KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Raman Nepal appointed Chairman of Laxmi Bank
Raman Nepal has been appointed as the new chairman of Laxmi Bank. The newly-appointed Chairman Nepal has taken oath of office and secrecy from the Governor of Nepal Rastra Bank (NRB) on Friday.
A meeting of the executive committee of the bank on Wednesday had appointed Nepal as the chairman of the bank.
Nepal has been working as an executive committee member of the bank representing Citizen Investment Trust since 2975 BS.
Already served for 30 years and retired as the director for NRB, Nepal is the incumbent Executive Director of Citizen Investment Trust.
Contractors to face music for failing to import fertilizers on time
The government has decided to take action against two contractors — Shailung Enterprises and Honiko Multiple Company — for failing to import fertilizers on time.
The incompetence to import fertilizers has created a shortage of fertilizers throughout the country during the paddy plantation season.
Farmers are worried that paddy production will be affected due to the unavailability of fertilizers. As per the contract, the companies should import fertilizers before Sunday.
As there is no possibility of bringing the fertilizers till that period, the Agriculture Inputs Company Ltd under the Ministry of Agriculture and Livestock Development is preparing to take action against the companies.
Sources at the Agriculture Inputs Company said that they would initiate a legal process from Monday.
Both the companies had received tenders to import 25,000-25,000 metric tons of fertilizers.
Finance Minister Khatiwada announces resignation
Minister for Finance Dr Yuba Raj Khatiwada has resigned from his post on Friday.
Minister Khatiwada had earlier announced his decision during a meeting of the Cabinet held at the Prime Minister’s official residence in Baluwatar.
He submitted his resignation to Prime Minister KP Oli on Friday evening.
Migrant workers on holidays can return to Bahrain
The Embassy of Nepal in Bahrain has announced to bring back migrant workers from Nepal who were on holidays but got stuck due to the COVID-19 pandemic.
The embassy has made the list of 211 interested people public who want to readmit to their works in Bahrain.
The people were unable to return to the country as Nepal had suspended all domestic and international flights since March.
But now as the government has resumed regular scheduled international commercial flights from September 1, there are limited flights taking place to and from Nepal’s sole international airport.
However, the migrant workers will have to abide by the rules imposed by the government of Bahrain.
The returnees will be solely responsible for the guarantee of availability of employment and should at all times have a valid visa, work permit and PCR negative report while travelling.
(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.
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