KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Remittance down by 132.35 percent
Remittance that is considered as the backbone of Nepal’s economy declined by 132.35 percent in March/April when compared to Feb/March.
According to the Nepal Rastra Bank, remittance worth Rs 79 billion had flowed in Nepal in March/April. In the first eight months of the current fiscal year, remittance had reached Rs. 592 billion.
Compared to last year, the inflow of remittance has decreased by four percent to Rs 626 billion, according to NRB. Remittance had increased by 20.9 percent in March/April of the previous year.
Coronavirus which was seen in China in the last week of December had spread worldwide by March. Since the first week of March, many Nepalis have lost their jobs and some have remained unemployed due to lockdown enforced in many countries.
Government discusses investment for Dudh Koshi Project
The government has initiated groundwork with the development partners to raise investment for the Dudhkoshi Reservoir Hydropower Project.
Nepal Electricity Authority (NEA) and International Economic Cooperation Coordination Division (IECCD), Ministry of Finance held a video conference with Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Investment Bank (EIB), and Korean Exim Bank to raise investment for the 635-megawatt project.
Managing Director at the NEA, Kulman Ghising, apprised the donors about the estimated cost for the project, its current status, investment structure, among others.
He said that while the ADB has assured of investing up to US$550 million, the EIB said it would invest up to US $500 million, and the AIIB up to $300 million. It should be noted that the government has said that Dudh Koshi Project would be promoted as a national pride project.
NCC offers recommendations for new budget
The Nepal Chamber of Commerce has suggested that the government should concentrate on recovery of the economy affected from coronavirus.
Suggesting the government to unveil a planned program to make Nepal self-reliant through the new budget, NCC’s Vice-Chairman Kamalesh Kumar Agrawal met with Revenue Secretary Ramsharan Pudasaini and urged to bring back the economy on the usual track by minimizing the impacts of corona virus.
Stating that management of the returnee migrant workers was a challenging job, the Chamber has cautioned that its impact would be on liquidity and foreign exchange reserves.
Retrofitting work of Singha Durbar gains speed
Works of retrofitting of Singha Durbar have gained speed again after being affected for some time due to the ongoing lockdown to avoid the spread of coronavirus. Foundation work is underway on the west face of Singha Durbar.
The National Reconstruction Authority (NRA) has stated that the main work of retrofitting has been completed in the remaining three facades and the work of laying tiles and marble and painting is underway.
Deputy Director of the Central Project Implementation Unit under NEA, Jhappar Singh Bishwokarma said that the work was carried out by adding workers by adopting health and safety measures.
Workers have been mobilized by maintaining social distance. Workers have been mobilized by maintaining social distance.
(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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