KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Nepal to resume domestic flights from mid-June
The Nepal government has decided to resume operation of domestic flights starting mid-June. According to Raj Kumar Chhetri, the Spokesperson of the Civil Aviation Authority of Nepal (CAAN), the government is currently doing homework to resume operation of domestic flights.
“The government has worked out strong security measures to prevent the spread of the Coronavirus pandemic while operating domestic flights,” said Chhetri.
However, every passenger who wants to fly requires a report of PCR or RDT showing negative test for COVID-19.
Similarly, passengers suffering from common cold, body-ache and respiratory problems will be prohibited from the service. Further, they are not allowed to use the toilet during the flight.
61 per cent Nepalis have bank account
As the government aims to enhance people’s access to financial services, more and more households are accessing formal financial services such as bank accounts and money transfers in the country.
Till mid-April this year, around 61 percent of the Nepalis had their own bank account. According to the economic survey of 2019/20, the number of branches of the Banks and Financial Institutions (BFIs) and micro finances across the country stood at 9,640.
Of the total 753 local units in the country, commercials banks have presence in 746 units while more and more cooperatives had also brought increasing number of people under the ambit of financial services.
Moreover, there were altogether 163 BFIs in the country among them 27 were commercial banks, 23 development banks, 22 finance companies, 89 micro finance institute and one infrastructure development bank.
Rs 92 billion loan added, Nepal’s debt at Rs 1.139 trillion
About Rs 92 billion loan has been added to Nepal this fiscal year. Finance Minister Yubaraj Khatiwada, while presenting the economic survey in the federal parliament, said that Nepal’s debt has increased by Rs 91.90 billion.
With the addition, Nepal’s debt has reached Rs 1.139 trillion. Out of which, internal debt is Rs. 440.05 billion and external debt is Rs. 699.75 billion.
Meanwhile, the government has said that the economic growth in the current fiscal year will remain at 2. 3 percent. The economic growth rate had remained 7.3 percent on average in the past three years.
Nepal govt sets a target to bring in 2.5 million tourists by 2025
The government of Nepal has set a target to bring in more than 2.5 million foreign tourists in the country in the next five years.
Presenting an economic survey for 2020/21 in the joint session of Federal Parliament, Minister for Finance Dr Yubraj Khatiwada said the government has plans to bring in 2.5 million foreign tourists and create job opportunities to 898,000 in the country by 2025.
A ‘Visit Nepal 2020’ was scheduled for this year but unfortunately was postponed due to sudden outbreak of COVID-19 pandemic across the globe.
Minister Khatiwada said a master plan would be developed to promote the country in the global arena after preserving natural, cultural and human made heritages to attract more and more tourists.
(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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