeys in different parts of the country, the government has not shown much interest to step up the testing. Earlier, the Ministry of Agriculture and Livestock Development had informed that there were not enough laboratories for testing when the infection was detected in Tarkeshwor last January.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Spokesperson for the ministry Dr Shree Ram Ghimire said that the inadequacy of the laboratory still persists. According to him, out of the eight laboratories that are operational under the ministry, five laboratories are currently being used by the Ministry of Health for testing coronavirus. Only the remaining three are being used for testing bird flu samples. "It is not enough for us, but we have to give first priority to people," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He pointed out that there could be problems for testing if laboratories are not added as soon as possible. Out of the total eight laboratories under the Ministry of Agriculture, only the Central Veterinary Laboratory at Tripureshwor is recognized by the World Organization for Animal Health. Stakeholders point out that although the disease is tested in other laboratories, they do not meet all criteria. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13199', 'image' => '20210527073417_20210202120856_A3 Poster or Handout_Bird Flu Mar 2020 (upload)-400 2.JPG', 'article_date' => '2021-05-27 19:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13453', 'article_category_id' => '1', 'title' => 'IFC to Help Small Businesses and Support Economic Recovery in Nepal', 'sub_title' => '', 'summary' => 'May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs) in health care, renewable energy, technology, and other critical sectors, vital to the recovery of the pandemic-battered economy. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC Resident Representative in Nepal, Babacar S Faye, private equity funds like Dolma can be an important source of capital and expertise for Nepali firms that have potential to grow, including those struggling to deal with the impacts of the COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">SMEs are a key engine of growth in Nepal, contributing 20 percent of gross domestic product (GDP) and creating over 60 percent of jobs in the country, said IFC in a statement. Even before the pandemic hit, SMEs were already struggling with limited access to finance. At present only 39 percent of Nepal’s SMEs have access to finance, according to IFC. Availability of additional financing for SMEs will be key to any sustainable and inclusive economic recovery in Nepal, the statement added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“Dolma Fund Management is one of the first private equity fund managers focused on Nepal. It completed the initial $40 million close of Dolma Impact Fund II in May 2021, to invest in companies with strong growth potential, especially small and medium businesses," the statement quoted Tim Gocher, CEO of the Dolma Fund Management, as saying. "This will help scale up their capacity, increase skills and competitiveness, and create sustainable employment in Nepal. The target fund size is $75 million. We are confident that IFC’s participation will further catalyze fund raising and help us reach our target size.”</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC, its equity investment includes $5 million from the International Development Association’s Private Sector Window, created to catalyze private sector investment in low-income countries. The overall investment is part of IFC’s SME Ventures program, which provides risk capital to entrepreneurs and fund managers in low-income countries where such funding is scarce or unavailable. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“With the rise in COVID-19 cases, Nepal is in a difficult spot, but we believe in the country's potential,” said IFC Resident Representative in Nepal, Babacar S Faye. “By providing capital in emerging markets like Nepal, where it is scarce, private equity funds can help local businesses expand their operations, create more jobs, and provide critical goods and services. We also hope that this will send a strong signal to the market that we are confident in the resilience of Nepal’s entrepreneurs.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">With a combined capital of less than $100 million, private equity funds operating in Nepal are smaller than those in other emerging economies and there is significant potential for growth, according to IFC. Furthermore, IFC said its latest investment in DIF II marks its second in private equity in Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">The statement added that IFC’s current combined committed portfolio in Nepal stands at $550 million.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13198', 'image' => '20210527042743_ifc_lo.jpeg', 'article_date' => '2021-05-27 16:26:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13452', 'article_category_id' => '1', 'title' => 'Second Wave of Pandemic Renders 3.65 Million People Jobless', 'sub_title' => '', 'summary' => 'May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. The prohibitory orders imposed in the country to contain coronavirus has made people working in sectors like tourism, transportation, construction, beauty parlor business, retail shops as well as daily-wage earners jobless. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">It's been almost a month since the government imposed restrictions on April 29 for the control and prevention of coronavirus. In this period, the number of unemployed has also been increasing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"However, relief packages for the affected people are not available from the federal, provincial, or the local governments," said Binod Shrestha, president of the General Federation of Nepalese Trade Unions (GEFONT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Trade union had conducted survey in sixty districts. According to the survey, 900,000 people in tourism sector and 1.1 million people in transportation sector have been unemployed. Some vehicles working in health sector and those supplying essential materials are in operation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Similarly, 50 percent of 2.5 million people working in the construction sector have become unemployed. "Despite the prohibitory orders, construction process is ongoing in some of the national pride projects by setting up isolation centers in the construction sites," informed Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">GEFONT has stated that 50,000 porters are also unemployed. The beauty parlor business is also completely shut down at this time. The prohibitory order has brought the business of around 300,000 people working in this sector to a standstill.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Another sector which employs a large number of people is the self-employed sector. People earn their living by selling goods on pavements, and also by carrying their goods from one place to another. According to GEFONT, the number of such entrepreneurs is estimated to be around 300,000. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Domestic workers have also been hit hard by the prohibitory orders. Twenty Five percent of people working in the field of handicraft have been rendered jobless.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to Shrestha, many industries are running compared to the previous lockdown. Employees were laid off during the lockdown enforced last year. "We have not received any information of workers being laid off this year. However, workers have not received their salary this time as well," said Shrestha. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">People working in boarding schools, staff nurses, and bank employees have not been paid regularly. Similarly, another major sector affected by the restrictions is transport. Yogendra Nath Karmacharya, president of the Federation of Nepalese National Transport Entrepreneurs said that people working in this sector and investors have also been extremely affected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"Transport sector is reeling through recession and we don't know if the government exists," said Karmacharya. "We are looking forward to the policies the government will be introducing in the budget programme. If no relief is provided to this sector, we will hand over all the vehicles from all over the country to the government," he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Federation, the number of public transport stands at 300,000 and the number of freight vehicles is 60,000. He said that 80 percent of the entrepreneurs will be unable to repay the loan. He said that transport entrepreneurs are demanding a full waiver of interest.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13197', 'image' => '20210527020210_20200329020636_1*NkJiwlwHU-rOgHgIlt1mGA.jpeg', 'article_date' => '2021-05-27 14:01:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13451', 'article_category_id' => '1', 'title' => 'China to Provide 1 Million Doses of Covid-19 Vaccine to Nepal', 'sub_title' => '', 'summary' => 'May 27: China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:"Times New Roman"">China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. The Chinese government has declared to provide those vaccines free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">On Wednesday, President Bidya Devi Bhandari held a telephone conversation with her Chinese counterpart President Xi Jinping, who pledged to provide 1 million doses of vaccine free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The Ministry of Foreign Affairs informed that the two presidents held general discussion and exchanged views on the overall relations between Nepal and China, as well as assistance related to COVID-19.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari expressed her gratitude to the Chinese government for helping Nepal fight against Covid-19. China has continuously helped Nepal with life-saving medicines, medical equipment and other health items during this pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari thanked China for providing 800,000 doses of vaccines to Nepal in the past. She praised President Xi's statement that the vaccine against COVID-19 should readily be available all around the world. President Xi also requested Nepal to purchase vaccine against COVID-19 from China.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Xi acknowledged the difficult situation Nepal is going through due to the second wave of coronavirus and has assured that China would always be ready to lend a helping hand to Nepal in this fight against Covid-19. In the statement released by the Ministry, President Xi has assured Nepal saying China has placed Nepal in top priority regarding the assistance with vaccination.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Expressing gratitude for the Chinese President's announcement to provide additional vaccines during the current crisis, President Bhandari expressed confidence that Chinese assistance would continue in Nepal’s fight against Covid-19.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13196', 'image' => '20210527014204_thumb.jpg', 'article_date' => '2021-05-27 13:41:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13450', 'article_category_id' => '1', 'title' => 'Central Bank Raising Internal Loans Aggressively', 'sub_title' => 'NRB Falls Short of its Target by 50 Percent with just 2 Months Remaining', 'summary' => 'May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. By the end of the second quadrimester of the current fiscal year, the government has been able to raise 50.22 percent of internal loan out of its total target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The state-owned Nepal Rastra Bank has so far raised Rs 113 billion from treasury bills, citizens bonds, foreign employment bonds and development bonds. In the third and final quadrimester, the government is yet to collet half of its target of internal loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The central bank has started raising internal loan for the government aggressively in the third quadrimester. With just two months left in the current fiscal year, the central bank is yet to collect Rs 112 billion of its target. In order to meet its target, NRB has been issuing bonds almost on a daily basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">In this context, the central bank has issued foreign employment bond worth Rs 500 million. NRB will float the bonds between May 27 to June 17. The bonds with maturity period of five years will be issued on June 22. The rate of interest of the bond has been fixed at 10 percent and the interest will be paid every six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13195', 'image' => '20210527011421_The Nepal Rastra Bank.jpg', 'article_date' => '2021-05-27 13:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13449', 'article_category_id' => '1', 'title' => '87.19% Population has Access to Internet in Nepal: NTA', 'sub_title' => '', 'summary' => 'May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data unveiled by Nepal Telecommunications Authority (NTA), over 26.35 million population is connected to internet facility as of mid-May. NTA said it registered over 936,000 new users in the month of Falgun (mid-February to mid-March). It means 87.19 per cent population have access to internet as of Fagun end (March 13). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report was prepared on the basis of population projection (2011-2030) and it assumes the current population of Nepal to be 29.87 million. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people using the internet through mobile devices is the highest, making up 64.08 per cent of the total number of users. Likewise, 11.56 million population have access to 3G internet and the customers of Nepal Telecom are the largest contributors as their number is 9.94 million followed by 2.47 million of Ncell users. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This number was 11.35 million in the month of Magh (mid-January to mid-February), which increased by 200,000 in Falgun (mid-February to mid-March). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G users has reached 7.66 million. Three telecommunications companies have launched the 4G services and the users of Ncell make up the highest portion (4.85 million). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of 4G users was 4.32 million in the month of Magh (mid-January to mid-February). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The data shows that the number of state-owned Nepal Telecom service users (4G ) has reached 2.58 million and their number in the month of Falgun (mid-February to mid-March) went up by 44,570 compared to the previous month. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G service users of Smart Telecom has reached 223,145. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The contribution of fixed broadband is 22.35 per cent (812,000) and FTTH (Fiber to the Home) is over 5,945,000, RSS further reported citing the NTA. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-26', 'modified' => '2021-05-26', 'keywords' => '', 'description' => '', 'sortorder' => '13194', 'image' => '20210526081934_20190922030926_aaaa.jpg', 'article_date' => '2021-05-26 20:18:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '13463', 'article_category_id' => '1', 'title' => 'Achieving Economic Growth Target is Challenging: Finance Minister', 'sub_title' => '', 'summary' => 'May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The Finance Minister made such remark while launching the Economic Survey at the Ministry of Finance on Friday afternoon (May 28), according to the state-owned national news agency RSS. On the occasion, he shared that it was a challenge even to achieve revised economic growth target in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS"">The government had set the target of achieving 7 per cent economic growth while launching the budget for the current fiscal year. It had later lowered that figure and estimated economic growth to be 4.01 per cent in view of the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Finance Minister, a situation has arisen in which the revised projected target of 4.01 per cent also could not be achieved as prohibitory order has been issued in many places of the country to contain the spread of the second wave of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">He, however, added that most of the macroeconomic indicators were positive even in the adverse situation of the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">Finance Minister Poudel said that domestic investment has expanded, the scope of financial access, capital market and insurance has broadened, the overall balance of payment situation was in reserve and the remittance inflow and foreign exchange reserve have increased. .</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Meanwhile, it has been learnt that the government is making preparations to announce the budget for the upcoming fiscal year through an ordinance at 4 PM today afternoon (May 29).</span></span></span></p> ', 'published' => true, 'created' => '2021-05-29', 'modified' => '2021-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '13208', 'image' => '20210529080705_20210110034934_1610265858.jpg', 'article_date' => '2021-05-29 08:06:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13462', 'article_category_id' => '1', 'title' => 'Public Enterprises’ Net Profit, Revenue Decline as Covid-19 Hits their Businesses ', 'sub_title' => 'However, govt collects Rs 14.9 billion in cash dividend from five profit-making public enterprises, a jump by 48.87 percent from previous fiscal year’s return ', 'summary' => 'Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. ', 'content' => '<p>May 28: Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. <br /> According to the report of ‘Annual Status Review of Public Enterprises 2021’ released by the Ministry of Finance on Friday, 24 out of 44 enterprises in existence earned a profit while 18 incurred losses. Other two public enterprises did not make any transaction, according to the report. <br /> Government officials blame the fall in the net profit of public enterprises to a decline in their businesses due to the Covid-19 and the pandemic induced containment measures. <br /> The impact of the Covid-19 is also reflected in their revenues, according to government officials. The review report, commonly known as Yellow Book, shows a 6.91 percent decline in total revenue of all public enterprises to Rs 460.39 billion in the last fiscal year. The combined revenue of public enterprises was Rs 494.59 billion in the previous fiscal year. <br /> With a net profit of Rs 12.91 billion in the last fiscal year, Nepal Oil Corporation stood at the top of the list of five highest profit earners. Other four public enterprises were Nepal Electricity Authority (Rs 11.04 billion), Nepal Doorsanchar Company Ltd (Rs 9.75 billion), Rastriya Banijya Bank Ltd ( Rs 4.38 billion) and Agricultural Development Bank Ltd (Rs 3.33 billion). <br /> The government received a total of Rs 14.9 billion in cash dividend from public enterprises, a jump by 48.87 percent of the return in the previous fiscal year. <br /> Only five public enterprises were able to pay cash dividends to the government. Nepal Doorsanchar Company Ltd was the highest dividend payer to the government with its contribution of 43.82 percent in the total cash dividend. Nepal Oil Corporation’s contribution in the total dividend was 36.56 percent. <br /> However, the return on equity ratio stands at only 4.88 percent. <br /> The Yellow Book shows that the government’s investment has gone up by 11.74 percent in public enterprises to Rs 519.55 billion. Share or equity investment accounts for 55.52 percent (Rs 288.65 billion) of the total investment. The remaining 44.48 percent (Rs 230.89 billion) of the investment the government has made in these public enterprises is in the form of loans. </p> <p>As the government has been financing big capital projects including hydropowergeneration and transmission projects, airports and drinking water project through public enterprises, the investment is on the rise, according to the report. <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13207', 'image' => '20210528085941_PEs.JPG', 'article_date' => '2021-05-28 20:58:13', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 2 => array( 'Article' => array( 'id' => '13461', 'article_category_id' => '1', 'title' => 'Govt Built 1,338 km of New Roads in Current Fiscal Year: Economic Survey Report', 'sub_title' => 'After dissolution of the House of Representatives, Finance Minister Paudel releases Economic Survey report amid a virtual press meet', 'summary' => 'The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black topped roads in the first eight months of the current fiscal year 2020/21.', 'content' => '<p>May 28: The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black-topped roads in the first eight months of the current fiscal year (FY 2020/21).<br /> Releasing the report of the Economic Survey 2020/21 on Friday, the Ministry of Finance said that the total length of roads has reached 33,528 km as of mid-February including 15,974 km of black-topped roads, 8,582 km gravel roads and 8,972 km of mud roads.<br /> Releasing the survey report amid a virtual ceremony, Minister for Finance Bishnu Prasad Paudel claimed that the government achieved a significant progress in infrastructure development and transportation sector during the review period.<br /> While the government is required to present the Economic Survey at the Federal Parliament, Finance Minister Paudel released the survey report amid a virtual press conference as the House of Representatives was dissolved by President Bidya Devi Bhandari last Friday upon the recommendation of Prime Minister KP Sharma Oli.<br /> According to the survey report, the government built 129 new bridges in the review period compared to 210 bridges constructed in the last fiscal year (FY 2019/20).<br /> Likewise, the Economic Survey shows that access to insurance reached 23.4 percent of the total population by mid-March 2020 compared to 22 percent in the same period last year.<br /> Addressing the virtual press meet, Finance Minister Paudel said that the country's major economic indicators are positive despite a shrink in economic activities due to Covid-19.<br /> Though the Central Bureau of Statistics (CBS) had made a preliminary estimate of 4.01 percent of economic growth in the current fiscal year, economists say that the GDP growth is likely to remain way below the estimate of CBS which was based on an assumption that the prohibitory period imposed in many parts of the country to contain the second wave of coronavirus would not last more than two weeks. However, the prohibitory period in Kathmandu Valley, which started on April 29, has been extended till June 3. <br /> Finance Minister Paudel pointed to lower average inflation, increase in revenue collection and mobilization of international assistance, improvement in external sector position, stock market rally and progress in human and social development, among other indicators, to paint a rosy picture of the economy.<br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13206', 'image' => '20210528062849_IMG_4910.jpg', 'article_date' => '2021-05-28 18:26:32', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 3 => array( 'Article' => array( 'id' => '13460', 'article_category_id' => '1', 'title' => 'Nepal’s Development Partners Call for Quick Purchase of Vaccines', 'sub_title' => '', 'summary' => 'Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri">Rupak D Sharma</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Kathmandu, May 28</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The commitments expressed by various countries as well as development partners, such as the Asian Development Bank (ABD) and the World Bank (WB), to support Nepal to restart its vaccination campaign are consoling. But the nature of coronavirus is such that it spreads rapidly. And delays of even a few days can wreak havoc. Just look at how rapidly the death toll has jumped. It stood at around 3,200 until a month ago and has since more than doubled to over 7,000.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“When it comes to vaccines, Nepal cannot and should not wait.... The World Bank and ADB commit to funding Nepal’s eligible vaccines that have WHO listing. We will do this today if the contracts between the government and eligible providers are ready. We are ready and on standby,” Faris Hadad-Zervos, World Bank Country Director, said in a written statement made available to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The WB has provided US$75 million and the ADB an additional US$165 million to the government for procurement of safe and effective vaccines. China recently said it is ready to offer 1 million additional doses. Other countries, including the US, the UK and those in the European Union, too have said they would support Nepal to rollout vaccines.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Daily%20new%20cases.jpg" style="height:378px; width:607px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal, which has a population of about 30 million, was among the first in Asia to receive Covid-19 vaccines. It has administered around 2.74 million doses so far, which include vaccines provided in the form of grants by India and China. Early vaccine rollout in Nepal was seen as a feat by many. Then, the drive went into a tailspin. This was not because the country lacked financial resources but because of the choices it made. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Initially, the government was too focused on getting the vaccines for free. Later initiatives were taken to purchase them and one million doses were even bought from India. Then the health minister made statements saying some of the people, who were seeing the vaccination drive as a gravy train, were creating obstructions in the procurement process. This controversy dragged on for some period and by the time it subsided, India, one of the world’s largest vaccine suppliers, was in the grips of the second wave of the pandemic. This left India with no choice but to stop exports of vaccines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The second wave of pandemic that hit India entered Nepal in no time. Soon hospitals started coming under intense pressure and the demand for oxygen and other critical medical equipment such as ventilators surged. The EU and its member states, the US, the United Nations, Switzerland, and the UK, for example, have supplied oxygen equipment, ventilators, personal protective equipment (PPE) and other medical equipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“We are also quickly mobilising emergency support with an initial 2 million euros towards the UN’s COVID appeal. We stand ready to provide further assistance,” said Janez Lenarčič, European Commissioner for Crisis Management in a statement provided to the New Business Age, thanking Finland, Spain, France, Germany and Belgium “for their quick and generous offers of assistance via the Civil Protection Mechanism”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The development partners have also formed the Health Working Group to respond to Nepal’s needs in a coordinated manner through a single window. This is expected to maximize the efficiency in meeting Nepal’s Covid-related needs and streamline support. Several development partners have also immediately deployed their technical expertise to inform a fast-tracked response.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“The UK has had a technical team working in the Ministry of Health and Population for some years. The team has proved to be invaluable in being able to support the government in shaping the response to COVID-19. They have advised on the Rapid Response Plan, the specifications for equipment, design of treatment facilities, epidemiology, analysis, data and much more,” said Lisa Honan, British Embassy’s Development Director in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/PCR%20Tests.jpg" style="height:380px; width:609px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The government has formed a high-level body, called Covid-19 Crisis Management Centre (CCMC), to take the lead in managing and coordinating the fight against the pandemic. Although many have supported formation of such a body, its image has been tarnished to some extent because of allegations of corruption levelled against it. Many are expecting the body to operate more professionally and in a transparent manner as the government has recently appointed former Nepal Army Lieutenant General Balananda Sharma as its CEO. But it has been suggested that it rope in more technical and public health experts who can help the body make streamlined, scientific, evidence-based and practical decisions to minimise health, social and economic impacts of the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal is facing a host of problems in dealing with the pandemic largely because it has failed to make adequate investment in public health infrastructure. Of course, the healthcare system of even the developed countries came under severe pressure during the pandemic. But, globally, lessons are being learnt and preparations are simultaneously being made to tackle such problems effectively and efficiently. In Nepal too calls are being made to strengthen public health infrastructure by engaging local governments. This should be supplemented by countrywide expansion of universal health insurance scheme, as many of the Covid-19 infected hesitated to visit hospitals because of the costs involved in the medical treatment. Germany, which provides one of the world’s best universal health insurance schemes using private and quasi-private agencies, is already supporting Nepal on this front. The country needs an affordable universal health insurance plan to build human capital.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Several years of common effort to build a universal health insurance, together with GIZ and other partners, provide excellent experience and the first building blocks for fulfilling this task,” said Ambassador of Germany to Nepal Roland Schäfer in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Had mechanisms like universal health insurance and a good public health infrastructure been in place, Nepal perhaps would not have had to impose one of the severest lockdowns in the world to contain the spread of the disease. During the first wave of the pandemic, entire Nepal was shut down for almost four months from March 24, 2020. The restrictions in movement brought the economy to a standstill, as almost all of the enterprises remained closed, supply chains were disrupted and many employees were relieved of their duties or were asked to take sharp pay cuts. This is expected to have made 1.6 million jobless and pushed 1.2 million into the poverty trap.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Positive%20rate%281%29.jpg" style="height:381px; width:608px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal has not imposed a nationwide lockdown to tackle the second wave of pandemic, but almost all the districts have issued prohibitive orders since the end of April, severely restricting movements. Although an official study on the impact of the second round of lockdown has not been conducted, a survey done by the General Federation of Nepalese Trade Unions (GEFONT) in 60 districts showed that 3.65 million people have lost their jobs so far. Effect on livelihood of daily wage earners, persons with disabilities and people from disadvantaged groups with no access to formal social safety net is not immediately known. But impact is likely to be greater this time as infection rate has not gone down even after a month of lockdown and the virus has penetrated rural areas as well which largely remained safe during the first wave of pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The only government mechanism that can provide a safety net at times like these is the Prime Minister Employment Programme (PMEP), but it has not been able to provide relief to the most vulnerable. Around 187 countries around the world are already providing emergency cash transfers, mainly by expanding existing programmes, according to the World Bank. But Nepal has not been able to make use of its social protection programme, although the PMEP guideline allows distribution of subsistence allowance equivalent to 50 percent of wages of unworked days to registered beneficiaries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Earlier, the government had introduced the Business Continuity Loan Scheme -- under which credit of up to Rs 100 million was pledged for a minimum of two years at five percent (first year) to six percent (second year) interest -- to save jobs as well as enterprises. But there were very few takers of this credit, as the scheme came with conditions that many businesses could not meet. Many are demanding that a similar scheme with fewer conditions be introduced to aid enterprises that are on the verge of bankruptcy. There are also calls for increasing the size of the refinance fund at the central bank -- and donors have expressed commitment to contribute to it -- to continue providing subsidised funding to priority sectors, particularly small and medium enterprises affected by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Supporting the recovery of enterprises and investment growth is a crucial part of post-Covid recovery,” said Swiss Ambassador to Nepal Elisabeth von Capeller in a statement provided to the New Business Age, adding, “Switzerland, in partnership with the World Bank, is supporting the Government of Nepal to drive forward much needed reforms and help MSMEs [micro, small and medium enterprises] recover and rebound.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Going forward, Nepal needs to prepare a coherent plan to revive the businesses and the economy, as growth contracted by two percent in the last fiscal year and the central bank has already ruled out the possibility of attaining four percent growth rate projected by the Central Bureau of Statistics for this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">But for now Nepalis want one thing: vaccine.</span></span></p> <p><span style="font-size:18px">“Vaccination program is the urgent need of the hour and the World Bank and ADB are working closely with the government and all partners in procuring and delivering COVID-19 vaccines safely and effectively. Vaccination not only saves lives and but also mitigates the negative economic impacts of the pandemic by restoring people’s ability to work and travel safely,” said Rudi Van Dael, Unit Head, Portfolio Management, of the Asian Development Bank Nepal Resident Mission, in a statement provided to the New Business Age.</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><em>(Based on views expressed by Asian Development Bank, British Embassy, European Union, German Embassy, Embassy of Switzerland, and World Bank)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13205', 'image' => '20210528053937_20201220030450_Corona3.jpg', 'article_date' => '2021-05-28 17:38:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13459', 'article_category_id' => '1', 'title' => 'Hotel Industry on the Verge of Collapse: HAN', 'sub_title' => 'Hoteliers urge the government to adopt a policy to support them', 'summary' => 'May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries. The umbrella body of hotel operators drew the government's attention stating that Covid-19 has severely affected the hotel industry and needs a government’s support and budget for revival.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Issuing a press statement on May 27, HAN demanded the government to address various issues that have troubled them. The association has requested the government to address severely affected industries, establish protection funds, provide concession on tax including special concessions, waivers, banking concessions, rebates on electricity tariffs and charges, suspension of financial obligations, in addition to staff and workers welfare scheme and promotion of internal tourism.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to HAN, the hotel industry, hit by the global pandemic, has not been able to get back on track due to the second wave of coronavirus infection. It is mentioned in the press statement that the hoteliers are in a state of great confusion and panic regarding the risk of their hotel business.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Shreejana Rana, president of HAN, said that the employment of millions of individuals dependent on the hotel and tourism business is at stake. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the press statement says that many hoteliers have been compelled to flee due to the current situation. HAN said that the tourism and hotel industry is at risk of collapsing.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The statement further says it would take time for tourism to return to normalcy even after the coronavirus pandemic subsides. HAN has also demanded the government to establish a business protection fund for the revival of the hotel industry and an employment protection fund for its dependent employees and workers.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Similarly, HAN has demanded the government to provide concession in tax for 3 years along with 50 percent exemption in value-added tax till the business returns to normalcy. HAN also stressed the need to waive direct taxes levied by the federal, provincial, and local governments on the hotel sector for the next three years. The association also has asked for a 50 percent discount on electricity tariffs for the next two years. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the association also has demanded the government introduce policies to promote domestic tourism.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13204', 'image' => '20210528010501_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2021-05-28 13:04:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13458', 'article_category_id' => '1', 'title' => 'Remittance Companies Urge Central Bank to Facilitate them in Availing their Services', 'sub_title' => '', 'summary' => 'May 28: With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28</span>: <span style="font-family:"Times New Roman"">With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. This has in turn affected not only their business but also people from availing their service. Thus, remittance companies have requested Nepal Rastra Bank to facilitate in remittance payment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The Umbrella Organization of Nepal Remitters Association has submitted a written request to the District Administration Office to arrange transportation passes for at least a limited number of employees.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The association submitted such a request after the government’s decision to extend the prohibitory period and enforce it strictly.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Officials at the Foreign Exchange Department of Nepal Rastra Bank stated that they have verbally requested the Chief District Officers to provide at least one or two passes per company since the central bank does not intend to halt remittance service.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to Guru Prasad Poudel, the director of the department, the District Administration Offices have been requested to facilitate transportation to remittance companies for giving continuity to their services.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Due to high infection of Covid-19, Nepal Rastra Bank had directed remittance companies to carry out their operation with a handful of employees. On May 2</span>, the companies were directed to work with maximum safety and vigilance. The Foreign Exchange Department of the central bank directed remittance companies to work with participation of limited number of employees.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Till date, 51 remittance companies have received permission from Nepal Rastra Bank to continue their operation. Similarly, 10 payment system operators and 28 payment service providers are given permission to operate.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13203', 'image' => '20210528125452_20210413120722_20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2021-05-28 12:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13457', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Suggest Government not to Introduce Full Budget ', 'sub_title' => '', 'summary' => 'May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They were of the view that a caretaker government should not announce full-fledged budget while the issue of restoration of parliament is sub judice in the Supreme Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They made such appeal during a meeting of the former finance ministers’ forum. The ex-ministers also discussed about the budget for the upcoming Fiscal Year (FY 2078/79) and the impact of covid-19 on the economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Issuing a statement after the meeting, former finance ministers Prakash Chandra Lohani, Ram Sharan Mahat, Krishna Bahadur Mahara, Surenda Paney and Barshaman Pun said, “According to the international practice, it is not appropriate to bring a full budget in such a situation. If a budget needs to be brought through ordinance in such times, it is suggested to bring a provisional budget with regular expenditure only.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13202', 'image' => '20210528114841_ENqxta_U8AAXhES.jpg', 'article_date' => '2021-05-28 11:47:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13456', 'article_category_id' => '1', 'title' => 'MoF Releases Rs 1.41 Billion to 41 Hospitals ', 'sub_title' => '', 'summary' => 'May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. </span><br /> <span style="font-family:"Arial Unicode MS"">The Ministry on Thursday (May 27) released funds worth Rs1.41 billion to 41 different hospitals of the country. Those receiving the funds are district-based government hospitals in Taplejung, Sankhuwasabha, Terhathum, Bhojpur, Khotang, Solukhumbu, Okhaldhunga, Rangeli, Sunsari, Sarlahi, who received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, district hospitals in Bara, Ramechhap, Dolakha, Bhaktapur, Rasuwa, Parbat, Syangja, Myagdi also received the same amount, along with the hospitals in Palpa, Rolpa and Mugu. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Ministry, the Seti Provincial Hospital received Rs 60 million while Gajendra Narayan Hospital and Tulasipur Hospital received Rs 90 million each and Bhaktapur Hospital will received Rs 120 million. </span><br /> <span style="font-family:"Arial Unicode MS"">For ICU ventilators, the Dhulikhel Hospital, Pokhare Institute of Health Sciences, the BPKIHS in Dharan and Lumbini Provincial Hospital and Bhim Hospital will received Rs 18 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Furthermore, the Gajendra Narayan Hospital, Bheri Hospital, Dadeldhura Hospital, Narayan Hospital, Koshi Hospital, Rapti Institute of Health Sciences, Karnali Institute of Health Sciences, Janakpur Provincial Hospital and Surkhet Provincial Hospital have been allocated Rs 12 million reach. </span><br /> <span style="font-family:"Arial Unicode MS"">In Kathmandu, the Kanti Children's Hospital, Patan Institute of Health Sciences and TU Teaching Hospital received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">The funds were provided as per the demand from the Ministry of Health and Population of COVID-19 prevention, control and treatment. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13201', 'image' => '20210528112937_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-05-28 11:28:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13455', 'article_category_id' => '1', 'title' => 'Former Vice Chairs of NPC Against Full-Fledged Budget ', 'sub_title' => '', 'summary' => 'May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29 at a time when the House of Representatives (HoR) is dissolved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Issuing a press statement on Thursday (May 27), they rejected the idea of full-fledged budget arguing that such budget is likely to influence the upcoming election. They also noted that the government’s move to collect excessive public debt and change of tax rate were serious breach of political moral principal. The former vice chairs warned that the move of the government is likely to push the country’s economy towards instability and therefore urged the government to become serious about this issue.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">They also raised concern regarding the unexpected dissolution of the lower house at a time when it should have held the budget session. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“This has created a constitutional crisis and uncertainty. In such situation, it is certain that the country’s economy will be pushed backward,” reads the statement.</span><br /> <span style="font-family:"Arial Unicode MS"">They further reminded that the case relating to the dissolution of HoR is sub judice at the Supreme Court. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the former vice chairmen of NPC, the unexpected dissolution of HoR is a pre-planned design to rule the country and issue budget through ordinance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Those issuing the statement include Dr Prithvi Raj Ligal, Dr Jagdish Chandra Pokhrel, Dr Shankar Sharma, Dr Pitambar Sharma, Dr Dinesh Chandra Devkota, Dipendra Bahadur Chhetri, Dr Govinda Raj Pokhrel, Dr Min Bahadur Shrestha and Dr Swarnim Wagle. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13200', 'image' => '20210528094601_20210501025837_11.jpg', 'article_date' => '2021-05-28 09:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13454', 'article_category_id' => '1', 'title' => 'Bird Flu Hits Poultry Sector Again', 'sub_title' => '', 'summary' => 'May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu. While 20 percent farmers have stopped poultry farming due to the outbreak of Newcastle disease, which has been reported since the last six months, frequent outbreak of bird flu has further troubled the farmers. Bird flu was confirmed in Tarkeshwor Municipality, Nakhu, Jajarkot and Surkhet. Recently, bird flu has been confirmed in turkeys raised by farmers in Kirtipur – 4 and 9, and Chandragiri – 2.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Department of Livestock Services, bird flu was confirmed on Monday while testing samples through real-time PCR method at the Central Veterinary Laboratory, Tripureshwor. Issuing a statement on Wednesday, the department said that the infection has been confirmed in chickens in the areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">As soon as the disease was confirmed, domesticated birds and other contagious fowls were destroyed to prevent the spread of the disease from the area.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The spokesperson of the department, Dr Chandra Dhakal, said that they are not sure about financial losses of the farmers. According to Dhakal, the farmers will get 75 percent compensation from the government after the district rate-fixation committee determines the price of the destroyed chickens.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Meanwhile, 535 turkeys, 492 local chickens, 76 quails, 20 ducks, 178 eggs and 900 kg grains have been destroyed in the affected areas. The department also said that the affected areas have been completely disinfected.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">While bird flu has been seen in chickens and turkeys in different parts of the country, the government has not shown much interest to step up the testing. Earlier, the Ministry of Agriculture and Livestock Development had informed that there were not enough laboratories for testing when the infection was detected in Tarkeshwor last January.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Spokesperson for the ministry Dr Shree Ram Ghimire said that the inadequacy of the laboratory still persists. According to him, out of the eight laboratories that are operational under the ministry, five laboratories are currently being used by the Ministry of Health for testing coronavirus. Only the remaining three are being used for testing bird flu samples. "It is not enough for us, but we have to give first priority to people," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He pointed out that there could be problems for testing if laboratories are not added as soon as possible. Out of the total eight laboratories under the Ministry of Agriculture, only the Central Veterinary Laboratory at Tripureshwor is recognized by the World Organization for Animal Health. Stakeholders point out that although the disease is tested in other laboratories, they do not meet all criteria. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13199', 'image' => '20210527073417_20210202120856_A3 Poster or Handout_Bird Flu Mar 2020 (upload)-400 2.JPG', 'article_date' => '2021-05-27 19:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13453', 'article_category_id' => '1', 'title' => 'IFC to Help Small Businesses and Support Economic Recovery in Nepal', 'sub_title' => '', 'summary' => 'May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs) in health care, renewable energy, technology, and other critical sectors, vital to the recovery of the pandemic-battered economy. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC Resident Representative in Nepal, Babacar S Faye, private equity funds like Dolma can be an important source of capital and expertise for Nepali firms that have potential to grow, including those struggling to deal with the impacts of the COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">SMEs are a key engine of growth in Nepal, contributing 20 percent of gross domestic product (GDP) and creating over 60 percent of jobs in the country, said IFC in a statement. Even before the pandemic hit, SMEs were already struggling with limited access to finance. At present only 39 percent of Nepal’s SMEs have access to finance, according to IFC. Availability of additional financing for SMEs will be key to any sustainable and inclusive economic recovery in Nepal, the statement added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“Dolma Fund Management is one of the first private equity fund managers focused on Nepal. It completed the initial $40 million close of Dolma Impact Fund II in May 2021, to invest in companies with strong growth potential, especially small and medium businesses," the statement quoted Tim Gocher, CEO of the Dolma Fund Management, as saying. "This will help scale up their capacity, increase skills and competitiveness, and create sustainable employment in Nepal. The target fund size is $75 million. We are confident that IFC’s participation will further catalyze fund raising and help us reach our target size.”</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC, its equity investment includes $5 million from the International Development Association’s Private Sector Window, created to catalyze private sector investment in low-income countries. The overall investment is part of IFC’s SME Ventures program, which provides risk capital to entrepreneurs and fund managers in low-income countries where such funding is scarce or unavailable. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“With the rise in COVID-19 cases, Nepal is in a difficult spot, but we believe in the country's potential,” said IFC Resident Representative in Nepal, Babacar S Faye. “By providing capital in emerging markets like Nepal, where it is scarce, private equity funds can help local businesses expand their operations, create more jobs, and provide critical goods and services. We also hope that this will send a strong signal to the market that we are confident in the resilience of Nepal’s entrepreneurs.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">With a combined capital of less than $100 million, private equity funds operating in Nepal are smaller than those in other emerging economies and there is significant potential for growth, according to IFC. Furthermore, IFC said its latest investment in DIF II marks its second in private equity in Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">The statement added that IFC’s current combined committed portfolio in Nepal stands at $550 million.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13198', 'image' => '20210527042743_ifc_lo.jpeg', 'article_date' => '2021-05-27 16:26:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13452', 'article_category_id' => '1', 'title' => 'Second Wave of Pandemic Renders 3.65 Million People Jobless', 'sub_title' => '', 'summary' => 'May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. The prohibitory orders imposed in the country to contain coronavirus has made people working in sectors like tourism, transportation, construction, beauty parlor business, retail shops as well as daily-wage earners jobless. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">It's been almost a month since the government imposed restrictions on April 29 for the control and prevention of coronavirus. In this period, the number of unemployed has also been increasing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"However, relief packages for the affected people are not available from the federal, provincial, or the local governments," said Binod Shrestha, president of the General Federation of Nepalese Trade Unions (GEFONT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Trade union had conducted survey in sixty districts. According to the survey, 900,000 people in tourism sector and 1.1 million people in transportation sector have been unemployed. Some vehicles working in health sector and those supplying essential materials are in operation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Similarly, 50 percent of 2.5 million people working in the construction sector have become unemployed. "Despite the prohibitory orders, construction process is ongoing in some of the national pride projects by setting up isolation centers in the construction sites," informed Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">GEFONT has stated that 50,000 porters are also unemployed. The beauty parlor business is also completely shut down at this time. The prohibitory order has brought the business of around 300,000 people working in this sector to a standstill.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Another sector which employs a large number of people is the self-employed sector. People earn their living by selling goods on pavements, and also by carrying their goods from one place to another. According to GEFONT, the number of such entrepreneurs is estimated to be around 300,000. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Domestic workers have also been hit hard by the prohibitory orders. Twenty Five percent of people working in the field of handicraft have been rendered jobless.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to Shrestha, many industries are running compared to the previous lockdown. Employees were laid off during the lockdown enforced last year. "We have not received any information of workers being laid off this year. However, workers have not received their salary this time as well," said Shrestha. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">People working in boarding schools, staff nurses, and bank employees have not been paid regularly. Similarly, another major sector affected by the restrictions is transport. Yogendra Nath Karmacharya, president of the Federation of Nepalese National Transport Entrepreneurs said that people working in this sector and investors have also been extremely affected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"Transport sector is reeling through recession and we don't know if the government exists," said Karmacharya. "We are looking forward to the policies the government will be introducing in the budget programme. If no relief is provided to this sector, we will hand over all the vehicles from all over the country to the government," he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Federation, the number of public transport stands at 300,000 and the number of freight vehicles is 60,000. He said that 80 percent of the entrepreneurs will be unable to repay the loan. He said that transport entrepreneurs are demanding a full waiver of interest.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13197', 'image' => '20210527020210_20200329020636_1*NkJiwlwHU-rOgHgIlt1mGA.jpeg', 'article_date' => '2021-05-27 14:01:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13451', 'article_category_id' => '1', 'title' => 'China to Provide 1 Million Doses of Covid-19 Vaccine to Nepal', 'sub_title' => '', 'summary' => 'May 27: China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:"Times New Roman"">China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. The Chinese government has declared to provide those vaccines free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">On Wednesday, President Bidya Devi Bhandari held a telephone conversation with her Chinese counterpart President Xi Jinping, who pledged to provide 1 million doses of vaccine free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The Ministry of Foreign Affairs informed that the two presidents held general discussion and exchanged views on the overall relations between Nepal and China, as well as assistance related to COVID-19.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari expressed her gratitude to the Chinese government for helping Nepal fight against Covid-19. China has continuously helped Nepal with life-saving medicines, medical equipment and other health items during this pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari thanked China for providing 800,000 doses of vaccines to Nepal in the past. She praised President Xi's statement that the vaccine against COVID-19 should readily be available all around the world. President Xi also requested Nepal to purchase vaccine against COVID-19 from China.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Xi acknowledged the difficult situation Nepal is going through due to the second wave of coronavirus and has assured that China would always be ready to lend a helping hand to Nepal in this fight against Covid-19. In the statement released by the Ministry, President Xi has assured Nepal saying China has placed Nepal in top priority regarding the assistance with vaccination.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Expressing gratitude for the Chinese President's announcement to provide additional vaccines during the current crisis, President Bhandari expressed confidence that Chinese assistance would continue in Nepal’s fight against Covid-19.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13196', 'image' => '20210527014204_thumb.jpg', 'article_date' => '2021-05-27 13:41:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13450', 'article_category_id' => '1', 'title' => 'Central Bank Raising Internal Loans Aggressively', 'sub_title' => 'NRB Falls Short of its Target by 50 Percent with just 2 Months Remaining', 'summary' => 'May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. By the end of the second quadrimester of the current fiscal year, the government has been able to raise 50.22 percent of internal loan out of its total target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The state-owned Nepal Rastra Bank has so far raised Rs 113 billion from treasury bills, citizens bonds, foreign employment bonds and development bonds. In the third and final quadrimester, the government is yet to collet half of its target of internal loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The central bank has started raising internal loan for the government aggressively in the third quadrimester. With just two months left in the current fiscal year, the central bank is yet to collect Rs 112 billion of its target. In order to meet its target, NRB has been issuing bonds almost on a daily basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">In this context, the central bank has issued foreign employment bond worth Rs 500 million. NRB will float the bonds between May 27 to June 17. The bonds with maturity period of five years will be issued on June 22. The rate of interest of the bond has been fixed at 10 percent and the interest will be paid every six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13195', 'image' => '20210527011421_The Nepal Rastra Bank.jpg', 'article_date' => '2021-05-27 13:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13449', 'article_category_id' => '1', 'title' => '87.19% Population has Access to Internet in Nepal: NTA', 'sub_title' => '', 'summary' => 'May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data unveiled by Nepal Telecommunications Authority (NTA), over 26.35 million population is connected to internet facility as of mid-May. NTA said it registered over 936,000 new users in the month of Falgun (mid-February to mid-March). It means 87.19 per cent population have access to internet as of Fagun end (March 13). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report was prepared on the basis of population projection (2011-2030) and it assumes the current population of Nepal to be 29.87 million. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people using the internet through mobile devices is the highest, making up 64.08 per cent of the total number of users. Likewise, 11.56 million population have access to 3G internet and the customers of Nepal Telecom are the largest contributors as their number is 9.94 million followed by 2.47 million of Ncell users. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This number was 11.35 million in the month of Magh (mid-January to mid-February), which increased by 200,000 in Falgun (mid-February to mid-March). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G users has reached 7.66 million. Three telecommunications companies have launched the 4G services and the users of Ncell make up the highest portion (4.85 million). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of 4G users was 4.32 million in the month of Magh (mid-January to mid-February). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The data shows that the number of state-owned Nepal Telecom service users (4G ) has reached 2.58 million and their number in the month of Falgun (mid-February to mid-March) went up by 44,570 compared to the previous month. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G service users of Smart Telecom has reached 223,145. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The contribution of fixed broadband is 22.35 per cent (812,000) and FTTH (Fiber to the Home) is over 5,945,000, RSS further reported citing the NTA. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-26', 'modified' => '2021-05-26', 'keywords' => '', 'description' => '', 'sortorder' => '13194', 'image' => '20210526081934_20190922030926_aaaa.jpg', 'article_date' => '2021-05-26 20:18:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 29: Finance Minister Bishnu Prasad Poudel has said it would be difficult to achieve the economic growth target determined for the current fiscal year due to the COVID-19 pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">The Finance Minister made such remark while launching the Economic Survey at the Ministry of Finance on Friday afternoon (May 28), according to the state-owned national news agency RSS. On the occasion, he shared that it was a challenge even to achieve revised economic growth target in the current fiscal year. </span><br /> <span style="font-family:"Arial Unicode MS"">The government had set the target of achieving 7 per cent economic growth while launching the budget for the current fiscal year. It had later lowered that figure and estimated economic growth to be 4.01 per cent in view of the coronavirus pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Finance Minister, a situation has arisen in which the revised projected target of 4.01 per cent also could not be achieved as prohibitory order has been issued in many places of the country to contain the spread of the second wave of COVID-19. </span><br /> <span style="font-family:"Arial Unicode MS"">He, however, added that most of the macroeconomic indicators were positive even in the adverse situation of the pandemic. </span><br /> <span style="font-family:"Arial Unicode MS"">Finance Minister Poudel said that domestic investment has expanded, the scope of financial access, capital market and insurance has broadened, the overall balance of payment situation was in reserve and the remittance inflow and foreign exchange reserve have increased. .</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Meanwhile, it has been learnt that the government is making preparations to announce the budget for the upcoming fiscal year through an ordinance at 4 PM today afternoon (May 29).</span></span></span></p> ', 'published' => true, 'created' => '2021-05-29', 'modified' => '2021-05-29', 'keywords' => '', 'description' => '', 'sortorder' => '13208', 'image' => '20210529080705_20210110034934_1610265858.jpg', 'article_date' => '2021-05-29 08:06:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '13462', 'article_category_id' => '1', 'title' => 'Public Enterprises’ Net Profit, Revenue Decline as Covid-19 Hits their Businesses ', 'sub_title' => 'However, govt collects Rs 14.9 billion in cash dividend from five profit-making public enterprises, a jump by 48.87 percent from previous fiscal year’s return ', 'summary' => 'Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. ', 'content' => '<p>May 28: Total net profit of government-owned public enterprises has fallen by 1.21 percent to Rs 48.29 billion in the last fiscal year (2019/20) from Rs 48.89 billion in the previous fiscal year. <br /> According to the report of ‘Annual Status Review of Public Enterprises 2021’ released by the Ministry of Finance on Friday, 24 out of 44 enterprises in existence earned a profit while 18 incurred losses. Other two public enterprises did not make any transaction, according to the report. <br /> Government officials blame the fall in the net profit of public enterprises to a decline in their businesses due to the Covid-19 and the pandemic induced containment measures. <br /> The impact of the Covid-19 is also reflected in their revenues, according to government officials. The review report, commonly known as Yellow Book, shows a 6.91 percent decline in total revenue of all public enterprises to Rs 460.39 billion in the last fiscal year. The combined revenue of public enterprises was Rs 494.59 billion in the previous fiscal year. <br /> With a net profit of Rs 12.91 billion in the last fiscal year, Nepal Oil Corporation stood at the top of the list of five highest profit earners. Other four public enterprises were Nepal Electricity Authority (Rs 11.04 billion), Nepal Doorsanchar Company Ltd (Rs 9.75 billion), Rastriya Banijya Bank Ltd ( Rs 4.38 billion) and Agricultural Development Bank Ltd (Rs 3.33 billion). <br /> The government received a total of Rs 14.9 billion in cash dividend from public enterprises, a jump by 48.87 percent of the return in the previous fiscal year. <br /> Only five public enterprises were able to pay cash dividends to the government. Nepal Doorsanchar Company Ltd was the highest dividend payer to the government with its contribution of 43.82 percent in the total cash dividend. Nepal Oil Corporation’s contribution in the total dividend was 36.56 percent. <br /> However, the return on equity ratio stands at only 4.88 percent. <br /> The Yellow Book shows that the government’s investment has gone up by 11.74 percent in public enterprises to Rs 519.55 billion. Share or equity investment accounts for 55.52 percent (Rs 288.65 billion) of the total investment. The remaining 44.48 percent (Rs 230.89 billion) of the investment the government has made in these public enterprises is in the form of loans. </p> <p>As the government has been financing big capital projects including hydropowergeneration and transmission projects, airports and drinking water project through public enterprises, the investment is on the rise, according to the report. <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13207', 'image' => '20210528085941_PEs.JPG', 'article_date' => '2021-05-28 20:58:13', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 2 => array( 'Article' => array( 'id' => '13461', 'article_category_id' => '1', 'title' => 'Govt Built 1,338 km of New Roads in Current Fiscal Year: Economic Survey Report', 'sub_title' => 'After dissolution of the House of Representatives, Finance Minister Paudel releases Economic Survey report amid a virtual press meet', 'summary' => 'The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black topped roads in the first eight months of the current fiscal year 2020/21.', 'content' => '<p>May 28: The federal government has expanded 1,338 km of new roads that include 284 km of mud roads, 504 km of gravel roads and 550 km of black-topped roads in the first eight months of the current fiscal year (FY 2020/21).<br /> Releasing the report of the Economic Survey 2020/21 on Friday, the Ministry of Finance said that the total length of roads has reached 33,528 km as of mid-February including 15,974 km of black-topped roads, 8,582 km gravel roads and 8,972 km of mud roads.<br /> Releasing the survey report amid a virtual ceremony, Minister for Finance Bishnu Prasad Paudel claimed that the government achieved a significant progress in infrastructure development and transportation sector during the review period.<br /> While the government is required to present the Economic Survey at the Federal Parliament, Finance Minister Paudel released the survey report amid a virtual press conference as the House of Representatives was dissolved by President Bidya Devi Bhandari last Friday upon the recommendation of Prime Minister KP Sharma Oli.<br /> According to the survey report, the government built 129 new bridges in the review period compared to 210 bridges constructed in the last fiscal year (FY 2019/20).<br /> Likewise, the Economic Survey shows that access to insurance reached 23.4 percent of the total population by mid-March 2020 compared to 22 percent in the same period last year.<br /> Addressing the virtual press meet, Finance Minister Paudel said that the country's major economic indicators are positive despite a shrink in economic activities due to Covid-19.<br /> Though the Central Bureau of Statistics (CBS) had made a preliminary estimate of 4.01 percent of economic growth in the current fiscal year, economists say that the GDP growth is likely to remain way below the estimate of CBS which was based on an assumption that the prohibitory period imposed in many parts of the country to contain the second wave of coronavirus would not last more than two weeks. However, the prohibitory period in Kathmandu Valley, which started on April 29, has been extended till June 3. <br /> Finance Minister Paudel pointed to lower average inflation, increase in revenue collection and mobilization of international assistance, improvement in external sector position, stock market rally and progress in human and social development, among other indicators, to paint a rosy picture of the economy.<br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13206', 'image' => '20210528062849_IMG_4910.jpg', 'article_date' => '2021-05-28 18:26:32', 'homepage' => true, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '35' ) ), (int) 3 => array( 'Article' => array( 'id' => '13460', 'article_category_id' => '1', 'title' => 'Nepal’s Development Partners Call for Quick Purchase of Vaccines', 'sub_title' => '', 'summary' => 'Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri">Rupak D Sharma</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Kathmandu, May 28</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal’s Covid-19 vaccination drive, which started with a bang, has sputtered to an uneasy close, stoking fears of a rapid rise in infection -- including in rural areas that were largely untouched by the first wave -- and heavy loss of lives.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The commitments expressed by various countries as well as development partners, such as the Asian Development Bank (ABD) and the World Bank (WB), to support Nepal to restart its vaccination campaign are consoling. But the nature of coronavirus is such that it spreads rapidly. And delays of even a few days can wreak havoc. Just look at how rapidly the death toll has jumped. It stood at around 3,200 until a month ago and has since more than doubled to over 7,000.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“When it comes to vaccines, Nepal cannot and should not wait.... The World Bank and ADB commit to funding Nepal’s eligible vaccines that have WHO listing. We will do this today if the contracts between the government and eligible providers are ready. We are ready and on standby,” Faris Hadad-Zervos, World Bank Country Director, said in a written statement made available to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The WB has provided US$75 million and the ADB an additional US$165 million to the government for procurement of safe and effective vaccines. China recently said it is ready to offer 1 million additional doses. Other countries, including the US, the UK and those in the European Union, too have said they would support Nepal to rollout vaccines.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Daily%20new%20cases.jpg" style="height:378px; width:607px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal, which has a population of about 30 million, was among the first in Asia to receive Covid-19 vaccines. It has administered around 2.74 million doses so far, which include vaccines provided in the form of grants by India and China. Early vaccine rollout in Nepal was seen as a feat by many. Then, the drive went into a tailspin. This was not because the country lacked financial resources but because of the choices it made. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Initially, the government was too focused on getting the vaccines for free. Later initiatives were taken to purchase them and one million doses were even bought from India. Then the health minister made statements saying some of the people, who were seeing the vaccination drive as a gravy train, were creating obstructions in the procurement process. This controversy dragged on for some period and by the time it subsided, India, one of the world’s largest vaccine suppliers, was in the grips of the second wave of the pandemic. This left India with no choice but to stop exports of vaccines. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The second wave of pandemic that hit India entered Nepal in no time. Soon hospitals started coming under intense pressure and the demand for oxygen and other critical medical equipment such as ventilators surged. The EU and its member states, the US, the United Nations, Switzerland, and the UK, for example, have supplied oxygen equipment, ventilators, personal protective equipment (PPE) and other medical equipment. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“We are also quickly mobilising emergency support with an initial 2 million euros towards the UN’s COVID appeal. We stand ready to provide further assistance,” said Janez Lenarčič, European Commissioner for Crisis Management in a statement provided to the New Business Age, thanking Finland, Spain, France, Germany and Belgium “for their quick and generous offers of assistance via the Civil Protection Mechanism”.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The development partners have also formed the Health Working Group to respond to Nepal’s needs in a coordinated manner through a single window. This is expected to maximize the efficiency in meeting Nepal’s Covid-related needs and streamline support. Several development partners have also immediately deployed their technical expertise to inform a fast-tracked response.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“The UK has had a technical team working in the Ministry of Health and Population for some years. The team has proved to be invaluable in being able to support the government in shaping the response to COVID-19. They have advised on the Rapid Response Plan, the specifications for equipment, design of treatment facilities, epidemiology, analysis, data and much more,” said Lisa Honan, British Embassy’s Development Director in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/PCR%20Tests.jpg" style="height:380px; width:609px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The government has formed a high-level body, called Covid-19 Crisis Management Centre (CCMC), to take the lead in managing and coordinating the fight against the pandemic. Although many have supported formation of such a body, its image has been tarnished to some extent because of allegations of corruption levelled against it. Many are expecting the body to operate more professionally and in a transparent manner as the government has recently appointed former Nepal Army Lieutenant General Balananda Sharma as its CEO. But it has been suggested that it rope in more technical and public health experts who can help the body make streamlined, scientific, evidence-based and practical decisions to minimise health, social and economic impacts of the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal is facing a host of problems in dealing with the pandemic largely because it has failed to make adequate investment in public health infrastructure. Of course, the healthcare system of even the developed countries came under severe pressure during the pandemic. But, globally, lessons are being learnt and preparations are simultaneously being made to tackle such problems effectively and efficiently. In Nepal too calls are being made to strengthen public health infrastructure by engaging local governments. This should be supplemented by countrywide expansion of universal health insurance scheme, as many of the Covid-19 infected hesitated to visit hospitals because of the costs involved in the medical treatment. Germany, which provides one of the world’s best universal health insurance schemes using private and quasi-private agencies, is already supporting Nepal on this front. The country needs an affordable universal health insurance plan to build human capital.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Several years of common effort to build a universal health insurance, together with GIZ and other partners, provide excellent experience and the first building blocks for fulfilling this task,” said Ambassador of Germany to Nepal Roland Schäfer in a statement provided to the New Business Age.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Had mechanisms like universal health insurance and a good public health infrastructure been in place, Nepal perhaps would not have had to impose one of the severest lockdowns in the world to contain the spread of the disease. During the first wave of the pandemic, entire Nepal was shut down for almost four months from March 24, 2020. The restrictions in movement brought the economy to a standstill, as almost all of the enterprises remained closed, supply chains were disrupted and many employees were relieved of their duties or were asked to take sharp pay cuts. This is expected to have made 1.6 million jobless and pushed 1.2 million into the poverty trap.</span></span></p> <p><span style="font-size:18px"><img alt="" src="/app/webroot/userfiles/images/Positive%20rate%281%29.jpg" style="height:381px; width:608px" /></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Nepal has not imposed a nationwide lockdown to tackle the second wave of pandemic, but almost all the districts have issued prohibitive orders since the end of April, severely restricting movements. Although an official study on the impact of the second round of lockdown has not been conducted, a survey done by the General Federation of Nepalese Trade Unions (GEFONT) in 60 districts showed that 3.65 million people have lost their jobs so far. Effect on livelihood of daily wage earners, persons with disabilities and people from disadvantaged groups with no access to formal social safety net is not immediately known. But impact is likely to be greater this time as infection rate has not gone down even after a month of lockdown and the virus has penetrated rural areas as well which largely remained safe during the first wave of pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">The only government mechanism that can provide a safety net at times like these is the Prime Minister Employment Programme (PMEP), but it has not been able to provide relief to the most vulnerable. Around 187 countries around the world are already providing emergency cash transfers, mainly by expanding existing programmes, according to the World Bank. But Nepal has not been able to make use of its social protection programme, although the PMEP guideline allows distribution of subsistence allowance equivalent to 50 percent of wages of unworked days to registered beneficiaries. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Earlier, the government had introduced the Business Continuity Loan Scheme -- under which credit of up to Rs 100 million was pledged for a minimum of two years at five percent (first year) to six percent (second year) interest -- to save jobs as well as enterprises. But there were very few takers of this credit, as the scheme came with conditions that many businesses could not meet. Many are demanding that a similar scheme with fewer conditions be introduced to aid enterprises that are on the verge of bankruptcy. There are also calls for increasing the size of the refinance fund at the central bank -- and donors have expressed commitment to contribute to it -- to continue providing subsidised funding to priority sectors, particularly small and medium enterprises affected by the pandemic.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">“Supporting the recovery of enterprises and investment growth is a crucial part of post-Covid recovery,” said Swiss Ambassador to Nepal Elisabeth von Capeller in a statement provided to the New Business Age, adding, “Switzerland, in partnership with the World Bank, is supporting the Government of Nepal to drive forward much needed reforms and help MSMEs [micro, small and medium enterprises] recover and rebound.” </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">Going forward, Nepal needs to prepare a coherent plan to revive the businesses and the economy, as growth contracted by two percent in the last fiscal year and the central bank has already ruled out the possibility of attaining four percent growth rate projected by the Central Bureau of Statistics for this year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri">But for now Nepalis want one thing: vaccine.</span></span></p> <p><span style="font-size:18px">“Vaccination program is the urgent need of the hour and the World Bank and ADB are working closely with the government and all partners in procuring and delivering COVID-19 vaccines safely and effectively. Vaccination not only saves lives and but also mitigates the negative economic impacts of the pandemic by restoring people’s ability to work and travel safely,” said Rudi Van Dael, Unit Head, Portfolio Management, of the Asian Development Bank Nepal Resident Mission, in a statement provided to the New Business Age.</span></p> <p><span style="font-size:18px"><span style="font-family:Calibri"><em>(Based on views expressed by Asian Development Bank, British Embassy, European Union, German Embassy, Embassy of Switzerland, and World Bank)</em></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13205', 'image' => '20210528053937_20201220030450_Corona3.jpg', 'article_date' => '2021-05-28 17:38:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '13459', 'article_category_id' => '1', 'title' => 'Hotel Industry on the Verge of Collapse: HAN', 'sub_title' => 'Hoteliers urge the government to adopt a policy to support them', 'summary' => 'May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries.', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28: The Hotel Association of Nepal (HAN) has said that the hotel industry will collapse if the government does not adopt policies to support the tourism and hotel industries. The umbrella body of hotel operators drew the government's attention stating that Covid-19 has severely affected the hotel industry and needs a government’s support and budget for revival.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Issuing a press statement on May 27, HAN demanded the government to address various issues that have troubled them. The association has requested the government to address severely affected industries, establish protection funds, provide concession on tax including special concessions, waivers, banking concessions, rebates on electricity tariffs and charges, suspension of financial obligations, in addition to staff and workers welfare scheme and promotion of internal tourism.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to HAN, the hotel industry, hit by the global pandemic, has not been able to get back on track due to the second wave of coronavirus infection. It is mentioned in the press statement that the hoteliers are in a state of great confusion and panic regarding the risk of their hotel business.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Shreejana Rana, president of HAN, said that the employment of millions of individuals dependent on the hotel and tourism business is at stake. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the press statement says that many hoteliers have been compelled to flee due to the current situation. HAN said that the tourism and hotel industry is at risk of collapsing.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The statement further says it would take time for tourism to return to normalcy even after the coronavirus pandemic subsides. HAN has also demanded the government to establish a business protection fund for the revival of the hotel industry and an employment protection fund for its dependent employees and workers.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Similarly, HAN has demanded the government to provide concession in tax for 3 years along with 50 percent exemption in value-added tax till the business returns to normalcy. HAN also stressed the need to waive direct taxes levied by the federal, provincial, and local governments on the hotel sector for the next three years. The association also has asked for a 50 percent discount on electricity tariffs for the next two years. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Likewise, the association also has demanded the government introduce policies to promote domestic tourism.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13204', 'image' => '20210528010501_20200504104410_20190511105700_Clipboard37 2.jpg', 'article_date' => '2021-05-28 13:04:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '13458', 'article_category_id' => '1', 'title' => 'Remittance Companies Urge Central Bank to Facilitate them in Availing their Services', 'sub_title' => '', 'summary' => 'May 28: With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">May 28</span>: <span style="font-family:"Times New Roman"">With the extension of prohibitory order, remittance companies have been facing problems in acquiring passes for transportation. This has in turn affected not only their business but also people from availing their service. Thus, remittance companies have requested Nepal Rastra Bank to facilitate in remittance payment.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The Umbrella Organization of Nepal Remitters Association has submitted a written request to the District Administration Office to arrange transportation passes for at least a limited number of employees.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">The association submitted such a request after the government’s decision to extend the prohibitory period and enforce it strictly.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Officials at the Foreign Exchange Department of Nepal Rastra Bank stated that they have verbally requested the Chief District Officers to provide at least one or two passes per company since the central bank does not intend to halt remittance service.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">According to Guru Prasad Poudel, the director of the department, the District Administration Offices have been requested to facilitate transportation to remittance companies for giving continuity to their services.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Due to high infection of Covid-19, Nepal Rastra Bank had directed remittance companies to carry out their operation with a handful of employees. On May 2</span>, the companies were directed to work with maximum safety and vigilance. The Foreign Exchange Department of the central bank directed remittance companies to work with participation of limited number of employees.</span></span></p> <p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:"Times New Roman"">Till date, 51 remittance companies have received permission from Nepal Rastra Bank to continue their operation. Similarly, 10 payment system operators and 28 payment service providers are given permission to operate.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13203', 'image' => '20210528125452_20210413120722_20201223115642_20200930060036_1601420921.Clipboard24.jpg', 'article_date' => '2021-05-28 12:53:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '13457', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Suggest Government not to Introduce Full Budget ', 'sub_title' => '', 'summary' => 'May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">May 28: Former finance ministers have suggested the government not to introduce full budget through ordinance as there is no majority government at present.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They were of the view that a caretaker government should not announce full-fledged budget while the issue of restoration of parliament is sub judice in the Supreme Court.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">They made such appeal during a meeting of the former finance ministers’ forum. The ex-ministers also discussed about the budget for the upcoming Fiscal Year (FY 2078/79) and the impact of covid-19 on the economy.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Issuing a statement after the meeting, former finance ministers Prakash Chandra Lohani, Ram Sharan Mahat, Krishna Bahadur Mahara, Surenda Paney and Barshaman Pun said, “According to the international practice, it is not appropriate to bring a full budget in such a situation. If a budget needs to be brought through ordinance in such times, it is suggested to bring a provisional budget with regular expenditure only.”</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13202', 'image' => '20210528114841_ENqxta_U8AAXhES.jpg', 'article_date' => '2021-05-28 11:47:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '13456', 'article_category_id' => '1', 'title' => 'MoF Releases Rs 1.41 Billion to 41 Hospitals ', 'sub_title' => '', 'summary' => 'May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. ', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: The Ministry of Finance has released additional funds for the establishment of paediatric ICU and to manage ICU ventilators for providing treatment to COVID-19 infected children and other serious patients across the country. </span><br /> <span style="font-family:"Arial Unicode MS"">The Ministry on Thursday (May 27) released funds worth Rs1.41 billion to 41 different hospitals of the country. Those receiving the funds are district-based government hospitals in Taplejung, Sankhuwasabha, Terhathum, Bhojpur, Khotang, Solukhumbu, Okhaldhunga, Rangeli, Sunsari, Sarlahi, who received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Likewise, district hospitals in Bara, Ramechhap, Dolakha, Bhaktapur, Rasuwa, Parbat, Syangja, Myagdi also received the same amount, along with the hospitals in Palpa, Rolpa and Mugu. </span><br /> <span style="font-family:"Arial Unicode MS"">According to the Ministry, the Seti Provincial Hospital received Rs 60 million while Gajendra Narayan Hospital and Tulasipur Hospital received Rs 90 million each and Bhaktapur Hospital will received Rs 120 million. </span><br /> <span style="font-family:"Arial Unicode MS"">For ICU ventilators, the Dhulikhel Hospital, Pokhare Institute of Health Sciences, the BPKIHS in Dharan and Lumbini Provincial Hospital and Bhim Hospital will received Rs 18 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">Furthermore, the Gajendra Narayan Hospital, Bheri Hospital, Dadeldhura Hospital, Narayan Hospital, Koshi Hospital, Rapti Institute of Health Sciences, Karnali Institute of Health Sciences, Janakpur Provincial Hospital and Surkhet Provincial Hospital have been allocated Rs 12 million reach. </span><br /> <span style="font-family:"Arial Unicode MS"">In Kathmandu, the Kanti Children's Hospital, Patan Institute of Health Sciences and TU Teaching Hospital received Rs 30 million each. </span><br /> <span style="font-family:"Arial Unicode MS"">The funds were provided as per the demand from the Ministry of Health and Population of COVID-19 prevention, control and treatment. --RSS </span></span></span></p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13201', 'image' => '20210528112937_20200327032654_5003_finance-ministy.jpg', 'article_date' => '2021-05-28 11:28:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '13455', 'article_category_id' => '1', 'title' => 'Former Vice Chairs of NPC Against Full-Fledged Budget ', 'sub_title' => '', 'summary' => 'May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">May 28: Nine former vice chairpersons of the National Planning Commission (NPC) say that there is no compulsion at all for the government to bring the budget for coming fiscal year within May 29 at a time when the House of Representatives (HoR) is dissolved. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Issuing a press statement on Thursday (May 27), they rejected the idea of full-fledged budget arguing that such budget is likely to influence the upcoming election. They also noted that the government’s move to collect excessive public debt and change of tax rate were serious breach of political moral principal. The former vice chairs warned that the move of the government is likely to push the country’s economy towards instability and therefore urged the government to become serious about this issue.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">They also raised concern regarding the unexpected dissolution of the lower house at a time when it should have held the budget session. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">“This has created a constitutional crisis and uncertainty. In such situation, it is certain that the country’s economy will be pushed backward,” reads the statement.</span><br /> <span style="font-family:"Arial Unicode MS"">They further reminded that the case relating to the dissolution of HoR is sub judice at the Supreme Court. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">According to the former vice chairmen of NPC, the unexpected dissolution of HoR is a pre-planned design to rule the country and issue budget through ordinance.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Arial Unicode MS"">Those issuing the statement include Dr Prithvi Raj Ligal, Dr Jagdish Chandra Pokhrel, Dr Shankar Sharma, Dr Pitambar Sharma, Dr Dinesh Chandra Devkota, Dipendra Bahadur Chhetri, Dr Govinda Raj Pokhrel, Dr Min Bahadur Shrestha and Dr Swarnim Wagle. </span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-28', 'modified' => '2021-05-28', 'keywords' => '', 'description' => '', 'sortorder' => '13200', 'image' => '20210528094601_20210501025837_11.jpg', 'article_date' => '2021-05-28 09:44:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '13454', 'article_category_id' => '1', 'title' => 'Bird Flu Hits Poultry Sector Again', 'sub_title' => '', 'summary' => 'May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: Poultry farmers, who have been affected by Newcastle disease among chickens, are now facing additional problem of bird flu. While 20 percent farmers have stopped poultry farming due to the outbreak of Newcastle disease, which has been reported since the last six months, frequent outbreak of bird flu has further troubled the farmers. Bird flu was confirmed in Tarkeshwor Municipality, Nakhu, Jajarkot and Surkhet. Recently, bird flu has been confirmed in turkeys raised by farmers in Kirtipur – 4 and 9, and Chandragiri – 2.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Department of Livestock Services, bird flu was confirmed on Monday while testing samples through real-time PCR method at the Central Veterinary Laboratory, Tripureshwor. Issuing a statement on Wednesday, the department said that the infection has been confirmed in chickens in the areas.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">As soon as the disease was confirmed, domesticated birds and other contagious fowls were destroyed to prevent the spread of the disease from the area.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The spokesperson of the department, Dr Chandra Dhakal, said that they are not sure about financial losses of the farmers. According to Dhakal, the farmers will get 75 percent compensation from the government after the district rate-fixation committee determines the price of the destroyed chickens.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Meanwhile, 535 turkeys, 492 local chickens, 76 quails, 20 ducks, 178 eggs and 900 kg grains have been destroyed in the affected areas. The department also said that the affected areas have been completely disinfected.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">While bird flu has been seen in chickens and turkeys in different parts of the country, the government has not shown much interest to step up the testing. Earlier, the Ministry of Agriculture and Livestock Development had informed that there were not enough laboratories for testing when the infection was detected in Tarkeshwor last January.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Spokesperson for the ministry Dr Shree Ram Ghimire said that the inadequacy of the laboratory still persists. According to him, out of the eight laboratories that are operational under the ministry, five laboratories are currently being used by the Ministry of Health for testing coronavirus. Only the remaining three are being used for testing bird flu samples. "It is not enough for us, but we have to give first priority to people," he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">He pointed out that there could be problems for testing if laboratories are not added as soon as possible. Out of the total eight laboratories under the Ministry of Agriculture, only the Central Veterinary Laboratory at Tripureshwor is recognized by the World Organization for Animal Health. Stakeholders point out that although the disease is tested in other laboratories, they do not meet all criteria. </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13199', 'image' => '20210527073417_20210202120856_A3 Poster or Handout_Bird Flu Mar 2020 (upload)-400 2.JPG', 'article_date' => '2021-05-27 19:33:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '13453', 'article_category_id' => '1', 'title' => 'IFC to Help Small Businesses and Support Economic Recovery in Nepal', 'sub_title' => '', 'summary' => 'May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs).', 'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">May 27: International Finance Corporation (IFC) has decided to invest $10 million in Dolma Impact Fund II (DIF II) to help provide financing to small and medium sized enterprises (SMEs) in health care, renewable energy, technology, and other critical sectors, vital to the recovery of the pandemic-battered economy. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC Resident Representative in Nepal, Babacar S Faye, private equity funds like Dolma can be an important source of capital and expertise for Nepali firms that have potential to grow, including those struggling to deal with the impacts of the COVID-19 pandemic. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">SMEs are a key engine of growth in Nepal, contributing 20 percent of gross domestic product (GDP) and creating over 60 percent of jobs in the country, said IFC in a statement. Even before the pandemic hit, SMEs were already struggling with limited access to finance. At present only 39 percent of Nepal’s SMEs have access to finance, according to IFC. Availability of additional financing for SMEs will be key to any sustainable and inclusive economic recovery in Nepal, the statement added.</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“Dolma Fund Management is one of the first private equity fund managers focused on Nepal. It completed the initial $40 million close of Dolma Impact Fund II in May 2021, to invest in companies with strong growth potential, especially small and medium businesses," the statement quoted Tim Gocher, CEO of the Dolma Fund Management, as saying. "This will help scale up their capacity, increase skills and competitiveness, and create sustainable employment in Nepal. The target fund size is $75 million. We are confident that IFC’s participation will further catalyze fund raising and help us reach our target size.”</span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">According to IFC, its equity investment includes $5 million from the International Development Association’s Private Sector Window, created to catalyze private sector investment in low-income countries. The overall investment is part of IFC’s SME Ventures program, which provides risk capital to entrepreneurs and fund managers in low-income countries where such funding is scarce or unavailable. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">“With the rise in COVID-19 cases, Nepal is in a difficult spot, but we believe in the country's potential,” said IFC Resident Representative in Nepal, Babacar S Faye. “By providing capital in emerging markets like Nepal, where it is scarce, private equity funds can help local businesses expand their operations, create more jobs, and provide critical goods and services. We also hope that this will send a strong signal to the market that we are confident in the resilience of Nepal’s entrepreneurs.” </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">With a combined capital of less than $100 million, private equity funds operating in Nepal are smaller than those in other emerging economies and there is significant potential for growth, according to IFC. Furthermore, IFC said its latest investment in DIF II marks its second in private equity in Nepal. </span></span></span></p> <p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Arial">The statement added that IFC’s current combined committed portfolio in Nepal stands at $550 million.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13198', 'image' => '20210527042743_ifc_lo.jpeg', 'article_date' => '2021-05-27 16:26:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '13452', 'article_category_id' => '1', 'title' => 'Second Wave of Pandemic Renders 3.65 Million People Jobless', 'sub_title' => '', 'summary' => 'May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27: The second wave of COVID-19 pandemic has rendered 3.65 million people jobless. The prohibitory orders imposed in the country to contain coronavirus has made people working in sectors like tourism, transportation, construction, beauty parlor business, retail shops as well as daily-wage earners jobless. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">It's been almost a month since the government imposed restrictions on April 29 for the control and prevention of coronavirus. In this period, the number of unemployed has also been increasing.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"However, relief packages for the affected people are not available from the federal, provincial, or the local governments," said Binod Shrestha, president of the General Federation of Nepalese Trade Unions (GEFONT). </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Trade union had conducted survey in sixty districts. According to the survey, 900,000 people in tourism sector and 1.1 million people in transportation sector have been unemployed. Some vehicles working in health sector and those supplying essential materials are in operation. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Similarly, 50 percent of 2.5 million people working in the construction sector have become unemployed. "Despite the prohibitory orders, construction process is ongoing in some of the national pride projects by setting up isolation centers in the construction sites," informed Shrestha.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">GEFONT has stated that 50,000 porters are also unemployed. The beauty parlor business is also completely shut down at this time. The prohibitory order has brought the business of around 300,000 people working in this sector to a standstill.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Another sector which employs a large number of people is the self-employed sector. People earn their living by selling goods on pavements, and also by carrying their goods from one place to another. According to GEFONT, the number of such entrepreneurs is estimated to be around 300,000. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Domestic workers have also been hit hard by the prohibitory orders. Twenty Five percent of people working in the field of handicraft have been rendered jobless.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to Shrestha, many industries are running compared to the previous lockdown. Employees were laid off during the lockdown enforced last year. "We have not received any information of workers being laid off this year. However, workers have not received their salary this time as well," said Shrestha. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">People working in boarding schools, staff nurses, and bank employees have not been paid regularly. Similarly, another major sector affected by the restrictions is transport. Yogendra Nath Karmacharya, president of the Federation of Nepalese National Transport Entrepreneurs said that people working in this sector and investors have also been extremely affected.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">"Transport sector is reeling through recession and we don't know if the government exists," said Karmacharya. "We are looking forward to the policies the government will be introducing in the budget programme. If no relief is provided to this sector, we will hand over all the vehicles from all over the country to the government," he added.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">According to the Federation, the number of public transport stands at 300,000 and the number of freight vehicles is 60,000. He said that 80 percent of the entrepreneurs will be unable to repay the loan. He said that transport entrepreneurs are demanding a full waiver of interest.</span></span></span></p> <p><br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13197', 'image' => '20210527020210_20200329020636_1*NkJiwlwHU-rOgHgIlt1mGA.jpeg', 'article_date' => '2021-05-27 14:01:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '13451', 'article_category_id' => '1', 'title' => 'China to Provide 1 Million Doses of Covid-19 Vaccine to Nepal', 'sub_title' => '', 'summary' => 'May 27: China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">May 27</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:"Times New Roman"">China has announced to provide 1 million doses of Covid-19 vaccine to Nepal. The Chinese government has declared to provide those vaccines free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">On Wednesday, President Bidya Devi Bhandari held a telephone conversation with her Chinese counterpart President Xi Jinping, who pledged to provide 1 million doses of vaccine free-of-cost to Nepal.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">The Ministry of Foreign Affairs informed that the two presidents held general discussion and exchanged views on the overall relations between Nepal and China, as well as assistance related to COVID-19.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari expressed her gratitude to the Chinese government for helping Nepal fight against Covid-19. China has continuously helped Nepal with life-saving medicines, medical equipment and other health items during this pandemic.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Bhandari thanked China for providing 800,000 doses of vaccines to Nepal in the past. She praised President Xi's statement that the vaccine against COVID-19 should readily be available all around the world. President Xi also requested Nepal to purchase vaccine against COVID-19 from China.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">President Xi acknowledged the difficult situation Nepal is going through due to the second wave of coronavirus and has assured that China would always be ready to lend a helping hand to Nepal in this fight against Covid-19. In the statement released by the Ministry, President Xi has assured Nepal saying China has placed Nepal in top priority regarding the assistance with vaccination.</span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:"Times New Roman"">Expressing gratitude for the Chinese President's announcement to provide additional vaccines during the current crisis, President Bhandari expressed confidence that Chinese assistance would continue in Nepal’s fight against Covid-19.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13196', 'image' => '20210527014204_thumb.jpg', 'article_date' => '2021-05-27 13:41:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '13450', 'article_category_id' => '1', 'title' => 'Central Bank Raising Internal Loans Aggressively', 'sub_title' => 'NRB Falls Short of its Target by 50 Percent with just 2 Months Remaining', 'summary' => 'May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Cambria">May 27: The government had set a target to collect internal loan of Rs 225 billion in the current fiscal year. By the end of the second quadrimester of the current fiscal year, the government has been able to raise 50.22 percent of internal loan out of its total target. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The state-owned Nepal Rastra Bank has so far raised Rs 113 billion from treasury bills, citizens bonds, foreign employment bonds and development bonds. In the third and final quadrimester, the government is yet to collet half of its target of internal loan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">The central bank has started raising internal loan for the government aggressively in the third quadrimester. With just two months left in the current fiscal year, the central bank is yet to collect Rs 112 billion of its target. In order to meet its target, NRB has been issuing bonds almost on a daily basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Cambria">In this context, the central bank has issued foreign employment bond worth Rs 500 million. NRB will float the bonds between May 27 to June 17. The bonds with maturity period of five years will be issued on June 22. The rate of interest of the bond has been fixed at 10 percent and the interest will be paid every six months.</span></span></p> <p> </p> ', 'published' => true, 'created' => '2021-05-27', 'modified' => '2021-05-27', 'keywords' => '', 'description' => '', 'sortorder' => '13195', 'image' => '20210527011421_The Nepal Rastra Bank.jpg', 'article_date' => '2021-05-27 13:13:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '13449', 'article_category_id' => '1', 'title' => '87.19% Population has Access to Internet in Nepal: NTA', 'sub_title' => '', 'summary' => 'May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">May 26: In Nepal, 87.19 per cent of the population has access to internet, the state-owned national news agency RSS reported. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data unveiled by Nepal Telecommunications Authority (NTA), over 26.35 million population is connected to internet facility as of mid-May. NTA said it registered over 936,000 new users in the month of Falgun (mid-February to mid-March). It means 87.19 per cent population have access to internet as of Fagun end (March 13). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The report was prepared on the basis of population projection (2011-2030) and it assumes the current population of Nepal to be 29.87 million. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of people using the internet through mobile devices is the highest, making up 64.08 per cent of the total number of users. Likewise, 11.56 million population have access to 3G internet and the customers of Nepal Telecom are the largest contributors as their number is 9.94 million followed by 2.47 million of Ncell users. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">This number was 11.35 million in the month of Magh (mid-January to mid-February), which increased by 200,000 in Falgun (mid-February to mid-March). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G users has reached 7.66 million. Three telecommunications companies have launched the 4G services and the users of Ncell make up the highest portion (4.85 million). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The number of 4G users was 4.32 million in the month of Magh (mid-January to mid-February). </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The data shows that the number of state-owned Nepal Telecom service users (4G ) has reached 2.58 million and their number in the month of Falgun (mid-February to mid-March) went up by 44,570 compared to the previous month. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Similarly, the number of 4G service users of Smart Telecom has reached 223,145. </span></span><br /> <span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The contribution of fixed broadband is 22.35 per cent (812,000) and FTTH (Fiber to the Home) is over 5,945,000, RSS further reported citing the NTA. </span></span></span></span><br /> </p> ', 'published' => true, 'created' => '2021-05-26', 'modified' => '2021-05-26', 'keywords' => '', 'description' => '', 'sortorder' => '13194', 'image' => '20210526081934_20190922030926_aaaa.jpg', 'article_date' => '2021-05-26 20:18:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
