In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway.…
In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway.…
Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-19 pandemic.…
After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all.…
The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1.…
The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector.…
Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’.…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months.…
Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon.…
June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability…
At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector.…
A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector.…
The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in…
The secondary securities market which has been closed since March 23 is reopening from today.…
The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily.…
The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the…
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', '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 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding 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 Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </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">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </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">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </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">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </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 decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </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">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </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 is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </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 is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-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 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the 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">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </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 aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', '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 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </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">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </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 him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</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 has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </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">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></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">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</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 committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </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 committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', '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">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World 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">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</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 World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</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 is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</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 statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', '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 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </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 Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">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"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary 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"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </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"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </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"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', '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 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the 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"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </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 Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six 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:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </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:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </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:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></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:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</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:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', '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:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </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:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </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:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </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:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </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:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</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:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </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:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for 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:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </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:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12157', 'article_category_id' => '1', 'title' => 'Availability of MCC Grant Not Open-ended: United States', 'sub_title' => '', 'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement. Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said. Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ', '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"">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </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 United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. </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"">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </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 statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </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"">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the 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"">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </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 a source</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">the decision to extend the deadline has not been finalised yet. "Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> will be prepared soon," a senior official at the ministry 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"">M</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">C</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval 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"">"We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">done</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> as soon as possible to enter the compact's implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and take the programme forward,” the statement said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11904', 'image' => '20200630025521_mcc.jpg', 'article_date' => '2020-06-30 14:52:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12156', 'article_category_id' => '1', 'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli', 'sub_title' => '', 'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">“We have to work together in our endeavors for a prosperous Nepal,” he said claiming that the government’s intention is not to discourage or not to cooperate with the sector. “We can’t even think of it,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country’s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. “There are other agencies to regulate the private sector and CIAA is not required in this respect,” mentioned Oli. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. “Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,” he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country’s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11903', 'image' => '20200630012138_KP Oli.jpg', 'article_date' => '2020-06-30 13:18:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12155', 'article_category_id' => '1', 'title' => 'New Reinsurance Company in the Offing ', 'sub_title' => '', 'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ', '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:"Mangal",serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </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:"Mangal",serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. </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:"Mangal",serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </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:"Mangal",serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</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:"Mangal",serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </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:"Mangal",serif"> “The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,” he said, adding “The process will further move ahead after their investment commitment.” After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </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:"Mangal",serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. </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:"Mangal",serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </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:"Mangal",serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. “However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,” 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:"Mangal",serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven’t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11902', 'image' => '20200630093335_Reinsurance.jpg', 'article_date' => '2020-06-30 09:32:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12154', 'article_category_id' => '1', 'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. “The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “The project will help sustain Nepal’s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,” the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. “It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (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:16.0pt"><span style="font-family:"Cambria",serif">According to the statement, complementing ADB’s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. “In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,” informed ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The project is aligned with the South Asia Subregional Economic Cooperation programme on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts will facilitate cross-border power exchange with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“ADB and other development partners have been engaged in Nepal’s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,” reads the statement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11901', 'image' => '20200629012422_Transmission Line.jpg', 'article_date' => '2020-06-29 13:21:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12153', 'article_category_id' => '1', 'title' => 'Secondary Securities Market Reopens from Today ', 'sub_title' => '', 'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ', '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">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse’s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </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">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </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">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </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">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11900', 'image' => '20200629010755_SEBON.jpg', 'article_date' => '2020-06-29 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12152', 'article_category_id' => '1', 'title' => 'Rasuwagadhi Border Point to Reopen This Week', 'sub_title' => '', 'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal’s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. “300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,” said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. “The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal’s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,” said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11899', 'image' => '20200629105425_Rasuwagadhi border point.jpg', 'article_date' => '2020-06-29 10:51:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12151', 'article_category_id' => '1', 'title' => 'Homework to Extend MCC Agreement Deadline', 'sub_title' => '', 'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.', '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">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </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 Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </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 MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. “As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,” the source 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 agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. “The project will not be implemented without the approval of the parliament. The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,” a senior official of MCA told New Business Age. </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 Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </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 said that the MCC agreement would be approved by the parliament from the last year’s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year’s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </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">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </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 telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11898', 'image' => '20200628033821_MCC.jpg', 'article_date' => '2020-06-28 15:33:12', '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:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding 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 Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </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">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </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">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </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">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </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 decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </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">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </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 is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </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 is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-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 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the 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">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </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 aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', '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 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </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">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </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 him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</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 has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </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">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></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">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</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 committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </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 committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', '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">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World 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">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</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 World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</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 is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</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 statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', '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 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </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 Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">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"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary 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"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </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"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </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"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', '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 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the 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"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </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 Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six 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:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </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:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </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:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></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:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</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:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', '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:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </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:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </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:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </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:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </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:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</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:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </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:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for 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:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </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:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12157', 'article_category_id' => '1', 'title' => 'Availability of MCC Grant Not Open-ended: United States', 'sub_title' => '', 'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement. Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said. Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ', '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"">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </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 United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. </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"">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </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 statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </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"">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the 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"">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </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 a source</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">the decision to extend the deadline has not been finalised yet. "Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> will be prepared soon," a senior official at the ministry 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"">M</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">C</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval 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"">"We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">done</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> as soon as possible to enter the compact's implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and take the programme forward,” the statement said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11904', 'image' => '20200630025521_mcc.jpg', 'article_date' => '2020-06-30 14:52:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12156', 'article_category_id' => '1', 'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli', 'sub_title' => '', 'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">“We have to work together in our endeavors for a prosperous Nepal,” he said claiming that the government’s intention is not to discourage or not to cooperate with the sector. “We can’t even think of it,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country’s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. “There are other agencies to regulate the private sector and CIAA is not required in this respect,” mentioned Oli. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. “Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,” he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country’s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11903', 'image' => '20200630012138_KP Oli.jpg', 'article_date' => '2020-06-30 13:18:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12155', 'article_category_id' => '1', 'title' => 'New Reinsurance Company in the Offing ', 'sub_title' => '', 'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ', '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:"Mangal",serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </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:"Mangal",serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. </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:"Mangal",serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </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:"Mangal",serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</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:"Mangal",serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </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:"Mangal",serif"> “The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,” he said, adding “The process will further move ahead after their investment commitment.” After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </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:"Mangal",serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. </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:"Mangal",serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </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:"Mangal",serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. “However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,” 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:"Mangal",serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven’t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11902', 'image' => '20200630093335_Reinsurance.jpg', 'article_date' => '2020-06-30 09:32:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12154', 'article_category_id' => '1', 'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. “The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “The project will help sustain Nepal’s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,” the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. “It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (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:16.0pt"><span style="font-family:"Cambria",serif">According to the statement, complementing ADB’s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. “In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,” informed ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The project is aligned with the South Asia Subregional Economic Cooperation programme on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts will facilitate cross-border power exchange with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“ADB and other development partners have been engaged in Nepal’s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,” reads the statement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11901', 'image' => '20200629012422_Transmission Line.jpg', 'article_date' => '2020-06-29 13:21:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12153', 'article_category_id' => '1', 'title' => 'Secondary Securities Market Reopens from Today ', 'sub_title' => '', 'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ', '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">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse’s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </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">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </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">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </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">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11900', 'image' => '20200629010755_SEBON.jpg', 'article_date' => '2020-06-29 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12152', 'article_category_id' => '1', 'title' => 'Rasuwagadhi Border Point to Reopen This Week', 'sub_title' => '', 'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal’s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. “300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,” said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. “The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal’s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,” said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11899', 'image' => '20200629105425_Rasuwagadhi border point.jpg', 'article_date' => '2020-06-29 10:51:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12151', 'article_category_id' => '1', 'title' => 'Homework to Extend MCC Agreement Deadline', 'sub_title' => '', 'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.', '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">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </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 Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </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 MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. “As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,” the source 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 agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. “The project will not be implemented without the approval of the parliament. The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,” a senior official of MCA told New Business Age. </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 Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </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 said that the MCC agreement would be approved by the parliament from the last year’s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year’s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </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">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </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 telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11898', 'image' => '20200628033821_MCC.jpg', 'article_date' => '2020-06-28 15:33:12', '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' => '12165', 'article_category_id' => '1', 'title' => 'East-West Electric Railway: Tender Call Worth Rs 25 Billion in 3 Days ', 'sub_title' => '', 'summary' => 'In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. ', '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 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding 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 Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </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">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </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">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </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">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </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 decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </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">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </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 is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </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 is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-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 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the 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">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </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 aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', '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 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </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">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </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 him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</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 has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </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">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></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">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</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 committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </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 committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', '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">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World 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">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</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 World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</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 is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</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 statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', '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 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </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 Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">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"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary 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"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </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"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </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"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', '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 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the 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"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </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 Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six 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:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </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:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </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:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></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:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</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:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', '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:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </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:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </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:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </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:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </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:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</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:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </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:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for 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:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </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:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12157', 'article_category_id' => '1', 'title' => 'Availability of MCC Grant Not Open-ended: United States', 'sub_title' => '', 'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement. Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said. Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ', '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"">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </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 United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. </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"">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </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 statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </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"">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the 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"">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </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 a source</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">the decision to extend the deadline has not been finalised yet. "Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> will be prepared soon," a senior official at the ministry 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"">M</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">C</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval 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"">"We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">done</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> as soon as possible to enter the compact's implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and take the programme forward,” the statement said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11904', 'image' => '20200630025521_mcc.jpg', 'article_date' => '2020-06-30 14:52:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12156', 'article_category_id' => '1', 'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli', 'sub_title' => '', 'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">“We have to work together in our endeavors for a prosperous Nepal,” he said claiming that the government’s intention is not to discourage or not to cooperate with the sector. “We can’t even think of it,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country’s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. “There are other agencies to regulate the private sector and CIAA is not required in this respect,” mentioned Oli. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. “Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,” he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country’s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11903', 'image' => '20200630012138_KP Oli.jpg', 'article_date' => '2020-06-30 13:18:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12155', 'article_category_id' => '1', 'title' => 'New Reinsurance Company in the Offing ', 'sub_title' => '', 'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ', '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:"Mangal",serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </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:"Mangal",serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. </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:"Mangal",serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </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:"Mangal",serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</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:"Mangal",serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </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:"Mangal",serif"> “The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,” he said, adding “The process will further move ahead after their investment commitment.” After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </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:"Mangal",serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. </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:"Mangal",serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </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:"Mangal",serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. “However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,” 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:"Mangal",serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven’t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11902', 'image' => '20200630093335_Reinsurance.jpg', 'article_date' => '2020-06-30 09:32:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12154', 'article_category_id' => '1', 'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. “The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “The project will help sustain Nepal’s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,” the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. “It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (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:16.0pt"><span style="font-family:"Cambria",serif">According to the statement, complementing ADB’s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. “In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,” informed ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The project is aligned with the South Asia Subregional Economic Cooperation programme on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts will facilitate cross-border power exchange with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“ADB and other development partners have been engaged in Nepal’s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,” reads the statement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11901', 'image' => '20200629012422_Transmission Line.jpg', 'article_date' => '2020-06-29 13:21:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12153', 'article_category_id' => '1', 'title' => 'Secondary Securities Market Reopens from Today ', 'sub_title' => '', 'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ', '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">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse’s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </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">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </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">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </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">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11900', 'image' => '20200629010755_SEBON.jpg', 'article_date' => '2020-06-29 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12152', 'article_category_id' => '1', 'title' => 'Rasuwagadhi Border Point to Reopen This Week', 'sub_title' => '', 'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal’s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. “300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,” said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. “The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal’s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,” said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11899', 'image' => '20200629105425_Rasuwagadhi border point.jpg', 'article_date' => '2020-06-29 10:51:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12151', 'article_category_id' => '1', 'title' => 'Homework to Extend MCC Agreement Deadline', 'sub_title' => '', 'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.', '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">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </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 Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </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 MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. “As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,” the source 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 agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. “The project will not be implemented without the approval of the parliament. The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,” a senior official of MCA told New Business Age. </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 Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </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 said that the MCC agreement would be approved by the parliament from the last year’s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year’s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </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">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </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 telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11898', 'image' => '20200628033821_MCC.jpg', 'article_date' => '2020-06-28 15:33:12', '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:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">July 2: In a window of just three days, the government has call two tenders worth Rs 25 Billion for the construction of tank bed of 106 km Kakadvitta-Inaruwa section of the Mechi-Mahakali Electric Railway. The Department of Railways under the Ministry of Physical Infrastructure and Transport call the tender twice on Sunday and Wednesday asking Nepali construction companies to participate in the bidding 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 Department of Railway has received a total budget of Rs 8.66 billion for the coming FY 2077/78. However, the tender for the construction of railway which is three times more than the budget, has also raised concerns. </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">Even though the foreign construction companies are allowed to propose for infrastructure projects of more than Rs 1 billion, they cannot apply tender this time. Likewise, few big Nepali construction companies can participate in the tender in small packages above Rs 10 million. </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">Director General of the department Balaram Mishra said that a total of 56 packages have been prepared and then called for tender. According to him, the 50 km section in Jhapa district has been divided into 34 packages. Similarly, the tender has been called to contract 56 km of Morang-Sunsari section in 30 packages. </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">He said that this tender is available for Nepali company only so that Nepali construction businessmen can use that money for professional development as Nepal itself will invest in this railway. The department has called for tender after the approval of Ministry of Finance and National Planning Commission. Multi-year contracts are processed only after the approval of these two bodies. He further said that there would not be shortage in budget for the construction as the tender is a multi-year contract and was called after the approval of these two bodies. </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 decision of the department to allow Nepali construction companies only to apply for tender is positive, the construction businessmen have responded that due to some specifications seen in the tender, only limited businessmen can participate. </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">Former Secretary of the Ministry of Physical Infrastructure and Transport Tulsi Prasad Sitaula remarked that even the budget of 3-4 years cannot support the tender. This shows the tradition of not being able to work on time but only adding up the contracts has been repeated. </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 is a wrong practice to pile up contracts instead of completing the projects that have been contracted,” Sitaula said, “As the budget for the construction of railway is low, the bodies that approves the tender by ensuring the budget is also guilty.” </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 is unnecessary for the government to call for tender of such large amount at a time when it has been difficult to pay the employees,” he further said adding, “There is an unreasonable condition while issuing the tender which is likely to reduce competition.” </span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11912', 'image' => '20200702020522_elecrtic railway track contsruction.jpg', 'article_date' => '2020-07-02 14:03:01', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12164', 'article_category_id' => '1', 'title' => 'Coco-Cola and Nepal Red-Cross Society Join Hands to Fight Against Covid-19', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during theCOVID-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 2: Soft drinks maker </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Coca-Cola has announced partnership with Nepal Red-Cross Society to heighten the safety of frontline health workers and volunteers who are assisting patients during the COVID-19 pandemic. Issuing a press statement, Coca-Cola said that the project aims to provide safety gears and disinfectant items to the health workers and frontline workers in public hospitals dedicated for COVID-19 treatment, in all seven provinces in the country. “The overall objective of the project is to serve approx. 60,000 health workers across the country including doctors, nurses, blood technicians, ambulance drivers, medical technicians, people in quarantine centers and community members at risk towards COVID-19,” reads the 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">According to the statement, the first handover ceremony commenced on June 30 at the premises of the Ministry of Health and Population in the presence of Health Minister Bhanu Bhakta Dhakal, representatives of Coca-Cola in Nepal and Nepal Red-Cross Society. As a first phase of the project, safety gears and health equipment were handed over to Minister Dhakal for the health workers of Sukraraj Tropical Hospital, Teku as received by the hospital director, Dr. Sagar Kumar Rajbhandari. </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 aid distribution will be conducted indifferent phases and the first phase includes 15,000 surgical masks, 1,150 K-95 masks, 550 disposable coverall with hoods, 300 safety goggles, 10,000 pairs of gloves, 440 safety boots, 2,500 bottles of sanitizers, 450 packs of Chemical Sodium Hypo-chloride Sanitizer and 15,118 bars of soap,” said the company adding that this distribution will be completed within in the next two weeks.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11911', 'image' => '20200702015208_Coca Cola NRCS.jpeg', 'article_date' => '2020-07-02 13:49:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12163', 'article_category_id' => '1', 'title' => 'SMEs Bear the Brunt of Adverse Impacts of Lockdown', 'sub_title' => '', 'summary' => 'After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. ', '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 2: After shutting down for nearly three months, small and medium enterprises (SMEs) have resumed their activities to find themselves surrounded by several issues due to very little or no business at all. </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">Business owners in key market areas of Kathmandu including New Road, Khichapokhari, Sundhara, Ason, Indrachowk and other large commercial centers are spending their days waiting for customers to come. They say </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">though allowed to open their stores, it has become very challenging for them to pay house rents and bank loans. According to the storekeepers, they have to stay idle for the whole day. “We are also not able to supply many types of goods demanded by customers as the import of goods has slowed down,” said Kamal Agarwal, president, National Trade Association, an association of merchants of New Road and adjacent areas. </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 him, business owners are looking towards the government for financial assistance at this time of crisis. “We have not paid taxes from Chaitra (March-April) onwards due to the lockdown. Now, we are required to clear tax dues of six months,” he said, adding, “On top of that, there is a pressure to pay house rents and staff salaries. The business is close to nil right now.” Business owners are required to pay house rent ranging from Rs 15,000 - Rs 150,000 in areas such as Khichapokhari, Newroad, Sundhara and Ason. According to Agrawal, there are more than 20,000 small businesses operating in ward no 22 and 24 of the area.</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 has disrupted the wholesale trade in Kathmandu which is dependent on small businesses from across the country including Pokhara, Butwal, Narayanghat, Nepalgunj and other cities. </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">Similarly, businesses in malls and shopping centres are also facing several difficulties currently. The Kathmandu Mall in Sundhara is still shut down, though all other malls are open. Diwasapana JV, which is responsible for the management of Kathmandu Mall, has not allowed the storeowners to open their stores citing problems in the Mall’s electricity supply. Due to this, many have already left their businesses, and many are about to leave soon, say store owners at Kathmandu Mall. Currently, around 120 stores are operating in Kathmandu Mall and they pay monthly rent ranging from Rs 20,000 – Rs 500,000. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">SME Owners Demand Loan Repayment Deferral </span></span></strong></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">A committee formed for management for businesses of Kathmandu hit by Covid-19 crisis has demanded the banks and financial institutions (BFIs) not to recover interest and principle payment of loans forcefully from businesses.</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 committee formed by the Kathmandu Chambers of Commerce and Industries (KCCI) has demanded to announce the lockdown period as ‘zero hour’ and provide deduction on principle, interest and installment of loan repayment. The committee has asked full deduction on interest payment for loans up to Rs 10 million, 50 percent interest for loans above Rs 50 million and 25 percent of deduction for loans above Rs 50 million. </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 committee has warned of protest if their demand is not met. Dinesh Shrestha, president of KCCI said that they are preparing to organise protests from Friday. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11910', 'image' => '20200702014438_smes.jpg', 'article_date' => '2020-07-02 13:37:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12162', 'article_category_id' => '1', 'title' => 'Hadad-Zervos Named World Bank’s New Country Director for Maldives, Nepal and Sri Lanka', 'sub_title' => '', 'summary' => 'The World Bank has appointed Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. ', '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">June 2:<strong> </strong>The World Bank has appointed </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif">Faris Hadad-Zervos as its new Country Director for Maldives, Nepal and Sri Lanka effective from July 1. Previously, he worked as bank’s Country Manager for Nepal from May 2018. “Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around USD 5.5 billion,” reads a press statement issued by the World 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">Hadad-Zervos succeeds Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza.</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 World Bank, Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis.</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 is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria",serif"> the statement quoted Hadad-Zervos as saying. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.”</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 statement, the World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over USD 350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-02', 'modified' => '2020-07-02', 'keywords' => '', 'description' => '', 'sortorder' => '11909', 'image' => '20200702114803_Faris_Hadad.jpg', 'article_date' => '2020-07-02 11:46:41', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12161', 'article_category_id' => '1', 'title' => 'Govt to Make Changes in CIAA Bill ', 'sub_title' => '', 'summary' => 'The government has decided to change some provisions of the Commission for Investigation of Abuse of Authority (CIAA) Bill (3rd amendment) following a strong protest from the country’s private sector. ', '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 1: The government has decided to change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> some provisions of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Commission for Investigation of </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Abuse of Authority (CIAA) Bil</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">l (3<sup>rd </sup>amendment) following a strong protest from the country’s private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. The decision came after the government faced a sharp criticism from various quarters of the society for provisions in the Bill to bring the business community into the purview of CIAA. </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 Office of Prime Minister and Council of Ministers (OPMCM), the bill will not be moved ahead in the current state and will be sent to parliamentary committee once the provisions are changed. “The O</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ffice </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">of the Prime Minister </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">is ready to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">change</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> the institutional monitoring of the private sector. The Bill will be brought back soon to make necessary changes</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">,”</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> a source at OPMCM told New Business Age</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">Chairman of the Legislative Committee under the Nati</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">onal Assembly Par</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">shuram Meghi Gurung also admitted th</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">at there are changes being made in the proposed Bill. “A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">s the Prime Minister himself is in favor of the amendment,</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> t</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">he bill is unlikely to </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">pass</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ed in its current state</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">. Informal discussions have bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n held with the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">OPMCM </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">in this respect,” </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">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"">According to Gurung, the Legislative Committee is in favor of removing provisions to bring companies such as bank and financial institutions, insurance companies, medical colleges and related hospitals, other universities or colleges, and public limited companies under the purview of CIAA by publishing a notice in Nepal Gazette. “We are preparing to amend the bill in a way that the CIAA will be allowed to investigate suspicious industrialist instead of the whole organisation,” he added. Addressing the 17<sup>th</sup> annual general meeting of Confederation of Nepalese Industries (CNI) on June 29, Prime Minister KP Sharma Oli said that the bill could be amended as there are already many regulatory bodies that monitor the private sector and CIAA is not necessary 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"">Earlier, the bill provided that the CIAA </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">could investigate any person holding any position in a company, authority, board, medical college, hospital, bank or any other institution which is </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">entirely</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> or p</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">artially owned by the government</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">.</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> of Nepal</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> has bee</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">n vehemently opposing the bill. The businesspersons met the Prime Minister and senior leaders of the opposition party to put forward their disagreement as soon as the legislative committee approved the bill that was sent to the NA. </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"">Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and CNI issued their joint press released saying that the four points in the bill should be rectified and one point should be scrapped. They said that companies that do not have government investment should not be defined as public organisations. Likewise, they have demanded to remove the provision of allowing any company to define as a public organisation, by publishing a notice in the Nepal Gazette. </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"">Even six years ago, the then government had proposed that the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">CIAA</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> be allowed to investigate corruption in the private sector. </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">However, the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> provision could not be implemented due to the strong </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">opposition of the </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">private sector.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11908', 'image' => '20200701053938_OPMCM.jpg', 'article_date' => '2020-07-01 17:37:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12160', 'article_category_id' => '1', 'title' => 'Soaltee Crowne Plaza, Idea Studio and NAMS Join Hands for Project ‘Samyog’', 'sub_title' => '', 'summary' => 'Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. ', '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 1: Soaltee Crowne Plaza, Idea Studio and National Academy of Medical Science (NAMS) have announced launch of the project ‘Samyog’. The hotel in a press statement said that the aim of the project is to create a unique collaboration of a hotel and a hospital in order to enhance the clinically sanitized standards in hotels and aesthetical cleanliness standards in hospitals. The project is a joint programme of Bir Hospital (NAMS), Soaltee Crowne Plaza Kathmandu and Idea Studio Nepal. “It includes training, demonstrations, implementation plan and evaluations for training the hygiene team of Bir Hospital to enhance the hygiene and cleanliness standards of the hospital together with the clinically sanitized environment,” reads the 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"">According to the statement the project, which is being launched in coordination with Idea Studio, has developed the training materials and manuals by sharing hygiene related documents and knowledge between the five star hospitality sector in hospital and clinical best practices in the hospital sector to hotel hygiene. </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 Soaltee, the objective of the project is to welcome every single guest with much higher commitment to their well-being, supported by enhanced standards of hygiene protocols and clinically sanitised standards of cleanliness in every aspect of rooms and hotel experience to ensure that they always feel safe and secure.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11907', 'image' => '20200701011829_Soaltee Crowne Plaza.jpg', 'article_date' => '2020-07-01 13:17:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12159', 'article_category_id' => '1', 'title' => 'IFC to Provide USD 60M Funding to 4 BFIs in Next 6 Months ', 'sub_title' => '', 'summary' => 'The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six 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:"Mangal","serif"">July 1: The International Finance Corporation (IFC), the private sector arm of the World Bank, has said it will be investing additional USD 60 million in Nepal in the next six months. IFC shared its investment plans on Tuesday amid a memorandum of understanding (MoU) signing ceremony with NMB Bank to provide the bank USD 25 million loan. </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:"Mangal","serif"">According to Santosh Pandey, acting resident representative of IFC for Nepal, the corporation will invest in two commercial banks and two microfinance institutions. He said that IFC will make loan investment of around USD 50-60 million in FY 2020/21 in Nepal. “We will be investing only in small and medium industries (SMEs),” said Pandey in a press meet organised virtually after the MoU signing function. </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:"Mangal","serif"">“Now, we will provide loans to the enterprises which are already in our funding pipeline,” he added. According to him, 90 percent of industries in Nepal are small, medium and cottage industries. “Investment in such enterprises will help in employment creation, support export and contribute in country’s GDP. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:15.0pt"><span style="font-family:"Mangal","serif"">Loan Agreement with NMB </span></span></strong></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:"Mangal","serif"">NMB bank will be receiving USD 25 million IFC as foreign loan. Sunil KC, CEO of NMB Bank and Santos Pandey of IFC signed an agreement to this effect. Speaking on the occasion, KC informed that the loan will be invested in SEM sector which has been severely affected by the Covid-19 pandemic. Recalling the USD 15 million NMB Bank borrowed from IFC two years ago, KC commented that the bank will focus its investment to support the growth of SME sector. “IFC has provided the amount as term loan for three years. We will receive the money after getting approval from Nepal Rastra Bank (NRB),” KC said adding that NRB has simplified the process of bringing money from abroad.</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:"Mangal","serif"">Besides IFC, NMB has already received loan of Rs 1 billion each from Symbiotics Investment, Switzerland and Commonwealth Development Cooperation. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-07-01', 'modified' => '2020-07-01', 'keywords' => '', 'description' => '', 'sortorder' => '11906', 'image' => '20200701123537_IFC Sign off.jpg', 'article_date' => '2020-07-01 12:33:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12158', 'article_category_id' => '1', 'title' => 'Process to Establish National Payment Gateway Reaches Final Stage', 'sub_title' => '', 'summary' => 'Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. ', '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:"Mangal","serif"">June 30: Nepalis, who are paying payment gateways fees to international companies for digital transactions, will soon be relieved from paying additional fees to payment services providers including Visa for digital transactions soon. </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:"Mangal","serif"">The process to establish national payment gateway by the Nepal Rastra Bank (NRB) has reached final stage. According to NRB official the gateway will be used for payments related to the government’s tax collection and services in the beginning. Banks and financial institutions (BFIs), however, will need the National Payment Switch for banking transactions. </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:"Mangal","serif"">NRB and National Information Technology Center (NITC) have already bought the gateway, but this is yet to come into operation. Subash Ghimire, director of Payment Systems Department of NRB said that the card used in financial institution would not be useable for the payment gateway. According to him, National Payment Gateway and National Payment Switch are two different technologies and National Payment Switch is required for banking transactions. “The gateway will be used only for tax collection in the beginning,” said Ghimire. </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:"Mangal","serif"">As the payment gateway will only include government payment, preparations are underway to incorporate establishment of the National Payment Switch in the Monetary Policy for FY2020/21. After the Payment Switch comes into operation country’s own card can be introduced and this will be cost effective. Currently, Nepal’s banks are providing payment services of debit and credit cards through international switch. </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:"Mangal","serif"">The budget for current fiscal year has also announced to make the payment systems safe, advanced and electronic. With expansion of services like branchless banking, mobile banking and internet banking, government focus has been in encouraging cashless transaction.</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:"Mangal","serif"">According to NRB’s Payment Systems Department Director Ghimire, banks have been demanding an international standard payment switch. </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:"Mangal","serif"">Due to lack of switching system, banks are required to maintain payment switch on their own or use international institutions like American Express. “This will contribute to a decrease in paper works, reduce price for transaction and promoting digitisation,” said Bhuwan Dahal, president of the Nepal Bankers’ Association. “Also, the risk of network hacking will be lower for 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:"Mangal","serif"">Due to the lockdown, banks have waived fees for inter-banking transactions leading to an increase in digital transactions. Bankers say the number of transactions will decline after they start charging for digital payments. </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:"Mangal","serif"">Currently, Nepal Electronic Payment System (NEPS) has been providing switch facility to 16 banks. Similarly, Nepal Clearing House (NCHL) has also been facilitating with digital transaction with its systems like Connect IPS and RTGS.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11905', 'image' => '20200630045940_payment switch.jpg', 'article_date' => '2020-06-30 16:57:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12157', 'article_category_id' => '1', 'title' => 'Availability of MCC Grant Not Open-ended: United States', 'sub_title' => '', 'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement. Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said. Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ', '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"">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </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 United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended. Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated. </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"">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </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 statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </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"">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the 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"">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </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 a source</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">the decision to extend the deadline has not been finalised yet. "Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> will be prepared soon," a senior official at the ministry 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"">M</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">C</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">A</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval 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"">"We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif"">done</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> as soon as possible to enter the compact's implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:"Cambria","serif""> and take the programme forward,” the statement said. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11904', 'image' => '20200630025521_mcc.jpg', 'article_date' => '2020-06-30 14:52:13', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12156', 'article_category_id' => '1', 'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli', 'sub_title' => '', 'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">“We have to work together in our endeavors for a prosperous Nepal,” he said claiming that the government’s intention is not to discourage or not to cooperate with the sector. “We can’t even think of it,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country’s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. “There are other agencies to regulate the private sector and CIAA is not required in this respect,” mentioned Oli. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria","serif"">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. “Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,” he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country’s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11903', 'image' => '20200630012138_KP Oli.jpg', 'article_date' => '2020-06-30 13:18:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12155', 'article_category_id' => '1', 'title' => 'New Reinsurance Company in the Offing ', 'sub_title' => '', 'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ', '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:"Mangal",serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </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:"Mangal",serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. </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:"Mangal",serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </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:"Mangal",serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</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:"Mangal",serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </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:"Mangal",serif"> “The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,” he said, adding “The process will further move ahead after their investment commitment.” After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </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:"Mangal",serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. </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:"Mangal",serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </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:"Mangal",serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. “However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,” 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:"Mangal",serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven’t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-30', 'modified' => '2020-06-30', 'keywords' => '', 'description' => '', 'sortorder' => '11902', 'image' => '20200630093335_Reinsurance.jpg', 'article_date' => '2020-06-30 09:32:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12154', 'article_category_id' => '1', 'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal', 'sub_title' => '', 'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. “The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,” reads the statement. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif"> “The project will help sustain Nepal’s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,” the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. “It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (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:16.0pt"><span style="font-family:"Cambria",serif">According to the statement, complementing ADB’s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. “In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,” informed ADB. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">The project is aligned with the South Asia Subregional Economic Cooperation programme on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts will facilitate cross-border power exchange with India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:"Cambria",serif">“ADB and other development partners have been engaged in Nepal’s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,” reads the statement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11901', 'image' => '20200629012422_Transmission Line.jpg', 'article_date' => '2020-06-29 13:21:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12153', 'article_category_id' => '1', 'title' => 'Secondary Securities Market Reopens from Today ', 'sub_title' => '', 'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ', '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">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse’s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </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">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </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">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </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">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11900', 'image' => '20200629010755_SEBON.jpg', 'article_date' => '2020-06-29 13:06:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12152', 'article_category_id' => '1', 'title' => 'Rasuwagadhi Border Point to Reopen This Week', 'sub_title' => '', 'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal’s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. “300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,” said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:"Cambria",serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. “The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal’s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,” said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-06-29', 'modified' => '2020-06-29', 'keywords' => '', 'description' => '', 'sortorder' => '11899', 'image' => '20200629105425_Rasuwagadhi border point.jpg', 'article_date' => '2020-06-29 10:51:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12151', 'article_category_id' => '1', 'title' => 'Homework to Extend MCC Agreement Deadline', 'sub_title' => '', 'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.', '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">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </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 Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </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 MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. “As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,” the source 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 agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. “The project will not be implemented without the approval of the parliament. The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,” a senior official of MCA told New Business Age. </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 Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </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 said that the MCC agreement would be approved by the parliament from the last year’s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year’s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </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">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </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 telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-06-28', 'modified' => '2020-06-28', 'keywords' => '', 'description' => '', 'sortorder' => '11898', 'image' => '20200628033821_MCC.jpg', 'article_date' => '2020-06-28 15:33:12', '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
