Positive mindset needed towards businessmen: Prachanda

Kathmandu, Oct. 18

Former Prime Minister and Chairman of CPN (Maoist Centre) Pushpa Kamal Dahal ‘Prachanda’ said on Friday that the mindset of taking the businesspeople and capitalists as 'brokers' and 'exploiters' should be changed.

Speaking at the Business Meet 2024 organised by the Hindu Economic Forum, Nepal, in the Capital, the former Prime Minister said that such a mindset particularly in the bureaucracy and political leadership was more fatal. "We don't have a good view about the businesspeople. Such mindset in the bureaucracy and political leadership will certainly slow the economic progress and development," he said.

Stating that the ultimate goal of politics is to make people happy, Prachanda said that politics becomes meaningful when it drives development and helps people and the country achieve prosperity.

He expressed worries over the country's failure to exploit natural resources for development and economic progress. "We have an immeasurable amount of natural resources in Nepal but the country has missed the opportunity to utilise them as the means for prosperity," he said, "Overpoliticisation of development has marred the process."

Chairman Prachanda also maintained that cooperation and collaboration with the neighbouring countries were also the need of the time for national development. "We need a pragmatic approach to deal with the development and for diplomacy rather than a dogmatic one," he said.

Speaking on the occasion, Swami Vigyananand, Founder President of the World Hindu Economic Forum (WHEF), said that despite having natural resources and cultural heritages as well as economic opportunities, Nepal has not been able to attract foreign investment including that from India.

"Indian investors have been taking more than US$ 35 billion in a year to Dubai where there is no conducive environment and cultural proximity," he said and asked, "Why is Nepal which is at proximity with India in terms of geography, culture and religion has not been successful to attract such investment?"

It's because Dubai has a better policy framework for businesspeople and investors, better facilitation and a pragmatic approach, Vigyananand said while suggesting Nepal create a better doing business environment to attract the investors of various background.

"Nepal has the Himalayas, home of Gods, which is a matter of respect and attraction for Indian people. If you offer a better environment and offer facilitation, more investment will come here," he suggested.

Vigyananand said that prosperity should be the main agenda of all economic philosophies, and maintained that the Hindu philosophy is the foundation of social and economic prosperity.

According to him, the governments should impose taxes in such a way that should help survive the business, increase the income of the state and add less burden to the consumers. He also said that the coming era would be the age of Eastern and Hindu philosophies.

The WHEF was launched to bring together financially successful elements within Hindu society such as traders, bankers, technocrats, investors, industrialists, business persons, and professionals, along with economists and thinkers, so that each group can share their business knowledge, experience, expertise and resources with their fellow brethren, said the organisation.

The first WHEF was organised in 2012 in Hong Kong and this year's Forum will be organised in December in Mumbai, India. 

 Published in The Rising Nepal daily on 19 October 2024. 

NIFRA to issue Energy Bond

Kathmandu, Oct. 17

Nepal Infrastructure Bank Limited (NIFRA) has appointed NIMB Ace Capital Limited as the issue manager for its upcoming 'NIFRA Energy Bond 6% (2088/89)'. "This new bond issuance aims to bolster the country’s energy infrastructure, a crucial element for Nepal’s economic growth," the company said in a statement issued on Thursday.

The NIFRA Energy Bond will feature a 6 per cent interest rate and a validity period of seven years, with a total issuing size of Rs. 5 billion. After getting approval from the Securities Board of Nepal (SEBON), 60 per cent of the total shares will be allocated for private placement, allowing selected investors to participate, while the remaining 40 per cent will be available to the general public, the company said.

According to NIFRA, the bond issuance is expected to bolster the energy sector, enhance financial inclusion and provide a secure investment avenue for both institutional and individual investors.

It also expressed its commitment to facilitating infrastructure development in Nepal, offering a range of financial services tailored to meet the needs of both public and private sectors.

 Published in The Rising Nepal daily on 18 October 2024. 

Govt falters from its commitment to offer subsidies to big exporters

Kathmandu, Oct. 17

Industries exporting ‘Made in Nepal’ goods worth more than Rs. 500 million had applied for the government-announced subsidies on their exports and have been making multiple rounds of the concerned offices but their efforts have not borne any fruits but hopelessness.

The government had announced to pay up to 8 per cent cash subsidy to the industries –such as yarn, cement, clinker, steel, carpet, noodles, footwear, processed water, information technology and business process outsourcing– that export goods above Rs. 500 million in a year about two years ago.

Although the government had announced cash-subsidy programme on exports in a budget five years ago, its implementation was made possible only after a work procedure was formulated two years ago.

Large industries said that they have submitted the application to obtain the subsidy as per the rules but no payment has been made yet. However, they have experienced a lot of administrative and procedural complexities and challenges.

On Tuesday, Federation of Nepal Exporters Association (FNEA) wrote a letter to the Ministry of Finance (MoF) for the early disbursal of the subsidy amount due to the exporters.

"This Federation and our members have time and again requested the MoF for the disbursal of the subsidy to the exporting industries but although it's been two years of the programme implementation, there has been no payment," the letter signed by FNEA President, Pawan Golyan read.

An industrialist said that they have been paying the tax on time, and in case of non-payment there will be fines and penalties. "You should also be able to give what you have to give on time. If it was not to be disbursed, why did the government announce? Is it the taxpayer who should be responsible?" he said.

After the government announced the subsidy for export promotion, the private sector had welcomed it. But now the concerned industrialists are disappointed because of the lack of implementation. Meanwhile, liabilities on government, such as payment to the contractors, COVID insurance and agriculture insurance, have piled up.

According to the exporters, the subsidy on exports is likely to cross Rs. 2 billion mark. Department of Customs, Department of Industry, Nepal Rastra Bank, Ministry of Industry, Commerce and Supplies and MoF are the major concerned agencies to implement the subsidy programme.

According to the work procedure of the subsidy programme, the subsidy received for exporting must be tied to the income shown in the balance sheet of the same year and it must be spent in international market promotion, technology and capacity building and e-commerce.

The FNEA said that the subsidy would support the industries in the transfer of the latest technology, market promotion in foreign countries and production of quality goods.

A high official of the MoICS said that the Ministry was 'highly concerned' about the demands of the industrialists and exporters but it has been struggling to manage the funds. "The MoICS and MoF are in close communication to find ways to make the payment to the exporters through the disbursement of additional budget," said the official. 

 Published in The Rising Nepal daily on 18 October 2024. 

Plastic board, juice among top-five export items list

Cardamom export down 60%  in first two months

Kathmandu, Oct. 16

Plastic board and juice have secured their position among the top five exports of Nepal in the first two months of the current Fiscal Year 2024/25 replacing cardamom and readymade garments compared to the same period last year.

According to the statistics prepared by the Nepal Rastra Bank (NRB) on the basis of the data from the Department of Customs (DoC), which was published on Tuesday, polyester yarn and thread has retained its position as the top exporter of the country for the period of mid-July to mid-September 2024.

Nepal exported yarn and thread worth Rs. 2.012 billion in two months which is 3.9 per cent increase compared to the first two months of 2023/24. However, the growth rate is way down from that of the previous year when the products have witnessed 85.1 per cent rise in the last fiscal. But it has increased its total share in export from 7.7 per cent last year to 8.0 per cent this year.

Woolen carpet has climbed two positions up to be the second largest export this year with 8 per cent share and Rs. 1.99 billion amount. Last year, Nepal exported woolen carpet worth Rs. 1.5 billion. However, that was 120 per cent up compared to FY 2022/23.

Likewise, plastic board is the third largest export worth Rs. 1.51 billion and 6 per cent share in total export. Last year, plastic board was in the seventh position. Zinc sheet and juice are the fourth and fifth largest exports of the country in the first two months of this year although their export has declined by 30.1 per cent and 0.4 per cent respectively compared to the previous year.

Last year, export of plastic board was increased by 175.7 per cent while the juice export was dropped by 19.1 per cent.

Other top 10 exports of the two months are tea, readymade garments, jute goods, oil cakes and pashmina. Similarly, cardamom, Ayurvedic medicine, textiles, shoes and sandals, palm oil, noodles, ginger, rosin, herbs and copper wire rod are in the top 20 exports of Nepal. However, the last four products have less than 1 per cent share each in the total exports.

Except for oil cakes, pashmina, Ayurvedic medicine, shoes and sandals, noodles and rosin, export of all other 15 products has gone down. The largest drop (-60.2 per cent) is seen in the exports of cardamom.

In the first two months of the previous year, herbs, handicrafts and brans were also in the top 20 list, according to the NRB report.

Nepal has exported goods worth Rs. 25.09 billion to 94 countries around the globe from mid-July to mid-September this year against the imports of Rs. 262.54 billion from 113 countries. According to the DoC, Nepal’s top five export markets are India, the United States, Germany,  the United Kingdom and the United Arab Emirates. Likewise, top import sources are India, China, Ukraine, Australia and Qatar.

Nepal exported goods worth Rs. 15.98 billion to India, Rs. 3.22 billion to the US, Rs. 871 million to Germany, Rs. 684 million to the UK and Rs. 412 million to the UAE. Among the top 10 export destination countries, Nepal trade balance is positive (by Rs. 34.7 million) only with the UK.

 Published in The Rising Nepal daily on 17 October 2024. 

NA Chair Dahal hold sideline bilateral meetings in Geneva

Kathmandu, Oct. 16

Narayan Prasad Dahal, Chairman of the National Assembly of Nepal who is leading the Nepali delegation to the 149^th Assembly of the Inter-Parliamentary Union (IPU) being held in Geneva of Switzerland held sidelines bilateral meetings with the President of the National Council of Switzerland, and the leaders of parliamentary delegations from India, China, Thailand and the Philippines on Tuesday.  

In the meeting with Eric Nussbaumer, President of the National Council of Swiss Confederation, the two leaders expressed commitment to enhancing inter-parliamentary exchanges and cooperation in areas of climate change, mountain conservation and disaster risk reduction, strengthening federalism, and the Swiss development cooperation in Nepal including in the peace process, informed the Permanent Mission of Nepal in Geneva.

Likewise, the discussion with the leader of the Indian delegation, Lok Sabha Speaker Om Birla was focused on promoting cooperation in the bilateral, regional and multilateral fronts to strengthen democratic institutions.

During the bilateral meeting with Mongkol Surasajita, President of the Senate of Thailand, Dahal emphasised the historical and cultural ties between Nepal and Thailand deeply rooted in the ideals of Buddhism. The two leaders discussed about enhancing parliamentary exchanges and cooperation to promote peace, democracy and development, read the statement.

The Chairperson also held a bilateral meeting with Ferdinand Martin Romualdez, Speaker of the House of Representative of the Republic of the Philippines and discussed about promoting inter-parliamentary cooperation to promote peace, democracy and development in the world. 

 Published in The Rising Nepal daily on 17 October 2024. 

Daunne Agro prepares for IPO

Kathmandu, Oct. 15

Daunne Agro Farm Limited (DAFL) is all set to issue its shares to public and appointed Citizens Capital Limited (CCL) the sales manager for the Initial Public Offering.

Binod Pokharel, Executive Director of DAFL, and Sabir Bade Shrestha, Chief Executive Officer of CCL, signed an agreement for the same.

Established eight years ago, DAFL is the largest egg production company in Nepal. It has been producing 1,700 cartons of 'antibiotic-free' and quality eggs per day from 400,000 layers of chickens and selling them in most of the urban, semi-urban and tourist areas of the country, the companies informed in a statement on Tuesday.

The farm aims to produce 2,600 cartons of eggs per day from a total of 600,000 chickens in the future. DAFL is situated in Sardi of Binayi Triveni Rural Municipality-3 in Nawalparasi (East).

Nepal Opportunity Fund-1 under Adhyanta Fund Management Limited also has an investment in that company.

CCL will provide consultation to the company regarding the shares issuance, and manage the IPO after getting the approval from the Securities Board of Nepal.

 Published in The Rising Nepal daily on 16 October 2024. 

Nepal condemns attacks on UNIFIL, NA personnel safe in Lebanon

Kathmandu, Oct. 15

Nepal has condemned the recent attacks on the UNIFIL (United Nations Interim Force in Lebanon) peacekeepers.

Following a joint statement by the 34 UNIFIL-contributing countries, the Ministry of Foreign Affairs (MoFA) of Nepal said in its message in X (known as Twitter earlier) on Tuesday that such actions must stop immediately and should be adequately investigated.

The joint statement by the UNIFIL-contributing countries has strongly condemned the attacks on peacekeepers and urged the parties of the conflict to guarantee their safety and security.

"We urge the parties of the conflict to respect UNIFIL's presence, which entails the obligation to guarantee the safety and security of its personnel at all times so that they can continue to implement its mandate and continue their work of meditation and support for peace and stability in Lebanon and the entire region," read the statement.

The contributing countries also said they consider UNIFIL's role as particularly crucial in light of the escalating situation in the region

Reiterating their commitment to multilateral cooperation with the UN at its core, the UNIFIL-contributing countries have called for respect for the international law, in particular the Charter of the UN as well as the relevant resolutions of the Security Council.

Co-signatories of this letter are Armenia, Austria, Bangladesh, Brazil, Cambodia, China, Cyprus, El Salvador, Estonia, Fiji, Finland, France, Ghana, Guatemala, Hungary, Indonesia, Ireland, Italy, Kazakhstan, South Korea, Latvia, Malaysia, Malta, Mongolia, Nepal, Netherlands, Poland, Qatar, Sierra Leone, Spain, Sri Lanka, Turkiye, the United Kingdom and Tanzania.

Meanwhile, RSS adds:  The Nepali Army (NA) has confirmed that all its personnel deployed in the United Nations Peacekeeping Mission in Lebanon are safe.    
NA spokesperson Gaurav Kumar KC stated that the army is in regular contact with its security forces in Lebanon, and all members are unharmed.    
However, sporadic incidents in the region have disrupted the daily operations of the mission, KC told the RSS.    
He said the NA will follow directives from the UN and mission headquarters concerning the ongoing situation in Lebanon. Currently, there are 877 NA personnel serving as peacekeepers in UNIFIL.    

 Published in The Rising Nepal daily on 16 October 2024. 

NA chair for cooperation to deal with global issues

 Kathmandu, Oct. 15

Narayan Prasad Dahal, Chairperson of the National Assembly of Nepal, called for international cooperation to ensure equitable access to the benefits of STI for all and to mitigate its negative impacts through sharing of knowledge, experiences, and resources.

Addressing the 149^th Assembly of the Inter-Parliamentary Union (IPU) at Geneva International Conference Centre in Geneva on Monday, he stressed that the advancements in STI should be considered as a global good, according to the Permanent Mission of Nepal in Geneva.

The Assembly is being convened under the theme of ‘Harnessing Science, Technology, and Innovations (STI) for a More Peaceful and Sustainable Future’ from 13 to 17 October.

The Mission informed in the statement that the Chairperson emphasised the importance of inter-parliamentary cooperation in addressing pressing global challenges such as climate change, poverty, and inequality.

"He noted that the theme of the 149^th Assembly aligns with current global priorities, particularly following the recent adoption of the Pact for the Future, the Global Digital Compact, and the Declaration on Future Generations by the 79^th UN General Assembly," read the statement.

He added that the STI holds transformative potential towards achieving the Sustainable Development Goals. 

Similarly, Dahal highlighted that the recent passage of the transitional justice related bill unanimously by the federal parliament of Nepal paved the path toward a lasting peace in the country. He expressed gratitude to the international community for their support and good wishes in Nepal’s peace process.

In the afternoon on Monday, Dahal held meetings with Dr. Tulia Ackson, President of the IPU and Martin Chungong, Secretary General of the IPU. Matters relating to strengthening Nepal-IPU relations and enhancing inter-parliamentary cooperation in the regional and global context were discussed on the occasion.

Later in the evening, Dahal and members of the delegation visited the Mission and took stock of Mission’s activities and engagements in Geneva.

Ram Prasad Subedi, Ambassador/Permanent Representative of Nepal to the United Nations and other International Organisations in Geneva had received Dahal and Nepal's parliamentary delegation upon their arrival at Geneva International Airport on Saturday.

 Published in The Rising Nepal daily on 16 October 2024. 

Inflation drops to 3.85% from 8.19% last year

Housing, health, transportation moderate consumer price inflation

 Kathmandu, Oct. 15

Inflation rate in Nepal has dropped to 3.85 per cent in mid-September this year from 8.19 per cent a year ago. This is lower than the inflation rate of 4.10 in mid-August this year.

According to the latest report on country's macroeconomic situation published by the Nepal Rastra Bank (NRB), food and beverage inflation stood at 5.03 per cent whereas non-food and service inflation stood at 3.19 per cent in mid-September 2024 while the price indices of these groups had increased by 9.77 per cent and 7.19 per cent, respectively last year.

In food and beverage category, price of pulse and legumes went up by 10.80 per cent, vegetables by 9.84 per cent, and cereal grains and their products by 9.34 per cent. But the price of fruit increased by 4.94 per cent on year on year basis. However, the price of spices decreased by 2.69 per cent.

The report published on Tuesday stated that the inflation in non-food category was less than the food items with the price of alcoholic drinks going up by 6.76 per cent, clothes and footwear by 6.08 per cent and furnishing and household equipment by 4.88 per cent in mid-September this year.

Executive Director of the NRB, Dr. Gunakar Bhatta, said that the comparative stability in the price of the non-food items contributed to the lower rate of inflation.

Housing and utilities, health, recreation, education, restaurant and accommodation services contributed to the significant improvement of the inflation rate on year-on-year basis. Price of these items saw no increase over the past one month. Likewise, price of housing and utilities went up by 2.22 per cent, health by 1.45 per cent, transportation by 1.92 per cent, recreation by 1.48 per cent compared to the same period a year ago. However, inflation in education sector is up by 3.35 per cent and restaurant and accommodation services by 2.62 per cent on year-on-year basis.

Spokesperson of the NRB, Ramu Paudel, said that this significant drop in the price also contributed to the fall in the price of goods in the international markets as well.

Although this reduction in consumer price inflation (CPI) is encouraging for the economy, reflecting lower price pressures across various sectors, this drop also indicates at lower demand in the market as the private sector has long been pointing to the empty commercial spaces even at the busy shopping areas across the country. The business of housing and space rental service has remained sluggish for the past couple of years.

According to the report, increase in price was higher in rural areas than the cities as the inflation rate remained at 4.04 per cent and 3.78 per cent in rural and urban region respectively in mid-September. Similarly, the rate was high in Sudurpaschim Province (5.90 per cent) and low in Bagmati Province (3.29 per cent).

Remittance and forex reserves up

Meanwhile, remittance inflows, a critical source of income for Nepal’s economy, increased by 15.2 per cent reaching Rs. 263.14 billion in the first two months of the Fiscal Year 2024/25. During the same period in FY 2023/24, the country received Rs. 228.40 billion in remittance.

Likewise, foreign exchange reserves also saw a positive trend, increasing by 5.5 per cent to Rs. 2152.53 billion, or USD 16.04 billion, as of mid-September 2024​. This growth in foreign exchange reserves is crucial as it can contribute to protecting the country against external shocks, especially given the importance of remittances and other foreign inflows, which are mostly volatile. The reserves are sufficient to cover merchandise and services imports for 13.7 months.

In terms of balance of payments (BOP), the country recorded a surplus of Rs. 101.77 billion in the first two months of this year which is an increase from Rs. 55.1 billion surplus recorded in the same period last year. 

 Published in The Rising Nepal daily on 16 October 2024. 

Bridging Nepal's Connectivity Gaps

 More Tunnels, More Bridges

The Kathmandu Terai Expressway shortens the journey from Kathmandu to Nijgadh by 193 km and saves almost five hours journey in an normal traffic scenario. This Asian-standard highway facilitates better connectivity of Kathmandu to the southern plains, including the capital city of Bagmati Province, Hetaunda and one of the industrial centres of the country, Birgunj. After the completion of the Expressway, people can travel Hetaunda to Kathmandu in about two hours in a confortable and comparatively risk-free manner. Express travel through the fast track road will be made possible by six tunnels of more than 10 km distance, and about 89 bridges that would make a combined length of 8 km.

There are multiple connectivity options between Kathmandu and Hetaunda but none is shorter than three hours. Meanwhile, those entire road connections were severed by the floods and landslides caused by the torrential rain in the last week of September this year. The disaster claimed the lives of 239 people while 18 individuals are still missing. Many of those lives were lost along the road, multiple vehicles were buried under the debris or landslides – three vehicles buried in the mudslide in Jhyaple Khola of Dhading district that claimed the lives of 35 individuals is one example. According to the statistics maintained by the Traffic Police, about 2,500 people lose their lives in road accidents across the country every year. Narrow road with steep elevation and sharp bends is one of primary causes of those accidents.

This analogy stresses the need of better road infrastructure facilitated by bridges and tunnels. Considered as the first tunnel project on a national highway, the Nagdhunga Tunnel shortens the road journey by 7.5 KM but might reduce the travel time by more than half an hour. While countries having similar topography to Nepal have long been in tunnel and bridge construction for the road and railway projects, this country is lagging owning to the severe dearth of financial resources, technical know-how and vision for the infrastructure development.

Mountain roads with sharp bends not only increase the risk of accident but also delay the travel and transportation. It has negatively impacted the tourism industry as tourists are apprehensive of visiting the destinations out of the Kathmandu Valley. A Croatian tourist was so scared during the Kathmandu-Pokhara travel last month that he would consider twice before making a road journey in Nepal. Tunnels can address this fear and uncertainty.

Bad roads create woes during the festivals. About 1.8 million people are traveling to their homes from the Kathmandu Valley alone. A large number of people also travel to their houses in villages or towns from the provincial capitals and industrial cities.

 

Solutions to the maladies

Tunnel and bridges face fewer disturbances from the floods and landslides, and immensely helps in mobilising the rescue teams and relief materials during hard times. They also create better connectivity in the hill and mountain areas where infrastructure development is costly and challenging and their management demands a huge amount of money. For example, the government has spent more than Rs. 650 million in the maintenance of Karnali Highway in the past two years. There are about 500 landslides along the 145-km Kathmandu-Narayangadh road.

This long journey has increased the cost of trade, caused inflation in the domestic market and decreased the competitiveness of Nepali goods in the international market. Obstruction-free transportation could be a great boon for the producers and traders, especially the farmers, of perishable items like vegetables, fruits and dairy items. It also reduces the imports of petroleum fuel, vehicles and their spare parts, that together make the largest import of the country, and can have positive impact on the trade balance and foreign exchange reserves. Reduction in the cost of trade has long been a primary agenda of the government but for the past several decades only lip-service has been paid to this notion. This inertia and indifference in the part of the government and infrastructure-agencies is exhibited in the national highways and other transportation infrastructures.

Tunneling and bridging the roads can be instrumental in the preservation of heritage sites and agricultural land along the road. There will be fewer disturbances to the vulnerable topography and young mountains like Chure hills. As they are better engineered for safety and durability, there are fewer chances of landslides and other damages. About 100-150 metre bridge in Jhyaple Khola, instead of a sharp bend above a narrow culvert, would have averted the recent disaster, and there would have been less uncertainty in travel and transportation if similar strategy were adopted in such critical locations.

If the roads and railways are reliable, people prefer public transport over their personal passenger vehicles. This means less emission of carbon dioxide and environmental pollution which will result in better public health and increased productivity of people.

 

Still a long journey

Development of tunnels and large motorable bridges is easier said than done particularly in a country that has hills and mountains in 83 per cent of its land. While the very hills and mountains create the need for the tunnels and large bridges, their topography create complexity and pose challenges in the development work. Likewise, ecological challenges are paramount especially in the Chure region. They demand sound planning and efficient execution of the development projects bet that a tunnel or a road on the surface.

Nepal still doesn't have an efficient institutional setup for the tunnels although a division is created for the bridges at the Department of Roads. While the Nagdhunga tunnel is developed by a Japanese agency, construction of the expressway is delayed also because of the delay in the tender process of tunnel as neither the Nepal Army nor any other national agency was competent in conducting the feasibility study or the detailed project report or constructing them.

Technology transfer is another area of concern. There are a couple of instances within Nepal – Melamchi Water Supply Project and Babai Irrigation Project – that better technology reduces the cost of development and expedites the construction. With the use of Tunnel Boring Machine (TBM), Babai Irrigation Project completed the tunnel construction ahead of the stipulated time while the MWSP witnessed a sluggish progress in absence of it.

Similarly, lack of understanding and will-power in the government and concerned agencies is another obstacle in this regard. While a section of the bureaucracy and policy makers make fun of the visions to create large tunnels and bridges, another section discourages such visions and planning citing the shortages of funds, technology and human resources. It is also true that the country has a shortage of skilled engineers and geologists to move ahead with the tunneling and construction of large bridges. Hence, the government should immediately formulate a long-term policy and short-term development plan for the construction of tunnels and bridges. International Development Partners and other donors should be asked to channelise their financial support to this very need of national development. 

 Published in The Rising Nepal daily's Dashain supplement on 8 October 2024. 

Foreign Minister Rana collects info about Nepali people’s situation in Lebanon, Israel, Iran

Kathmandu, Oct. 6

Foreign Minister Dr. Arju Rana Deuba has instructed the Nepali embassies in Isreal, Egypt and Pakistan to keep 'updated' with information about the situation of Nepalis in Israel, Lebanon and Iran.

She held a virtual meeting with Nepali ambassadors in those countries from the Ministry of Foreign Affairs (MoFA) and took information about the latest situation in Israel and Lebanon, the Ministry said in a statement.

 FM Dr. Deuba had given instructions to the diplomats to be in contact with the Nepalis in the war-affected countries and their families since there is growing concern in Nepal especially due to the situation developed in Lebanon recently about the situation of Nepali citizens.

"Try to get in touch with all the Nepalis who are there in any way. If anyone wants, help them return home immediately, coordinate for that and if there is a situation where Nepali citizens have to be rescued and brought back home, do the necessary homework for that," she instructed the embassies.

FM Rana also instructed the embassies of the respective countries to appoint contact persons and establish a help desk if needed to provide necessary assistance and coordination to the Nepalis who are in trouble.

Sushil Lamsal, Nepali Ambassador to Egypt, informed the latest situation in Lebanon and said that Nepalis who are there did not have any problem as of Sunday.

He said that it is estimated that there are currently around 1,200 Nepalis and that most of them are working in households. So far, ​​only three people have come in contact with the Embassy following the publication of a notice by it. "All of them have informed that they are safe in Beirut. Currently, no Nepali has reported that they have a problem, but their relatives in Nepal are more worried," said Lamsal.

Similarly, Acting Ambassador to Israel, Kumar Shrestha, said that the situation in Israel is normal and about 4,500 Nepalis are safe.

Likewise, Tapas Adhikari, Ambassador to Pakistan, informed about the latest situation in Iran.

 Published in The Rising Nepal daily on 7 October 2024. 

NRNA distributes relief to 120 families in Dakshinkali, Indrasarowar

Kathmandu, Oct. 6

The Non-Resident Nepali Association (NRNA) has distributed relief to 120 families affected by floods, inundation and landslides in Dakshinkali Municipality of Kathmandu and Sisneri in Indrasarowar Rural Municipality of Makwanpur on Sunday.

The NRNA distributed the items including clothes, blankets, mattresses, tarpaulins, solar lamps and hygiene kits to 50 families in Dakshinkali and 70 families in Indrasarowar affected by the disasters. The relief materials were distributed to the needy people in cooperation with the concerned local body, according to the statement issued by NRNA.

Earlier, the Association had announced to provide Rs. 10 million in assistance to the victims of floods, inundation and landslides. The relief has been distributed in the first phase in Dakshinkali and Indrasarowar. Likewise, preparations have been completed to distribute relief to the victims of the disasters in Panauti Municipality of Kavre and Thosne Khola of Lalitpur on Monday.

"The NRNA is also coordinating with the local levels for distribution of relief in various districts of the Tarai. We have already decided to provide financial support to the Prime Minister's Disaster Relief Fund," read the statement.

A team led by NRNA President Dr Badri KC, Vice President Rojina Pradhan Rai, Vice President Ram Sharan Simkhada, Deputy General Secretary Som Sapkota and other office bearers reached the locations to distribute the relief. 

 Published in The Rising Nepal daily on 7 October 2024. 

NC, UML, NBL support to the PMDRF

 Kathmandu, Oct. 6

The Nepali Congress, CPN (UML) and Nepal Bank Limited have provided cash support to the Prime Minister's Disaster Relief Fund (PMDRF) on Sunday.

A team led by the NC President and former Prime Minister Sher Bahadur Deuba handed over Rs. 5 million to the PMDRF on Sunday and offered suggestions on the immediate and long-term actions needed following the recent natural disaster including floods and landslides caused by the heavy rains.

Deuba met Prime Minister Oli at the Prime Minister's Office at Singha Durbar and handed over a 34-point suggestion letter and a cheque bearing the Rs. 5 million, informed the PMO. On the occasion, PM Oli said that the suggestions given by the NC with the main feeling that all parties should be united to face natural calamities were admirable.

According to the statement of the PMO, PM Oli assured that the government will take the lead in dealing with it as the disaster affects everyone regardless of caste, age and religion, remembering the common responsibility.

The NC has urged the government to work together to deal with the disaster and prepare for possible future disasters with united efforts. Home Minister Ramesh Lekhak, Vice-President of the NC, Purna Bahadur Khadka and General Secretary Bishwa Prakash Sharma and other leaders were present on the occasion.

Likewise, CPN (UML) handed over Rs 5 million to PM Oli for the Fund. A team of UML leaders including Senior Vice-Chairman Ishwar Pokhrel, Deputy General Secretaries Pradeep Kumar Gyawali, Bishnu Prasad Rimal and Prithvi Subba Gurung, and Secretary Raghubir Mahaseth handed over the cheque to him at his office.

On that occasion, Prime Minister Oli said that the disaster should be faced in a united manner by considering it the common responsibility, and the government will lead the initiative. He clarified that all three levels of government and state agencies are in the helm to fight against the disaster.

Meanwhile, Nepal Bank Limited has donated Rs. 20 million to the PMDRM. A team from the bank including its Chairman of the Board of Directors, Dr. Chandra Bahadur Adhikari handed over a cheque of that amount to PM Oli at his office on Sunday.

On the occasion, Prime Minister Oli thanked the bank and asked it to provide loans so as to promote the investors and industries and strict control the non-performing loans.

Earlier on Friday, various institutions had donated Rs. 34.8 million to the PMDRF. 

 Published in The Rising Nepal daily on 7 October 2024. 

Journalism Academy comes with book on podcasting

 Kathmandu, Oct. 4

CMR Nepal Journalism Academy launched a Nepali translation of a book titled ‘Podcasting - A Short Introduction’ in Kathmandu on Friday.

Benjamin Seidel, Deputy Head of Mission and Head of Development Cooperation and Economics at the Embassy of Germany in Kathmandu, and author Brigittee Hagedorn jointly unveiled the book at the programme. CMR Nepal Journalism Academy published the book in collaboration with Interlink Academy in Germany.

Speaking at the programme, Hagedorn shed light on the significance of podcasting. She focused on the technologies used in podcast production, making podcasts reliable and empathetic and strategies for marketing podcasts.

Likewise, Deputy Head of Mission Seidel emphasised the crucial role of journalism in the development of democracy and stressed the importance of capacity building for journalists. Seidel added that the importance of journalism and journalists has increased even more in the era of misinformation emphasising that journalism training is vital to face the challenges brought by technology.

Tilak Pathak, Executive Director of the Centre for Media Research, highlighted CMR-Nepal’s works including media research, civic space policy reviews, combating misinformation and strengthening media in Nepal.

Director of Journalism Academy, Ujjwal Acharya informed that 146 journalists have been given the training since 2023. He expressed commitment to working continuously to improve the quality of the training.

 Published in The Rising Nepal daily on 5 October 2024. 

Rs. 34.8 million received in PM's disaster relief fund

 Kathmandu, Oct. 4

Prime Minister's Disaster Relief Fund received about Rs. 34.8 million on Friday.

According to the Prime Minister's Office, chairpersons and Chief Executive Officers of various government and private sector financial institutions physically handed over the cheques to Prime Minister KP Sharma Oli at his office at Singha Durbar to express their institutional support.

Agriculture Development Bank Limited has donated Rs. 15 million to the fund. Similarly, Citizen Investment Trust handed over a cheque of Rs. 5.1 million, Simex Inc Pvt Ltd (BYD) Rs. 5.1 million, SBI Bank Limited Rs. 2.5 million, Life Insurance Corporation Rs. 3.1 million, Nepal Infrastructure Development Bank Rs. 2.5 million and Oriental Insurance Rs. 1.5 to the fund.

Prime Minister Oli thanked the companies that transferred money to the fund and expressed his belief that the help received would contribute to the distribution of relief to the victims of the floods, landslides and inundation.

He also said that as the crops of the farmers that were ready to harvest were also affected, detailed information about the damage is yet to come. Last Monday's meeting of the Cabinet had decided to initially deposit Rs. 1 billion in the fund. The fund continues to receive support from other organisations and individuals.

On Friday, Madhes provincial government announced to contribute Rs. 5.1 million to the PMDRF while Gandaki had announced to donate Rs. 5 million.

Earlier on Wednesday, the Karnali government decided to support Rs. 5 million to the fund. Organisations like the Non-Resident Nepali Association, and business bodies have also offered support to the fund. 

 Published in The Rising Nepal daily on 5 October 2024. 

Anju Shrestha becomes CEO of HEI

Kathmandu, Oct. 4

Himalayan Everest Insurance (HEI) Limited has appointed Anju Shrestha as its new Chief Executive Officer, making her the second female CEO in Nepali non-life insurance companies. She officially assumed her role on Friday.

She began her career on February 28, 1996, as an Assistant Officer. Her dedication, hard work, and commitment to excellence have enabled her to rise through the ranks, becoming a respected figure in the non-life insurance industry, HEI informed in a statement. As CEO, she now brings her wealth of experience of 29 years and strategic insights to lead HEI.

Expressing her excitement at the new role, Shrestha said, “I am honoured to lead Himalayan Everest Insurance and build on its strong legacy. My focus will be on fostering innovation and driving customer-centric solutions while maintaining a commitment to sustainable growth. I aim to create an environment of collaborative growth with accountability, all founded on a culture of deep professional respect.”

Mahendra Krishna Shrestha, Chairman of HEI, expressed his confidence that the new CEO's extensive industry experience, combined with her understanding of both opportunities and challenges, would take HEI to greater heights.

 Published in The Rising Nepal daily on 5 October 2024. 

FM Dr. Deuba leads Nepali delegation to ACD

 Kathmandu, Oct. 4

Minister for Foreign Affairs Dr. Arzu Rana Deuba led a Nepali delegation to the Third Summit of Asia Cooperation Dialogue (ACD) held under the theme 'Sports Diplomacy' in Doha on Thursday. The summit commenced with an inaugural address by Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, Embassy of Nepal in Doha informed in a statement.

Addressing the Summit, Foreign Minister Dr. Deuba expressed concerns over escalating regional and global conflicts and adverse impacts of climate change and reaffirmed Nepal’s unwavering commitments to multilateralism and ACD objectives.

Emphasising on the transformative power of sports diplomacy, she stated that sports are crucial for maintaining social cohesion, unity, sound mental health, and bridging socio-cultural and ideological divides. "She highlighted the immense potentials and synergies of Asia and stressed the importance of forging meaningful cooperation and promoting mutual understanding among ACD Member States for a united, resilient and prosperous Asia," read the statement.

The Summit concluded with the adoption of Doha Declaration that emphasised on harnessing sports diplomacy for fostering peace, mutual understanding and closer cooperation among ACD member states. Presidents, prime ministers, deputy prime ministers, foreign ministers/ministers and other dignitaries from ACD member states attended the Summit.

On the sidelines of the Summit, FM Dr. Deuba had bilateral meetings with Edil Baisalov, Deputy Prime Minister of the Kyrgyz Republic; U Than Swe, Deputy Prime Minister and Minister of Foreign Affairs of Myanmar; and Faisal bin Farhan Al-Saud, Minister of Foreign Affair of the Kingdom of Saudi Arabia. During these meetings, discussions were focused on further strengthening cordial bilateral relations and other matters of regional cooperation within ACD framework.

Dr. Deuba returned to Kathmandu on Friday with her delegation. 

 Published in The Rising Nepal daily on 5 October 2024. 

Trilateral pact signed to export Nepal's electricity to Bangladesh

Nepal to export 40-MW electricity to Bangladesh using Indian transmission lines

 

Kathmandu, Oct. 3

Nepal is all set to export electricity produced here to Bangladesh.

This historic milestone was achieved after Nepal India and Bangladesh signed a tripartite agreement that allows Nepal sell its electricity to Bangladesh using land and transmission infrastructure of India. Nepal Electricity Authority (NEA), Bangladesh Power Development Board (BPDB) and NTPC Vidyut Vyapar Nigam (NVVN) signed the agreement at a programme organised in Kathmandu on Thursday.

Executive Director of the NEA, Kulman Ghishing, Chairman of BPDB, Mohammad Rezaul Karim, and CEO of NVVN, Renu Narang signed the agreement on behalf of their respective organisation and country. Minister for Energy, Water Resources and Irrigation, Deepak Khadka of Nepal, Minister for Forest, Environment, Climate Change and Water Resources, Syeda Rizwana Hasan of Bangladesh and Indian Ambassador to Nepal, Naveen Srivastava were present on the occasion.

In the first phase, Nepal will export 40 megawatt of electricity to Bangladesh during the wet season – six months from mid-June to mid-November, for the next five years. According to the NEA, electricity generated from the NEA developed companies 25 MW Trishuli and 22 MW Chilime hydroelectricity projects will be exported to Bangladesh at the rate of 6.40 US cent. Ghishing said that Nepal is likely to earn US$ 9.2 million (about Rs. 1.22 billion) a year.  

Meter of the energy export would be installed in Mujaffarpur, India and the losses up to that point would be borne by the NEA and losses from Mujaffarpur to Bangladesh border would be the responsibility of Bangladeshi company while the wheeling charges for the use of NVVN's transmission line would be paid by Bangladesh.

 

15,000MW to India, Bangladesh

Ghishing said that Nepal has a target of exporting 10,000-MW electricity to India, and 5,000 MW to Bangladesh. Nepal has signed a Memorandum of Understanding (MoU) with India in January this year for the export following India's announcement in September 2023 to import the electricity of that amount for a 10-year period.

Earlier in December 2023, Bangladesh had approved a proposal from the BPDB to import 40-MW electricity from Nepal. In the following months, the NEA and BPDB had also agreed upon the rate of energy trade and preparations were made for the final agreement but the political upheaval in Bangladesh affected the process. Before the fall of the Sheikh Hasina's government, the two countries were in the final phase of inking electricity trade agreement for 40-MW and Bangladesh's minister for state for energy was scheduled to come to Nepal.

 

A prolonged effort

This historic feat was achieved after a hiatus of about a decade. In its Energy System Master Plan formulated in 2016, Bangladesh had mentioned that it would import electricity from Nepal. But there was an obligation to use the Indian infrastructure and a fresh agreement with the southern neighbour to transmit electricity from Nepal to Bangladesh.

Bangladesh had said that it could buy as much as 9000-Mw electricity from Nepal that could provide an immense opportunity for the latter to reduce trade deficit with the former. In 2018, Bangladesh had pointed to the need for a trilateral and multilateral framework for the energy trade in the region.

The then Bangladeshi ambassador to Nepal, Mashfee Binte Shams had said that the power-starving south Asian nation was even ready to make investment of up to US$ 1 billion in hydropower projects in Nepal. By then, India had given a positive nod for the facilitation in Bangladesh's power trade with Nepal and Bhutan. Bangladesh, the country that is being upgraded to a 'developing nation' from a Least Developed Country (LDC) along with Nepal in 2026, will require 34,000-MW of power by 2030 to sustain its growth.

Last year, a secretary-level committee of Nepal and Bangladesh had agreed to develop 683-MW reservoir-based Sunkoshi III Hydroelectricity project with joint investment. Now India has also been incorporated as an investor in the project.

Likewise, in 2019, Bangladesh government had decided to purchase 500-MW electricity from the GMR Upper Karnali Hydroelectricity Project but the project development is still in a limbo.

Meanwhile in March 2021, Nepal was making preparations to export about 200-MW electricity during wet season to Bangladesh by July end that year. But that remained just a talk.

 

A regional achievement

Speaking at the agreement signing programme, Energy Minister Deepak Khadka of Nepal said that the agreement is a regional achievement.

"Nepal's success in exporting electricity to a third country for the first time in its history has become an important corner stone for the South Asian region," he said.

According to him, the Nepal-Bangladesh energy sector cooperation agreement reached in 2018 is the result of continuous efforts and it is important and historic not only for Nepal but also for South Asia and BBIN region.

Minister Khadka expressed his belief that the agreement will further strengthen the friendly relations between Nepal's neighboring countries and said that the Government of Nepal is ready to cooperate with India and Bangladesh to achieve the goals in the energy sector.

Bangladeshi Water Resources Minister Syeda Rizwana Hasan, mentioned that the tripartite agreement is a corner stone in the direction of creating common prosperity and mutual commitment of South Asian countries. "This agreement is of great importance to safely achieve the national demand of Bangladesh and the global needs and the goal of sustainable development," she said.

Likewise, Indian envoy to Nepal, Srivastava, said that the cooperation among the three countries  will be further expanded in the future.

Ghishing, ED of NEA, said that this agreement is a result of mutual cooperation and mutual understanding of the expanding energy sector in South Asia. He said that Nepal has become the first country in South Asia to export electricity to a third country. "This electricity export agreement is also a model of reducing emissions, expanding relations between citizens of different countries," he said.

 Published in The Rising Nepal daily on 4 October 2024. 

AI integration critical for quality education

Kathmandu, Oct. 3

Integrating Artificial Intelligence (AI) into the education system of Nepal is not just an opportunity but a necessity as the country strives for quality education for all, stakeholders said at an interaction organised by the Federation of Computer Association of Nepal (FCAN Federation) in the Capital on Wednesday.

By embracing AI, we can empower our students to thrive in a future where technology and education are deeply intertwined, ensuring that no one is left behind in the pursuit of lifelong learning, said Prof. Dr. Subarna Shakya, President of the Centre for Cyber Security Research and Innovation.

"AI is a transformative force in education, capable of revolutionising how we teach and learn by personalizing experiences and bridging gaps in access," he said.

The interaction was focused on the 'Artificial Intelligence (AI) Concept Paper' recently released by the government, and was attended by academics, IT professionals, lawyers, service providers, and digital rights activists. According to the CAN Federation, the event was organised to gather feedback and suggestions from the participants, which will later be compiled into a report and submitted to the government.

Speakers said that AI regulation is crucial but emphasised that it should not be stifled by over-regulation.

Dr. Bhojraj Ghimire from Nepal Open University, acknowledged the concept paper as a welcome initiative but noted that it is too theoretical and lacked practical details. He pointed out that despite AI being data-driven, the paper does not address critical aspects such as data standardization, sharing, cleansing, and privacy which are essential for the development and deployment of AI technologies in Nepal.

Similarly, Sanjina Chhetri from Digital Rights Nepal raised concerns about the lack of attention to data protection in the concept paper. She also highlighted that the paper does not clearly define the roles of the federal, provincial, and local governments in AI governance.

Former DIG of Nepal Police and Advisor of Information Security Response Team Nepal (npCert), Rajib Subba, reflected on the past, recalling that the Electronics Transactions Act, originally intended to promote e-commerce, was later repurposed to regulate cybercrime. He warned that if the current discourse on AI is not guided in the right direction, it could lead to similar confusion in the future.

The report including the feedback will be submitted to the Ministry of Communication and Information Technology, according to CAN General Secretary Chiranjibi Adhikari, who is also the coordinator of the AI concept paper.

 Published in The Rising Nepal daily on 4 October 2024. 

Qatari investors eager to invest in Nepal

Kathmandu, Oct. 3

Qatari investors are looking for investment opportunities in Nepal especially in the areas of Information Technology, pharmaceutical industry, banking and financial services, hydropower and tourism, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) informed on Thursday.

"Investors here are looking for investment opportunities in Nepal. We will encourage more investors," said Khalifa bin Jassim bin Mohammed Al-Thani, Chairman of the Qatar Chamber of Commerce, at the first meeting of the Nepal-Qatar Business Council held in Doha on Wednesday.

The meeting between Chairman Thani and a delegation of the FNCCI led by its President Chandra Prasad Dhakal discussed issues related to expanding economic relations between the two countries.

During the state visit of Qatari Emir Tamim bin Hamad bin Khalifa Al Thani to Nepal on April 23 and 24 this year, an agreement was signed to establish a Business Council between the FNCCI and the Qatar Chamber.

In the first-ever meeting at the chairman level of the Council, FNCCI President Dhakal and Qatar Chamber Chairman Thani agreed to appoint members under their respective leadership to complete the Council soon. Dhakal also proposed organising a Qatar-Nepal Business Summit in Nepal. There was an agreement in the meeting to organise the programme next year, read the statement.

During the meeting, FNCCI President Dhakal stated that Nepal has external sector stability and that the reforms made in the laws have created investment opportunities. He also invited Qatari investors to invest in hydropower, tourism, information technology, and skill development in Nepal, where there are ample opportunities. Similarly, Dhakal also participated as a representative of the private sector of Nepal in the Asian Cooperation Dialogue organised by the Qatari government.                                       

 Published in The Rising Nepal daily on 4 October 2024. 

PM meets Bangladeshi Minister Hasan

 Kathmandu, Oct. 3

Minister of Environment, Forest and Climate Change, and Water Resources of Bangladesh, Syeda Rizwana Hasan paid a courtesy call on Prime Minister KP Sharma Oli on Thursday.

On the occasion of the meeting held at the Prime Minister's Residence in Baluwatar, the issues of strengthening and expanding the existing bilateral relations between Nepal and Bangladesh and increasing cooperation in energy and other sectors were discussed.

Prime Minister Oli's chief advisor Bishnu Prasad Rimal, Joint Secretary of the Ministry of Foreign Affairs, Bhrigu Dhungana, Nepal's Ambassador to Bangladesh Ghanshyam Bhandari, Bangladeshi Ambassador to Nepal, Salahuddin Noman Chowdhury, and others officials were present.

 Published in The Rising Nepal daily on 4 October 2024. 

Nepal, USA to establish bilateral consultation mechanism

 Kathmandu, Oct. 2

Nepal and the United States of America have agreed to establish a Bilateral Consultation Mechanism (BCM) to discuss various bilateral issues.

For this, a Memorandum of Understanding (MOU) was signed between the Ministry of Foreign Affairs (MoFA) of Nepal and the Department of State of the United States of America on the establishment of a Bilateral Consultation Mechanism on Monday at the Department of State, the MoFA informed in a statement on Tuesday.

The MoU was signed by the Minister for Foreign Affairs of Nepal Dr. Arzu Rana Deuba, and by Acting Under-Secretary for Political Affairs of the US Department of State John Bass. Following the signing of the MOU, FM Rana and Under Secretary Bass exchanged views on matters of mutual interest between the two countries, read the statement.

With the signing of this MOU, senior officials of the MoFA and the State Department will hold periodic consultations alternately in Kathmandu and Washington, D.C. to discuss the overall gamut of Nepal-US relations. 

Foreign Minister Rana left Washington, D.C. in the evening of September 30 for Doha where she is leading the Nepali delegation to the Summit of Asia Cooperation Dialogue (ACD), before finally heading back to Kathmandu. Foreign Secretary Sewa Lamsal and Charge’ d’affaires Kumar Raj Kharel were also present on the occasion of the MoU signing.

 Published in The Rising Nepal daily on 3 October 2024. 

World Bank puts Nepal's economic growth for this year at 5.1%

Kathmandu, Oct. 2

The World Bank (WB) has projected that Nepal's economic growth will accelerate to 5.1 per cent in the Fiscal Year 2024/25 from 3.9 per cent in the last FY 2023/24.

This growth will be driven by anticipated high tourist arrivals, along with increased hydropower and paddy production, according to the World Bank’s latest economic update, 'Nepal Development Update: International Migration and Well-being in Nepal', released in the Capital on Wednesday.

Nepal’s economy is projected to grow by 5.5 per cent in the next FY 2025/26.

"The private sector is expected to contribute to the country’s growth, as it is anticipated to benefit from the central bank’s relaxing of monetary policy and easing of regulatory requirements," said the report.

Earlier, another multilateral donor, the Asian Development Bank (ADB), set the expansion rate of the Gross Domestic Product (GDP) at 4.9 per cent for the current fiscal.

Both the estimates are below the projections of 6 per cent growth made by the Government of Nepal through the budget of this year.

However, the World Bank report identifies multiple risks to the outlook, including heightened vulnerabilities in the financial system such as a rise in non-performing loans that may limit private sector credit growth, potential policy discontinuity that could deter investment, delays in the execution of the capital budget affecting infrastructure development, and regional instability and trade disruptions that could reduce tourism and domestic demand.

"Nepal's economy is on a gradual recovery path. Our focus on enhancing capital expenditure, particularly by completing nearly finished projects, along with reforms in the budgetary process, will strengthen macroeconomic stability, boost domestic productivity, and create more jobs," said Prof. Dr. Shiva Raj Adhikari, Vice-Chairman of the National Planning Commission.

According to the report, shocks in migrant-receiving countries such as the Gulf Cooperation Council countries and Malaysia, could also slow growth, impacting international remittances that are crucial for raising household consumption, reducing poverty, and developing human capital.

However, migration from Nepal is costly, opportunities are unequal, and the process remains challenging for many. The report presents the latest evidence on the benefits and costs of Nepal’s emigration trend and highlights key policy interventions needed to build an inclusive migration management system aimed at ensuring sustainability and maximizing rewards.

“Maintaining growth momentum is key to Nepal’s development. This requires continued reform in critical areas such as infrastructure, governance, human capital development, and developing an environment which encourages and supports the private sector,” said David Sislen, World Bank Country Director for Maldives, Nepal, and Sri Lanka. 

Nepal has greatly benefited from remittances from overseas workers and improving the management of these inflows, better supporting Nepalis who choose to seek work abroad, and also building a vibrant domestic economy which allows for skilled Nepalis to be productive in Nepal is critical to the future of the country, according to him.

"An inclusive migration management system would establish a transparent recruitment process, better prepare migrants to go abroad, ensure the safety and mobility of migrants in those labour markets, plan for long-term skills and destination diversification, and create an economic environment conducive to harnessing the capital and skills of returnees," the WB said in a statement. 

 Published in The Rising Nepal daily on 3 October 2024. 

NBL brings down housing loan interest to 7.7%

Kathmandu, Oct. 2

Nepal Bank Limited has announced a new housing loan product with a 7.7 per cent interest rate. The bank said in a statement that it is the affordable loan product in the market with the lowest interest rate.

Named 'Sarbasulav Awas Karja', this housing loan can be used to buy a house or apartment, build a new house, repair or maintain, and swap a loan from other banks.  

The bank has offered a maximum discount of 33.33 per cent on the service charges for loans of Rs. 500,000 to Rs.20 million for a repayment period of five to 25 years.

In addition to this, the bank has also reduced the interest rates of various loans, including auto loan and business loans. The loan limit of a business loan is up to Rs. 100 million with an interest rate of 8.28 per cent. Customers can use this loan for working capital and fixed capital management.

Similarly, the period of auto loans is five and seven years. The interest rate on auto loans is currently 7.78 per cent.

NBL is offering its services from 229 branches, 60 extension counters and 205 ATM counters across Nepal. 

 Published in The Rising Nepal daily on 3 October 2024. 

Nepal seeks preferential treatment to continue in trade with UK after LDC graduation

Kathmandu, Sept. 30

Stakeholders have stressed on retaining the preferential treatment to Nepali goods in the markets of the United Kingdom and enhancing the quality of Nepal-made products in after years of the country's graduation to the 'developing country' status from the Least Developed Country (LDC).

Speaking at an interaction on 'Enhancing bilateral trade relations between the UK and Nepal through the Developing Countries Trading Schemes (DCTS)' organised by the British Embassy in Kathmandu on Monday, they said that Nepal must make the most of the DCTS programme.

Nepal exports a negligible amount of goods to the UK under the DCTS preference compared to its regional neighbours, India leads the chart while Bangladesh and Pakistan follow the former.

The DCTS includes market access, aid for trade, and private sector development programme which primarily focuses on supporting the SMEs with export of niche products and services.

Implemented since June 2023, DCTS is a unilateral preference offered by the UK 'duty free quota free' access on 99 per cent of goods from the developing countries.

Ambassador of the UK to Nepal, Rob Fenn, said that the UK would like to support Nepal in enhancing the quality of its products and taking them to the international markets. "Our efforts are for forging match-making between British fashion brand and Nepali Pashmina producers," he informed.

The UK has long been collaborating with the pashmina industry through the programmes like training Chyangra (mountain goat) farmers and quality enhancement. "We know that there are challenges in the process and DCTS is only the part of the solution. There is a need to better implement the single window system in the business, digitalising the customs, enhancing women's participation and removing trade barriers," said Fenn.

Fabian Hartwell, Regional Trade Development Advisor – South, Central, Southeast Asia of the FCDO, said that the programme will assess the environment of the selected factories, establish Business-to-Business connection, facilitate Nepali pashmina and felt producers to exhibit their products in an exhibition in London, and launch a product during the London Fashion Week. These activities will be implemented before March 2025.

After that, product development will be initiated in collaboration with Stella McCartney, participation will be made in fashion shows, and capacity building programmes will be continued.

Nepal will continue to receive the benefits of comprehensive preferences till 2029 after its graduation from the Least Developed Country (LDC) in 2026 in line with the policy to have the facility after three years from the graduation.

Gobinda Bahadur Karkee, Secretary of the Ministry of Industry, Commerce and Supplies (MoICS), said that although Nepal enjoys the duty-free treatment of 99 per cent products as a LDC in the UK, the country's utilisation rate of the facility is very low.

He pointed to the need to provide adequate information to the producers and exporters about the preferential treatment facility. He urged the private sector, entrepreneurs and exporters to enhance their knowledge and technical capability about the facility including the DCTS provided by the UK.

Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said the DCTS holds high significance in case of Nepal as it is likely to lose the preferential treatment for its goods in the post-graduation scenario.

The private sector must be aware of the international quality standards and complying with them in order to make the international trade more sustainable and beneficial to the national economy, said Dhakal.

Vice-President of the Confederation of Nepalese Industries (CNI), Birendra Raj Pandey, said that there is a need to explore opportunities in Nepal-UK trade relations.

The UK is the fourth largest export market for Nepal with the total exports of Rs. 3.08 billion in the last Fiscal Year 2023/24 while total imports to Nepal from the UK stand at Rs. 7.08 billion resulting in trade deficit of Rs. 4 billion.

Last year, the total size of Nepal's international trade was Rs. 1745.36 billion.  

 Published in The Rising Nepal daily on 1 October 2024. 

No compromise in support to flood, landslide victims: PM Oli

Kathmandu, Sept. 30

Prime Minister KP Sharma Oli  has assured that the government will leave no stone unturned in providing all possible support and relief to the victims of  floods and landslides caused by the torrential rains a couple of days ago.

"While I was out of the country, an unimaginable flood and landslide caused damage to people's life and property. Hundreds of people died, some are still missing while hundreds are injured," he said while talking to  journalists upon his arrival at the Tribhuvan International Airport in Kathmandu after participating in the 79^th Session of the United Nations General Assembly (UNGA), on Monday.

PM Oli expressed condolences to the deceased and speedy recovery of the injured ones in the disaster.

The Prime Minister  returned home after participating in the UNGA from 20 to 30 September.

On September 22 and 23 he participated in the Summit of the Future and addressed the summit as the president of the Least Developed Countries Group. He talked about the problems of poverty, hunger, inequality and climate change which the least developed countries are suffering from and called for the global collaboration and support to solve these challenges posing grave dangers to the mankind.

"I highlighted the  democracy being practiced in Nepal and its basic aspects of human rights, gender equality, rule of law, social justice and social security.  Speaking about the achievements we have achieved in our original peace process, I underscored for the support of the international community for the necessary compensation to bring it to a concrete conclusion," said PM Oli.

Similarly, he stated that he drew the attention of the world community to climate change and its effects on the Himalayas of Nepal and the solutions to solve the problems of the Himalayan nations .

Stating that there are serious obstacles and challenges in achieving the goals of sustainable development in developing countries and especially the least developed countries including Nepal, he tried to draw the attention of the world community to the arrangement of necessary resources for the achievement of the goals of sustainable development.

"Drawing the world's attention to the problems of the least developed and landlocked countries, I have emphasized the need to remove poverty and inequality through international cooperation, technology transfer and investment for the development of those countries," said PM Oli.

Reiterating Nepal's unwavering commitment to the principles and objectives contained in the United Nations Charter, PM Oli appreciated the role it has played in the field of world peace, human rights and development.

He also emphasized on the increasing geopolitical competition, arms race, growing conflicts around the world and the need for multilateralism to be further strengthened in this sensitive time and the reform and reorganization of the United Nations.

During the UNGA, PM Oli addressed the High-Level Plenary Meeting  on the Threats Posed by Sea Level Rise, Climate Vulnerable Forum Leaders Meeting, and High-Level Plenary Meeting  on Antimicrobial Resistance, and a programme on 'A Lead-Free Future' organised by the USAID.

Similarly, PM Oli held a bilateral meeting with the Secretary General of the UN, Antonio Guterres and leaders of various friendly countries.

In the meeting with the Secretary General held on September 21, he discussed the progress of Nepal's peace process, the UN's support for reducing the effects of climate change in Nepal, Nepal's support for the development and strengthening of the UN and Nepal's contribution to UN peacekeeping operations.

"Based on Nepal's contribution to the UN peacekeeping mission, I have also requested that Nepal should be represented at the highest level in the secretariat and the mission. Also, I have invited the Secretary General to be present at the Everest Dialogue that we are planning to organize in the near future," said PM Oli.

On the sidelines of the General Assembly, discussions and talks were held with the counterparts of various friendly countries and high officials of the United Nations on bilateral and multilateral interests and issues.

PM Oli held a bilateral meeting with the Prime Minister of India, Narendra Modi, Prime Minister of Bhutan, Daso Chiring Togbe, Mohammad Yunus, Chief Advisor of the Interim Government of Bangladesh, and Prime Minister of Pakistan Mohammad Sehbaz Sharif. He also met Foreign Minister of China, Wang Yi.

The friendly relations with these countries and further strengthening of mutual cooperation on multilateral issues were discussed during the meetings. He also held meetings with the Prime Minister of Samoa, Qatar, Laos, and Luxembourg. He also held bilateral and delegation-level meetings with the heads of various international agencies.

Likewise, he delivered speeches at  Columbia University and Harvard University. 

 Published in The Rising Nepal daily on 1 October 2024.