Nepal Economic Digest (June 01, 2020) « Khabarhub
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Nepal Economic Digest (June 01, 2020)

01 June 2020  

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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Govt releases money from the COVID-19 fund

The government has started spending money from the special fund established for the COVID-19 response. The government had, some two months back, established a special fund to combat the coronavirus pandemic in the country.

The Financial Comptroller General Office has released some Rs 51.77 million to various health facilities and labs located of some two dozen districts in the country via district financial comptroller offices.

Meanwhile, the National Health Research Council has also received Rs 13.9 million.

Budget’s goal almost ‘unattainable’: Nepali Congress

The main opposition party in the parliament, Nepali Congress, has remarked the budget goals as ‘almost unattainable’ for various reasons.

Speaking at the House of Representatives (HoR) on Sunday, party’s chief whip Bal Krishna Khand said that the budget is founded on loans. The existing revenue is less likely to suffice for general expenses.

“The trend of budget seems continuation of false promises,” Khand said, adding, “Some of the projects and their deadlines like the ones for Pokhara International Airport, fast track etc. are repeated every year.”

Similarly, NC lawmaker Prakash Man Singh lambasted the government for not paying enough attention towards the hazards created by coronavirus pandemic.

He pointed out that the budget has not heeded at the recommendation given by public expenses review commission, neither has it paid attention towards minimizing the unnecessary expenses.

Rise of tax on electric vehicles will hit govt plan: Lawmakers

Lawmakers on Sunday criticized the government move to raise the taxes on electric vehicles, arguing that it will hit the aspiration of making the country self-reliant in energy supply and will aggravate the trade deficit further.

The budget for 2020/21 announced on Thursday has provisions to revoke concessions and subsidies, along with revising the customs duty and value added tax (VAT) on imported electric vehicles.

“It will facilitate the import of fossil fuel based vehicles and hence contradicts the government norms to promote green development, just to benefit a handful of automobiles importers,” said lawmaker Prem Suwal speaking at the budget session of the federal parliament.

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

Publish Date : 01 June 2020 08:31 AM

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