World Bank Projects 2.7 Percent Economic Growth of Nepal in Current FY

Jun 10, 2021 0 2 minutes 16 seconds to read

June 10: The World Bank has said Nepal’s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19…

Private Sector Urges Govt Not To Impose Penalty on Businesses Failing to Pay Taxes in Time

Jun 09, 2021 0 1 minutes 59 seconds to read

Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in…

NRB Approval not Required to Bring in FDI Anymore

Jun 09, 2021 0 3 minutes 38 seconds to read

June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to…

Government Projects Rise in Production of Onions and Potatoes

Jun 09, 2021 0 2 minutes 27 seconds to read

June 9: The government has projected an increase in potato and onion production this year.…

Airlines Operator Demand Resumption of Domestic Flights from June 15

Jun 09, 2021 0 2 minutes 12 seconds to read

June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June…

Floriculture Business Facing Daily Loss of Rs 10 Million

Jun 08, 2021 0 3 minutes 18 seconds to read

June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order.…

SC Tells Government not to Stop Home Delivery Service

Jun 08, 2021 0 1 minutes 19 seconds to read

June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.…

Nepal Airlines Corporation Slashes Airfare of Int’l Flights

Jun 08, 2021 0 1 minutes 2 seconds to read

June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.…

NOC Reduces Price of Aviation Fuel for Int'l Flights

Jun 08, 2021 0 1 minutes 39 seconds to read

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

Government to Seek Foreign Aid for Budget Implementation

Jun 07, 2021 0 2 minutes 40 seconds to read

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

Mango Farmers Troubled by Market Disruption

Jun 07, 2021 0 4 minutes 8 seconds to read

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

Startup Programme Included in Budget since 2015 Fails in Implementation

Jun 07, 2021 0 4 minutes 45 seconds to read

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

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

Jun 07, 2021 0 2 minutes 2 seconds to read

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

Traders and Businessmen Start Switching their Profession

Jun 06, 2021 0 3 minutes 19 seconds to read

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

Transport Entrepreneurs Unable to Pay Bank Installments

Jun 06, 2021 0 2 minutes 50 seconds to read

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

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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NEPSE

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			'id' => '13516',
			'article_category_id' => '1',
			'title' => 'World Bank Projects 2.7 Percent Economic Growth of Nepal in Current FY ',
			'sub_title' => '',
			'summary' => 'June 10: The World Bank has said Nepal’s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 10: The World Bank has said Nepal&rsquo;s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.</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">Releasing the Global Economic Prospect on Tuesday (June 8), the World Bank projected Nepal&rsquo;s growth to be 3.9 percent in the upcoming fiscal year (FY 2021/22). Similarly, the reports projects Nepal&rsquo;s economy to rebound and grow to 5.1 percent in FY 2022/23.</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 report, the economy of South Asian region is expected to grow by 6.8 percent in 2021. This estimate is 3.6 percent higher than what was previously projected.</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">Similarly, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the global economy is set to expand 5.6 percent in 2021&mdash;its strongest post-recession pace in 80 years. </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">This recovery is uneven and largely reflects sharp rebounds in some major economies, the World Bank said. </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">In many emerging market and developing economies (EMDEs), obstacles to vaccination continue to weigh on activity. </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;By 2022, last year&rsquo;s per capita income losses will not be fully unwound in about two-thirds of EMDEs,&rdquo; the report further stated.</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 World Bank, the global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress amid high EMDE debt 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">The report suggests policy makers to balance the need to support the recovery while safeguarding price stability and fiscal sustainability and to continue efforts toward promoting growth-enhancing reforms.</span></span></span></span></p>

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			'title' => 'Private Sector Urges Govt Not To Impose Penalty on Businesses Failing to Pay Taxes in Time ',
			'sub_title' => 'However, those businesses, which can pay revenue, are urged to settle their tax liabilities ',
			'summary' => 'Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time. ',
			'content' => '<p>June 9: &nbsp;Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time.&nbsp;</p>

<p>Issuing a joint statement on Wednesday, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have asked the government to not penalize or fine businesses who cannot file their tax details and pay revenue to the government in time, citing restriction on movement due to prohibitory orders imposed in most parts of the country. &nbsp;</p>

<p>&ldquo;While most of the industries and businesses have not been able to operate due to current adverse circumstances, even those who are in operation have not been able to supply their products in&nbsp;the market and collect their money,&rdquo; read the joint statement of three umbrella organizations of businesses and industries across the country.&nbsp;</p>

<p>&ldquo;Taking into consideration this adverse situation, we request the government to not charge any penalty or fine to businesses or enterprises that could not pay their tax revenue,&rdquo; added the statement.&nbsp;</p>

<p>Stating that the lockdown and prohibitory orders imposed to contain the second wave of coronavirus have brought businesses and industries to a grinding halt, three private sector organizations have asked the government to be&nbsp;lenient on imposing penalties for those businesses and industries that&nbsp;are late on tax payment.&nbsp;</p>

<p>Nearly 70 percent of businesses and enterprises are estimated to have been impacted by the prohibitory orders enforced to combat the second wave of coronavirus, according to the joint statement.&nbsp;</p>

<p>However, these organizations have also urged enterprises and industries which are in operation and can pay their taxes to settle their tax liabilities like in the&nbsp;last fiscal year.&nbsp;</p>

<p>The joint statement of the private sector organizations comes amid looming deadlines for businesses and enterprises for filing tax details as well as pay income tax (mid July), value added tax (July 9) and excise duty (July 9).&nbsp;</p>

<p>Similarly, they have also urged the government to prioritize vaccination to entrepreneurs, businesspeople and their staff who have their direct roles on economic activities and protect the economy from the pandemic, implement the budget and achieve the economic growth target.&nbsp;</p>
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			'id' => '13514',
			'article_category_id' => '1',
			'title' => 'NRB Approval not Required to Bring in FDI Anymore',
			'sub_title' => '',
			'summary' => 'June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal. The central bank made such arrangement with the implementation of the Nepal Rastra Bank Foreign Investment and Debt Management Regulation-2021 effective from June 8.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, approval from NRB was mandatory to bring in FDI in the country. With the implementation of this regulation, approval from the Department of Industry and the Investment Board would be sufficient to bring in FDI. However, NRB needs to be notified before bringing foreign currency or sending out the currency from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The new regulation mentions that the foreign companies looking to invest up to US$ 1 million need not submit any audit report to the central bank. But stakeholders need to maintain a record of the investment amount at the central bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The inflow of foreign currency must be recorded at NRB within six months. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:11.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new regulation states that the central bank&rsquo;s prior approval is not needed to remit or to send money from the prospective foreign investors for feasibility study and pre-operation costs of the industries and firms to be established in Nepal. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The regulation has also facilitated foreign investors from taking back dividends to the respective country. The process of foreign exchange service has also been made easier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB has said that the recent changes will save investors&rsquo; time by at least ten days by providing services related to foreign investment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Publishing the regulation virtually, Ramu Poudel, executive director of the Foreign Exchange Management Department of NRB, said that regulation is expected to improve the country&#39;s position&nbsp;in the Doing Business report.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Maha Prasad Adhikari says that the regulation has been issued by bringing all the previous provisions together to make the process quick, easy and transparent. After preparing the draft of the regulation, NRB had taken suggestions from the stakeholders. Stakeholders have complained that the central bank did not include all the suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Satish Kumar Mor, President of the Confederation of Nepalese Industries, said that the &nbsp;regulation has incorporated their suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, most of the stakeholders had complained that the process was time consuming due to bureaucratic hassles.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;But now the new regulation has set a time limit,&#39;&#39; he said, adding, &ldquo;The new provisions are investment-friendly.&quot; Mor added that the regulation has also made it easier for the companies to take away their dividends back.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13513',
			'article_category_id' => '1',
			'title' => 'Government Projects Rise in Production of Onions and Potatoes  ',
			'sub_title' => '',
			'summary' => 'June 9: The government has projected an increase in potato and onion production this year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 9: The government has projected an increase in potato and onion production this year. As the data collection of potato and onion production from across the country has reached the final stage, the production is expected to increase as compared to last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Due to the introduction of modern technology in agriculture and the increase in the number of people embracing agriculture and commercial farming, the production is expected to increase.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Compared to last year, the area for potato and onion farming as well as production have increased this year. According to the data provided by the National Center for Potato, Vegetable, and Spice Crops Development, it is estimated that 281,289 metric tons of additional potatoes will be produced in the current fiscal year than last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the last fiscal year, 3.11 million metric tons of potatoes were produced in 193,996 hectares of land. According to the center, potato cultivation in the current fiscal year in 299,041 hectares of land is estimated to produce 3.39 million metric of potatoes.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Sandeep Subedi, Horticulture Development Officer at the Center, said that the data on potato and onion production has been collected from all over the country and the Ministry of Agriculture and Livestock Development is working on its final draft. He said that even though the available data is just an estimate, it won&rsquo;t be much different from the actual production .</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the data of the center, the production of onion is expected to increase by 3,864 metric tons in the current fiscal year as compared to last fiscal year. Last year, 291,538 metric tons of onion was cultivated in a total of 20,908 hectares of land. In the current fiscal year, 295,402 metric tons of onion has been produced in 20,424 hectares of land. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The production of potatoes and onions within Nepal is not sufficient to meet the domestic demand. Potatoes and onions worth more than Rs 11.5 billion are imported annually from countries including India. Altogether 50 percent of the total demand for potatoes is imported in Nepal while 95 percent of onions are imported.&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13512',
			'article_category_id' => '1',
			'title' => 'Airlines Operator Demand Resumption of Domestic Flights from June 15',
			'sub_title' => '',
			'summary' => 'June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15. The association made such request to the Minister for Culture, Tourism and Civil Aviation Uma Shankar Aragaria on Tuesday (June 8), drawing his attention to the fact that the restriction on domestic flights for the past 35 days has rendered countless employees jobless, affecting their livelihood.</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:&quot;Times New Roman&quot;">Stating that the service providers are committed to operating the flight following the health safety standards, the association has asked the ministry to facilitate in resuming flight operation. The association claimed that domestic flights were continued for a certain time even during the second wave of coronavirus and no passengers were infected during that time.</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:&quot;Times New Roman&quot;">The association argued that trained manpower dealing with health and safety measures, disinfection of aircraft before each flight, and mandatory use of mask and face shield make domestic flights safe. AOAN has requested the minister to allow the operation of domestic flights by adopting the same measures.</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:&quot;Times New Roman&quot;">The government has restricted domestic flights since May 4. According to the association, the revenue of airline companies has been declining due to the suspension of domestic flights for 35 days and many employees are at risk of losing their jobs. Stating that the livelihood of the dependent families will be lost along with the loss of employment, the association has stressed the need to make domestic flights comfortable and safe.</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:&quot;Times New Roman&quot;">Similarly, the association has welcomed the ministry&#39;s decision of reducing the price of aviation fuel for international flights. The association has requested the government to reduce the price by keeping the internal profit low. Reducing fuel prices will reduce operating costs and allow the general public to travel at affordable rates. The association has also requested the government for a 75 percent discount on landing, parking and other fees during the current prohibitory period.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13511',
			'article_category_id' => '1',
			'title' => 'Floriculture Business Facing Daily Loss of Rs 10 Million',
			'sub_title' => '',
			'summary' => 'June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. The floriculture entrepreneurs decided for job cuts after facing a daily loss of Rs 10 million.</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:&quot;Times New Roman&quot;">Due to the recent lockdown, the overall floriculture business has been halted, causing a daily loss of Rs 10 million in the sector. As the business has come to a standstill and the entrepreneurs are struggling to pay the workers, the number of people losing employment has increased.</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:&quot;Times New Roman&quot;">Hotels, restaurants, party palaces, and temples are closed at the moment and banquets and other functions are not allowed closed. This has brought the flower business to a complete standstill. </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:&quot;Times New Roman&quot;">Normally, the sales of flowers increase during the month of April and May as there are lots of functions like marriages. However, the flowers in the farm and nurseries have not found any market this time due to the extended lockdown.</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:&quot;Times New Roman&quot;">According to Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, floriculture business of Nepal has an annual turnover of over Rs 2.60 billion. On this basis, he estimates that the daily flower business across the country is currently losing around Rs 10 million. &nbsp;</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:&quot;Times New Roman&quot;">&ldquo;The figure is only our assumption. The association is preparing to collect details of the actual loss incurred during this period,&rdquo; he said.</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:&quot;Times New Roman&quot;">As per the data of the association, the floriculture business has an investment of Rs 6 billion in the country and is currently spread across 43 districts. More than 40,000 people&rsquo;s livelihood is directly and indirectly linked with this business.</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:&quot;Times New Roman&quot;">Nurseries produce seasonal flowers and the farms produce annual and perennial flowers. However, the association said that all these flowers were destroyed due to the lockdown.</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:&quot;Times New Roman&quot;">Floriculture farmer Binod Shrestha has not been able to visit his farm in Kavre due to the lockdown. </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:&quot;Times New Roman&quot;">&ldquo;Some of the workers at the farm have already left. Now we have no hope of cultivating flowers. It is becoming difficult to protect even the mother plants,&rdquo; he said. </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:&quot;Times New Roman&quot;">He added that all the produced flowers are being destroyed by burying them in a pit to form compost manure.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><br />
&nbsp;</p>
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		'Article' => array(
			'id' => '13510',
			'article_category_id' => '1',
			'title' => 'SC Tells Government not to Stop Home Delivery Service ',
			'sub_title' => '',
			'summary' => 'June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Responding on a writ petition filed by online and e-commerce businesses, &nbsp;a division bench of justices Sapana Malla and Dr Kumar Chundal on Monday (June 7) issued the interim order in this regard. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order reads, &ldquo;Do not stop sale and distribution through online and home delivery service provider companies and online service from providing service by maintaining social distancing, using sanitizer and PPE until a final verdict on the case is issued.&rdquo;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The Office of the Prime Minister and Council of Ministers has been made the defendant in the case.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order states that home delivery of goods and services is essential during the prohibitory period and it can be done by following the criteria set by the government for home delivery in 2077.</span></span></span></p>
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		'Article' => array(
			'id' => '13508',
			'article_category_id' => '1',
			'title' => 'Nepal Airlines Corporation Slashes Airfare of Int’l Flights   ',
			'sub_title' => '',
			'summary' => 'June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.     ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;Airfares of cargo and chartered international flights have been reduced from Sunday midnight following a decline in price of aviation fuel for international flights, NAC spokesperson Karishma Shrestha informed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Airfares for wide-body aircraft (Airbus 330) and narrow-body aircraft (Airbus 320) have been slashed by 13 per cent and 15 per cent respectively as compared to the previous fares, the state-owned national news agency RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As per the adjusted price list, airfares of chartered and cargo flights (wide-body) have been fixed at USD 13,460 per hour against the previous fare of USD 15,520.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, airfares for narrow-body aircraft have been adjusted at USD 6,580 per hour against USD 7,710.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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			'sortorder' => '13254',
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			'article_date' => '2021-06-08 10:05:48',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13509',
			'article_category_id' => '1',
			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '13506',
			'article_category_id' => '1',
			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13516',
			'article_category_id' => '1',
			'title' => 'World Bank Projects 2.7 Percent Economic Growth of Nepal in Current FY ',
			'sub_title' => '',
			'summary' => 'June 10: The World Bank has said Nepal’s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 10: The World Bank has said Nepal&rsquo;s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.</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">Releasing the Global Economic Prospect on Tuesday (June 8), the World Bank projected Nepal&rsquo;s growth to be 3.9 percent in the upcoming fiscal year (FY 2021/22). Similarly, the reports projects Nepal&rsquo;s economy to rebound and grow to 5.1 percent in FY 2022/23.</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 report, the economy of South Asian region is expected to grow by 6.8 percent in 2021. This estimate is 3.6 percent higher than what was previously projected.</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">Similarly, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the global economy is set to expand 5.6 percent in 2021&mdash;its strongest post-recession pace in 80 years. </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">This recovery is uneven and largely reflects sharp rebounds in some major economies, the World Bank said. </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">In many emerging market and developing economies (EMDEs), obstacles to vaccination continue to weigh on activity. </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;By 2022, last year&rsquo;s per capita income losses will not be fully unwound in about two-thirds of EMDEs,&rdquo; the report further stated.</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 World Bank, the global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress amid high EMDE debt 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">The report suggests policy makers to balance the need to support the recovery while safeguarding price stability and fiscal sustainability and to continue efforts toward promoting growth-enhancing reforms.</span></span></span></span></p>

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			'id' => '13515',
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			'title' => 'Private Sector Urges Govt Not To Impose Penalty on Businesses Failing to Pay Taxes in Time ',
			'sub_title' => 'However, those businesses, which can pay revenue, are urged to settle their tax liabilities ',
			'summary' => 'Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time. ',
			'content' => '<p>June 9: &nbsp;Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time.&nbsp;</p>

<p>Issuing a joint statement on Wednesday, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have asked the government to not penalize or fine businesses who cannot file their tax details and pay revenue to the government in time, citing restriction on movement due to prohibitory orders imposed in most parts of the country. &nbsp;</p>

<p>&ldquo;While most of the industries and businesses have not been able to operate due to current adverse circumstances, even those who are in operation have not been able to supply their products in&nbsp;the market and collect their money,&rdquo; read the joint statement of three umbrella organizations of businesses and industries across the country.&nbsp;</p>

<p>&ldquo;Taking into consideration this adverse situation, we request the government to not charge any penalty or fine to businesses or enterprises that could not pay their tax revenue,&rdquo; added the statement.&nbsp;</p>

<p>Stating that the lockdown and prohibitory orders imposed to contain the second wave of coronavirus have brought businesses and industries to a grinding halt, three private sector organizations have asked the government to be&nbsp;lenient on imposing penalties for those businesses and industries that&nbsp;are late on tax payment.&nbsp;</p>

<p>Nearly 70 percent of businesses and enterprises are estimated to have been impacted by the prohibitory orders enforced to combat the second wave of coronavirus, according to the joint statement.&nbsp;</p>

<p>However, these organizations have also urged enterprises and industries which are in operation and can pay their taxes to settle their tax liabilities like in the&nbsp;last fiscal year.&nbsp;</p>

<p>The joint statement of the private sector organizations comes amid looming deadlines for businesses and enterprises for filing tax details as well as pay income tax (mid July), value added tax (July 9) and excise duty (July 9).&nbsp;</p>

<p>Similarly, they have also urged the government to prioritize vaccination to entrepreneurs, businesspeople and their staff who have their direct roles on economic activities and protect the economy from the pandemic, implement the budget and achieve the economic growth target.&nbsp;</p>
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			'id' => '13514',
			'article_category_id' => '1',
			'title' => 'NRB Approval not Required to Bring in FDI Anymore',
			'sub_title' => '',
			'summary' => 'June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal. The central bank made such arrangement with the implementation of the Nepal Rastra Bank Foreign Investment and Debt Management Regulation-2021 effective from June 8.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, approval from NRB was mandatory to bring in FDI in the country. With the implementation of this regulation, approval from the Department of Industry and the Investment Board would be sufficient to bring in FDI. However, NRB needs to be notified before bringing foreign currency or sending out the currency from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The new regulation mentions that the foreign companies looking to invest up to US$ 1 million need not submit any audit report to the central bank. But stakeholders need to maintain a record of the investment amount at the central bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The inflow of foreign currency must be recorded at NRB within six months. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:11.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new regulation states that the central bank&rsquo;s prior approval is not needed to remit or to send money from the prospective foreign investors for feasibility study and pre-operation costs of the industries and firms to be established in Nepal. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The regulation has also facilitated foreign investors from taking back dividends to the respective country. The process of foreign exchange service has also been made easier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB has said that the recent changes will save investors&rsquo; time by at least ten days by providing services related to foreign investment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Publishing the regulation virtually, Ramu Poudel, executive director of the Foreign Exchange Management Department of NRB, said that regulation is expected to improve the country&#39;s position&nbsp;in the Doing Business report.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Maha Prasad Adhikari says that the regulation has been issued by bringing all the previous provisions together to make the process quick, easy and transparent. After preparing the draft of the regulation, NRB had taken suggestions from the stakeholders. Stakeholders have complained that the central bank did not include all the suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Satish Kumar Mor, President of the Confederation of Nepalese Industries, said that the &nbsp;regulation has incorporated their suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, most of the stakeholders had complained that the process was time consuming due to bureaucratic hassles.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;But now the new regulation has set a time limit,&#39;&#39; he said, adding, &ldquo;The new provisions are investment-friendly.&quot; Mor added that the regulation has also made it easier for the companies to take away their dividends back.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 3 => array(
		'Article' => array(
			'id' => '13513',
			'article_category_id' => '1',
			'title' => 'Government Projects Rise in Production of Onions and Potatoes  ',
			'sub_title' => '',
			'summary' => 'June 9: The government has projected an increase in potato and onion production this year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 9: The government has projected an increase in potato and onion production this year. As the data collection of potato and onion production from across the country has reached the final stage, the production is expected to increase as compared to last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Due to the introduction of modern technology in agriculture and the increase in the number of people embracing agriculture and commercial farming, the production is expected to increase.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Compared to last year, the area for potato and onion farming as well as production have increased this year. According to the data provided by the National Center for Potato, Vegetable, and Spice Crops Development, it is estimated that 281,289 metric tons of additional potatoes will be produced in the current fiscal year than last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the last fiscal year, 3.11 million metric tons of potatoes were produced in 193,996 hectares of land. According to the center, potato cultivation in the current fiscal year in 299,041 hectares of land is estimated to produce 3.39 million metric of potatoes.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Sandeep Subedi, Horticulture Development Officer at the Center, said that the data on potato and onion production has been collected from all over the country and the Ministry of Agriculture and Livestock Development is working on its final draft. He said that even though the available data is just an estimate, it won&rsquo;t be much different from the actual production .</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the data of the center, the production of onion is expected to increase by 3,864 metric tons in the current fiscal year as compared to last fiscal year. Last year, 291,538 metric tons of onion was cultivated in a total of 20,908 hectares of land. In the current fiscal year, 295,402 metric tons of onion has been produced in 20,424 hectares of land. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The production of potatoes and onions within Nepal is not sufficient to meet the domestic demand. Potatoes and onions worth more than Rs 11.5 billion are imported annually from countries including India. Altogether 50 percent of the total demand for potatoes is imported in Nepal while 95 percent of onions are imported.&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '13512',
			'article_category_id' => '1',
			'title' => 'Airlines Operator Demand Resumption of Domestic Flights from June 15',
			'sub_title' => '',
			'summary' => 'June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15. The association made such request to the Minister for Culture, Tourism and Civil Aviation Uma Shankar Aragaria on Tuesday (June 8), drawing his attention to the fact that the restriction on domestic flights for the past 35 days has rendered countless employees jobless, affecting their livelihood.</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:&quot;Times New Roman&quot;">Stating that the service providers are committed to operating the flight following the health safety standards, the association has asked the ministry to facilitate in resuming flight operation. The association claimed that domestic flights were continued for a certain time even during the second wave of coronavirus and no passengers were infected during that time.</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:&quot;Times New Roman&quot;">The association argued that trained manpower dealing with health and safety measures, disinfection of aircraft before each flight, and mandatory use of mask and face shield make domestic flights safe. AOAN has requested the minister to allow the operation of domestic flights by adopting the same measures.</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:&quot;Times New Roman&quot;">The government has restricted domestic flights since May 4. According to the association, the revenue of airline companies has been declining due to the suspension of domestic flights for 35 days and many employees are at risk of losing their jobs. Stating that the livelihood of the dependent families will be lost along with the loss of employment, the association has stressed the need to make domestic flights comfortable and safe.</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:&quot;Times New Roman&quot;">Similarly, the association has welcomed the ministry&#39;s decision of reducing the price of aviation fuel for international flights. The association has requested the government to reduce the price by keeping the internal profit low. Reducing fuel prices will reduce operating costs and allow the general public to travel at affordable rates. The association has also requested the government for a 75 percent discount on landing, parking and other fees during the current prohibitory period.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '13511',
			'article_category_id' => '1',
			'title' => 'Floriculture Business Facing Daily Loss of Rs 10 Million',
			'sub_title' => '',
			'summary' => 'June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. The floriculture entrepreneurs decided for job cuts after facing a daily loss of Rs 10 million.</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:&quot;Times New Roman&quot;">Due to the recent lockdown, the overall floriculture business has been halted, causing a daily loss of Rs 10 million in the sector. As the business has come to a standstill and the entrepreneurs are struggling to pay the workers, the number of people losing employment has increased.</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:&quot;Times New Roman&quot;">Hotels, restaurants, party palaces, and temples are closed at the moment and banquets and other functions are not allowed closed. This has brought the flower business to a complete standstill. </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:&quot;Times New Roman&quot;">Normally, the sales of flowers increase during the month of April and May as there are lots of functions like marriages. However, the flowers in the farm and nurseries have not found any market this time due to the extended lockdown.</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:&quot;Times New Roman&quot;">According to Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, floriculture business of Nepal has an annual turnover of over Rs 2.60 billion. On this basis, he estimates that the daily flower business across the country is currently losing around Rs 10 million. &nbsp;</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:&quot;Times New Roman&quot;">&ldquo;The figure is only our assumption. The association is preparing to collect details of the actual loss incurred during this period,&rdquo; he said.</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:&quot;Times New Roman&quot;">As per the data of the association, the floriculture business has an investment of Rs 6 billion in the country and is currently spread across 43 districts. More than 40,000 people&rsquo;s livelihood is directly and indirectly linked with this business.</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:&quot;Times New Roman&quot;">Nurseries produce seasonal flowers and the farms produce annual and perennial flowers. However, the association said that all these flowers were destroyed due to the lockdown.</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:&quot;Times New Roman&quot;">Floriculture farmer Binod Shrestha has not been able to visit his farm in Kavre due to the lockdown. </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:&quot;Times New Roman&quot;">&ldquo;Some of the workers at the farm have already left. Now we have no hope of cultivating flowers. It is becoming difficult to protect even the mother plants,&rdquo; he said. </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:&quot;Times New Roman&quot;">He added that all the produced flowers are being destroyed by burying them in a pit to form compost manure.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><br />
&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '13510',
			'article_category_id' => '1',
			'title' => 'SC Tells Government not to Stop Home Delivery Service ',
			'sub_title' => '',
			'summary' => 'June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Responding on a writ petition filed by online and e-commerce businesses, &nbsp;a division bench of justices Sapana Malla and Dr Kumar Chundal on Monday (June 7) issued the interim order in this regard. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order reads, &ldquo;Do not stop sale and distribution through online and home delivery service provider companies and online service from providing service by maintaining social distancing, using sanitizer and PPE until a final verdict on the case is issued.&rdquo;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The Office of the Prime Minister and Council of Ministers has been made the defendant in the case.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order states that home delivery of goods and services is essential during the prohibitory period and it can be done by following the criteria set by the government for home delivery in 2077.</span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '13508',
			'article_category_id' => '1',
			'title' => 'Nepal Airlines Corporation Slashes Airfare of Int’l Flights   ',
			'sub_title' => '',
			'summary' => 'June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.     ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;Airfares of cargo and chartered international flights have been reduced from Sunday midnight following a decline in price of aviation fuel for international flights, NAC spokesperson Karishma Shrestha informed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Airfares for wide-body aircraft (Airbus 330) and narrow-body aircraft (Airbus 320) have been slashed by 13 per cent and 15 per cent respectively as compared to the previous fares, the state-owned national news agency RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As per the adjusted price list, airfares of chartered and cargo flights (wide-body) have been fixed at USD 13,460 per hour against the previous fare of USD 15,520.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, airfares for narrow-body aircraft have been adjusted at USD 6,580 per hour against USD 7,710.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
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	(int) 8 => array(
		'Article' => array(
			'id' => '13509',
			'article_category_id' => '1',
			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '13506',
			'article_category_id' => '1',
			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13516',
			'article_category_id' => '1',
			'title' => 'World Bank Projects 2.7 Percent Economic Growth of Nepal in Current FY ',
			'sub_title' => '',
			'summary' => 'June 10: The World Bank has said Nepal’s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 10: The World Bank has said Nepal&rsquo;s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.</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">Releasing the Global Economic Prospect on Tuesday (June 8), the World Bank projected Nepal&rsquo;s growth to be 3.9 percent in the upcoming fiscal year (FY 2021/22). Similarly, the reports projects Nepal&rsquo;s economy to rebound and grow to 5.1 percent in FY 2022/23.</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 report, the economy of South Asian region is expected to grow by 6.8 percent in 2021. This estimate is 3.6 percent higher than what was previously projected.</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">Similarly, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the global economy is set to expand 5.6 percent in 2021&mdash;its strongest post-recession pace in 80 years. </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">This recovery is uneven and largely reflects sharp rebounds in some major economies, the World Bank said. </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">In many emerging market and developing economies (EMDEs), obstacles to vaccination continue to weigh on activity. </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;By 2022, last year&rsquo;s per capita income losses will not be fully unwound in about two-thirds of EMDEs,&rdquo; the report further stated.</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 World Bank, the global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress amid high EMDE debt 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">The report suggests policy makers to balance the need to support the recovery while safeguarding price stability and fiscal sustainability and to continue efforts toward promoting growth-enhancing reforms.</span></span></span></span></p>

<p><img alt="" src="/app/webroot/userfiles/images/My%20Effect%286%29.jpg" style="height:383px; width:800px" /></p>
',
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			'created' => '2021-06-10',
			'modified' => '2021-06-10',
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			'sortorder' => '13261',
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		'Article' => array(
			'id' => '13515',
			'article_category_id' => '1',
			'title' => 'Private Sector Urges Govt Not To Impose Penalty on Businesses Failing to Pay Taxes in Time ',
			'sub_title' => 'However, those businesses, which can pay revenue, are urged to settle their tax liabilities ',
			'summary' => 'Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time. ',
			'content' => '<p>June 9: &nbsp;Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time.&nbsp;</p>

<p>Issuing a joint statement on Wednesday, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have asked the government to not penalize or fine businesses who cannot file their tax details and pay revenue to the government in time, citing restriction on movement due to prohibitory orders imposed in most parts of the country. &nbsp;</p>

<p>&ldquo;While most of the industries and businesses have not been able to operate due to current adverse circumstances, even those who are in operation have not been able to supply their products in&nbsp;the market and collect their money,&rdquo; read the joint statement of three umbrella organizations of businesses and industries across the country.&nbsp;</p>

<p>&ldquo;Taking into consideration this adverse situation, we request the government to not charge any penalty or fine to businesses or enterprises that could not pay their tax revenue,&rdquo; added the statement.&nbsp;</p>

<p>Stating that the lockdown and prohibitory orders imposed to contain the second wave of coronavirus have brought businesses and industries to a grinding halt, three private sector organizations have asked the government to be&nbsp;lenient on imposing penalties for those businesses and industries that&nbsp;are late on tax payment.&nbsp;</p>

<p>Nearly 70 percent of businesses and enterprises are estimated to have been impacted by the prohibitory orders enforced to combat the second wave of coronavirus, according to the joint statement.&nbsp;</p>

<p>However, these organizations have also urged enterprises and industries which are in operation and can pay their taxes to settle their tax liabilities like in the&nbsp;last fiscal year.&nbsp;</p>

<p>The joint statement of the private sector organizations comes amid looming deadlines for businesses and enterprises for filing tax details as well as pay income tax (mid July), value added tax (July 9) and excise duty (July 9).&nbsp;</p>

<p>Similarly, they have also urged the government to prioritize vaccination to entrepreneurs, businesspeople and their staff who have their direct roles on economic activities and protect the economy from the pandemic, implement the budget and achieve the economic growth target.&nbsp;</p>
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			'id' => '13514',
			'article_category_id' => '1',
			'title' => 'NRB Approval not Required to Bring in FDI Anymore',
			'sub_title' => '',
			'summary' => 'June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal. The central bank made such arrangement with the implementation of the Nepal Rastra Bank Foreign Investment and Debt Management Regulation-2021 effective from June 8.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, approval from NRB was mandatory to bring in FDI in the country. With the implementation of this regulation, approval from the Department of Industry and the Investment Board would be sufficient to bring in FDI. However, NRB needs to be notified before bringing foreign currency or sending out the currency from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The new regulation mentions that the foreign companies looking to invest up to US$ 1 million need not submit any audit report to the central bank. But stakeholders need to maintain a record of the investment amount at the central bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The inflow of foreign currency must be recorded at NRB within six months. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:11.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new regulation states that the central bank&rsquo;s prior approval is not needed to remit or to send money from the prospective foreign investors for feasibility study and pre-operation costs of the industries and firms to be established in Nepal. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The regulation has also facilitated foreign investors from taking back dividends to the respective country. The process of foreign exchange service has also been made easier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB has said that the recent changes will save investors&rsquo; time by at least ten days by providing services related to foreign investment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Publishing the regulation virtually, Ramu Poudel, executive director of the Foreign Exchange Management Department of NRB, said that regulation is expected to improve the country&#39;s position&nbsp;in the Doing Business report.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Maha Prasad Adhikari says that the regulation has been issued by bringing all the previous provisions together to make the process quick, easy and transparent. After preparing the draft of the regulation, NRB had taken suggestions from the stakeholders. Stakeholders have complained that the central bank did not include all the suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Satish Kumar Mor, President of the Confederation of Nepalese Industries, said that the &nbsp;regulation has incorporated their suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, most of the stakeholders had complained that the process was time consuming due to bureaucratic hassles.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;But now the new regulation has set a time limit,&#39;&#39; he said, adding, &ldquo;The new provisions are investment-friendly.&quot; Mor added that the regulation has also made it easier for the companies to take away their dividends back.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13513',
			'article_category_id' => '1',
			'title' => 'Government Projects Rise in Production of Onions and Potatoes  ',
			'sub_title' => '',
			'summary' => 'June 9: The government has projected an increase in potato and onion production this year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 9: The government has projected an increase in potato and onion production this year. As the data collection of potato and onion production from across the country has reached the final stage, the production is expected to increase as compared to last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Due to the introduction of modern technology in agriculture and the increase in the number of people embracing agriculture and commercial farming, the production is expected to increase.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Compared to last year, the area for potato and onion farming as well as production have increased this year. According to the data provided by the National Center for Potato, Vegetable, and Spice Crops Development, it is estimated that 281,289 metric tons of additional potatoes will be produced in the current fiscal year than last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the last fiscal year, 3.11 million metric tons of potatoes were produced in 193,996 hectares of land. According to the center, potato cultivation in the current fiscal year in 299,041 hectares of land is estimated to produce 3.39 million metric of potatoes.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Sandeep Subedi, Horticulture Development Officer at the Center, said that the data on potato and onion production has been collected from all over the country and the Ministry of Agriculture and Livestock Development is working on its final draft. He said that even though the available data is just an estimate, it won&rsquo;t be much different from the actual production .</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the data of the center, the production of onion is expected to increase by 3,864 metric tons in the current fiscal year as compared to last fiscal year. Last year, 291,538 metric tons of onion was cultivated in a total of 20,908 hectares of land. In the current fiscal year, 295,402 metric tons of onion has been produced in 20,424 hectares of land. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The production of potatoes and onions within Nepal is not sufficient to meet the domestic demand. Potatoes and onions worth more than Rs 11.5 billion are imported annually from countries including India. Altogether 50 percent of the total demand for potatoes is imported in Nepal while 95 percent of onions are imported.&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13512',
			'article_category_id' => '1',
			'title' => 'Airlines Operator Demand Resumption of Domestic Flights from June 15',
			'sub_title' => '',
			'summary' => 'June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15. The association made such request to the Minister for Culture, Tourism and Civil Aviation Uma Shankar Aragaria on Tuesday (June 8), drawing his attention to the fact that the restriction on domestic flights for the past 35 days has rendered countless employees jobless, affecting their livelihood.</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:&quot;Times New Roman&quot;">Stating that the service providers are committed to operating the flight following the health safety standards, the association has asked the ministry to facilitate in resuming flight operation. The association claimed that domestic flights were continued for a certain time even during the second wave of coronavirus and no passengers were infected during that time.</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:&quot;Times New Roman&quot;">The association argued that trained manpower dealing with health and safety measures, disinfection of aircraft before each flight, and mandatory use of mask and face shield make domestic flights safe. AOAN has requested the minister to allow the operation of domestic flights by adopting the same measures.</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:&quot;Times New Roman&quot;">The government has restricted domestic flights since May 4. According to the association, the revenue of airline companies has been declining due to the suspension of domestic flights for 35 days and many employees are at risk of losing their jobs. Stating that the livelihood of the dependent families will be lost along with the loss of employment, the association has stressed the need to make domestic flights comfortable and safe.</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:&quot;Times New Roman&quot;">Similarly, the association has welcomed the ministry&#39;s decision of reducing the price of aviation fuel for international flights. The association has requested the government to reduce the price by keeping the internal profit low. Reducing fuel prices will reduce operating costs and allow the general public to travel at affordable rates. The association has also requested the government for a 75 percent discount on landing, parking and other fees during the current prohibitory period.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13511',
			'article_category_id' => '1',
			'title' => 'Floriculture Business Facing Daily Loss of Rs 10 Million',
			'sub_title' => '',
			'summary' => 'June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. The floriculture entrepreneurs decided for job cuts after facing a daily loss of Rs 10 million.</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:&quot;Times New Roman&quot;">Due to the recent lockdown, the overall floriculture business has been halted, causing a daily loss of Rs 10 million in the sector. As the business has come to a standstill and the entrepreneurs are struggling to pay the workers, the number of people losing employment has increased.</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:&quot;Times New Roman&quot;">Hotels, restaurants, party palaces, and temples are closed at the moment and banquets and other functions are not allowed closed. This has brought the flower business to a complete standstill. </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:&quot;Times New Roman&quot;">Normally, the sales of flowers increase during the month of April and May as there are lots of functions like marriages. However, the flowers in the farm and nurseries have not found any market this time due to the extended lockdown.</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:&quot;Times New Roman&quot;">According to Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, floriculture business of Nepal has an annual turnover of over Rs 2.60 billion. On this basis, he estimates that the daily flower business across the country is currently losing around Rs 10 million. &nbsp;</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:&quot;Times New Roman&quot;">&ldquo;The figure is only our assumption. The association is preparing to collect details of the actual loss incurred during this period,&rdquo; he said.</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:&quot;Times New Roman&quot;">As per the data of the association, the floriculture business has an investment of Rs 6 billion in the country and is currently spread across 43 districts. More than 40,000 people&rsquo;s livelihood is directly and indirectly linked with this business.</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:&quot;Times New Roman&quot;">Nurseries produce seasonal flowers and the farms produce annual and perennial flowers. However, the association said that all these flowers were destroyed due to the lockdown.</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:&quot;Times New Roman&quot;">Floriculture farmer Binod Shrestha has not been able to visit his farm in Kavre due to the lockdown. </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:&quot;Times New Roman&quot;">&ldquo;Some of the workers at the farm have already left. Now we have no hope of cultivating flowers. It is becoming difficult to protect even the mother plants,&rdquo; he said. </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:&quot;Times New Roman&quot;">He added that all the produced flowers are being destroyed by burying them in a pit to form compost manure.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><br />
&nbsp;</p>
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			'id' => '13510',
			'article_category_id' => '1',
			'title' => 'SC Tells Government not to Stop Home Delivery Service ',
			'sub_title' => '',
			'summary' => 'June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Responding on a writ petition filed by online and e-commerce businesses, &nbsp;a division bench of justices Sapana Malla and Dr Kumar Chundal on Monday (June 7) issued the interim order in this regard. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order reads, &ldquo;Do not stop sale and distribution through online and home delivery service provider companies and online service from providing service by maintaining social distancing, using sanitizer and PPE until a final verdict on the case is issued.&rdquo;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The Office of the Prime Minister and Council of Ministers has been made the defendant in the case.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order states that home delivery of goods and services is essential during the prohibitory period and it can be done by following the criteria set by the government for home delivery in 2077.</span></span></span></p>
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			'article_date' => '2021-06-08 10:26:38',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13508',
			'article_category_id' => '1',
			'title' => 'Nepal Airlines Corporation Slashes Airfare of Int’l Flights   ',
			'sub_title' => '',
			'summary' => 'June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.     ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;Airfares of cargo and chartered international flights have been reduced from Sunday midnight following a decline in price of aviation fuel for international flights, NAC spokesperson Karishma Shrestha informed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Airfares for wide-body aircraft (Airbus 330) and narrow-body aircraft (Airbus 320) have been slashed by 13 per cent and 15 per cent respectively as compared to the previous fares, the state-owned national news agency RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As per the adjusted price list, airfares of chartered and cargo flights (wide-body) have been fixed at USD 13,460 per hour against the previous fare of USD 15,520.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, airfares for narrow-body aircraft have been adjusted at USD 6,580 per hour against USD 7,710.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'sortorder' => '13254',
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			'article_date' => '2021-06-08 10:05:48',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13509',
			'article_category_id' => '1',
			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
',
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			'created' => '2021-06-08',
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			'description' => '',
			'sortorder' => '13253',
			'image' => '20210608101445_20190203105730_NOC.jpg',
			'article_date' => '2021-06-08 10:13:53',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13506',
			'article_category_id' => '1',
			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '13503',
			'article_category_id' => '1',
			'title' => 'Traders and Businessmen Start Switching their Profession',
			'sub_title' => '',
			'summary' => 'June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 6: Traders and businessmen have started to change their profession after the lockdown affected their business for a long period. Individuals involved in small and medium enterprises are switching their businesses.&nbsp; Most individuals are now involved in the vegetable business.</span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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			'id' => '13516',
			'article_category_id' => '1',
			'title' => 'World Bank Projects 2.7 Percent Economic Growth of Nepal in Current FY ',
			'sub_title' => '',
			'summary' => 'June 10: The World Bank has said Nepal’s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">June 10: The World Bank has said Nepal&rsquo;s economic growth will be limited to 2.7 percent in the current fiscal year due to the impact of Covid-19 pandemic.</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">Releasing the Global Economic Prospect on Tuesday (June 8), the World Bank projected Nepal&rsquo;s growth to be 3.9 percent in the upcoming fiscal year (FY 2021/22). Similarly, the reports projects Nepal&rsquo;s economy to rebound and grow to 5.1 percent in FY 2022/23.</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 report, the economy of South Asian region is expected to grow by 6.8 percent in 2021. This estimate is 3.6 percent higher than what was previously projected.</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">Similarly, </span></span><span style="font-size:14.0pt"><span style="font-family:Arial">the global economy is set to expand 5.6 percent in 2021&mdash;its strongest post-recession pace in 80 years. </span></span></span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">This recovery is uneven and largely reflects sharp rebounds in some major economies, the World Bank said. </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">In many emerging market and developing economies (EMDEs), obstacles to vaccination continue to weigh on activity. </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;By 2022, last year&rsquo;s per capita income losses will not be fully unwound in about two-thirds of EMDEs,&rdquo; the report further stated.</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 World Bank, the global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves and financial stress amid high EMDE debt 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">The report suggests policy makers to balance the need to support the recovery while safeguarding price stability and fiscal sustainability and to continue efforts toward promoting growth-enhancing reforms.</span></span></span></span></p>

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		'Article' => array(
			'id' => '13515',
			'article_category_id' => '1',
			'title' => 'Private Sector Urges Govt Not To Impose Penalty on Businesses Failing to Pay Taxes in Time ',
			'sub_title' => 'However, those businesses, which can pay revenue, are urged to settle their tax liabilities ',
			'summary' => 'Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time. ',
			'content' => '<p>June 9: &nbsp;Private sector has urged the government to not impose penalty or fine with businesses for failing to file tax details or pay their taxes in time.&nbsp;</p>

<p>Issuing a joint statement on Wednesday, Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have asked the government to not penalize or fine businesses who cannot file their tax details and pay revenue to the government in time, citing restriction on movement due to prohibitory orders imposed in most parts of the country. &nbsp;</p>

<p>&ldquo;While most of the industries and businesses have not been able to operate due to current adverse circumstances, even those who are in operation have not been able to supply their products in&nbsp;the market and collect their money,&rdquo; read the joint statement of three umbrella organizations of businesses and industries across the country.&nbsp;</p>

<p>&ldquo;Taking into consideration this adverse situation, we request the government to not charge any penalty or fine to businesses or enterprises that could not pay their tax revenue,&rdquo; added the statement.&nbsp;</p>

<p>Stating that the lockdown and prohibitory orders imposed to contain the second wave of coronavirus have brought businesses and industries to a grinding halt, three private sector organizations have asked the government to be&nbsp;lenient on imposing penalties for those businesses and industries that&nbsp;are late on tax payment.&nbsp;</p>

<p>Nearly 70 percent of businesses and enterprises are estimated to have been impacted by the prohibitory orders enforced to combat the second wave of coronavirus, according to the joint statement.&nbsp;</p>

<p>However, these organizations have also urged enterprises and industries which are in operation and can pay their taxes to settle their tax liabilities like in the&nbsp;last fiscal year.&nbsp;</p>

<p>The joint statement of the private sector organizations comes amid looming deadlines for businesses and enterprises for filing tax details as well as pay income tax (mid July), value added tax (July 9) and excise duty (July 9).&nbsp;</p>

<p>Similarly, they have also urged the government to prioritize vaccination to entrepreneurs, businesspeople and their staff who have their direct roles on economic activities and protect the economy from the pandemic, implement the budget and achieve the economic growth target.&nbsp;</p>
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			'id' => '13514',
			'article_category_id' => '1',
			'title' => 'NRB Approval not Required to Bring in FDI Anymore',
			'sub_title' => '',
			'summary' => 'June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: Nepal Rastra Bank (NRB) has removed the mandatory provision of obtaining pre-approval from it while bringing in Foreign Direct Investment (FDI) to Nepal. The central bank made such arrangement with the implementation of the Nepal Rastra Bank Foreign Investment and Debt Management Regulation-2021 effective from June 8.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, approval from NRB was mandatory to bring in FDI in the country. With the implementation of this regulation, approval from the Department of Industry and the Investment Board would be sufficient to bring in FDI. However, NRB needs to be notified before bringing foreign currency or sending out the currency from Nepal.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The new regulation mentions that the foreign companies looking to invest up to US$ 1 million need not submit any audit report to the central bank. But stakeholders need to maintain a record of the investment amount at the central bank.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The inflow of foreign currency must be recorded at NRB within six months. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:11.0pt"><span style="font-family:&quot;Arial Unicode MS&quot;">The new regulation states that the central bank&rsquo;s prior approval is not needed to remit or to send money from the prospective foreign investors for feasibility study and pre-operation costs of the industries and firms to be established in Nepal. </span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The regulation has also facilitated foreign investors from taking back dividends to the respective country. The process of foreign exchange service has also been made easier.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB has said that the recent changes will save investors&rsquo; time by at least ten days by providing services related to foreign investment.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Publishing the regulation virtually, Ramu Poudel, executive director of the Foreign Exchange Management Department of NRB, said that regulation is expected to improve the country&#39;s position&nbsp;in the Doing Business report.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">NRB Governor Maha Prasad Adhikari says that the regulation has been issued by bringing all the previous provisions together to make the process quick, easy and transparent. After preparing the draft of the regulation, NRB had taken suggestions from the stakeholders. Stakeholders have complained that the central bank did not include all the suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">However, Satish Kumar Mor, President of the Confederation of Nepalese Industries, said that the &nbsp;regulation has incorporated their suggestions.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Earlier, most of the stakeholders had complained that the process was time consuming due to bureaucratic hassles.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">&nbsp;&quot;But now the new regulation has set a time limit,&#39;&#39; he said, adding, &ldquo;The new provisions are investment-friendly.&quot; Mor added that the regulation has also made it easier for the companies to take away their dividends back.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13513',
			'article_category_id' => '1',
			'title' => 'Government Projects Rise in Production of Onions and Potatoes  ',
			'sub_title' => '',
			'summary' => 'June 9: The government has projected an increase in potato and onion production this year. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 9: The government has projected an increase in potato and onion production this year. As the data collection of potato and onion production from across the country has reached the final stage, the production is expected to increase as compared to last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Due to the introduction of modern technology in agriculture and the increase in the number of people embracing agriculture and commercial farming, the production is expected to increase.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Compared to last year, the area for potato and onion farming as well as production have increased this year. According to the data provided by the National Center for Potato, Vegetable, and Spice Crops Development, it is estimated that 281,289 metric tons of additional potatoes will be produced in the current fiscal year than last year.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In the last fiscal year, 3.11 million metric tons of potatoes were produced in 193,996 hectares of land. According to the center, potato cultivation in the current fiscal year in 299,041 hectares of land is estimated to produce 3.39 million metric of potatoes.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Sandeep Subedi, Horticulture Development Officer at the Center, said that the data on potato and onion production has been collected from all over the country and the Ministry of Agriculture and Livestock Development is working on its final draft. He said that even though the available data is just an estimate, it won&rsquo;t be much different from the actual production .</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to the data of the center, the production of onion is expected to increase by 3,864 metric tons in the current fiscal year as compared to last fiscal year. Last year, 291,538 metric tons of onion was cultivated in a total of 20,908 hectares of land. In the current fiscal year, 295,402 metric tons of onion has been produced in 20,424 hectares of land. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The production of potatoes and onions within Nepal is not sufficient to meet the domestic demand. Potatoes and onions worth more than Rs 11.5 billion are imported annually from countries including India. Altogether 50 percent of the total demand for potatoes is imported in Nepal while 95 percent of onions are imported.&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'article_date' => '2021-06-09 14:28:48',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13512',
			'article_category_id' => '1',
			'title' => 'Airlines Operator Demand Resumption of Domestic Flights from June 15',
			'sub_title' => '',
			'summary' => 'June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 9: The Airline Operators Association of Nepal (AOAN) has urged the government to resume domestic flights from June 15. The association made such request to the Minister for Culture, Tourism and Civil Aviation Uma Shankar Aragaria on Tuesday (June 8), drawing his attention to the fact that the restriction on domestic flights for the past 35 days has rendered countless employees jobless, affecting their livelihood.</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:&quot;Times New Roman&quot;">Stating that the service providers are committed to operating the flight following the health safety standards, the association has asked the ministry to facilitate in resuming flight operation. The association claimed that domestic flights were continued for a certain time even during the second wave of coronavirus and no passengers were infected during that time.</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:&quot;Times New Roman&quot;">The association argued that trained manpower dealing with health and safety measures, disinfection of aircraft before each flight, and mandatory use of mask and face shield make domestic flights safe. AOAN has requested the minister to allow the operation of domestic flights by adopting the same measures.</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:&quot;Times New Roman&quot;">The government has restricted domestic flights since May 4. According to the association, the revenue of airline companies has been declining due to the suspension of domestic flights for 35 days and many employees are at risk of losing their jobs. Stating that the livelihood of the dependent families will be lost along with the loss of employment, the association has stressed the need to make domestic flights comfortable and safe.</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:&quot;Times New Roman&quot;">Similarly, the association has welcomed the ministry&#39;s decision of reducing the price of aviation fuel for international flights. The association has requested the government to reduce the price by keeping the internal profit low. Reducing fuel prices will reduce operating costs and allow the general public to travel at affordable rates. The association has also requested the government for a 75 percent discount on landing, parking and other fees during the current prohibitory period.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '13511',
			'article_category_id' => '1',
			'title' => 'Floriculture Business Facing Daily Loss of Rs 10 Million',
			'sub_title' => '',
			'summary' => 'June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 8: Around 20 percent of workers involved in the floriculture business have lost their jobs amid the ongoing prohibitory order. The floriculture entrepreneurs decided for job cuts after facing a daily loss of Rs 10 million.</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:&quot;Times New Roman&quot;">Due to the recent lockdown, the overall floriculture business has been halted, causing a daily loss of Rs 10 million in the sector. As the business has come to a standstill and the entrepreneurs are struggling to pay the workers, the number of people losing employment has increased.</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:&quot;Times New Roman&quot;">Hotels, restaurants, party palaces, and temples are closed at the moment and banquets and other functions are not allowed closed. This has brought the flower business to a complete standstill. </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:&quot;Times New Roman&quot;">Normally, the sales of flowers increase during the month of April and May as there are lots of functions like marriages. However, the flowers in the farm and nurseries have not found any market this time due to the extended lockdown.</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:&quot;Times New Roman&quot;">According to Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, floriculture business of Nepal has an annual turnover of over Rs 2.60 billion. On this basis, he estimates that the daily flower business across the country is currently losing around Rs 10 million. &nbsp;</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:&quot;Times New Roman&quot;">&ldquo;The figure is only our assumption. The association is preparing to collect details of the actual loss incurred during this period,&rdquo; he said.</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:&quot;Times New Roman&quot;">As per the data of the association, the floriculture business has an investment of Rs 6 billion in the country and is currently spread across 43 districts. More than 40,000 people&rsquo;s livelihood is directly and indirectly linked with this business.</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:&quot;Times New Roman&quot;">Nurseries produce seasonal flowers and the farms produce annual and perennial flowers. However, the association said that all these flowers were destroyed due to the lockdown.</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:&quot;Times New Roman&quot;">Floriculture farmer Binod Shrestha has not been able to visit his farm in Kavre due to the lockdown. </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:&quot;Times New Roman&quot;">&ldquo;Some of the workers at the farm have already left. Now we have no hope of cultivating flowers. It is becoming difficult to protect even the mother plants,&rdquo; he said. </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:&quot;Times New Roman&quot;">He added that all the produced flowers are being destroyed by burying them in a pit to form compost manure.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria">&nbsp;</span></span></p>

<p><br />
&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '13510',
			'article_category_id' => '1',
			'title' => 'SC Tells Government not to Stop Home Delivery Service ',
			'sub_title' => '',
			'summary' => 'June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.  ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Supreme Court has issued an interim order in the name of the government not to stop home delivery of goods and services during the prohibitory period.&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Responding on a writ petition filed by online and e-commerce businesses, &nbsp;a division bench of justices Sapana Malla and Dr Kumar Chundal on Monday (June 7) issued the interim order in this regard. </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order reads, &ldquo;Do not stop sale and distribution through online and home delivery service provider companies and online service from providing service by maintaining social distancing, using sanitizer and PPE until a final verdict on the case is issued.&rdquo;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The Office of the Prime Minister and Council of Ministers has been made the defendant in the case.</span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The order states that home delivery of goods and services is essential during the prohibitory period and it can be done by following the criteria set by the government for home delivery in 2077.</span></span></span></p>
',
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			'article_date' => '2021-06-08 10:26:38',
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		'Article' => array(
			'id' => '13508',
			'article_category_id' => '1',
			'title' => 'Nepal Airlines Corporation Slashes Airfare of Int’l Flights   ',
			'sub_title' => '',
			'summary' => 'June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.     ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: Nepal Airlines Corporation, the national flag-carrier of Nepal, has reduced international airfare following a slash in aviation fuel for international flights.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">&nbsp;Airfares of cargo and chartered international flights have been reduced from Sunday midnight following a decline in price of aviation fuel for international flights, NAC spokesperson Karishma Shrestha informed.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Airfares for wide-body aircraft (Airbus 330) and narrow-body aircraft (Airbus 320) have been slashed by 13 per cent and 15 per cent respectively as compared to the previous fares, the state-owned national news agency RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As per the adjusted price list, airfares of chartered and cargo flights (wide-body) have been fixed at USD 13,460 per hour against the previous fare of USD 15,520.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, airfares for narrow-body aircraft have been adjusted at USD 6,580 per hour against USD 7,710.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><br />
&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '13254',
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			'article_date' => '2021-06-08 10:05:48',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13509',
			'article_category_id' => '1',
			'title' => 'NOC Reduces Price of Aviation Fuel for Int'l Flights',
			'sub_title' => '',
			'summary' => 'June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 8: The Nepal Oil Corporation (NOC) has reduced the price of aviation turbine fuel for international flights effective from Sunday midnight (June 7). The NOC informed about this decision by issuing a press statement on Sunday evening.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the state-owned national news agency RSS, a meeting of the NOC Board of Directors on Sunday agreed to endorse a policy of fixing the price of international aviation fuel with a maximum profit of 15 per cent during the COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Earlier, the price of international aviation fuel was US dollar 893 per kiloliter and now it has been fixed at US dollar 715 per kiloliter. The NOC has reduced the price by USD 178 per kiloliter.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">As of Sunday, the NOC had a 40 per cent profit on international aviation turbine fuel. Earlier, the profit was up to 70 per cent, according to NOC Spokesperson Binit Mani Upadhyay.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to him, NOC had earned a profit of Rs 15 million every fortnight in a period of one year of COVID-19 crisis.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The NOC, however, is incurring an estimated fortnightly loss of Rs 500 million in the transaction of liquefied petroleum gas. This loss was being adjusted from the profit from the aviation turbine fuel, RSS further reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the NOC fuel pricing policy, there is an arrangement to compensate the loss of LP gas from the profit of international turbine aviation fuel. </span></span></span></p>
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			'created' => '2021-06-08',
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			'description' => '',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13506',
			'article_category_id' => '1',
			'title' => 'Government to Seek Foreign Aid for Budget Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance.',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">June 7: </span></span><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is planning to seek external assistance of more than Rs 372 billion in foreign aid for the implementation of the budget for the Fiscal Year 2021/22 brought through an ordinance. It plans to receive a huge amount of support from foreign donors to take forward plans of Prime Minister Employment Fund, MCC and economic recovery programs. </span></span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13507',
			'article_category_id' => '1',
			'title' => 'Startup Programme Included in Budget since 2015 Fails in Implementation ',
			'sub_title' => '',
			'summary' => 'June 7: The government has failed to implement the startup fund designed to support the startup ventures. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">June 7: The government has failed to implement the startup fund designed to support the startup ventures. The programme was announced by imitating the Indian startup programme introduced by the Indian government. But the Government of Nepal has failed on execution part due to lack of clear guidelines.&nbsp;</span></span></span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>&nbsp;</p>
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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