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.
The government on Wednesday decided to reduce the age bar for an elderly allowance from 70 to 65. The decision of the Cabinet meeting on Wednesday is going to add Rs 7 billion liability to the government’s coffer. The current expense for this allowance is Rs 31 billion.
Global flows of foreign direct investment (FDI) fell by 16 per cent in 2017 to an estimated US$1.52 trillion, from a revised US$1.81 trillion in 2016, according to the latest UNCTAD Global Investment Trends Monitor.
The Government and the World Bank on Sunday signed three financing agreements for $440 million in Kathmandu to invest in the country’s post-earthquake housing reconstruction, livestock innovation, and technical education and vocational training. The agreements were signed by Finance Secretary Shankar Prasad Adhikari and World Bank Country Director for Bangladesh, Nepal and Bhutan Qimiao Fan in the presence of Finance Minister Gyanendra Bahadur Karki and World Bank Vice President for South Asia Annette Dixon. Senior government officials were present during the occasion.
Citing rise of the price of crude oil in the international market, Nepal Oil Corporation (NOC) has hiked the price of fuel on Wednesday. The government fuel monopoly decided to increase Rs 1 per liter on petrol, Rs 2 per liter on diesel and kerosene. After the hike, the price of petrol cost Rs 102, and diesel and kerosene Rs 81 per liter. However, the price of cooking gas and aviation fuel has not been changed.
The government has met the revenue mobilization target by the end of six months of the fiscal year. The government has mobilized Rs 334 billion in the first six months of the current fiscal year, according to Revenue Secretary Shishir Kumar Dhungana.
The government has been able to spend only 14 percent in the first half of the current fiscal year. According to the Financial Comptroller General's Office, the government has spent Rs 47 billion or 14 percent of the total target capital budget of Rs 335 billion – allocated for the current fiscal year 2017-18 – by the end of six months. The government’s failure to spend in time particularly in development works like infrastructure projects has been a repeated phenomenon largely due to bureaucratic inefficiency.
Maersk Line is targeting emerging trade opportunities in Nepal and is to open a commercial office in Kathmandu to help facilitate the growth of container traffic to and from this market, in the first half of 2018.
South Asian Festival on Handicrafts brought together experts and entrepreneurs from the region to discuss difficulties and exchange learnings on its second day on Saturday.