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.

Government prepares plan to generate 36,326 MW power by 2040

 Kathmandu, Sept. 29

The government has prepared a new Integrated Power System Development (IPSD) plan for the country with an aim to generate 36,326.9 megawatt electricity and investment requirement of US$ 61.75 billion (NPR 8,249.80 billion) by 2040.

The new IPSD plan has estimated that the country's energy consumption will reach 62,390 GWh as per which the per capita consumption would be 1779/KWh. The country's power consumption in 2022/23 was 9,347 GWh (320.5 kWh/capita). According to it, the per capital energy consumption in Nepal from 15 years now would be increased by more than five times.

The global average of power consumption is 3,265 kWh. Given this scenario, the Plan said that although growth rate shows remarkable expansion, consumption per capita is a realistic value compared to neighbouring countries. "It is a high target but recognised as a feasible one," reads the report.

The IPSD outlined the energy development for the next one and a half decades into three phases – at the interval of five years each. Installed capacity for power generation was 2,247.7 MW in 2022 and it is estimated to reach 28,215.1 MW in 2035.

IPSD Plan 2040 (Forecasts)

Sector	2022/23	2040
Power consumption	9347 GWh	62,390 GWh
Power consumption/capita	320.5 kWh	1,779 kWh
Power demand	1986 MW	11,510 MW
Installed capacity	2247.7 MW	36,326.9 MW
Self-sufficiency rate	86.3%	185.5%
Length of transmission line	4,068 km	23,817 km
Total cost estimate	-	US$ 61,750 million

Source: IPSD Plan/MoEWRI & JICA

According to the IPSD Plan formulated by the Japan International Cooperation Agency (JICA) for the Ministry of Energy, Water Resources and Irrigation (MoEWRI), after 15 years, Nepal will have 410.7 MW installed capacity of solar energy (11 per cent), 9429.9 MW of storage-based hydroelectricity projects (26 per cent), 11,832.4 MW from run-of-the-river projects (33 per cent) and 10,930 MW from the Peaking RoR projects (30 per cent).

JICA handed over the report to MoEWRI at a programme organised in Kathmandu on Friday.

The new plan also presented a scenario of the development of about 23,817 km long transmission lines by 2040 from current 4,068 km.

JICA has prepared the IPSD Plan in three years and said that the new plan is consistent with the current development plans or studies conducted in the power sector.

It has presented 27 projects as the priority ones of which five – Tanahun, Arun III, Tila I, Tila II and Upper Marsyangdi – are in construction phase. Eight identified priority projects are in the phase of obtaining construction license, nine in survey phase, and one in survey license phase. Four (Bharbung, SR-06 Storage, Sunkoshi III and West Seti Storage) are the government projects.

Speaking at the programme, Senior Divisional Engineer of the MoEWRI, Ashish Shrestha, said that current energy development action plan has estimated that the country will need about US$ 46.5 billion by 2035.

The action plan included the activities in legal and policy reform such as the approval of Electricity Act, dam safety guidelines, inter-agency coordination and compensation measures. It also has plan to develop storage projects like Dudhkoshi, Budhi Gandaki, Nalgad, Naumure and Jagdulla, 400 kV transmission lines including Inruwa-Purniya and Dodhara-Bareli, and substation capacity to 40000 MVA. The action plan also envisions developing cross-border transmission lines for the exchange of 10,000 MW electricity with India and 5,000 MW to Bangladesh and China, rural electrification and energy audit for large consumers. 

 Published in The Rising Nepal daily on 30 September 2024.

Pathibhara Cable Car to offer all jobs to locals

Kathmandu, Sept. 28

President of Federation of Nepalese Chamber of Commerce and Industries (FNCCI) Chandra Dhakal has said that Pathibhara Cable Car project will offer all jobs to the local people of Taplejung district.

"This project will prove to be a milestone in the development and prosperity of Taplejung district. Even though the struggle committee demanded a guarantee of employment for 80 per cent to the locals, the cable car will give 100 per cent priority to the locals in employment," he said while speaking at a programme organised by Taplejune Sarokar Kendra (TSK) in Kathmandu on Friday.

Stating that while the government and the private sector are working to bring in foreign investment by spending billions of rupees, Dhakal said that it would be wrong to create an environment where the private sector cannot make investment within the country.

"If domestic investment is given first priority, economic development will take place along with tourism promotion. Construction of cable car in Pathibhara is for the promotion of tourism and job creation in Taplejung," he said.

According to Dhakal, all the processes for the construction of the Pathibhara cable car have been completed. The project will be completed in 15 months.

"We are ready to provide facilities to the local people, and are open to discuss if more facilities are needed, especially to children and the elderly," he said.

"The country is spending a lot to bring in foreign investment in Nepal but when the private sector wants to develop an infrastructure project in Taplejung, it was said that the project was being built for the personal benefit of Chandra Dhakal," he stated. "If I had only looked at my own profit and benefit, I would have opened a five-star hotel elsewhere. If a hotel had been built, there would not have been so much trouble." 

 Published in The Rising Nepal daily on 29 September 2024.

Peace process is nationally-led, nationally-owned

 Kathmandu, Sept. 28

Prime Minister KP Sharma Oli has said that Nepal’s peace process is nationally-led and nationally-owned unique procedure with all political parties from the left and right coming together and the nation concluding the ‘Peace Accord’.

"We are determined to conclude the transitional justice (TJ) process to heal the wounds and scars of the conflict period and help the entire society move forward with a sense of reconciliation, peace and harmony," PM Oli said in his remarks on 'Nepal's Perspective: From Transitional Justice to Climate Justice' in John F. Kennedy Jr. Forum at the Harvard University in the USA on Friday.

On the occasion, he called for support and encouragement from the international community including the partners in the process for effective implementation of the TJ Act. The country is in the final process in concluding the transitional justice.

Stating that the transitional justice is an integral part of Nepal's peace process, PM Oli said, "Although transitional justice has remained on the backburner for several years, it was not forgotten. An attempt has been made to resolve this protracted issue of transitional justice."

Nepal established two transitional justice mechanisms, namely, Truth and Reconciliation Commission (TRC), and Commission on Enforced Disappeared Persons (CEDP) in 2015 although the peace process was initiated in 2006 with the rebel Maoists joining the mainstream politics.

PM Oli informed that the TRC alone has collected nearly 67 thousand complaints from all over the country and even settled some of them. But due to due to the frequent changes in the government, the issue of transitional justice was delayed for some 18 years after signing of the peace Accord.

"Now, my government has been formed in a coalition of major two parties of Nepali politics not only to give stability but also to better deliver to Nepali people. In this context, I am happy to share that immediately after the formation of my government, the transitional justice bill was passed by the parliament with near consensus," he said.

He pledged the determination of the government to to conclude the issue of transitional justice once and for all.

PM Oli also assured that the process of transitional justice will protect victims’ rights and interests, including legal remedies. "It will involve seeking truth, providing reparation, and bringing perpetrators of serious crimes to justice. No blanket amnesty will be given," he said.

Nepal suffered a decade-long armed violence from 1996 to 2006 which resulted in around 17000 deaths of Nepali people.  A Comprehensive Peace Accord was signed between the rebels and the government in 2006.

Following the Accord, Nepal held an election to the constituent assembly in 2008 to write a new constitution. The second constituent assembly, elected in 2013, promulgated a new constitution in 2015, solidifying previous gains made in the field of restructuring and democratizing the state, Prime Minister Oli said.

He also took the opportunity to talk about the climate justice.

According to him, while the whole world is suffering from the impact of climate change, the least developed countries are suffering the most as they do not have resources and technologies to manage adverse impacts of climate change.

"Moreover, while we have just started to make initial steps for economic development, the problem of global warming and climate change has come our way with increased incidence of disasters," he said. "It came to us from the outside world, far from our borders. The cumulative impact of hundreds of years of burning of fossil fuels has largely created these catastrophic problems."

According to him, this is a gross injustice meted out by the advanced industrialised economies with their centuries of exploitation of nature and emissions of greenhouse gas that are largely responsible for the global ecological harms, endangering our very existence.  

Stating that it is entirely rational to call for climate justice, he said that for the people of LDCs, climate justice is plain and simple: those who pollute the environment have to pay proportionately.

Prime Minister Oli said that the developed countries and major economies must take proportionate responsibility to support developing nations for climate actions, through adequate resources and technology transfer. 

 Published in The Rising Nepal daily on 29 September 2024.

FM Dr. Rana holds meeting with Bahous

 Kathmandu, Sept. 27

Minister for Foreign Affairs Dr. Arzu Rana Deuba held a bilateral meeting with the United Nations Under-Secretary-General and Executive Director of UN Women Sima Sami Bahous. The meeting took place in New York on Thursday on the sidelines of the 79^th Session of the United Nations General Assembly, informed the Secretariat of FM Dr. Rana.

During the meeting, Minister Dr. Rana commended UN Women for its global efforts towards women's empowerment. She also underscored Nepal's cooperation with UN Women in the field of gender equality, expressing Nepal's readiness to further promote it in the future.

She informed Executive Director Bahous that Nepal has ensured women's equal rights in their empowerment, gender equality, education, employment, entrepreneurship and other needs.

She also shared Nepal's longstanding struggle for gender equality and women's rights, expressing her dedication to the cause. She said that UN Women is expected to provide support and leadership to Nepal in gender equality and women's empowerment in the future.

 Published in The Rising Nepal daily on 28 September 2024.

Annapurna I honoured as 'World Famous Tourism Mountain'

Kathmandu, Sept. 27

Nepal’s Annapurna I has been honoured as a 'World Famous Tourism Mountain' at the International Mountain Tourism and Outdoor Sports Conference held in Xingyi City, Guizhou Province, China.

The International Mountain Tourism Alliance (IMTA), a global network of over 199 organisations from 38 countries dedicated to sustainable tourism, awarded this prestigious recognition, acknowledging Annapurna I’s natural beauty, biodiversity and cultural importance, informed Nepal Association of Tour and Travel Agents (NATTA) in a statement on Friday.

Kumar Mani Thapaliya, President of NATTA, accepted the award on behalf of the organisation in a ceremony held on Thursday.

This award, presented under the 'Natural Orientation' category, celebrates Annapurna I as a global destination for trekkers, climbers and nature enthusiasts. Standing at 8,091 metres above sea level, the mountain is revered for its breathtaking landscapes and challenging routes.

The IMTA conference, themed 'Tourism and Peace', was attended by over 400 participants from 38 countries and highlighted international cooperation in mountain tourism development.

Thapaliya said, “This recognition confirms Nepal’s leading role in mountain tourism. It is a tribute to Annapurna I’s global importance and our commitment to promoting sustainable tourism practices.”

According to him, NATTA had applied for Annapurna I's certification.

Deepak Raj Joshi, CEO of NTB, provided the necessary authority for NATTA’s submission, while past president Achyut Guragain encouraged the initiative.

Annapurna I's recognition goes beyond its natural grandeur; it also highlights Nepal’s conservation efforts through the Annapurna Conservation Area Project (ACAP), the country’s largest protected area, which promotes a balance between environmental preservation and local socio-economic development, read the statement by NATTA.

 Published in The Rising Nepal daily on 28 September 2024.

Climate change is the biggest threat to planet: PM

Kathmandu, Sept. 27

Prime Minister KP Sharma Oli has prominently raised the issues related to climate change, international peace, multilateralism, and support for the Least Development Countries (LDCs) including Nepal in their graduation and development efforts at the 79^th Session of the United Nations General Assembly (UNGA) being held in New York of the USA.

Delivering his speech as the Prime Minister of Nepal and leader of the Nepali delegation at the UNGA on Thursday, he said that the present world is far from being perfect.

Stating that none of the global challenges the world is facing today have been imposed by aliens but the creation of people that inhibited the earth, he called for the substantial reform of the global financial system as described by UN Secretary-General, Antonio Guterres as 'morally bankrupt'.

"We firmly believe that humankind is still capable enough to march ahead without compromising the prosperity and happiness of future generations. We firmly believe that stronger multilateralism, with the United Nations at its core, is the only path forward to tackle the numerous global crises we face," he said to the world leaders at the UNGA.

According to PM Oli, the voice and representation of countries in special situations including the LDCs, Landlocked Developing Countries (LLDCs), and Small Island Developing States (SIDS) must be ensured.

He stated that technology presented a double-edged sword, especially for the LDCs and called for technology transfer to enable them to catch up so that they could be saved from being left further behind.

Likewise, PM Oli said that climate change has emerged as the gravest threat to the planet, people and prosperity.

"My own country, Nepal, is particularly hard hit. We stand as one of the most vulnerable nations to climate change and are ranked as the 20^th most disaster-prone country in the world. Of utmost concern is the alarming rate at which the pristine Himalayas, often referred to as the Third Pole, are losing their vast snow reserves," he said.

He told the world leaders that this loss threatens water availability for billions of people living downstream, extending far beyond the borders of Nepal.

Stating that despite efforts through forests, mountains and rivers, Nepal continues to bear the brunt of climate change, PM Oli called for climate justice.

As climate change is a global challenge, it demands global action and collaborative efforts to address its widespread and cascading impacts, according to him. "Adequate climate financing including ‘Loss and Damage’ fund is crucial to support climate-resilient measures and infrastructure for adaptation in developing countries not least in LDCs."

Prime Minister Oli expressed dismay over the world's distress caused by division, suspicion, hatred, and enmity.

"Nepal firmly believes that dialogue and diplomacy are the sole means to resolve conflicts, including in Ukraine and the Middle East. It is through love and compassion that hostility and hatred can be overcome, paving the way for lasting peace," he said.

Likewise, on the issue of the Israel-Palestine conflict, according to him, Nepal continue to support a two-state solution, where Israel and Palestine coexist peacefully and securely within internationally recognised borders, in line with relevant United Nations resolutions.

"We must address the worsening humanitarian crises in regions such as Libya, Syria, Sudan, South Sudan, Yemen, and elsewhere," PM Oli said. "It is vital to uphold the principles of sovereign equality, non-interference as enshrined in the UN Charter to ensure peace and stability. Consequently, we staunchly oppose any form of unilateral intervention or sanctions."

As the largest contributor of troops and police to UN Peace operations, Nepal stands ready to further enhance its contribution to global peace and security, he said while expressing Nepal's belief that it is the country's rightful call for having commensurate representation in the leadership positions, both at the UN headquarters and in the field, reflecting our significant contribution.

PM Oli said that protection of the rights of migrant workers including their safety, security, dignity, and wellbeing, has always remained Nepal's priority. "We strongly advocate for safe, orderly, and regular migration to ensure that the benefits of migration are shared by all," he said.

Meanwhile, talking about the conclusion of the peace process in the home country, he said that as a nation emerging from conflict, Nepal deeply understands the profound value of peace and political stability.

Since the signing of the Comprehensive Peace Accord in 2006, Nepal has been firmly focused on completing the peace process at the earliest, he said.

"Immediately after the formation of my government, parliament passed a Transitional Justice Bill to settle the transitional justice issue once and for all. While we implement the law, we will uphold victims’ rights, including truth and justice," he said.

According to him, the government in Nepal will also use reparations and reconciliation to heal the wounds and scars of the conflict period. "We appreciate the support from the international community including the UN system in this regard," he stated.

 Published in The Rising Nepal daily on 28 September 2024.

FM Dr. Rana urges G20 members to increase financial support for LDCs

Kathmandu, Sept. 26

Minister for Foreign Affairs Dr. Arzu Rana Deuba has urged the G20 member countries to increase financial support for Least Developed Countries (LDCs) to address the damaging impacts of climate change.

Reflecting on the problems faced by LDCs due to climate change, Minister Dr. Rana said, "These countries have suffered from multi-faceted crises, including the COVID-19 pandemic, climate change, and geopolitical tensions. As a result, these countries have been pushed further into extreme poverty in the last two decades."

She was addressing the G20 Foreign Affairs Ministers Meeting in New Work on Wednesday on the sidelines of the 79^th Session of the United Nations General Assembly (UNGA), informed the Secretariat of FM Dr. Rana in a statement on Thursday.

She delivered these remarks on behalf of the Group of LDCs, of which Nepal is the chair currently.

"The minister urged the G20 to take a leading role in promoting inclusive growth, accelerating the 2030 Agenda, enhancing global health security, leading climate action, driving digital transformation, bridging digital divides, fostering multilateral cooperation, and addressing the challenges the world faces," read the statement.

She also lauded Brazil's initiatives in hosting this Meeting as the chair of the G20 with a focus on social inclusion, poverty alleviation and sustainable development while welcoming its proposal to launch a Global Alliance against Hunger and Poverty.

Dr. Rana urged the establishment of a formal mechanism for LDC representation in G20 meetings and working groups, including regular invitations for the LDC chair to G20 Summits, which she said provides a vital platform for allowing the perspectives of LDCs to shape G20 deliberations and outcomes.

Additionally, she requested the establishment of a G20-led fund to support climate adaptation and resilience-building in LDCs, with a focus on grant-based financing and capacity building for project development and implementation.

Dr. Rana also called on G20 members to provide duty-free and quota-free market access for all LDC products, which she believed would help LDCs better integrate into global value chains and boost export revenues. She stressed the urgent need for G20 countries to recognise that LDCs have been severely hit by the recent increase in extreme poverty, calling for the collective efforts to support these countries.

Published in The Rising Nepal daily on 27 September 2024.

Inflation eases to 4.1%, forex reserve grows in first month of current FY

 Kathmandu, Sept. 26

Consumer Price Inflation has significantly moderated in the first month of the current Fiscal Year 2024/25 compared to the same period in the last FY 2023/24.

The year-on-year CPI stood at 4.10 per cent in mid-August, 2024 against the 7.52 per cent a year ago, according to the latest report published by the Nepal Rastra Bank (NRB) on Thursday. The central bank has set the inflation target for this year at 5 per cent.

Food and beverage inflation stood at 6.17 per cent whereas non-food and service inflation stood at 2.94 per cent in mid-August this year. During the same period in the previous year, the price indices of these groups had increased by 8.90 per cent and 6.62 per cent, respectively.

The year-on-year price index of vegetable increased by 19.07 per cent, pulse and legumes by 12.09 per cent, cereal grains and their products by 9.15 per cent and milk products and eggs by 3.66 per cent while price of spices decreased by 2.75 per cent, said the NRB report.

Likewise, price index of miscellaneous goods and services increased by 7.94 per cent, alcoholic drinks by 5.38 per cent, clothes and footwear by 4.58 per cent and tobacco products by 3.52 per cent.

The inflation was slightly higher in the rural areas with 4.28 per cent rise than in urban ares of 4.03 per cent.

In case of the provinces, the year-on-year CPI in Koshi is 4.61 per cent, Madhesh 4.17 per cent, Bagmati 3.49 per cent, Gandaki 3.90 per cent, Lumbini 3.81 per cent, Karnali 3.46 per cent, and Sudurpashchim 6.69 per cent, informed the NRB.

Similarly, the CPI in the Kathmandu Valley, Terai, Hill and Mountain region surged to 3.62 per cent, 4.49 per cent, 3.67 per cent and 4.53 per cent respectively in mid-August this year. Inflation in these regions were 8.50 per cent, 6.70 per cent, 7.50 per cent and 11.46 per cent respectively a year ago.

Meanwhile, the central bank has updated the base year of the CPI to 2023/24 from 2014/15. The household expenditure weights used for this index are derived from the fourth Nepal Living Standards Survey (NLSS-IV), conducted by the National Statistics Office in 2022/23.

In the updated CPI, the weight for the food and beverage group is 35.49 per cent and for the non-food and services group is 64.51 per cent. The alcoholic drinks, tobacco products, and restaurants and hotels have been transferred to non-food and services group now from the food and beverages group.

"Price of 525 items is collected from weighted basket of 249 commodities to compute the price index. Of these, price of 59 items is collected weekly, 94 monthly, and 372 quarterly," informed the NRB.  

For price collection, 87 market centers have been selected across all 77 districts, including 28 from the Terai, 43 from the hill, and 16 from the mountain region. Among these, 21 are rural market centers and 66 are urban.

These market centers on provincial basis consists of 15 in Koshi, 12 in Madhesh, 16 in Bagmati, 11 in Gandaki, 13 in Lumbini, and 10 each in Karnali and Sudurpaschim.

 

Remittance inflows up

Remittance inflows increased by 18.0 per cent to Rs.136.93 billion in the first month of this year compared to an increase of 22.8 per cent in the same period of the previous year. However, in the US Dollar terms, remittance inflows reached 1.02 billion this year which was 879.8 million last year.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 36,928 and taking approval for renew entry stands at 22,647. Last year, such numbers were 39,152 and 16,423 respectively.

Likewise, the current account remained at a surplus of Rs.30.89 billion in mid-July to mid-August this year compared to a surplus of Rs.13.37 billion in the same period of the previous year.

Balance of Payments (BOP) remained at a surplus of Rs. 40.90 billion in the first month this year compared to a surplus of Rs. 36.43 billion in the same period of the previous year.

 

Forex Reserve up by 2.5 per cent

Gross foreign exchange reserves in Nepal increased 2.5 per cent to Rs.2092.22 billion in mid-August 2024 from Rs.2041.10 billion in mid-July this year. The share of Indian currency in total reserves stood at 22.6 per cent in mid-August.

Based on the imports of first month of 2024/25, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 16.7 months, and merchandise and services imports of 13.5 months. 

Published in The Rising Nepal daily on 26 September 2024.