NEWS

Government Ensures Smooth Supply of Essential Goods

May 02, 2021 0 2 minutes 35 seconds to read

May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period.…

USA Provides Additional Funds to Support Nepal Amidst Second Wave of COVID-19

May 02, 2021 0 1 minutes 50 seconds to read

May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a “support the Nepali people” to combat…

Govt to raise minimum wage to Rs 15,000 per month from next fiscal year

May 01, 2021 0 1 minutes 16 seconds to read

Prime Minister KP Sharma Oli has announced that the minimum wage for workers will be raised from the next fiscal year…

Economy to grow by 4.01% in current fiscal year, estimates CBS

Apr 30, 2021 0 2 minutes 27 seconds to read

Nepal’s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate of the Central Bureau of Statistics…

FMTC Starts Free Home Delivery of Essential Food Items

Apr 30, 2021 0 1 minutes 47 seconds to read

April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley.…

House Panel Directs Nepalese Army to Halt Contract Process of Fast Track

Apr 30, 2021 0 2 minutes 11 seconds to read

April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project.…

Insurance Board Seeks Applications for New Re-insurance Company from Private Sector

Apr 30, 2021 0 2 minutes 47 seconds to read

April 30: Nepal's Insurance Board is preparing to allow the establishment of another reinsurance company in the…

Nepal Stresses on Collaborative Efforts Among LCDs for Poverty Alleviation

Apr 30, 2021 0 1 minutes 48 seconds to read

April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.…

BFIs to Remain Open in Kathmandu Valley during Prohibitory Period

Apr 29, 2021 0 49 seconds to read

April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.…

Industries to Receive Rs 2.5 Billion Rebate on Electricity Demand Charge

Apr 29, 2021 0 2 minutes 9 seconds to read

April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period.…

Net Profit of Commercial Banks Increases by 12.14%

Apr 29, 2021 0 4 minutes 11 seconds to read

April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year.…

Government to Exempt Tax on Oxygen and Essential Commodities

Apr 29, 2021 0 1 minutes 30 seconds to read

April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.…

Women Entrepreneurs Lack Knowledge of Foreign Markets: Study

Apr 28, 2021 0 3 minutes 40 seconds to read

April 28: Experts have cautioned that flawed policies that do not recognize the gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial…

Private Sector urges Government to Allow Operation of Industries

Apr 28, 2021 0 4 minutes 36 seconds to read

April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the prohibitory order is in…

Nepal’s Economy to Post Modest Recovery in FY2021

Apr 28, 2021 0 3 minutes 23 seconds to read

April 28: Nepal’s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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		'Article' => array(
			'id' => '13337',
			'article_category_id' => '1',
			'title' => 'Government Ensures Smooth Supply of Essential Goods',
			'sub_title' => '',
			'summary' => 'May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A meeting of government officials and umbrella organizations of private sector entrepreneurs chaired by Minister for Industry, Commerce, and Supplies Lekhraj Bhat on Friday decided to facilitate the supply of essential consumer goods and pharmaceutical products.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has decided to facilitate the production and supply of such goods and services as the number of districts going through prohibitory order is growing with the rising cases of Covid-19. The government has already imposed prohibitory orders in more than two dozen districts, including the Kathmandu Valley, to control Covid-19 from spreading.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has formed a mechanism to immediately address the obstruction of essential services and goods.&nbsp; Narayan Prasad Regmi, spokesperson for the Ministry of Industry, Commerce, and Supplies, informed that the government is taking effective measures to provide medicines, oxygen, oxygen cylinders, and masks at affordable prices.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A press statement released by the ministry says that the government will coordinate with umbrella organization of industrialists to ensure smooth supply of essential goods and services and raw materials.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The Rapid Response Team will be informed about the problems faced by the entrepreneurs during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has set up a five-member team which includes officials from the concerned ministries to facilitate the supply of food and daily necessities during the ongoing restriction. The ministry has made necessary arrangements to transport daily essentials and services easily during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">Industries manufacturing essential commodities have been ensured of smooth operation and transportation facility. Arrangements have been made to allow staffers of such industries to operate vehicles by showing their identity cards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry informed that the vehicles can be operated by placing banners in front of the vehicles and by following the health safety standards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The workers will be facilitated for the movement on the basis of the official identity card of the industry. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The press release further says that the industries should mobilize minimum manpower following strict health security measures. The local administration will have to be informed about the operation of industry and businesses.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13336',
			'article_category_id' => '1',
			'title' => 'USA Provides Additional Funds to Support Nepal Amidst Second Wave of COVID-19',
			'sub_title' => '',
			'summary' => 'May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a “support the Nepali people” to combat coronavirus.',
			'content' => '<p><em>Photo Courtesy: Twitter account of US Ambassador to Nepal Randy Berry.</em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a &ldquo;support the Nepali people&rdquo; to combat coronavirus.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The announcement comes at a challenging time when the country is facing second wave of the disease.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The US Embassy in Nepal said in a statement that the fund will be made available to the government through the US Agency for International Development (USAID).</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the embassy, the additional assistance will help intensify the Government of Nepal&rsquo;s COVID-19 testing, contact tracing and case investigation, treatment, infection prevention and control, border control, and other work at the federal, provincial and municipal levels.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">USAID/Nepal will also scale-up its response at the community level, supporting the most vulnerable, the statement added. Assistance will include support to households and families through life-saving COVID-19 counseling and referrals, nutrition counseling, health care access, ensure the continuity of critical HIV services, and mitigate the secondary impacts of COVID-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Since the beginning of the pandemic, the United States has stood with the people and Government of Nepal in the ongoing fight against COVID-19. With USAID&rsquo;s latest provision of emergency funding, the US Government reaffirms its commitment to the strong and collaborative 70-year partnership between the United States and Nepal,&rdquo; added the statement.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13335',
			'article_category_id' => '1',
			'title' => 'Govt to raise minimum wage to Rs 15,000 per month from next fiscal year ',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has announced that the minimum wage for workers will be raised from the next fiscal year 2020/21. ',
			'content' => '<p>May 1:&nbsp;Prime Minister KP Sharma Oli has announced that the minimum wage of workers will be raised from the next fiscal year 2020/21.&nbsp;</p>

<p>In his speech on the occasion of Labour Day on Saturday, Prime Minister Oli said that the minimum wage of domestic workers will be raised to Rs 15,000 per month.&nbsp;</p>

<p>Currently, workers have been drawing a minimum wage of Rs 13,450 per month. The government last raised the minimum wage by 38 percent to Rs 13,450 in 2018.</p>

<p>In his statement, Prime Minister Oli also said that the government could not revise the minimum wage last year due to the adverse economic condition caused by the Covid-19.&nbsp;</p>

<p>Stating that workers had supported the government&rsquo;s stance to not raise the minimum wage last year due to the pandemic, Prime Minister Oli said that he is confident that industrialists and businessmen will agree on revising the minimum wage this year.&nbsp;</p>

<p>&ldquo;There could not be agreement between the representatives of employers and workers on the revision of minimum wage even this year due to worsening of the situation. However, I would like to inform you that the government would revise the minimum wage of workers from the fiscal year 2021/22,&rdquo; said Prime Minister Oli. &nbsp;</p>

<p>Prime Minister Oli also said that all workers will be brought under the social security net by the end of the next fiscal year.&nbsp;<br />
&nbsp;</p>

<p><br />
&nbsp;</p>
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			'id' => '13334',
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			'title' => 'Economy to grow by 4.01% in current fiscal year, estimates CBS',
			'sub_title' => 'Growth estimate based on assumption that all economic activities will operate in normal condition after two weeks of prohibitory orders, say CBS officials   ',
			'summary' => 'Nepal’s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate of the Central Bureau of Statistics (CBS). ',
			'content' => '<p>KATHMANDU (April 30):&nbsp;</p>

<p>Nepal&rsquo;s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate&nbsp;of the Central Bureau of Statistics (CBS).&nbsp;</p>

<p>Releasing the latest National Accounts Statistics on Friday, the CBS said that it forecasts the country&rsquo;s annualized Gross Domestic Product (GDP) to grow by 4.01 percent to climb to Rs 4.266 trillion in the current fiscal year.&nbsp;</p>

<p>According to the CBS, the preliminary estimate is based on available information and figures of seven to nine months of the current fiscal year.&nbsp;</p>

<p>&nbsp;<br />
The growth projection of the CBS comes at a time when the country is bracing for the second wave of Covid-19 and prohibitory orders enforced by local administrations in over a dozen districts to contain the spread of coronavirus.&nbsp;<br />
CBS officials say that their projection is based on an assumption that all economic activities will operate in normal condition after two weeks.&nbsp;</p>

<p>&ldquo;Our estimates are based on assumption that the current prohibitory period will not last more than two week, and the economy, barring hospitality and leisure sectors, will be back to normal,&rdquo;&nbsp;Ishwori Prasad Bhandari, a director at the CBS, told New Business Age.&nbsp;<br />
&ldquo;If our assumption fails and the impact of the Covid-19 lingers on, we will later revise our estimates and figures,&rdquo; he said.</p>

<p>The preliminary estimate of the CBS for the current fiscal year is higher than the projections made by international institutions like the World Bank, the International Monetary Fund (IMF) and the Asian Development Bank (ADB).&nbsp;<br />
The IMF recently projected Nepal&rsquo;s growth to grow by 2.9 percent while the World Bank put the growth forecast at 2.7 percent. Earlier on Wednesday, the ADB said that Nepal&rsquo;s GDP is anticipated to grow by 3.1 percent in the current fiscal year.&nbsp;<br />
According to CBS officials, &lsquo;base effect&rsquo; has also helped to prop up economic growth in the current fiscal year.&nbsp;<br />
&ldquo;The country&rsquo;s economic growth fell to negative territory in the last fiscal year. So,even when the economic activities haven&rsquo;t gained momentum after the lockdown, a slight increase in the production helped in propping up growth figures,&rdquo; said CBS Director Bhandari.&nbsp;</p>

<p>However, the growth estimate of the CBS is a way lower than the government&rsquo;s economic growth target. Even when the country was under lockdown to contain the spread of coronavirus, the government in its annual budget speech had set a target of 7 percent economic growth in the current fiscal year.&nbsp;</p>

<p><br />
The CBS also revised down its growth for the last fiscal year 2019/20 to -2.09 percent. Earlier last month, CBS had forecast a growth contraction of 1.88&nbsp;percent.</p>

<p><br />
&nbsp;</p>
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			'article_category_id' => '1',
			'title' => 'FMTC Starts Free Home Delivery of Essential Food Items',
			'sub_title' => '',
			'summary' => 'April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. ',
			'content' => '<p><em>Photo Courtesy: Sastodeal.Com</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. </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:&quot;Arial Unicode MS&quot;">The company informed that it started the home delivery service considering the difficulty faced by the general public in purchasing food and other essentials due to the prohibitory order enforced by the local administration.</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:&quot;Arial Unicode MS&quot;">Issuing a statement on Thursday (April 29), FMTC informed that it has started free home delivery of essential food items including beans from Karnali, Marsi rice, ghee, edible oil, sanitizers among others. Customers living inside the ring road can order the items through the company&rsquo;s website <a href="http://www.nepalfood.gov.np" style="color:blue; text-decoration:underline">www.nepalfood.gov.np</a> while those living outside the ring road and within the valley can avail the service through <a href="http://www.sastodeal.com" style="color:blue; text-decoration:underline">www.sastodeal.com</a>. The service is available in all three districts of the valley, according to FMTC.</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:&quot;Arial Unicode MS&quot;">The company informed that it has adequate stock of food and has urged people not to stockpile food items due to fear of short supply.</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:&quot;Arial Unicode MS&quot;">The company has been selling food items through its distribution centers at Nakhhu, Ram Shah Path, Thapathali and Suryabinayak during morning and evening hours.</span></span></span></span></p>

<p>&nbsp;</p>
',
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		'Article' => array(
			'id' => '13333',
			'article_category_id' => '1',
			'title' => 'House Panel Directs Nepalese Army to Halt Contract Process of Fast Track',
			'sub_title' => '',
			'summary' => 'April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. </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:&quot;Arial Unicode MS&quot;">The committee had earlier instructed the Nepalese Army to halt the process and initiate new procurement process following a decision taken on April 1. However, the Nepalese Army ignored the instruction of the committee and moved ahead with the procurement process on Sunday (April 25). Following the move of the army, the parliamentary committee issued a fresh directive to halt the process.</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:&quot;Arial Unicode MS&quot;">The Nepalese Army on April 25 had approved the financial proposals of two Chinese companies selected in the prequalification round and handed then with the Letter of Intent (LoI). The Nepalese Army was planning to sign contract agreements with the two companies after 15 days. However, the process is likely to halt due to the intervention of the PAC.</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:&quot;Arial Unicode MS&quot;">The follow-up letter signed by PAC Secretary Dr Rojnath Pandey has instructed the Nepalese Army to terminate the contract process and avail the committee with relevant documents. </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:&quot;Arial Unicode MS&quot;">The parliamentary panel has concluded that the contract process of the second package of fast track is against the law and the tender bid does not ensure competition among the bidders. Therefore, the committee has instructed the army to scrap the process and initiate fresh process. </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:&quot;Arial Unicode MS&quot;">Earlier, the committee had written a letter in this regard to the Ministry of Defense. However, the committee has not received any reply from the ministry regarding whether the instructions have been implemented or not. After the Nepalese Army moved ahead with the procurement process, the committee demanded the ministry to furnish details within three days.</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13331',
			'article_category_id' => '1',
			'title' => 'Insurance Board Seeks Applications for New Re-insurance Company from Private Sector',
			'sub_title' => '',
			'summary' => 'April 30: Nepal's Insurance Board is preparing to allow the establishment of another reinsurance company in the market.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">April 30: Insurance Board&mdash;the insurance regulatory authority of Nepal&mdash;is preparing to allow the establishment of another reinsurance company in the market. It has called for applications from interested individuals and companies from the private sector to send proposals in this regard. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The interested individuals and companies can submit applications within 21 days by fulfilling the criteria set by the board. One of the applicants will be granted permission to set up a reinsurance company, according to Surya Prasad Silwal, chairman of the Insurance Board.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">A state-owned reinsurance company is currently in operation. Preparations are on to establish a reinsurance company from the private sector to make the insurance sector more competitive, effective and productive, said Silwal.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Various companies and entrepreneurs have shown keen interest to establish re-insurance companies in the country. Former Finance Minister Yuba Raj Khatiwada had stressed on establishing a new reinsurance company. Subsequently, the Insurance Board formed a committee to study into this matter. The study had recommended the need of another reinsurance company in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">After Insurance Board initiated the study to establish a new reinsurance company, various entrepreneurs have made preparations to submit applications to establish four reinsurance companies namely - Annapurna Reinsurance Company, Kathmandu Reinsurance Company, Prudential Reinsurance Company and Genuine Reinsurance Company.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Raju Raman Poudel, executive&nbsp;director of the Insurance Board, said only one reinsurance company will be given approval for the establishment. Decision will not be taken based on the preparations that are underway in the market. &quot;Study has shown only one company is required in the market. In this case, it would be better if all the proposed companies come together,&quot; he said.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, Insurance Board has also set various conditions for the new reinsurance company. Only the company that fulfills the set criteria will be eligible to submit application. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The proposed reinsurance company should have a minimum paid-up capital of Rs 10 billion.&nbsp;Investors of current reinsurance company are not eligible to invest in the proposed company. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposal that receives the highest marks will get the initial approval. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposals need to be submitted within a given deadline. &quot;Though prohibitory order is in place to control coronoavirus, the Insurance Board will remain open during this time so that the proposals can be submitted,&quot; Silwal added. </span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13330',
			'article_category_id' => '1',
			'title' => ' Nepal Stresses on Collaborative Efforts Among LCDs for Poverty Alleviation ',
			'sub_title' => '',
			'summary' => 'April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.     ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to a press statement issued by the Nepali Embassy in Bangkok, Thailand on Thursday (April 29), Prof Dr Puspa Raj Kandel, vice chairman of the National Planning Commission (NPC) highlighted the need for unified efforts to diversify trade and alleviate poverty.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Prof Dr Kandel pointed out the need for international cooperation for availability and accessibility of Covid-19 vaccines, debt relief measures and financial support to the LCDs, LLDCs and PIDCs at the time of health crisis like this.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Addressing the Special Body on the Least Developed Countries, Landlocked Developing Countries and Pacific Island Developing States during the 77th session of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) in Bangkok through online platform on Wednesday, Kandel viewed support measures should focus on increasing the social and economic resilience of the vulnerable economies.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that as the second wave of Covid-19 was plaguing many countries in the LCDs, LLDCs and PIDCs currently, these countries could play a pivotal role in promoting economic growth, diversifying trade and transforming structural barriers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that due to pandemic, the trade, tourism and transport are the hardest hit sectors and the Government of Nepal was working towards prevention of the pandemic and to treat the infected ones in effective manner. -- RSS</span></span></span></p>

<p><span style="font-size:16px"><img alt="" src="/app/webroot/userfiles/images/My%20Effect%282%29.jpg" style="height:366px; width:800px" /></span></p>
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			'id' => '13329',
			'article_category_id' => '1',
			'title' => ' BFIs to Remain Open in Kathmandu Valley during Prohibitory Period    ',
			'sub_title' => '',
			'summary' => 'April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a press statement, Nepal Bankers&rsquo; Association said that all branches of banks would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The association urged the clients not to visit banks and financial institutions unless it is urgent, even though the branches would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Bhuwan Dahal said that they have requested clients not to make the banks overcrowded and to opt for online transaction rather than cash transaction. </span></span></span></p>
',
			'published' => true,
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			'sortorder' => '13074',
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			'article_date' => '2021-04-29 17:00:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13328',
			'article_category_id' => '1',
			'title' => 'Industries to Receive Rs 2.5 Billion Rebate on Electricity Demand Charge',
			'sub_title' => '',
			'summary' => 'April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria">April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. The government had decided to exempt 58 types of manufacturing industries from electricity demand charges for the lockdown period (March 2020 to mid-July 2020).<br />
NEA Executive Director Hitendra Dev Shakya confirmed the decision taken by the government.<br />
&quot;Even though a decision was taken in this regard earlier, it was not clear how much the amount should be waived. We have identified the industries from all the distribution centers and collected the required details from them,&rdquo; he said.<br />
A rebate of Rs 2.25 billion will be made.<br />
He said that work has also been started to adjust the rebate amount received by the industries. NEA has also written to the Ministry of Finance to reimburse the amount equal to the exemption given in the electricity demand fee. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria">Executive Director Shakya said that a letter has been sent to the Ministry of Finance to reimburse the amount. He said that the amount will be paid after the completion of the necessary process.<br />
The government had decided in the current fiscal year&rsquo;s budget to give exemption in electricity demand fee to manufacturing industries affected by coronavirus and lockdown. Accordingly, the government has to pay the amount equal to the exemption to the NEA.<br />
The government had imposed a nationwide lockdown for about four months from March 2020 to prevent coronavirus infection. As a result, manufacturing industries along with other sectors were affected. After that, the government had decided last year to waive the electricity demand fee as per the demand of the industrialists.<br />
The list of 58 types of manufacturing industries includes cement, plastic goods, non-organic fertilizers, sugar, lubricants, sugarcane, rice mills, oil mills, pulses mills, juice mills, grain producers, and liquor, ayurvedic medicine, spirits, cigarettes, candles, and incense sticks, foam, leather, printing presses, water processing and bitumen, and plywood industries.<br />
The government had decided in last February to waive electricity demand charges for the tourism sector and hotel industry as well.<br />
However, it is not yet clear how much amount will be exempted. NEA Executive Director Shakya said that necessary details are being collected for this.<br />
&quot;Distribution centers are now working to identify such customers and collect necessary details from them. After that, the process of waiving the demand fee and reimbursing the amount from the government will be initiated,&rdquo; he said.</span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '13327',
			'article_category_id' => '1',
			'title' => 'Net Profit of Commercial Banks Increases by 12.14%',
			'sub_title' => '',
			'summary' => 'April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri">April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. According to the third quarterly report of the current fiscal year, commercial banks have earned a net profit of Rs 50.74 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of this fiscal year, banks have earned additional profit of Rs 5.5 billion. Bankers state that recovery of interest provisioned as expenses earlier and income from share contributed to the increment of the net profit in the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of the last fiscal year, the net profit of the commercial banks had increased only by 2.36 percent or Rs 1.5 billion. And the total net profit amounted to Rs 45 billion during that period. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the bankers, the profit amount is satisfactory in the current period compared to the last fiscal year. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The main source of income of banks is interest on loans and various service charges. As of mid April, banks have earned Rs 95.90 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the banks&rsquo; financial statements, the total net fee income amounted to Rs 19.63 billion in the last nine months while Rs 17.75 billion was earned in the corresponding period of the last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the increase in credit flow of Rs 6.68 billion this fiscal year, the decline in interest income of banks is attributed to differences in interest rate of loan-to-deposit ratio. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Bhuwan Kumar Dahal, president of the Nepal Bankers Association, says that the overall interest income of banks has decreased due to the decline of loan-deposit interest rate following the intense competition among banks. Interest income should have increased along with the increase in the credit flow which didn&rsquo;t happen this time.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to Dahal, who is also the Chief Executive Officer of Sanima Bank, increase in the profit has resulted due to collection of money held at provisioning. Sanima Bank has earned a net profit of Rs 18.56 billion during this period which is an increase of 14.67 percent or Rs 237 million more compared to last year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Dahal said that COVID-19 pandemic had affected the financial progress in the last fiscal year which will be repeated this year as well with the enforcement of prohibitory orders from April 29.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the third quarter financial statement, Nabil Bank has earned the highest amount of profit. It has earned a net profit of Rs 3.67 billion. Nabil Bank was the highest profit earner in the review period of the last fiscal year as well.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Global IME Bank, which acquired Janata Bank, has become the second largest earner with a net profit of Rs 3.57 billion. The state-owned Rastriya Banijya Bank came in the third position with a net profit of Rs 3.27 billion. NIC Asia Bank which was leading in the credit flow however has earned the net profit of Rs 3.48 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The published financial statements show that the net profit of half a dozen commercial banks has declined. Century Bank&#39;s profit has recorded a huge decline in the review period of this fiscal year by 60.89 percent to Rs 358 million. It had earned a profit of Rs 915 million in the corresponding period of the previous year. The profit of Himalayan Bank, which is in the process of merger, has shrunk by 44.45 percent in the wake of the merger. It has earned a profit of Rs 1.28 billion in the third quarter.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Nepal SBI Bank&#39;s net profit growth has declined by 38.91 percent. Similarly, Everest Bank&rsquo;s profit has gone down by 35.93 percent, Standard Chartered Bank by 34.34 percent and Nepal Credit and Commerce Bank by 5.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the decline in net profit growth, banks&#39; distributable profits have not declined. According to the financial statements released by the banks, the distributable profit of all 27 commercial banks has improved compared to the previous year. Overall, the distributable profit of commercial banks has reached Rs. 35.43 billion, an increase from Rs 12 billion from the last fiscal year.</span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13326',
			'article_category_id' => '1',
			'title' => 'Government to Exempt Tax on Oxygen and Essential Commodities ',
			'sub_title' => '',
			'summary' => 'April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Unveiling the decisions taken by Monday&#39;s Cabinet meeting, Government Spokesperson Parbat Gurung shared during a regular press meet that the Council of Ministers also decided to add more members to the committee formed to investigate the complaints against biased investigation and deliberate crimes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;According to RSS, Minister for Communications and Information Technology Gurung further informed that the meeting also decided to grant permission to increase the paid-up capital of the Citizen Investment Fund (CIT) to Rs 3.27 billion. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly</span><strong><span style="font-family:&quot;Arial Unicode MS&quot;">, </span></strong><span style="font-family:&quot;Arial Unicode MS&quot;">the meeting has also decided to approve a grant assistance worth Rs 13.8 million Euros pledged by the government of Germany for projects related to safe motherhood and healthcare for newborns. The cabinet meeting has granted permission to the authorities of the Ministry of Finance to sign the finance agreement in this regard.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, grant assistance worth 9 million Euros pledged by the government of Finland for drinking water and sanitation-related projects has also been approved by the cabinet. </span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '13325',
			'article_category_id' => '1',
			'title' => 'Women Entrepreneurs Lack Knowledge of Foreign Markets: Study',
			'sub_title' => '',
			'summary' => 'April 28: Experts have cautioned that flawed policies that do not recognize the gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">April 28: Experts have cautioned that flawed policies that do not recognize gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">They expressed such view during a webinar titled &lsquo;Gender Dimensions of Trade Facilitation: Evidence from Nepal&rsquo; organised by South Asia Watch on Trade, Economics and Environment (SAWTEE) on Tuesday, April 27.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Making a presentation of the findings of the study, Senior Research Officer&nbsp; of SAWTEE, Dikshya Singh, said that dismal participation of women entrepreneurs in international trade can be largely attributed to their engagement in producing unsuitable products such as easily perishable food items, high concentration on the domestic market, and most importantly, the lack of knowledge about foreign markets and buyers. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">A press statement issued by SAWTEE says the findings were based on a two-and-a-half-year study conducted by SAWTEE, along with CUTS International, India, to examine the constraints faced by women entrepreneurs in international trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Along with the issues related to productive capacity and quality, lack of information about foreign markets means they face difficulty in establishing new business contacts in foreign markets, the findings suggest.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Likewise, the absence of female representation at the policy-making level and at the operation level, customs and other logistics chain, mean many women entrepreneur-specific issues are not addressed at the policy level, added Singh.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Dr Posh Raj Pandey, chairman of SAWTTE, emphasized that although trade and export help economic growth through employment and income generation if policies are flawed then they might further deteriorate gender inequality by inadvertently discriminating against the sectors that employ more women.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Senior Economist Dr Bina Pradhan &nbsp;pointed out that enterprise development policies designed in such a way that equate women entrepreneurship only as part of poverty alleviation programmes do not help to scale up women-led enterprises.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">&ldquo;Policies have been looking into women&rsquo;s economic activities through a flawed gendered lens condemning women to the sectors that do not offer opportunities to climb up the value chains. Even the language used in the National Trade Integration Strategy shows that,&rdquo; the statement quoted Pradhan as saying.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former President of Nepal Freight Forwarders Association, Rajan Sharma, pointed out that workers in the trade logistics chain &ndash;behind the border, at the border and beyond the border&mdash;are predominantly male. Therefore, to increase participation of women in these chains requires sensitizing existing participants to accommodate women&rsquo;s involvement at different levels of trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Shobha Gurung, vice president of the Federation of Nepalese Cottage and Small Industries, said even veteran entrepreneurs lack the information about dealing in foreign markets. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former Joint Secretary at the Ministry of Industry Commerce and Supplies, Rabi Shankar Sainju, suggested mobilizing diplomatic missions of Nepal all over the world so that at least they can act as trade envoys.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">According to SAWTEE, the participants in the webinar included women entrepreneurs, representatives from civil society organizations, policymakers and academia. The participants pointed out limited access to information for the women entrepreneurs and the need for coordinated efforts from stakeholders to build the capacity of entrepreneurs.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13324',
			'article_category_id' => '1',
			'title' => 'Private Sector urges Government to Allow Operation of Industries ',
			'sub_title' => '',
			'summary' => 'April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the  prohibitory order is in force.',
			'content' => '<p><em>This file photo shows a deserted street of Kathmandu during lockdown last year.</em></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the&nbsp; prohibitory order is in force. The government has announced prohibitory order in some areas to contain the second wave of coronavirus. The week-long prohibitory order will come into force starting from Thursday, April 29 in the Kathmandu valley. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Issuing a statement on Tuesday, April 27, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to create environment for the operation of the industries during this period.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has appealed to the government to ensure smooth operation of large projects, industries, and ensure smooth supply of produced goods, raw materials and facilitate the movement of workers required for operation of industries.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">It has asked the government to work toward reducing the impact of the prohibitory orders. FNCCI has expressed commitment to support all the efforts made by the government for the public health security. It has stated that the private sector is ready to help the government to facilitate the daily life of the people, to meet their daily needs, and to supply essential food and other items in the market. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Industrialists say private sector is extremely worried by the present situation created by COVID-19 pandemic. This will affect the economy further which was about to bounce back from the impacts spurred by the first wave of the virus. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">During the first wave of pandemic, the government had enforced lockdown for four months across the country, which had severely affected the industrial sector and the overall economy.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The re-enforcement of the prohibitory order following the spike in the COVID-19 cases will once again affect the economy, states the private sector. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Amidst this situation, the government, the private sector and the general public have a major responsibility to keep the economy afloat by containing the virus, say the industrialists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Private sector has expressed dissatisfaction over the foremost choice of prohibitory orders by the government to contain the virus. According to the industrialists there were other measures to control the virus, but the government has used the last option of lockdown as the first choice. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Rajendra Malla, president of the Nepal Chamber of Commerce, said lockdown is the last option to control the virus. It could have been controlled using safety measures set by the World Health Organization and the Ministry of Health but the government ignored those options which will in turn affect the economy. A day of lockdown equals a loss of billions, argue the industrialists. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He suggests the government should use prohibitory orders wisely. The government should not remain silent by imposing the order. The access to vaccine, public awareness should be increased and the public should also exhibit discipline. The government should work to ensure that the prohibitory order is not extended beyond the given period. &ldquo;The private sector is ready to help control this virus and the government should collaborate with us,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry, said the impact of the restrictive order should be minimized this time. Industries should be allowed to operate using safety measures. This kind of ban affects the small and medium industries more so the government should provide relief package to them. Along with that, logistical services should also be provided in terms of import and the public should not be made to bear the brunt of artificial price hike of essential goods. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has also requested the government to provide relief to the workers working in the informal sector who have lost their jobs due to the prohibitory orders through schemes like the PM Employment Program. Golchha has said that relief programs announced in the last year should be continued for small and cottage industries and additional relief packages should be provided.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has stated that it is always ready to provide the required help and support to the public and the government during time of crisis. </span></span></span></p>
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		'Article' => array(
			'id' => '13322',
			'article_category_id' => '1',
			'title' => 'Nepal’s Economy to Post Modest Recovery in FY2021',
			'sub_title' => '',
			'summary' => 'April 28: Nepal’s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">April 28: Nepal&rsquo;s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020, says the Asian Development Outlook (ADO) 2021, the flagship economic publication of the Asian Development Bank (ADB).</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Growth is expected to recover from the low base in FY2020, as a result of the gradual lifting of nationwide lockdown since July 2020, and a pickup in domestic demand, the report states. The ongoing vaccination campaigns against the coronavirus (COVID-19) pandemic will help strengthen the economic impetus, it further stated.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">&ldquo;The COVID-19 contagion that seemed to have tapered off until end of March 2021 is now spreading rapidly. If strict containment measures that have been initiated to tackle this second wave of infections are necessary for a prolonged period in the remainder of this fiscal year, then GDP growth will be lower than the forecast,&rdquo; ADB said in a statement quoting its Officer-in-Charge for Nepal Sharad Bhandari.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the ADB, agriculture is expected to rise by 2.4 percent in FY2021 as paddy yield is likely to increase by 1.3 percent, owing to a good monsoon and increased acreage under production. Manufacturing and service industries gradually reopened following the end of the lockdown since July 2020. The affected industries, including micro, small, and medium-sized enterprises (MSMEs) have been receiving economic support in the form of concessional lending and refinancing of existing loans to mitigate the adverse effects of the downturn, the report further said.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Construction began to pick up, while the completion of some major projects of the government is expected to boost economic recovery. The Upper Tamakoshi Hydropower is expected to begin its first phase of production, while water from the Melamchi Water Supply Project began flowing since March 2021. According to the&nbsp; ADB report, overall industry is expected to grow by 2.5 percent after contracting by 4.2 percent in FY2020. The services sector is expected to grow by 3.4 percent in FY2021, though hospitality, travel, and tourism subsectors will take a longer time to recover.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The <em><span style="font-family:Times">ADO 2021</span></em> forecasts inflation to moderate to an average of 5.0 percent in FY2021, down from 6.2 percent in FY2020, on the back of a good harvest, smoother supply chains, and subdued non-food prices. The current account deficit is expected to widen from 0.9 percent of GDP in FY2020 to 2.5 percent in FY2021, owing to increased import growth.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">GDP growth of 5.1 percent is envisaged for FY2022 in anticipation of vaccination progress against COVID-19, regional and global economic recovery from this pandemic, assumption of a good monsoon leading to better harvest, and steady inflows of workers&rsquo; remittance. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The current account deficit is expected to widen from 2.5 percent of GDP in FY2021 to 3.8 percent in FY2022 as imports of capital goods increase.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The main downside risk to the outlook centers on a resurgence of COVID-19 infections. Political uncertainties and policy inconsistencies, as well as recurrent natural calamities like floods and landslides, could also undermine growth prospects. A weaker than expected regional and global recovery would limit employment opportunities abroad for Nepalese workers, constrain remittance and earnings from exports, and dampen Nepal&rsquo;s growth.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13337',
			'article_category_id' => '1',
			'title' => 'Government Ensures Smooth Supply of Essential Goods',
			'sub_title' => '',
			'summary' => 'May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A meeting of government officials and umbrella organizations of private sector entrepreneurs chaired by Minister for Industry, Commerce, and Supplies Lekhraj Bhat on Friday decided to facilitate the supply of essential consumer goods and pharmaceutical products.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has decided to facilitate the production and supply of such goods and services as the number of districts going through prohibitory order is growing with the rising cases of Covid-19. The government has already imposed prohibitory orders in more than two dozen districts, including the Kathmandu Valley, to control Covid-19 from spreading.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has formed a mechanism to immediately address the obstruction of essential services and goods.&nbsp; Narayan Prasad Regmi, spokesperson for the Ministry of Industry, Commerce, and Supplies, informed that the government is taking effective measures to provide medicines, oxygen, oxygen cylinders, and masks at affordable prices.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A press statement released by the ministry says that the government will coordinate with umbrella organization of industrialists to ensure smooth supply of essential goods and services and raw materials.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The Rapid Response Team will be informed about the problems faced by the entrepreneurs during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has set up a five-member team which includes officials from the concerned ministries to facilitate the supply of food and daily necessities during the ongoing restriction. The ministry has made necessary arrangements to transport daily essentials and services easily during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">Industries manufacturing essential commodities have been ensured of smooth operation and transportation facility. Arrangements have been made to allow staffers of such industries to operate vehicles by showing their identity cards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry informed that the vehicles can be operated by placing banners in front of the vehicles and by following the health safety standards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The workers will be facilitated for the movement on the basis of the official identity card of the industry. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The press release further says that the industries should mobilize minimum manpower following strict health security measures. The local administration will have to be informed about the operation of industry and businesses.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13336',
			'article_category_id' => '1',
			'title' => 'USA Provides Additional Funds to Support Nepal Amidst Second Wave of COVID-19',
			'sub_title' => '',
			'summary' => 'May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a “support the Nepali people” to combat coronavirus.',
			'content' => '<p><em>Photo Courtesy: Twitter account of US Ambassador to Nepal Randy Berry.</em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a &ldquo;support the Nepali people&rdquo; to combat coronavirus.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The announcement comes at a challenging time when the country is facing second wave of the disease.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The US Embassy in Nepal said in a statement that the fund will be made available to the government through the US Agency for International Development (USAID).</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the embassy, the additional assistance will help intensify the Government of Nepal&rsquo;s COVID-19 testing, contact tracing and case investigation, treatment, infection prevention and control, border control, and other work at the federal, provincial and municipal levels.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">USAID/Nepal will also scale-up its response at the community level, supporting the most vulnerable, the statement added. Assistance will include support to households and families through life-saving COVID-19 counseling and referrals, nutrition counseling, health care access, ensure the continuity of critical HIV services, and mitigate the secondary impacts of COVID-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Since the beginning of the pandemic, the United States has stood with the people and Government of Nepal in the ongoing fight against COVID-19. With USAID&rsquo;s latest provision of emergency funding, the US Government reaffirms its commitment to the strong and collaborative 70-year partnership between the United States and Nepal,&rdquo; added the statement.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13335',
			'article_category_id' => '1',
			'title' => 'Govt to raise minimum wage to Rs 15,000 per month from next fiscal year ',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has announced that the minimum wage for workers will be raised from the next fiscal year 2020/21. ',
			'content' => '<p>May 1:&nbsp;Prime Minister KP Sharma Oli has announced that the minimum wage of workers will be raised from the next fiscal year 2020/21.&nbsp;</p>

<p>In his speech on the occasion of Labour Day on Saturday, Prime Minister Oli said that the minimum wage of domestic workers will be raised to Rs 15,000 per month.&nbsp;</p>

<p>Currently, workers have been drawing a minimum wage of Rs 13,450 per month. The government last raised the minimum wage by 38 percent to Rs 13,450 in 2018.</p>

<p>In his statement, Prime Minister Oli also said that the government could not revise the minimum wage last year due to the adverse economic condition caused by the Covid-19.&nbsp;</p>

<p>Stating that workers had supported the government&rsquo;s stance to not raise the minimum wage last year due to the pandemic, Prime Minister Oli said that he is confident that industrialists and businessmen will agree on revising the minimum wage this year.&nbsp;</p>

<p>&ldquo;There could not be agreement between the representatives of employers and workers on the revision of minimum wage even this year due to worsening of the situation. However, I would like to inform you that the government would revise the minimum wage of workers from the fiscal year 2021/22,&rdquo; said Prime Minister Oli. &nbsp;</p>

<p>Prime Minister Oli also said that all workers will be brought under the social security net by the end of the next fiscal year.&nbsp;<br />
&nbsp;</p>

<p><br />
&nbsp;</p>
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			'id' => '13334',
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			'title' => 'Economy to grow by 4.01% in current fiscal year, estimates CBS',
			'sub_title' => 'Growth estimate based on assumption that all economic activities will operate in normal condition after two weeks of prohibitory orders, say CBS officials   ',
			'summary' => 'Nepal’s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate of the Central Bureau of Statistics (CBS). ',
			'content' => '<p>KATHMANDU (April 30):&nbsp;</p>

<p>Nepal&rsquo;s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate&nbsp;of the Central Bureau of Statistics (CBS).&nbsp;</p>

<p>Releasing the latest National Accounts Statistics on Friday, the CBS said that it forecasts the country&rsquo;s annualized Gross Domestic Product (GDP) to grow by 4.01 percent to climb to Rs 4.266 trillion in the current fiscal year.&nbsp;</p>

<p>According to the CBS, the preliminary estimate is based on available information and figures of seven to nine months of the current fiscal year.&nbsp;</p>

<p>&nbsp;<br />
The growth projection of the CBS comes at a time when the country is bracing for the second wave of Covid-19 and prohibitory orders enforced by local administrations in over a dozen districts to contain the spread of coronavirus.&nbsp;<br />
CBS officials say that their projection is based on an assumption that all economic activities will operate in normal condition after two weeks.&nbsp;</p>

<p>&ldquo;Our estimates are based on assumption that the current prohibitory period will not last more than two week, and the economy, barring hospitality and leisure sectors, will be back to normal,&rdquo;&nbsp;Ishwori Prasad Bhandari, a director at the CBS, told New Business Age.&nbsp;<br />
&ldquo;If our assumption fails and the impact of the Covid-19 lingers on, we will later revise our estimates and figures,&rdquo; he said.</p>

<p>The preliminary estimate of the CBS for the current fiscal year is higher than the projections made by international institutions like the World Bank, the International Monetary Fund (IMF) and the Asian Development Bank (ADB).&nbsp;<br />
The IMF recently projected Nepal&rsquo;s growth to grow by 2.9 percent while the World Bank put the growth forecast at 2.7 percent. Earlier on Wednesday, the ADB said that Nepal&rsquo;s GDP is anticipated to grow by 3.1 percent in the current fiscal year.&nbsp;<br />
According to CBS officials, &lsquo;base effect&rsquo; has also helped to prop up economic growth in the current fiscal year.&nbsp;<br />
&ldquo;The country&rsquo;s economic growth fell to negative territory in the last fiscal year. So,even when the economic activities haven&rsquo;t gained momentum after the lockdown, a slight increase in the production helped in propping up growth figures,&rdquo; said CBS Director Bhandari.&nbsp;</p>

<p>However, the growth estimate of the CBS is a way lower than the government&rsquo;s economic growth target. Even when the country was under lockdown to contain the spread of coronavirus, the government in its annual budget speech had set a target of 7 percent economic growth in the current fiscal year.&nbsp;</p>

<p><br />
The CBS also revised down its growth for the last fiscal year 2019/20 to -2.09 percent. Earlier last month, CBS had forecast a growth contraction of 1.88&nbsp;percent.</p>

<p><br />
&nbsp;</p>
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			'image' => '20210430085017_CBS Growth.JPG',
			'article_date' => '2021-04-30 20:47:38',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13332',
			'article_category_id' => '1',
			'title' => 'FMTC Starts Free Home Delivery of Essential Food Items',
			'sub_title' => '',
			'summary' => 'April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. ',
			'content' => '<p><em>Photo Courtesy: Sastodeal.Com</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. </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:&quot;Arial Unicode MS&quot;">The company informed that it started the home delivery service considering the difficulty faced by the general public in purchasing food and other essentials due to the prohibitory order enforced by the local administration.</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:&quot;Arial Unicode MS&quot;">Issuing a statement on Thursday (April 29), FMTC informed that it has started free home delivery of essential food items including beans from Karnali, Marsi rice, ghee, edible oil, sanitizers among others. Customers living inside the ring road can order the items through the company&rsquo;s website <a href="http://www.nepalfood.gov.np" style="color:blue; text-decoration:underline">www.nepalfood.gov.np</a> while those living outside the ring road and within the valley can avail the service through <a href="http://www.sastodeal.com" style="color:blue; text-decoration:underline">www.sastodeal.com</a>. The service is available in all three districts of the valley, according to FMTC.</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:&quot;Arial Unicode MS&quot;">The company informed that it has adequate stock of food and has urged people not to stockpile food items due to fear of short supply.</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:&quot;Arial Unicode MS&quot;">The company has been selling food items through its distribution centers at Nakhhu, Ram Shah Path, Thapathali and Suryabinayak during morning and evening hours.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '13333',
			'article_category_id' => '1',
			'title' => 'House Panel Directs Nepalese Army to Halt Contract Process of Fast Track',
			'sub_title' => '',
			'summary' => 'April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. </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:&quot;Arial Unicode MS&quot;">The committee had earlier instructed the Nepalese Army to halt the process and initiate new procurement process following a decision taken on April 1. However, the Nepalese Army ignored the instruction of the committee and moved ahead with the procurement process on Sunday (April 25). Following the move of the army, the parliamentary committee issued a fresh directive to halt the process.</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:&quot;Arial Unicode MS&quot;">The Nepalese Army on April 25 had approved the financial proposals of two Chinese companies selected in the prequalification round and handed then with the Letter of Intent (LoI). The Nepalese Army was planning to sign contract agreements with the two companies after 15 days. However, the process is likely to halt due to the intervention of the PAC.</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:&quot;Arial Unicode MS&quot;">The follow-up letter signed by PAC Secretary Dr Rojnath Pandey has instructed the Nepalese Army to terminate the contract process and avail the committee with relevant documents. </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:&quot;Arial Unicode MS&quot;">The parliamentary panel has concluded that the contract process of the second package of fast track is against the law and the tender bid does not ensure competition among the bidders. Therefore, the committee has instructed the army to scrap the process and initiate fresh process. </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:&quot;Arial Unicode MS&quot;">Earlier, the committee had written a letter in this regard to the Ministry of Defense. However, the committee has not received any reply from the ministry regarding whether the instructions have been implemented or not. After the Nepalese Army moved ahead with the procurement process, the committee demanded the ministry to furnish details within three days.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13331',
			'article_category_id' => '1',
			'title' => 'Insurance Board Seeks Applications for New Re-insurance Company from Private Sector',
			'sub_title' => '',
			'summary' => 'April 30: Nepal's Insurance Board is preparing to allow the establishment of another reinsurance company in the market.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">April 30: Insurance Board&mdash;the insurance regulatory authority of Nepal&mdash;is preparing to allow the establishment of another reinsurance company in the market. It has called for applications from interested individuals and companies from the private sector to send proposals in this regard. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The interested individuals and companies can submit applications within 21 days by fulfilling the criteria set by the board. One of the applicants will be granted permission to set up a reinsurance company, according to Surya Prasad Silwal, chairman of the Insurance Board.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">A state-owned reinsurance company is currently in operation. Preparations are on to establish a reinsurance company from the private sector to make the insurance sector more competitive, effective and productive, said Silwal.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Various companies and entrepreneurs have shown keen interest to establish re-insurance companies in the country. Former Finance Minister Yuba Raj Khatiwada had stressed on establishing a new reinsurance company. Subsequently, the Insurance Board formed a committee to study into this matter. The study had recommended the need of another reinsurance company in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">After Insurance Board initiated the study to establish a new reinsurance company, various entrepreneurs have made preparations to submit applications to establish four reinsurance companies namely - Annapurna Reinsurance Company, Kathmandu Reinsurance Company, Prudential Reinsurance Company and Genuine Reinsurance Company.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Raju Raman Poudel, executive&nbsp;director of the Insurance Board, said only one reinsurance company will be given approval for the establishment. Decision will not be taken based on the preparations that are underway in the market. &quot;Study has shown only one company is required in the market. In this case, it would be better if all the proposed companies come together,&quot; he said.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, Insurance Board has also set various conditions for the new reinsurance company. Only the company that fulfills the set criteria will be eligible to submit application. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The proposed reinsurance company should have a minimum paid-up capital of Rs 10 billion.&nbsp;Investors of current reinsurance company are not eligible to invest in the proposed company. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposal that receives the highest marks will get the initial approval. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposals need to be submitted within a given deadline. &quot;Though prohibitory order is in place to control coronoavirus, the Insurance Board will remain open during this time so that the proposals can be submitted,&quot; Silwal added. </span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13330',
			'article_category_id' => '1',
			'title' => ' Nepal Stresses on Collaborative Efforts Among LCDs for Poverty Alleviation ',
			'sub_title' => '',
			'summary' => 'April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.     ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to a press statement issued by the Nepali Embassy in Bangkok, Thailand on Thursday (April 29), Prof Dr Puspa Raj Kandel, vice chairman of the National Planning Commission (NPC) highlighted the need for unified efforts to diversify trade and alleviate poverty.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Prof Dr Kandel pointed out the need for international cooperation for availability and accessibility of Covid-19 vaccines, debt relief measures and financial support to the LCDs, LLDCs and PIDCs at the time of health crisis like this.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Addressing the Special Body on the Least Developed Countries, Landlocked Developing Countries and Pacific Island Developing States during the 77th session of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) in Bangkok through online platform on Wednesday, Kandel viewed support measures should focus on increasing the social and economic resilience of the vulnerable economies.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that as the second wave of Covid-19 was plaguing many countries in the LCDs, LLDCs and PIDCs currently, these countries could play a pivotal role in promoting economic growth, diversifying trade and transforming structural barriers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that due to pandemic, the trade, tourism and transport are the hardest hit sectors and the Government of Nepal was working towards prevention of the pandemic and to treat the infected ones in effective manner. -- RSS</span></span></span></p>

<p><span style="font-size:16px"><img alt="" src="/app/webroot/userfiles/images/My%20Effect%282%29.jpg" style="height:366px; width:800px" /></span></p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '13329',
			'article_category_id' => '1',
			'title' => ' BFIs to Remain Open in Kathmandu Valley during Prohibitory Period    ',
			'sub_title' => '',
			'summary' => 'April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a press statement, Nepal Bankers&rsquo; Association said that all branches of banks would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The association urged the clients not to visit banks and financial institutions unless it is urgent, even though the branches would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Bhuwan Dahal said that they have requested clients not to make the banks overcrowded and to opt for online transaction rather than cash transaction. </span></span></span></p>
',
			'published' => true,
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			'sortorder' => '13074',
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			'article_date' => '2021-04-29 17:00:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13328',
			'article_category_id' => '1',
			'title' => 'Industries to Receive Rs 2.5 Billion Rebate on Electricity Demand Charge',
			'sub_title' => '',
			'summary' => 'April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria">April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. The government had decided to exempt 58 types of manufacturing industries from electricity demand charges for the lockdown period (March 2020 to mid-July 2020).<br />
NEA Executive Director Hitendra Dev Shakya confirmed the decision taken by the government.<br />
&quot;Even though a decision was taken in this regard earlier, it was not clear how much the amount should be waived. We have identified the industries from all the distribution centers and collected the required details from them,&rdquo; he said.<br />
A rebate of Rs 2.25 billion will be made.<br />
He said that work has also been started to adjust the rebate amount received by the industries. NEA has also written to the Ministry of Finance to reimburse the amount equal to the exemption given in the electricity demand fee. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria">Executive Director Shakya said that a letter has been sent to the Ministry of Finance to reimburse the amount. He said that the amount will be paid after the completion of the necessary process.<br />
The government had decided in the current fiscal year&rsquo;s budget to give exemption in electricity demand fee to manufacturing industries affected by coronavirus and lockdown. Accordingly, the government has to pay the amount equal to the exemption to the NEA.<br />
The government had imposed a nationwide lockdown for about four months from March 2020 to prevent coronavirus infection. As a result, manufacturing industries along with other sectors were affected. After that, the government had decided last year to waive the electricity demand fee as per the demand of the industrialists.<br />
The list of 58 types of manufacturing industries includes cement, plastic goods, non-organic fertilizers, sugar, lubricants, sugarcane, rice mills, oil mills, pulses mills, juice mills, grain producers, and liquor, ayurvedic medicine, spirits, cigarettes, candles, and incense sticks, foam, leather, printing presses, water processing and bitumen, and plywood industries.<br />
The government had decided in last February to waive electricity demand charges for the tourism sector and hotel industry as well.<br />
However, it is not yet clear how much amount will be exempted. NEA Executive Director Shakya said that necessary details are being collected for this.<br />
&quot;Distribution centers are now working to identify such customers and collect necessary details from them. After that, the process of waiving the demand fee and reimbursing the amount from the government will be initiated,&rdquo; he said.</span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '13327',
			'article_category_id' => '1',
			'title' => 'Net Profit of Commercial Banks Increases by 12.14%',
			'sub_title' => '',
			'summary' => 'April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri">April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. According to the third quarterly report of the current fiscal year, commercial banks have earned a net profit of Rs 50.74 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of this fiscal year, banks have earned additional profit of Rs 5.5 billion. Bankers state that recovery of interest provisioned as expenses earlier and income from share contributed to the increment of the net profit in the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of the last fiscal year, the net profit of the commercial banks had increased only by 2.36 percent or Rs 1.5 billion. And the total net profit amounted to Rs 45 billion during that period. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the bankers, the profit amount is satisfactory in the current period compared to the last fiscal year. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The main source of income of banks is interest on loans and various service charges. As of mid April, banks have earned Rs 95.90 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the banks&rsquo; financial statements, the total net fee income amounted to Rs 19.63 billion in the last nine months while Rs 17.75 billion was earned in the corresponding period of the last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the increase in credit flow of Rs 6.68 billion this fiscal year, the decline in interest income of banks is attributed to differences in interest rate of loan-to-deposit ratio. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Bhuwan Kumar Dahal, president of the Nepal Bankers Association, says that the overall interest income of banks has decreased due to the decline of loan-deposit interest rate following the intense competition among banks. Interest income should have increased along with the increase in the credit flow which didn&rsquo;t happen this time.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to Dahal, who is also the Chief Executive Officer of Sanima Bank, increase in the profit has resulted due to collection of money held at provisioning. Sanima Bank has earned a net profit of Rs 18.56 billion during this period which is an increase of 14.67 percent or Rs 237 million more compared to last year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Dahal said that COVID-19 pandemic had affected the financial progress in the last fiscal year which will be repeated this year as well with the enforcement of prohibitory orders from April 29.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the third quarter financial statement, Nabil Bank has earned the highest amount of profit. It has earned a net profit of Rs 3.67 billion. Nabil Bank was the highest profit earner in the review period of the last fiscal year as well.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Global IME Bank, which acquired Janata Bank, has become the second largest earner with a net profit of Rs 3.57 billion. The state-owned Rastriya Banijya Bank came in the third position with a net profit of Rs 3.27 billion. NIC Asia Bank which was leading in the credit flow however has earned the net profit of Rs 3.48 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The published financial statements show that the net profit of half a dozen commercial banks has declined. Century Bank&#39;s profit has recorded a huge decline in the review period of this fiscal year by 60.89 percent to Rs 358 million. It had earned a profit of Rs 915 million in the corresponding period of the previous year. The profit of Himalayan Bank, which is in the process of merger, has shrunk by 44.45 percent in the wake of the merger. It has earned a profit of Rs 1.28 billion in the third quarter.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Nepal SBI Bank&#39;s net profit growth has declined by 38.91 percent. Similarly, Everest Bank&rsquo;s profit has gone down by 35.93 percent, Standard Chartered Bank by 34.34 percent and Nepal Credit and Commerce Bank by 5.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the decline in net profit growth, banks&#39; distributable profits have not declined. According to the financial statements released by the banks, the distributable profit of all 27 commercial banks has improved compared to the previous year. Overall, the distributable profit of commercial banks has reached Rs. 35.43 billion, an increase from Rs 12 billion from the last fiscal year.</span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13326',
			'article_category_id' => '1',
			'title' => 'Government to Exempt Tax on Oxygen and Essential Commodities ',
			'sub_title' => '',
			'summary' => 'April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Unveiling the decisions taken by Monday&#39;s Cabinet meeting, Government Spokesperson Parbat Gurung shared during a regular press meet that the Council of Ministers also decided to add more members to the committee formed to investigate the complaints against biased investigation and deliberate crimes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;According to RSS, Minister for Communications and Information Technology Gurung further informed that the meeting also decided to grant permission to increase the paid-up capital of the Citizen Investment Fund (CIT) to Rs 3.27 billion. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly</span><strong><span style="font-family:&quot;Arial Unicode MS&quot;">, </span></strong><span style="font-family:&quot;Arial Unicode MS&quot;">the meeting has also decided to approve a grant assistance worth Rs 13.8 million Euros pledged by the government of Germany for projects related to safe motherhood and healthcare for newborns. The cabinet meeting has granted permission to the authorities of the Ministry of Finance to sign the finance agreement in this regard.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, grant assistance worth 9 million Euros pledged by the government of Finland for drinking water and sanitation-related projects has also been approved by the cabinet. </span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '13325',
			'article_category_id' => '1',
			'title' => 'Women Entrepreneurs Lack Knowledge of Foreign Markets: Study',
			'sub_title' => '',
			'summary' => 'April 28: Experts have cautioned that flawed policies that do not recognize the gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">April 28: Experts have cautioned that flawed policies that do not recognize gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">They expressed such view during a webinar titled &lsquo;Gender Dimensions of Trade Facilitation: Evidence from Nepal&rsquo; organised by South Asia Watch on Trade, Economics and Environment (SAWTEE) on Tuesday, April 27.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Making a presentation of the findings of the study, Senior Research Officer&nbsp; of SAWTEE, Dikshya Singh, said that dismal participation of women entrepreneurs in international trade can be largely attributed to their engagement in producing unsuitable products such as easily perishable food items, high concentration on the domestic market, and most importantly, the lack of knowledge about foreign markets and buyers. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">A press statement issued by SAWTEE says the findings were based on a two-and-a-half-year study conducted by SAWTEE, along with CUTS International, India, to examine the constraints faced by women entrepreneurs in international trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Along with the issues related to productive capacity and quality, lack of information about foreign markets means they face difficulty in establishing new business contacts in foreign markets, the findings suggest.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Likewise, the absence of female representation at the policy-making level and at the operation level, customs and other logistics chain, mean many women entrepreneur-specific issues are not addressed at the policy level, added Singh.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Dr Posh Raj Pandey, chairman of SAWTTE, emphasized that although trade and export help economic growth through employment and income generation if policies are flawed then they might further deteriorate gender inequality by inadvertently discriminating against the sectors that employ more women.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Senior Economist Dr Bina Pradhan &nbsp;pointed out that enterprise development policies designed in such a way that equate women entrepreneurship only as part of poverty alleviation programmes do not help to scale up women-led enterprises.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">&ldquo;Policies have been looking into women&rsquo;s economic activities through a flawed gendered lens condemning women to the sectors that do not offer opportunities to climb up the value chains. Even the language used in the National Trade Integration Strategy shows that,&rdquo; the statement quoted Pradhan as saying.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former President of Nepal Freight Forwarders Association, Rajan Sharma, pointed out that workers in the trade logistics chain &ndash;behind the border, at the border and beyond the border&mdash;are predominantly male. Therefore, to increase participation of women in these chains requires sensitizing existing participants to accommodate women&rsquo;s involvement at different levels of trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Shobha Gurung, vice president of the Federation of Nepalese Cottage and Small Industries, said even veteran entrepreneurs lack the information about dealing in foreign markets. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former Joint Secretary at the Ministry of Industry Commerce and Supplies, Rabi Shankar Sainju, suggested mobilizing diplomatic missions of Nepal all over the world so that at least they can act as trade envoys.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">According to SAWTEE, the participants in the webinar included women entrepreneurs, representatives from civil society organizations, policymakers and academia. The participants pointed out limited access to information for the women entrepreneurs and the need for coordinated efforts from stakeholders to build the capacity of entrepreneurs.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13324',
			'article_category_id' => '1',
			'title' => 'Private Sector urges Government to Allow Operation of Industries ',
			'sub_title' => '',
			'summary' => 'April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the  prohibitory order is in force.',
			'content' => '<p><em>This file photo shows a deserted street of Kathmandu during lockdown last year.</em></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the&nbsp; prohibitory order is in force. The government has announced prohibitory order in some areas to contain the second wave of coronavirus. The week-long prohibitory order will come into force starting from Thursday, April 29 in the Kathmandu valley. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Issuing a statement on Tuesday, April 27, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to create environment for the operation of the industries during this period.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has appealed to the government to ensure smooth operation of large projects, industries, and ensure smooth supply of produced goods, raw materials and facilitate the movement of workers required for operation of industries.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">It has asked the government to work toward reducing the impact of the prohibitory orders. FNCCI has expressed commitment to support all the efforts made by the government for the public health security. It has stated that the private sector is ready to help the government to facilitate the daily life of the people, to meet their daily needs, and to supply essential food and other items in the market. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Industrialists say private sector is extremely worried by the present situation created by COVID-19 pandemic. This will affect the economy further which was about to bounce back from the impacts spurred by the first wave of the virus. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">During the first wave of pandemic, the government had enforced lockdown for four months across the country, which had severely affected the industrial sector and the overall economy.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The re-enforcement of the prohibitory order following the spike in the COVID-19 cases will once again affect the economy, states the private sector. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Amidst this situation, the government, the private sector and the general public have a major responsibility to keep the economy afloat by containing the virus, say the industrialists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Private sector has expressed dissatisfaction over the foremost choice of prohibitory orders by the government to contain the virus. According to the industrialists there were other measures to control the virus, but the government has used the last option of lockdown as the first choice. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Rajendra Malla, president of the Nepal Chamber of Commerce, said lockdown is the last option to control the virus. It could have been controlled using safety measures set by the World Health Organization and the Ministry of Health but the government ignored those options which will in turn affect the economy. A day of lockdown equals a loss of billions, argue the industrialists. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He suggests the government should use prohibitory orders wisely. The government should not remain silent by imposing the order. The access to vaccine, public awareness should be increased and the public should also exhibit discipline. The government should work to ensure that the prohibitory order is not extended beyond the given period. &ldquo;The private sector is ready to help control this virus and the government should collaborate with us,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry, said the impact of the restrictive order should be minimized this time. Industries should be allowed to operate using safety measures. This kind of ban affects the small and medium industries more so the government should provide relief package to them. Along with that, logistical services should also be provided in terms of import and the public should not be made to bear the brunt of artificial price hike of essential goods. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has also requested the government to provide relief to the workers working in the informal sector who have lost their jobs due to the prohibitory orders through schemes like the PM Employment Program. Golchha has said that relief programs announced in the last year should be continued for small and cottage industries and additional relief packages should be provided.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has stated that it is always ready to provide the required help and support to the public and the government during time of crisis. </span></span></span></p>
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		'Article' => array(
			'id' => '13322',
			'article_category_id' => '1',
			'title' => 'Nepal’s Economy to Post Modest Recovery in FY2021',
			'sub_title' => '',
			'summary' => 'April 28: Nepal’s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">April 28: Nepal&rsquo;s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020, says the Asian Development Outlook (ADO) 2021, the flagship economic publication of the Asian Development Bank (ADB).</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Growth is expected to recover from the low base in FY2020, as a result of the gradual lifting of nationwide lockdown since July 2020, and a pickup in domestic demand, the report states. The ongoing vaccination campaigns against the coronavirus (COVID-19) pandemic will help strengthen the economic impetus, it further stated.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">&ldquo;The COVID-19 contagion that seemed to have tapered off until end of March 2021 is now spreading rapidly. If strict containment measures that have been initiated to tackle this second wave of infections are necessary for a prolonged period in the remainder of this fiscal year, then GDP growth will be lower than the forecast,&rdquo; ADB said in a statement quoting its Officer-in-Charge for Nepal Sharad Bhandari.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the ADB, agriculture is expected to rise by 2.4 percent in FY2021 as paddy yield is likely to increase by 1.3 percent, owing to a good monsoon and increased acreage under production. Manufacturing and service industries gradually reopened following the end of the lockdown since July 2020. The affected industries, including micro, small, and medium-sized enterprises (MSMEs) have been receiving economic support in the form of concessional lending and refinancing of existing loans to mitigate the adverse effects of the downturn, the report further said.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Construction began to pick up, while the completion of some major projects of the government is expected to boost economic recovery. The Upper Tamakoshi Hydropower is expected to begin its first phase of production, while water from the Melamchi Water Supply Project began flowing since March 2021. According to the&nbsp; ADB report, overall industry is expected to grow by 2.5 percent after contracting by 4.2 percent in FY2020. The services sector is expected to grow by 3.4 percent in FY2021, though hospitality, travel, and tourism subsectors will take a longer time to recover.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The <em><span style="font-family:Times">ADO 2021</span></em> forecasts inflation to moderate to an average of 5.0 percent in FY2021, down from 6.2 percent in FY2020, on the back of a good harvest, smoother supply chains, and subdued non-food prices. The current account deficit is expected to widen from 0.9 percent of GDP in FY2020 to 2.5 percent in FY2021, owing to increased import growth.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">GDP growth of 5.1 percent is envisaged for FY2022 in anticipation of vaccination progress against COVID-19, regional and global economic recovery from this pandemic, assumption of a good monsoon leading to better harvest, and steady inflows of workers&rsquo; remittance. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The current account deficit is expected to widen from 2.5 percent of GDP in FY2021 to 3.8 percent in FY2022 as imports of capital goods increase.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The main downside risk to the outlook centers on a resurgence of COVID-19 infections. Political uncertainties and policy inconsistencies, as well as recurrent natural calamities like floods and landslides, could also undermine growth prospects. A weaker than expected regional and global recovery would limit employment opportunities abroad for Nepalese workers, constrain remittance and earnings from exports, and dampen Nepal&rsquo;s growth.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13337',
			'article_category_id' => '1',
			'title' => 'Government Ensures Smooth Supply of Essential Goods',
			'sub_title' => '',
			'summary' => 'May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A meeting of government officials and umbrella organizations of private sector entrepreneurs chaired by Minister for Industry, Commerce, and Supplies Lekhraj Bhat on Friday decided to facilitate the supply of essential consumer goods and pharmaceutical products.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has decided to facilitate the production and supply of such goods and services as the number of districts going through prohibitory order is growing with the rising cases of Covid-19. The government has already imposed prohibitory orders in more than two dozen districts, including the Kathmandu Valley, to control Covid-19 from spreading.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has formed a mechanism to immediately address the obstruction of essential services and goods.&nbsp; Narayan Prasad Regmi, spokesperson for the Ministry of Industry, Commerce, and Supplies, informed that the government is taking effective measures to provide medicines, oxygen, oxygen cylinders, and masks at affordable prices.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A press statement released by the ministry says that the government will coordinate with umbrella organization of industrialists to ensure smooth supply of essential goods and services and raw materials.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The Rapid Response Team will be informed about the problems faced by the entrepreneurs during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has set up a five-member team which includes officials from the concerned ministries to facilitate the supply of food and daily necessities during the ongoing restriction. The ministry has made necessary arrangements to transport daily essentials and services easily during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">Industries manufacturing essential commodities have been ensured of smooth operation and transportation facility. Arrangements have been made to allow staffers of such industries to operate vehicles by showing their identity cards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry informed that the vehicles can be operated by placing banners in front of the vehicles and by following the health safety standards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The workers will be facilitated for the movement on the basis of the official identity card of the industry. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The press release further says that the industries should mobilize minimum manpower following strict health security measures. The local administration will have to be informed about the operation of industry and businesses.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'USA Provides Additional Funds to Support Nepal Amidst Second Wave of COVID-19',
			'sub_title' => '',
			'summary' => 'May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a “support the Nepali people” to combat coronavirus.',
			'content' => '<p><em>Photo Courtesy: Twitter account of US Ambassador to Nepal Randy Berry.</em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a &ldquo;support the Nepali people&rdquo; to combat coronavirus.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The announcement comes at a challenging time when the country is facing second wave of the disease.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The US Embassy in Nepal said in a statement that the fund will be made available to the government through the US Agency for International Development (USAID).</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the embassy, the additional assistance will help intensify the Government of Nepal&rsquo;s COVID-19 testing, contact tracing and case investigation, treatment, infection prevention and control, border control, and other work at the federal, provincial and municipal levels.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">USAID/Nepal will also scale-up its response at the community level, supporting the most vulnerable, the statement added. Assistance will include support to households and families through life-saving COVID-19 counseling and referrals, nutrition counseling, health care access, ensure the continuity of critical HIV services, and mitigate the secondary impacts of COVID-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Since the beginning of the pandemic, the United States has stood with the people and Government of Nepal in the ongoing fight against COVID-19. With USAID&rsquo;s latest provision of emergency funding, the US Government reaffirms its commitment to the strong and collaborative 70-year partnership between the United States and Nepal,&rdquo; added the statement.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2021-05-02',
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			'description' => '',
			'sortorder' => '13081',
			'image' => '20210502123342_E0SkM-jUYAIY2Ao 2.jpg',
			'article_date' => '2021-05-02 12:32:00',
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	(int) 2 => array(
		'Article' => array(
			'id' => '13335',
			'article_category_id' => '1',
			'title' => 'Govt to raise minimum wage to Rs 15,000 per month from next fiscal year ',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has announced that the minimum wage for workers will be raised from the next fiscal year 2020/21. ',
			'content' => '<p>May 1:&nbsp;Prime Minister KP Sharma Oli has announced that the minimum wage of workers will be raised from the next fiscal year 2020/21.&nbsp;</p>

<p>In his speech on the occasion of Labour Day on Saturday, Prime Minister Oli said that the minimum wage of domestic workers will be raised to Rs 15,000 per month.&nbsp;</p>

<p>Currently, workers have been drawing a minimum wage of Rs 13,450 per month. The government last raised the minimum wage by 38 percent to Rs 13,450 in 2018.</p>

<p>In his statement, Prime Minister Oli also said that the government could not revise the minimum wage last year due to the adverse economic condition caused by the Covid-19.&nbsp;</p>

<p>Stating that workers had supported the government&rsquo;s stance to not raise the minimum wage last year due to the pandemic, Prime Minister Oli said that he is confident that industrialists and businessmen will agree on revising the minimum wage this year.&nbsp;</p>

<p>&ldquo;There could not be agreement between the representatives of employers and workers on the revision of minimum wage even this year due to worsening of the situation. However, I would like to inform you that the government would revise the minimum wage of workers from the fiscal year 2021/22,&rdquo; said Prime Minister Oli. &nbsp;</p>

<p>Prime Minister Oli also said that all workers will be brought under the social security net by the end of the next fiscal year.&nbsp;<br />
&nbsp;</p>

<p><br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-05-01',
			'modified' => '2021-05-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13080',
			'image' => '20210501032231_Oli.jpg',
			'article_date' => '2021-05-01 15:20:25',
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	(int) 3 => array(
		'Article' => array(
			'id' => '13334',
			'article_category_id' => '1',
			'title' => 'Economy to grow by 4.01% in current fiscal year, estimates CBS',
			'sub_title' => 'Growth estimate based on assumption that all economic activities will operate in normal condition after two weeks of prohibitory orders, say CBS officials   ',
			'summary' => 'Nepal’s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate of the Central Bureau of Statistics (CBS). ',
			'content' => '<p>KATHMANDU (April 30):&nbsp;</p>

<p>Nepal&rsquo;s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate&nbsp;of the Central Bureau of Statistics (CBS).&nbsp;</p>

<p>Releasing the latest National Accounts Statistics on Friday, the CBS said that it forecasts the country&rsquo;s annualized Gross Domestic Product (GDP) to grow by 4.01 percent to climb to Rs 4.266 trillion in the current fiscal year.&nbsp;</p>

<p>According to the CBS, the preliminary estimate is based on available information and figures of seven to nine months of the current fiscal year.&nbsp;</p>

<p>&nbsp;<br />
The growth projection of the CBS comes at a time when the country is bracing for the second wave of Covid-19 and prohibitory orders enforced by local administrations in over a dozen districts to contain the spread of coronavirus.&nbsp;<br />
CBS officials say that their projection is based on an assumption that all economic activities will operate in normal condition after two weeks.&nbsp;</p>

<p>&ldquo;Our estimates are based on assumption that the current prohibitory period will not last more than two week, and the economy, barring hospitality and leisure sectors, will be back to normal,&rdquo;&nbsp;Ishwori Prasad Bhandari, a director at the CBS, told New Business Age.&nbsp;<br />
&ldquo;If our assumption fails and the impact of the Covid-19 lingers on, we will later revise our estimates and figures,&rdquo; he said.</p>

<p>The preliminary estimate of the CBS for the current fiscal year is higher than the projections made by international institutions like the World Bank, the International Monetary Fund (IMF) and the Asian Development Bank (ADB).&nbsp;<br />
The IMF recently projected Nepal&rsquo;s growth to grow by 2.9 percent while the World Bank put the growth forecast at 2.7 percent. Earlier on Wednesday, the ADB said that Nepal&rsquo;s GDP is anticipated to grow by 3.1 percent in the current fiscal year.&nbsp;<br />
According to CBS officials, &lsquo;base effect&rsquo; has also helped to prop up economic growth in the current fiscal year.&nbsp;<br />
&ldquo;The country&rsquo;s economic growth fell to negative territory in the last fiscal year. So,even when the economic activities haven&rsquo;t gained momentum after the lockdown, a slight increase in the production helped in propping up growth figures,&rdquo; said CBS Director Bhandari.&nbsp;</p>

<p>However, the growth estimate of the CBS is a way lower than the government&rsquo;s economic growth target. Even when the country was under lockdown to contain the spread of coronavirus, the government in its annual budget speech had set a target of 7 percent economic growth in the current fiscal year.&nbsp;</p>

<p><br />
The CBS also revised down its growth for the last fiscal year 2019/20 to -2.09 percent. Earlier last month, CBS had forecast a growth contraction of 1.88&nbsp;percent.</p>

<p><br />
&nbsp;</p>
',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13332',
			'article_category_id' => '1',
			'title' => 'FMTC Starts Free Home Delivery of Essential Food Items',
			'sub_title' => '',
			'summary' => 'April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. ',
			'content' => '<p><em>Photo Courtesy: Sastodeal.Com</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. </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:&quot;Arial Unicode MS&quot;">The company informed that it started the home delivery service considering the difficulty faced by the general public in purchasing food and other essentials due to the prohibitory order enforced by the local administration.</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:&quot;Arial Unicode MS&quot;">Issuing a statement on Thursday (April 29), FMTC informed that it has started free home delivery of essential food items including beans from Karnali, Marsi rice, ghee, edible oil, sanitizers among others. Customers living inside the ring road can order the items through the company&rsquo;s website <a href="http://www.nepalfood.gov.np" style="color:blue; text-decoration:underline">www.nepalfood.gov.np</a> while those living outside the ring road and within the valley can avail the service through <a href="http://www.sastodeal.com" style="color:blue; text-decoration:underline">www.sastodeal.com</a>. The service is available in all three districts of the valley, according to FMTC.</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:&quot;Arial Unicode MS&quot;">The company informed that it has adequate stock of food and has urged people not to stockpile food items due to fear of short supply.</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:&quot;Arial Unicode MS&quot;">The company has been selling food items through its distribution centers at Nakhhu, Ram Shah Path, Thapathali and Suryabinayak during morning and evening hours.</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13333',
			'article_category_id' => '1',
			'title' => 'House Panel Directs Nepalese Army to Halt Contract Process of Fast Track',
			'sub_title' => '',
			'summary' => 'April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. </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:&quot;Arial Unicode MS&quot;">The committee had earlier instructed the Nepalese Army to halt the process and initiate new procurement process following a decision taken on April 1. However, the Nepalese Army ignored the instruction of the committee and moved ahead with the procurement process on Sunday (April 25). Following the move of the army, the parliamentary committee issued a fresh directive to halt the process.</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:&quot;Arial Unicode MS&quot;">The Nepalese Army on April 25 had approved the financial proposals of two Chinese companies selected in the prequalification round and handed then with the Letter of Intent (LoI). The Nepalese Army was planning to sign contract agreements with the two companies after 15 days. However, the process is likely to halt due to the intervention of the PAC.</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:&quot;Arial Unicode MS&quot;">The follow-up letter signed by PAC Secretary Dr Rojnath Pandey has instructed the Nepalese Army to terminate the contract process and avail the committee with relevant documents. </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:&quot;Arial Unicode MS&quot;">The parliamentary panel has concluded that the contract process of the second package of fast track is against the law and the tender bid does not ensure competition among the bidders. Therefore, the committee has instructed the army to scrap the process and initiate fresh process. </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:&quot;Arial Unicode MS&quot;">Earlier, the committee had written a letter in this regard to the Ministry of Defense. However, the committee has not received any reply from the ministry regarding whether the instructions have been implemented or not. After the Nepalese Army moved ahead with the procurement process, the committee demanded the ministry to furnish details within three days.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '13077',
			'image' => '20210430024254_1619734568.Clipboard06.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13331',
			'article_category_id' => '1',
			'title' => 'Insurance Board Seeks Applications for New Re-insurance Company from Private Sector',
			'sub_title' => '',
			'summary' => 'April 30: Nepal's Insurance Board is preparing to allow the establishment of another reinsurance company in the market.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">April 30: Insurance Board&mdash;the insurance regulatory authority of Nepal&mdash;is preparing to allow the establishment of another reinsurance company in the market. It has called for applications from interested individuals and companies from the private sector to send proposals in this regard. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The interested individuals and companies can submit applications within 21 days by fulfilling the criteria set by the board. One of the applicants will be granted permission to set up a reinsurance company, according to Surya Prasad Silwal, chairman of the Insurance Board.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">A state-owned reinsurance company is currently in operation. Preparations are on to establish a reinsurance company from the private sector to make the insurance sector more competitive, effective and productive, said Silwal.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Various companies and entrepreneurs have shown keen interest to establish re-insurance companies in the country. Former Finance Minister Yuba Raj Khatiwada had stressed on establishing a new reinsurance company. Subsequently, the Insurance Board formed a committee to study into this matter. The study had recommended the need of another reinsurance company in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">After Insurance Board initiated the study to establish a new reinsurance company, various entrepreneurs have made preparations to submit applications to establish four reinsurance companies namely - Annapurna Reinsurance Company, Kathmandu Reinsurance Company, Prudential Reinsurance Company and Genuine Reinsurance Company.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Raju Raman Poudel, executive&nbsp;director of the Insurance Board, said only one reinsurance company will be given approval for the establishment. Decision will not be taken based on the preparations that are underway in the market. &quot;Study has shown only one company is required in the market. In this case, it would be better if all the proposed companies come together,&quot; he said.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, Insurance Board has also set various conditions for the new reinsurance company. Only the company that fulfills the set criteria will be eligible to submit application. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The proposed reinsurance company should have a minimum paid-up capital of Rs 10 billion.&nbsp;Investors of current reinsurance company are not eligible to invest in the proposed company. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposal that receives the highest marks will get the initial approval. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposals need to be submitted within a given deadline. &quot;Though prohibitory order is in place to control coronoavirus, the Insurance Board will remain open during this time so that the proposals can be submitted,&quot; Silwal added. </span></span></span></p>

<p>&nbsp;</p>
',
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			'sortorder' => '13076',
			'image' => '20210430100347_20200630093335_Reinsurance.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13330',
			'article_category_id' => '1',
			'title' => ' Nepal Stresses on Collaborative Efforts Among LCDs for Poverty Alleviation ',
			'sub_title' => '',
			'summary' => 'April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.     ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to a press statement issued by the Nepali Embassy in Bangkok, Thailand on Thursday (April 29), Prof Dr Puspa Raj Kandel, vice chairman of the National Planning Commission (NPC) highlighted the need for unified efforts to diversify trade and alleviate poverty.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Prof Dr Kandel pointed out the need for international cooperation for availability and accessibility of Covid-19 vaccines, debt relief measures and financial support to the LCDs, LLDCs and PIDCs at the time of health crisis like this.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Addressing the Special Body on the Least Developed Countries, Landlocked Developing Countries and Pacific Island Developing States during the 77th session of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) in Bangkok through online platform on Wednesday, Kandel viewed support measures should focus on increasing the social and economic resilience of the vulnerable economies.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that as the second wave of Covid-19 was plaguing many countries in the LCDs, LLDCs and PIDCs currently, these countries could play a pivotal role in promoting economic growth, diversifying trade and transforming structural barriers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that due to pandemic, the trade, tourism and transport are the hardest hit sectors and the Government of Nepal was working towards prevention of the pandemic and to treat the infected ones in effective manner. -- RSS</span></span></span></p>

<p><span style="font-size:16px"><img alt="" src="/app/webroot/userfiles/images/My%20Effect%282%29.jpg" style="height:366px; width:800px" /></span></p>
',
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			'article_date' => '2021-04-30 09:48:57',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13329',
			'article_category_id' => '1',
			'title' => ' BFIs to Remain Open in Kathmandu Valley during Prohibitory Period    ',
			'sub_title' => '',
			'summary' => 'April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a press statement, Nepal Bankers&rsquo; Association said that all branches of banks would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The association urged the clients not to visit banks and financial institutions unless it is urgent, even though the branches would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Bhuwan Dahal said that they have requested clients not to make the banks overcrowded and to opt for online transaction rather than cash transaction. </span></span></span></p>
',
			'published' => true,
			'created' => '2021-04-29',
			'modified' => '2021-04-29',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13074',
			'image' => '20210429050042_20200326082540_20200320011057_aaadghjhj.jpg',
			'article_date' => '2021-04-29 17:00:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13328',
			'article_category_id' => '1',
			'title' => 'Industries to Receive Rs 2.5 Billion Rebate on Electricity Demand Charge',
			'sub_title' => '',
			'summary' => 'April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria">April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. The government had decided to exempt 58 types of manufacturing industries from electricity demand charges for the lockdown period (March 2020 to mid-July 2020).<br />
NEA Executive Director Hitendra Dev Shakya confirmed the decision taken by the government.<br />
&quot;Even though a decision was taken in this regard earlier, it was not clear how much the amount should be waived. We have identified the industries from all the distribution centers and collected the required details from them,&rdquo; he said.<br />
A rebate of Rs 2.25 billion will be made.<br />
He said that work has also been started to adjust the rebate amount received by the industries. NEA has also written to the Ministry of Finance to reimburse the amount equal to the exemption given in the electricity demand fee. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria">Executive Director Shakya said that a letter has been sent to the Ministry of Finance to reimburse the amount. He said that the amount will be paid after the completion of the necessary process.<br />
The government had decided in the current fiscal year&rsquo;s budget to give exemption in electricity demand fee to manufacturing industries affected by coronavirus and lockdown. Accordingly, the government has to pay the amount equal to the exemption to the NEA.<br />
The government had imposed a nationwide lockdown for about four months from March 2020 to prevent coronavirus infection. As a result, manufacturing industries along with other sectors were affected. After that, the government had decided last year to waive the electricity demand fee as per the demand of the industrialists.<br />
The list of 58 types of manufacturing industries includes cement, plastic goods, non-organic fertilizers, sugar, lubricants, sugarcane, rice mills, oil mills, pulses mills, juice mills, grain producers, and liquor, ayurvedic medicine, spirits, cigarettes, candles, and incense sticks, foam, leather, printing presses, water processing and bitumen, and plywood industries.<br />
The government had decided in last February to waive electricity demand charges for the tourism sector and hotel industry as well.<br />
However, it is not yet clear how much amount will be exempted. NEA Executive Director Shakya said that necessary details are being collected for this.<br />
&quot;Distribution centers are now working to identify such customers and collect necessary details from them. After that, the process of waiving the demand fee and reimbursing the amount from the government will be initiated,&rdquo; he said.</span></span></p>
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		'Article' => array(
			'id' => '13327',
			'article_category_id' => '1',
			'title' => 'Net Profit of Commercial Banks Increases by 12.14%',
			'sub_title' => '',
			'summary' => 'April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri">April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. According to the third quarterly report of the current fiscal year, commercial banks have earned a net profit of Rs 50.74 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of this fiscal year, banks have earned additional profit of Rs 5.5 billion. Bankers state that recovery of interest provisioned as expenses earlier and income from share contributed to the increment of the net profit in the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of the last fiscal year, the net profit of the commercial banks had increased only by 2.36 percent or Rs 1.5 billion. And the total net profit amounted to Rs 45 billion during that period. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the bankers, the profit amount is satisfactory in the current period compared to the last fiscal year. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The main source of income of banks is interest on loans and various service charges. As of mid April, banks have earned Rs 95.90 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the banks&rsquo; financial statements, the total net fee income amounted to Rs 19.63 billion in the last nine months while Rs 17.75 billion was earned in the corresponding period of the last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the increase in credit flow of Rs 6.68 billion this fiscal year, the decline in interest income of banks is attributed to differences in interest rate of loan-to-deposit ratio. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Bhuwan Kumar Dahal, president of the Nepal Bankers Association, says that the overall interest income of banks has decreased due to the decline of loan-deposit interest rate following the intense competition among banks. Interest income should have increased along with the increase in the credit flow which didn&rsquo;t happen this time.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to Dahal, who is also the Chief Executive Officer of Sanima Bank, increase in the profit has resulted due to collection of money held at provisioning. Sanima Bank has earned a net profit of Rs 18.56 billion during this period which is an increase of 14.67 percent or Rs 237 million more compared to last year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Dahal said that COVID-19 pandemic had affected the financial progress in the last fiscal year which will be repeated this year as well with the enforcement of prohibitory orders from April 29.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the third quarter financial statement, Nabil Bank has earned the highest amount of profit. It has earned a net profit of Rs 3.67 billion. Nabil Bank was the highest profit earner in the review period of the last fiscal year as well.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Global IME Bank, which acquired Janata Bank, has become the second largest earner with a net profit of Rs 3.57 billion. The state-owned Rastriya Banijya Bank came in the third position with a net profit of Rs 3.27 billion. NIC Asia Bank which was leading in the credit flow however has earned the net profit of Rs 3.48 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The published financial statements show that the net profit of half a dozen commercial banks has declined. Century Bank&#39;s profit has recorded a huge decline in the review period of this fiscal year by 60.89 percent to Rs 358 million. It had earned a profit of Rs 915 million in the corresponding period of the previous year. The profit of Himalayan Bank, which is in the process of merger, has shrunk by 44.45 percent in the wake of the merger. It has earned a profit of Rs 1.28 billion in the third quarter.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Nepal SBI Bank&#39;s net profit growth has declined by 38.91 percent. Similarly, Everest Bank&rsquo;s profit has gone down by 35.93 percent, Standard Chartered Bank by 34.34 percent and Nepal Credit and Commerce Bank by 5.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the decline in net profit growth, banks&#39; distributable profits have not declined. According to the financial statements released by the banks, the distributable profit of all 27 commercial banks has improved compared to the previous year. Overall, the distributable profit of commercial banks has reached Rs. 35.43 billion, an increase from Rs 12 billion from the last fiscal year.</span></span></p>
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		'Article' => array(
			'id' => '13326',
			'article_category_id' => '1',
			'title' => 'Government to Exempt Tax on Oxygen and Essential Commodities ',
			'sub_title' => '',
			'summary' => 'April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Unveiling the decisions taken by Monday&#39;s Cabinet meeting, Government Spokesperson Parbat Gurung shared during a regular press meet that the Council of Ministers also decided to add more members to the committee formed to investigate the complaints against biased investigation and deliberate crimes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;According to RSS, Minister for Communications and Information Technology Gurung further informed that the meeting also decided to grant permission to increase the paid-up capital of the Citizen Investment Fund (CIT) to Rs 3.27 billion. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly</span><strong><span style="font-family:&quot;Arial Unicode MS&quot;">, </span></strong><span style="font-family:&quot;Arial Unicode MS&quot;">the meeting has also decided to approve a grant assistance worth Rs 13.8 million Euros pledged by the government of Germany for projects related to safe motherhood and healthcare for newborns. The cabinet meeting has granted permission to the authorities of the Ministry of Finance to sign the finance agreement in this regard.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, grant assistance worth 9 million Euros pledged by the government of Finland for drinking water and sanitation-related projects has also been approved by the cabinet. </span></span></span></p>
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		'Article' => array(
			'id' => '13325',
			'article_category_id' => '1',
			'title' => 'Women Entrepreneurs Lack Knowledge of Foreign Markets: Study',
			'sub_title' => '',
			'summary' => 'April 28: Experts have cautioned that flawed policies that do not recognize the gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">April 28: Experts have cautioned that flawed policies that do not recognize gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">They expressed such view during a webinar titled &lsquo;Gender Dimensions of Trade Facilitation: Evidence from Nepal&rsquo; organised by South Asia Watch on Trade, Economics and Environment (SAWTEE) on Tuesday, April 27.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Making a presentation of the findings of the study, Senior Research Officer&nbsp; of SAWTEE, Dikshya Singh, said that dismal participation of women entrepreneurs in international trade can be largely attributed to their engagement in producing unsuitable products such as easily perishable food items, high concentration on the domestic market, and most importantly, the lack of knowledge about foreign markets and buyers. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">A press statement issued by SAWTEE says the findings were based on a two-and-a-half-year study conducted by SAWTEE, along with CUTS International, India, to examine the constraints faced by women entrepreneurs in international trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Along with the issues related to productive capacity and quality, lack of information about foreign markets means they face difficulty in establishing new business contacts in foreign markets, the findings suggest.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Likewise, the absence of female representation at the policy-making level and at the operation level, customs and other logistics chain, mean many women entrepreneur-specific issues are not addressed at the policy level, added Singh.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Dr Posh Raj Pandey, chairman of SAWTTE, emphasized that although trade and export help economic growth through employment and income generation if policies are flawed then they might further deteriorate gender inequality by inadvertently discriminating against the sectors that employ more women.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Senior Economist Dr Bina Pradhan &nbsp;pointed out that enterprise development policies designed in such a way that equate women entrepreneurship only as part of poverty alleviation programmes do not help to scale up women-led enterprises.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">&ldquo;Policies have been looking into women&rsquo;s economic activities through a flawed gendered lens condemning women to the sectors that do not offer opportunities to climb up the value chains. Even the language used in the National Trade Integration Strategy shows that,&rdquo; the statement quoted Pradhan as saying.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former President of Nepal Freight Forwarders Association, Rajan Sharma, pointed out that workers in the trade logistics chain &ndash;behind the border, at the border and beyond the border&mdash;are predominantly male. Therefore, to increase participation of women in these chains requires sensitizing existing participants to accommodate women&rsquo;s involvement at different levels of trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Shobha Gurung, vice president of the Federation of Nepalese Cottage and Small Industries, said even veteran entrepreneurs lack the information about dealing in foreign markets. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former Joint Secretary at the Ministry of Industry Commerce and Supplies, Rabi Shankar Sainju, suggested mobilizing diplomatic missions of Nepal all over the world so that at least they can act as trade envoys.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">According to SAWTEE, the participants in the webinar included women entrepreneurs, representatives from civil society organizations, policymakers and academia. The participants pointed out limited access to information for the women entrepreneurs and the need for coordinated efforts from stakeholders to build the capacity of entrepreneurs.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13324',
			'article_category_id' => '1',
			'title' => 'Private Sector urges Government to Allow Operation of Industries ',
			'sub_title' => '',
			'summary' => 'April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the  prohibitory order is in force.',
			'content' => '<p><em>This file photo shows a deserted street of Kathmandu during lockdown last year.</em></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the&nbsp; prohibitory order is in force. The government has announced prohibitory order in some areas to contain the second wave of coronavirus. The week-long prohibitory order will come into force starting from Thursday, April 29 in the Kathmandu valley. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Issuing a statement on Tuesday, April 27, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to create environment for the operation of the industries during this period.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has appealed to the government to ensure smooth operation of large projects, industries, and ensure smooth supply of produced goods, raw materials and facilitate the movement of workers required for operation of industries.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">It has asked the government to work toward reducing the impact of the prohibitory orders. FNCCI has expressed commitment to support all the efforts made by the government for the public health security. It has stated that the private sector is ready to help the government to facilitate the daily life of the people, to meet their daily needs, and to supply essential food and other items in the market. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Industrialists say private sector is extremely worried by the present situation created by COVID-19 pandemic. This will affect the economy further which was about to bounce back from the impacts spurred by the first wave of the virus. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">During the first wave of pandemic, the government had enforced lockdown for four months across the country, which had severely affected the industrial sector and the overall economy.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The re-enforcement of the prohibitory order following the spike in the COVID-19 cases will once again affect the economy, states the private sector. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Amidst this situation, the government, the private sector and the general public have a major responsibility to keep the economy afloat by containing the virus, say the industrialists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Private sector has expressed dissatisfaction over the foremost choice of prohibitory orders by the government to contain the virus. According to the industrialists there were other measures to control the virus, but the government has used the last option of lockdown as the first choice. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Rajendra Malla, president of the Nepal Chamber of Commerce, said lockdown is the last option to control the virus. It could have been controlled using safety measures set by the World Health Organization and the Ministry of Health but the government ignored those options which will in turn affect the economy. A day of lockdown equals a loss of billions, argue the industrialists. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He suggests the government should use prohibitory orders wisely. The government should not remain silent by imposing the order. The access to vaccine, public awareness should be increased and the public should also exhibit discipline. The government should work to ensure that the prohibitory order is not extended beyond the given period. &ldquo;The private sector is ready to help control this virus and the government should collaborate with us,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry, said the impact of the restrictive order should be minimized this time. Industries should be allowed to operate using safety measures. This kind of ban affects the small and medium industries more so the government should provide relief package to them. Along with that, logistical services should also be provided in terms of import and the public should not be made to bear the brunt of artificial price hike of essential goods. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has also requested the government to provide relief to the workers working in the informal sector who have lost their jobs due to the prohibitory orders through schemes like the PM Employment Program. Golchha has said that relief programs announced in the last year should be continued for small and cottage industries and additional relief packages should be provided.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has stated that it is always ready to provide the required help and support to the public and the government during time of crisis. </span></span></span></p>
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		'Article' => array(
			'id' => '13322',
			'article_category_id' => '1',
			'title' => 'Nepal’s Economy to Post Modest Recovery in FY2021',
			'sub_title' => '',
			'summary' => 'April 28: Nepal’s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">April 28: Nepal&rsquo;s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020, says the Asian Development Outlook (ADO) 2021, the flagship economic publication of the Asian Development Bank (ADB).</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Growth is expected to recover from the low base in FY2020, as a result of the gradual lifting of nationwide lockdown since July 2020, and a pickup in domestic demand, the report states. The ongoing vaccination campaigns against the coronavirus (COVID-19) pandemic will help strengthen the economic impetus, it further stated.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">&ldquo;The COVID-19 contagion that seemed to have tapered off until end of March 2021 is now spreading rapidly. If strict containment measures that have been initiated to tackle this second wave of infections are necessary for a prolonged period in the remainder of this fiscal year, then GDP growth will be lower than the forecast,&rdquo; ADB said in a statement quoting its Officer-in-Charge for Nepal Sharad Bhandari.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the ADB, agriculture is expected to rise by 2.4 percent in FY2021 as paddy yield is likely to increase by 1.3 percent, owing to a good monsoon and increased acreage under production. Manufacturing and service industries gradually reopened following the end of the lockdown since July 2020. The affected industries, including micro, small, and medium-sized enterprises (MSMEs) have been receiving economic support in the form of concessional lending and refinancing of existing loans to mitigate the adverse effects of the downturn, the report further said.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Construction began to pick up, while the completion of some major projects of the government is expected to boost economic recovery. The Upper Tamakoshi Hydropower is expected to begin its first phase of production, while water from the Melamchi Water Supply Project began flowing since March 2021. According to the&nbsp; ADB report, overall industry is expected to grow by 2.5 percent after contracting by 4.2 percent in FY2020. The services sector is expected to grow by 3.4 percent in FY2021, though hospitality, travel, and tourism subsectors will take a longer time to recover.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The <em><span style="font-family:Times">ADO 2021</span></em> forecasts inflation to moderate to an average of 5.0 percent in FY2021, down from 6.2 percent in FY2020, on the back of a good harvest, smoother supply chains, and subdued non-food prices. The current account deficit is expected to widen from 0.9 percent of GDP in FY2020 to 2.5 percent in FY2021, owing to increased import growth.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">GDP growth of 5.1 percent is envisaged for FY2022 in anticipation of vaccination progress against COVID-19, regional and global economic recovery from this pandemic, assumption of a good monsoon leading to better harvest, and steady inflows of workers&rsquo; remittance. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The current account deficit is expected to widen from 2.5 percent of GDP in FY2021 to 3.8 percent in FY2022 as imports of capital goods increase.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The main downside risk to the outlook centers on a resurgence of COVID-19 infections. Political uncertainties and policy inconsistencies, as well as recurrent natural calamities like floods and landslides, could also undermine growth prospects. A weaker than expected regional and global recovery would limit employment opportunities abroad for Nepalese workers, constrain remittance and earnings from exports, and dampen Nepal&rsquo;s growth.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13337',
			'article_category_id' => '1',
			'title' => 'Government Ensures Smooth Supply of Essential Goods',
			'sub_title' => '',
			'summary' => 'May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">May 2: The government has taken the initiative to make the supply management system effective during the ongoing prohibition period. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A meeting of government officials and umbrella organizations of private sector entrepreneurs chaired by Minister for Industry, Commerce, and Supplies Lekhraj Bhat on Friday decided to facilitate the supply of essential consumer goods and pharmaceutical products.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has decided to facilitate the production and supply of such goods and services as the number of districts going through prohibitory order is growing with the rising cases of Covid-19. The government has already imposed prohibitory orders in more than two dozen districts, including the Kathmandu Valley, to control Covid-19 from spreading.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has formed a mechanism to immediately address the obstruction of essential services and goods.&nbsp; Narayan Prasad Regmi, spokesperson for the Ministry of Industry, Commerce, and Supplies, informed that the government is taking effective measures to provide medicines, oxygen, oxygen cylinders, and masks at affordable prices.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">A press statement released by the ministry says that the government will coordinate with umbrella organization of industrialists to ensure smooth supply of essential goods and services and raw materials.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The Rapid Response Team will be informed about the problems faced by the entrepreneurs during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry has set up a five-member team which includes officials from the concerned ministries to facilitate the supply of food and daily necessities during the ongoing restriction. The ministry has made necessary arrangements to transport daily essentials and services easily during the prohibitory period.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">Industries manufacturing essential commodities have been ensured of smooth operation and transportation facility. Arrangements have been made to allow staffers of such industries to operate vehicles by showing their identity cards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The ministry informed that the vehicles can be operated by placing banners in front of the vehicles and by following the health safety standards.</span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The workers will be facilitated for the movement on the basis of the official identity card of the industry. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Arial,Helvetica,sans-serif">The press release further says that the industries should mobilize minimum manpower following strict health security measures. The local administration will have to be informed about the operation of industry and businesses.</span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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			'created' => '2021-05-02',
			'modified' => '2021-05-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13082',
			'image' => '20210502021104_20200317121735_aaa.jpg',
			'article_date' => '2021-05-02 14:09:44',
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	(int) 1 => array(
		'Article' => array(
			'id' => '13336',
			'article_category_id' => '1',
			'title' => 'USA Provides Additional Funds to Support Nepal Amidst Second Wave of COVID-19',
			'sub_title' => '',
			'summary' => 'May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a “support the Nepali people” to combat coronavirus.',
			'content' => '<p><em>Photo Courtesy: Twitter account of US Ambassador to Nepal Randy Berry.</em></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">May 2: The United States Government has announced additional funds of US$ 8.5 million to Nepal as a &ldquo;support the Nepali people&rdquo; to combat coronavirus.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The announcement comes at a challenging time when the country is facing second wave of the disease.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">The US Embassy in Nepal said in a statement that the fund will be made available to the government through the US Agency for International Development (USAID).</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the embassy, the additional assistance will help intensify the Government of Nepal&rsquo;s COVID-19 testing, contact tracing and case investigation, treatment, infection prevention and control, border control, and other work at the federal, provincial and municipal levels.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">USAID/Nepal will also scale-up its response at the community level, supporting the most vulnerable, the statement added. Assistance will include support to households and families through life-saving COVID-19 counseling and referrals, nutrition counseling, health care access, ensure the continuity of critical HIV services, and mitigate the secondary impacts of COVID-19.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">&ldquo;Since the beginning of the pandemic, the United States has stood with the people and Government of Nepal in the ongoing fight against COVID-19. With USAID&rsquo;s latest provision of emergency funding, the US Government reaffirms its commitment to the strong and collaborative 70-year partnership between the United States and Nepal,&rdquo; added the statement.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'modified' => '2021-05-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13081',
			'image' => '20210502123342_E0SkM-jUYAIY2Ao 2.jpg',
			'article_date' => '2021-05-02 12:32:00',
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		'Article' => array(
			'id' => '13335',
			'article_category_id' => '1',
			'title' => 'Govt to raise minimum wage to Rs 15,000 per month from next fiscal year ',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has announced that the minimum wage for workers will be raised from the next fiscal year 2020/21. ',
			'content' => '<p>May 1:&nbsp;Prime Minister KP Sharma Oli has announced that the minimum wage of workers will be raised from the next fiscal year 2020/21.&nbsp;</p>

<p>In his speech on the occasion of Labour Day on Saturday, Prime Minister Oli said that the minimum wage of domestic workers will be raised to Rs 15,000 per month.&nbsp;</p>

<p>Currently, workers have been drawing a minimum wage of Rs 13,450 per month. The government last raised the minimum wage by 38 percent to Rs 13,450 in 2018.</p>

<p>In his statement, Prime Minister Oli also said that the government could not revise the minimum wage last year due to the adverse economic condition caused by the Covid-19.&nbsp;</p>

<p>Stating that workers had supported the government&rsquo;s stance to not raise the minimum wage last year due to the pandemic, Prime Minister Oli said that he is confident that industrialists and businessmen will agree on revising the minimum wage this year.&nbsp;</p>

<p>&ldquo;There could not be agreement between the representatives of employers and workers on the revision of minimum wage even this year due to worsening of the situation. However, I would like to inform you that the government would revise the minimum wage of workers from the fiscal year 2021/22,&rdquo; said Prime Minister Oli. &nbsp;</p>

<p>Prime Minister Oli also said that all workers will be brought under the social security net by the end of the next fiscal year.&nbsp;<br />
&nbsp;</p>

<p><br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-05-01',
			'modified' => '2021-05-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13080',
			'image' => '20210501032231_Oli.jpg',
			'article_date' => '2021-05-01 15:20:25',
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	(int) 3 => array(
		'Article' => array(
			'id' => '13334',
			'article_category_id' => '1',
			'title' => 'Economy to grow by 4.01% in current fiscal year, estimates CBS',
			'sub_title' => 'Growth estimate based on assumption that all economic activities will operate in normal condition after two weeks of prohibitory orders, say CBS officials   ',
			'summary' => 'Nepal’s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate of the Central Bureau of Statistics (CBS). ',
			'content' => '<p>KATHMANDU (April 30):&nbsp;</p>

<p>Nepal&rsquo;s economy is expected to expand 4.01 percent in the current fiscal year 2020/21, according to a preliminary estimate&nbsp;of the Central Bureau of Statistics (CBS).&nbsp;</p>

<p>Releasing the latest National Accounts Statistics on Friday, the CBS said that it forecasts the country&rsquo;s annualized Gross Domestic Product (GDP) to grow by 4.01 percent to climb to Rs 4.266 trillion in the current fiscal year.&nbsp;</p>

<p>According to the CBS, the preliminary estimate is based on available information and figures of seven to nine months of the current fiscal year.&nbsp;</p>

<p>&nbsp;<br />
The growth projection of the CBS comes at a time when the country is bracing for the second wave of Covid-19 and prohibitory orders enforced by local administrations in over a dozen districts to contain the spread of coronavirus.&nbsp;<br />
CBS officials say that their projection is based on an assumption that all economic activities will operate in normal condition after two weeks.&nbsp;</p>

<p>&ldquo;Our estimates are based on assumption that the current prohibitory period will not last more than two week, and the economy, barring hospitality and leisure sectors, will be back to normal,&rdquo;&nbsp;Ishwori Prasad Bhandari, a director at the CBS, told New Business Age.&nbsp;<br />
&ldquo;If our assumption fails and the impact of the Covid-19 lingers on, we will later revise our estimates and figures,&rdquo; he said.</p>

<p>The preliminary estimate of the CBS for the current fiscal year is higher than the projections made by international institutions like the World Bank, the International Monetary Fund (IMF) and the Asian Development Bank (ADB).&nbsp;<br />
The IMF recently projected Nepal&rsquo;s growth to grow by 2.9 percent while the World Bank put the growth forecast at 2.7 percent. Earlier on Wednesday, the ADB said that Nepal&rsquo;s GDP is anticipated to grow by 3.1 percent in the current fiscal year.&nbsp;<br />
According to CBS officials, &lsquo;base effect&rsquo; has also helped to prop up economic growth in the current fiscal year.&nbsp;<br />
&ldquo;The country&rsquo;s economic growth fell to negative territory in the last fiscal year. So,even when the economic activities haven&rsquo;t gained momentum after the lockdown, a slight increase in the production helped in propping up growth figures,&rdquo; said CBS Director Bhandari.&nbsp;</p>

<p>However, the growth estimate of the CBS is a way lower than the government&rsquo;s economic growth target. Even when the country was under lockdown to contain the spread of coronavirus, the government in its annual budget speech had set a target of 7 percent economic growth in the current fiscal year.&nbsp;</p>

<p><br />
The CBS also revised down its growth for the last fiscal year 2019/20 to -2.09 percent. Earlier last month, CBS had forecast a growth contraction of 1.88&nbsp;percent.</p>

<p><br />
&nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '13079',
			'image' => '20210430085017_CBS Growth.JPG',
			'article_date' => '2021-04-30 20:47:38',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13332',
			'article_category_id' => '1',
			'title' => 'FMTC Starts Free Home Delivery of Essential Food Items',
			'sub_title' => '',
			'summary' => 'April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. ',
			'content' => '<p><em>Photo Courtesy: Sastodeal.Com</em></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The state-owned Food Management and Trading Company Limited (FMTC) has started free home delivery of food items within the Kathmandu Valley. </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:&quot;Arial Unicode MS&quot;">The company informed that it started the home delivery service considering the difficulty faced by the general public in purchasing food and other essentials due to the prohibitory order enforced by the local administration.</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:&quot;Arial Unicode MS&quot;">Issuing a statement on Thursday (April 29), FMTC informed that it has started free home delivery of essential food items including beans from Karnali, Marsi rice, ghee, edible oil, sanitizers among others. Customers living inside the ring road can order the items through the company&rsquo;s website <a href="http://www.nepalfood.gov.np" style="color:blue; text-decoration:underline">www.nepalfood.gov.np</a> while those living outside the ring road and within the valley can avail the service through <a href="http://www.sastodeal.com" style="color:blue; text-decoration:underline">www.sastodeal.com</a>. The service is available in all three districts of the valley, according to FMTC.</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:&quot;Arial Unicode MS&quot;">The company informed that it has adequate stock of food and has urged people not to stockpile food items due to fear of short supply.</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:&quot;Arial Unicode MS&quot;">The company has been selling food items through its distribution centers at Nakhhu, Ram Shah Path, Thapathali and Suryabinayak during morning and evening hours.</span></span></span></span></p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2021-04-30',
			'modified' => '2021-04-30',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13078',
			'image' => '20210430021216_My Effect.jpg',
			'article_date' => '2021-04-30 14:08:17',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13333',
			'article_category_id' => '1',
			'title' => 'House Panel Directs Nepalese Army to Halt Contract Process of Fast Track',
			'sub_title' => '',
			'summary' => 'April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: The Public Accounts Committee (PAC) of Federal Parliament has written a letter to the Nepalese Army instructing the latter to scrap the contract process of the Kathmandu Terai Fast Track Project. </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:&quot;Arial Unicode MS&quot;">The committee had earlier instructed the Nepalese Army to halt the process and initiate new procurement process following a decision taken on April 1. However, the Nepalese Army ignored the instruction of the committee and moved ahead with the procurement process on Sunday (April 25). Following the move of the army, the parliamentary committee issued a fresh directive to halt the process.</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:&quot;Arial Unicode MS&quot;">The Nepalese Army on April 25 had approved the financial proposals of two Chinese companies selected in the prequalification round and handed then with the Letter of Intent (LoI). The Nepalese Army was planning to sign contract agreements with the two companies after 15 days. However, the process is likely to halt due to the intervention of the PAC.</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:&quot;Arial Unicode MS&quot;">The follow-up letter signed by PAC Secretary Dr Rojnath Pandey has instructed the Nepalese Army to terminate the contract process and avail the committee with relevant documents. </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:&quot;Arial Unicode MS&quot;">The parliamentary panel has concluded that the contract process of the second package of fast track is against the law and the tender bid does not ensure competition among the bidders. Therefore, the committee has instructed the army to scrap the process and initiate fresh process. </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:&quot;Arial Unicode MS&quot;">Earlier, the committee had written a letter in this regard to the Ministry of Defense. However, the committee has not received any reply from the ministry regarding whether the instructions have been implemented or not. After the Nepalese Army moved ahead with the procurement process, the committee demanded the ministry to furnish details within three days.</span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '13077',
			'image' => '20210430024254_1619734568.Clipboard06.jpg',
			'article_date' => '2021-04-30 14:42:14',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13331',
			'article_category_id' => '1',
			'title' => 'Insurance Board Seeks Applications for New Re-insurance Company from Private Sector',
			'sub_title' => '',
			'summary' => 'April 30: Nepal's Insurance Board is preparing to allow the establishment of another reinsurance company in the market.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">April 30: Insurance Board&mdash;the insurance regulatory authority of Nepal&mdash;is preparing to allow the establishment of another reinsurance company in the market. It has called for applications from interested individuals and companies from the private sector to send proposals in this regard. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The interested individuals and companies can submit applications within 21 days by fulfilling the criteria set by the board. One of the applicants will be granted permission to set up a reinsurance company, according to Surya Prasad Silwal, chairman of the Insurance Board.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">A state-owned reinsurance company is currently in operation. Preparations are on to establish a reinsurance company from the private sector to make the insurance sector more competitive, effective and productive, said Silwal.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Various companies and entrepreneurs have shown keen interest to establish re-insurance companies in the country. Former Finance Minister Yuba Raj Khatiwada had stressed on establishing a new reinsurance company. Subsequently, the Insurance Board formed a committee to study into this matter. The study had recommended the need of another reinsurance company in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">After Insurance Board initiated the study to establish a new reinsurance company, various entrepreneurs have made preparations to submit applications to establish four reinsurance companies namely - Annapurna Reinsurance Company, Kathmandu Reinsurance Company, Prudential Reinsurance Company and Genuine Reinsurance Company.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Raju Raman Poudel, executive&nbsp;director of the Insurance Board, said only one reinsurance company will be given approval for the establishment. Decision will not be taken based on the preparations that are underway in the market. &quot;Study has shown only one company is required in the market. In this case, it would be better if all the proposed companies come together,&quot; he said.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Likewise, Insurance Board has also set various conditions for the new reinsurance company. Only the company that fulfills the set criteria will be eligible to submit application. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">The proposed reinsurance company should have a minimum paid-up capital of Rs 10 billion.&nbsp;Investors of current reinsurance company are not eligible to invest in the proposed company. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposal that receives the highest marks will get the initial approval. </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:Calibri">Proposals need to be submitted within a given deadline. &quot;Though prohibitory order is in place to control coronoavirus, the Insurance Board will remain open during this time so that the proposals can be submitted,&quot; Silwal added. </span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '13076',
			'image' => '20210430100347_20200630093335_Reinsurance.jpg',
			'article_date' => '2021-04-30 10:02:35',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13330',
			'article_category_id' => '1',
			'title' => ' Nepal Stresses on Collaborative Efforts Among LCDs for Poverty Alleviation ',
			'sub_title' => '',
			'summary' => 'April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.     ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 30: Nepal has underscored collective efforts among the Least Developed Countries (LCDs), land-locked developing countries (LLDCs) and Pacific Island developing countries (PIDCs) to eliminate multi-dimensional poverty and structural hurdles in their zone.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to a press statement issued by the Nepali Embassy in Bangkok, Thailand on Thursday (April 29), Prof Dr Puspa Raj Kandel, vice chairman of the National Planning Commission (NPC) highlighted the need for unified efforts to diversify trade and alleviate poverty.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Prof Dr Kandel pointed out the need for international cooperation for availability and accessibility of Covid-19 vaccines, debt relief measures and financial support to the LCDs, LLDCs and PIDCs at the time of health crisis like this.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Addressing the Special Body on the Least Developed Countries, Landlocked Developing Countries and Pacific Island Developing States during the 77th session of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) in Bangkok through online platform on Wednesday, Kandel viewed support measures should focus on increasing the social and economic resilience of the vulnerable economies.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that as the second wave of Covid-19 was plaguing many countries in the LCDs, LLDCs and PIDCs currently, these countries could play a pivotal role in promoting economic growth, diversifying trade and transforming structural barriers.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">He said that due to pandemic, the trade, tourism and transport are the hardest hit sectors and the Government of Nepal was working towards prevention of the pandemic and to treat the infected ones in effective manner. -- RSS</span></span></span></p>

<p><span style="font-size:16px"><img alt="" src="/app/webroot/userfiles/images/My%20Effect%282%29.jpg" style="height:366px; width:800px" /></span></p>
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		'Article' => array(
			'id' => '13329',
			'article_category_id' => '1',
			'title' => ' BFIs to Remain Open in Kathmandu Valley during Prohibitory Period    ',
			'sub_title' => '',
			'summary' => 'April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.   ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: Banks and financial institutions (BFIs) will remain open in Kathmandu Valley during prohibitory period imposed in the three districts from April 29.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Issuing a press statement, Nepal Bankers&rsquo; Association said that all branches of banks would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The association urged the clients not to visit banks and financial institutions unless it is urgent, even though the branches would remain open during the prohibitory period.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">President of the association Bhuwan Dahal said that they have requested clients not to make the banks overcrowded and to opt for online transaction rather than cash transaction. </span></span></span></p>
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			'sortorder' => '13074',
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			'article_date' => '2021-04-29 17:00:10',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13328',
			'article_category_id' => '1',
			'title' => 'Industries to Receive Rs 2.5 Billion Rebate on Electricity Demand Charge',
			'sub_title' => '',
			'summary' => 'April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. ',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria">April 29: Manufacturing industries have received Rs 2.25 billion rebate on electricity demand charge during the lockdown period. The government had decided to exempt 58 types of manufacturing industries from electricity demand charges for the lockdown period (March 2020 to mid-July 2020).<br />
NEA Executive Director Hitendra Dev Shakya confirmed the decision taken by the government.<br />
&quot;Even though a decision was taken in this regard earlier, it was not clear how much the amount should be waived. We have identified the industries from all the distribution centers and collected the required details from them,&rdquo; he said.<br />
A rebate of Rs 2.25 billion will be made.<br />
He said that work has also been started to adjust the rebate amount received by the industries. NEA has also written to the Ministry of Finance to reimburse the amount equal to the exemption given in the electricity demand fee. </span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria">Executive Director Shakya said that a letter has been sent to the Ministry of Finance to reimburse the amount. He said that the amount will be paid after the completion of the necessary process.<br />
The government had decided in the current fiscal year&rsquo;s budget to give exemption in electricity demand fee to manufacturing industries affected by coronavirus and lockdown. Accordingly, the government has to pay the amount equal to the exemption to the NEA.<br />
The government had imposed a nationwide lockdown for about four months from March 2020 to prevent coronavirus infection. As a result, manufacturing industries along with other sectors were affected. After that, the government had decided last year to waive the electricity demand fee as per the demand of the industrialists.<br />
The list of 58 types of manufacturing industries includes cement, plastic goods, non-organic fertilizers, sugar, lubricants, sugarcane, rice mills, oil mills, pulses mills, juice mills, grain producers, and liquor, ayurvedic medicine, spirits, cigarettes, candles, and incense sticks, foam, leather, printing presses, water processing and bitumen, and plywood industries.<br />
The government had decided in last February to waive electricity demand charges for the tourism sector and hotel industry as well.<br />
However, it is not yet clear how much amount will be exempted. NEA Executive Director Shakya said that necessary details are being collected for this.<br />
&quot;Distribution centers are now working to identify such customers and collect necessary details from them. After that, the process of waiving the demand fee and reimbursing the amount from the government will be initiated,&rdquo; he said.</span></span></p>
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		'Article' => array(
			'id' => '13327',
			'article_category_id' => '1',
			'title' => 'Net Profit of Commercial Banks Increases by 12.14%',
			'sub_title' => '',
			'summary' => 'April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri">April 29: Despite the COVID-19 pandemic, net profit of banking institutions have increased by 12.14 percent in the third quarter of the current fiscal year compared to the same period of the last fiscal year. According to the third quarterly report of the current fiscal year, commercial banks have earned a net profit of Rs 50.74 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of this fiscal year, banks have earned additional profit of Rs 5.5 billion. Bankers state that recovery of interest provisioned as expenses earlier and income from share contributed to the increment of the net profit in the current fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">In the third quarter of the last fiscal year, the net profit of the commercial banks had increased only by 2.36 percent or Rs 1.5 billion. And the total net profit amounted to Rs 45 billion during that period. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the bankers, the profit amount is satisfactory in the current period compared to the last fiscal year. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The main source of income of banks is interest on loans and various service charges. As of mid April, banks have earned Rs 95.90 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the banks&rsquo; financial statements, the total net fee income amounted to Rs 19.63 billion in the last nine months while Rs 17.75 billion was earned in the corresponding period of the last fiscal year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the increase in credit flow of Rs 6.68 billion this fiscal year, the decline in interest income of banks is attributed to differences in interest rate of loan-to-deposit ratio. </span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Bhuwan Kumar Dahal, president of the Nepal Bankers Association, says that the overall interest income of banks has decreased due to the decline of loan-deposit interest rate following the intense competition among banks. Interest income should have increased along with the increase in the credit flow which didn&rsquo;t happen this time.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to Dahal, who is also the Chief Executive Officer of Sanima Bank, increase in the profit has resulted due to collection of money held at provisioning. Sanima Bank has earned a net profit of Rs 18.56 billion during this period which is an increase of 14.67 percent or Rs 237 million more compared to last year.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Dahal said that COVID-19 pandemic had affected the financial progress in the last fiscal year which will be repeated this year as well with the enforcement of prohibitory orders from April 29.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">According to the third quarter financial statement, Nabil Bank has earned the highest amount of profit. It has earned a net profit of Rs 3.67 billion. Nabil Bank was the highest profit earner in the review period of the last fiscal year as well.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Global IME Bank, which acquired Janata Bank, has become the second largest earner with a net profit of Rs 3.57 billion. The state-owned Rastriya Banijya Bank came in the third position with a net profit of Rs 3.27 billion. NIC Asia Bank which was leading in the credit flow however has earned the net profit of Rs 3.48 billion.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">The published financial statements show that the net profit of half a dozen commercial banks has declined. Century Bank&#39;s profit has recorded a huge decline in the review period of this fiscal year by 60.89 percent to Rs 358 million. It had earned a profit of Rs 915 million in the corresponding period of the previous year. The profit of Himalayan Bank, which is in the process of merger, has shrunk by 44.45 percent in the wake of the merger. It has earned a profit of Rs 1.28 billion in the third quarter.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Nepal SBI Bank&#39;s net profit growth has declined by 38.91 percent. Similarly, Everest Bank&rsquo;s profit has gone down by 35.93 percent, Standard Chartered Bank by 34.34 percent and Nepal Credit and Commerce Bank by 5.55 percent.</span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri">Despite the decline in net profit growth, banks&#39; distributable profits have not declined. According to the financial statements released by the banks, the distributable profit of all 27 commercial banks has improved compared to the previous year. Overall, the distributable profit of commercial banks has reached Rs. 35.43 billion, an increase from Rs 12 billion from the last fiscal year.</span></span></p>
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		'Article' => array(
			'id' => '13326',
			'article_category_id' => '1',
			'title' => 'Government to Exempt Tax on Oxygen and Essential Commodities ',
			'sub_title' => '',
			'summary' => 'April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">April 29: The government has decided to exempt tax on oxygen and other essential goods in view of facilitating the fight against the second wave of coronavirus infection in the country, according to the state-owned national news agency - RSS.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Unveiling the decisions taken by Monday&#39;s Cabinet meeting, Government Spokesperson Parbat Gurung shared during a regular press meet that the Council of Ministers also decided to add more members to the committee formed to investigate the complaints against biased investigation and deliberate crimes.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;According to RSS, Minister for Communications and Information Technology Gurung further informed that the meeting also decided to grant permission to increase the paid-up capital of the Citizen Investment Fund (CIT) to Rs 3.27 billion. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly</span><strong><span style="font-family:&quot;Arial Unicode MS&quot;">, </span></strong><span style="font-family:&quot;Arial Unicode MS&quot;">the meeting has also decided to approve a grant assistance worth Rs 13.8 million Euros pledged by the government of Germany for projects related to safe motherhood and healthcare for newborns. The cabinet meeting has granted permission to the authorities of the Ministry of Finance to sign the finance agreement in this regard.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, grant assistance worth 9 million Euros pledged by the government of Finland for drinking water and sanitation-related projects has also been approved by the cabinet. </span></span></span></p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '13325',
			'article_category_id' => '1',
			'title' => 'Women Entrepreneurs Lack Knowledge of Foreign Markets: Study',
			'sub_title' => '',
			'summary' => 'April 28: Experts have cautioned that flawed policies that do not recognize the gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">April 28: Experts have cautioned that flawed policies that do not recognize gender-differentiated impacts of policies and reforms may end up hurting women entrepreneurial ecosystem.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">They expressed such view during a webinar titled &lsquo;Gender Dimensions of Trade Facilitation: Evidence from Nepal&rsquo; organised by South Asia Watch on Trade, Economics and Environment (SAWTEE) on Tuesday, April 27.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Making a presentation of the findings of the study, Senior Research Officer&nbsp; of SAWTEE, Dikshya Singh, said that dismal participation of women entrepreneurs in international trade can be largely attributed to their engagement in producing unsuitable products such as easily perishable food items, high concentration on the domestic market, and most importantly, the lack of knowledge about foreign markets and buyers. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">A press statement issued by SAWTEE says the findings were based on a two-and-a-half-year study conducted by SAWTEE, along with CUTS International, India, to examine the constraints faced by women entrepreneurs in international trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Along with the issues related to productive capacity and quality, lack of information about foreign markets means they face difficulty in establishing new business contacts in foreign markets, the findings suggest.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Likewise, the absence of female representation at the policy-making level and at the operation level, customs and other logistics chain, mean many women entrepreneur-specific issues are not addressed at the policy level, added Singh.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Dr Posh Raj Pandey, chairman of SAWTTE, emphasized that although trade and export help economic growth through employment and income generation if policies are flawed then they might further deteriorate gender inequality by inadvertently discriminating against the sectors that employ more women.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Senior Economist Dr Bina Pradhan &nbsp;pointed out that enterprise development policies designed in such a way that equate women entrepreneurship only as part of poverty alleviation programmes do not help to scale up women-led enterprises.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">&ldquo;Policies have been looking into women&rsquo;s economic activities through a flawed gendered lens condemning women to the sectors that do not offer opportunities to climb up the value chains. Even the language used in the National Trade Integration Strategy shows that,&rdquo; the statement quoted Pradhan as saying.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former President of Nepal Freight Forwarders Association, Rajan Sharma, pointed out that workers in the trade logistics chain &ndash;behind the border, at the border and beyond the border&mdash;are predominantly male. Therefore, to increase participation of women in these chains requires sensitizing existing participants to accommodate women&rsquo;s involvement at different levels of trade.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Shobha Gurung, vice president of the Federation of Nepalese Cottage and Small Industries, said even veteran entrepreneurs lack the information about dealing in foreign markets. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">Former Joint Secretary at the Ministry of Industry Commerce and Supplies, Rabi Shankar Sainju, suggested mobilizing diplomatic missions of Nepal all over the world so that at least they can act as trade envoys.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:13.5pt">According to SAWTEE, the participants in the webinar included women entrepreneurs, representatives from civil society organizations, policymakers and academia. The participants pointed out limited access to information for the women entrepreneurs and the need for coordinated efforts from stakeholders to build the capacity of entrepreneurs.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13324',
			'article_category_id' => '1',
			'title' => 'Private Sector urges Government to Allow Operation of Industries ',
			'sub_title' => '',
			'summary' => 'April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the  prohibitory order is in force.',
			'content' => '<p><em>This file photo shows a deserted street of Kathmandu during lockdown last year.</em></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">April 28: Stakeholders of the private sector including industrialists have urged the government to allow the industries to operate using safety measures while the&nbsp; prohibitory order is in force. The government has announced prohibitory order in some areas to contain the second wave of coronavirus. The week-long prohibitory order will come into force starting from Thursday, April 29 in the Kathmandu valley. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Issuing a statement on Tuesday, April 27, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the government to create environment for the operation of the industries during this period.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has appealed to the government to ensure smooth operation of large projects, industries, and ensure smooth supply of produced goods, raw materials and facilitate the movement of workers required for operation of industries.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">It has asked the government to work toward reducing the impact of the prohibitory orders. FNCCI has expressed commitment to support all the efforts made by the government for the public health security. It has stated that the private sector is ready to help the government to facilitate the daily life of the people, to meet their daily needs, and to supply essential food and other items in the market. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Industrialists say private sector is extremely worried by the present situation created by COVID-19 pandemic. This will affect the economy further which was about to bounce back from the impacts spurred by the first wave of the virus. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">During the first wave of pandemic, the government had enforced lockdown for four months across the country, which had severely affected the industrial sector and the overall economy.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The re-enforcement of the prohibitory order following the spike in the COVID-19 cases will once again affect the economy, states the private sector. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Amidst this situation, the government, the private sector and the general public have a major responsibility to keep the economy afloat by containing the virus, say the industrialists.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Private sector has expressed dissatisfaction over the foremost choice of prohibitory orders by the government to contain the virus. According to the industrialists there were other measures to control the virus, but the government has used the last option of lockdown as the first choice. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Rajendra Malla, president of the Nepal Chamber of Commerce, said lockdown is the last option to control the virus. It could have been controlled using safety measures set by the World Health Organization and the Ministry of Health but the government ignored those options which will in turn affect the economy. A day of lockdown equals a loss of billions, argue the industrialists. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">He suggests the government should use prohibitory orders wisely. The government should not remain silent by imposing the order. The access to vaccine, public awareness should be increased and the public should also exhibit discipline. The government should work to ensure that the prohibitory order is not extended beyond the given period. &ldquo;The private sector is ready to help control this virus and the government should collaborate with us,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry, said the impact of the restrictive order should be minimized this time. Industries should be allowed to operate using safety measures. This kind of ban affects the small and medium industries more so the government should provide relief package to them. Along with that, logistical services should also be provided in terms of import and the public should not be made to bear the brunt of artificial price hike of essential goods. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has also requested the government to provide relief to the workers working in the informal sector who have lost their jobs due to the prohibitory orders through schemes like the PM Employment Program. Golchha has said that relief programs announced in the last year should be continued for small and cottage industries and additional relief packages should be provided.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">FNCCI has stated that it is always ready to provide the required help and support to the public and the government during time of crisis. </span></span></span></p>
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			'title' => 'Nepal’s Economy to Post Modest Recovery in FY2021',
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			'summary' => 'April 28: Nepal’s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">April 28: Nepal&rsquo;s gross domestic product (GDP) is anticipated to grow by 3.1 percent in fiscal year (FY) 2021 from a contraction of 1.9 percent in FY2020, says the Asian Development Outlook (ADO) 2021, the flagship economic publication of the Asian Development Bank (ADB).</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt">Growth is expected to recover from the low base in FY2020, as a result of the gradual lifting of nationwide lockdown since July 2020, and a pickup in domestic demand, the report states. The ongoing vaccination campaigns against the coronavirus (COVID-19) pandemic will help strengthen the economic impetus, it further stated.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">&ldquo;The COVID-19 contagion that seemed to have tapered off until end of March 2021 is now spreading rapidly. If strict containment measures that have been initiated to tackle this second wave of infections are necessary for a prolonged period in the remainder of this fiscal year, then GDP growth will be lower than the forecast,&rdquo; ADB said in a statement quoting its Officer-in-Charge for Nepal Sharad Bhandari.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">According to the ADB, agriculture is expected to rise by 2.4 percent in FY2021 as paddy yield is likely to increase by 1.3 percent, owing to a good monsoon and increased acreage under production. Manufacturing and service industries gradually reopened following the end of the lockdown since July 2020. The affected industries, including micro, small, and medium-sized enterprises (MSMEs) have been receiving economic support in the form of concessional lending and refinancing of existing loans to mitigate the adverse effects of the downturn, the report further said.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">Construction began to pick up, while the completion of some major projects of the government is expected to boost economic recovery. The Upper Tamakoshi Hydropower is expected to begin its first phase of production, while water from the Melamchi Water Supply Project began flowing since March 2021. According to the&nbsp; ADB report, overall industry is expected to grow by 2.5 percent after contracting by 4.2 percent in FY2020. The services sector is expected to grow by 3.4 percent in FY2021, though hospitality, travel, and tourism subsectors will take a longer time to recover.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The <em><span style="font-family:Times">ADO 2021</span></em> forecasts inflation to moderate to an average of 5.0 percent in FY2021, down from 6.2 percent in FY2020, on the back of a good harvest, smoother supply chains, and subdued non-food prices. The current account deficit is expected to widen from 0.9 percent of GDP in FY2020 to 2.5 percent in FY2021, owing to increased import growth.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">GDP growth of 5.1 percent is envisaged for FY2022 in anticipation of vaccination progress against COVID-19, regional and global economic recovery from this pandemic, assumption of a good monsoon leading to better harvest, and steady inflows of workers&rsquo; remittance. </span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The current account deficit is expected to widen from 2.5 percent of GDP in FY2021 to 3.8 percent in FY2022 as imports of capital goods increase.</span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt">The main downside risk to the outlook centers on a resurgence of COVID-19 infections. Political uncertainties and policy inconsistencies, as well as recurrent natural calamities like floods and landslides, could also undermine growth prospects. A weaker than expected regional and global recovery would limit employment opportunities abroad for Nepalese workers, constrain remittance and earnings from exports, and dampen Nepal&rsquo;s growth.&nbsp;</span></span></span></p>

<p>&nbsp;</p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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