After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period.…
The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for…
Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year.…
The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out.…
There has been improvement in collection of insurance premium after the easing of the lockdown.…
With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15th Five Year Plan as the target seem unachievable.…
Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles.…
The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport.…
The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month.…
The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold.…
The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic.…
The government has started issuing labour permit for foreign employment after a halt of three and half months.…
While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments.…
With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.…
The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 9: After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, FNCCI requested Nepal Rastra Bank (NRB) to include this provision in the Monetary Policy for the upcoming fiscal year. The apex body of the Nepali private sector has also asked NRB to bring monetary policy before July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has argued that the deadline for loan repayment needs to be extended until the full revival of the country’s economy also demanding the central bank to restructure and reschedule the lending model. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has claimed that BFIs have been mounting pressure on the businesses to pay the principle and interest before July 15. “But businesses are unable to repay the loan due to the crisis,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The situation is such that many business persons are on the verge of exiting the business sector and it is responsibility of the government to save the businesses at this time of crisis, according to FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NRB had extended the loan repayment of principle and interest amount during the lockdown period till July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown enforced from March 24 by the government to stop the coronavirus transmission has led to the closure of almost all industries across the country. Even after the easing of the lockdown since mid-June, industries have been working on 40 percent of their capacity due to the lack of workers and inadequate supply of raw materials due to disturbances created by the raging Covid-19 cases in neighbouring India. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Pashupati Murarka, past president of FNCCI said that NRB has to bring monetary policy before July 15 and that the policy must address the concerns of industrialists and business persons. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Though the lockdown has eased, industries haven’t opened completely,” added Murarka “A few big industries may be able pay principle and interest of bank loans, but most cannot at this moment.” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While launching the monetary policy, NRB should be equally sensible towards the challenges of BFI’s and announce relief accordingly, he said.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-09', 'modified' => '2020-07-09', 'keywords' => '', 'description' => '', 'sortorder' => '11927', 'image' => '20200709034938_FNCCI.jpg', 'article_date' => '2020-07-09 15:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12179', 'article_category_id' => '1', 'title' => 'DPR of Betan Karnali Hydropower Project to be Ready by mid-October', 'sub_title' => '', 'summary' => 'The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 8: The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February. However, due to need of additional study and disturbance created by Covid-19 pandemic, the deadline for finalising DPR had been postponed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Currently, Nepal Engineering Company under the Nepal Electricity Authority (NEA) is preparing the DPR of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">It is for the first time EPF has decided to construct a hydropower project on its own. EPF has been allocating some amount from bonuses of its depositors for the development of the 442MW project. Betan Karnali Hydropower Project has been planned to be funded by majority share of EPF depositors. For the purpose, EPF has been working by establishing the Betan Karnali Sanchayakarta Hydropower Company Limited (BKSHCL). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Further study was needed as this is a big project. So, the DPR deadline was extended,” said Deepak Rauniyar, managing director of BKSHCL. “It got delayed because of the Covid-19 crisis, but now we have targeted to finalise the DPR by mid-October.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company received government’s approval for the construction of the project on May 21, 2017. Initially, Betan Karnali Hydropower Project’s capacity was reported at 688MW. Now works are ongoing to prepare its DPR under the reduced capacity of 442MW. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The project, which will cover parts of Achham and Surkhet districts of the Karnali Province, will have investment totaling Rs 76 billion; 70 percent of the investment or Rs 48 billion will be managed from loans while the rest 30 percent or Rs 28 billion will be managed from equity of raised under the leadership of EPF. Of the equity amount, 40 percent will be depositors’ money, 15 percent from EPF, 10 percent from NEA and 10 percent from Vidhyut Utpadan Company Limited. The remaining 25 percent equity will be raised from the general public. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has been allocating 50 percent of depositors’ bonus for the generation of capital for the project for the last three years. The amount has reached more than Rs 4 billion. According to EPF officials, Rs 8.40 billion of depositors’ money will be invested in the project and it will take three more years to collect all the investment required for the construction of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has prioritised domestic banks for loan investment. The fund plans to borrow a total of Rs 48 billion for the project out of which Rs 30-35 billon will be raised from Nepal Infrastructure Bank. The rest of the amount will be raised from capital market and international banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF Administrator Tulsi Prasad Gautam said that they will also borrow from international banks. “We are looking forward to raise loan investment from local and international banks. If this doesn’t go well, we will issue bonds,” he inmformed. “The size and capital of Nepali bank is increasing. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">So, we believe that the loans can be raised domestically.” According to Gautam, it will take one and a half to two years for the completion of the financial closure of the project.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11926', 'image' => '20200708040941_Betan Karnali Hydropower Project.jpg', 'article_date' => '2020-07-08 16:08:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12178', 'article_category_id' => '1', 'title' => 'Credit Rating of Nepal within 6 Months', 'sub_title' => '', 'summary' => 'Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 8: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. The Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company three months ago after conducting discussions and studies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to MoF Spokesperson Uttar Kumar Chhetri, Fitch Ratings, which is considered as one of the finest international agencies in sovereign rating, was given the responsibility of Nepal’s credit rating in Mid-December 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. “Among them, we selected Fitch for the purpose of conducing Nepal’s ratings. Before selecting the company, we held discussion with the officials and representatives of government agencies concerned,” said Chintamani Shiwakoti, deputy governor of Nepal Rastra Bank, who is also a member of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, Fitch has complained about the delay in collection of data required for ratings due to the Covid-19 pandemic. In his budget speech for FY2020/21, Finance Minister Dr Yuva Raj Khatiwada had said that the credit rating of Nepal would be completed within the next six months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years. After NRB opened the way for Nepali banks to get loans from foreign financial institutions, NMB Bank has borrowed highest foreign loans. “Foreign financial institutions have trusted us even when the country does not have a credit rating. Once the rating is done, the confidence of the foreign institutions will increase,” mentioned Sunil KC, CEO of NMB bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally. Bhishma Raj Dhungana, Chairman of Securities Board of Nepal says that the rating will determine the level of risks in the country. “Foreigners decide whether or not to invest here based on the ratings. The better the rating, the more could be the investments,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11925', 'image' => '20200708012357_Nepal Credit Rating.jpg', 'article_date' => '2020-07-08 13:22:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12177', 'article_category_id' => '1', 'title' => 'Excise Duty Sticker Printing Still in Dilemma ', 'sub_title' => '', 'summary' => 'The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. The government was preparing to print stickers in the country after the Indonesian security printer Perusahaan Umum Percetakan Uang Republik Indonesia (Perum Peruri), which was assigned with the task of printing excise duty stickers through a global tender, withdrew from the printing process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Inland Revenue Department (IRD) had also studied about handing over the responsibility of sticker printing to the Department of Printing and Janak Educational Material Center (JEMC) for the time being. Director general of the department, Binod Bahadur Kunwar informs that although a study has been conducted regarding the capabilities of these two government companies, the decision about giving responsibility of printing excise sticker has not been made yet. “The quality of stickers printed in the country may not match that of foreign security press. But as an alternative, we had conducted a study of these two companies,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has been printing more than 40 types of stickers that are required in different bodies of Ministry of Finance (MoF) abroad through global tender. He further said that after the printing of excise duty stickers became complicated, homework on whether to give the responsibility of printing in abroad or in the country is still being done. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As there would be extreme shortage of the stickers when the global tender is called, the IRD is in pressure to print the stickers in the country. However, according to a source of MoF, there is no possibility of handing over the responsibility of printing, because of weak capacity of the companies in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“In the past, the country had to bear huge loss due to the leakage of stickers. Even if we are printing them in the country, it would have taken time as we have to do homework regarding the security,” a senior finance official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Officials at JEMC say that it is inappropriate to distrust the organisation run by the Ministry of Finance. Mahesh Prasad Timilsina, general manager of JEMC said that they can bring equipment and print the stickers at the price fixed by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">During a discussion regarding sticker printing, the department had informed JEMC about the technology. They also had discussion about printing stickers by bringing new technology and purchasing paper for printing that was insufficient. The JEMC officials believe that delayed decision by IRD to allow domestic companies to print the stickers has created confusion on whether to buy the necessary equipment and papers for printing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It takes time even if we buy through short method. The government delaying handing over the responsibility of printing to the center shows that the government is not ready to print the stickers in the country,” a senior JEMC official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the department had given letter of intent to the Indonesian company Perum Peruri to print the stickers through a global tender, the government is further embarrassed after they replied that they could not print the stickers as agreed due to corona. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Garsu Pasaulis of Lithuania, UAB, the second company after Perum Peruri, has filed a lawsuit against the department claiming they should get the contract after breaking the agreement with Perum Peruri. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department has informed that the old stickers in stock are enough for now, but the decision needs to be taken about new printing soon. “We have to get to the conclusion as soon as possible and we will make decision soon,” said kunwar.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11924', 'image' => '20200707042111_Excise duty stickers.jpg', 'article_date' => '2020-07-07 16:19:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12176', 'article_category_id' => '1', 'title' => 'Collection of Insurance Premium Increases', 'sub_title' => '', 'summary' => 'There has been improvement in collection of insurance premium after the easing of the lockdown. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: There has been improvement in collection of insurance premium after the easing of the lockdown. The collection of insurance premium and renewal fees had reduced due to the restrictions in movement which was announced on March 24. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In normal times, life insurance companies collect Rs 6 billion in insurance premium monthly. However, during the lockdown, the collection went down to Rs 2-3 billion. According to data provided by the Insurance Board (IB), Rs 4.74 billion was collected from mid-May to mid-June. Insurance companies estimate that the collection for this month with exceed that amount. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">There is no exact data about insurance premium collection for this month till now. “Though we are yet to calculate the exact number, the collection has quite increased compared to March, April, May and June,” said Shiva Nath Pandey, president of Nepal Insurers Association. He added that Insurance Sector has been seeing satisfactory growth recently. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The months of April, May, June and July are regarded as the most favorable for insurance business growth. This period is also for renewal of insurance policies. Similarly, the collection of premium is more during mid-June to mid-July as it is the last month the fiscal year. “Insurance agents also need to meet their target to get facilities from the companies. So, this impacts the business,” said Pandey, adding, “Also, there was waiver of fines for delay in paying insurance premium for the last three months.” According to the life insurance companies, there are new policy holders as well. However, the new clients are less in numbers compared to normal times. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Manoj Kumar Lal Karna, CEO of Union Life Insurance says that insurance policy renewal growth is not satisfactory.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“There is an improvement in collection, but it is not up to the mark. Around 25 percent insurance policies will not be renewed this year,” said Karna. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance premium collection had increased by 46 percent. But this time, the growth rate might not that that high. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance companies had collected premium of more than Rs 70 billion. According to Raju Raman Poudyal, executive director of IB said that the premium collection shall increase to Rs 90 billion. According to him, life insurance companies have collected Rs 70 billion till mid-June. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11923', 'image' => '20200707041902_Insurance premium.jpg', 'article_date' => '2020-07-07 16:17:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12175', 'article_category_id' => '1', 'title' => 'Covid-19 Impact: NPC to Reassess Goals of 15th Plan ', 'sub_title' => '', 'summary' => 'With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15th Five Year Plan as the target seem unachievable. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 6: With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15<sup>th</sup> Five Year Plan as the target seem unachievable. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government had planned to implement the 15<sup>th</sup> Plan from the current fiscal year. However, in the first year of implementation of the periodic plan, the country has been forced to experience a severe economic shock due to the pandemic. This situation has led NPC to launch a study to reassess the targets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dr Puspa Kandel, vice president of NPC, a study is being conducted to review the existing indices considering the impact of Covid-19 pandemic and lockdown on the country’s economy from March. “Though Nepal has achieved progress in the per capita income (PCI) and human development index (HDI) in the recent years, it will be difficult for the country to increase its PCI and HDI due to the adverse economic scenario,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As the targets set in areas such as PCI, HDI, poverty alleviation, government expenditure, private and foreign investment are unlikely to be met, NPC is preparing to make new adjustments in the 15<sup>th</sup> Plan. . </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We will soon reach the conclusion by studying which areas have been affected by the pandemic and the how much it could affect the goals of the 15<sup>th</sup> plan,” said Kandel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to NPC, the impact of pandemic will be seen in the first and second year of implementation of the 15<sup>th</sup> Plan. Kandel says that there is a need to improve the trend and priorities in government expenditure to cope with the current crisis. The commission had estimated that this year the country would have reached the target set for the list of developing nations if the Covid-19 crisis had not occurred. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the 15<sup>th</sup> Plan, the government had aimed to reduce poverty below 10 percent and achieve an average growth rate of 9.6 percent in the next five years. According to NPC officials, the target to reduce unemployment rate from 11.4 percent to 4 percent is unlikely to be met under current circumstances. Other objectives including increasing life expectancy from 69.7 to 72 years, literacy rate to 90 percent and PCI to USD 1,595 will not be met, according to NPC officials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economist Keshav Acharya said that the ambitious target of economic growth will not be achieved, and government does not have the capacity to face the current crisis. “The 15<sup>th</sup> Plan has targeted to achieve around 10% economic growth on average yearly. But the big question is how will such an ambitious objective will be met?” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former vice president of NPC, Jagadish Chandra Pokharel thinks that availing foreign loans will challenging due to the global economic recession. He believes that the country might face economic crisis if the government’s revenue shrinks but its social responsibility increases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Even though the internal revenue is affected, the current expenditure has not decreased. The pandemic has increased expenditure towards social responsibility, creating imbalance in expenditure system which will exacerbate economic problems in the country,” Pokharel said. According to his analysis, the decline in remittances would further aggravate the economic crisis. “As the number of Nepalis returning from abroad is less now, remittance inflow has not decreased now. The inflow of remittance will decline significantly after two to four months,” he warned.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11922', 'image' => '20200706034420_NPC 15th Plan.jpg', 'article_date' => '2020-07-06 15:42:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12174', 'article_category_id' => '1', 'title' => 'Embossed Number Plates Installation to Start from mid-July', 'sub_title' => '', 'summary' => 'Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 6: Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. DoTM has opened online application for the purpose and the process to install the number plates will start from July 16. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM in early 2017 had awarded the Rs 4.78 billion contract to a Bangladeshi company Decatur Tiger IT to supply and install the embossed number plates on vehicles. The installation, which started in the same year was halted due to language related problems. Advocate Bharat Kumar Basnet and Rajan Burlakoti filed a petition saying that the plates were imprinted with English language which violated the constitutional provision that mandates the use of Devanagari script in any government work. Chief justice Gopal Parajuli issued an interim order to halt the installation of embossed number plates in February 2018. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In November 2019, a bench comprising Justice Cholendra Shumsher Rana and five members dismissed the writ and opened way for fixing the embossed number plate. Though DoTM was preparing to install the number plates from February. However, the process got halted due to the lockdown. According to Tirtha Raj Khanal, director of DoTM, has resumed the process with the easing of the lockdown. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM had signed a contract with Decatur Tiger to install embossed number plates on 2.5 million vehicles in five years. As the process got halted due to the interim order, only 4,600 vehicles were installed with the embossed number plates. Khanal said that the company, which has been producing the number plates even after the interim order of the Supreme Court, has already produced 2,00,000 number plates. “The plates are ready. Now, we will move ahead with the installation process,” said Khanal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoTM, the number plates vehicles registered in the Bagmati Province will get the new number plates in the first phase. DoTM has allocated four locations at Transport Management Office, Gurjudhara, Vehicle Inspection Centre, Teku, Transport Office, Ekantakuna and Department of Transport Management, Minbhawan for the purpose. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11921', 'image' => '20200706034212_embossed num plates.jpg', 'article_date' => '2020-07-06 15:38:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12173', 'article_category_id' => '1', 'title' => 'Government’s Indifference Puts Rs 10 billion Investment in Transport Sector at Risk', 'sub_title' => '', 'summary' => 'The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though, the government has permitted private vehicles to ply on roads, it is yet to allow operation of public vehicles. Transport entrepreneurs say that due to prolonged lockdown, they have not been able to pay installment of bank loans. Similarly, adding to the mounting losses of transport entrepreneurs is damages to vehicles due to non-operation for long time. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 200,000 vehicles across in the public transportation sector currently with total investment of around Rs 10 billion employing more than 50,00,000 people. According to Saroj Sitaula, general secretary of FNNTE, the government must be serious about plights faced by transport entrepreneurs, workers and the general public. “The government needs to come up with work procedures as soon as possible to allow operation of public transport by implementing necessary health safety measures,” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Transport company operators argue that the current situation cannot go forever as damages to vehicles due to keeping idle for long has added to their expenses. Currently, 72 buses of Sajha Yatayat have been parked at the garage. Two buses are now operating at the airport. According to Bhusan Tuladhar, executive director of Sajha Yatayat, the buses need to be repaired. “It is obvious for vehicles to get damaged because of non-operation for long,” he said, “However, we are yet to study about the damages.” Citing examples of other countries where public transportation has resumed after the easing of the lockdown, Tuladhar mentioned that is not difficult to operate public buses by maintaining health safety measures. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Mayur Yatayat has also parked its 44 buses. “The government should provide relief to the transport sector. It should have provided us with concessions on interest on loans and extension of loan repayment schedul. But we cannot expect relief measures at the moment as the people in the politics are busy in power struggle,” expressed Mohan Shrestha, chairman of Mayur Yatayat. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though transport entrepreneur have talked to ministers and other high officials for multiple times over the last few weeks, the government has not decided on the module of operation of public vehicles. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to FNNTE General Secretary Sitaula, the government has not started working anything regarding the resumption of public transport though the entrepreneurs provided their suggestions in written and verbal forms. “We are in official and unofficial discussions with vehicle owners and transport sector workers. Now we are preparing to put pressure on the government for resumption of public transport,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11920', 'image' => '20200705035220_public transport.jpg', 'article_date' => '2020-07-05 15:50:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 9: After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, FNCCI requested Nepal Rastra Bank (NRB) to include this provision in the Monetary Policy for the upcoming fiscal year. The apex body of the Nepali private sector has also asked NRB to bring monetary policy before July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has argued that the deadline for loan repayment needs to be extended until the full revival of the country’s economy also demanding the central bank to restructure and reschedule the lending model. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has claimed that BFIs have been mounting pressure on the businesses to pay the principle and interest before July 15. “But businesses are unable to repay the loan due to the crisis,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The situation is such that many business persons are on the verge of exiting the business sector and it is responsibility of the government to save the businesses at this time of crisis, according to FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NRB had extended the loan repayment of principle and interest amount during the lockdown period till July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown enforced from March 24 by the government to stop the coronavirus transmission has led to the closure of almost all industries across the country. Even after the easing of the lockdown since mid-June, industries have been working on 40 percent of their capacity due to the lack of workers and inadequate supply of raw materials due to disturbances created by the raging Covid-19 cases in neighbouring India. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Pashupati Murarka, past president of FNCCI said that NRB has to bring monetary policy before July 15 and that the policy must address the concerns of industrialists and business persons. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Though the lockdown has eased, industries haven’t opened completely,” added Murarka “A few big industries may be able pay principle and interest of bank loans, but most cannot at this moment.” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While launching the monetary policy, NRB should be equally sensible towards the challenges of BFI’s and announce relief accordingly, he said.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-09', 'modified' => '2020-07-09', 'keywords' => '', 'description' => '', 'sortorder' => '11927', 'image' => '20200709034938_FNCCI.jpg', 'article_date' => '2020-07-09 15:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12179', 'article_category_id' => '1', 'title' => 'DPR of Betan Karnali Hydropower Project to be Ready by mid-October', 'sub_title' => '', 'summary' => 'The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 8: The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February. However, due to need of additional study and disturbance created by Covid-19 pandemic, the deadline for finalising DPR had been postponed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Currently, Nepal Engineering Company under the Nepal Electricity Authority (NEA) is preparing the DPR of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">It is for the first time EPF has decided to construct a hydropower project on its own. EPF has been allocating some amount from bonuses of its depositors for the development of the 442MW project. Betan Karnali Hydropower Project has been planned to be funded by majority share of EPF depositors. For the purpose, EPF has been working by establishing the Betan Karnali Sanchayakarta Hydropower Company Limited (BKSHCL). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Further study was needed as this is a big project. So, the DPR deadline was extended,” said Deepak Rauniyar, managing director of BKSHCL. “It got delayed because of the Covid-19 crisis, but now we have targeted to finalise the DPR by mid-October.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company received government’s approval for the construction of the project on May 21, 2017. Initially, Betan Karnali Hydropower Project’s capacity was reported at 688MW. Now works are ongoing to prepare its DPR under the reduced capacity of 442MW. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The project, which will cover parts of Achham and Surkhet districts of the Karnali Province, will have investment totaling Rs 76 billion; 70 percent of the investment or Rs 48 billion will be managed from loans while the rest 30 percent or Rs 28 billion will be managed from equity of raised under the leadership of EPF. Of the equity amount, 40 percent will be depositors’ money, 15 percent from EPF, 10 percent from NEA and 10 percent from Vidhyut Utpadan Company Limited. The remaining 25 percent equity will be raised from the general public. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has been allocating 50 percent of depositors’ bonus for the generation of capital for the project for the last three years. The amount has reached more than Rs 4 billion. According to EPF officials, Rs 8.40 billion of depositors’ money will be invested in the project and it will take three more years to collect all the investment required for the construction of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has prioritised domestic banks for loan investment. The fund plans to borrow a total of Rs 48 billion for the project out of which Rs 30-35 billon will be raised from Nepal Infrastructure Bank. The rest of the amount will be raised from capital market and international banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF Administrator Tulsi Prasad Gautam said that they will also borrow from international banks. “We are looking forward to raise loan investment from local and international banks. If this doesn’t go well, we will issue bonds,” he inmformed. “The size and capital of Nepali bank is increasing. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">So, we believe that the loans can be raised domestically.” According to Gautam, it will take one and a half to two years for the completion of the financial closure of the project.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11926', 'image' => '20200708040941_Betan Karnali Hydropower Project.jpg', 'article_date' => '2020-07-08 16:08:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12178', 'article_category_id' => '1', 'title' => 'Credit Rating of Nepal within 6 Months', 'sub_title' => '', 'summary' => 'Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 8: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. The Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company three months ago after conducting discussions and studies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to MoF Spokesperson Uttar Kumar Chhetri, Fitch Ratings, which is considered as one of the finest international agencies in sovereign rating, was given the responsibility of Nepal’s credit rating in Mid-December 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. “Among them, we selected Fitch for the purpose of conducing Nepal’s ratings. Before selecting the company, we held discussion with the officials and representatives of government agencies concerned,” said Chintamani Shiwakoti, deputy governor of Nepal Rastra Bank, who is also a member of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, Fitch has complained about the delay in collection of data required for ratings due to the Covid-19 pandemic. In his budget speech for FY2020/21, Finance Minister Dr Yuva Raj Khatiwada had said that the credit rating of Nepal would be completed within the next six months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years. After NRB opened the way for Nepali banks to get loans from foreign financial institutions, NMB Bank has borrowed highest foreign loans. “Foreign financial institutions have trusted us even when the country does not have a credit rating. Once the rating is done, the confidence of the foreign institutions will increase,” mentioned Sunil KC, CEO of NMB bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally. Bhishma Raj Dhungana, Chairman of Securities Board of Nepal says that the rating will determine the level of risks in the country. “Foreigners decide whether or not to invest here based on the ratings. The better the rating, the more could be the investments,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11925', 'image' => '20200708012357_Nepal Credit Rating.jpg', 'article_date' => '2020-07-08 13:22:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12177', 'article_category_id' => '1', 'title' => 'Excise Duty Sticker Printing Still in Dilemma ', 'sub_title' => '', 'summary' => 'The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. The government was preparing to print stickers in the country after the Indonesian security printer Perusahaan Umum Percetakan Uang Republik Indonesia (Perum Peruri), which was assigned with the task of printing excise duty stickers through a global tender, withdrew from the printing process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Inland Revenue Department (IRD) had also studied about handing over the responsibility of sticker printing to the Department of Printing and Janak Educational Material Center (JEMC) for the time being. Director general of the department, Binod Bahadur Kunwar informs that although a study has been conducted regarding the capabilities of these two government companies, the decision about giving responsibility of printing excise sticker has not been made yet. “The quality of stickers printed in the country may not match that of foreign security press. But as an alternative, we had conducted a study of these two companies,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has been printing more than 40 types of stickers that are required in different bodies of Ministry of Finance (MoF) abroad through global tender. He further said that after the printing of excise duty stickers became complicated, homework on whether to give the responsibility of printing in abroad or in the country is still being done. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As there would be extreme shortage of the stickers when the global tender is called, the IRD is in pressure to print the stickers in the country. However, according to a source of MoF, there is no possibility of handing over the responsibility of printing, because of weak capacity of the companies in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“In the past, the country had to bear huge loss due to the leakage of stickers. Even if we are printing them in the country, it would have taken time as we have to do homework regarding the security,” a senior finance official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Officials at JEMC say that it is inappropriate to distrust the organisation run by the Ministry of Finance. Mahesh Prasad Timilsina, general manager of JEMC said that they can bring equipment and print the stickers at the price fixed by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">During a discussion regarding sticker printing, the department had informed JEMC about the technology. They also had discussion about printing stickers by bringing new technology and purchasing paper for printing that was insufficient. The JEMC officials believe that delayed decision by IRD to allow domestic companies to print the stickers has created confusion on whether to buy the necessary equipment and papers for printing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It takes time even if we buy through short method. The government delaying handing over the responsibility of printing to the center shows that the government is not ready to print the stickers in the country,” a senior JEMC official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the department had given letter of intent to the Indonesian company Perum Peruri to print the stickers through a global tender, the government is further embarrassed after they replied that they could not print the stickers as agreed due to corona. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Garsu Pasaulis of Lithuania, UAB, the second company after Perum Peruri, has filed a lawsuit against the department claiming they should get the contract after breaking the agreement with Perum Peruri. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department has informed that the old stickers in stock are enough for now, but the decision needs to be taken about new printing soon. “We have to get to the conclusion as soon as possible and we will make decision soon,” said kunwar.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11924', 'image' => '20200707042111_Excise duty stickers.jpg', 'article_date' => '2020-07-07 16:19:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12176', 'article_category_id' => '1', 'title' => 'Collection of Insurance Premium Increases', 'sub_title' => '', 'summary' => 'There has been improvement in collection of insurance premium after the easing of the lockdown. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: There has been improvement in collection of insurance premium after the easing of the lockdown. The collection of insurance premium and renewal fees had reduced due to the restrictions in movement which was announced on March 24. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In normal times, life insurance companies collect Rs 6 billion in insurance premium monthly. However, during the lockdown, the collection went down to Rs 2-3 billion. According to data provided by the Insurance Board (IB), Rs 4.74 billion was collected from mid-May to mid-June. Insurance companies estimate that the collection for this month with exceed that amount. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">There is no exact data about insurance premium collection for this month till now. “Though we are yet to calculate the exact number, the collection has quite increased compared to March, April, May and June,” said Shiva Nath Pandey, president of Nepal Insurers Association. He added that Insurance Sector has been seeing satisfactory growth recently. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The months of April, May, June and July are regarded as the most favorable for insurance business growth. This period is also for renewal of insurance policies. Similarly, the collection of premium is more during mid-June to mid-July as it is the last month the fiscal year. “Insurance agents also need to meet their target to get facilities from the companies. So, this impacts the business,” said Pandey, adding, “Also, there was waiver of fines for delay in paying insurance premium for the last three months.” According to the life insurance companies, there are new policy holders as well. However, the new clients are less in numbers compared to normal times. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Manoj Kumar Lal Karna, CEO of Union Life Insurance says that insurance policy renewal growth is not satisfactory.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“There is an improvement in collection, but it is not up to the mark. Around 25 percent insurance policies will not be renewed this year,” said Karna. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance premium collection had increased by 46 percent. But this time, the growth rate might not that that high. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance companies had collected premium of more than Rs 70 billion. According to Raju Raman Poudyal, executive director of IB said that the premium collection shall increase to Rs 90 billion. According to him, life insurance companies have collected Rs 70 billion till mid-June. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11923', 'image' => '20200707041902_Insurance premium.jpg', 'article_date' => '2020-07-07 16:17:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12175', 'article_category_id' => '1', 'title' => 'Covid-19 Impact: NPC to Reassess Goals of 15th Plan ', 'sub_title' => '', 'summary' => 'With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15th Five Year Plan as the target seem unachievable. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 6: With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15<sup>th</sup> Five Year Plan as the target seem unachievable. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government had planned to implement the 15<sup>th</sup> Plan from the current fiscal year. However, in the first year of implementation of the periodic plan, the country has been forced to experience a severe economic shock due to the pandemic. This situation has led NPC to launch a study to reassess the targets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dr Puspa Kandel, vice president of NPC, a study is being conducted to review the existing indices considering the impact of Covid-19 pandemic and lockdown on the country’s economy from March. “Though Nepal has achieved progress in the per capita income (PCI) and human development index (HDI) in the recent years, it will be difficult for the country to increase its PCI and HDI due to the adverse economic scenario,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As the targets set in areas such as PCI, HDI, poverty alleviation, government expenditure, private and foreign investment are unlikely to be met, NPC is preparing to make new adjustments in the 15<sup>th</sup> Plan. . </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We will soon reach the conclusion by studying which areas have been affected by the pandemic and the how much it could affect the goals of the 15<sup>th</sup> plan,” said Kandel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to NPC, the impact of pandemic will be seen in the first and second year of implementation of the 15<sup>th</sup> Plan. Kandel says that there is a need to improve the trend and priorities in government expenditure to cope with the current crisis. The commission had estimated that this year the country would have reached the target set for the list of developing nations if the Covid-19 crisis had not occurred. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the 15<sup>th</sup> Plan, the government had aimed to reduce poverty below 10 percent and achieve an average growth rate of 9.6 percent in the next five years. According to NPC officials, the target to reduce unemployment rate from 11.4 percent to 4 percent is unlikely to be met under current circumstances. Other objectives including increasing life expectancy from 69.7 to 72 years, literacy rate to 90 percent and PCI to USD 1,595 will not be met, according to NPC officials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economist Keshav Acharya said that the ambitious target of economic growth will not be achieved, and government does not have the capacity to face the current crisis. “The 15<sup>th</sup> Plan has targeted to achieve around 10% economic growth on average yearly. But the big question is how will such an ambitious objective will be met?” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former vice president of NPC, Jagadish Chandra Pokharel thinks that availing foreign loans will challenging due to the global economic recession. He believes that the country might face economic crisis if the government’s revenue shrinks but its social responsibility increases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Even though the internal revenue is affected, the current expenditure has not decreased. The pandemic has increased expenditure towards social responsibility, creating imbalance in expenditure system which will exacerbate economic problems in the country,” Pokharel said. According to his analysis, the decline in remittances would further aggravate the economic crisis. “As the number of Nepalis returning from abroad is less now, remittance inflow has not decreased now. The inflow of remittance will decline significantly after two to four months,” he warned.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11922', 'image' => '20200706034420_NPC 15th Plan.jpg', 'article_date' => '2020-07-06 15:42:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12174', 'article_category_id' => '1', 'title' => 'Embossed Number Plates Installation to Start from mid-July', 'sub_title' => '', 'summary' => 'Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 6: Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. DoTM has opened online application for the purpose and the process to install the number plates will start from July 16. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM in early 2017 had awarded the Rs 4.78 billion contract to a Bangladeshi company Decatur Tiger IT to supply and install the embossed number plates on vehicles. The installation, which started in the same year was halted due to language related problems. Advocate Bharat Kumar Basnet and Rajan Burlakoti filed a petition saying that the plates were imprinted with English language which violated the constitutional provision that mandates the use of Devanagari script in any government work. Chief justice Gopal Parajuli issued an interim order to halt the installation of embossed number plates in February 2018. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In November 2019, a bench comprising Justice Cholendra Shumsher Rana and five members dismissed the writ and opened way for fixing the embossed number plate. Though DoTM was preparing to install the number plates from February. However, the process got halted due to the lockdown. According to Tirtha Raj Khanal, director of DoTM, has resumed the process with the easing of the lockdown. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM had signed a contract with Decatur Tiger to install embossed number plates on 2.5 million vehicles in five years. As the process got halted due to the interim order, only 4,600 vehicles were installed with the embossed number plates. Khanal said that the company, which has been producing the number plates even after the interim order of the Supreme Court, has already produced 2,00,000 number plates. “The plates are ready. Now, we will move ahead with the installation process,” said Khanal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoTM, the number plates vehicles registered in the Bagmati Province will get the new number plates in the first phase. DoTM has allocated four locations at Transport Management Office, Gurjudhara, Vehicle Inspection Centre, Teku, Transport Office, Ekantakuna and Department of Transport Management, Minbhawan for the purpose. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11921', 'image' => '20200706034212_embossed num plates.jpg', 'article_date' => '2020-07-06 15:38:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12173', 'article_category_id' => '1', 'title' => 'Government’s Indifference Puts Rs 10 billion Investment in Transport Sector at Risk', 'sub_title' => '', 'summary' => 'The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though, the government has permitted private vehicles to ply on roads, it is yet to allow operation of public vehicles. Transport entrepreneurs say that due to prolonged lockdown, they have not been able to pay installment of bank loans. Similarly, adding to the mounting losses of transport entrepreneurs is damages to vehicles due to non-operation for long time. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 200,000 vehicles across in the public transportation sector currently with total investment of around Rs 10 billion employing more than 50,00,000 people. According to Saroj Sitaula, general secretary of FNNTE, the government must be serious about plights faced by transport entrepreneurs, workers and the general public. “The government needs to come up with work procedures as soon as possible to allow operation of public transport by implementing necessary health safety measures,” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Transport company operators argue that the current situation cannot go forever as damages to vehicles due to keeping idle for long has added to their expenses. Currently, 72 buses of Sajha Yatayat have been parked at the garage. Two buses are now operating at the airport. According to Bhusan Tuladhar, executive director of Sajha Yatayat, the buses need to be repaired. “It is obvious for vehicles to get damaged because of non-operation for long,” he said, “However, we are yet to study about the damages.” Citing examples of other countries where public transportation has resumed after the easing of the lockdown, Tuladhar mentioned that is not difficult to operate public buses by maintaining health safety measures. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Mayur Yatayat has also parked its 44 buses. “The government should provide relief to the transport sector. It should have provided us with concessions on interest on loans and extension of loan repayment schedul. But we cannot expect relief measures at the moment as the people in the politics are busy in power struggle,” expressed Mohan Shrestha, chairman of Mayur Yatayat. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though transport entrepreneur have talked to ministers and other high officials for multiple times over the last few weeks, the government has not decided on the module of operation of public vehicles. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to FNNTE General Secretary Sitaula, the government has not started working anything regarding the resumption of public transport though the entrepreneurs provided their suggestions in written and verbal forms. “We are in official and unofficial discussions with vehicle owners and transport sector workers. Now we are preparing to put pressure on the government for resumption of public transport,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11920', 'image' => '20200705035220_public transport.jpg', 'article_date' => '2020-07-05 15:50:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12180', 'article_category_id' => '1', 'title' => 'FNCCI Demands Extension of Loan Re-payment Deadline', 'sub_title' => '', 'summary' => 'After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 9: After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, FNCCI requested Nepal Rastra Bank (NRB) to include this provision in the Monetary Policy for the upcoming fiscal year. The apex body of the Nepali private sector has also asked NRB to bring monetary policy before July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has argued that the deadline for loan repayment needs to be extended until the full revival of the country’s economy also demanding the central bank to restructure and reschedule the lending model. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has claimed that BFIs have been mounting pressure on the businesses to pay the principle and interest before July 15. “But businesses are unable to repay the loan due to the crisis,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The situation is such that many business persons are on the verge of exiting the business sector and it is responsibility of the government to save the businesses at this time of crisis, according to FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NRB had extended the loan repayment of principle and interest amount during the lockdown period till July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown enforced from March 24 by the government to stop the coronavirus transmission has led to the closure of almost all industries across the country. Even after the easing of the lockdown since mid-June, industries have been working on 40 percent of their capacity due to the lack of workers and inadequate supply of raw materials due to disturbances created by the raging Covid-19 cases in neighbouring India. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Pashupati Murarka, past president of FNCCI said that NRB has to bring monetary policy before July 15 and that the policy must address the concerns of industrialists and business persons. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Though the lockdown has eased, industries haven’t opened completely,” added Murarka “A few big industries may be able pay principle and interest of bank loans, but most cannot at this moment.” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While launching the monetary policy, NRB should be equally sensible towards the challenges of BFI’s and announce relief accordingly, he said.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-09', 'modified' => '2020-07-09', 'keywords' => '', 'description' => '', 'sortorder' => '11927', 'image' => '20200709034938_FNCCI.jpg', 'article_date' => '2020-07-09 15:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12179', 'article_category_id' => '1', 'title' => 'DPR of Betan Karnali Hydropower Project to be Ready by mid-October', 'sub_title' => '', 'summary' => 'The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 8: The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February. However, due to need of additional study and disturbance created by Covid-19 pandemic, the deadline for finalising DPR had been postponed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Currently, Nepal Engineering Company under the Nepal Electricity Authority (NEA) is preparing the DPR of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">It is for the first time EPF has decided to construct a hydropower project on its own. EPF has been allocating some amount from bonuses of its depositors for the development of the 442MW project. Betan Karnali Hydropower Project has been planned to be funded by majority share of EPF depositors. For the purpose, EPF has been working by establishing the Betan Karnali Sanchayakarta Hydropower Company Limited (BKSHCL). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Further study was needed as this is a big project. So, the DPR deadline was extended,” said Deepak Rauniyar, managing director of BKSHCL. “It got delayed because of the Covid-19 crisis, but now we have targeted to finalise the DPR by mid-October.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company received government’s approval for the construction of the project on May 21, 2017. Initially, Betan Karnali Hydropower Project’s capacity was reported at 688MW. Now works are ongoing to prepare its DPR under the reduced capacity of 442MW. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The project, which will cover parts of Achham and Surkhet districts of the Karnali Province, will have investment totaling Rs 76 billion; 70 percent of the investment or Rs 48 billion will be managed from loans while the rest 30 percent or Rs 28 billion will be managed from equity of raised under the leadership of EPF. Of the equity amount, 40 percent will be depositors’ money, 15 percent from EPF, 10 percent from NEA and 10 percent from Vidhyut Utpadan Company Limited. The remaining 25 percent equity will be raised from the general public. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has been allocating 50 percent of depositors’ bonus for the generation of capital for the project for the last three years. The amount has reached more than Rs 4 billion. According to EPF officials, Rs 8.40 billion of depositors’ money will be invested in the project and it will take three more years to collect all the investment required for the construction of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has prioritised domestic banks for loan investment. The fund plans to borrow a total of Rs 48 billion for the project out of which Rs 30-35 billon will be raised from Nepal Infrastructure Bank. The rest of the amount will be raised from capital market and international banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF Administrator Tulsi Prasad Gautam said that they will also borrow from international banks. “We are looking forward to raise loan investment from local and international banks. If this doesn’t go well, we will issue bonds,” he inmformed. “The size and capital of Nepali bank is increasing. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">So, we believe that the loans can be raised domestically.” According to Gautam, it will take one and a half to two years for the completion of the financial closure of the project.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11926', 'image' => '20200708040941_Betan Karnali Hydropower Project.jpg', 'article_date' => '2020-07-08 16:08:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12178', 'article_category_id' => '1', 'title' => 'Credit Rating of Nepal within 6 Months', 'sub_title' => '', 'summary' => 'Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 8: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. The Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company three months ago after conducting discussions and studies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to MoF Spokesperson Uttar Kumar Chhetri, Fitch Ratings, which is considered as one of the finest international agencies in sovereign rating, was given the responsibility of Nepal’s credit rating in Mid-December 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. “Among them, we selected Fitch for the purpose of conducing Nepal’s ratings. Before selecting the company, we held discussion with the officials and representatives of government agencies concerned,” said Chintamani Shiwakoti, deputy governor of Nepal Rastra Bank, who is also a member of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, Fitch has complained about the delay in collection of data required for ratings due to the Covid-19 pandemic. In his budget speech for FY2020/21, Finance Minister Dr Yuva Raj Khatiwada had said that the credit rating of Nepal would be completed within the next six months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years. After NRB opened the way for Nepali banks to get loans from foreign financial institutions, NMB Bank has borrowed highest foreign loans. “Foreign financial institutions have trusted us even when the country does not have a credit rating. Once the rating is done, the confidence of the foreign institutions will increase,” mentioned Sunil KC, CEO of NMB bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally. Bhishma Raj Dhungana, Chairman of Securities Board of Nepal says that the rating will determine the level of risks in the country. “Foreigners decide whether or not to invest here based on the ratings. The better the rating, the more could be the investments,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11925', 'image' => '20200708012357_Nepal Credit Rating.jpg', 'article_date' => '2020-07-08 13:22:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12177', 'article_category_id' => '1', 'title' => 'Excise Duty Sticker Printing Still in Dilemma ', 'sub_title' => '', 'summary' => 'The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. The government was preparing to print stickers in the country after the Indonesian security printer Perusahaan Umum Percetakan Uang Republik Indonesia (Perum Peruri), which was assigned with the task of printing excise duty stickers through a global tender, withdrew from the printing process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Inland Revenue Department (IRD) had also studied about handing over the responsibility of sticker printing to the Department of Printing and Janak Educational Material Center (JEMC) for the time being. Director general of the department, Binod Bahadur Kunwar informs that although a study has been conducted regarding the capabilities of these two government companies, the decision about giving responsibility of printing excise sticker has not been made yet. “The quality of stickers printed in the country may not match that of foreign security press. But as an alternative, we had conducted a study of these two companies,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has been printing more than 40 types of stickers that are required in different bodies of Ministry of Finance (MoF) abroad through global tender. He further said that after the printing of excise duty stickers became complicated, homework on whether to give the responsibility of printing in abroad or in the country is still being done. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As there would be extreme shortage of the stickers when the global tender is called, the IRD is in pressure to print the stickers in the country. However, according to a source of MoF, there is no possibility of handing over the responsibility of printing, because of weak capacity of the companies in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“In the past, the country had to bear huge loss due to the leakage of stickers. Even if we are printing them in the country, it would have taken time as we have to do homework regarding the security,” a senior finance official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Officials at JEMC say that it is inappropriate to distrust the organisation run by the Ministry of Finance. Mahesh Prasad Timilsina, general manager of JEMC said that they can bring equipment and print the stickers at the price fixed by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">During a discussion regarding sticker printing, the department had informed JEMC about the technology. They also had discussion about printing stickers by bringing new technology and purchasing paper for printing that was insufficient. The JEMC officials believe that delayed decision by IRD to allow domestic companies to print the stickers has created confusion on whether to buy the necessary equipment and papers for printing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It takes time even if we buy through short method. The government delaying handing over the responsibility of printing to the center shows that the government is not ready to print the stickers in the country,” a senior JEMC official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the department had given letter of intent to the Indonesian company Perum Peruri to print the stickers through a global tender, the government is further embarrassed after they replied that they could not print the stickers as agreed due to corona. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Garsu Pasaulis of Lithuania, UAB, the second company after Perum Peruri, has filed a lawsuit against the department claiming they should get the contract after breaking the agreement with Perum Peruri. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department has informed that the old stickers in stock are enough for now, but the decision needs to be taken about new printing soon. “We have to get to the conclusion as soon as possible and we will make decision soon,” said kunwar.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11924', 'image' => '20200707042111_Excise duty stickers.jpg', 'article_date' => '2020-07-07 16:19:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12176', 'article_category_id' => '1', 'title' => 'Collection of Insurance Premium Increases', 'sub_title' => '', 'summary' => 'There has been improvement in collection of insurance premium after the easing of the lockdown. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: There has been improvement in collection of insurance premium after the easing of the lockdown. The collection of insurance premium and renewal fees had reduced due to the restrictions in movement which was announced on March 24. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In normal times, life insurance companies collect Rs 6 billion in insurance premium monthly. However, during the lockdown, the collection went down to Rs 2-3 billion. According to data provided by the Insurance Board (IB), Rs 4.74 billion was collected from mid-May to mid-June. Insurance companies estimate that the collection for this month with exceed that amount. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">There is no exact data about insurance premium collection for this month till now. “Though we are yet to calculate the exact number, the collection has quite increased compared to March, April, May and June,” said Shiva Nath Pandey, president of Nepal Insurers Association. He added that Insurance Sector has been seeing satisfactory growth recently. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The months of April, May, June and July are regarded as the most favorable for insurance business growth. This period is also for renewal of insurance policies. Similarly, the collection of premium is more during mid-June to mid-July as it is the last month the fiscal year. “Insurance agents also need to meet their target to get facilities from the companies. So, this impacts the business,” said Pandey, adding, “Also, there was waiver of fines for delay in paying insurance premium for the last three months.” According to the life insurance companies, there are new policy holders as well. However, the new clients are less in numbers compared to normal times. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Manoj Kumar Lal Karna, CEO of Union Life Insurance says that insurance policy renewal growth is not satisfactory.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“There is an improvement in collection, but it is not up to the mark. Around 25 percent insurance policies will not be renewed this year,” said Karna. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance premium collection had increased by 46 percent. But this time, the growth rate might not that that high. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance companies had collected premium of more than Rs 70 billion. According to Raju Raman Poudyal, executive director of IB said that the premium collection shall increase to Rs 90 billion. According to him, life insurance companies have collected Rs 70 billion till mid-June. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11923', 'image' => '20200707041902_Insurance premium.jpg', 'article_date' => '2020-07-07 16:17:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12175', 'article_category_id' => '1', 'title' => 'Covid-19 Impact: NPC to Reassess Goals of 15th Plan ', 'sub_title' => '', 'summary' => 'With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15th Five Year Plan as the target seem unachievable. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 6: With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15<sup>th</sup> Five Year Plan as the target seem unachievable. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government had planned to implement the 15<sup>th</sup> Plan from the current fiscal year. However, in the first year of implementation of the periodic plan, the country has been forced to experience a severe economic shock due to the pandemic. This situation has led NPC to launch a study to reassess the targets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dr Puspa Kandel, vice president of NPC, a study is being conducted to review the existing indices considering the impact of Covid-19 pandemic and lockdown on the country’s economy from March. “Though Nepal has achieved progress in the per capita income (PCI) and human development index (HDI) in the recent years, it will be difficult for the country to increase its PCI and HDI due to the adverse economic scenario,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As the targets set in areas such as PCI, HDI, poverty alleviation, government expenditure, private and foreign investment are unlikely to be met, NPC is preparing to make new adjustments in the 15<sup>th</sup> Plan. . </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We will soon reach the conclusion by studying which areas have been affected by the pandemic and the how much it could affect the goals of the 15<sup>th</sup> plan,” said Kandel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to NPC, the impact of pandemic will be seen in the first and second year of implementation of the 15<sup>th</sup> Plan. Kandel says that there is a need to improve the trend and priorities in government expenditure to cope with the current crisis. The commission had estimated that this year the country would have reached the target set for the list of developing nations if the Covid-19 crisis had not occurred. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the 15<sup>th</sup> Plan, the government had aimed to reduce poverty below 10 percent and achieve an average growth rate of 9.6 percent in the next five years. According to NPC officials, the target to reduce unemployment rate from 11.4 percent to 4 percent is unlikely to be met under current circumstances. Other objectives including increasing life expectancy from 69.7 to 72 years, literacy rate to 90 percent and PCI to USD 1,595 will not be met, according to NPC officials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economist Keshav Acharya said that the ambitious target of economic growth will not be achieved, and government does not have the capacity to face the current crisis. “The 15<sup>th</sup> Plan has targeted to achieve around 10% economic growth on average yearly. But the big question is how will such an ambitious objective will be met?” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former vice president of NPC, Jagadish Chandra Pokharel thinks that availing foreign loans will challenging due to the global economic recession. He believes that the country might face economic crisis if the government’s revenue shrinks but its social responsibility increases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Even though the internal revenue is affected, the current expenditure has not decreased. The pandemic has increased expenditure towards social responsibility, creating imbalance in expenditure system which will exacerbate economic problems in the country,” Pokharel said. According to his analysis, the decline in remittances would further aggravate the economic crisis. “As the number of Nepalis returning from abroad is less now, remittance inflow has not decreased now. The inflow of remittance will decline significantly after two to four months,” he warned.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11922', 'image' => '20200706034420_NPC 15th Plan.jpg', 'article_date' => '2020-07-06 15:42:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12174', 'article_category_id' => '1', 'title' => 'Embossed Number Plates Installation to Start from mid-July', 'sub_title' => '', 'summary' => 'Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 6: Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. DoTM has opened online application for the purpose and the process to install the number plates will start from July 16. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM in early 2017 had awarded the Rs 4.78 billion contract to a Bangladeshi company Decatur Tiger IT to supply and install the embossed number plates on vehicles. The installation, which started in the same year was halted due to language related problems. Advocate Bharat Kumar Basnet and Rajan Burlakoti filed a petition saying that the plates were imprinted with English language which violated the constitutional provision that mandates the use of Devanagari script in any government work. Chief justice Gopal Parajuli issued an interim order to halt the installation of embossed number plates in February 2018. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In November 2019, a bench comprising Justice Cholendra Shumsher Rana and five members dismissed the writ and opened way for fixing the embossed number plate. Though DoTM was preparing to install the number plates from February. However, the process got halted due to the lockdown. According to Tirtha Raj Khanal, director of DoTM, has resumed the process with the easing of the lockdown. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM had signed a contract with Decatur Tiger to install embossed number plates on 2.5 million vehicles in five years. As the process got halted due to the interim order, only 4,600 vehicles were installed with the embossed number plates. Khanal said that the company, which has been producing the number plates even after the interim order of the Supreme Court, has already produced 2,00,000 number plates. “The plates are ready. Now, we will move ahead with the installation process,” said Khanal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoTM, the number plates vehicles registered in the Bagmati Province will get the new number plates in the first phase. DoTM has allocated four locations at Transport Management Office, Gurjudhara, Vehicle Inspection Centre, Teku, Transport Office, Ekantakuna and Department of Transport Management, Minbhawan for the purpose. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11921', 'image' => '20200706034212_embossed num plates.jpg', 'article_date' => '2020-07-06 15:38:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12173', 'article_category_id' => '1', 'title' => 'Government’s Indifference Puts Rs 10 billion Investment in Transport Sector at Risk', 'sub_title' => '', 'summary' => 'The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though, the government has permitted private vehicles to ply on roads, it is yet to allow operation of public vehicles. Transport entrepreneurs say that due to prolonged lockdown, they have not been able to pay installment of bank loans. Similarly, adding to the mounting losses of transport entrepreneurs is damages to vehicles due to non-operation for long time. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 200,000 vehicles across in the public transportation sector currently with total investment of around Rs 10 billion employing more than 50,00,000 people. According to Saroj Sitaula, general secretary of FNNTE, the government must be serious about plights faced by transport entrepreneurs, workers and the general public. “The government needs to come up with work procedures as soon as possible to allow operation of public transport by implementing necessary health safety measures,” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Transport company operators argue that the current situation cannot go forever as damages to vehicles due to keeping idle for long has added to their expenses. Currently, 72 buses of Sajha Yatayat have been parked at the garage. Two buses are now operating at the airport. According to Bhusan Tuladhar, executive director of Sajha Yatayat, the buses need to be repaired. “It is obvious for vehicles to get damaged because of non-operation for long,” he said, “However, we are yet to study about the damages.” Citing examples of other countries where public transportation has resumed after the easing of the lockdown, Tuladhar mentioned that is not difficult to operate public buses by maintaining health safety measures. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Mayur Yatayat has also parked its 44 buses. “The government should provide relief to the transport sector. It should have provided us with concessions on interest on loans and extension of loan repayment schedul. But we cannot expect relief measures at the moment as the people in the politics are busy in power struggle,” expressed Mohan Shrestha, chairman of Mayur Yatayat. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though transport entrepreneur have talked to ministers and other high officials for multiple times over the last few weeks, the government has not decided on the module of operation of public vehicles. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to FNNTE General Secretary Sitaula, the government has not started working anything regarding the resumption of public transport though the entrepreneurs provided their suggestions in written and verbal forms. “We are in official and unofficial discussions with vehicle owners and transport sector workers. Now we are preparing to put pressure on the government for resumption of public transport,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11920', 'image' => '20200705035220_public transport.jpg', 'article_date' => '2020-07-05 15:50:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 9: After banks and financial institutions (BFIs) began to mount pressure on industrialists and business persons to repay the loans with the ending of the current fiscal year nearing, the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded to provide extension of principal and interest payment deadline for an indefinite period. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement, FNCCI requested Nepal Rastra Bank (NRB) to include this provision in the Monetary Policy for the upcoming fiscal year. The apex body of the Nepali private sector has also asked NRB to bring monetary policy before July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has argued that the deadline for loan repayment needs to be extended until the full revival of the country’s economy also demanding the central bank to restructure and reschedule the lending model. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">FNCCI has claimed that BFIs have been mounting pressure on the businesses to pay the principle and interest before July 15. “But businesses are unable to repay the loan due to the crisis,” reads the statement. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The situation is such that many business persons are on the verge of exiting the business sector and it is responsibility of the government to save the businesses at this time of crisis, according to FNCCI. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NRB had extended the loan repayment of principle and interest amount during the lockdown period till July 15. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The lockdown enforced from March 24 by the government to stop the coronavirus transmission has led to the closure of almost all industries across the country. Even after the easing of the lockdown since mid-June, industries have been working on 40 percent of their capacity due to the lack of workers and inadequate supply of raw materials due to disturbances created by the raging Covid-19 cases in neighbouring India. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> Pashupati Murarka, past president of FNCCI said that NRB has to bring monetary policy before July 15 and that the policy must address the concerns of industrialists and business persons. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Though the lockdown has eased, industries haven’t opened completely,” added Murarka “A few big industries may be able pay principle and interest of bank loans, but most cannot at this moment.” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">While launching the monetary policy, NRB should be equally sensible towards the challenges of BFI’s and announce relief accordingly, he said.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-09', 'modified' => '2020-07-09', 'keywords' => '', 'description' => '', 'sortorder' => '11927', 'image' => '20200709034938_FNCCI.jpg', 'article_date' => '2020-07-09 15:48:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12179', 'article_category_id' => '1', 'title' => 'DPR of Betan Karnali Hydropower Project to be Ready by mid-October', 'sub_title' => '', 'summary' => 'The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">June 8: The Detailed Project Report (DPR) of Betan Karnali Hydropower Project, which will have investment from Employees’ Provident Fund (EPF), will be ready by mid-October. The completion of DPR of the peaking-run-of-the-river (PROR) hydropower project was initially scheduled for February. However, due to need of additional study and disturbance created by Covid-19 pandemic, the deadline for finalising DPR had been postponed. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Currently, Nepal Engineering Company under the Nepal Electricity Authority (NEA) is preparing the DPR of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">It is for the first time EPF has decided to construct a hydropower project on its own. EPF has been allocating some amount from bonuses of its depositors for the development of the 442MW project. Betan Karnali Hydropower Project has been planned to be funded by majority share of EPF depositors. For the purpose, EPF has been working by establishing the Betan Karnali Sanchayakarta Hydropower Company Limited (BKSHCL). </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Further study was needed as this is a big project. So, the DPR deadline was extended,” said Deepak Rauniyar, managing director of BKSHCL. “It got delayed because of the Covid-19 crisis, but now we have targeted to finalise the DPR by mid-October.”</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company received government’s approval for the construction of the project on May 21, 2017. Initially, Betan Karnali Hydropower Project’s capacity was reported at 688MW. Now works are ongoing to prepare its DPR under the reduced capacity of 442MW. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The project, which will cover parts of Achham and Surkhet districts of the Karnali Province, will have investment totaling Rs 76 billion; 70 percent of the investment or Rs 48 billion will be managed from loans while the rest 30 percent or Rs 28 billion will be managed from equity of raised under the leadership of EPF. Of the equity amount, 40 percent will be depositors’ money, 15 percent from EPF, 10 percent from NEA and 10 percent from Vidhyut Utpadan Company Limited. The remaining 25 percent equity will be raised from the general public. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has been allocating 50 percent of depositors’ bonus for the generation of capital for the project for the last three years. The amount has reached more than Rs 4 billion. According to EPF officials, Rs 8.40 billion of depositors’ money will be invested in the project and it will take three more years to collect all the investment required for the construction of the project. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF has prioritised domestic banks for loan investment. The fund plans to borrow a total of Rs 48 billion for the project out of which Rs 30-35 billon will be raised from Nepal Infrastructure Bank. The rest of the amount will be raised from capital market and international banks. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">EPF Administrator Tulsi Prasad Gautam said that they will also borrow from international banks. “We are looking forward to raise loan investment from local and international banks. If this doesn’t go well, we will issue bonds,” he inmformed. “The size and capital of Nepali bank is increasing. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">So, we believe that the loans can be raised domestically.” According to Gautam, it will take one and a half to two years for the completion of the financial closure of the project.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11926', 'image' => '20200708040941_Betan Karnali Hydropower Project.jpg', 'article_date' => '2020-07-08 16:08:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12178', 'article_category_id' => '1', 'title' => 'Credit Rating of Nepal within 6 Months', 'sub_title' => '', 'summary' => 'Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 8: Fitch Ratings, which has been assigned for sovereign credit rating of Nepal, has prepared an action plan for conducting credit rating within six months of the next fiscal year. The Ratings Oversight Committee, formed under the coordination of revenue secretary of Ministry of Finance (MoF) had given the task of Nepal’s credit rating to the US-based company three months ago after conducting discussions and studies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to MoF Spokesperson Uttar Kumar Chhetri, Fitch Ratings, which is considered as one of the finest international agencies in sovereign rating, was given the responsibility of Nepal’s credit rating in Mid-December 2019. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Moody’s, Fitch and Standard and Poor’s are the three major global credit rating agencies. “Among them, we selected Fitch for the purpose of conducing Nepal’s ratings. Before selecting the company, we held discussion with the officials and representatives of government agencies concerned,” said Chintamani Shiwakoti, deputy governor of Nepal Rastra Bank, who is also a member of the committee. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, Fitch has complained about the delay in collection of data required for ratings due to the Covid-19 pandemic. In his budget speech for FY2020/21, Finance Minister Dr Yuva Raj Khatiwada had said that the credit rating of Nepal would be completed within the next six months. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Stakeholders have been urging for sovereign rating saying that the absence of the rating has hugely impacted foreign direct investment (FDI) prospects of Nepal. Nevertheless, about half a dozen banks and financial institutions have borrowed billions of rupees in loans from foreign financial institutions over the last few years. After NRB opened the way for Nepali banks to get loans from foreign financial institutions, NMB Bank has borrowed highest foreign loans. “Foreign financial institutions have trusted us even when the country does not have a credit rating. Once the rating is done, the confidence of the foreign institutions will increase,” mentioned Sunil KC, CEO of NMB bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Statistics related to economic activities in the country, ability to repay loans, trade with other countries and other various aspects are assessed while conducting sovereign rating. According to officials at Credit Rating Oversight Committee, the rating will form a basis for easy access to funds in the international market and sales of bonds. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Experts say that the sovereign rating helps to depict the real economic and financial situation of Nepal internationally. Bhishma Raj Dhungana, Chairman of Securities Board of Nepal says that the rating will determine the level of risks in the country. “Foreigners decide whether or not to invest here based on the ratings. The better the rating, the more could be the investments,” he said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-08', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11925', 'image' => '20200708012357_Nepal Credit Rating.jpg', 'article_date' => '2020-07-08 13:22:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12177', 'article_category_id' => '1', 'title' => 'Excise Duty Sticker Printing Still in Dilemma ', 'sub_title' => '', 'summary' => 'The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: The printing of excise duty stickers has stuck in a dilemma even though the stock of the stickers is said to be running out. The government was preparing to print stickers in the country after the Indonesian security printer Perusahaan Umum Percetakan Uang Republik Indonesia (Perum Peruri), which was assigned with the task of printing excise duty stickers through a global tender, withdrew from the printing process. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The Inland Revenue Department (IRD) had also studied about handing over the responsibility of sticker printing to the Department of Printing and Janak Educational Material Center (JEMC) for the time being. Director general of the department, Binod Bahadur Kunwar informs that although a study has been conducted regarding the capabilities of these two government companies, the decision about giving responsibility of printing excise sticker has not been made yet. “The quality of stickers printed in the country may not match that of foreign security press. But as an alternative, we had conducted a study of these two companies,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government has been printing more than 40 types of stickers that are required in different bodies of Ministry of Finance (MoF) abroad through global tender. He further said that after the printing of excise duty stickers became complicated, homework on whether to give the responsibility of printing in abroad or in the country is still being done. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As there would be extreme shortage of the stickers when the global tender is called, the IRD is in pressure to print the stickers in the country. However, according to a source of MoF, there is no possibility of handing over the responsibility of printing, because of weak capacity of the companies in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“In the past, the country had to bear huge loss due to the leakage of stickers. Even if we are printing them in the country, it would have taken time as we have to do homework regarding the security,” a senior finance official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Officials at JEMC say that it is inappropriate to distrust the organisation run by the Ministry of Finance. Mahesh Prasad Timilsina, general manager of JEMC said that they can bring equipment and print the stickers at the price fixed by the government. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">During a discussion regarding sticker printing, the department had informed JEMC about the technology. They also had discussion about printing stickers by bringing new technology and purchasing paper for printing that was insufficient. The JEMC officials believe that delayed decision by IRD to allow domestic companies to print the stickers has created confusion on whether to buy the necessary equipment and papers for printing. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“It takes time even if we buy through short method. The government delaying handing over the responsibility of printing to the center shows that the government is not ready to print the stickers in the country,” a senior JEMC official said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the department had given letter of intent to the Indonesian company Perum Peruri to print the stickers through a global tender, the government is further embarrassed after they replied that they could not print the stickers as agreed due to corona. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Garsu Pasaulis of Lithuania, UAB, the second company after Perum Peruri, has filed a lawsuit against the department claiming they should get the contract after breaking the agreement with Perum Peruri. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The department has informed that the old stickers in stock are enough for now, but the decision needs to be taken about new printing soon. “We have to get to the conclusion as soon as possible and we will make decision soon,” said kunwar.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11924', 'image' => '20200707042111_Excise duty stickers.jpg', 'article_date' => '2020-07-07 16:19:34', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12176', 'article_category_id' => '1', 'title' => 'Collection of Insurance Premium Increases', 'sub_title' => '', 'summary' => 'There has been improvement in collection of insurance premium after the easing of the lockdown. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 7: There has been improvement in collection of insurance premium after the easing of the lockdown. The collection of insurance premium and renewal fees had reduced due to the restrictions in movement which was announced on March 24. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In normal times, life insurance companies collect Rs 6 billion in insurance premium monthly. However, during the lockdown, the collection went down to Rs 2-3 billion. According to data provided by the Insurance Board (IB), Rs 4.74 billion was collected from mid-May to mid-June. Insurance companies estimate that the collection for this month with exceed that amount. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">There is no exact data about insurance premium collection for this month till now. “Though we are yet to calculate the exact number, the collection has quite increased compared to March, April, May and June,” said Shiva Nath Pandey, president of Nepal Insurers Association. He added that Insurance Sector has been seeing satisfactory growth recently. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The months of April, May, June and July are regarded as the most favorable for insurance business growth. This period is also for renewal of insurance policies. Similarly, the collection of premium is more during mid-June to mid-July as it is the last month the fiscal year. “Insurance agents also need to meet their target to get facilities from the companies. So, this impacts the business,” said Pandey, adding, “Also, there was waiver of fines for delay in paying insurance premium for the last three months.” According to the life insurance companies, there are new policy holders as well. However, the new clients are less in numbers compared to normal times. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Manoj Kumar Lal Karna, CEO of Union Life Insurance says that insurance policy renewal growth is not satisfactory.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“There is an improvement in collection, but it is not up to the mark. Around 25 percent insurance policies will not be renewed this year,” said Karna. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance premium collection had increased by 46 percent. But this time, the growth rate might not that that high. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the last fiscal year, life insurance companies had collected premium of more than Rs 70 billion. According to Raju Raman Poudyal, executive director of IB said that the premium collection shall increase to Rs 90 billion. According to him, life insurance companies have collected Rs 70 billion till mid-June. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-07', 'modified' => '2020-07-07', 'keywords' => '', 'description' => '', 'sortorder' => '11923', 'image' => '20200707041902_Insurance premium.jpg', 'article_date' => '2020-07-07 16:17:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12175', 'article_category_id' => '1', 'title' => 'Covid-19 Impact: NPC to Reassess Goals of 15th Plan ', 'sub_title' => '', 'summary' => 'With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15th Five Year Plan as the target seem unachievable. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 6: With the deceleration in the country’s economic growth due to the Covid-19 pandemic, the National Planning Commission (NPC) is preparing to reassess the targets set in the 15<sup>th</sup> Five Year Plan as the target seem unachievable. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The government had planned to implement the 15<sup>th</sup> Plan from the current fiscal year. However, in the first year of implementation of the periodic plan, the country has been forced to experience a severe economic shock due to the pandemic. This situation has led NPC to launch a study to reassess the targets. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to Dr Puspa Kandel, vice president of NPC, a study is being conducted to review the existing indices considering the impact of Covid-19 pandemic and lockdown on the country’s economy from March. “Though Nepal has achieved progress in the per capita income (PCI) and human development index (HDI) in the recent years, it will be difficult for the country to increase its PCI and HDI due to the adverse economic scenario,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">As the targets set in areas such as PCI, HDI, poverty alleviation, government expenditure, private and foreign investment are unlikely to be met, NPC is preparing to make new adjustments in the 15<sup>th</sup> Plan. . </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“We will soon reach the conclusion by studying which areas have been affected by the pandemic and the how much it could affect the goals of the 15<sup>th</sup> plan,” said Kandel. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to NPC, the impact of pandemic will be seen in the first and second year of implementation of the 15<sup>th</sup> Plan. Kandel says that there is a need to improve the trend and priorities in government expenditure to cope with the current crisis. The commission had estimated that this year the country would have reached the target set for the list of developing nations if the Covid-19 crisis had not occurred. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In the 15<sup>th</sup> Plan, the government had aimed to reduce poverty below 10 percent and achieve an average growth rate of 9.6 percent in the next five years. According to NPC officials, the target to reduce unemployment rate from 11.4 percent to 4 percent is unlikely to be met under current circumstances. Other objectives including increasing life expectancy from 69.7 to 72 years, literacy rate to 90 percent and PCI to USD 1,595 will not be met, according to NPC officials. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Economist Keshav Acharya said that the ambitious target of economic growth will not be achieved, and government does not have the capacity to face the current crisis. “The 15<sup>th</sup> Plan has targeted to achieve around 10% economic growth on average yearly. But the big question is how will such an ambitious objective will be met?” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Former vice president of NPC, Jagadish Chandra Pokharel thinks that availing foreign loans will challenging due to the global economic recession. He believes that the country might face economic crisis if the government’s revenue shrinks but its social responsibility increases. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Even though the internal revenue is affected, the current expenditure has not decreased. The pandemic has increased expenditure towards social responsibility, creating imbalance in expenditure system which will exacerbate economic problems in the country,” Pokharel said. According to his analysis, the decline in remittances would further aggravate the economic crisis. “As the number of Nepalis returning from abroad is less now, remittance inflow has not decreased now. The inflow of remittance will decline significantly after two to four months,” he warned.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11922', 'image' => '20200706034420_NPC 15th Plan.jpg', 'article_date' => '2020-07-06 15:42:55', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12174', 'article_category_id' => '1', 'title' => 'Embossed Number Plates Installation to Start from mid-July', 'sub_title' => '', 'summary' => 'Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 6: Seven months after the Supreme Court cleared way for the government to distribute embossed number plates, the Department of Transport Management (DoTM) has started process for installation of the number plates on vehicles. DoTM has opened online application for the purpose and the process to install the number plates will start from July 16. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM in early 2017 had awarded the Rs 4.78 billion contract to a Bangladeshi company Decatur Tiger IT to supply and install the embossed number plates on vehicles. The installation, which started in the same year was halted due to language related problems. Advocate Bharat Kumar Basnet and Rajan Burlakoti filed a petition saying that the plates were imprinted with English language which violated the constitutional provision that mandates the use of Devanagari script in any government work. Chief justice Gopal Parajuli issued an interim order to halt the installation of embossed number plates in February 2018. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">In November 2019, a bench comprising Justice Cholendra Shumsher Rana and five members dismissed the writ and opened way for fixing the embossed number plate. Though DoTM was preparing to install the number plates from February. However, the process got halted due to the lockdown. According to Tirtha Raj Khanal, director of DoTM, has resumed the process with the easing of the lockdown. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">DoTM had signed a contract with Decatur Tiger to install embossed number plates on 2.5 million vehicles in five years. As the process got halted due to the interim order, only 4,600 vehicles were installed with the embossed number plates. Khanal said that the company, which has been producing the number plates even after the interim order of the Supreme Court, has already produced 2,00,000 number plates. “The plates are ready. Now, we will move ahead with the installation process,” said Khanal. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to DoTM, the number plates vehicles registered in the Bagmati Province will get the new number plates in the first phase. DoTM has allocated four locations at Transport Management Office, Gurjudhara, Vehicle Inspection Centre, Teku, Transport Office, Ekantakuna and Department of Transport Management, Minbhawan for the purpose. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-06', 'modified' => '2020-07-06', 'keywords' => '', 'description' => '', 'sortorder' => '11921', 'image' => '20200706034212_embossed num plates.jpg', 'article_date' => '2020-07-06 15:38:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12173', 'article_category_id' => '1', 'title' => 'Government’s Indifference Puts Rs 10 billion Investment in Transport Sector at Risk', 'sub_title' => '', 'summary' => 'The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The country’s transportation sector has been mired in various troubles due to the government’s indifference to formulate concrete work procedures to resume the public transport. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though, the government has permitted private vehicles to ply on roads, it is yet to allow operation of public vehicles. Transport entrepreneurs say that due to prolonged lockdown, they have not been able to pay installment of bank loans. Similarly, adding to the mounting losses of transport entrepreneurs is damages to vehicles due to non-operation for long time. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to Federation of Nepalese National Transport Entrepreneurs (FNNTE), there are around 200,000 vehicles across in the public transportation sector currently with total investment of around Rs 10 billion employing more than 50,00,000 people. According to Saroj Sitaula, general secretary of FNNTE, the government must be serious about plights faced by transport entrepreneurs, workers and the general public. “The government needs to come up with work procedures as soon as possible to allow operation of public transport by implementing necessary health safety measures,” he said. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Transport company operators argue that the current situation cannot go forever as damages to vehicles due to keeping idle for long has added to their expenses. Currently, 72 buses of Sajha Yatayat have been parked at the garage. Two buses are now operating at the airport. According to Bhusan Tuladhar, executive director of Sajha Yatayat, the buses need to be repaired. “It is obvious for vehicles to get damaged because of non-operation for long,” he said, “However, we are yet to study about the damages.” Citing examples of other countries where public transportation has resumed after the easing of the lockdown, Tuladhar mentioned that is not difficult to operate public buses by maintaining health safety measures. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Mayur Yatayat has also parked its 44 buses. “The government should provide relief to the transport sector. It should have provided us with concessions on interest on loans and extension of loan repayment schedul. But we cannot expect relief measures at the moment as the people in the politics are busy in power struggle,” expressed Mohan Shrestha, chairman of Mayur Yatayat. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Though transport entrepreneur have talked to ministers and other high officials for multiple times over the last few weeks, the government has not decided on the module of operation of public vehicles. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to FNNTE General Secretary Sitaula, the government has not started working anything regarding the resumption of public transport though the entrepreneurs provided their suggestions in written and verbal forms. “We are in official and unofficial discussions with vehicle owners and transport sector workers. Now we are preparing to put pressure on the government for resumption of public transport,” he said. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11920', 'image' => '20200705035220_public transport.jpg', 'article_date' => '2020-07-05 15:50:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12172', 'article_category_id' => '1', 'title' => 'New Butwal-Gorakhpur Transmission Line: Preparations for Joint Investment Agreement in Final Phase', 'sub_title' => '', 'summary' => 'The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 5: The joint venture agreement between Nepal Electricity Authority (NEA) and the Power Grid Corporation of India for the construction of Nepal-India second cross-border transmission line New Butwal-Gorakhpur (400 KV) will be signed within the next month. The discussions between the two sides regarding this matter have reached the final stage. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Executive director of the NEA, Kulman Ghising said, “Preparations of the joint venture agreement is now almost finalised. We will sign the agreement within a month.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The transmission line will be constructed with equal investment of Nepal and India, i.e. 50/50 percent investment. The two sides had agreed to set up a joint venture company. According to the agreement, the structure of the joint company and other issues will be determined soon. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“Both sides had already agreed to open a joint venture company. We are now completing the method of establishing the joint company accordingly,” Ghising said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">After the joint investment agreement is done, it has to be passed by the Council of Ministers of Nepal as well as India. Then the joint company will be established in India. Ghising says it might take three to four months for the company to be established. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The agreement for the construction of cross-border transmission line was done in last October during a meeting of Nepal-India secretary level Joint Steering Committee held at Bengaluru. At that time, it was already decided that the joint company will be established within three months, however, due to various reasons it has not been done yet. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company that is going to be established now will build the transmission line of Indian section. Millennium Challenge Account (MCA) under Millennium Challenge Corporation (MCC) will construct the transmission line in Nepal section. Ghising said that if MCA Nepal could not build the transmission line in Nepal due to MCC dispute, the NEA will build it. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">According to the Detailed Project Report (DPR), the total length of the transmission line will be 140 km. Among the total length, 120 km section will be in Gorakhpur, India while 20 km section will be in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">About Rs 7 billion investments is estimated for the construction. 80 percent investment will be raised from concessional loan while 20 percent from equity investment of both sides. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">This project is also associated with US funded MCC. The DPR was already prepared in 2015. Another substation will be constructed near Rohini River. The import and export of electricity from Nepal to India and vice versa will be done through this. Especially when the electricity generated from Budhigandaki and Marsyangdi is in excess, it will be easier to export the surplus power to India through this transmission line. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-05', 'modified' => '2020-07-05', 'keywords' => '', 'description' => '', 'sortorder' => '11919', 'image' => '20200705015307_New Butwal-Gorakhpur.jpg', 'article_date' => '2020-07-05 13:50:54', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12171', 'article_category_id' => '1', 'title' => 'MCC Ratification Put on Hold after Expiry of Deadline', 'sub_title' => '', 'summary' => 'The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The government has informed the donor country, the United States , that the Millennium Challenge Corporation (MCC Compact) has been currently put on hold. With the expiry of deadline to endorse the compact by the parliament two days back, the Finance Ministry wrote a missive to the United States in this regard.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The delay in the endorsement of the MCC compact by the parliament was the effect of intra-party wrangling in the ruling Nepal Communist Party.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Now, with the pending of huge assistance, Nepal is likely to witness negative impacts on its development projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Finance Minister Dr Yubaraj Khatiwada said the ongoing budget session of the federal parliament was prorogued due to COVID-19. So, the United States was informed that the MCC compact aimed at development of energy and transport sectors could not be endorsed by the parliament at present. He however said government was for the implementation of MCC compact.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Dr Khatiwada said, "It can be discussed that some points in the MCC compact could have been presented differently. But the disputes still persisting over some points of the compact affect trust on and perspective towards Nepal government." He suggested that some of the issues could be sorted out through letters of exchange.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Talking to the National News Agency (RSS), Dr Khatiwada further said the endorsement of the MCC pact was delayed also because of the lack of preparatory works for its implementation owing to the COVID-19 pandemic.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Although the budget had incorporated some activities for the implementation of the compact, the difference within the ruling party halted it, pointing out the need of approval first by the parliament for undertaking the activities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, there was sharp polarisation in the standing committee of NCP over the MCC pact resulting to the formation of a team to study its broader impact. The study team comprised senior leader Jhalanath Khanal, leader Bhim Bahadur Rawal and Foreign Minister Pradeep Kumar Gyawali. The team later submitted the report to the party leadership, urging for some amendment before its passage by the parliament. The MCC compact consist of Rs 51 billion assistance by the US government to Nepal for energy and transportation sectors. <em>(RSS)</em></span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-08', 'keywords' => '', 'description' => '', 'sortorder' => '11918', 'image' => '20200704031812_MCC.jpg', 'article_date' => '2020-07-04 15:14:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12170', 'article_category_id' => '1', 'title' => 'NTB Imparts Online Tourism Protocol Training', 'sub_title' => '', 'summary' => 'The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 4: The Nepal Tourism Board (NTB) has started imparting training virtually to the tourism entrepreneurs about the effective implementation of the protocol on precautions and safety measures to be taken while reopening the tourism sector after the COVID-19 pandemic. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Issuing a press statement on Friday, the Board shared that the training was conducted in coordination with the tourism related organisations to enforce the ‘Operational Guideline with Health Protocol for Tourism Sector’ that the Ministry of Culture, Tourism and Civil Aviation and NTB had prepared jointly. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">NTB CEO Dr Dhananjay Regmi shared that some 600 tourism entrepreneurs would be provided training in the first phase. The protocol includes measures to be taken by the people right from their arrival to their departure as well as by the service providers here. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The protocol also encourages tourism entrepreneurs to do digital marketing to attract tourists in the wake of COVID-19, according to the press statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training was coordinated by Hotel Association of Nepal, Nepal Association of Tour and Travel Agents, and Trekking Agencies Association of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The training would be conducted at the state level in future, according to the NTB. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11917', 'image' => '20200704031410_tourism.jpg', 'article_date' => '2020-07-04 15:12:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12169', 'article_category_id' => '1', 'title' => 'Govt Resumes Issuance of Foreign Employment Permit', 'sub_title' => '', 'summary' => 'The government has started issuing labour permit for foreign employment after a halt of three and half months. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">June 4: The government has started issuing labour permit for foreign employment after a halt of three and half months. Migrant workers who had returned to Nepal during their holidays and those, have contract duration remaining and those already cleared the processes for foreign employment before the lockdown will be allowed to go abroad after following the Covid-19 safety protocols. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Earlier, meeting of Covid 19 Crisis Management Centre (CCMC) held on June 21 had agreed with Ministry of Labor, Employment and Social Security (MoLESS) in principle to formulate safety protocols for foreign employment. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">According to the Labour Office at Tahachal, those who have their contracts renewed and duration of visas extended will be provided the foreign employment permits. It has started distributing permits from Thursday. According to Umesh Basnet, chief of Labor Office, labour permit issuance resumed immediately after the office received letter from MoLESS. “We have started issuing labor permits for the countries which have been permitted for foreign employment by the government. However, new labour permits will not be issued right now,” said Basnet. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Though the Foreign Employment Department have started issuing permits smoothly, it is difficult for the migrant workers to travel due to suspension on international flight. However, they can travel if the government arranges chartered flights. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The High-Level Committee for Prevention and Control of Coronavirus had directed to suspend issuance of labour permits on March 12. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">The resumption of issuance of labour permits came after many countries opened their industrial and business sectors shut down during the worldwide lockdown. Before lockdown, around 5,000 migrant workers had returned to Nepal for their holidays. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“Because of the Covid-19, currently, only 100,000 to 150,000 migrant workers are in the situation to go abroad,” said Kumar Dahal, director general of Department of Labour. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">However, recruitment companies have expressed their displeasure about the resumption of labour permit issuance. Nepal Association of Foreign Employment Agencies (NAFEA), responded that government has haphazardly made the decision. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">“The risk of coronavirus transmission has not minimized yet. The migrant workers will get into trouble if the destination country doesn’t allow them to enter,” said Bishnu Gaire, president of NAFEA. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-04', 'modified' => '2020-07-04', 'keywords' => '', 'description' => '', 'sortorder' => '11916', 'image' => '20200704031215_Foreign Employment.jpg', 'article_date' => '2020-07-04 15:10:21', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12168', 'article_category_id' => '1', 'title' => 'Rise of Two Big Companies in Cement Industry', 'sub_title' => '', 'summary' => 'While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid Covid-19 crisis, two cement industries have added billions in new investments. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: While business community members are currently in ‘wait and watch’ mode and are hesitant in investing amid the Covid-19 crisis, two cement industries have added billions in new investments. Dang Cement, which was limited to registration for the last 15 years, has now received approval for investment worth Rs 32.50 billion with the goal of producing cement and clinker within the next three years. Likewise, Samrat Cement Industry has also sanctioned Rs 15.05 billion to expand its clinker and cement production capacity. Investment Board Nepal (IBN) has already approved their investment proposal on June 19. With this, a total of Rs 47.55 billion investment will be added in the cement industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Samrat Cement, which was registered in the Department of Industry in 2070, had then received approval for investment of Rs 7 billion to produce clinker as well. Currently the company, which has been producing cement only, has said that it will also produce clinker. The company’s Chairman Mukunda Prasad Timilsina said that although they had bought clinker and started cement production, they weren’t operating at full capacity. Samrat Cement has 50 percent share of locals of Dang. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The industry produces 30,000 sacks of cement every day,” informed Timilsina, adding, “We are in the final stage of preparation for the production of clinker. We will be starting our clinker production in three months.” He also informed that the company will also generate 6MW electricity itself for the production of cement and clinker. Seven years after its registration, the company has doubled its investment and expanded its capacity. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The production capacity of Samrat cement was 1,800 tonnes per day during the initial days. With the increment in investment, Timilsina said they now produce 4,500 tonnes clinker and 3,600 tonnes cement daily. The company has been producing cement at only 30 to 40 percent of its capacity. It will be operating with full capacity workforce, raw materials management and technicians from India arrive. The company has even taken limestone mines at Dang and Rolpa. At present, the company has provided employment to 150 people and after capacity expansion, 500 people will get employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Meanwhile, Dang Cement has to start from start even though it has received principle agreement for investment from IBN. The company aims to commence production within three years after completion of legal processes. Dang Cement was bought by an Indian company after the then Ambuja Cement failed to bring the project. The company had stopped working due to the deteriorating business climate during the conflict era. An official of Dang Cement said that no other works besides purchase of some land and company registration progressed during that period. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The shares of the Dang Cement, which had investment from Ambuja Group of India, is now owned by Hong Kong Redline which associated to the Chinese cement giant Hongsi. The company, which has seen a significant increase in investment, aims to produce 6,000 tonnes per day. The company aimed to produce 1,200 ton cement while registering the company. According to the company’s officials, the industry will produce cement by making clinker with the additional investment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The company has also planned to produce clinker and sell to other companies as well. The official said, “Now we will work from the scratch. We have only received the in principle agreement from the board.” According to him, although the company is registered, there hasn’t been any work and as the development possibility in the western region is high now, the company is willing to invest. He said that even though the investment looks challenging, cement and clinker can be produced at low cost as it uses high technology and can also be sold at a lower price than others. Neither construction work nor the factory work has been done at present. He said that more than 500 people will get direct employment when the industry comes into operation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11915', 'image' => '20200703023316_Samrat Cement.jpg', 'article_date' => '2020-07-03 14:31:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12167', 'article_category_id' => '1', 'title' => 'Lockdown Results in Huge Losses to Tea Estates ', 'sub_title' => '', 'summary' => 'With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush. ', 'content' => '<div> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: With the enforcement of lockdown to contain the spread of coronavirus infection, tea estates in Ilam district have lost a sizable income during the peak season to pluck the first flush.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The farmers could neither take the tea leaves for processing nor do they supply the processed tea to the market. The first flush, which gets readied from the beginning of April, is considered as the best quality tea leaves with more market and values. This year the farmers could not pluck the high-quality first flush due to lockdown, incurring a huge loss to the farmers and factories, proprietor of Jasbire Tea Processing Center Sarad Subba of Ilam Municipality-4 said. <br /> We could not supply the tea despite there was a demand from the third countries, he bemoaned. "We supply our products to China and other third countries. But, we have not sent yet this year as the international market is in standstill," Subba added. <br /> The tea factory owners have also failed to pay the tea farmers and workers as well. Chief of Gorkha Tea Estate, Udaya Chapagain, shared that their loss is huge as tea factories remained closed for some days. He, however, claimed that he was regularly paying for the workers and farmers even in the lockdown despite his products have not reached the market. <br /> This sector incurred more than Rs 6 million in loss in the first season of this year, General Secretary of Central Tea Cooperatives Association Rabin Rai said. <em>(RSS)</em></span></span></span></span></p> </div> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11914', 'image' => '20200703014705_Tea estate.jpg', 'article_date' => '2020-07-03 13:43:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12166', 'article_category_id' => '1', 'title' => 'World Bank Elevates Nepal’s Status to Lower-Middle Income Group ', 'sub_title' => '', 'summary' => 'The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">July 3: The World Bank has elevated Nepal’s income status to lower-middle-income group from the lower-income country.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Publishing the Updated Country Income Classification for 2020-21 on its Data Blog, the Washington DC-based agency said that Nepal has notch up to the new group with its gross national income (GNI) of USD 1,090 from USD 960 a year earlier. According to the World Bank, countries having GNI of USD1, 036 to USD 4,045 are kept in the category of lower-middle income group. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">“The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates of the previous year,” the World Bank writes. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The bank has said that the GNI numbers that are used for this year’s classification do not yet reflect the impact of Covid-19.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-03', 'modified' => '2020-07-03', 'keywords' => '', 'description' => '', 'sortorder' => '11913', 'image' => '20200703013607_World Bank.jpg', 'article_date' => '2020-07-03 13:34:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
