The Asian Development Bank (ADB) has forecast 5.5 per cent of Gross Domestic Product (GDP) growth in Nepal in the coming fiscal year 2018/19.
The Bharatpur Metropolitan City has announced an increment in the tax rate and tax expansion with a goal to upscale internal income to one billion rupees in the upcoming fiscal year.
A delegation of the Nepal Economic Association (NEA) led by its Officiating President Dr. Bhawani P. Dhungana met with Finance Minister Dr. Yuba Raj Khatiwada and apprised him of the pertinent economic issues and forthcoming plan of activities to be undertaken jointly by NEA and the ministry in a changed socio-economic-political context.
The World Bank on Wednesday signaled strong support for Nepal’s ambitious transition to federalism when its Board of Executive Directors approved a $200 million credit to improve public financial management.
With the completion of local, provincial and federal elections, Nepal has moved into a new political realm of federal structure. While much of the discussion to date has been focused on the political process, Nepal Economic Forum (NEF) along with Adam Smith International and Jindal School of Government and Public Policy held a neftalk about what federalism means from economics perspective.
The Asian Institute of Diplomacy and International Affairs (AIDIA) and Embassy of People’s Republic of Bangladesh jointly hosted the second edition of the 'Nepal-Bangladesh Business Forum' (NBBF) with a theme “Beyond Bilateralism: Cooperation for Prosperity” on Saturday at Kathmandu, Nepal. The NBBF forum is a bilateral platform policy makers, diplomats, business leaders/ practitioners /experts, entrepreneurs, scholars, media among others to discuss various issues related to bilateral economic cooperation including trade, tourism, connectivity, energy. In his welcome remarks, Sunil KC, Chief Executive Officer, AIDIA, recalled the important contribution made by first NBBF of 2016 for strengthening bilateral cooperation and firmly expressed 2nd edition will equally contribute too. Likewise, Iqbal Sobhan Chowdhury, Media Advisor to Prime Minister of Bangladesh, on the occasion, delivered the inaugural speech by underlining the strong diplomatic ties and smooth bilateral relations between Nepal and Bangladesh. Even though commerce between Nepal and Bangladesh have steadily increased in the recent past, trade potential and investment opportunities have not been exploited at their maximum, he added, forum like this will contribute to meet such potential. The first session comprised of Jalal Ahmed, Additional Secretary of Government of Bangladesh and Chairperson Nepal, Bangladesh Bank Limited), Dr. Bindu N. Lohani, Former Vice-President of the Asian Development Bank, Deependra Bahadur Kshetry, Former Governor-Nepal Rastra Bank, and Purushottam Ojha, Former Secretary of Ministry of Commerce and Supplies), discussed on the session title “Role of Banks in Facilitating Bilateral Trade, Investment and Economic Growth”. During the discussion, they highlighted the multilateral and bilateral banks have a fundamental role to play to reinforce economic cooperation and integration. In numerous strategic areas where bank involvement is necessary, such as physical connectivity and infrastructure development, trade and investments facilitation through tariff negotiations, assistance in financial market expansion and cooperation on public goods provision, they focused on. The second session focused on the expansion of Bangladesh-Nepal connectivity with comprising Ananta Acharya , Director General, Department of Railways, Ali Ahmed, CEO, Bangladesh Foreign Trade Institute and Shyam KC , Research and Development Director, AIDIA stressed Nepal and Bangladesh thoroughly need to explore the efficient connectivity corridor as well as port facilities. The reasons of low level of trade between the two countries have been drawn up the supply and demand mismatch and insufficient connectivity infrastructures, they argued. Bilateral and regional transit agreements must be pushed up in order to promote trade and business. Roads network, rail infrastructure and sea port access enhancement are the key for a strengthened economic cooperation, they added. In her closing remarks, Ambassador of Bangladesh to Nepal Mashfee Binte Shams said taking into account about the complaints of business community and entrepreneurs we decided to focus on banking and connectivity issue in second edition of NBBF. "If these sectors represent the main improvement priorities, they also demonstrate the growing trades and businesses interests between Nepal and Bangladesh," She said, emphasizing on the role, importance and continuation such forum to solve trade issues and strengthen the economic ties between two countries.
Prime Minister KP Sharma Oli has claimed that the government is going to achieve a double-digit economic growth in the first quarter of the next fiscal year.
Asian Development Bank (ADB) is providing US$ 100 million to Nepal for the Rural Connectivity Improvement Project. An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Monday between Shankar Prasad Adhikari, Secretary at the Ministry of Finance and Mukhtor Khamudkhanov, Country Director, Nepal Resident Mission of ADB on the behalf of the government of Nepal and the ADB respectively.
The Supreme Court (SC) on Tuesday issued an interim order directing Nepal Rastra Bank (NRB) and Nepal Investment Bank (NIB) to not freeze Rs 2.14 billion remitted for Nepal Satellite Company owned by businessman Ajeya Raj Sumargi.
A significant cut in the power outage in the country had led to the increase in industrial capacity by 9.1 percent. According to the Economic Activities Study Report- 2073-74 BS unveiled by the Nepal Rastra Bank (NRB) recently, the capacity of industries in the fiscal year 2073-74 BS went up by 9.1 percent compared to the previous fiscal year ( 2072-73 BS) and reached 57.3 percent.
The government and UNDP on Friday signed an agreement to implement the 'Cooperative Market Development Programme', which aims at establishing and operationalizing cooperative market chain of fruits and vegetables to increase farmers’ income and other livelihood opportunities.
Nepal has topped in terms of foreign remittances as a percentage of GDP in 2016, according to a report by a US-based think-tank launched this week.Nepal is leading the way with an estimated $6.6 billion in remittances equivalent to 31.3 percent of the country’s GDP, according to the Pew Research Center. The center in its analysis of World Bank report for 2016 also reads that Nepal (31.3 percent) was followed by Kyrgyzstan ($2 billion, 30.4 percent of GDP) and Tajikistan ($1.9 billion, 26.9 percent of GDP) with regard to remittances by percentage of GDP.
Nepal has increased its score in Open Budget Index (OBI), the world’s only independent and comparative measure of budget transparency. According to the Open Budget Survey (OBS) global report launched on Tuesday, Nepal increased its budget openness score to 52 from 24 in 2015. Freedom Forum – a Civil Society Organization working in the area of public financial management – conducted the OBS for Nepal as a representative of the International Budget Partnership (IBP).
ILAM — Ginger farmers in Ilam are bearing the brunt after the Indian side stopped the import of Nepali ginger. The decision of the India customs office not to import Nepali ginger, citing the product is substandard has made ginger farmers of Ilam and Panchthar districts worried.