Prime Minister KP Sharma Oli's China visit is expected to take the country's economic sector to a new height by strengthening mutual relations between the two countries.
The Asian Institute of Diplomacy and International Affairs (AIDIA) hosted a Round Table Meeting on 'Trade and Investment Opportunities in Kazakhstan" in Kathmandu on Thursday. The main objective of the meeting was to discuss and explore new horizons in trading and investing in Kazakhstan, CEO of the organizer Sunil K C said in his opening remarks.
The World Bank (WB) has forecast Nepal's economy to grow at 4.5 percent – half the government projection -- in the next fiscal year. Nepal's economy will grow at the rate of 4.5 percent in the fiscal year 2018-19, and will slow down to 4.2 percent in 2019-20 and 2020-21, the World Bank's 'Global Economic Prospects June 2018,' published on Tuesday read.
Despite recent softening, global economic growth will remain robust at 3.1 percent in 2018 before slowing gradually over the next two years, as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off, the World Bank said on Tuesday.
Globally, countries are losing $160 trillion in wealth because of differences in lifetime earnings between women and men. This amounts to an average of $23,620 for each person in the 141 countries studied by the World Bank Group in a new report released Wednesday.
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.