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Weekly Round Up (22 - 28 December 2013)

  3 min 24 sec to read

•Nearly Rs 4.84 billion has been spent to hold the second Constituent Assembly election, according to the Election Commission (EC). Organising a press meet on Dec 16, EC Spokesperson Bir Bahadur Rai said that figure was based on a preliminary report. The final details of poll expenditure  will be made public after the offices of the Election Officers and District Election Offices send the expenses details. The EC said that a total of Rs 4.75 billion was received under basket fund through the Nepal Peace Trust Fund. Different foreign governments had pledged Rs 3 billion for the CA elections.
 
A team of French investors will be visiting Nepal over the next two months. French ambassador to Nepal, Martine BASSEREAU, during a meeting with Finance Minister Shankar Prasad Koirala on Dec 16, said that the French government will soon begin a study on the operation of cable car in the Kathmandu Valley. He also urged the Nepal government to extend all kinds of cooperation to the French investors, adding that the French government is interested in urban development in Nepal.
 
The government has spent about Rs 120 billion in the first five months of the current fiscal year. This is Rs 38.42 billion more than the capital expenditure made in the same period of the previous fiscal year, according to Bhoomiram Sharma, joint spokesperson for the Ministry of Finance. The government has spent 23 per cent of the total annual budget in the first five months of the current fiscal year, Sharma added.
 
The government is preparing to bring the national budget for fiscal year 2014/15 in the first Nepal month of Baisakh (mid April to mid May). In a budget review organized at the Ministry of Finance (MoF) on Dec 18, Finance Secretary Shanta Raj Subedi also said that the government is also planning to fix the budgetary ceiling for three years. Presently, the National Planning Commission fixes the budget ceiling on an annual basis.
 
Indian Chamber of Commerce (ICC) organized a three-day Exposition and Buyer Seller Meet from 20-22 December at Bhrikuti Mandap. About 60 Indian companies representing electrical equipment and energy sector participated in the event.  
The International Labour Organisation (ILO) and the European Union (EU) are going to launch a new project aimed at promoting the management of labour migration from India, Nepal and Pakistan to the Gulf Cooperation Council (GCC) nations. The project-which has a total budget of about 2.4 million euros will run until May 2016, according to a press release jointly issued by ILO and EU. The new project titled “Promoting Effective Governance of Labour Migration from South Asia” will contribute to ensure effective protection of the rights of vulnerable migrant workers, enhance the development impact of labour migration and reduce unregulated migration.
 
The Confederation of Nepalese Industries (CNI) organized a workshop under the project “Go International Project” with support from the European Union (EU) on December 18 in Kathmandu. Inaugurating the programme, Madhav Prasad Regmi, Secretary at the Ministry of Commerce and Supplies (MoCS), appreciated the effort of CNI in implementation of the project which is aimed at the internationalization of Nepalese products. He also expressed his sincere appreciation to EU for their support in trade sector development in Nepal. Delivering his welcome speech, CNI President Narendra Kumar Basnyat emphasized the current scenario of the Nepali economy and trade and expressed his hope that the new government to be formed would work towards economic liberalization, export promotion and   creation of favourable investment atmosphere in country. Similarly, Maria Castaldi, Representative of the EU Delegation expressed satisfaction and happiness to support the project “Go International” and appreciated CNI for leading the project.

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