KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
ADB approves $200 million concessional loan
The Asian Development Bank (ADB) has approved a $200 million concessional loan for improving the power supply and distribution systems in Nepal.
However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers, according to the ADB.
The project will finance the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged.
Substandard goods sold during lockdown
Several groceries in Baitadi district were found selling substandard foodstuffs and drinks during the time of lockdown.
Officials involved in market monitoring said that they seized goods worth Rs 400,000 as some stores were involved in the wrongdoing.
Such low-quality goods from at least a dozen stores from five different local levels were destroyed after the monitoring, District Chief of Small and Cottage Industries Development Committee Mayadevi Joshi.
So far, the officials carried out their monitoring of the stores in Dashrath Chand Municipality, Patan Municipality, Dogdakedar Rural Municipality, Surnaya Rural Municipality and Dilashini Rural Municipality.
The market monitoring task is on in other local levels as well. Similarly, some shoppers were also fined for misbehaving with the monitoring team members, Assistant Chief District Officer Lokendra Singh Negi said.
They were fined up to Rs 3,500 for attempting to misbehave with the officials by claiming to resale the seized substandard goods.
MCC Compact’s entry into force date being reassessed: MCA-Nepal
The Millennium Challenge Account Nepal (MCA-Nepal) has said that the Entry Into Force (EIF) date of the Millennium Challenge Corporation (MCC) Compact is reassessed.
“Progress has been hampered due to delays in parliamentary ratification of the Compact and the global pandemic due to COVID-19. Consequently, the previously targeted date of 30 June 2020 for taking the program on implementation i.e. the Entry Into Force (EIF) is no longer achievable,” MCA-Nepal stated.
MCA-Nepal said it was working with all relevant authorities to complete remaining Conditions Precedent (CPs), including parliamentary ratification of the Compact as soon as possible, to enter into force and begin implementation.
MCA-Nepal added it remains committed to the Nepal Compact and will share additional information as it develops.
Illegally run crusher industries in Banke to face closure
The District Monitoring Committee of Banke has decided to shut down the operation of illegally-run crusher industries in the district.
According to Ajaya Srivastav, the Coordinator of District Coordination Committee and President of District Monitoring Committee, there are 24 crusher industries run illegally.
Only 3 have met the criteria set for such industries. According to sources, most of the crusher industries have not renewed their license whereas few are in operation without license as well.
Shrisvatav led committee has decided to seize the river-based materials collected by such illegal industries. Banke has issued orders restricting the exploring of all river-based materials like sands and pebbles from June 15.
However, as in previous years, despite the restriction most of the crusher industries have managed to collect them in large quantity.
(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.