KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
KMC brings budget of around Rs 16.42 billion
The Kathmandu Metropolitan City has presented a budget of around Rs 16.42 billion for coming fiscal year.
Deputy-Mayor of the KMC, Hari Prabha Khadgi, presented the budget in the seventh municipal assembly on Wednesday.
The KMC has allocated the highest amount of budget in physical infrastructure development sector which is Rs 8.43 billion.
It is 51.34 per cent of the total budget. Similarly, Rs 2.49 billion has been allocated for social development.
The metropolis has allocated Rs 1.78 billion budget for office and administrative sector, Rs 963 million for good governance and cross-cutting issues and Rs 172 million for economic development sector.
A total of Rs 2.57 billion has been allocated under conditional grant. The KMC has estimated income of Rs 6.76 billion out of total budget from internal sources which is 41 per cent of the total income.
Nepal and World Bank sign DPC of 100 million USD
The government of Nepal and World Bank Board signed a Development Policy Credit of 100 million US dollars today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.
The agreement was signed by Finance Secretary, Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.
The approved operation is the second in a series of three DPC operations to support key policy, regulatory and in institutional reforms to unlock the economic potential of Nepal’s energy sector.
These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker, establish a regulatory framework that is autonomous, transparent, and accountable, achieve greater integration with regional electricity market to ensure the optimal use of Nepal’s hydropower resources and restructure NEA to empower provincial and local governments under the federal structure.
Panchkhal Investment Summit stalled
The Panchkhal municipality’s plan of organizing an investment summit within the current fiscal year has relegated it to the backburner owing to the coronavirus pandemic.
The municipal executive had come up with this plan and had already started preparing for the event. If there was no COVID-19 crisis, the municipality would have already hosted the event aimed at attracting investment in various sectors of the local economy.
Mayor Mahesh Kharel said the plan for preparing for the investment summit would be made again at an appropriate time in the coming fiscal year after the coronavirus pandemic is gone.
Locals govts present budget
Almost all 753 local governments, barring a few, in the country yesterday presented their annual budget plans for the next fiscal year 2020/2021.
The Intergovernmental Fiscal Arrangement Act has stipulated the date of Asar 1 (Nepali date) for provincial budget statements and Asar 10 for local governments. Meanwhile, the constitution has the provision that the federal government needs to introduce its annual budget on Jeth 15.
Ghorahi Sub-Metropolitan City unveils Rs 1.85 billion budget
The Ghorahi Sub-Metropolitan City has unveiled a budget of Rs 1.85 billion for the Fiscal Year 2020/21.
Deputy mayor Sita Sigdel presented a statement of income and expenditure (budget) of one billion 852 million 293 thousand in the seventh municipal assembly today.
As per the budget break-down, one billion 857 million 22 thousand rupees or 58.60 per cent of the total budget has been earmarked towards current expenditure while Rs 766 million 571 thousand or 41.40 per cent has been earmarked towards capital expenditure.
The sub-metropolis has allocated Rs 9 million as development budget and Rs 1 million as office management budget to its 19 wards.
Bharatpur Metropolis unveils Rs 4.15 billion budget
The Bharatpur Metropolis has unveiled the budget of Rs 4.15 billion for the fiscal year 2020/20 Wednesday. The budget was presented before the sixth Metropolitan Assembly.
Among the total budget, Rs 480 million has been allocated under the current expenditure. Unveiling the budget, Deputy Mayor of the Metropolitan City, Parbati Sah Thakuri said the budget was focused on quarantine management and treatment of the COVID-19 infected persons and creation of jobs to those returned home from abroad in the wake of the pandemic.
Fundamental rights of the people in the Metropolis would be gradually addressed, she said, adding that the resources would be identified and mobilized to make the Metropolis prosperous.
(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.
Comment