KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Finance Minister says economic indicators satisfactory
Finance Minister Dr Yuba Raj Khatiwada has defended the government for satisfactorily implementing the annual budget plan in fiscal year 2019/20 despite the COVID-19 pandemic.
Answering to lawmakers’ queries at the parliamentary Finance Committee today, the said that the economic indicators have been satisfactory by the end of the year.
Minister Khatiwada said the government spent the 71 per cent of the allocated budget in total terming it as a good indicator.
He further stated that the government was also successful in meeting all the targets of the amended budget plan in the previous fiscal year. According to him, the government spent Rs 1.094 trillion, and collected Rs 841 billion in revenues.
Govt to address public transport sector’s concern: PM Oli
Prime Minister KP Oli has said the government will take practical initiatives to resolve the problems of public transport sector facing in the country due to COVID-19 pandemic.
Talking to a delegation of the transport entrepreneurs and workers at his official residence Baluwatar today, PM Oli said that the State should address the genuine concerns of all sectors caused by pandemic.
Therefore, it would address the problem of public transport sector as per the State’s capacity. “The coronavirus outbreak affected all sectors causing difficulty in daily activities of people, slowing developmental projects and service sectors and denting national economy. All sides’ expectation of support from government was therefore usual,” PM said.
Welfare fund to be used for repatriating Nepali workers stranded abroad
The government has decided to mobilize the Foreign Employment Promotion Fund to rescue Nepali migrants workers stranded abroad.
Announcing the decision of the Cabinet meeting, Government Spokesperson Dr. Yuvaraj Khatiwada said that the Working Procedure has been endorsed to rescue and repatriate Nepalis stranded abroad due to the coronavirus pandemic.
He said that the amount of the fund will be used to repatriate the workers who have become homeless, are in trouble and are unable to return home at their own expense.
It should be noted that the Supreme Court of Nepal had ordered the government not to take the airfare from the citizens being rescued to Nepal from abroad to skip the COVID-19 pandemic.
Investors, representatives of multinational companies to be allowed to enter Nepal
The government has decided to allow investors and people from multinational companies to come to Nepal despite the coronavirus lockdown.
Disclosing the decisions of Cabinet meeting, Dr. Yubaraj Khatiwada, Minister of Finance, Communications and Information Technology said that investors and their families who have invested in Nepal, managers and employees of multinational companies that have branches in Nepal will be allowed to come.
Likewise, Minister Khatiwada informed that the officials and employees of international NGOs and the much-needed foreign technicians required for the maintenance of machines in the industry will be allowed to come to Nepal on the recommendation of the concerned ministry following the health standards.
Nepse increases 32 points to close at 1394 points
The Nepal Stock Exchange index increased 32.42 points to close at 1394.77 points on Thursday. Likewise, the sensitive index has surged 6.81 points to reach 295.06 points.
Over 2.9 million shares of the total 180 companies were traded at over Rs 1.4 billion. Bank has increased 40.99 points, trade 13.26, development bank 60.05, hydropower 9.92, finance 16.82, non-life insurance 79.37, production 45.55, others 6.79, micro finance 6.48, life insurance 1341.15 and collective investment fund 0.03. Shares of Nepal Reinsurance Company were traded at over Rs 94 million.
Likewise, shares of NMB Bank were traded at over 82 million, NIC Asia Bank over Rs 56 million, Nepal Life Insurance Company over Rs 35 million, Nabil Bank Limited over Rs 30 million and Global IME bank over Rs 25 million.
NIC Asia Micro Finance Financial Institution has surged 9.96 per cent, Miteri Development Bank 9.12, Laxmi Bank 9.09, Pokhara Finance 8.90, Reliance Finance 8.26 and Gurans Micro Finance Financial Institution 8.11.
Similarly, Oriental Hotel Limited has fallen by 6.38 percent, Radhi Electricity Company 5.03, Nabil Balance Fund-2 3.84, Samudayek Micro Finance Financial Institution 3.03, Swarojgar Micro Finance Development Bank 3.03, United Modi Hydropower 2.88 and Support Micro Finance Financial Institution by 2.82 per cent.
Additional charge to be levied on ATM withdrawal from other banks
The country’s banks have decided to levy additional charges on inter-banking transactions including withdrawal from ATMs, online banking and uses of credit cards.
Chairman of the Bankers’ Association, Bhuvan Dahal said that the banks could take charges on inter-banking transaction as the authority has handed the decision to the respective banks.
“We have not made a decision on whether to charge or not. Instead, we have entrusted the decision to the banks itself,” Chairman Dahal said adding, “It is up to the banks whether to accept it or not.”
Govt’s arrears worth Rs 664 billion to be cleared
The government’s arrears have reached Rs 664.4 billion, according to the annual report of the Office of the Auditor General.
The arrears remaining until last year was Rs 377.4 billion. The arrears added this fiscal is Rs 418.3 billion. This includes Rs 40.84 billion that was added this year by deducting the arrears amount remaining to be cleared from the last fiscal year, according to the 57th annual report of the Office of the Auditor General.
Auditor General Tanka Mani Sharma Dangal submitted the report to President Bidya Devi Bhandari. Arrears worth Rs 7.4 billion were cleared in the FY, 2075/76, according to the report.
Financial transactions of the total 5,619 bodies have been audited. Arrears worth Rs 71 billion of 110 federal government agencies and 77 district coordination committees were yet to be cleared. Likewise, 998 state offices are yet to clear arrears worth Rs 8.2 billion. Local levels across the country witnessed arrears of Rs 38.1 billion.
Tulsipur Sub-Metropolis commences cashless service
Tulsipur Sub-Metropolitan City has commenced cashless service today. The cashless service was begun after the establishment of Mega Bank counter at the Sub-Metropolitan City aimed at building good governance and encouraging people to come under banking system.
Now, the service recipients have to deposit the amount they have to pay to the sub-metropolis in bank account first. Finance Officer at the Sub-Metropolitan City, Lalit Bahadur Gharti, said the permission was granted to Mega Bank to establish the counter after application.
Manager at the Mega Bank, Rajan Bhandari, shared that though they had set a plan to establish the counter last year, it was materialized due to delayed process at Rastra Bank.
Opening the counter, Mayor Ghanshyam Pandey expressed happiness for realizing the goal of making Sub-Metropolitan City cashless.
(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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