Category: Finance

Kathmandu: Deputy Prime Minister and Foreign Minister Narayankaji Shrestha announced Kuwait’s intention to hire an additional 200,000 Nepali workers during a media briefing at Tribhuvan International Airport. He shared this information upon returning from the 19th Foreign Ministerial level meeting of Asia’s Cooperation Dialogue (ACD) in Tehran, Iran. Foreign Minister Shrestha disclosed that Kuwait’s Foreign… Continue reading Kuwait to increase Nepali workers to 300,000

Kathmandu: Following the filing of a corruption case by the Commission for the Investigation of Abuse of Authority (CIAA) against Chief Secretary Dr. Baikuntha Aryal and 11 others, including high-ranking officials, the government has initiated steps to appoint an acting chief secretary. The CIAA’s case, lodged in the Special Court, implicates individuals allegedly involved in… Continue reading CIAA files corruption case agains Chief Secretary Aryal

Kathmandu: After a hiatus of three months, the Hetauda Cement Industry has recommenced production operations starting today. The shutdown, lasting two weeks longer than anticipated, was necessitated by maintenance work on the industrial furnace and essential equipment. Naveen Kumar Karna, deputy general manager of the industry, attributed the initial halt in production to protests from… Continue reading Hetauda Cement Industry resumes production after temporary closure

Kathmandu: The operation of ride-sharing services through mobile apps has been abruptly halted in Pokhara, Kaski, following a public notice issued by the Transport Management Office, Kaski, on Friday. The notice mandates an immediate cessation of passenger transportation via ride-sharing platforms and warns of legal consequences for violators. Dilliram Rijal, chief of the Transport Office… Continue reading Temporary ban on ride-sharing apps in Pokhara amid legal uncertainty

Kathmandu: Nepal’s public debt has surged past Rs 2.4 trillion during the current fiscal year 2023/24, marking a significant increase from the beginning of the year. According to the latest data from the Public Debt Management Office (PDMO), as of mid-June, the country’s domestic debt stands at Rs 1.195 trillion, while external debt amounts to… Continue reading Nepal’s public debt surpasses Rs 2.4 trillion

Kathmandu: Nepal Rastra Bank (NRB) has brought attention to the deteriorating quality of banks’ assets, raising significant concerns about the stability of banks and financial institutions (BFIs). The central bank’s latest ‘Financial Stability’ Report, unveiled on Wednesday, underscores various challenges currently impacting the financial sector. According to the report, the proliferation of high interest rates… Continue reading Financial stability concerns highlighted in NRB report

Kathmandu: Foreign Direct Investment (FDI) in Nepal has reached unprecedented levels, marking a significant milestone in the economic landscape of the country. As of mid-June, the current fiscal year (FY) 2023/24 has witnessed FDI inflows soar to Rs 44.40 billion, reflecting a substantial increase of Rs 10.82 billion compared to the same period last year.… Continue reading Nepal sees surge in FDI, approaching Rs 500 bn milestone

Kathmandu: David Sislen is the World Bank’s new Country Director for Maldives, Nepal, and Sri Lanka, effective July 1, 2024. Sislen succeeds Faris Hadad-Zervos, who will be taking on a new World Bank assignment. Sislen, a dual national of the US and Italy, joined the Bank in 2001 as an Economist in the Urban Cluster… Continue reading World Bank announces new country director for Maldives, Nepal, and Sri Lanka

Kathmandu: The World Bank’s Senior Managing Director, Axel van Trotsenburg arrived in Kathmandu today on his first official visit to Nepal, to meet with government and other stakeholders and chair the Third Replenishment Meeting of the World Bank’s fund for low-income countries, the International Development Association (IDA). As part of his five-day visit, on June… Continue reading World Bank Senior Managing Director to visit Nepal

Kathmandu: Four individuals, including the Chairman of the Agriculture Development Multipurpose Cooperative located in Kumaripati, Lalitpur, have been apprehended on allegations of embezzling a staggering Rs 942.3 million. The Kathmandu Valley Crime Investigation Office disclosed the arrests on Sunday, publicly identifying Tej Bikram Thapa as the primary suspect implicated in the embezzlement scandal. Thapa serves… Continue reading Massive embezzlement scandal unveiled: 4 arrested in Agriculture Development Multipurpose Cooperative case