Kathmandu: The policy and program for the financial year 2023/24 has been passed by a majority.



The government's policy and program presented by President Ramchandra Paudal in both houses of the Federal Parliament on May 19 was passed by the Parliament meeting held on Saturday.



The draft of policy and program was passed by the parliament soon after Prime Minister Pushpa Kamal Dahal Prachanda answered the questions and inquiries raised by the MPs.



The finance minister will unveil budget for the fiscal year 2023/2024 on Monday.

House of Representatives passed govt's policy and program by majority votes

Kathmandu: Nepal Airlines Corporation (NAC) has started preparation to connect Kathmandu-Australia by direct air flight.



According to Nepal Airlines, preparations have been made to fly the aircraft to Australia with technical transit in Singapore.



The Corporation has received a slot (flight/landing time) at Sydney Airport. Now work is going on for the rest of the process.



NAC is also planning to fly to Sydney on June 6 as a test flight. An air service agreement was signed between Nepal and Australia four years ago.

NAC preparing for Kathmandu-Australia direct flight

Kathmandu - In today's meeting of the House of Representatives, Prime Minister Pushpa Kamal Dahal 'Prachanda' has got scheduled to answer the questions raised during the discussion on policies and programs. The meeting will start at 11 am.



It is prepared to submit the amendment proposal for decision and pass the policy and program in today's meeting.



The National Assembly has already passed the policy and program.



President Ramchandra Paudel presented the government's annual policy and program at the joint meeting of both houses of the federal parliament.

Prime Minister to answer questions raised on policy and program today

Kathmandu: IFC’s $55 million for Siddhartha Bank Limited (SBL) will support the bank in increasing access to finance for small businesses, while also fostering climate finance in Nepal.



IFC has been supporting the growth of Nepal’s financial sector for the past two decades, and this is our largest investment in any financial institution in the country.



This investment is also the first ever foreign currency syndicated loan facility in the financial sector in Nepal.



As Nepal’s economy continues to recover from the COVID-19 pandemic, small and medium enterprises (SME) need increased access to finance to create more jobs and support inclusive growth.



This funding will allow SBL to increase its on-lending to SMEs, including women-owned businesses, thereby helping support up to 15,000 jobs. Ten percent of the loan is earmarked for climate financing across several areas, including electric vehicles, climate-smart agriculture, and energy efficiency.



"IFC’s timely investment will help increase our lending to micro, small, and medium enterprises, especially in remote and rural areas, while also allowing us to expand and diversify our climate portfolio," said Sundar Prasad Kadel, CEO of SBL.



SMEs are the backbone of Nepal’s economy, accounting for 22 percent of the country’s gross domestic product and employing 1.8 million people.



Yet access to finance remains a major constraint for 44 percent of SMEs, deterring their growth prospects and hampering job creation. The SME finance gap is estimated to be around $3.6 billion.



IFC will also support SBL's effort to identify and evaluate green lending opportunities, and provide advisory assistance designed to further strengthen the bank’s operations.



“IFC is pleased to bring more liquidity to Nepal’s financial sector in addition to our various efforts designed to meet the needs of underserved SMEs,” said Babacar S. Faye, IFC’s Country Representative in Nepal.



“SBL’s commitment to expanding its green finance portfolio will also help demonstrate the viability of this segment in Nepal.”



Climate finance is crucial for Nepal, especially with the Global Climate Risk Index 2021 ranking it as one of 12 countries most affected by climate change.



The country’s vulnerability to floods and landslides, along with agricultural and energy-related emissions, has long-term implications for the economy and its climate goals. Nepal has a net-zero emissions target by 2045.



IFC has so far invested over $150 million in the financial sector in Nepal since 2019, and we remain committed to supporting the country’s ongoing effort for greater financial inclusion.

IFC's Invests USD 55 Million in Nepal's Financial Sector to Support SME Growth and Green Finance

Kathmandu: Bangladesh has agreed to import 40 megawatts of electricity from Nepal using the Indian transmission line in the meeting of the Nepal-Bangladesh Energy Secretary-level joint directorate committee held in Bangladesh.



It has been agreed to sign a power sale agreement as soon as possible between the Nepal Electricity Authority, NTPC Electricity Trading Corporation, India and the Bangladesh Power Development Board to export up to 40 megawatts of electricity produced in Nepal to Bangladesh.



Nepal has been exporting excess electricity to India during the rainy season. Now Bangladesh is also ready to import electricity from Nepal. However the approval of the Indian side is also mandatory.



Meanwhile, the issue of making a separate dedicated transmission line between Nepal and Bangladesh was also discussed in the meeting.

Bangladesh agrees to buy 40 MW electricity from Nepal

Kathmandu: Indian Oil Corporation (IOC) has reduced the price of petroleum products to Nepal Oil Corporation (NOC).



According to the corporation, the price list has been reduced by 9 rupees 52 paise per liter of petrol and 8 rupees 13 paise per liter of diesel.



The IOC sends the new price list to the Corporation in 15-15 days i.e. on 1st and 16th of the month.



Accordingly, the IOC has reduced the price of petroleum products on Tuesday compared to 15 days ago.



IOC sends a new price list based on its cost and crude oil prices.

India reduces fuel price to Nepal

Kathmandu: The ‘International Conference on Financing for Nepal’ 2023 was organised jointly by the Investment Board Nepal (IBN) and Standard Chartered Bank Nepal Limited (SCBNL) in collaboration with the Society of Economic Journalists – Nepal (SEJON).



Addressing the opening session of the conference, Right Honourable Prime Minister and Chairman of the Investment Board Pushpa Kamal Dahal "Prachanda” shared that this conference will present the latest financial tools and measures needed for economic and social development and also reassured government action on legal, institutional and procedural reforms to promote, facilitate and encourage private investment.



The PM also highlighted that the conference is timely as recommendations from the conference contributed by national and international participants can be included in the upcoming annual fiscal budget and monetary policies.



The conference was attended by senior secretaries, government officials, diplomats, senior representatives from Development Partners, private sector, banks and financial institutions, experts, researchers and academicians. 



Finance Minister Dr. Prakash Sharan Mahat; Chief Executive Officer (CEO) of Investment Board Nepal Sushil Bhatta; Registrar of Kathmandu University Prof. Dr. Achyut Wagle; CEO of Standard Chartered Bank Nepal Limited, Anirvan Ghosh Dastidar; Senior Sustainability Advisor of Standard Chartered Bank UK, Dr. John Murton; and, the President of SEJON, Janardan Baral addressed the opening sessions.



Finance Minister Dr. Prakash Sharan Mahat emphasised on the importance of new financing tools that are needed for mobilising resources in addition to investments and held the opinion that we should not only be ‘repackaging’ the resources available in the existing structures and arrangements, but also look at the availability of additional resources.



Additionally, he focussed on the importance of building a positive macroeconomic story for Nepal, when there are important aspects including no defaults for the country, healthy debt profile, a demographic dividend and digital penetration.



Sushil Bhatta, CEO, Investment Board Nepal (IBN), held the view that the returns of projects will increase with the mix of resources obtained from various financial sources and investors can also get compensated appropriately to opportunity costs.



Anirvan Ghosh Dastidar, CEO, Standard Chartered Bank Nepal Limited (SCBNL) said, “Sustainable finance can help Nepal in leveraging its potential for renewable energy by providing the necessary funding and support to help us transition towards a more sustainable and low-carbon future. We must speed up sustainable investments and increase their scope in Nepal.”



Likewise, Professor Dr. Achyut Wagle stressed on the search and use of new financing tools for Nepal to achieve its ambitious development goals as public finance has its own limitations.



In the conference, technical sessions were conducted on macroeconomics of investment, legal, institutional and implementation arrangements related to investment, tools and scope of financing in Nepal along with resource mobilisation and disruption prevention.



The conference was concluded by Maha Prasad Adhikari, Governor of Nepal Rastra Bank. Speaking on the occasion, the Governor expressed the opinion that this conference will be useful for formulating the fiscal budget and monetary policy of Nepal.

Investment Board Nepal and Standard Chartered Bank co-organise International Conference on Financing for Nepal

Kathmandu: In the fiscal year 2079/80, the goal is to maintain foreign exchange reserves sufficient to cover the import of goods and services for at least 7 months.



According to Nepal Rastra Bank (NRB), the external sector has improved as a result of the policies adopted to preserve foreign exchange reserves through overall demand management since last year.



The improvement in foreign exchange reserves has increased the ability to meet import demand.

Foreign exchange reserves sufficient to import goods for 9 months: NRB

Kathmandu: Nepal Airlines Corporation (NAC) is all set to operate flights twice a week at Resunga Airport in Gulmi.



Civil Aviation Authority of Nepal (CAAN) has given permission to NAC for the flights.



The fare from Resunga Airport to Kathmandu will be Rs 6,000 per person.



The distance from Kathmandu to Resunga Airport is 50 minutes.

NAC to operate flights twice a week in KTM-Resunga route

Kathmandu: The Ministry of Federal Affairs and General Administration has requested the officials and employees of the local government not to travel abroad except in urgent cases.



Keeping in mind the economic sensitivity of the country, as the budget preparation process of all three levels of the government is going on, it is not a justified situation, so 753 local governments and 77 district coordination committees have been issued a circular on Sunday not to travel abroad.



It has been mentioned in the circular issued by the Ministry to the local government that the authority of some tours and programs has not been confirmed.

Government officials prohibited for foreign trip

Kathmandu: Migration can serve as a force for growth and shared prosperity in all countries, according to a new report from the World Bank.



Launched in Nepal today, the World Development Report 2023: Migrants, Refugees, and Societies presents a powerful framework to guide policy making based on how well migrants’ skills and related attributes match the needs of destination countries and on the motive for their movement.



Populations across the globe are aging at an unprecedented pace, making many countries increasingly reliant on migration to realize their long-term growth potential.



The report identifies this trend as a unique opportunity to make migration work better for economies and people.



Wealthy countries as well as a growing number of middle-income countries—traditionally among the main sources of migrants—face diminishing populations, intensifying the global competition for workers and talent.



Meanwhile, most low-income countries are expected to see rapid population growth, putting them under pressure to create more jobs for young people.



“Moving forward, empowering and equipping youth with the skills that will be needed in the global labor market will be crucial for both origin and destination countries to maximize the benefits of migration,” said Joyce Antone Ibrahim, Task Team Leader for the World Development Report, World Bank.



Beyond this demographic shift, the forces driving migration are also changing, making cross-border movements more diverse and complex. Today, destination and origin countries span all income levels, with many countries such as Mexico, Nigeria, and the U.K. both sending and receiving migrants.



The number of refugees nearly tripled over the past decade. Climate change threatens to fuel more migration.



So far, most climate-driven movements were within countries, but about 40% of the world’s population—3.5 billion people—lives in places highly exposed to climate impacts.



The report underscores the urgency of managing migration better. Origin countries should make labor migration an explicit part of their development strategy.



They should lower remittance costs, facilitate knowledge transfers from their diaspora, build skills that are in high demand globally so that citizens can get better jobs if they migrate, mitigate the adverse effects of “brain drain,” protect their nationals while abroad, and support them upon return.



Destination countries should encourage migration where the skills migrants bring are in high demand, facilitate their inclusion, and address social impacts that raise concerns among their citizens. They should let refugees move, get jobs, and access national services wherever they are available.



“In Nepal, like many other low- and middle-income countries, remittances received from migration are a lifeline for many families and help reduce poverty,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.



“The World Bank is committed to finding effective ways to engage with the government on how to make the best of migration for Nepal’s development.”



International cooperation is essential to make migration a strong force for development. Bilateral cooperation can strengthen the match of migrants’ skills with the needs of destination countries.



Multilateral efforts are needed to share the costs of refugee-hosting and to address distressed migration.



Voices that are underrepresented in the migration debate must be heard: this includes developing countries, the private sector and other stakeholders, and migrants and refugees themselves.



The launch event included a conversation on actions for managing migration better with panelists Joyce Antone Ibrahim; Sonia Awale, Executive Editor of Nepali Times; and Prajwal Sharma, Head of Labor Mobility and Human Development at the International Organization for Migration (IOM) Nepal.

Better Migration Policies Can Help Boost Prosperity in All Countries: World Bank

Kathmandu: The Civil Aviation Authority of Nepal (CAAN) has banned all helicopter flights of Simrik Air.



This ban was imposed after Simrik's helicopter crashed in the Bhotkhola rural municipality of the Sankhuwasabha district on Friday.



After the helicopter crashed during the transportation of goods, the flight of Simrik's helicopter has been suspended until the further notice.



The authority has started an investigation into whether or not Simrik followed the air safety standards during the flight.

Finance

Our Team

Contact Information

Address (USA):

Address (Nepal):

Email:

Phone: