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2014 March | Nepali Economy | Page 2
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Monthly Archives: March 2014

CPN-Maoist threatens to obstruct hydropower development

A hardline Maoist faction has written a letter on March 16 to the multilateral donors including World Bank asking them not to move ahead with mega power projects. The breakaway faction of UCPM-Maoist – Communist Party of Nepal-Maoist led by

Changi is the World’s Best Airport for 2014

Changi Airport in Singapore has been voted the World’s Best Airport by air travellers for the second year in a row at the 2014 World Airport Awards, held at Passenger Terminal EXPO in Barcelona, Spain. “Winning the prestigious award for

Case filed against purchase of Chinese aircraft

A petitioner Krishna Prasad Dahal from Okhaldhunga filed a case at Supreme Court today against the government’s decision to purchase six Chinese-made aircraft that he claimed has not followed Public Procurement Act. He said that the government is buying four

WHO South-East Asia Region certified polio-free

World Health Organisation (WHO) South-East Asia Region, home to a quarter of the world’s population, was certified polio-free today by an independent commission under the WHO certification process. it is the fourth of six WHO Regions to be certified, marking

Entrepreneurs urge government to declare floriculture niche area

Floriculturists asked the government to recognise floriculture as one of the potential export products. Despite increasing flower business in recent years, the government has not been able to help the sector, according to president of Floriculture Association Nepal (FAN) Loknath

Cooperatives Congress pledges to double contribution to GDP in five years

The cooperatives champions across the country have – today during the lat day of the First National Cooperatives Congress – announced that they will work to double contribution of the cooperatives sector to the gross domestic product (GDP) of the

Entrepreneurship fundamental to sustainable growth: US envoy

The ambassador of the United States to Nepal Peter W Bode argued that the government should promote entrepreneurship within the country rather than focusing on development aid for economic development. Speaking at a talk programme organised by South Asian Institute

Nepal to propose labour agreement with Malaysia

Nepal is preparing to propose a new labour agreement with Malaysia. The planned agreement is expected to protect rights, interests and safety of Nepali migrant workers in Malaysia. The government is also preparing a similar agreement with Kuwait. Malaysia and

Banks’ exposure to realty still high-level risk

The central bank has reported that the loan exposure of commercial banks to real estate and housing is still a high level risk. If a quarter of current loans to the realty sector were to be directly downgraded to loss,

World Bank plans four-year assistance strategy

The World Bank is planning a four-year Country Assistance Strategy for Nepal for the first time since 2007. The multilateral donor is planning to launch its Country Assistance Strategy – that is aiming at focusing in infrastructure – in July.

FM asks customs offices to boost competitiveness

Finance Minister Dr Ram Sharan Mahat asked customs officials to strengthen competitiveness of customs points to also boost the revenue mobilisation. Addressing the Customs Management and Valuation Seminar organised here today by Department of Customs, the finance minister said the

President calls cooperatives to be transparent, accountable

President Dr Ram Baran Yadav – inaugurating the first national Cooperatives Congress here today – has stressed the need to focus on qualitative growth of cooperatives sector rather than quantitative. “The sector has seen remarkable progress after the 1990s,” he

Government prepares to relook at casino operating bylaw

The government is ready to relook at the Casino Operating Bylaw after a pressure from the casino association. Casino Association of Nepal has asked the government to revise annual royalty fee that according to them will put extra financial burden

Court hands jail term, fine to Gurkha Development Bank officials

Patan Appellate Court has – after three years – convicted the then executive chairman of Gurkha Development Bank DB Bamjan, former board member Dhan Prasad Rai and debtors Suraj Bahadur Dahal, Prabin Naulakha, Gyanendra Bahadur Thapa and Madan Gurung and

Nepal seeks recognation of six more eight thousanders

Nepal Mountaineering Association is asking for recognition of six more eight thousanders from Nepal at the meeting of the Himalaya host countries this April. Last October, the association had submitted a similar proposal to the International Mountaineering and Climbing Federation

Government committed to improve investment climate:PM

Prime Minister Sushil Koirala called on the private sector to invest on mega projects as the government is committed to improve investment climate. Addressing the 11th Annual General Meeting of Confederation of Nepalese Industries (CNI) here today, Koirala said that

Finance Ministry forwards IFC’s local currency bond proposal to cabinet

Finance Ministry has today forwarded local currency bond issuance proposal of the International Finance Corporation (IFC) to the cabinet for approval. Once the cabinet approves, Finance Ministry, central bank and Securities Board of Nepal also need to give approval to

Government penalises 44 manpower companies

Department of Foreign Employment has penelised some four dozen outsourcers in a major crackdown against foul players in the overseas recruitment business. The depart took action against 44 manpower companies and reprimanded 37 others for flouting the law while sending