Nepal Economic Digest (April 04, 2020)


April 4, 2020


Nepal Economic Digest (April 04, 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.

COVID-19: MoF, others donate Rs 210 million to govt fund

KATHMANDU: The Ministry of Finance (MoF) and offices under the ministry have donated some Rs 210 million to the government fund established to tackle the spread of novel coronavirus in Nepal.

The ministry said that the offices collected at least Rs 209.7 million.

Likewise, some other 20 banks have also donated Rs 220 million to the fund.

Meanwhile, the Securities Board of Nepal donated Rs 30 million while the Nepal Stock Exchange gave Rs 35.1 million. Similarly, the CDS Company donated Rs 3.5 million, according to the ministry.

The Rastriya Beema Company Ltd donated Rs 20 million, while the Rastriya Beema Sansthan added Rs 10 million to the fund.

Likewise, Nepal Re-Insurance Company Limited has donated Rs 11.1 million while the Citizen Investment Trust (CIT) donated Rs 20 million.

Similarly, the Employees Provident Fund has donated Rs 50 million to the government fund.

Chandragiri CCI distributes reliefs to 145 daily wagers

The Chandragiri Chamber of Commerce and Industry (CCI) has distributed relief materials to some 145 lockdown-affected daily wagers of Chandragiri municipality.

The materials include 10 kilograms rice, one kilogram salt, one kilogram pulse, one kilogram sugar, one litre cooking oil, two kilograms beaten rice, 400 grams soyabean, a packet of grinded chilli, a soap bar, and spices to each family, according to President of Chandragiri CCI, Ram Narayan Ghimire.

Similarly, some 5,700 facemasks were also distributed in the municipality.

The recipients are required to provide their personal details such as name, number of their family members, profession and personal details of the landlord.

MoF asks govt offices to minimize expenses

The Ministry of Finance has asked government bodies to minimize expenses in order to manage the financial resources in the priority sector owing to the impact of COVID-19.

The MoF has also curtailed the expenses already allocated on over 14 headings including the employees training charges, consultant fees, capacity building, programs conduction, public awareness related workshops, monitoring and evaluation, and miscellaneous events except for the urgent needs and contingent recurrent expenditure.

Likewise, the ministry has curtailed the expenditures on machinery and equipment, purchase of automobiles, furniture and fixtures, and acquiring the intellectual property, development and purchase of computer software, research and consultant fees on acquiring capital goods, among others.

NEA earns profit

The Nepal Electricity Authority (NEA) said it earned a profit of around Rs 10.67 billion in the fiscal year 2018/19.

The Nepal Financial Reporting Standards (NFRS) informed that it has earned a profit including Rs 855 million in comprehensive income.

NEA has become the country’s highest profit-making body among the public organizations in operation.

The cumulative loss of the NEA, however, now stands at Rs 12.23 billion.

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. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.

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