Nepal Economic Digest (June 26, 2020) « Khabarhub
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Nepal Economic Digest (June 26, 2020)

26 June 2020  

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

Japan extends grant aid for Economic and Social Development Program

Japan has extended grant assistance of up to three hundred million Japanese Yen, equivalent to NRs 333 million to Nepal for the implementation of Economic and Social Development Program.

Japanese Ambassador to Nepal, Saigo Masamichi and Shreekrishna Nepal, Joint Secretary, the International Economic Cooperation and Coordination Division of the Ministry of Finance, signed notes to this effect.

A statement issued by the Embassy of Japan, the COVID-19 infection has rapidly increased over the world and affecting human lives as well as economic and social activities, furthermore the dignity of people.

Qantas to cut 6,000 jobs over COVID-19 pandemic

Qantas Airlines said it will axe 6,000 jobs in a bid to stay afloat through the coronavirus pandemic.

The cuts equate to about a fifth of the airline’s workforce prior to the Covid-19 crisis. In March, it furloughed more than 80% of its staff after the collapse in global air travel took a toll on revenues, according to BBC.

Last week, the Australian government said its border would most likely remain closed into next year. It prompted Qantas to cancel all international flights until late October, except for those to New Zealand.

Hoteliers in favor of resuming business by taking safety measures

The Federation of Hotel Entrepreneurs has demanded that hoteliers should be allowed to get back to business by taking safety measures.

The Federation said hotel business had been down with the nationwide lockdown imposed by the government owing to risk of COVID-19 infection and the business should be allowed to reopen by implementing safety measures in the present circumstances.

It also accused the government of ignoring its call to use hotels as COVID-19 quarantines and turning to other organisations by paying higher prices.

DDC reduces price on milk products

The Dairy Development Corporation (DDC) has decreased the price of butter, ghee, and powder milk as the stock has increased with the slump in the sale of milk and milk products because of the prolonged lockdown.

As per the data shared by DDC, the sale of milk has increased by 4 per cent at present compared to the period before lockdown was eased.

However, the consumption of other dairy products has declined. Milk consumption has decreased by 12 percent daily in the Kathmandu Valley alone compared to the period before the lockdown.

As Poudel said, 87 thousand litres milk was sold daily in Kathmandu Valley alone before the lockdown. But it has decreased to 76 thousand litres per day at present.

Similarly, the consumption of yoghurt has also reduced by 40 per cent.

(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.

Publish Date : 26 June 2020 08:50 AM

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