KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
UK pledges £45.8 million for Nepal’s COVID-19 response
The UK has pledged the support of £45.8 million to strengthen Nepal’s COVID-19 response.
During a virtual meet with Finance Minister Yuba Raj Khatiwada, UK’s Minister of State for the Commonwealth and South Asia Tariq Mahmood Ahmad committed the support.
The support will focus on health, protect incomes lost to COVID-19 and most vulnerable groups.
Nepal imports mobile phones worth Rs 4.5 billion in one month
Nepal has imported mobile phones worth around Rs 4.5 billion in one month. While the world is hit hard by the pandemic virus, the import of luxury electronic goods and mobiles compared to medicine is high, according to the Department of Customs.
During the period of July 16 to August 16, 470, 621 mobile sets were cleared through customs. The department has stated that Rs 4.26 billion has been spent on the purchase of these mobiles.
Mobile phones worth Rs 2.41 billion were imported to Nepal in the last year of same period. This year, the government has collected revenue of Rs 675 million for mobile imports.
According to Suman Dahal, Director General of the Customs Department, the number of mobile phones introduced in the first month of the current fiscal year is unnaturally higher than last year. “This year’s imports are 77 percent higher than last year’s,” he said.
India willing to expedite Kathmandu-Raxaul railway project
The India government has shown interest in taking the Kathmandu-Raxaul railway project forward.
A team from the India government is willing to come to Nepal to make a study about it, said the railway department.
However, the Nepal government cannot allow the team to do so immediately due to the coronavirus pandemic.
The railway department said the government cannot allow the team to come to Nepal at least for two months to carry out the project.
The Nepal government had singed a deal on the railway construction project with India in the fourth meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) held in Nepal two years ago.
India in the agreement had agreed to build the railway on its own investment and technology. The deal had been signed between the two countries in the presence of Prime Minister of Nepal KP Oli and Indian Prime Minister Narendra Modi.
According to the agreement, railway projects include Jayanagar-Kurtha, Biratnagar-Jogbani, Jalpaigudi-Kankadvitta, Nautanhawa-Bhairahawa and Nepalgunjroad-Nepalgunj.
(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.
Comment