Kathmandu: Member of the House of Representatives, Mohan Bahadur Basnet, has been suspended from the post following the corruption case filed against him at Special Court as per Corruption Control Act.



Speaker Devraj Ghimire read out a letter about lawmaker Basnet's suspension at the House of Representatives meeting on Thursday.



The Commission for Investigation of Abuse of Authority (CIAA) filed the corruption case arguing his involvement in illegal purchase of TERAMOX. As per law, lawmaker Basnet is automatically suspended with the filing of corruption case.



Total 16 persons including former Information Minister Basnet were sued by CIAA over the embezzlement and corruption on TERAMOX purchase. CIAA has demanded the recovery of Rs 351 billion from them.

Lawmaker Basnet suspended

Kathmandu: The Nepal Airlines Corporation (NAC) has brought its both twin otter aircraft into operation for domestic flights. The two twin otter planes of NAC were grounded for long, creating difficulties to the passengers from the remote areas.



NAC Spokesperson Subas Dangi said that the twin otter planes of NAC with its call sign 9 N-ABT and 9 N –ABU were brought into full operation. He shared that new engines have been fixed in both aircrafts and maintenance works were done as per the standards of the regulatory bodies and the aircraft manufacturing company.



The NAC twin otter planes have resumed full and regular scheduled flights from May 12 by complying with the regulatory tests, Dangi stated. Issuing a press statement, the NAC has expressed the confidence that resumption of the regular flights would ensure low-cost and accessible air tickets to the people from the remote areas.



Dangi mentioned that each twin otter plane makes at least four flights in a day and added that the domestic flights would be made effective now.

Both twin otter aircraft of NA resume regular flights

Kathmandu: Binod Chaudhary, the Chairman of Chaudhary Group and a Member of Parliament, met with Bill Gates, the co-founder of Microsoft and renowned philanthropist, during the Philanthropy Asia Alliance-2025 (PA-2025) conference held in Singapore on Tuesday.



The meeting saw a serious discussion on the major challenges facing Nepal’s healthcare and employment sectors. During the conversation, Chaudhary expressed gratitude towards the Gates Foundation for their collaboration through initiatives such as the “Baliyo Nepal” campaign, aimed at addressing child nutrition, and their support in the aftermath of the 2015 earthquake and the COVID-19 pandemic. Chaudhary also discussed the potential for expanding the long-standing partnership between Nepal’s social sector and the Bill &amp; Melinda Gates Foundation.



In a post on social media, Chaudhary shared a picture from the meeting, highlighting their conversation on further cooperation in these critical areas.



The discussion also included talks on how the Gates Foundation’s successful healthcare and employment programs, implemented in other countries, could be adapted and expanded in Nepal.



Following the 2015 earthquake, Chaudhary Foundation, the social wing of Chaudhary Group, contributed significantly to relief efforts by supporting the government’s relief programs and building nearly 3,000 earthquake-resistant temporary shelters in the affected districts. Additionally, the foundation contributed to school reconstruction and the distribution of food and clean water to the impacted communities.



During the COVID-19 pandemic, Chaudhary Foundation continued its support by strengthening Nepal’s healthcare infrastructure. The foundation helped set up an intensive care unit (ICU) and an oxygen plant at Bir Hospital, and similar oxygen plants in Dhangadhi and Surkhet. Oxygen concentrators, personal protective equipment (PPE), PCR testing kits, and N95 masks were distributed across all seven provinces.



Bill Gates, who has supported various developing nations through his philanthropic foundation in areas such as healthcare, education, and technology, was one of the key attractions at the Philanthropy Asia Alliance-2025 conference in Singapore.



The conference, which saw the participation of global leaders, philanthropists, and policymakers, was also addressed by Singapore's President Tharman Shanmugaratnam, WHO Director-General Dr. Tedros Adhanom Ghebreyesus, Bill Gates, Indonesia's Minister of Human Development and Cultural Affairs Pratikno, WHO's Chief Scientist Dr. Jeremy Farrar, and UNDP Assistant Administrator Susan Brown, among others.



Chaudhary, a prominent entrepreneur and philanthropist from Nepal, also attended the conference, which aimed to open new doors for collaboration among philanthropic organizations to promote sustainable development and social justice in Asia.

Bill Gates and Binod Chaudhary meet to discuss Nepal's healthcare and employment challenges

Kathmandu: The government has enforced a revised Foreign Aid Mobilization Policy 2025, aiming to improve the effectiveness of foreign aid utilization through public-private partnership (PPP) mechanisms, amid growing concerns over the underperformance of donor-funded projects.



The Ministry of Finance (MoF) announced that the new policy came into effect on Friday. It replaces the previous 2020 policy and introduces reforms aligned with the country’s federal structure and evolving dynamics of foreign aid, including increasing reliance on concessional loans over grants.



In a statement, the ministry acknowledged persistent challenges such as delays in project implementation, weak coordination among agencies, and ineffective monitoring of donor reimbursements. These issues, it said, have significantly contributed to Nepal’s low aid absorption rate—less than 15% of committed grants and loans were utilized in FY 2023/24.



The policy seeks to address these structural inefficiencies, particularly the delayed return on investment from long-gestation development projects and currency risks associated with multilateral loans.



“Although multilateral loans offer lower interest rates and longer maturity periods, they have become costlier due to US dollar exchange rate fluctuations and project delays,” the ministry stated.



Nepal received foreign aid commitments worth Rs 221.99 billion in the first eight months of the current fiscal year—more than double the amount pledged during the same period last year. However, a lack of preparedness before entering into aid agreements and flaws in procurement and contract award processes have continued to hinder effective aid deployment, according to the ministry.



The PPP model, now officially adopted under the new policy, will include viability gap funding (VGF) provisions to attract private sector participation and mitigate the government’s financial risks. The policy also aims to enhance aid effectiveness at the provincial and local levels, as Nepal prepares to transition to developing nation status by 2026.



Experts say the policy shift will also complement recently introduced legal frameworks on fiscal responsibility and climate change adaptation, while better integrating private sector involvement in national development priorities.



Nepal has received foreign aid in various forms—loans, grants, technical assistance, and humanitarian relief—since the 1950s. However, political instability, bureaucratic delays, and systemic corruption have long hampered its effective use.



The revised policy signals the government’s intent to restructure aid governance as both domestic and international development landscapes evolve.

Nepal govt enforces new foreign aid mobilization policy amid concerns over low returns

Kathmandu: President Ramchandra Paudel has said that the government was moving ahead with a common resolve keeping in mind the common minimum commitment and priorities of the coalition government at the time of its formation.



Presenting the government's policies and programmes for the upcoming fiscal year 2082/83 BS in the joint sitting of both houses of the federal parliament today, he said the government was committed to achieve rapid economic development for the promotion of good governance.



"The government is committed to make every Nepali proud of their history and self-respect, struggle and sacrifice, change and achievements, to provide more hope and confidence in the state among the people, to increase economic mobility, to control corruption and to end impunity." President Paudel said.



The President also said the incumbent government was determined to protect the achievements of far-reaching importance brought by the sacrifices, struggles and movements of the Nepali people by consolidating the federal democratic republic.



He said that any kind of reactionary anarchic activities against the republican system would be resisted.



"The government is committed to fulfilling the national aspiration of 'Prosperous Nepal, Happy Nepali' with political stability, good governance, development and social justice, for socialism-oriented economic and social transformation based on democratic values as per the national needs and people's aspirations," president Paudel said on the occasion.

Government's Policies and Programmes aimed at rapid economic development

Kathmandu: Investment Board Nepal (IBN) has endorsed a sweeping five-year Strategy and Business Plan (2081–86 BS), setting an ambitious target to mobilize up to USD 24.3 billion under the public-private partnership (PPP) model for infrastructure development — despite a lackluster performance record over the past 15 years.



The strategy, approved during the Board's meeting on Sunday, outlines a pipeline of 57 projects for feasibility studies, with additional targets across construction, procurement, negotiation, and financial management stages. IBN aims to complete 11 high-priority projects worth USD 8.95 billion by fiscal year 2085/86, or at a minimum, operationalize five projects worth USD 4.7 billion.



Spokesperson Pradyumna Prasad Upadhyay stated that while the strategy is ambitious, success hinges on legal reforms, workforce management, and a favorable investment climate. “We believe that if there is a good environment for investment, human resources are managed and necessary laws made, then this much investment can be mobilized,” he said.



Key targets of the plan include:



Advancing 14 projects worth up to USD 5.55 billion to near-completion stages,



Pushing seven projects worth USD 2.83 billion into active construction,



Initiating procurement for 52 projects totaling USD 23.5 billion,



Negotiating agreements for 42 projects worth USD 17.95 billion,



Conducting financial and pre-development activities for 32 projects costing USD 15.7 billion.



The Board projects approving USD 7.45 billion for up to 67 private-sector-led initiatives and another USD 3.15 billion for 25 publicly-driven projects over the next four years.



To support this plan, IBN has drafted an internal organogram proposing four new directorates — Planning and Financial Management, PPP, Investment Promotion, and Project Management — each requiring at least joint-secretary-level leadership. An organizational and management survey has also been commissioned.



However, critics point to the Board’s past underperformance. Since its inception, IBN has secured just Rs 1,200 billion in investments across 38 projects. Its one-stop service center remains ineffective due to manpower shortages, and critical mechanisms such as the Land Acquisition Fund and Viability Gap Funding are yet to materialize. Additionally, a dedicated Investment Board fund has not been established in over a decade, leaving the agency reliant on donor support for staffing and technical expertise.



The gap between the Board’s past outcomes and future goals has raised questions about its institutional readiness and capacity to deliver on its new strategy.

IBN unveils $24.3B infrastructure plan amid glaring implementation gaps

Kathmandu: Central Investigation Bureau (CIB) of Nepal Police has launched a probe into 25 companies linked to controversial medical entrepreneur Durga Prasai for allegedly misusing loans totaling over Rs 7.25 billion.



According to police, Prasai and his close relatives secured the loans from multiple banks and financial institutions, but diverted the funds for purposes unrelated to those originally declared. The CIB said further investigation will continue after Kathmandu police complete their ongoing interrogation of Prasai.



Prasai was arrested in India and brought back to Nepal following the March 28 pro-monarchy protest in Tinkune, which turned violent. He is currently in custody at the Kathmandu District Police Office and is also being investigated under banking offense and money laundering charges.



Investigators have found that two of Prasai’s prominent institutions—B&amp;C Medical College Teaching Hospital and Research Center Pvt Ltd and Purbanchal Cancer Hospital Pvt Ltd—have defaulted on loan repayments for the past four years.



Preliminary findings indicate significant discrepancies in loan usage.



For example, a loan of Rs 125 million taken in the name of Purbanchal Cancer Hospital from the then-NCC Bank (now Kumari Bank), a Rs 50 million loan for a hotel from Nepal Investment Mega Bank, and Rs 100 million from Goodwill Finance under UA Medico Supplies and Equipment Pvt Ltd were all allegedly misappropriated.



Police said the total loan amount—recorded as of mid-October 2023—was under scrutiny, with more firms possibly facing investigation as the case unfolds.

CIB investigating Durga Prasai, 25 firms over misuse of Rs 7.25bn loans

Kathmandu: President Ramchandra Paudel would present government's policies and programmes for coming fiscal year in the joint meeting of both houses of the Federal Parliament at 3:00 pm on May 2.



In today's meeting of the House of Representatives, Speaker Devraj Ghimire informed about it by reading the letter received from the Office of the President in this regard.



The Article 95 of the Constitution of Nepal has the provision where the President would present government's policies and programmes for fiscal year in the joint meeting of both houses of the Federal Parliament.



Source: Rashtriya Samachar Samiti

President Paudel to present govt.'s policies, programmes on May 2

Kathmandu: Tea worth Rs 3.57 billion has been exported till April 13 of the current fiscal year 2024/25, starting July 16, 2024. Tea exports are expected to reach Rs 4.5 billion this year, according to the National Tea and Coffee Development Board.



Board official Chandra Puri said Nepal's tea sector has created around 60,000 jobs and there are 171 tea estates and 120 small and medium tea processing centres.



According to him, tea was grown on a total of 20,760 hectares of land across the country in the fiscal year 2023/24. During this period, 27 million kilograms of processed tea was produced. There are 15,203 tea farmers in the country.



Puri informed that 16.5 million kilograms of tea worth Rs 3.63 billion was exported in the previous fiscal year.



Meanwhile, the Board has decided to organize a tea exhibition at Harihar Bhawan in Pulchowk today on the occasion of the 29th National Tea Day. The exhibition has been organized with the objective of promoting Nepali tea in the international market.



Puri said that discussions would be held among the representatives of tea farmers, workers, cooperatives, entrepreneurs, business persons and concerned organizations amidst the exhibition of tea produced in different districts of the country at one place.



The theme of the National Tea Day this year is 'Healthy Tea, Sustainable Market, Foundation of Prosperous Nepal'.



Source: Rashtriya Samachar Samiti

Nepal exports tea worth Rs 3.57 billion in last nine months

Kathmandu: China repeated Saturday that it had held no talks with the United States on trade issues, despite President Donald Trump's claim that he had taken a call from Xi Jinping.



In an interview conducted on April 22 with Time magazine and published Friday, Trump did not say when the call with the Chinese leader took place or specify what was discussed.



"He's called," Trump said. "And I don't think that's a sign of weakness on his behalf."



China's commerce ministry had already denied on Thursday that Beijing and Washington were conducting economic or trade negotiations.



In a statement posted on WeChat Saturday, Beijing's embassy in the US capital repeated that assertion, saying "there have been no consultations or negotiations between China and the United States on tariff issues, let alone any agreement".



The statement did not mention Trump or Xi by name or directly reference Trump's claim of a call, but said remarks by the United States that a dialogue on tariffs was ongoing were "nothing but misleading".



"This trade war was initiated by the US side," the statement said.



"If the US truly wants to resolve the issue through dialogue, it must first correct its mistakes, stop threatening and pressuring others, and completely remove all unilateral tariff measures against China."



The world's two biggest economies are locked in an escalating tit-for-tat trade battle triggered by Trump's levies on Chinese goods, which have reached 145 percent on many products.



Trump suggested he will announce deals with US trading partners in the next few weeks.



"There's a number at which they will feel comfortable," Trump told Time, referring to China. "But you can't let them make a trillion dollars on us."



Source: AFP

China insists no trade talks with US, despite Trump claim

Kathmandu: The price of gold in Nepal saw a significant drop on Wednesday, falling by Rs 7,500 per tola, according to the Federation of Nepal Gold and Silver Dealers' Association.



After hitting an all-time high of Rs 197,900 per tola on Tuesday, the price of fine gold has now settled at Rs 190,400 per tola. The decline marks one of the sharpest single-day drops in recent times, raising concerns among traders and investors.



Silver prices have also dipped, though less drastically. The price of silver dropped by Rs 5 and is currently trading at Rs 1,965 per tola.



Market analysts suggest the fluctuation may be linked to global market trends, changes in the US dollar value, and profit-booking by investors following the recent price surge. The precious metals market in Nepal often mirrors international pricing influenced by geopolitical tensions, inflation expectations, and interest rate movements.



The Federation has advised consumers and investors to stay alert for further volatility in the coming days.

Gold price drops sharply in Nepal, down by Rs 7,500 per tola

Kathmandu: The price of gold surged to an all-time high of Rs 187,000 per tola in the domestic market on Thursday, marking a sharp rebound of Rs 2,700 in a single day, according to the Federation of Nepal Gold and Silver Dealers' Association.



The precious metal was traded at Rs 184,300 per tola on Tuesday, following a Rs 1,700 drop from its earlier peak. The previous record high was Rs 186,000 per tola, recorded on Monday.



Silver prices also saw an uptick, rising by Rs 10 per tola to reach Rs 1,955, up from Rs 1,945 per tola on Tuesday.

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