Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year.…
Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year.…
With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance…
With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business.…
Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus.…
Warning (2): getimagesize(/var/www/html/newbusinessage.com/app/webroot/img/news/thumbnails/eMT & Valyou[5543].png): failed to open stream: No such file or directory [APP/View/Articles/index.ctp, line 35]Code Context<?phplist($width, $height) = getimagesize(WWW_ROOT.'img'.DS.'news'.DS.'thumbnails'.DS.$article['Article']['image']);$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/index.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12072', 'article_category_id' => '1', 'title' => 'Development Banks Leave Behind Commercial Banks in Profit Growth', 'sub_title' => '', 'summary' => 'Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $article = array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) $width = (int) 450 $height = (int) 299 $ratio = (float) 1.505016722408 $img_width = (int) 280 $img_height = (float) 186.04 $date = '2020-05-24 17:08:56' $dateFromDatabase = (int) 1590319436 $dateTwentyforHoursAgo = (int) 1750366603 $today = '2025-06-21 02:41:43am' $today2 = (int) 1750453003 $newDate = 'May 24, 2020' $commentCount = (int) 0 $word_count = (int) 395 $time_to_read = (float) 1.98 $time_to_read_min = (float) 1 $time_to_read_second = (float) 59getimagesize - [internal], line ?? include - APP/View/Articles/index.ctp, line 35 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): Division by zero [APP/View/Articles/index.ctp, line 36]Code Context<?phplist($width, $height) = getimagesize(WWW_ROOT.'img'.DS.'news'.DS.'thumbnails'.DS.$article['Article']['image']);$ratio = $width / $height;$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/index.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12072', 'article_category_id' => '1', 'title' => 'Development Banks Leave Behind Commercial Banks in Profit Growth', 'sub_title' => '', 'summary' => 'Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $article = array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) $width = null $height = null $ratio = (float) 1.505016722408 $img_width = (int) 280 $img_height = (float) 186.04 $date = '2020-05-24 17:08:56' $dateFromDatabase = (int) 1590319436 $dateTwentyforHoursAgo = (int) 1750366603 $today = '2025-06-21 02:41:43am' $today2 = (int) 1750453003 $newDate = 'May 24, 2020' $commentCount = (int) 0 $word_count = (int) 395 $time_to_read = (float) 1.98 $time_to_read_min = (float) 1 $time_to_read_second = (float) 59include - APP/View/Articles/index.ctp, line 36 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia.…
With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year…
Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted.…
The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown.…
Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger.…
As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat.…
While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC).…
With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities.…
Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus.…
The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders.…
Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found.…
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', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12072', 'article_category_id' => '1', 'title' => 'Development Banks Leave Behind Commercial Banks in Profit Growth', 'sub_title' => '', 'summary' => 'Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12072', 'article_category_id' => '1', 'title' => 'Development Banks Leave Behind Commercial Banks in Profit Growth', 'sub_title' => '', 'summary' => 'Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12072', 'article_category_id' => '1', 'title' => 'Development Banks Leave Behind Commercial Banks in Profit Growth', 'sub_title' => '', 'summary' => 'Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Development banks have registered higher profit growth than commercial banks in the third quarter of the current fiscal year. In this period, the average profit growth of 27 commercial banks is just 2.36 percent higher compared to the corresponding period of the last fiscal year 2018/19, whereas the average profit growth of 21 development banks has been registered at 10.39%.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">In the third quarter of the current fiscal year, 21 development banks have earned a total of Rs 4.55 billion in profit which was Rs 4.12 billion in the corresponding period of FY2018/19. Muktinath Bikas Bank has logged highest profit among the class ‘B’ banks. The bank earned Rs 676 million in profit, up 8 percent from Rs 625.5 million in the same period of last fiscal year. Garima Baikas Bank and Lumbini Bikas Bank are second and third high profit earners, respectively; Garima Bikas has registered a profit of Rs 496.40 million while Lumbini Bikas reported profit of Rs 437.60 million. Similarly, Shine Resunga Development Bank has earned Rs 436.70 in profit, up 40.48 percent from Rs 310.90 in the corresponding period of the last fiscal year. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Among the 21 development banks, seven development banks, namely Corporate Development Bank, Deva Bikas Bank, Excel Development Bank, Gandaki Bikas Bank, Sahara Bikas Bank, Sindhu Bikas Bank and Shangri-la Development Bank, have seen their profits decline in the 3<sup>rd</sup> quarter of the current fiscal year. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11822', 'image' => '20200525045007_BXhAQ3Ymmd6DpgS5WarrmL3d6YEm1ZAAHEAS4sBr.jpg', 'article_date' => '2020-05-25 16:46:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 1 => array( 'Article' => array( 'id' => '12071', 'article_category_id' => '1', 'title' => 'IB Sets Standards for Covid-19 Insurance', 'sub_title' => '', 'summary' => 'With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria in the Covid-19 insurance policy.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With risks rising due to the increasing number of coronavirus infected people across the country, the Insurance Board (IB), the insurance sector regulator, has set criteria for Covid-19 insurance policy. The policy launched by IB on April 16 originally did Not included any criteria. However, IB has now directed general insurance companies to issue the Covid-19 policy only after fulfilling the conditions. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">Particularly, the criteria have been aimed at Nepalis coming from neighbouring and other countries, and their family members. As per the new arrangement, Covid-19 infected patients, who have come from abroad, need to mandatorily stay in quarantine for 15 days to be eligible to purchase the insurance policy. Furthermore, the returnees and their family members are also required to be tested negative in Rapid Diagnostic Test (RDT) before they buy the policy. Similarly, the IB has made it mandatory to include Covid-19 reports while selling the policy online. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif">With the directive, IB has stepped up to address the concerns of insurers who were worried about negative financial impacts of the Covid-19 insurance policy in case of outbreak of coronavirus across the country. “People are returning from India in large numbers. Nepali migrant workers are also likely to return from other countries. This is why we have issued a special underwriting directive to insurers,” said Nirmal Adhikari, information officer at IB. The regulatory authority issued the policy on April 16 collaborating with Nepal Insurers’ Association. Insurance companies have been doing the transactions of this policy through the micro-insurance pool. Nepal Insurers’ Association is the coordinator of the programme while Sikhar Insurance is the insurance policy issue manager. According to the data provided by the association, 185,628 people have purchased the Covid-19 insurance policy as of May 23 and insurers have collected Rs 100 million in insurance premium. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-25', 'modified' => '2020-05-25', 'keywords' => '', 'description' => '', 'sortorder' => '11821', 'image' => '20200525021952_Adobegermumbrella.jpg', 'article_date' => '2020-05-25 14:17:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 2 => array( 'Article' => array( 'id' => '12070', 'article_category_id' => '1', 'title' => 'SMEs Struggle for their Existence', 'sub_title' => '', 'summary' => 'With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">With the lockdown imposed by the government going longer than anticipated, many owners of small and medium enterprises (SMEs) have made up their mind to exit from their business. Floriculture businesspersons say that the daily business loss in the floriculture sector is Rs 10 million currently. Similarly, the prolonged lockdown has put jobs of 20,000 people engaged in production and import of electrical items into risk, according to the Federation of Electrical Entrepreneurs of Nepal (FEEN). Likewise, Federation of Handicraft Association of Nepal (FHAN) has informed that local business of handicraft has fallen to zero since March 24 when the lockdown started and export of metalcraft, felt and pashmina has also begun to decline. It is estimated that SME sector contribute 22 percent to Nepal’s gross domestic product (GDP) and provide employment to 1.7 million people.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">“SMEs are the hardest hit businesses by the Covid-19 pandemic. Among them, businesses that are related to tourism and exports have been affected the most. With travel and tourism taking a big hit, businesses such as restaurants and handicraft are at risk,” said Shabda Gyawali, investment director at Dolma Impact Fund. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Siddhant Raj Pandey, chairman and CEO of Business Oxyzen (BO2), a SME-focused private equity fund, said that the nature of problems for BO2 funded businesses are different. “Many are facing lack of raw materials for production. Those who have raw materials are facing shortage of workers due to which manufacturing industries are in even more difficulties,” he shared. Similaly, lack of coordination among government agencies have added to the problems of food business entrepreneurs. “While their operation has been permitted by the government, they face problems in transportation to deliver the food items to their customers,” he said. Pandey suggested the government to change the modality of the lockdown to ease the difficulties of SMEs. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Retail businesses are also among the badly affected by the lockdown. Those operating stores at shopping malls say that the current situation has forced them to exit the business. “With no business for a prolonged time, we are pressurised by bank loans, store rents and staff salary. This will ultimately lead to our exit from business,” said Sushma Mahara, president of Kathmandu Mall Byapar Sangh. Sujit Tandukar, vice president of Civil Mall Byapar Sangh expressed views similar to Mahara. “Most businesspersons have given up their hopes. Many are planning to venture into agribusiness,” he said. Data published by Nepal Rastra Bank (NRB) shows that 50 percent of SMEs are dependent on loans from banks and financial institutions (BFIs). According to Rajendra Serchan, president of Kathmandu Chamber of Commerce and Industry, high rent levels at places such as New Road, Khichapokhari and adjacent areas have added to the mounting problems of business owners. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">According to economist Dr Govinda Nepal, limited scope of business and income of SMEs make it difficult for such businesses to survive during the time of crisis. “Big businesspersons have multiple sources of income. But SME owners have limited resources making them vulnerable to difficult situation like present,” he mentioned, adding, “The government, business associations and house owners should come together to provide subsidy on bank interest rate and rent to SME owners to help them survive.” </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11820', 'image' => '20200524072335_SMES.jpg', 'article_date' => '2020-05-24 19:18:47', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 3 => array( 'Article' => array( 'id' => '12069', 'article_category_id' => '1', 'title' => 'Coca-Cola and CREASION Join Hands to Provide Relief to 3,200 Waste Workers ', 'sub_title' => '', 'summary' => 'Soft drinks maker Coca-Cola has announced a joint intitiave named Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Soft drinks maker Coca-Cola has announced a joint intitiave named </span></span><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">Waste Worker Emergency Relief Project (WWERP) in association with CREASION, a non-government organization, to provide awareness, safety gears and relief materials for vulnerable waste workers and their families to help protect them from the impacts of coronavirus. Issuing a press statement, the company said that the project is part of Coca-Cola in Nepal’s initial pledge of Rs 80 million towards the fight against COVID-19. “This initiation aims to reach 3,200 waste workers and their families ensuring their safety and livelihood at the current situation of crisis while over 2,500 waste workers will be directly benefitted,” said the company. According to the statement, the project will be further carried out in different municipalities of Kathmandu, Kiritipur, Lalitpur, Bhaktapur, Chitwan, Lahan, Saptari and Siraha.</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:"Arial",sans-serif">“The first programme of the project commenced on 15<sup>th</sup> May in a safety awareness and distribution event of relief materials to 150 waste workers which was held at Women for Human Rights in Buddhanilkantha, Kathmandu,” informed the company. </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:"Arial",sans-serif">So far, four relief programs have been conducted successfully which has directly benefited 460 waste workers. “They were provided with safety and awareness programs, food relief packages, dignity kits for female beneficiaries which includes environmental-friendly and reusable sanitary pads along with personal hygiene materials such as soaps, detergents, gloves and essential medicines to ensure their primary needs and protect their livelihood,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, protective jumpsuits and safety gears will be provided to 100 frontline waste workers in a relief programme on May 25 which will be facilitated by Mayor of Kathmandu Metropolitian City Bidya Sundar Shakya.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11819', 'image' => '20200524051125_Picture_1[5545].jpg', 'article_date' => '2020-05-24 17:08:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 4 => array( 'Article' => array( 'id' => '12068', 'article_category_id' => '1', 'title' => 'eSewa Starts Wallet-to-Wallet Remit Service from Malaysia ', 'sub_title' => '', 'summary' => 'eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transaction from Malaysia. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Arial",sans-serif">eSewa Money Tranfer, a subsidiary of Nepali fintech major f1Soft International, has started remittance transactions from Malaysia. It is the second international expansion of the company after Japan. eSewa Money Transfer in a press statement said that it has partnered with the Malaysian company Valyou for remittance transactions. “With this, Nepalis residing in Malasiya can transfer money to Valyou agents, eSewa wallets in Nepal from Valyou wallets, and to any bank account in Nepal,” 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:14.0pt"><span style="font-family:"Arial",sans-serif">According to the company, it is for the first time eSewa has launched wallet-to-wallet money transfer service. “It will make it easier for Nepalis in Malaysia to send money back home. The wallet-to-wallet service has freed them from reaching out to remit agents to transfer money,” said the company. eSewa Money Transfer informed that it will commence this service from other countries in the coming days. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11818', 'image' => 'eMT & Valyou[5543].png', 'article_date' => '2020-05-24 16:27:32', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 5 => array( 'Article' => array( 'id' => '12067', 'article_category_id' => '1', 'title' => 'Govt Prepares for Austerity Budget ', 'sub_title' => '', 'summary' => 'With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21.', 'content' => '<p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">With the Covid-19 pandemic and lengthening lockdown putting a big dent on revenue collection of the government, the Ministry of Finance (MoF) is preparing to introduce austerity measures in the federal budget for the fiscal year 2020/21. At a time when managing revenue resources has become much more challenging and people are looking for government support, the ministry, which is in the final stage of drafting the budget, is preparing to axe allocation of budget under different headings that have been deemed unnecessary. According to high officials at MoF, the ministry will drastically cut a range of unproductive spendings from vehicle purchase and repair to employee allowances under different headings and implement past recommendations of Public Expenditure Review Commission and High-Level Administrative Reform Implementation and Monitoring Commission. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Sources say that duplication in expenditure headings including agriculture subsidy and social security allowances will be removed in the upcoming budget. “Right now, the government has limited resources. We have to address the expectations of many at this time of crisis. So, we will not include unfruitful programmes in the upcoming budget,” the official told New Business Age. According to him, budget of programmes bearing names of President and Prime Minister will also be reduced. The ministry has planned to mobilise foreign resources to develop health, agriculture, employment and other long-term infrastructures. “But we will refrain from additional fiscal burden,” he said. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">It is certain that the government will broadly miss its revenue target for the current fiscal year. The revenue collection till May 22 has totaled Rs 612 billion against the target of Rs 1,112 billion set for FY2019/20. The data published by the Financial Comptroller General Office (FCGO)</span> shows that the government, which aimed collecting Rs 900 billion in revenue by the end of Baisakh, has just collected 55.11 percent of the target. This clearly indicates the pressure the government is facing in terms of managing resources. </span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">Experts also stress of the necessity to drastically cut government expenditure at a time when the country’s economy has been surrounded by unprecedented headwinds due to the Covid-19 crisis. Former secretary Bimal Wagle say that while it will not be possible for the government to reduce the number of civil servants and security personnel for the time being, it can lower the number of politically appointed individuals. “The post of advisor at the Prime Minister Secretariat is not a necessary one. Simialrly, members of parliament do not need personal secretaries. If these posts occupied by politically appointed people are abolished, the government can save a lot of money,” he said. According to him, cutting down billions in unnecessary employee allowances and putting a stop to programmes that are run by forming consumer committees and avoiding same work by multiple government staff will help to general internal financial resources. </span></span></span></p> <p><span style="font-size:20px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Nirmala UI",sans-serif">According to former National Planning Commission member Dr Dilli Raj Khanal, the government can generate huge resource just by implementing the recommendations of the Public Expenditure Review Commission. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-24', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11817', 'image' => '20200524030610_tft-532019-11.jpg', 'article_date' => '2020-05-24 14:58:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 6 => array( 'Article' => array( 'id' => '12066', 'article_category_id' => '1', 'title' => 'NRB to Issue Monetary Tools: Governor ', 'sub_title' => '', 'summary' => 'Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. ', 'content' => '<p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari has informed that the central bank will issue monetary tools to help ease the financial problems created by the Covid-19 induced pandemic. “Lowering of bank interest rate has already been decided. Now banks will be allowed to capitalisation of interest on loans and increase their lending,” Adhikari said addressing a webinar titled ‘Global Webinar on Role of Professional Accountants in Business Continuity, Crisis Management and Financial Reporting: Post COVID - 19 Pandemic’<strong> </strong>organised by the Institute of Chartered Accountants of Nepal (ICAN). He</span></span></span><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif"> warned that it will be very challenging for businesses to resume their activities after the lockdown is lifted. Adhikari said that the growing number of coronavirus infected people in the recent days have added to the mounting economic challenges. According to him, the sharp contraction in domestic and international job markets has created big problems. “4.4 million people associated with informal sectors have been affected by the pandemic-induced crisis,” he said, adding that hotel, restaurants and the overall tourism sector are likely to face even bigger problems for the next 1-2 years. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">He further warned that sharp fall in remittance inflow will hit areas ranging from liquidity in the banking system to aggregate consumer demand. “The outlook of external sector also looks bleak due to the declining remittance inflow,” he mentioned. The problem of unemployment will be severe as large number of Nepali migrant workers are likely to the country, according to Adhikari.</span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">In his opening remark, ICAN President CA Krishna Prasad Acharya highlighted on the adverse effects of the Covid-19 pandemic on global economy. “Companies in the hospitality industry and SMEs will be among the hardest hit. Many businesses have been forced to reduce operations or shut down and an increasing number of people are expected to lose their jobs,” he said. </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Cambria",serif">According to Acharya, the pandemic has also affected the profession of chartered accounting. “Professionals engaged in audit and assurance services face difficulties in implementing various standards while discharging their duties and many professionals in advisory services may lose their revenue due to this situation,’ he said, adding, “However, accounting professionals can play crucial role in curtailing cost cutting competition arising from this pandemic.” </span></span></span></p> <p><span style="font-size:22px"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Cambria",serif">The webinar was participated by presidents of International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), Institute of Chartered Accountants in England and Wales, Chartered Accountants Australia and New Zealand (CA ANZ), Institute of Chartered Accountants of India</span> (ICAI), Vice President of <span style="font-family:"Cambria",serif">Institute of Chartered Accountants of Bangladesh (ICAB)</span>, Executive Director of Confederation of Asian and Pacific Accountants (<span style="font-family:"Cambria",serif">CAPA</span>) and experts from CPA Australia and Sri Lanka. </span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '11816', 'image' => '20200523051832_webinar.jpg', 'article_date' => '2020-05-23 17:13:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '31' ) ), (int) 7 => array( 'Article' => array( 'id' => '12065', 'article_category_id' => '1', 'title' => 'EPF to Start Online Loan Service ', 'sub_title' => '', 'summary' => 'The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt">EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. <em>(RSS)</em></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11815', 'image' => '20200523051150_epf.jpg', 'article_date' => '2020-05-23 17:10:33', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 8 => array( 'Article' => array( 'id' => '12064', 'article_category_id' => '1', 'title' => '3 Microfinance Companies to Merge', 'sub_title' => '', 'summary' => 'Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-23', 'modified' => '2020-05-23', 'keywords' => '', 'description' => '', 'sortorder' => '11814', 'image' => '20200523051028_Microfinance.jpg', 'article_date' => '2020-05-23 17:08:57', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 9 => array( 'Article' => array( 'id' => '12063', 'article_category_id' => '218', 'title' => 'Sunrise Bank supports Hospital and Rural Municipality ', 'sub_title' => '', 'summary' => 'As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">As a part of its corporate social responsibility, Sunrise Bank Limited has provided face masks, Personal Protection Equipment (PPE) to a hospital in Chitwan and Rural Municipality to help fight the Covid-19 threat. The bank in a press statement said that it provided 1,000 face masks and 20 PPE sets to Chitwan Medical College and Mahabharat Rural Municipality. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.5pt"><span style="font-family:"Arial",sans-serif">Sunrise Bank CEO Janak Sharma Paudyal handed over the protective gears to the hospital’s Information Officer Bimal Gyawali at the bank’s head office in Kathmandu. Similarly, the bank’s Mahabharat Rural Municipality branch manager Rajkumar Thapa handed over the face masks and PPEs to Hari Singh Bista, mayor of the rural municipality. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11813', 'image' => '20200522045647_sunrise.jpg', 'article_date' => '2020-05-22 16:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 10 => array( 'Article' => array( 'id' => '12062', 'article_category_id' => '1', 'title' => 'Finance Committee Suggests Govt to Refrain from Reducing Budget Size ', 'sub_title' => '', 'summary' => 'While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">While some economists have suggested the government to come up with budget smaller in size for the upcoming fiscal year citing sharp economic contraction, the Finance Committee of the Federal Parliament has recommended that the budget should be sized according to the ceiling set by the National Planning Commission (NPC). NPC had set the ceiling of the budget for FY2020/21 at Rs 1.7 trillion before the start of the pandemic-induced crisis. In a report prepared by the committee after the pre-budget discussion, the parliamentary panel has suggested the finance ministry to set the size of the budget at 45 percent of the estimated gross domestic product (GDP) of the country. The report has incorporated 13 sector-wise suggestions related to the budgetary preparation for the upcoming fiscal year. According to the committee, the government needs to address the covid-19 impacted sectors through policy level, monetary and economic relief packages. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report concluded that the government needs to announce stimulus package equivalent to 5 percent of Nepal’s GDP, or Rs 188 billion, to restart the country’s economic engine. The house panel has suggested that the budget needs to prioritise areas including prevention and control of coronavirus, health infrastructure enhancement and development, modernisation and commercialisation of agriculture, industrialisation and transformation, productive employment and labour management. Other priority areas in the budget should be revival and promotion of cottage, small, medium and large-scale industries, and continuation of relief management and development programmes, according to the report. “All local levels need to allocate 10 percent of their budget for health infrastructure development coordinating with provincial and federal levels for prevention and control coronavirus and treatment of Covid-19 patients,” the report stated. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The committee has suggested the government to allocate 15 percent of the federal budget for development of agriculture, animal husbandry, irrigation and agricultural roads. Besides, </span></span><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">it also suggested providing at least 50 percent subsidy to farmers for the purchase of agricultural equipment and fixing of the minimum support prices of major crops before plantation. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:15.0pt"><span style="font-family:"Nirmala UI",sans-serif">The report has suggested establishing industry promotion centres in all seven provinces and providing tax concessions to industries to boost industrial productivity, exports and employment generation. The report has asked the government and private sector enterprises to bear one-third each of the salaries of the jobless workers. “Businesses such as hotels, restaurants, travel firms and transport companies that have become most affected by the measures taken to fight Covid-19 should be provided relief and concessions,” the report said. According to the report, the finance ministry needs to set Rs 1 trillion revenue target for the upcoming fiscal year without increasing tax rates. It has suggested mobilization of Rs 1 trillion in bilateral and mutilateral foreign aid while also recommending raising internal loans equivalent to 6 percent of GDP. </span></span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11812', 'image' => '20200522045437_budget.jpg', 'article_date' => '2020-05-22 16:53:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 11 => array( 'Article' => array( 'id' => '12061', 'article_category_id' => '1', 'title' => 'Govt Prepares Turning Hotels and Resorts into Covid-19 Quarantine Facilities', 'sub_title' => '', 'summary' => 'With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">With the growing number of Nepalis returning from abroad due to the Covid-19 pandemic, the government has planned to utilise hotels and resorts as quarantine facilities. In a meeting held at the Ministry of Urban Development on May 21, Ram Bir Manandhar, state minister for urban development informed that the government has started consultation to identify well-managed hospitality centres across the country to turn them into isolation facilities. According to him, 518 beds in different quarantine facilities are on standby mode in the Kathmandu valley currently. Similarly, 65,000 beds for isolation of Covid-19 patients are on standby throughout the country, while there are 25,000 people under isolation. </span></span></span></span></p> <p><span style="font-size:13.0pt"><span style="font-family:"Times New Roman",serif">State minister Manandhar, who has been monitoring and facilitating the country-wide quarantine expect necessary support from hospitality entrepreneurs at a time when Nepal is facing a big crisis. According to him, the government will pay certain amount of money to hotels and resorts that are presently without guests to ustilise them as facilities for saving lives of citizens. Manandhar said that the government has prioritized bringing back home the Nepali migrant workers who are stranded in different gulf countries. He urged all local bodies to fully engage in management of quarantine facilities and that the federal government will bear all expenses in this regard. The meeting held at the ministry was participated by high officials of home, defense, civil administration, health and urban development ministries. <em>(RSS)</em> </span></span><br /> <span style="font-size:15.0pt"><span style="font-family:"Arial",sans-serif"> </span></span><br /> </p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11811', 'image' => '20200522045228_govt prepares.jpg', 'article_date' => '2020-05-22 16:50:48', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 12 => array( 'Article' => array( 'id' => '12060', 'article_category_id' => '1', 'title' => '‘Revival of SMEs vital for economic recovery’', 'sub_title' => '', 'summary' => 'Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Stakeholders have stressed on the need to prioritise revival of the small and medium enterprises (SMEs) to kickstart the recovery of the Nepali economy ravaged by the COVID-19 pandemic and the lockdown imposed by the government to stop the possible spread of coronavirus. In a webinar organised by the Confederation of Nepalese Industries (CNI) on May 21, panelists said that the government should make arrangements to enable SMEs to avail bank loans at around 3 percent interest rate. The programme titled ‘Respond Economy’ is last in a series of four webinars that CNI started from May 18 to discuss on various aspects related to the country’s economic recovery. “Priority should be given not only to large industries but also to SMEs,” said Binod Chaudhary, Member of Parliament and President Emeritus of CNI, adding, “But there is a challenge to make their business competitive. Now a building a separate network of SMEs has become necessary to move ahead.” He urged banks to support the local people to uplift them as entrepreneurs. “As banks have reached in all local levels of the country, they need to invest capital to help spur entrepreneurship. After that we industrialists will train the aspiring people so that entrepreneurs are produced at the local levels,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Chaudhary talked about the challenges for the industrial sector to survive and revive by overcoming the current crisis. “The situation is deteriorating every day. As there are big challenges in front of us to get back into business activities there is an urgent need for the government to have plans for the survival and revival of the industrial sector,” he said. Chaudhary suggested the government to come up with stimulus package by focusing on sectors that can be revived. He also urged the government to seriously assess the deepening unemployment problem. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Like Chaudhary, other participants of the webinar also warned about the worsening situation due to skyrocketing unemployment in the country. “60 percent of the 4.4 million workers in the informal sectors have become jobless. On this basis, 2 million people urgently need relief to survive,” said Dr Shankar Sharma, former vice chairman of National Planning Commission (NPC). According to him, Rs 6 billion is required on a monthly basis to provide food or cash relief to the 2 million jobless people. “50 percent of 2.5 million workers in the formal sectors have also become affected. They also need relief immediately. The government should provide subsidies to the employers to save their jobs,” said Sharma. According to him, the average monthly wage of workers in the formal sectors is Rs 20,000 and that the government will have to take additional burden of Rs 6 billion by contributing 25 percent to their salaries. “But this has become necessary to save the economy,” said Sharma. He suggested the government to use diplomatic means to arrange jobs to the jobless migrant workers in foreign lands. “It will be very difficult for us to manage all of them here. Those who have returned to Nepal can be provided self-employment opportunities in agriculture sector. The government needs to formulate law to allow leasing of land for agricultural purposes which will help to commercialise agriculture,” he mentioned. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Former Prime Minister Dr Baburam Bhattarai said that taking economy forward has become a serious matter and that the government lack seriousness to take the economy out of the mess. “Other countries have come up with adequate stimulus packages for economic recovery. But our government’s plans are abstract in this regard,” he claimed. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Bhattarai said that the current difficult situation also poses opportunities for Nepal. According to him, property archiving should be allowed which would help to bring out money from the informal sector, thus adding momentum to the economic revival. “Also, migrant workers who will return to the country should be taken as important source. A financial package is necessary to enable them to start their own business,” he said. Besides, the government also needs to continue investing in some large infrastructure projects in energy, air and land connectivity, and irrigation while keeping some other projects on hold for the time being. </span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">Satish Kumar Moore, president of CNI suggested the government to work in policy reform with a view to attract foreign direct investment (FDI) in the manufacturing sector. </span><span style="font-size:14.0pt">Faris Hadad-Zervos, country manager of World Bank for Nepal said that the bank will help Nepal in its economic recovery. “We have already provided financial assistance to Nepal to help fight the coronavirus. We will continue our support in the coming days,” he mentioned. He suggested the stakeholders to work in public-private-partnership (PPP) modality to provide employment opportunities to Nepalis who have lost their job at home and abroad. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11810', 'image' => '20200522015739_CNI.jpg', 'article_date' => '2020-05-22 01:56:03', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 13 => array( 'Article' => array( 'id' => '12059', 'article_category_id' => '1', 'title' => 'Govt and Partners Take Stock of School Sector Development Program Amid COVID-19 Impacts', 'sub_title' => '', 'summary' => 'The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">The Budget Review Mission (BRM) of the government’s flagship School Sector Development Program (SSDP) was completed on May 19 under the leadership of the Ministry of Education, Science and Technology (MoEST) with joint financing and non-joint financing partners including World Bank, USAID, ADB, Finland, Norway, European Union, JICA, Global Partnership for Education, REACH MDTF and UNICEF, and other stakeholders. </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:"Times New Roman",serif">“The review assessed progress and achievements of the plan’s fourth year of implementation, annual work plan and budget and allocation of resources for the final year, together with an assessment of the impact of COVID-19 on the SSDP,” reads a statement issued by the World Bank. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif"> “We are looking at new modalities and approaches that ensure children continue to learn and at the same time ensure their wellbeing,” the statement quoted Dr Sanjay Sharma, secretary at MoEST as saying. “We expect that education will be a priority sector in the upcoming budget given the COVID-19 pandemic and will look at means to expedite programs and coordinate amongst all levels of government and stakeholders on a national framework that guides safe reopening of schools.”</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:"Times New Roman",serif">According to the statement, the review appreciated MoEST’s continued effort to pursue and achieve education objectives under the SSDP, implementing reforms to improve access and the quality of education, and some of the immediate responses to the impact of COVID-19 on the education sector including a scenario based contingency plan to respond to immediate impacts and the initiation of remote teaching-learning programs to ensure that children can continue learning while the schools remain closed. </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:"Times New Roman",serif">At the same time, it is expected that the shocks to education from the COVID-19 pandemic </span></span><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">could lead to increased dropout rates, learning loss and heighten the inequality with the most vulnerable students disproportionately bearing the impact of the shock.</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:"Times New Roman",serif">“The COVID-19 pandemic threatens to reverse the progress made to date on Nepal’s education outcomes impacting children and young people, especially the poor and vulnerable,” the statement quoted Faris Hadad-Zervos, country manager of World Bank for Nepal as saying. </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:"Times New Roman",serif">The BRM recommended a set of agreed actions to expedite SSDP implementation in the final year under the broader purview of the immediate, medium and long term impacts of the COVID-19 pandemic on the education sector in Nepal.</span></span></span></span></p> <p><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">" Similar to many countries globally, it is likely that we will see the need to periodically close schools to protect the health of the population. I urge the MoEST to ensure that the fiscal year's education budget and work plan incorporate the activities identified in the Education Cluster Contingency plan so that local governments can receive funds and continue to provide access to education during this unprecedented crisis," the statement quoted USAID Acting Mission Director Adriana Hayes as saying.</span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11809', 'image' => '20200522015557_school 2.jpg', 'article_date' => '2020-05-22 01:53:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ), (int) 14 => array( 'Article' => array( 'id' => '12058', 'article_category_id' => '1', 'title' => 'A Dozen Projects Proposed for Employment Generation', 'sub_title' => '', 'summary' => 'Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman",serif">Rs 200 billion in investment will be needed to generate employment to 3.4 million Nepalis who have lost their jobs in home and abroad due to the COVID-19 pandemic-induced crisis, a study commissioned by the government has found. According to the study report prepared by a taskforce formed under the Ministry of Industry, Commerce and Supplies (MoICS), new employment opportunities can be created through 12 currently operational and proposed jobs and entrepreneurship projects. Among the projects proposed by the taskforce, Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme are the new projects suggested by the taskforce. </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:"Times New Roman",serif">Besides the projects that are being operated through different ministries and government agencies, operating industrial villages and special economic zones (SEZs) and increasing investment can create 3.394 million new jobs throughout the country, according to the report. </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:"Times New Roman",serif">The taskforce formed under the coordination of Puspa Raj Shahi, head of Industrial and Investment Promotion Division at MoICS has recommended to start five projects immediately to lower the employment related challenge posed by the imminent return of hundreds of thousand of Nepali migrant workers and high number of domestic job losses. “The projects to provide jobs to the unemployed can be included in the Federal Budget for the upcoming fiscal year 2020/21,” the report suggested. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="font-size:14.0pt">According to the report, increasing investments in programmes such as Micro-Entrepreneurship Development Programme (MEDEP), Rural Enterprises and Remittances Project (Samriddhi), Agriculture-based Comprehensive Self-employment Project, </span><span style="font-size:14.0pt">Migrant Workers’ Employment Generation and Livelihood Improvement Project and Level-oriented Entrepreneurship Development Programme</span><span style="font-size:14.0pt"> will enable 2.16 million people to get jobs from the upcoming fiscal year. Among the projects, 2 million people can get employment and entrepreneurship opportunities in Agriculture-based Comprehensive Self-employment Project, the report said. In the report, the taskforce has also recommended consolidation of Prime Minister Agriculture Modernisation Project and other employment generation programmes. Similarly, it has suggested linking agri-business and entrepreneurship by bringing different funds to enable people to access seed capital for starting business. </span></span></span></p> ', 'published' => true, 'created' => '2020-05-22', 'modified' => '2020-05-22', 'keywords' => '', 'description' => '', 'sortorder' => '11808', 'image' => '20200522014514_employment 2.jpg', 'article_date' => '2020-05-22 01:42:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '31' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
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| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
