KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
In recent reports, the insurance sector in Nepal has collected Rs 490 million in premiums from foreign employment insurance over the last two months, with a total of 121,352 foreign tourists visiting Mustang this year.
The Nepal Insurance Authority noted that Nepali workers must obtain this mandatory insurance, resulting in 2,155,215 active policies, while Rs 245.4 million was collected in Bhadra alone.
Meanwhile, the Nepal Rastra Bank announced that hydropower companies without constructed transmission lines will not be eligible for loan restructuring, emphasizing that the absence of these lines will not justify an extension of grace periods, even for operational projects.
Foreign employment insurance collects Rs 490 million
Insurance companies have gathered Rs 490 million in premiums from foreign employment insurance over the last two months, according to data released by the Nepal Insurance Authority for the period up to Bhadra (mid-August to mid-September) of the current fiscal year.
In the months of Shrawan (mid-July to mid-August) and Bhadra, the total earnings from foreign employment insurance premiums reached Rs 492.69 million.
Nepali workers seeking employment abroad are mandated to obtain this insurance.
At present, there are 2,155,215 active foreign employment insurance policies.
In the month of Bhadra alone, the companies collected Rs 245.4 million in premiums and issued 58,366 foreign employment insurance policies.
Hydropower companies without transmission lines ineligible for loan restructuring
Hydropower companies lacking transmission lines will not be allowed to restructure their loans.
The Nepal Rastra Bank has indicated that extending the grace period for these companies will not enable them to restructure or reschedule their loans.
Through amendments to Unified Directive 2080 BS, the central bank emphasized that even if hydropower projects are completed and operational, the inability to function at full capacity due to the lack of a fully constructed transmission line will not justify an extension of the grace period for loan restructuring or rescheduling.
Over 100,000 tourists visit Mustang in nine months
According to the Area Conservation Office of the Annapurna Conservation Area Project (ACAP), Mustang welcomed a total of 15,698 foreign tourists in the past nine months of this year.
As of October 6, the region saw 90,081 visitors from SAARC countries and 15,617 from other nations.
Additionally, 8,397 tourists entered Mustang via the Thorang-La Pass, which stands at an elevation of 5,400 meters.
The office reported that 2,896 tourists arrived in the district in the month leading up to October 2.
Tourist numbers have significantly increased at major attractions in Mustang, including the Muktinath temple, Kagbeni, the Korala border transit, Lomanthang, Sinja Jong Cave, Jomsom, Dhumba Lake, Thini, Marpha, and Lete.
Overall, a total of 121,352 foreign tourists have visited the trans-Himalayan district in 2023.
(Prepared by Srija Khanal)
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