Category: Finance

Kathmandu: Nepal’s economy is expected to grow by 3.3% in FY24, driven by revived tourism and a pickup in hydropower exports. On the demand side, private consumption will drive growth, supported by a substantial increase in remittance inflows, according to the World Bank’s twice-a-year country development update. The latest Nepal Development Update, Nepal’s Economy on… Continue reading Nepal’s growth rebounds amidst low private investment: World Bank

Kathmandu: Allegations of corruption have surfaced against traders, including businessman Vishal Pandit, and a company regarding the procurement of medical equipment for COVID-19 treatment. The allegations have prompted an investigation by the Commission for the Investigation of Abuse of Authority (CIAA), with specific charges filed against government officials and medical professionals at a special court… Continue reading Probe launched into COVID equipment procurement corruption

Kathmandu: The Ministry of Finance has formed a Budget Drafting Committee in preparation for the upcoming fiscal year 2024/25. The Ministry’s secretariat has informed that the committee’s formation for the fiscal year ahead has been finalized. Under the coordination of Joint Secretary Dhani Ram Sharma, the Budget Drafting Committee has been established to prepare the… Continue reading Budget drafting committee formed ahead of fiscal year 2024/25

Kathmandu: The domestic gold market witnessed a remarkable surge in prices on Friday, as gold climbed by Rs 2,100 per tola, reaching an all-time high. Similarly, silver prices also saw an increase, rising by Rs 15 per tola. According to the Federation of Nepal Gold and Silver Dealers’ Association, fine gold is now being traded… Continue reading Gold prices surge, setting new record in Nepali market

Kathmandu: To expedite Belt and Road Initiative (BRI) projects, Nepal and China have agreed to swiftly finalize the BRI Implementation Plan, aiming to accelerate the progress of infrastructure undertakings. The decision was reached during a high-level delegation meeting held between Deputy Prime Minister and Foreign Minister Narayan Kaji Shrestha and his Chinese counterpart Wang Yi… Continue reading Nepal and China commit to Fast-Track Belt and Road Initiative implementation

Kathmandu: Commission for the Investigation of Abuse of Authority (CIAA) has initiated legal proceedings against 19 individuals on charges of corruption related to the purchase of the Mobile Device Management System (MDMS). According to Dhan Bahadur Karki, spokesperson for the special court, key figures implicated in the case include former Chairman of Nepal Telecommunication Authority… Continue reading Corruption case filed against 19 individuals over irregularities in MDMS purchase

Kathmandu: Nepal has recently inked a crucial agreement with India to import 554 megawatts (MW) of electricity, as confirmed by the Nepal Electricity Authority (NEA). This renewed electricity import pact between Nepal and India spans a duration of three months, effective from March 30. Chandan Kumar Ghosh, head of the NEA’s load dispatch center, revealed… Continue reading Nepal renews agreement to import 554 MW electricity from India

Kathmandu: Shree Airlines, a prominent private sector airline in Nepal, has augmented its fleet with the acquisition of two additional 80-seater aircraft. The newly procured planes, ‘Dash 8,’ are manufactured by De Havilland Aircraft of Canada Limited (DHC), further solidifying Shree Airlines’ position in the aviation industry. Anil Manandhar, the institutional manager of Shree Airlines,… Continue reading Shree Airlines expands fleet with acquisition of two dash 8 aircraft

Kathmandu: The Civil Aviation Authority of Nepal (CAAN) has initiated a significant inquiry into the operations of the Nepal Airlines Corporation (NAC), the national flag-carrier, citing various concerns over its performance. On March 27, CAAN issued a directive outlining 27 points requiring clarification from the NAC, highlighting areas of weakness and deficiencies within the organization.… Continue reading CAAN demands clarification from Nepal Airlines Corporation

Kathmandu: Nepal Airlines Corporation (NAC) is in the process of leasing two Airbus narrow-body aircraft for its international operations, with seven companies expressing interest in the endeavor. The sought-after aircraft, Airbus A320-200 series, are intended to bolster NAC’s fleet capacity, accommodating 158 seats for passengers. According to NAC Spokesperson Ramesh Paudel, the corporation had solicited… Continue reading 7 companies vie to lease aircraft for NAC