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’s arrears worth Rs 664 billion to be cleared
The government’s arrears have reached Rs 664.4 billion, according to the annual report of the Office of the Auditor General. The arrears remaining until last year was Rs 377.4 billion. The arrears added this fiscal is Rs 418.3 billion.
This includes Rs 40.84 billion that was added this year by deducting the arrears amount remaining to be cleared from the last fiscal year, according to the 57th annual report of the Office of the Auditor General.
Arrears worth Rs 7.4 billion were cleared in the FY, 2075/76, according to the report. Financial transactions of the total 5,619 bodies have been audited.
Arrears worth Rs 71 billion of 110 federal government agencies and 77 district coordination committees were yet to be cleared.
Likewise, 998 state offices are yet to clear arrears worth Rs 8.2 billion. Local levels across the country witnessed arrears of Rs 38.1 billion.
NEPSE index climbs 5.04 points
The NEPSE index rose by 5.04 points to close at 1,347.44 on Wednesday. The sensitive index increased by 1.95 percent and reached 248.18.
As per the Nepal Stock Exchange Limited (NEPSE), 2.568 million units of share of 186 companies were traded at Rs 994.545 million.
Out of 12 sub-groups, the price of shares of five sub-groups has increased while the price of shares of the other seven sub-groups has fallen.
The share price of the banking sub-group has increased by 4.09 points, hotel sub-group by 55.29 points, hydropower sub-group by 2.95 points, microfinance sub-group by 64.94 points and mutual investment fund sub-group by 0.12 points.
Simkot faces blackout
Simkot, the district headquarters of Humla and surrounding settlements, faced a power cut since Sunday following a problem in the power supply system at Hildum Small Hydropower Project.
The 500-kilowatt project’s power house reports issues in its machinery system, forcing around 18 households in two rural municipalities: Kharupnath and Simokot and district headquarters denizens to stay in dark.
Project’s distribution center, Simkot said errors have been noticed in two powerhouse machines and this is the reason why the power supply to Simkot and other settlement has been disrupted.
The disruption in power supply system has its implications in the online service delivery of government offices based in the district, it is said.
Third-phase chartered flights schedule begins
The third-phase of operation of chartered flights began on Wednesday to bring back Nepalis stranded in several countries due to COVID-19 crisis.
Two domestic airlines companies — the state-owned Nepal Airlines Corporation (NAC) and private Himalaya Airlines and other international airlines operated their flights for the third-phase of operation to several destinations for a week to rescue Nepali citizens.
The Ministry of Culture, Tourism and Civil Aviation has fixed the timetable from July 15 to 22 for the operation of chartered flights.
The flight schedule has already been published. As per the schedule, the NAC and Himalayan Airlines started their operations yesterday.
There will be 42 flights for special purposes while the NAC is alone to make 24 flights followed the 15 flights by the Himalaya Airlines.
Fund to launch youth vocational training in integrated way in offing
The government, in a bid to undertake vocational training programs through a one-door system, will be preparing to establish the ‘Technical and Vocational Education and Training Fund’.
The Fund aims to avoid duplication in technical and vocational education and training programs and operate them through an integrated channel, it is said.
The National Planning Commission has already prepared an approach paper for the establishment of the Fund. A task force coordinated by NPC member Dr Usha Jha had worked on the paper.
The task force comprised joint-secretaries from several 10 ministries. Presently ministries of education, industry and labor implement 10 youth-targeted projects in partnership with development partners.
It said despite having multiple programs from the government level for youths, the expected results still remain a far cry and the Fund will help find better results.
(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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