Nepal Economic Digest (June 05, 2020)


June 5, 2020


Nepal Economic Digest (June 05, 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.

Traders defy lockdown; open shops in Kathmandu

Shops and stores in several parts of Kathmandu, including major business hub, New Road, have opened today violating the ongoing lockdown enforced by the government.

The National Federation of Trade and Commerce of Nepal had on Wednesday called its members deciding to operate shops and businesses across the country till 11: 00 am every day from Thursday.

It has, however, urged people to adopt necessary precautions. Several trading houses, and retail shops have also resumed their operations in Kathmandu.

It should be noted that economists, public health experts had on Wednesday suggested the government take steps to relax the ongoing nationwide lockdown in a cautious manner.

Kathmandu Marriott Hotel announces special deal to guests

The Kathmandu Marriott Hotel has announced the launch of a ‘steal deal’ where guests can avail 30 percent off or more on their room rates with breakfast included.

The guests can make their bookings till 30th June 2020. The hotel said guests can book for business or leisure, they can avail their stays from now until 30th June 2021.

“Making the deal all the more sweeter, one can earn Marriott Bonvoy™ points with the booking of each stay,” the hotel said, adding that guests can opt for the offer, coupled with the flexibility to modify their reservation at any point in time.

In recognition of the current scenario, the hotel said that guests can request for contact-less room check-in along with convenience of paying digitally at Kathmandu Marriott Hotel.

Tatopani Customs Office collects Rs 1.270 billion revenue

The Tatopani Customs Office has collected Rs 1.270 billion revenue in the current fiscal year so far.

The private sector has been importing health products for the prevention and treatment of coronavirus infection, which has shown a positive impact on the revenue collection in Tatopani Customs Office.

According to Lal Bahadur Khatri, Chief at the office, they have collected Rs 1.270 billion till last Monday. Similarly, the revenue of Rs 1.089 billion was collected at the end of February.

The government has waived customs duty on the import of health products.

World Bank pledges Rs 12 billion for Nepal

The World Bank has pledged Rs 12 billion for Nepal to tackle COVID-19, to invest in the energy sector and uplift the country financially.

A meeting of the executive board of the bank on Wednesday took a decision to this effect under the development policy loan.

According to the central office of the bank in Washington DC, the loan has been approved in view of Nepal’s development through the utilization of the hydro sector.

It also aims at improving the financial condition of Nepal Electricity Authority (NEA) and encouraging transparency, accountability and reconstruction, the bank said in its press statement.

Daily wage workers mobilized in local development activities in Rolpa

With the extended lockdown in place, many daily wage earners lost their jobs in the district. As the relief distribution was not continued, Rolpa Municipality-4 began mobilizing the workers in construction activities.

With the employment for development activities, the local levels need not provide additional relief materials. The Municipality said it began providing jobs instead of relief materials so that even the development activities would be expedited together.

“The people in all 10 Wards in the Municipality will be provided works. A total of Rs 110 million has been allocated for it,” said Municipality Mayor Purna KC, adding that the amount will be spent in the works prioritized by the wards.

The local development activities are constructions of school building, small irrigation projects, road, pond, trails etc. Every ward will get Rs 1.1 million, according to the Municipality.

(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.

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