Govt Brings Budget of Rs 1,474.64 billion, Targets 7% Economic Growth

May 28, 2020 0 55 seconds to read

The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year…

Industries Shut Down during Lockdown to Get Electricity Bill Concession

May 28, 2020 0 27 seconds to read

The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown.…

PMEP Budget Increased by Two-Fold

May 28, 2020 0 38 seconds to read

The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal…

Rs 6 billion to Fight Coronavirus

May 28, 2020 0 26 seconds to read

The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21.…

Government to Deposit SSF Contribution for Lockdown Period

May 28, 2020 0 41 seconds to read

The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period.…

Biratnagar Industrialists Demand An End to Government Indifference

May 28, 2020 0 1 minutes 54 seconds to read

In a sign of increasing disquiet among members of the business community as a result of the government’s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices…

Budget 2020/21: FinMin Faces Pressure to Balance Economic Recovery Needs and Resource Management

May 28, 2020 0 3 minutes 52 seconds to read

At a time when the country’s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy.…

Arable Land Shrinking: Economic Survey

May 27, 2020 0 1 minutes 56 seconds to read

Despite the government’s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across the…

Govt Lowers Economic Growth Projection to 2.3%

May 27, 2020 0 5 minutes 4 seconds to read

As the Covid-19 pandemic continues to impact every aspect of Nepal’s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year.…

IFC to Support Nepal’s SMEs

May 27, 2020 0 1 minutes 51 seconds to read

International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of…

ADB Approves USD 250 million Concessional Loan to Help Nepal Fight Covid-19

May 27, 2020 0 2 minutes 34 seconds to read

The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the…

NIC Asia and Recharger Sign Deal

May 26, 2020 0 1 minutes 2 seconds to read

NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide the customers of the bank 10 percent discount on purchase of items that are used to combat coronavirus contagion.…

Slump in Nepal’s Foreign Trade Deepens

May 26, 2020 0 2 minutes 52 seconds to read

The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal’s foreign trade.…

Prime Minster Hints to Ease Lockdown

May 26, 2020 0 1 minutes 56 seconds to read

Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country.…

Dairy Industry Losses Amount to Rs 3 billion

May 25, 2020 0 2 minutes 4 seconds to read

Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown.…

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			'title' => 'Govt Brings Budget of Rs 1,474.64 billion, Targets 7% Economic Growth',
			'sub_title' => '',
			'summary' => 'The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada informed that a total of Rs 948.94 billion has been allocated for recurrent expenditure while Rs 352.91 billion has been allocated for capital expenditure in the next fiscal year. The budget has targeted to raise Rs 889.62 billion through revenue collection while aiming to raise Rs 60.52 billion through foreign assistance. </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:&quot;Arial&quot;,sans-serif">Similarly, it has aimed raising Rs 299.50 billion and Rs 225 billion in external and internal debts, respectively. Meanwhile, the government has set economic growth target at 7 percent for FY2020/21. Likewise, it has announced to keep inflation rate target at 7 percent for the next fiscal year, an increment of one percentage point from current fiscal year&rsquo;s target of 6 percent. </span></span></span></span></p>
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			'title' => 'Industries Shut Down during Lockdown to Get Electricity Bill Concession ',
			'sub_title' => '',
			'summary' => 'The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. Unveiling the Federal Budget for FY2020/21, Dr Yuba Raj Khatiwada informed the parliament that the industries will receive concession in demand charge of electricity and will also get 50 percent discount on electricity bill during off-peak hours. </span></span></span></span></h2>
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			'id' => '12085',
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			'title' => 'PMEP Budget Increased by Two-Fold ',
			'sub_title' => '',
			'summary' => 'The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year. In his budget speech, Dr Yuba Raj Khatiwada informed that Rs 11.60 billion has been allocated for PMEP for FY2020/21 which was Rs 5.1 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dr Khatiwada said that the government aims to create 200,000 jobs for the youths through the programme in FY2020/21. </span></span></span></span></p>
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			'article_date' => '2020-05-28 18:00:32',
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			'id' => '12084',
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			'title' => 'Rs 6 billion to Fight Coronavirus',
			'sub_title' => '',
			'summary' => 'The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. Unveiling the budget, Finance Minister Dr Yuba Raj Khatiwada said that the allocated amount will be used to expand the scope of COVID-19 testing, increase and manage quarantine facilities and mange health facilities throughout the country. &nbsp;&nbsp;</span></span></span></span></p>
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			'title' => 'Government to Deposit SSF Contribution for Lockdown Period',
			'sub_title' => '',
			'summary' => 'The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. In his speech of the Federal Budget for FY2020/21, Finance Minister Dr Yuba Raj Khatiwada said the government will deposit the money into the respective SSF accounts of the employees. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government in March had decided to deposit the SSF contribution of 158,509 employees of private sector companies and I/NGOs associated with the fund. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12082',
			'article_category_id' => '1',
			'title' => 'Biratnagar Industrialists Demand An End to Government Indifference',
			'sub_title' => '',
			'summary' => 'In a sign of increasing disquiet among members of the business community as a result of the government’s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In a sign of increasing disquiet among members of the business community as a result of the government&rsquo;s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes. The banners that started appearing from the morning of May 27 reads the slogan, &ldquo;Government! Industries and business that are the basis of economic development and employment are in crisis!!&rdquo; The banners were displayed on the joint call by Morang Merchant Association (MMA), Chamber of Industries Morang (CIM) and Birat Trade Association (BTA). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Officials of the associations say they took the step against the government&rsquo;s indifference towards the grief of business community. According to them, the move is aimed at pressurising the government to address the demands jointly presented by the main business bodies Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (CNI). Banners have been displayed outside the offices of MMA, CIM and BTA. Similarly, various business houses, industrial enterprises and industries situated at Sunsari-Morang Industrial Corridor have also displayed the banners outside their gates. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Bhim Ghimire, president of CIM said that this step has been aimed towards putting pressure onto the government to address grievances of business community in the budget for fiscal year 2020/21. &ldquo;We have been working to help the government to meet its aim of &lsquo;Prosperous Nepal, Happy Nepalis&rsquo; by generating employment opportunities and contributions to the country&rsquo;s economy,&rdquo; he said, adding, &ldquo;Industries, which serve as base of economic prosperity, are in crisis at the moment. Therefore, the government must not show indifference towards the demands of business community members.&rdquo; </span></span></span></span></p>
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			'id' => '12081',
			'article_category_id' => '1',
			'title' => 'Budget 2020/21: FinMin Faces Pressure to Balance Economic Recovery Needs and Resource Management',
			'sub_title' => '',
			'summary' => 'At a time when the country’s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At a time when the country&rsquo;s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to officials at the Ministry of Finance (MoF), the key focuses of budget for the upcoming fiscal year will be on minimising Covid-19 impacts on Nepal&rsquo;s economy, enhancement of health infrastructure and employment generation. &nbsp;Ministry sources say that the government will allocate significant amount of money for health infrastructure. Similarly, the budget will also prioritise commercial agriculture and farming to provide employment opportunities to those who have lost their jobs inside and outside of the country due to the pandemic. &ldquo;There will be arrangement in the budget for supplying required human resource to the local levels through job bank,&rdquo; said a MoF official engaged in preparation of budget who wished not to be named. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Tax and non-tax revenue, foreign aid and internal borrowing - major income resources for the government- are under immense pressure right now because of the abrupt halt in domestic economic activities and severe disruptions in Nepal&rsquo;s foreign trade. The fact that revenue collection reached only half of the targeted amount of Rs 1,112 billion by mid-May shows the level of immense pressure government is currently under in terms of resource management. The MoF source say that budget for the upcoming year will have austerity measures to curb unnecessary expenses. &nbsp;It is being said that the size of the Federal Budget for FY2020/21 will be similar to the budget of the current fiscal year. The severe constrain in resources has led the government to put its high hopes on foreign aid for the upcoming budget. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the government is yet to respond calls to announce stimulus package to kickstart economic recovery, all eyes are on the Finance Minister now to see how he addresses the demand of the private sector and unemployed people. It has been estimated that stimulus package of Rs 200 billion is immediately needed to support the ailing economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At the time of the crisis, resource management has become cumbersome for the government also because of its obligation to mandatory liabilities such as pension, salary and allowances to civil servants, security personnel, payment of principle and interest of foreign borrowings and social security allowances. According to the Financial Comptroller General Gopinath Mainali, 60 percent of expenses in the budget of current fiscal year have been allocated for mandatory liabilities. The government currently spends Rs 55 billion in pension, Rs 66 billion in social security allowances to 2.9 million people, Rs 100 billion in principle and interest payment of foreign loans and Rs 300 billion in renumeration of security personnel and teachers. This liability of government has been increasing every year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The share of development budget allocated for the current fiscal year is just 26 percent of the total allocations. According to Mainali, the government can lower the resource management pressure if it cancels unnecessary civil service positions, commissions, political appointments and cuts down number of ministries and divisions. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Jagdish Chandra Pokharel, former vice chairman of National Planning Commission said that the government&rsquo;s recurrent expenditure has been increasing constantly than capital expenditure since 2008 when the country was declared a republic state. According to him, the country&rsquo;s overall economic system has been moving in uncontrolled ways due to this imbalance. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12080',
			'article_category_id' => '1',
			'title' => 'Arable Land Shrinking: Economic Survey ',
			'sub_title' => '',
			'summary' => 'Despite the government’s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across 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:&quot;Arial&quot;,sans-serif">Despite the government&rsquo;s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across the country. According to Economic Survey 2019/20, agricultural land has shrunken by 0.9 percent in the current fiscal year compared to the last fiscal year. &ldquo;Fragmentation of land and flight of young workforce from to work abroad have been the major reasons for shrinkage of arable land,&rdquo; reads the report. According to the survey, land used for paddy plantation has decreased by 2.2 percent in FY2019/20 compared to last fiscal year. Similarly, the government has estimated decline in production of paddy by 1.1 percent which was 8.1 percent in FY2018/19. The survey has cited inadequate rainfall this year for the decline of paddy production. Nevertheless, the area of maize and wheat plantation has increased by 0.2 percent and 0.3 percent, respectively. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Meanwhile, share of agriculture sector in the country&rsquo;s GDP has also decreased. The contribution of the sector to GDP, which was 37.1 percent in FY2010/11, is expected to decline to 27.7 percent in the current fiscal year. The agriculture sector productivity, which grew by 5.1 percent in FY2018/19 is estimated to shrink to 2.6 percent in the current fiscal year. According to Economic Survey, the decrease in paddy production and the lockdown imposed by the government to stop the spread of coronavirus have affected production of vegetables, meat and dairy items. The government has estimated that production of vegetables, which had increased by 4 percent in FY2018/19, will dip by 4.3 percent to 40,089 metric tonnes in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite decreasing contribution to the country&rsquo;s GDP, agriculture sector&rsquo;s contribution to the economic growth has been seen fluctuating. According to Economic Survey, the contribution of agriculture sector to Nepal&rsquo;s overall economic growth is estimated to be 32.7 percent in the current fiscal year which was 21.2 percent in FY2018/19. &nbsp;&nbsp;</span></span></span></span></p>
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			'article_category_id' => '1',
			'title' => 'Govt Lowers Economic Growth Projection to 2.3%',
			'sub_title' => '',
			'summary' => 'As the Covid-19 pandemic continues to impact every aspect of Nepal’s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the Covid-19 pandemic continues to impact every aspect of Nepal&rsquo;s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. The government in the budget of the current fiscal year had set an ambitious economic growth target of 8.5 percent. Presenting the Economic Survey 2019/20 before the Federal Parliament on May 26, Finance Minister Dr Yuba Raj Khatiwada said that the Covid-19 pandemic is to be blamed for the sharp contraction. The estimation, is however, 0.03 percent higher than the economic growth projection of the Central Bureau of Statistics (CBS). CBS in April 29 estimated 2.27 percent economic growth for the current fiscal year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In the Economic Survey report, the government has said that services sector, tourism, hotel industry, manufacturing, transportation, construction, and wholesale and retail trade have been hard hit by the pandemic leading to the country&rsquo;s dismal economic growth. Unveiling the report, Dr Khatiwada said that Nepali economy, which was growing satisfactorily till February-March (Falgun) headed towards a deeper slump in the ensuing months. According to the Economic Survey 2019/20, the pandemic-induced economic crisis will aggravate unemployment and poverty. Nepal registered average economic growth of 7.3 percent in the last three years. &ldquo;The Covid-19 pandemic has affected Nepal&rsquo;s overall economic productivity and supply chain,&rdquo; stated the report. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has predicted that tourism sector will decline the most in the current fiscal year due to abrupt halt in global travel and hospitality activities. The growth of the tourism sector, which was 7.3 percent in FY2018/19, will be negative 16.3 percent in the current fiscal year, according to the Economic Survey. Similarly, sectors such as transportation, storage and warehousing, communications, manufacturing, mining and construction will also register negative growth this year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the Economic Survey, the contribution of agriculture sector to the country&rsquo;s gross domestic product (GDP) has declined, while the contribution of non-agriculture sector has risen. The government has estimated that the contribution of agriculture sector to GDP will be 27.6 percent, while it will be 72.4 percent for non-agriculture sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite the steep decline in economic growth, income growth of citizens, however, will increase in the current fiscal year. The survey has forecasted that per capita income of Nepalis will grow by Rs 8,563 to reach to Rs 126,018 (USD 1,058) in FY2019/20. </span></span></span></span></h2>

<h2><strong><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Decline in Savings</span></span></span></span></strong></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the survey, savings of Nepalis in FY2019/20 has decreased compared to the last fiscal year. &ldquo;Consumption will account 81.9 percent of GDP and savings will be 18.1 percent in the current fiscal year,&rdquo; reads the report. In FY2018/19, the rates of consumption and savings were 79.5 percent of GDP and 20.5 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, the survey has also predicted that total investment in the country will decline by 3.4 percent than last year to Rs 1,889.26 billion due to the increase in expenses on preventive measures against the spread of coronavirus deployed by the government and the private sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The per capita public debt has reached Rs 39,000 as of 2020 February-March (Falgun) which was Rs 36,000 in the corresponding period of last year. According to Economic Survey, public debt has amounted to Rs 1,139.80 as of February-March, increasing by Rs 91.90 billion in the nine months of the current fiscal year from Rs 1,047.90 billion in June-July of 2019.&nbsp; &ldquo;Strengthening economy, increase in per capita income and loan re-payment capacity of people, and acceleration in post-quake reconstruction have resulted in decline in foreign grant in development assistance. This has led to the growth of share of debt in GDP,&rdquo; stated the survey. According to the report, the ratio of internal and external debt has been 38.6 percent and 61.4 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Economists say that the Economic Survey has shown underlying problems of Nepali economy that have been exacerbated by the pandemic-induced crisis. &ldquo;The survey has just presented the picture of eight months of the current fiscal year. But the economic momentum was already lethargic before this period,&rdquo; said Jagdish Chandra Pokharel, former vice chairman of National Planning Commission (NPC), adding &ldquo;A big trouble arrived in the country after eight months. But the government has failed to measure and evaluate the economic loss incurred by Nepal over the last two months.&rdquo; He suggested the government to conduct a comprehensive study about the Covid-19 economic impacts so as to focus its efforts in the economic recovery.</span></span></span></span></h2>
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			'image' => '20200527122508_Dr Khatiwada.jpg',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12078',
			'article_category_id' => '1',
			'title' => 'IFC to Support Nepal’s SMEs ',
			'sub_title' => '',
			'summary' => 'International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal. Addressing a webinar titled &lsquo;Private Sector Response to Covid-19&rsquo; organised by the Society of Economic Journalists-Nepal (SEJON) on May 26, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Wendy Werner, country manager for Nepal Bangladesh and Bhutan of IFC said that the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">private sector arm of the World Bank Group will help to reenergize the Nepali private sector affected by the global health emergency and measures taken by the government to stop the spread of coronavirus. &ldquo;The role of private sector is very important for economic recovery. We will support the SMEs of Nepal affected by the coronavirus,&rdquo; she said. Werner mentioned that Nepal&rsquo;s services sectors including tourism collapsed during the beginning of Covid-19 pandemic and that the impacts of the collapse will remain for some time to come. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;IFC will not only be equity investor for the Nepali private sector but will also play a broader assistive role to help overcome the difficulties,&rdquo; she said. IFC in mid-March announced a USD 8 billion Covid-19 package to support private companies of developing countries. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&nbsp;IFC has been providing its support to private sector-run banks and financial institutions in Nepal. Werner informed that the country&rsquo;s SMEs will receive assistance from this year. &ldquo;SMEs play crucial role in employment generation,&rdquo; she said. According to Werner, IFC&rsquo;s investment in Nepal will reach USD 500 million by the end of 2020. &ldquo;We have targeted to invest USD 1.2 billion in Nepali private sector by 2023,&rdquo; she said. </span></span></span></span></p>
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			'image' => '20200527101416_IFC.jpg',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12077',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 250 million Concessional Loan to Help Nepal Fight Covid-19 ',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country&rsquo;s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Manila-based lender in a press statement said that the Covid-19 Active Response and Expenditure Support (CARES) Program is funded through the COVID-19 pandemic response option (CPRO) under ADB&rsquo;s Countercyclical Support Facility. CPRO was established as part of ADB&rsquo;s&nbsp;<a href="https://www.adb.org/news/adb-triples-covid-19-response-package-20-billion">USD 20 billion expanded assistance</a>&nbsp;for developing member countries&rsquo; COVID-19 response, which was announced on 13 April.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;The CARES Program will support the Nepal government in scaling up its testing capacity to at least 3,000 tests per day and establishing quarantine facilities for at least 200,000 people with separate wards for women and men in all seven provinces. Incentives will be provided for medical and other frontline personnel responding to COVID-19,&rdquo; 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:&quot;Arial&quot;,sans-serif">ADB&rsquo;s financing will also support the government in extending its social protection program to include distribution of food assistance to the poorest and vulnerable households, provision of employment support to the unemployed poor, especially women, and returning migrant workers. Subsidized lending will be extended to affected micro, small, and medium-sized enterprises, of which at least 30 percent are women-led, with at least half of them from disadvantaged groups.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue&nbsp;its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery,&rdquo; the statement quoted ADB President Masatsugu Asakawa as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">ADB informed that it has already provided Nepal a USD 300,000 grant to procure medical supplies, in collaboration with UNICEF. &ldquo;ADB is working closely with the government and development partners to provide policy advice and develop measures to deal with the social and economic impacts of the pandemic,&rdquo; reads the statement. </span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12076',
			'article_category_id' => '1',
			'title' => 'NIC Asia and Recharger Sign Deal',
			'sub_title' => '',
			'summary' => 'NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide the customers of the bank 10 percent discount on purchase of items that are used to combat coronavirus contagion. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide discount to the customers of the bank on purchase of items that are used to combat coronavirus contagion. Issuing a press statement, the bank said that Recharger app users will get 10 percent cash back&nbsp;on payment of their purchase using NIC Asia&rsquo;s QR code, debit card and credit card. &nbsp;</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:&quot;Arial&quot;,sans-serif">Recharger has been selling items such as face masks, sanitizer, gloves, thermal gun and personal protection kits at affordable price points. According to the press statement, customers of NIC Asia will receive an additional 10 percent discount on purchase of these items through the app for the month of May. The statement claims that Recharger, which has been selling KN95 masks at Rs 175 per unit with free home delivery service, has been selling face masks at price less than international e-commerce platforms such as Alibaba and Amazon. </span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '11826',
			'image' => '20200526051930_Reecharger_NIC Asia[5555].jpg',
			'article_date' => '2020-05-26 17:15:03',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12075',
			'article_category_id' => '1',
			'title' => 'Slump in Nepal’s Foreign Trade Deepens  ',
			'sub_title' => '',
			'summary' => 'The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal’s foreign trade. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal&rsquo;s foreign trade. The severe disruption in supply chain has adversely affected Nepal&rsquo;s imports and exports with both of its largest trading partners India and China. Data published by the Department of Customs (DoC) show that Nepal&rsquo;s total foreign trade has declined sharply in the 10 months of the current fiscal year 2019/20 compared to the same period of the last fiscal year. As of Baisakh (April-May), the foreign trade has declined by 11.89 percent to Rs 1,172 billion from Rs 1,256.67 billion in the corresponding period of FY2018/19.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Official statistics reveal that slump in the country&rsquo;s imports/exports have further deepened in the April-May compared to previous months. In the review period, foreign trade has decreased to Rs 46 billion which was Rs 62.20 billion in March-April and Rs 130 billion in February-March. In April-May, Nepal&rsquo;s imports amounted to Rs 42.60 billion and exports totaled Rs 3.24 billion; the figures were Rs 58.29 billion and Rs 3.91 billion in March-April period. Sharp decline in import of petroleum products has contributed to this slump in the country&rsquo;s foreign trade. Difficulties in transportation along with problems in export and export through customs points are the key reasons for this. For instance, suspension of all international commercial flights, which is in place since March 20 has badly affected Nepal&rsquo;s exports. Much of the country&rsquo;s exports are carried out through air cargoes. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As per DoC data, import of vegetables, petroleum products, iron/steel, boiler machinery and vehicles has declined the most in April-May, while import of rice and medicine/medical equipment has increased during the review period. Last month, Nepal imported rice worth Rs 4.76 billion which was Rs 3.82 billion in March-April. Meanwhile, import of petroleum products has come down to Rs 8.28 billion in April-May which was Rs 9.19 billion a month earlier. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In April-May, Nepal&rsquo;s imported goods worth Rs 25.04 billion from India while its exports to the southern neighbour amounted to Rs 2.09 billion. Similarly, imports from China totaled Rs 1.98 billion while exports to the northern neighbour were a meagre at Rs 3.7 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">DoC officials are hopeful foreign trade will improve as barriers seen at customs points have gradually eased. Suman Dahal, director general at DoC said that a high-level Rapid Response Team has been working to resolve the issues. According to him Ministry of Finance has been notified about the problems being faced at customs points and the Ministry of Foreign Affairs has expedited its diplomatic initiations to resolve the issues through bilateral talks with India and China. &nbsp;</span></span></span></span></p>
',
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	(int) 13 => array(
		'Article' => array(
			'id' => '12074',
			'article_category_id' => '1',
			'title' => 'Prime Minster Hints to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. Oli in his address to nation on Monday said that the government will make some changes to ease the situation while being careful to avoid further contagion of coronavirus. According to him, there will be some changes in the modality of lockdown ensuring that the epidemic risks are kept at minimum. The latest remarks by PM Oli signals changes in his approach towards restrictions that are in place since March 24. In his earlier comments, he had prioritised life of Nepalis over the country&rsquo;s economy. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Oli said that the government will allow resuming further agricultural and industrial activities ensuring that people engaged in such activities follow social distancing rules. &ldquo;However, administrative restrictions in movement of people will be given continuity to stop community-level transmission of coronavirus,&rdquo; he mentioned. According to Oli, the government will make necessary arrangements to start development works, easing of supply of daily essential items, imports and exports, and provide employment to jobless people residing in Nepal and those who return from abroad after losing their jobs in the wake of Covid-19 pandemic. He informed that the government will issue order to immediately start rescue of Nepalis stranded in different countries. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">PM Oli also said that relief will be provided to the crisis-stricken business sector. &ldquo;The Ministry of Finance will issue a comprehensive proposal regarding the country&rsquo;s economic recovery. It will include measures such as tax and non-tax exemptions, interest rate concession, availability of bank loans and electricity bill concessions,&rdquo; he stated. The Prime Minister also said that the government will further expand the scope of Covid-19 testing to at least two percent of the country&rsquo;s population. </span></span></span></span></h1>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12073',
			'article_category_id' => '1',
			'title' => 'Dairy Industry Losses Amount to Rs 3 billion',
			'sub_title' => '',
			'summary' => 'Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. In a video press conference organised by the Nepal Dairy Association (NDA) today, entrepreneurs informed that sales of dairy products have declined by 80 percent over the past two months due to the travel and transport restrictions imposed by the government to curb the spread of coronavirus. &ldquo;The loss of market in the main production season has created several problems for us from making payments to farmers, rent, electricity bills to provide salaries to staff,&rdquo; said Pralahad Dahal, general secretary of NDA. According to him, the losses will increase further as items skim milk powder and butter worth Rs 5 billion stocked by dairy industries are set to expire in the next few months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dahal informed that Rs 30 billion has been invested in the Nepali dairy industry till date. Similarly, half a million farmers and 20,000 workers are directly associated with the sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dairy sector seeks government support</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the situation worsens due to the lockdown becoming longer than anticipated, dairy entrepreneurs look for support from the government. At the press conference, NDA made public its demands seeking relief package to help dairy industries to withstand the crisis. Entrepreneurs urged the government to include measures to address their grievances in the Federal Budget for the upcoming fiscal year. They have demanded to provide collateral-free concessional loan for a period of five years. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, their other demands include increasing of loan terms and lowering of lending interest rate for the lockdown period. They have asked the government to re-introduce 50 percent VAT exemption to dairy industries and 50 percent discount on electricity bills. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12087',
			'article_category_id' => '1',
			'title' => 'Govt Brings Budget of Rs 1,474.64 billion, Targets 7% Economic Growth',
			'sub_title' => '',
			'summary' => 'The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada informed that a total of Rs 948.94 billion has been allocated for recurrent expenditure while Rs 352.91 billion has been allocated for capital expenditure in the next fiscal year. The budget has targeted to raise Rs 889.62 billion through revenue collection while aiming to raise Rs 60.52 billion through foreign assistance. </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:&quot;Arial&quot;,sans-serif">Similarly, it has aimed raising Rs 299.50 billion and Rs 225 billion in external and internal debts, respectively. Meanwhile, the government has set economic growth target at 7 percent for FY2020/21. Likewise, it has announced to keep inflation rate target at 7 percent for the next fiscal year, an increment of one percentage point from current fiscal year&rsquo;s target of 6 percent. </span></span></span></span></p>
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			'created' => '2020-05-28',
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			'description' => '',
			'sortorder' => '11837',
			'image' => '20200528070154_budget nepal.jpg',
			'article_date' => '2020-05-28 19:00:54',
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			'title' => 'Industries Shut Down during Lockdown to Get Electricity Bill Concession ',
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			'summary' => 'The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. Unveiling the Federal Budget for FY2020/21, Dr Yuba Raj Khatiwada informed the parliament that the industries will receive concession in demand charge of electricity and will also get 50 percent discount on electricity bill during off-peak hours. </span></span></span></span></h2>
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			'sortorder' => '11836',
			'image' => '20200528060901_power meter.jpg',
			'article_date' => '2020-05-28 18:07:38',
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			'id' => '12085',
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			'title' => 'PMEP Budget Increased by Two-Fold ',
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			'summary' => 'The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year. In his budget speech, Dr Yuba Raj Khatiwada informed that Rs 11.60 billion has been allocated for PMEP for FY2020/21 which was Rs 5.1 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dr Khatiwada said that the government aims to create 200,000 jobs for the youths through the programme in FY2020/21. </span></span></span></span></p>
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			'sortorder' => '11835',
			'image' => '20200528082637_Prime-Minister-Self-employment-Programme.jpg',
			'article_date' => '2020-05-28 18:00:32',
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			'id' => '12084',
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			'title' => 'Rs 6 billion to Fight Coronavirus',
			'sub_title' => '',
			'summary' => 'The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. Unveiling the budget, Finance Minister Dr Yuba Raj Khatiwada said that the allocated amount will be used to expand the scope of COVID-19 testing, increase and manage quarantine facilities and mange health facilities throughout the country. &nbsp;&nbsp;</span></span></span></span></p>
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			'sortorder' => '11834',
			'image' => '20200528055828_covid-19 testing.jpg',
			'article_date' => '2020-05-28 17:57:29',
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			'id' => '12083',
			'article_category_id' => '1',
			'title' => 'Government to Deposit SSF Contribution for Lockdown Period',
			'sub_title' => '',
			'summary' => 'The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. In his speech of the Federal Budget for FY2020/21, Finance Minister Dr Yuba Raj Khatiwada said the government will deposit the money into the respective SSF accounts of the employees. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government in March had decided to deposit the SSF contribution of 158,509 employees of private sector companies and I/NGOs associated with the fund. </span></span></span></span></p>
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			'sortorder' => '11833',
			'image' => '20200528055558_khatiwada.jpg',
			'article_date' => '2020-05-28 17:54:47',
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		'Article' => array(
			'id' => '12082',
			'article_category_id' => '1',
			'title' => 'Biratnagar Industrialists Demand An End to Government Indifference',
			'sub_title' => '',
			'summary' => 'In a sign of increasing disquiet among members of the business community as a result of the government’s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In a sign of increasing disquiet among members of the business community as a result of the government&rsquo;s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes. The banners that started appearing from the morning of May 27 reads the slogan, &ldquo;Government! Industries and business that are the basis of economic development and employment are in crisis!!&rdquo; The banners were displayed on the joint call by Morang Merchant Association (MMA), Chamber of Industries Morang (CIM) and Birat Trade Association (BTA). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Officials of the associations say they took the step against the government&rsquo;s indifference towards the grief of business community. According to them, the move is aimed at pressurising the government to address the demands jointly presented by the main business bodies Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (CNI). Banners have been displayed outside the offices of MMA, CIM and BTA. Similarly, various business houses, industrial enterprises and industries situated at Sunsari-Morang Industrial Corridor have also displayed the banners outside their gates. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Bhim Ghimire, president of CIM said that this step has been aimed towards putting pressure onto the government to address grievances of business community in the budget for fiscal year 2020/21. &ldquo;We have been working to help the government to meet its aim of &lsquo;Prosperous Nepal, Happy Nepalis&rsquo; by generating employment opportunities and contributions to the country&rsquo;s economy,&rdquo; he said, adding, &ldquo;Industries, which serve as base of economic prosperity, are in crisis at the moment. Therefore, the government must not show indifference towards the demands of business community members.&rdquo; </span></span></span></span></p>
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			'id' => '12081',
			'article_category_id' => '1',
			'title' => 'Budget 2020/21: FinMin Faces Pressure to Balance Economic Recovery Needs and Resource Management',
			'sub_title' => '',
			'summary' => 'At a time when the country’s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At a time when the country&rsquo;s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to officials at the Ministry of Finance (MoF), the key focuses of budget for the upcoming fiscal year will be on minimising Covid-19 impacts on Nepal&rsquo;s economy, enhancement of health infrastructure and employment generation. &nbsp;Ministry sources say that the government will allocate significant amount of money for health infrastructure. Similarly, the budget will also prioritise commercial agriculture and farming to provide employment opportunities to those who have lost their jobs inside and outside of the country due to the pandemic. &ldquo;There will be arrangement in the budget for supplying required human resource to the local levels through job bank,&rdquo; said a MoF official engaged in preparation of budget who wished not to be named. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Tax and non-tax revenue, foreign aid and internal borrowing - major income resources for the government- are under immense pressure right now because of the abrupt halt in domestic economic activities and severe disruptions in Nepal&rsquo;s foreign trade. The fact that revenue collection reached only half of the targeted amount of Rs 1,112 billion by mid-May shows the level of immense pressure government is currently under in terms of resource management. The MoF source say that budget for the upcoming year will have austerity measures to curb unnecessary expenses. &nbsp;It is being said that the size of the Federal Budget for FY2020/21 will be similar to the budget of the current fiscal year. The severe constrain in resources has led the government to put its high hopes on foreign aid for the upcoming budget. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the government is yet to respond calls to announce stimulus package to kickstart economic recovery, all eyes are on the Finance Minister now to see how he addresses the demand of the private sector and unemployed people. It has been estimated that stimulus package of Rs 200 billion is immediately needed to support the ailing economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At the time of the crisis, resource management has become cumbersome for the government also because of its obligation to mandatory liabilities such as pension, salary and allowances to civil servants, security personnel, payment of principle and interest of foreign borrowings and social security allowances. According to the Financial Comptroller General Gopinath Mainali, 60 percent of expenses in the budget of current fiscal year have been allocated for mandatory liabilities. The government currently spends Rs 55 billion in pension, Rs 66 billion in social security allowances to 2.9 million people, Rs 100 billion in principle and interest payment of foreign loans and Rs 300 billion in renumeration of security personnel and teachers. This liability of government has been increasing every year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The share of development budget allocated for the current fiscal year is just 26 percent of the total allocations. According to Mainali, the government can lower the resource management pressure if it cancels unnecessary civil service positions, commissions, political appointments and cuts down number of ministries and divisions. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Jagdish Chandra Pokharel, former vice chairman of National Planning Commission said that the government&rsquo;s recurrent expenditure has been increasing constantly than capital expenditure since 2008 when the country was declared a republic state. According to him, the country&rsquo;s overall economic system has been moving in uncontrolled ways due to this imbalance. </span></span></span></span></p>
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			'sortorder' => '11831',
			'image' => '20200528020639_Yubaraj-Khatiwada.jpg',
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			'id' => '12080',
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			'title' => 'Arable Land Shrinking: Economic Survey ',
			'sub_title' => '',
			'summary' => 'Despite the government’s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across 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:&quot;Arial&quot;,sans-serif">Despite the government&rsquo;s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across the country. According to Economic Survey 2019/20, agricultural land has shrunken by 0.9 percent in the current fiscal year compared to the last fiscal year. &ldquo;Fragmentation of land and flight of young workforce from to work abroad have been the major reasons for shrinkage of arable land,&rdquo; reads the report. According to the survey, land used for paddy plantation has decreased by 2.2 percent in FY2019/20 compared to last fiscal year. Similarly, the government has estimated decline in production of paddy by 1.1 percent which was 8.1 percent in FY2018/19. The survey has cited inadequate rainfall this year for the decline of paddy production. Nevertheless, the area of maize and wheat plantation has increased by 0.2 percent and 0.3 percent, respectively. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Meanwhile, share of agriculture sector in the country&rsquo;s GDP has also decreased. The contribution of the sector to GDP, which was 37.1 percent in FY2010/11, is expected to decline to 27.7 percent in the current fiscal year. The agriculture sector productivity, which grew by 5.1 percent in FY2018/19 is estimated to shrink to 2.6 percent in the current fiscal year. According to Economic Survey, the decrease in paddy production and the lockdown imposed by the government to stop the spread of coronavirus have affected production of vegetables, meat and dairy items. The government has estimated that production of vegetables, which had increased by 4 percent in FY2018/19, will dip by 4.3 percent to 40,089 metric tonnes in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite decreasing contribution to the country&rsquo;s GDP, agriculture sector&rsquo;s contribution to the economic growth has been seen fluctuating. According to Economic Survey, the contribution of agriculture sector to Nepal&rsquo;s overall economic growth is estimated to be 32.7 percent in the current fiscal year which was 21.2 percent in FY2018/19. &nbsp;&nbsp;</span></span></span></span></p>
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			'sortorder' => '11830',
			'image' => '20200527082816_State_of_agriculture.jpg',
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		'Article' => array(
			'id' => '12079',
			'article_category_id' => '1',
			'title' => 'Govt Lowers Economic Growth Projection to 2.3%',
			'sub_title' => '',
			'summary' => 'As the Covid-19 pandemic continues to impact every aspect of Nepal’s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the Covid-19 pandemic continues to impact every aspect of Nepal&rsquo;s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. The government in the budget of the current fiscal year had set an ambitious economic growth target of 8.5 percent. Presenting the Economic Survey 2019/20 before the Federal Parliament on May 26, Finance Minister Dr Yuba Raj Khatiwada said that the Covid-19 pandemic is to be blamed for the sharp contraction. The estimation, is however, 0.03 percent higher than the economic growth projection of the Central Bureau of Statistics (CBS). CBS in April 29 estimated 2.27 percent economic growth for the current fiscal year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In the Economic Survey report, the government has said that services sector, tourism, hotel industry, manufacturing, transportation, construction, and wholesale and retail trade have been hard hit by the pandemic leading to the country&rsquo;s dismal economic growth. Unveiling the report, Dr Khatiwada said that Nepali economy, which was growing satisfactorily till February-March (Falgun) headed towards a deeper slump in the ensuing months. According to the Economic Survey 2019/20, the pandemic-induced economic crisis will aggravate unemployment and poverty. Nepal registered average economic growth of 7.3 percent in the last three years. &ldquo;The Covid-19 pandemic has affected Nepal&rsquo;s overall economic productivity and supply chain,&rdquo; stated the report. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has predicted that tourism sector will decline the most in the current fiscal year due to abrupt halt in global travel and hospitality activities. The growth of the tourism sector, which was 7.3 percent in FY2018/19, will be negative 16.3 percent in the current fiscal year, according to the Economic Survey. Similarly, sectors such as transportation, storage and warehousing, communications, manufacturing, mining and construction will also register negative growth this year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the Economic Survey, the contribution of agriculture sector to the country&rsquo;s gross domestic product (GDP) has declined, while the contribution of non-agriculture sector has risen. The government has estimated that the contribution of agriculture sector to GDP will be 27.6 percent, while it will be 72.4 percent for non-agriculture sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite the steep decline in economic growth, income growth of citizens, however, will increase in the current fiscal year. The survey has forecasted that per capita income of Nepalis will grow by Rs 8,563 to reach to Rs 126,018 (USD 1,058) in FY2019/20. </span></span></span></span></h2>

<h2><strong><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Decline in Savings</span></span></span></span></strong></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the survey, savings of Nepalis in FY2019/20 has decreased compared to the last fiscal year. &ldquo;Consumption will account 81.9 percent of GDP and savings will be 18.1 percent in the current fiscal year,&rdquo; reads the report. In FY2018/19, the rates of consumption and savings were 79.5 percent of GDP and 20.5 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, the survey has also predicted that total investment in the country will decline by 3.4 percent than last year to Rs 1,889.26 billion due to the increase in expenses on preventive measures against the spread of coronavirus deployed by the government and the private sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The per capita public debt has reached Rs 39,000 as of 2020 February-March (Falgun) which was Rs 36,000 in the corresponding period of last year. According to Economic Survey, public debt has amounted to Rs 1,139.80 as of February-March, increasing by Rs 91.90 billion in the nine months of the current fiscal year from Rs 1,047.90 billion in June-July of 2019.&nbsp; &ldquo;Strengthening economy, increase in per capita income and loan re-payment capacity of people, and acceleration in post-quake reconstruction have resulted in decline in foreign grant in development assistance. This has led to the growth of share of debt in GDP,&rdquo; stated the survey. According to the report, the ratio of internal and external debt has been 38.6 percent and 61.4 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Economists say that the Economic Survey has shown underlying problems of Nepali economy that have been exacerbated by the pandemic-induced crisis. &ldquo;The survey has just presented the picture of eight months of the current fiscal year. But the economic momentum was already lethargic before this period,&rdquo; said Jagdish Chandra Pokharel, former vice chairman of National Planning Commission (NPC), adding &ldquo;A big trouble arrived in the country after eight months. But the government has failed to measure and evaluate the economic loss incurred by Nepal over the last two months.&rdquo; He suggested the government to conduct a comprehensive study about the Covid-19 economic impacts so as to focus its efforts in the economic recovery.</span></span></span></span></h2>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12078',
			'article_category_id' => '1',
			'title' => 'IFC to Support Nepal’s SMEs ',
			'sub_title' => '',
			'summary' => 'International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal. Addressing a webinar titled &lsquo;Private Sector Response to Covid-19&rsquo; organised by the Society of Economic Journalists-Nepal (SEJON) on May 26, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Wendy Werner, country manager for Nepal Bangladesh and Bhutan of IFC said that the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">private sector arm of the World Bank Group will help to reenergize the Nepali private sector affected by the global health emergency and measures taken by the government to stop the spread of coronavirus. &ldquo;The role of private sector is very important for economic recovery. We will support the SMEs of Nepal affected by the coronavirus,&rdquo; she said. Werner mentioned that Nepal&rsquo;s services sectors including tourism collapsed during the beginning of Covid-19 pandemic and that the impacts of the collapse will remain for some time to come. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;IFC will not only be equity investor for the Nepali private sector but will also play a broader assistive role to help overcome the difficulties,&rdquo; she said. IFC in mid-March announced a USD 8 billion Covid-19 package to support private companies of developing countries. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&nbsp;IFC has been providing its support to private sector-run banks and financial institutions in Nepal. Werner informed that the country&rsquo;s SMEs will receive assistance from this year. &ldquo;SMEs play crucial role in employment generation,&rdquo; she said. According to Werner, IFC&rsquo;s investment in Nepal will reach USD 500 million by the end of 2020. &ldquo;We have targeted to invest USD 1.2 billion in Nepali private sector by 2023,&rdquo; she said. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12077',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 250 million Concessional Loan to Help Nepal Fight Covid-19 ',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country&rsquo;s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Manila-based lender in a press statement said that the Covid-19 Active Response and Expenditure Support (CARES) Program is funded through the COVID-19 pandemic response option (CPRO) under ADB&rsquo;s Countercyclical Support Facility. CPRO was established as part of ADB&rsquo;s&nbsp;<a href="https://www.adb.org/news/adb-triples-covid-19-response-package-20-billion">USD 20 billion expanded assistance</a>&nbsp;for developing member countries&rsquo; COVID-19 response, which was announced on 13 April.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;The CARES Program will support the Nepal government in scaling up its testing capacity to at least 3,000 tests per day and establishing quarantine facilities for at least 200,000 people with separate wards for women and men in all seven provinces. Incentives will be provided for medical and other frontline personnel responding to COVID-19,&rdquo; 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:&quot;Arial&quot;,sans-serif">ADB&rsquo;s financing will also support the government in extending its social protection program to include distribution of food assistance to the poorest and vulnerable households, provision of employment support to the unemployed poor, especially women, and returning migrant workers. Subsidized lending will be extended to affected micro, small, and medium-sized enterprises, of which at least 30 percent are women-led, with at least half of them from disadvantaged groups.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue&nbsp;its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery,&rdquo; the statement quoted ADB President Masatsugu Asakawa as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">ADB informed that it has already provided Nepal a USD 300,000 grant to procure medical supplies, in collaboration with UNICEF. &ldquo;ADB is working closely with the government and development partners to provide policy advice and develop measures to deal with the social and economic impacts of the pandemic,&rdquo; reads the statement. </span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12076',
			'article_category_id' => '1',
			'title' => 'NIC Asia and Recharger Sign Deal',
			'sub_title' => '',
			'summary' => 'NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide the customers of the bank 10 percent discount on purchase of items that are used to combat coronavirus contagion. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide discount to the customers of the bank on purchase of items that are used to combat coronavirus contagion. Issuing a press statement, the bank said that Recharger app users will get 10 percent cash back&nbsp;on payment of their purchase using NIC Asia&rsquo;s QR code, debit card and credit card. &nbsp;</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:&quot;Arial&quot;,sans-serif">Recharger has been selling items such as face masks, sanitizer, gloves, thermal gun and personal protection kits at affordable price points. According to the press statement, customers of NIC Asia will receive an additional 10 percent discount on purchase of these items through the app for the month of May. The statement claims that Recharger, which has been selling KN95 masks at Rs 175 per unit with free home delivery service, has been selling face masks at price less than international e-commerce platforms such as Alibaba and Amazon. </span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '11826',
			'image' => '20200526051930_Reecharger_NIC Asia[5555].jpg',
			'article_date' => '2020-05-26 17:15:03',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12075',
			'article_category_id' => '1',
			'title' => 'Slump in Nepal’s Foreign Trade Deepens  ',
			'sub_title' => '',
			'summary' => 'The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal’s foreign trade. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal&rsquo;s foreign trade. The severe disruption in supply chain has adversely affected Nepal&rsquo;s imports and exports with both of its largest trading partners India and China. Data published by the Department of Customs (DoC) show that Nepal&rsquo;s total foreign trade has declined sharply in the 10 months of the current fiscal year 2019/20 compared to the same period of the last fiscal year. As of Baisakh (April-May), the foreign trade has declined by 11.89 percent to Rs 1,172 billion from Rs 1,256.67 billion in the corresponding period of FY2018/19.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Official statistics reveal that slump in the country&rsquo;s imports/exports have further deepened in the April-May compared to previous months. In the review period, foreign trade has decreased to Rs 46 billion which was Rs 62.20 billion in March-April and Rs 130 billion in February-March. In April-May, Nepal&rsquo;s imports amounted to Rs 42.60 billion and exports totaled Rs 3.24 billion; the figures were Rs 58.29 billion and Rs 3.91 billion in March-April period. Sharp decline in import of petroleum products has contributed to this slump in the country&rsquo;s foreign trade. Difficulties in transportation along with problems in export and export through customs points are the key reasons for this. For instance, suspension of all international commercial flights, which is in place since March 20 has badly affected Nepal&rsquo;s exports. Much of the country&rsquo;s exports are carried out through air cargoes. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As per DoC data, import of vegetables, petroleum products, iron/steel, boiler machinery and vehicles has declined the most in April-May, while import of rice and medicine/medical equipment has increased during the review period. Last month, Nepal imported rice worth Rs 4.76 billion which was Rs 3.82 billion in March-April. Meanwhile, import of petroleum products has come down to Rs 8.28 billion in April-May which was Rs 9.19 billion a month earlier. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In April-May, Nepal&rsquo;s imported goods worth Rs 25.04 billion from India while its exports to the southern neighbour amounted to Rs 2.09 billion. Similarly, imports from China totaled Rs 1.98 billion while exports to the northern neighbour were a meagre at Rs 3.7 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">DoC officials are hopeful foreign trade will improve as barriers seen at customs points have gradually eased. Suman Dahal, director general at DoC said that a high-level Rapid Response Team has been working to resolve the issues. According to him Ministry of Finance has been notified about the problems being faced at customs points and the Ministry of Foreign Affairs has expedited its diplomatic initiations to resolve the issues through bilateral talks with India and China. &nbsp;</span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12074',
			'article_category_id' => '1',
			'title' => 'Prime Minster Hints to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. Oli in his address to nation on Monday said that the government will make some changes to ease the situation while being careful to avoid further contagion of coronavirus. According to him, there will be some changes in the modality of lockdown ensuring that the epidemic risks are kept at minimum. The latest remarks by PM Oli signals changes in his approach towards restrictions that are in place since March 24. In his earlier comments, he had prioritised life of Nepalis over the country&rsquo;s economy. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Oli said that the government will allow resuming further agricultural and industrial activities ensuring that people engaged in such activities follow social distancing rules. &ldquo;However, administrative restrictions in movement of people will be given continuity to stop community-level transmission of coronavirus,&rdquo; he mentioned. According to Oli, the government will make necessary arrangements to start development works, easing of supply of daily essential items, imports and exports, and provide employment to jobless people residing in Nepal and those who return from abroad after losing their jobs in the wake of Covid-19 pandemic. He informed that the government will issue order to immediately start rescue of Nepalis stranded in different countries. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">PM Oli also said that relief will be provided to the crisis-stricken business sector. &ldquo;The Ministry of Finance will issue a comprehensive proposal regarding the country&rsquo;s economic recovery. It will include measures such as tax and non-tax exemptions, interest rate concession, availability of bank loans and electricity bill concessions,&rdquo; he stated. The Prime Minister also said that the government will further expand the scope of Covid-19 testing to at least two percent of the country&rsquo;s population. </span></span></span></span></h1>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12073',
			'article_category_id' => '1',
			'title' => 'Dairy Industry Losses Amount to Rs 3 billion',
			'sub_title' => '',
			'summary' => 'Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. In a video press conference organised by the Nepal Dairy Association (NDA) today, entrepreneurs informed that sales of dairy products have declined by 80 percent over the past two months due to the travel and transport restrictions imposed by the government to curb the spread of coronavirus. &ldquo;The loss of market in the main production season has created several problems for us from making payments to farmers, rent, electricity bills to provide salaries to staff,&rdquo; said Pralahad Dahal, general secretary of NDA. According to him, the losses will increase further as items skim milk powder and butter worth Rs 5 billion stocked by dairy industries are set to expire in the next few months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dahal informed that Rs 30 billion has been invested in the Nepali dairy industry till date. Similarly, half a million farmers and 20,000 workers are directly associated with the sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dairy sector seeks government support</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the situation worsens due to the lockdown becoming longer than anticipated, dairy entrepreneurs look for support from the government. At the press conference, NDA made public its demands seeking relief package to help dairy industries to withstand the crisis. Entrepreneurs urged the government to include measures to address their grievances in the Federal Budget for the upcoming fiscal year. They have demanded to provide collateral-free concessional loan for a period of five years. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, their other demands include increasing of loan terms and lowering of lending interest rate for the lockdown period. They have asked the government to re-introduce 50 percent VAT exemption to dairy industries and 50 percent discount on electricity bills. </span></span></span></span></p>
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			'id' => '12087',
			'article_category_id' => '1',
			'title' => 'Govt Brings Budget of Rs 1,474.64 billion, Targets 7% Economic Growth',
			'sub_title' => '',
			'summary' => 'The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada informed that a total of Rs 948.94 billion has been allocated for recurrent expenditure while Rs 352.91 billion has been allocated for capital expenditure in the next fiscal year. The budget has targeted to raise Rs 889.62 billion through revenue collection while aiming to raise Rs 60.52 billion through foreign assistance. </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:&quot;Arial&quot;,sans-serif">Similarly, it has aimed raising Rs 299.50 billion and Rs 225 billion in external and internal debts, respectively. Meanwhile, the government has set economic growth target at 7 percent for FY2020/21. Likewise, it has announced to keep inflation rate target at 7 percent for the next fiscal year, an increment of one percentage point from current fiscal year&rsquo;s target of 6 percent. </span></span></span></span></p>
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			'created' => '2020-05-28',
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			'description' => '',
			'sortorder' => '11837',
			'image' => '20200528070154_budget nepal.jpg',
			'article_date' => '2020-05-28 19:00:54',
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			'title' => 'Industries Shut Down during Lockdown to Get Electricity Bill Concession ',
			'sub_title' => '',
			'summary' => 'The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. Unveiling the Federal Budget for FY2020/21, Dr Yuba Raj Khatiwada informed the parliament that the industries will receive concession in demand charge of electricity and will also get 50 percent discount on electricity bill during off-peak hours. </span></span></span></span></h2>
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			'sortorder' => '11836',
			'image' => '20200528060901_power meter.jpg',
			'article_date' => '2020-05-28 18:07:38',
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			'id' => '12085',
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			'title' => 'PMEP Budget Increased by Two-Fold ',
			'sub_title' => '',
			'summary' => 'The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year. In his budget speech, Dr Yuba Raj Khatiwada informed that Rs 11.60 billion has been allocated for PMEP for FY2020/21 which was Rs 5.1 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dr Khatiwada said that the government aims to create 200,000 jobs for the youths through the programme in FY2020/21. </span></span></span></span></p>
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			'sortorder' => '11835',
			'image' => '20200528082637_Prime-Minister-Self-employment-Programme.jpg',
			'article_date' => '2020-05-28 18:00:32',
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			'id' => '12084',
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			'title' => 'Rs 6 billion to Fight Coronavirus',
			'sub_title' => '',
			'summary' => 'The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. Unveiling the budget, Finance Minister Dr Yuba Raj Khatiwada said that the allocated amount will be used to expand the scope of COVID-19 testing, increase and manage quarantine facilities and mange health facilities throughout the country. &nbsp;&nbsp;</span></span></span></span></p>
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			'description' => '',
			'sortorder' => '11834',
			'image' => '20200528055828_covid-19 testing.jpg',
			'article_date' => '2020-05-28 17:57:29',
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			'id' => '12083',
			'article_category_id' => '1',
			'title' => 'Government to Deposit SSF Contribution for Lockdown Period',
			'sub_title' => '',
			'summary' => 'The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. In his speech of the Federal Budget for FY2020/21, Finance Minister Dr Yuba Raj Khatiwada said the government will deposit the money into the respective SSF accounts of the employees. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government in March had decided to deposit the SSF contribution of 158,509 employees of private sector companies and I/NGOs associated with the fund. </span></span></span></span></p>
',
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			'sortorder' => '11833',
			'image' => '20200528055558_khatiwada.jpg',
			'article_date' => '2020-05-28 17:54:47',
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		'Article' => array(
			'id' => '12082',
			'article_category_id' => '1',
			'title' => 'Biratnagar Industrialists Demand An End to Government Indifference',
			'sub_title' => '',
			'summary' => 'In a sign of increasing disquiet among members of the business community as a result of the government’s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In a sign of increasing disquiet among members of the business community as a result of the government&rsquo;s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes. The banners that started appearing from the morning of May 27 reads the slogan, &ldquo;Government! Industries and business that are the basis of economic development and employment are in crisis!!&rdquo; The banners were displayed on the joint call by Morang Merchant Association (MMA), Chamber of Industries Morang (CIM) and Birat Trade Association (BTA). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Officials of the associations say they took the step against the government&rsquo;s indifference towards the grief of business community. According to them, the move is aimed at pressurising the government to address the demands jointly presented by the main business bodies Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (CNI). Banners have been displayed outside the offices of MMA, CIM and BTA. Similarly, various business houses, industrial enterprises and industries situated at Sunsari-Morang Industrial Corridor have also displayed the banners outside their gates. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Bhim Ghimire, president of CIM said that this step has been aimed towards putting pressure onto the government to address grievances of business community in the budget for fiscal year 2020/21. &ldquo;We have been working to help the government to meet its aim of &lsquo;Prosperous Nepal, Happy Nepalis&rsquo; by generating employment opportunities and contributions to the country&rsquo;s economy,&rdquo; he said, adding, &ldquo;Industries, which serve as base of economic prosperity, are in crisis at the moment. Therefore, the government must not show indifference towards the demands of business community members.&rdquo; </span></span></span></span></p>
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			'sortorder' => '11832',
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		'Article' => array(
			'id' => '12081',
			'article_category_id' => '1',
			'title' => 'Budget 2020/21: FinMin Faces Pressure to Balance Economic Recovery Needs and Resource Management',
			'sub_title' => '',
			'summary' => 'At a time when the country’s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At a time when the country&rsquo;s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to officials at the Ministry of Finance (MoF), the key focuses of budget for the upcoming fiscal year will be on minimising Covid-19 impacts on Nepal&rsquo;s economy, enhancement of health infrastructure and employment generation. &nbsp;Ministry sources say that the government will allocate significant amount of money for health infrastructure. Similarly, the budget will also prioritise commercial agriculture and farming to provide employment opportunities to those who have lost their jobs inside and outside of the country due to the pandemic. &ldquo;There will be arrangement in the budget for supplying required human resource to the local levels through job bank,&rdquo; said a MoF official engaged in preparation of budget who wished not to be named. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Tax and non-tax revenue, foreign aid and internal borrowing - major income resources for the government- are under immense pressure right now because of the abrupt halt in domestic economic activities and severe disruptions in Nepal&rsquo;s foreign trade. The fact that revenue collection reached only half of the targeted amount of Rs 1,112 billion by mid-May shows the level of immense pressure government is currently under in terms of resource management. The MoF source say that budget for the upcoming year will have austerity measures to curb unnecessary expenses. &nbsp;It is being said that the size of the Federal Budget for FY2020/21 will be similar to the budget of the current fiscal year. The severe constrain in resources has led the government to put its high hopes on foreign aid for the upcoming budget. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the government is yet to respond calls to announce stimulus package to kickstart economic recovery, all eyes are on the Finance Minister now to see how he addresses the demand of the private sector and unemployed people. It has been estimated that stimulus package of Rs 200 billion is immediately needed to support the ailing economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At the time of the crisis, resource management has become cumbersome for the government also because of its obligation to mandatory liabilities such as pension, salary and allowances to civil servants, security personnel, payment of principle and interest of foreign borrowings and social security allowances. According to the Financial Comptroller General Gopinath Mainali, 60 percent of expenses in the budget of current fiscal year have been allocated for mandatory liabilities. The government currently spends Rs 55 billion in pension, Rs 66 billion in social security allowances to 2.9 million people, Rs 100 billion in principle and interest payment of foreign loans and Rs 300 billion in renumeration of security personnel and teachers. This liability of government has been increasing every year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The share of development budget allocated for the current fiscal year is just 26 percent of the total allocations. According to Mainali, the government can lower the resource management pressure if it cancels unnecessary civil service positions, commissions, political appointments and cuts down number of ministries and divisions. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Jagdish Chandra Pokharel, former vice chairman of National Planning Commission said that the government&rsquo;s recurrent expenditure has been increasing constantly than capital expenditure since 2008 when the country was declared a republic state. According to him, the country&rsquo;s overall economic system has been moving in uncontrolled ways due to this imbalance. </span></span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11831',
			'image' => '20200528020639_Yubaraj-Khatiwada.jpg',
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			'id' => '12080',
			'article_category_id' => '1',
			'title' => 'Arable Land Shrinking: Economic Survey ',
			'sub_title' => '',
			'summary' => 'Despite the government’s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across 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:&quot;Arial&quot;,sans-serif">Despite the government&rsquo;s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across the country. According to Economic Survey 2019/20, agricultural land has shrunken by 0.9 percent in the current fiscal year compared to the last fiscal year. &ldquo;Fragmentation of land and flight of young workforce from to work abroad have been the major reasons for shrinkage of arable land,&rdquo; reads the report. According to the survey, land used for paddy plantation has decreased by 2.2 percent in FY2019/20 compared to last fiscal year. Similarly, the government has estimated decline in production of paddy by 1.1 percent which was 8.1 percent in FY2018/19. The survey has cited inadequate rainfall this year for the decline of paddy production. Nevertheless, the area of maize and wheat plantation has increased by 0.2 percent and 0.3 percent, respectively. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Meanwhile, share of agriculture sector in the country&rsquo;s GDP has also decreased. The contribution of the sector to GDP, which was 37.1 percent in FY2010/11, is expected to decline to 27.7 percent in the current fiscal year. The agriculture sector productivity, which grew by 5.1 percent in FY2018/19 is estimated to shrink to 2.6 percent in the current fiscal year. According to Economic Survey, the decrease in paddy production and the lockdown imposed by the government to stop the spread of coronavirus have affected production of vegetables, meat and dairy items. The government has estimated that production of vegetables, which had increased by 4 percent in FY2018/19, will dip by 4.3 percent to 40,089 metric tonnes in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite decreasing contribution to the country&rsquo;s GDP, agriculture sector&rsquo;s contribution to the economic growth has been seen fluctuating. According to Economic Survey, the contribution of agriculture sector to Nepal&rsquo;s overall economic growth is estimated to be 32.7 percent in the current fiscal year which was 21.2 percent in FY2018/19. &nbsp;&nbsp;</span></span></span></span></p>
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			'created' => '2020-05-27',
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			'sortorder' => '11830',
			'image' => '20200527082816_State_of_agriculture.jpg',
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		'Article' => array(
			'id' => '12079',
			'article_category_id' => '1',
			'title' => 'Govt Lowers Economic Growth Projection to 2.3%',
			'sub_title' => '',
			'summary' => 'As the Covid-19 pandemic continues to impact every aspect of Nepal’s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the Covid-19 pandemic continues to impact every aspect of Nepal&rsquo;s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. The government in the budget of the current fiscal year had set an ambitious economic growth target of 8.5 percent. Presenting the Economic Survey 2019/20 before the Federal Parliament on May 26, Finance Minister Dr Yuba Raj Khatiwada said that the Covid-19 pandemic is to be blamed for the sharp contraction. The estimation, is however, 0.03 percent higher than the economic growth projection of the Central Bureau of Statistics (CBS). CBS in April 29 estimated 2.27 percent economic growth for the current fiscal year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In the Economic Survey report, the government has said that services sector, tourism, hotel industry, manufacturing, transportation, construction, and wholesale and retail trade have been hard hit by the pandemic leading to the country&rsquo;s dismal economic growth. Unveiling the report, Dr Khatiwada said that Nepali economy, which was growing satisfactorily till February-March (Falgun) headed towards a deeper slump in the ensuing months. According to the Economic Survey 2019/20, the pandemic-induced economic crisis will aggravate unemployment and poverty. Nepal registered average economic growth of 7.3 percent in the last three years. &ldquo;The Covid-19 pandemic has affected Nepal&rsquo;s overall economic productivity and supply chain,&rdquo; stated the report. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has predicted that tourism sector will decline the most in the current fiscal year due to abrupt halt in global travel and hospitality activities. The growth of the tourism sector, which was 7.3 percent in FY2018/19, will be negative 16.3 percent in the current fiscal year, according to the Economic Survey. Similarly, sectors such as transportation, storage and warehousing, communications, manufacturing, mining and construction will also register negative growth this year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the Economic Survey, the contribution of agriculture sector to the country&rsquo;s gross domestic product (GDP) has declined, while the contribution of non-agriculture sector has risen. The government has estimated that the contribution of agriculture sector to GDP will be 27.6 percent, while it will be 72.4 percent for non-agriculture sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite the steep decline in economic growth, income growth of citizens, however, will increase in the current fiscal year. The survey has forecasted that per capita income of Nepalis will grow by Rs 8,563 to reach to Rs 126,018 (USD 1,058) in FY2019/20. </span></span></span></span></h2>

<h2><strong><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Decline in Savings</span></span></span></span></strong></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the survey, savings of Nepalis in FY2019/20 has decreased compared to the last fiscal year. &ldquo;Consumption will account 81.9 percent of GDP and savings will be 18.1 percent in the current fiscal year,&rdquo; reads the report. In FY2018/19, the rates of consumption and savings were 79.5 percent of GDP and 20.5 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, the survey has also predicted that total investment in the country will decline by 3.4 percent than last year to Rs 1,889.26 billion due to the increase in expenses on preventive measures against the spread of coronavirus deployed by the government and the private sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The per capita public debt has reached Rs 39,000 as of 2020 February-March (Falgun) which was Rs 36,000 in the corresponding period of last year. According to Economic Survey, public debt has amounted to Rs 1,139.80 as of February-March, increasing by Rs 91.90 billion in the nine months of the current fiscal year from Rs 1,047.90 billion in June-July of 2019.&nbsp; &ldquo;Strengthening economy, increase in per capita income and loan re-payment capacity of people, and acceleration in post-quake reconstruction have resulted in decline in foreign grant in development assistance. This has led to the growth of share of debt in GDP,&rdquo; stated the survey. According to the report, the ratio of internal and external debt has been 38.6 percent and 61.4 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Economists say that the Economic Survey has shown underlying problems of Nepali economy that have been exacerbated by the pandemic-induced crisis. &ldquo;The survey has just presented the picture of eight months of the current fiscal year. But the economic momentum was already lethargic before this period,&rdquo; said Jagdish Chandra Pokharel, former vice chairman of National Planning Commission (NPC), adding &ldquo;A big trouble arrived in the country after eight months. But the government has failed to measure and evaluate the economic loss incurred by Nepal over the last two months.&rdquo; He suggested the government to conduct a comprehensive study about the Covid-19 economic impacts so as to focus its efforts in the economic recovery.</span></span></span></span></h2>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12078',
			'article_category_id' => '1',
			'title' => 'IFC to Support Nepal’s SMEs ',
			'sub_title' => '',
			'summary' => 'International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal. Addressing a webinar titled &lsquo;Private Sector Response to Covid-19&rsquo; organised by the Society of Economic Journalists-Nepal (SEJON) on May 26, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Wendy Werner, country manager for Nepal Bangladesh and Bhutan of IFC said that the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">private sector arm of the World Bank Group will help to reenergize the Nepali private sector affected by the global health emergency and measures taken by the government to stop the spread of coronavirus. &ldquo;The role of private sector is very important for economic recovery. We will support the SMEs of Nepal affected by the coronavirus,&rdquo; she said. Werner mentioned that Nepal&rsquo;s services sectors including tourism collapsed during the beginning of Covid-19 pandemic and that the impacts of the collapse will remain for some time to come. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;IFC will not only be equity investor for the Nepali private sector but will also play a broader assistive role to help overcome the difficulties,&rdquo; she said. IFC in mid-March announced a USD 8 billion Covid-19 package to support private companies of developing countries. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&nbsp;IFC has been providing its support to private sector-run banks and financial institutions in Nepal. Werner informed that the country&rsquo;s SMEs will receive assistance from this year. &ldquo;SMEs play crucial role in employment generation,&rdquo; she said. According to Werner, IFC&rsquo;s investment in Nepal will reach USD 500 million by the end of 2020. &ldquo;We have targeted to invest USD 1.2 billion in Nepali private sector by 2023,&rdquo; she said. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12077',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 250 million Concessional Loan to Help Nepal Fight Covid-19 ',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country&rsquo;s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Manila-based lender in a press statement said that the Covid-19 Active Response and Expenditure Support (CARES) Program is funded through the COVID-19 pandemic response option (CPRO) under ADB&rsquo;s Countercyclical Support Facility. CPRO was established as part of ADB&rsquo;s&nbsp;<a href="https://www.adb.org/news/adb-triples-covid-19-response-package-20-billion">USD 20 billion expanded assistance</a>&nbsp;for developing member countries&rsquo; COVID-19 response, which was announced on 13 April.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;The CARES Program will support the Nepal government in scaling up its testing capacity to at least 3,000 tests per day and establishing quarantine facilities for at least 200,000 people with separate wards for women and men in all seven provinces. Incentives will be provided for medical and other frontline personnel responding to COVID-19,&rdquo; 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:&quot;Arial&quot;,sans-serif">ADB&rsquo;s financing will also support the government in extending its social protection program to include distribution of food assistance to the poorest and vulnerable households, provision of employment support to the unemployed poor, especially women, and returning migrant workers. Subsidized lending will be extended to affected micro, small, and medium-sized enterprises, of which at least 30 percent are women-led, with at least half of them from disadvantaged groups.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue&nbsp;its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery,&rdquo; the statement quoted ADB President Masatsugu Asakawa as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">ADB informed that it has already provided Nepal a USD 300,000 grant to procure medical supplies, in collaboration with UNICEF. &ldquo;ADB is working closely with the government and development partners to provide policy advice and develop measures to deal with the social and economic impacts of the pandemic,&rdquo; reads the statement. </span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12076',
			'article_category_id' => '1',
			'title' => 'NIC Asia and Recharger Sign Deal',
			'sub_title' => '',
			'summary' => 'NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide the customers of the bank 10 percent discount on purchase of items that are used to combat coronavirus contagion. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide discount to the customers of the bank on purchase of items that are used to combat coronavirus contagion. Issuing a press statement, the bank said that Recharger app users will get 10 percent cash back&nbsp;on payment of their purchase using NIC Asia&rsquo;s QR code, debit card and credit card. &nbsp;</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:&quot;Arial&quot;,sans-serif">Recharger has been selling items such as face masks, sanitizer, gloves, thermal gun and personal protection kits at affordable price points. According to the press statement, customers of NIC Asia will receive an additional 10 percent discount on purchase of these items through the app for the month of May. The statement claims that Recharger, which has been selling KN95 masks at Rs 175 per unit with free home delivery service, has been selling face masks at price less than international e-commerce platforms such as Alibaba and Amazon. </span></span></span></span></p>
',
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			'sortorder' => '11826',
			'image' => '20200526051930_Reecharger_NIC Asia[5555].jpg',
			'article_date' => '2020-05-26 17:15:03',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12075',
			'article_category_id' => '1',
			'title' => 'Slump in Nepal’s Foreign Trade Deepens  ',
			'sub_title' => '',
			'summary' => 'The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal’s foreign trade. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal&rsquo;s foreign trade. The severe disruption in supply chain has adversely affected Nepal&rsquo;s imports and exports with both of its largest trading partners India and China. Data published by the Department of Customs (DoC) show that Nepal&rsquo;s total foreign trade has declined sharply in the 10 months of the current fiscal year 2019/20 compared to the same period of the last fiscal year. As of Baisakh (April-May), the foreign trade has declined by 11.89 percent to Rs 1,172 billion from Rs 1,256.67 billion in the corresponding period of FY2018/19.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Official statistics reveal that slump in the country&rsquo;s imports/exports have further deepened in the April-May compared to previous months. In the review period, foreign trade has decreased to Rs 46 billion which was Rs 62.20 billion in March-April and Rs 130 billion in February-March. In April-May, Nepal&rsquo;s imports amounted to Rs 42.60 billion and exports totaled Rs 3.24 billion; the figures were Rs 58.29 billion and Rs 3.91 billion in March-April period. Sharp decline in import of petroleum products has contributed to this slump in the country&rsquo;s foreign trade. Difficulties in transportation along with problems in export and export through customs points are the key reasons for this. For instance, suspension of all international commercial flights, which is in place since March 20 has badly affected Nepal&rsquo;s exports. Much of the country&rsquo;s exports are carried out through air cargoes. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As per DoC data, import of vegetables, petroleum products, iron/steel, boiler machinery and vehicles has declined the most in April-May, while import of rice and medicine/medical equipment has increased during the review period. Last month, Nepal imported rice worth Rs 4.76 billion which was Rs 3.82 billion in March-April. Meanwhile, import of petroleum products has come down to Rs 8.28 billion in April-May which was Rs 9.19 billion a month earlier. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In April-May, Nepal&rsquo;s imported goods worth Rs 25.04 billion from India while its exports to the southern neighbour amounted to Rs 2.09 billion. Similarly, imports from China totaled Rs 1.98 billion while exports to the northern neighbour were a meagre at Rs 3.7 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">DoC officials are hopeful foreign trade will improve as barriers seen at customs points have gradually eased. Suman Dahal, director general at DoC said that a high-level Rapid Response Team has been working to resolve the issues. According to him Ministry of Finance has been notified about the problems being faced at customs points and the Ministry of Foreign Affairs has expedited its diplomatic initiations to resolve the issues through bilateral talks with India and China. &nbsp;</span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12074',
			'article_category_id' => '1',
			'title' => 'Prime Minster Hints to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. Oli in his address to nation on Monday said that the government will make some changes to ease the situation while being careful to avoid further contagion of coronavirus. According to him, there will be some changes in the modality of lockdown ensuring that the epidemic risks are kept at minimum. The latest remarks by PM Oli signals changes in his approach towards restrictions that are in place since March 24. In his earlier comments, he had prioritised life of Nepalis over the country&rsquo;s economy. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Oli said that the government will allow resuming further agricultural and industrial activities ensuring that people engaged in such activities follow social distancing rules. &ldquo;However, administrative restrictions in movement of people will be given continuity to stop community-level transmission of coronavirus,&rdquo; he mentioned. According to Oli, the government will make necessary arrangements to start development works, easing of supply of daily essential items, imports and exports, and provide employment to jobless people residing in Nepal and those who return from abroad after losing their jobs in the wake of Covid-19 pandemic. He informed that the government will issue order to immediately start rescue of Nepalis stranded in different countries. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">PM Oli also said that relief will be provided to the crisis-stricken business sector. &ldquo;The Ministry of Finance will issue a comprehensive proposal regarding the country&rsquo;s economic recovery. It will include measures such as tax and non-tax exemptions, interest rate concession, availability of bank loans and electricity bill concessions,&rdquo; he stated. The Prime Minister also said that the government will further expand the scope of Covid-19 testing to at least two percent of the country&rsquo;s population. </span></span></span></span></h1>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12073',
			'article_category_id' => '1',
			'title' => 'Dairy Industry Losses Amount to Rs 3 billion',
			'sub_title' => '',
			'summary' => 'Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. In a video press conference organised by the Nepal Dairy Association (NDA) today, entrepreneurs informed that sales of dairy products have declined by 80 percent over the past two months due to the travel and transport restrictions imposed by the government to curb the spread of coronavirus. &ldquo;The loss of market in the main production season has created several problems for us from making payments to farmers, rent, electricity bills to provide salaries to staff,&rdquo; said Pralahad Dahal, general secretary of NDA. According to him, the losses will increase further as items skim milk powder and butter worth Rs 5 billion stocked by dairy industries are set to expire in the next few months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dahal informed that Rs 30 billion has been invested in the Nepali dairy industry till date. Similarly, half a million farmers and 20,000 workers are directly associated with the sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dairy sector seeks government support</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the situation worsens due to the lockdown becoming longer than anticipated, dairy entrepreneurs look for support from the government. At the press conference, NDA made public its demands seeking relief package to help dairy industries to withstand the crisis. Entrepreneurs urged the government to include measures to address their grievances in the Federal Budget for the upcoming fiscal year. They have demanded to provide collateral-free concessional loan for a period of five years. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, their other demands include increasing of loan terms and lowering of lending interest rate for the lockdown period. They have asked the government to re-introduce 50 percent VAT exemption to dairy industries and 50 percent discount on electricity bills. </span></span></span></span></p>
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			'id' => '12087',
			'article_category_id' => '1',
			'title' => 'Govt Brings Budget of Rs 1,474.64 billion, Targets 7% Economic Growth',
			'sub_title' => '',
			'summary' => 'The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced the Federal Budget of Rs 1,474.64 billion for the fiscal year 2020/21. In his budget speech, Finance Minister Dr Yuba Raj Khatiwada informed that a total of Rs 948.94 billion has been allocated for recurrent expenditure while Rs 352.91 billion has been allocated for capital expenditure in the next fiscal year. The budget has targeted to raise Rs 889.62 billion through revenue collection while aiming to raise Rs 60.52 billion through foreign assistance. </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:&quot;Arial&quot;,sans-serif">Similarly, it has aimed raising Rs 299.50 billion and Rs 225 billion in external and internal debts, respectively. Meanwhile, the government has set economic growth target at 7 percent for FY2020/21. Likewise, it has announced to keep inflation rate target at 7 percent for the next fiscal year, an increment of one percentage point from current fiscal year&rsquo;s target of 6 percent. </span></span></span></span></p>
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			'sortorder' => '11837',
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			'article_date' => '2020-05-28 19:00:54',
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			'title' => 'Industries Shut Down during Lockdown to Get Electricity Bill Concession ',
			'sub_title' => '',
			'summary' => 'The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to provide concession on electricity bill to the industries that have remained shut down during the period of lockdown. Unveiling the Federal Budget for FY2020/21, Dr Yuba Raj Khatiwada informed the parliament that the industries will receive concession in demand charge of electricity and will also get 50 percent discount on electricity bill during off-peak hours. </span></span></span></span></h2>
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			'sortorder' => '11836',
			'image' => '20200528060901_power meter.jpg',
			'article_date' => '2020-05-28 18:07:38',
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			'id' => '12085',
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			'title' => 'PMEP Budget Increased by Two-Fold ',
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			'summary' => 'The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The budget allocation for the Prime Minister Employment Programme (PMEP) has been increased by over two-fold for the upcoming fiscal year. In his budget speech, Dr Yuba Raj Khatiwada informed that Rs 11.60 billion has been allocated for PMEP for FY2020/21 which was Rs 5.1 billion in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dr Khatiwada said that the government aims to create 200,000 jobs for the youths through the programme in FY2020/21. </span></span></span></span></p>
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			'sortorder' => '11835',
			'image' => '20200528082637_Prime-Minister-Self-employment-Programme.jpg',
			'article_date' => '2020-05-28 18:00:32',
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			'id' => '12084',
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			'title' => 'Rs 6 billion to Fight Coronavirus',
			'sub_title' => '',
			'summary' => 'The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has allocated a Rs 6 billion for prevention and control of coronavirus in the Federal Budget for FY2020/21. Unveiling the budget, Finance Minister Dr Yuba Raj Khatiwada said that the allocated amount will be used to expand the scope of COVID-19 testing, increase and manage quarantine facilities and mange health facilities throughout the country. &nbsp;&nbsp;</span></span></span></span></p>
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			'sortorder' => '11834',
			'image' => '20200528055828_covid-19 testing.jpg',
			'article_date' => '2020-05-28 17:57:29',
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			'id' => '12083',
			'article_category_id' => '1',
			'title' => 'Government to Deposit SSF Contribution for Lockdown Period',
			'sub_title' => '',
			'summary' => 'The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has announced to deposit Social Security Fund (SSF) contribution of employee and their employers on salary of employees for the lockdown period. In his speech of the Federal Budget for FY2020/21, Finance Minister Dr Yuba Raj Khatiwada said the government will deposit the money into the respective SSF accounts of the employees. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government in March had decided to deposit the SSF contribution of 158,509 employees of private sector companies and I/NGOs associated with the fund. </span></span></span></span></p>
',
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			'sortorder' => '11833',
			'image' => '20200528055558_khatiwada.jpg',
			'article_date' => '2020-05-28 17:54:47',
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		'Article' => array(
			'id' => '12082',
			'article_category_id' => '1',
			'title' => 'Biratnagar Industrialists Demand An End to Government Indifference',
			'sub_title' => '',
			'summary' => 'In a sign of increasing disquiet among members of the business community as a result of the government’s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In a sign of increasing disquiet among members of the business community as a result of the government&rsquo;s Covid-19 response and its crippling impacts to industrial and business activities, industrialists of Biratnagar have started to raise voices to draw attention of the government towards their grievances by hanging banners outside industrial and offices complexes. The banners that started appearing from the morning of May 27 reads the slogan, &ldquo;Government! Industries and business that are the basis of economic development and employment are in crisis!!&rdquo; The banners were displayed on the joint call by Morang Merchant Association (MMA), Chamber of Industries Morang (CIM) and Birat Trade Association (BTA). </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Officials of the associations say they took the step against the government&rsquo;s indifference towards the grief of business community. According to them, the move is aimed at pressurising the government to address the demands jointly presented by the main business bodies Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (CNI). Banners have been displayed outside the offices of MMA, CIM and BTA. Similarly, various business houses, industrial enterprises and industries situated at Sunsari-Morang Industrial Corridor have also displayed the banners outside their gates. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Bhim Ghimire, president of CIM said that this step has been aimed towards putting pressure onto the government to address grievances of business community in the budget for fiscal year 2020/21. &ldquo;We have been working to help the government to meet its aim of &lsquo;Prosperous Nepal, Happy Nepalis&rsquo; by generating employment opportunities and contributions to the country&rsquo;s economy,&rdquo; he said, adding, &ldquo;Industries, which serve as base of economic prosperity, are in crisis at the moment. Therefore, the government must not show indifference towards the demands of business community members.&rdquo; </span></span></span></span></p>
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		'Article' => array(
			'id' => '12081',
			'article_category_id' => '1',
			'title' => 'Budget 2020/21: FinMin Faces Pressure to Balance Economic Recovery Needs and Resource Management',
			'sub_title' => '',
			'summary' => 'At a time when the country’s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At a time when the country&rsquo;s economy has been ravaged by the Covid-19 pandemic causing a huge loss of government revenue, Finance Minister Dr Yuba Raj Khatiwada is unveiling the Federal Budget for fiscal year 2020/21 today facing a big pressure to have a delicate balance between management of resources and stimulus package to help start the recovery of the crisis-stricken economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to officials at the Ministry of Finance (MoF), the key focuses of budget for the upcoming fiscal year will be on minimising Covid-19 impacts on Nepal&rsquo;s economy, enhancement of health infrastructure and employment generation. &nbsp;Ministry sources say that the government will allocate significant amount of money for health infrastructure. Similarly, the budget will also prioritise commercial agriculture and farming to provide employment opportunities to those who have lost their jobs inside and outside of the country due to the pandemic. &ldquo;There will be arrangement in the budget for supplying required human resource to the local levels through job bank,&rdquo; said a MoF official engaged in preparation of budget who wished not to be named. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Tax and non-tax revenue, foreign aid and internal borrowing - major income resources for the government- are under immense pressure right now because of the abrupt halt in domestic economic activities and severe disruptions in Nepal&rsquo;s foreign trade. The fact that revenue collection reached only half of the targeted amount of Rs 1,112 billion by mid-May shows the level of immense pressure government is currently under in terms of resource management. The MoF source say that budget for the upcoming year will have austerity measures to curb unnecessary expenses. &nbsp;It is being said that the size of the Federal Budget for FY2020/21 will be similar to the budget of the current fiscal year. The severe constrain in resources has led the government to put its high hopes on foreign aid for the upcoming budget. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the government is yet to respond calls to announce stimulus package to kickstart economic recovery, all eyes are on the Finance Minister now to see how he addresses the demand of the private sector and unemployed people. It has been estimated that stimulus package of Rs 200 billion is immediately needed to support the ailing economy. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">At the time of the crisis, resource management has become cumbersome for the government also because of its obligation to mandatory liabilities such as pension, salary and allowances to civil servants, security personnel, payment of principle and interest of foreign borrowings and social security allowances. According to the Financial Comptroller General Gopinath Mainali, 60 percent of expenses in the budget of current fiscal year have been allocated for mandatory liabilities. The government currently spends Rs 55 billion in pension, Rs 66 billion in social security allowances to 2.9 million people, Rs 100 billion in principle and interest payment of foreign loans and Rs 300 billion in renumeration of security personnel and teachers. This liability of government has been increasing every year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The share of development budget allocated for the current fiscal year is just 26 percent of the total allocations. According to Mainali, the government can lower the resource management pressure if it cancels unnecessary civil service positions, commissions, political appointments and cuts down number of ministries and divisions. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Jagdish Chandra Pokharel, former vice chairman of National Planning Commission said that the government&rsquo;s recurrent expenditure has been increasing constantly than capital expenditure since 2008 when the country was declared a republic state. According to him, the country&rsquo;s overall economic system has been moving in uncontrolled ways due to this imbalance. </span></span></span></span></p>
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11831',
			'image' => '20200528020639_Yubaraj-Khatiwada.jpg',
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		'Article' => array(
			'id' => '12080',
			'article_category_id' => '1',
			'title' => 'Arable Land Shrinking: Economic Survey ',
			'sub_title' => '',
			'summary' => 'Despite the government’s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across 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:&quot;Arial&quot;,sans-serif">Despite the government&rsquo;s policy to discourage non-utilisation of arable land, lands used for plantation for major crops have been shrinking across the country. According to Economic Survey 2019/20, agricultural land has shrunken by 0.9 percent in the current fiscal year compared to the last fiscal year. &ldquo;Fragmentation of land and flight of young workforce from to work abroad have been the major reasons for shrinkage of arable land,&rdquo; reads the report. According to the survey, land used for paddy plantation has decreased by 2.2 percent in FY2019/20 compared to last fiscal year. Similarly, the government has estimated decline in production of paddy by 1.1 percent which was 8.1 percent in FY2018/19. The survey has cited inadequate rainfall this year for the decline of paddy production. Nevertheless, the area of maize and wheat plantation has increased by 0.2 percent and 0.3 percent, respectively. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Meanwhile, share of agriculture sector in the country&rsquo;s GDP has also decreased. The contribution of the sector to GDP, which was 37.1 percent in FY2010/11, is expected to decline to 27.7 percent in the current fiscal year. The agriculture sector productivity, which grew by 5.1 percent in FY2018/19 is estimated to shrink to 2.6 percent in the current fiscal year. According to Economic Survey, the decrease in paddy production and the lockdown imposed by the government to stop the spread of coronavirus have affected production of vegetables, meat and dairy items. The government has estimated that production of vegetables, which had increased by 4 percent in FY2018/19, will dip by 4.3 percent to 40,089 metric tonnes in the current fiscal year. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite decreasing contribution to the country&rsquo;s GDP, agriculture sector&rsquo;s contribution to the economic growth has been seen fluctuating. According to Economic Survey, the contribution of agriculture sector to Nepal&rsquo;s overall economic growth is estimated to be 32.7 percent in the current fiscal year which was 21.2 percent in FY2018/19. &nbsp;&nbsp;</span></span></span></span></p>
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			'sortorder' => '11830',
			'image' => '20200527082816_State_of_agriculture.jpg',
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		'Article' => array(
			'id' => '12079',
			'article_category_id' => '1',
			'title' => 'Govt Lowers Economic Growth Projection to 2.3%',
			'sub_title' => '',
			'summary' => 'As the Covid-19 pandemic continues to impact every aspect of Nepal’s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. ',
			'content' => '<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the Covid-19 pandemic continues to impact every aspect of Nepal&rsquo;s economy, the government has lowered economic growth projection to 2.3 percent for the current fiscal year. The government in the budget of the current fiscal year had set an ambitious economic growth target of 8.5 percent. Presenting the Economic Survey 2019/20 before the Federal Parliament on May 26, Finance Minister Dr Yuba Raj Khatiwada said that the Covid-19 pandemic is to be blamed for the sharp contraction. The estimation, is however, 0.03 percent higher than the economic growth projection of the Central Bureau of Statistics (CBS). CBS in April 29 estimated 2.27 percent economic growth for the current fiscal year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In the Economic Survey report, the government has said that services sector, tourism, hotel industry, manufacturing, transportation, construction, and wholesale and retail trade have been hard hit by the pandemic leading to the country&rsquo;s dismal economic growth. Unveiling the report, Dr Khatiwada said that Nepali economy, which was growing satisfactorily till February-March (Falgun) headed towards a deeper slump in the ensuing months. According to the Economic Survey 2019/20, the pandemic-induced economic crisis will aggravate unemployment and poverty. Nepal registered average economic growth of 7.3 percent in the last three years. &ldquo;The Covid-19 pandemic has affected Nepal&rsquo;s overall economic productivity and supply chain,&rdquo; stated the report. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The government has predicted that tourism sector will decline the most in the current fiscal year due to abrupt halt in global travel and hospitality activities. The growth of the tourism sector, which was 7.3 percent in FY2018/19, will be negative 16.3 percent in the current fiscal year, according to the Economic Survey. Similarly, sectors such as transportation, storage and warehousing, communications, manufacturing, mining and construction will also register negative growth this year. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the Economic Survey, the contribution of agriculture sector to the country&rsquo;s gross domestic product (GDP) has declined, while the contribution of non-agriculture sector has risen. The government has estimated that the contribution of agriculture sector to GDP will be 27.6 percent, while it will be 72.4 percent for non-agriculture sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Despite the steep decline in economic growth, income growth of citizens, however, will increase in the current fiscal year. The survey has forecasted that per capita income of Nepalis will grow by Rs 8,563 to reach to Rs 126,018 (USD 1,058) in FY2019/20. </span></span></span></span></h2>

<h2><strong><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Decline in Savings</span></span></span></span></strong></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">According to the survey, savings of Nepalis in FY2019/20 has decreased compared to the last fiscal year. &ldquo;Consumption will account 81.9 percent of GDP and savings will be 18.1 percent in the current fiscal year,&rdquo; reads the report. In FY2018/19, the rates of consumption and savings were 79.5 percent of GDP and 20.5 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, the survey has also predicted that total investment in the country will decline by 3.4 percent than last year to Rs 1,889.26 billion due to the increase in expenses on preventive measures against the spread of coronavirus deployed by the government and the private sector. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The per capita public debt has reached Rs 39,000 as of 2020 February-March (Falgun) which was Rs 36,000 in the corresponding period of last year. According to Economic Survey, public debt has amounted to Rs 1,139.80 as of February-March, increasing by Rs 91.90 billion in the nine months of the current fiscal year from Rs 1,047.90 billion in June-July of 2019.&nbsp; &ldquo;Strengthening economy, increase in per capita income and loan re-payment capacity of people, and acceleration in post-quake reconstruction have resulted in decline in foreign grant in development assistance. This has led to the growth of share of debt in GDP,&rdquo; stated the survey. According to the report, the ratio of internal and external debt has been 38.6 percent and 61.4 percent, respectively. </span></span></span></span></h2>

<h2><span style="font-size:18pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Economists say that the Economic Survey has shown underlying problems of Nepali economy that have been exacerbated by the pandemic-induced crisis. &ldquo;The survey has just presented the picture of eight months of the current fiscal year. But the economic momentum was already lethargic before this period,&rdquo; said Jagdish Chandra Pokharel, former vice chairman of National Planning Commission (NPC), adding &ldquo;A big trouble arrived in the country after eight months. But the government has failed to measure and evaluate the economic loss incurred by Nepal over the last two months.&rdquo; He suggested the government to conduct a comprehensive study about the Covid-19 economic impacts so as to focus its efforts in the economic recovery.</span></span></span></span></h2>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12078',
			'article_category_id' => '1',
			'title' => 'IFC to Support Nepal’s SMEs ',
			'sub_title' => '',
			'summary' => 'International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">International Finance Corporation (IFC) has said that it is ready to support Covid-19 pandemic-stricken small and medium enterprises (SMEs) of Nepal. Addressing a webinar titled &lsquo;Private Sector Response to Covid-19&rsquo; organised by the Society of Economic Journalists-Nepal (SEJON) on May 26, </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Wendy Werner, country manager for Nepal Bangladesh and Bhutan of IFC said that the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">private sector arm of the World Bank Group will help to reenergize the Nepali private sector affected by the global health emergency and measures taken by the government to stop the spread of coronavirus. &ldquo;The role of private sector is very important for economic recovery. We will support the SMEs of Nepal affected by the coronavirus,&rdquo; she said. Werner mentioned that Nepal&rsquo;s services sectors including tourism collapsed during the beginning of Covid-19 pandemic and that the impacts of the collapse will remain for some time to come. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;IFC will not only be equity investor for the Nepali private sector but will also play a broader assistive role to help overcome the difficulties,&rdquo; she said. IFC in mid-March announced a USD 8 billion Covid-19 package to support private companies of developing countries. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&nbsp;IFC has been providing its support to private sector-run banks and financial institutions in Nepal. Werner informed that the country&rsquo;s SMEs will receive assistance from this year. &ldquo;SMEs play crucial role in employment generation,&rdquo; she said. According to Werner, IFC&rsquo;s investment in Nepal will reach USD 500 million by the end of 2020. &ldquo;We have targeted to invest USD 1.2 billion in Nepali private sector by 2023,&rdquo; she said. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12077',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 250 million Concessional Loan to Help Nepal Fight Covid-19 ',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Asian Development Bank (ADB) has approved a USD 250 million concessional loan to help the Nepal government fund its response to the Covid-19 pandemic, which includes measures to strengthen the country&rsquo;s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The Manila-based lender in a press statement said that the Covid-19 Active Response and Expenditure Support (CARES) Program is funded through the COVID-19 pandemic response option (CPRO) under ADB&rsquo;s Countercyclical Support Facility. CPRO was established as part of ADB&rsquo;s&nbsp;<a href="https://www.adb.org/news/adb-triples-covid-19-response-package-20-billion">USD 20 billion expanded assistance</a>&nbsp;for developing member countries&rsquo; COVID-19 response, which was announced on 13 April.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;The CARES Program will support the Nepal government in scaling up its testing capacity to at least 3,000 tests per day and establishing quarantine facilities for at least 200,000 people with separate wards for women and men in all seven provinces. Incentives will be provided for medical and other frontline personnel responding to COVID-19,&rdquo; 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:&quot;Arial&quot;,sans-serif">ADB&rsquo;s financing will also support the government in extending its social protection program to include distribution of food assistance to the poorest and vulnerable households, provision of employment support to the unemployed poor, especially women, and returning migrant workers. Subsidized lending will be extended to affected micro, small, and medium-sized enterprises, of which at least 30 percent are women-led, with at least half of them from disadvantaged groups.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">&ldquo;ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue&nbsp;its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery,&rdquo; the statement quoted ADB President Masatsugu Asakawa as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">ADB informed that it has already provided Nepal a USD 300,000 grant to procure medical supplies, in collaboration with UNICEF. &ldquo;ADB is working closely with the government and development partners to provide policy advice and develop measures to deal with the social and economic impacts of the pandemic,&rdquo; reads the statement. </span></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12076',
			'article_category_id' => '1',
			'title' => 'NIC Asia and Recharger Sign Deal',
			'sub_title' => '',
			'summary' => 'NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide the customers of the bank 10 percent discount on purchase of items that are used to combat coronavirus contagion. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">NIC Asia Bank has signed an agreement with the e-commerce app Recharger to provide discount to the customers of the bank on purchase of items that are used to combat coronavirus contagion. Issuing a press statement, the bank said that Recharger app users will get 10 percent cash back&nbsp;on payment of their purchase using NIC Asia&rsquo;s QR code, debit card and credit card. &nbsp;</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:&quot;Arial&quot;,sans-serif">Recharger has been selling items such as face masks, sanitizer, gloves, thermal gun and personal protection kits at affordable price points. According to the press statement, customers of NIC Asia will receive an additional 10 percent discount on purchase of these items through the app for the month of May. The statement claims that Recharger, which has been selling KN95 masks at Rs 175 per unit with free home delivery service, has been selling face masks at price less than international e-commerce platforms such as Alibaba and Amazon. </span></span></span></span></p>
',
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			'description' => '',
			'sortorder' => '11826',
			'image' => '20200526051930_Reecharger_NIC Asia[5555].jpg',
			'article_date' => '2020-05-26 17:15:03',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12075',
			'article_category_id' => '1',
			'title' => 'Slump in Nepal’s Foreign Trade Deepens  ',
			'sub_title' => '',
			'summary' => 'The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal’s foreign trade. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">The adverse impact of the lockdown imposed by the government since March 24 has started to get reflected in all indicators of Nepal&rsquo;s foreign trade. The severe disruption in supply chain has adversely affected Nepal&rsquo;s imports and exports with both of its largest trading partners India and China. Data published by the Department of Customs (DoC) show that Nepal&rsquo;s total foreign trade has declined sharply in the 10 months of the current fiscal year 2019/20 compared to the same period of the last fiscal year. As of Baisakh (April-May), the foreign trade has declined by 11.89 percent to Rs 1,172 billion from Rs 1,256.67 billion in the corresponding period of FY2018/19.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Official statistics reveal that slump in the country&rsquo;s imports/exports have further deepened in the April-May compared to previous months. In the review period, foreign trade has decreased to Rs 46 billion which was Rs 62.20 billion in March-April and Rs 130 billion in February-March. In April-May, Nepal&rsquo;s imports amounted to Rs 42.60 billion and exports totaled Rs 3.24 billion; the figures were Rs 58.29 billion and Rs 3.91 billion in March-April period. Sharp decline in import of petroleum products has contributed to this slump in the country&rsquo;s foreign trade. Difficulties in transportation along with problems in export and export through customs points are the key reasons for this. For instance, suspension of all international commercial flights, which is in place since March 20 has badly affected Nepal&rsquo;s exports. Much of the country&rsquo;s exports are carried out through air cargoes. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As per DoC data, import of vegetables, petroleum products, iron/steel, boiler machinery and vehicles has declined the most in April-May, while import of rice and medicine/medical equipment has increased during the review period. Last month, Nepal imported rice worth Rs 4.76 billion which was Rs 3.82 billion in March-April. Meanwhile, import of petroleum products has come down to Rs 8.28 billion in April-May which was Rs 9.19 billion a month earlier. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">In April-May, Nepal&rsquo;s imported goods worth Rs 25.04 billion from India while its exports to the southern neighbour amounted to Rs 2.09 billion. Similarly, imports from China totaled Rs 1.98 billion while exports to the northern neighbour were a meagre at Rs 3.7 million. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:18.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">DoC officials are hopeful foreign trade will improve as barriers seen at customs points have gradually eased. Suman Dahal, director general at DoC said that a high-level Rapid Response Team has been working to resolve the issues. According to him Ministry of Finance has been notified about the problems being faced at customs points and the Ministry of Foreign Affairs has expedited its diplomatic initiations to resolve the issues through bilateral talks with India and China. &nbsp;</span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12074',
			'article_category_id' => '1',
			'title' => 'Prime Minster Hints to Ease Lockdown',
			'sub_title' => '',
			'summary' => 'Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. ',
			'content' => '<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Prime Minister KP Sharma Oli has hinted to ease the ongoing lockdown to resume economic activities in the country. Oli in his address to nation on Monday said that the government will make some changes to ease the situation while being careful to avoid further contagion of coronavirus. According to him, there will be some changes in the modality of lockdown ensuring that the epidemic risks are kept at minimum. The latest remarks by PM Oli signals changes in his approach towards restrictions that are in place since March 24. In his earlier comments, he had prioritised life of Nepalis over the country&rsquo;s economy. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Oli said that the government will allow resuming further agricultural and industrial activities ensuring that people engaged in such activities follow social distancing rules. &ldquo;However, administrative restrictions in movement of people will be given continuity to stop community-level transmission of coronavirus,&rdquo; he mentioned. According to Oli, the government will make necessary arrangements to start development works, easing of supply of daily essential items, imports and exports, and provide employment to jobless people residing in Nepal and those who return from abroad after losing their jobs in the wake of Covid-19 pandemic. He informed that the government will issue order to immediately start rescue of Nepalis stranded in different countries. </span></span></span></span></h1>

<h1><span style="font-size:24pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">PM Oli also said that relief will be provided to the crisis-stricken business sector. &ldquo;The Ministry of Finance will issue a comprehensive proposal regarding the country&rsquo;s economic recovery. It will include measures such as tax and non-tax exemptions, interest rate concession, availability of bank loans and electricity bill concessions,&rdquo; he stated. The Prime Minister also said that the government will further expand the scope of Covid-19 testing to at least two percent of the country&rsquo;s population. </span></span></span></span></h1>
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	(int) 14 => array(
		'Article' => array(
			'id' => '12073',
			'article_category_id' => '1',
			'title' => 'Dairy Industry Losses Amount to Rs 3 billion',
			'sub_title' => '',
			'summary' => 'Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Nepali dairy industries have incurred a total loss of around Rs 3 billion in the two months of the ongoing lockdown. In a video press conference organised by the Nepal Dairy Association (NDA) today, entrepreneurs informed that sales of dairy products have declined by 80 percent over the past two months due to the travel and transport restrictions imposed by the government to curb the spread of coronavirus. &ldquo;The loss of market in the main production season has created several problems for us from making payments to farmers, rent, electricity bills to provide salaries to staff,&rdquo; said Pralahad Dahal, general secretary of NDA. According to him, the losses will increase further as items skim milk powder and butter worth Rs 5 billion stocked by dairy industries are set to expire in the next few months. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dahal informed that Rs 30 billion has been invested in the Nepali dairy industry till date. Similarly, half a million farmers and 20,000 workers are directly associated with the sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Dairy sector seeks government support</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">As the situation worsens due to the lockdown becoming longer than anticipated, dairy entrepreneurs look for support from the government. At the press conference, NDA made public its demands seeking relief package to help dairy industries to withstand the crisis. Entrepreneurs urged the government to include measures to address their grievances in the Federal Budget for the upcoming fiscal year. They have demanded to provide collateral-free concessional loan for a period of five years. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:&quot;Arial&quot;,sans-serif">Similarly, their other demands include increasing of loan terms and lowering of lending interest rate for the lockdown period. They have asked the government to re-introduce 50 percent VAT exemption to dairy industries and 50 percent discount on electricity bills. </span></span></span></span></p>
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FOREX

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

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

Bullion

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

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

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