KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
New budget will mitigate economic fallout from coronavirus: Minister Khatiwada
The government has expressed the commitment to formulate the budget for the coming fiscal year by mitigating the impact of coronavirus on the economy and advancing economic development, good governance and prosperity.
Finance Minister Yubaraj Khatiwada said so while presenting a proposal to discuss the principles of the Appropriation Bill for the Fiscal Year 2020/21.
He informed that the budget will be focused on building a prosperous economy by establishing social justice through public, private and cooperatives, which are the main basis of socialist-oriented economy and through democratic values guaranteed by the constitution.
Karnali province to unveil Rs 33 billion fiscal budget
The Karnali province government is preparing to bring a budget of around Rs 33 billion for the coming fiscal year.
Minister for Economic Affairs and Planning of the province Prakash Jwala informed that preparations are underway to unveil the budget of Rs 33 billion for the fiscal year 2020/21.
“In order to reduce the risk of coronavirus epidemic, the budget will be prepared by giving priority to health, education and employment,” he said, “We will ready the budget to create employment in these sectors as well.”
Valley Municipality Forum bats for employment than relief packages
The Valley Municipality Forum has pledged to provide employment rather than relief packages to those hit hardest by the ongoing lockdown.
The Forum comprising Mayors and Deputy Mayors of two metropolitan cities and 16 municipalities in Kathmandu Valley has decided to comply with the government ordered lockdown while roping able human resources with labor and employment.
Kathmandu Metropolitan City (KMC) Mayor and also the Forum Chairperson Bidya Sundar Shakya said, “The government has decided to relax the lockdown in its latest decision. We will now onward shift our focus on providing employments rather than relief packages to the daily wage earners.”
Women entrepreneurs seek govt support to bail their businesses out of COVID-19 crisis
The Federation of Women Entrepreneurs’ Association of Nepal (FWEAN) has urged the government to waive the interest of the capital women entrepreneurs have burrowed to start their businesses as they are forced to incur a huge loss due to the nationwide lockdown enforced by the government to contain the spread of coronavirus (COVID-19).
FWEAN Chairperson Reeta Singh asked the government to make necessary arrangement to provide up to Rs 2.5 million additional loans to women entrepreneurs who have been already running their enterprises at a minimum two percent interest rate.
Singh has also demanded to make necessary arrangement to extend the loan from Rs 500,000 to Rs 2.5 million without any collateral on the basis of the businesses women entrepreneurs have been running.
Only 30 industries operating in Hetauda Industrial Estate
HETAUDA: As many as 30 industries are currently in operation in the Hetauda Industrial Estate.
According to the Hetauda Industrial Area Management Office, only a very few number of industries has come into operation during the lockdown.
It is said that 15 industries producing essentials and 10 other industries are operating safely by maintaining social distance.
Manager of the the management office, Rajendra Kandel informed that the industries are operating at a low capacity due to lack of raw materials.
(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.
Comment