Nepal Economic Digest (June 02, 2020) « Khabarhub
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Nepal Economic Digest (June 02, 2020)


02 June 2020  

Time taken to read : 7 Minute


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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.

Land belonging to Melamchi project encroached upon

The land acquired for laying down the water supply pipeline of the Melamchi Water Supply Project has been encroached upon.

The land was acquired along a stretch of about five kilometers for the purpose of bulk supply system from Sundarijal of Gokarneshwor municipality-1.

The main supply pipeline of 1,400 millimeters diameter has been installed underground along a width of about 25 meters of the land acquired for this purpose.

It is on this 25 meters wide stretch of the land of the project where encroachment is taking place at various places. The project’s this land has been found encroached upon at nearly a dozen points at the municipality’s ward no. 1, 2 and 4.

Cement pillars have been constructed on the right and left-hand side of this 25-meter wide stretch right at the time of laying the bulk supply pipeline to mark off the area.

MCC grant won’t be issued unless endorsed by Parliament: FinMin Khatiwada

Finance Minister Yuba Raj Khatiwada said the foreign assistance under the Millennium Challenge Corporation (MCC) compact will be issued only once it is endorsed by the parliament.

Answering the questions raised over the newly presented budget at the parliament meeting on Monday, Minister Khatiwada said the government has mentioned 5.73 billion under the MCC grant assistance in the budget allocated for the fiscal year 2020/21.

There have been differences among the leaders in the ruling Nepali Communist Party (NCP) over this issue. Meanwhile, Minister Khatiwada clarified that the Nepal government has been keeping this kind of foreign assistance for the last three years.

“America will issue the MCC grant only when it is endorsed by the parliament.” It is now under consideration in the parliament.

CREASION, Coca-Cola conclude 2nd week of relief distribution

CREASION Nepal with the support of The Coca-Cola Foundation has successfully conducted the second week of distribution programs as part of the ongoing Waste Workers Emergency Relief Project (WWERP) in various locations in Bhaktapur, Kathmandu and Kirtipur.

The team reached out to around 160 waste workers where protective jumpsuits and ration packages were distributed in Bhaktapur and Kathmandu.

The distribution in Bhaktapur was conducted under the facilitation of Doko Recyclers, and the local government with the presence of Colonel Shiva Paudel, Bir Dal Ganapati and SP Sabin Pradhan of Metropolitan police circle of Bhaktapur.

Simultaneously, on the same day in Kathmandu, a second distribution event was held at Rastriya Sabha Griha in the presence of the Mayor of Kathmandu, Bidhya Sundar Shakya.

Stakeholders demand scrap of high taxes on e-vehicles

Stakeholders have demanded a scrap of the provision of ‘high’ taxes on electric vehicles as stated in budget for the fiscal year 2020/021.

Issuing a joint statement, Nepal Forum of Environmental Journalists (NFEEJ), Clean Energy Nepal (CEN) and Electric Vehicle Association of Nepal (EVAN) accused the government of trying to discourage electric vehicles and promote mineral fuels by introducing this provision.

The provision is not rational in the context when the government could make the best use of electricity and generate revenues by promoting electric vehicles, they said.

“We urge the government to respect rights of people to live in a clean environment by removing taxes on electric vehicles,” they said.

Nepal’s President’s Office spending Rs 10 mln for carpets

The Office of President that had returned the budget saying that it will not buy expensive cars is spending Rs 10 million to replace the carpets at the time when the country is struggling against the coronavirus pandemic.

Carpets are being replaced in the rooms of the building which was completed only three years ago, media reports said on Monday.

The contract for changing the carpet at the President’s Office has been awarded to Himalayan Décor that is owned by Gandaki Province lawmaker Ram Bahadur Gurung. Gurung of the ruling Nepal Communist Party (NCP) was elected from Tanahun-1 (a).

Carpets costing around Rs 3 million are being laid for the two big halls of the President’s Office alone. Similarly, preparations are underway to lay carpets worth Rs 4 million for other rooms.

Locals elated as West Seti hydropower project included in budget

Local people have been elated over the inclusion of the 750 MW West Seti Hydropower project in the budget estimates for Fiscal Year 2020/21. The project is to be constructed at Talara in the border of Bajhang, Baitadi and Doti districts in the Far-west.

“The government has said West Seti would be continued through its budget statement, hope it is not limited in the budget only, and work begins soon,” said DB Dhami, a local resident of ward no. 8 in Shikhar municipality.

Locals believe that the West Seti project could help bring prosperity to the people of the entire Far west region. “If only the West Seti project is completed, nothing else has to be done for the prosperity of the far west,” said Prem Bahadur Balayar of the same municipality.

8,00,000 customers to enjoy free electricity

As many as 8,00,000 customers of the Nepal Electricity Authority (NEA) will be able to enjoy free electricity service from the beginning of coming fiscal year.

Customers, who have consumed less than 10 units of electricity per month, will get free electricity from July 16 as  mentioned in the new budget for fiscal year 2020/21.

According to Barshaman Pun, Minister for Energy, Water Resources and Irrigation, NEA has 8,00,000 such customers who consumed less than 10 units in a month.

The Ministry has  made an arrangement to provide free tariff to the  such customers. NEA had been cutting power lines as some 800,000 could not even pay the minimum fee. “Those who get discounts are very poor, and they are financially deprived,” said Minister Pun.

(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 : 02 June 2020 08:35 AM

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