KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

NAC unable to pay loan it owes while procuring planes from China

The coronavirus pandemic has aggravated Nepal Airlines Corporation’s (NAC) financial health going through hard times due to debts and liabilities.

Citing the financial crisis, it is going through, the Wednesday’s meeting of NAC’s Board of Director refused to renew 145 contract staffers whose contract had expired on July 15.

NAC’s spokesperson Archana Khadka informed that owing to the financial liabilities it owes and the disturbance in its flight schedule, NAC has decided not to renew its staff whose contract period has expired on July 15.

There are 450 staffers working in contract in the Corporation. She added that NAC would call back the recently sacked staff on priority basis once the domestic and international flights are restored to normalcy.

Red Cross provides relief materials to disaster-hit households

Nepal Red Cross has intensified the distribution of relief materials to the households which have suffered most in the monsoon caused disasters.

As many as 225 families from 18 districts including Sindhupalchowk, Myagdi, Gulmi and Jajarkot which are worst hit in the landslide and floods have been provided full set of relief materials worth Rs 10,000.

Director of Nepal Red Cross Communication Department Dibya Raj Poudel informed that the relief materials included essential things like kitchen utensils, tarpaulin, clothes, blanket and bucket.

He further said they have so far provided the relief materials worth over Rs 2.5 million and preparation was on to provide it up to 5,000 households.

According to Managing Director Mona Aryal, the distribution and rescue of the flood and landslide affected people was conducted in line with the monsoon preparedness work plan made with the coordination of government bodies.

Twin elephants now on new Rs 1000 note

The Nepal Rastra Bank (NRB) has introduced a new Rs 1,000 note with a picture of twin elephants from Wednesday.

According to NRB, a new one thousand rupees has an image of ‘Ram Laxman’, the twin elephants, born from Devakali in Chitwan National Park.

The Money Management Branch has stated that the new one thousand notes will be made available as per the demand of the banks from Wednesday. Earlier, there was only one picture of an elephant in a thousand note.

(Compiled and prepared by 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.