Category: Finance

Kathmandu: In its latest Asian Development Outlook (ADO) for April 2024, the Asian Development Bank (ADB) has projected a growth rate of 3.6% for Nepal’s economy at market prices in the year 2024. This marks a significant increase from the estimated growth of 1.9% in fiscal year 2023. ADB Country Director for Nepal, Arnaud Cauchois,… Continue reading ADB projects Nepal’s economy to grow by 3.6% in 2024

Kathmandu: Ministry of Foreign Affairs (MoFA) has issued a directive to the Non-Resident Nepali Association (NRNA), urging them to refrain from engaging in non-routine activities. Following a landmark decision by the Supreme Court on April 3, the MoFA dispatched a letter on Wednesday, instructing the NRNA Secretariat to abstain from undertaking any tasks beyond regular… Continue reading Ministry of Foreign Affairs restricts NRNA activities

Kathmandu: In a recent development, Dr. Prakash Saran Mahat, spokesperson for the Nepali Congress and former finance minister, expressed apprehensions regarding the country’s economic trajectory. Speaking at the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dr. Mahat highlighted a significant decline in the revenue growth rate, dropping… Continue reading Former finance minister raises concerns over declining revenue growth rate

Kathmandu: Economists have raised concerns and called upon the government to adopt a pragmatic approach while formulating the budget for the upcoming fiscal year. During a ‘Pre-budget Discussion’ organized by the Management Association of Nepal, industry analysts emphasized the importance of avoiding an inflated budget and instead urged for realistic figures regarding revenue collection and… Continue reading Economists urge govt for realistic budget amidst fiscal planning

Kathmandu: Labor, Employment, and Social Security Minister DP Aryal unveiled a remarkable transformation in labor permit issuance, declaring that permits will now be granted within a mere hour of application. Speaking at a press conference on Sunday, Minister Aryal disclosed that labor permits will undergo swift processing, with approvals granted within the span of an… Continue reading Labor minister announces revolutionary change: labor permits to be issued within an hour

Kathmandu: In a public event on Friday, Finance Minister Barshaman Pun underscored the need for Nepal to focus on sectors aimed at creating employment and enhancing productivity, urging increased investment in collaboration with development partners. He noted Nepal’s favorable performance compared to other countries in South Asia but highlighted the pressing need for job creation… Continue reading Finance Minister calls for increased investment to boost employment and productivity in Nepal

Kathmandu: The Nepal Electricity Authority (NEA) has initiated extended load shedding of more than 12 hours across industries nationwide. Following the halt in electricity imports from the open market in India during nighttime since April 1, the NEA has decided to increase load shedding for industries by more than 12 hours. In some areas, load… Continue reading NEA initiates extended load shedding across industries nationwide

Kathmandu: In a joint press conference held today at the Nepal Mountaineering Association (NMA), Nepal Tourism Board, and Jugal Rural Municipality, organizers announced the full preparedness for the upcoming Jugal-I and II expedition, part of the Nepal-Korea Friendship Expedition 2024. During the conference, it was revealed that ten Korean climbers are set to arrive in… Continue reading Nepal-Korea friendship expedition 2024: climbers ready for Jugal-I and II ascent

Kathmandu: In a bid to boost tourism and economic activity, the government has enforced new guidelines allowing businesses in Thamel and Durbar Marg areas to operate round the clock. According to the District Administration Office (DAO) Kathmandu, entertainment-related businesses seeking to extend their operating hours past 10 pm must install soundproof systems and maintain personal… Continue reading Nepal govt implements round-the-clock business operations in Thamel and Durbar Marg area

Kathmandu: In a significant development, the Commission for the Investigation of Abuse of Authority (CIAA) has taken legal action against 32 individuals, including former Minister for Tourism, Culture, and Civil Aviation, Jeevan Bahadur Shahi, and Sugat Ratna Kansakar, the former Managing Director of Nepal Airline Corporation (NAC). The case revolves around alleged corruption in the… Continue reading Corruption allegations rock Nepal’s aviation sector: CIAA files case against former minister and NAC officials