Nepal Economic Digest (March 24, 2020)


March 24, 2020


Nepal Economic Digest (March 24, 2020)
  • 1

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

Share Market takes to closure till March 29

Keeping into consideration the dwindling involvement of the share investors and stockbrokers due to COVID-19, Nepal’s share market regulator the Securities Board of Nepal has announced the closure of Nepal Stock Exchange from today effective for five trading days. According to the media statement, the board meeting of the Security Board took the decision.

FTTEN urges its entrepreneurs to operate transportation service

Federation of Truck Transport Entrepreneurs Nepal (FTTEN) has appealed all entrepreneurs to operate transport services without any obstruction in this hard time caused by epidemic. Federation’s general secretary Rajendra Bikram Baniya pledged to extend cooperation to the government to fight against the COVID pandemic. The Federation has called for its 65,000 entrepreneurs to ensure smooth supply in a difficult time.

Domestic airlines to provide up to 36% discounts on airfare

The domestic airlines have now decided to provide up to 36% discount on airfare to the passengers traveling to destinations other than Simara, Bharatpur and Janakpur.

The airlines have stated that the revised airfare with discounts ranging from 20% to 36% will be valid during the time period of March 23 to April 3 when the government has imposed the suspension on long haul transport service.

Bajura district spends 6% of capital budget in 8 months

According to province officials, the district has managed to spend only 23% of the allocated recurrent expenditure and 6% of the allocated capital expenditure.The district has spent only Rs 15 million from the allocated capital budget of Rs 279 million so far. Out of Rs 509 million allocated for recurrent expenditure, the district has managed to spend only Rs 116 million so far.

Upper Tamakoshi to start generation from mid-June

Upper Tamakoshi Hydro Electric Project (UTHEP) will start electricity generation from mid-June. The mega project has achieved 99% work progress. Kulman Ghising, managing director of Nepal Electricity Authority (NEA), said that project will initially generate 76 MW of energy from the first unit. Remaining units will start generation gradually, he added.

Nepal announces complete lockdown from Tuesday

With a new case of coronavirus confirmed in Nepal, the government has announced more strict measures to combat an outbreak of COVID-19 pandemic that will be enforced throughout the country for one week starting on Tuesday. A meeting of COVID-19 Prevention and Control Coordination Committee led by Deputy Prime Minister and Minister for Defense held on Monday decided not to let people come out of homes except in case of emergency, stop all public and private transportation.

(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. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.

Just In