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.
Surging imports of agricultural commodities indicate a tremendous potential for Nepal to expand agricultural production, according to policymakers, agri-business entrepreneurs and agriculture sector experts. Speaking at a Roundtable Discussion on 'Enabling Environment for Agricultural Technology Innovation and Adoption: Policy, Legislation and Practice', they also called for a revamp of critical interventions for the deployment of productivity-enhancing technologies.
Poverty Alleviation Fund (PAF), Nepal is organizing South Asian Festival on Handicrafts: Meetings and Marketplaces in Kathmandu from Friday.The highlight of the three-day festival will be the launch of Nepal Ko, a new brand of exquisite handicrafts produced by Nepali artisans. Crafts from India and Pakistan will also be showcased in this mega event, according to the organizer. Around 200 products categorized under 10 different skill sets will be displayed at 20 stalls – 18 for Nepali and one each for Indian and Pakistani crafts.
The World Bank has revised the economic growth forecast for Nepal down by nearly one percentage point to 4.6 percent for the current fiscal year 2017-18.
The government is yet to collect Rs 79 billion of already calculated tax from the big corporate houses.The government is yet to collect Rs 78.15 billion income tax from big firms, according to the Large Taxpayer Office. It has to yet to collect Rs 84.77 million as value-added tax (VAT) and excise duties as of the data till mid-December, the LTIO informed, adding that it has issued a notice to the companies to pay outstanding dues three times and has also given 15 days deadline every time.
Though, the country received record high foreign aid in the last fiscal 2016-17, it has been concentrated on province 3 only. According to Development Cooperation Report, the country received record high foreign aid in the last fiscal 2016-17 worth $1,394.6 million, which is an increase of 30 per cent as compared to a fiscal year ago but 52 percent, of total foreign aid went to Province 3. The province received a total of US$ 354 million worth of foreign aid in the last fiscal year. The remaining six provinces received a combined $323 million only.
The World Bank has approved US$300 million in additional finance for the Earthquake Housing Reconstruction Project. This supplements a US$200 million credit approved by the Bank on June 29, 2015. The additional finance will help the Government of Nepal meet a share of the financing gap in its housing reconstruction program under implementation following the devastating earthquakes of 2015, according to a press note issued by the multilateral financial institute. The impact of those earthquakes is estimated at 35 percent of Nepal’s Gross Domestic Product (GDP) with recovery needs of about US$ 7 billion.