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Ramchandra Lamsal is a Nepali writer, poet, and literary critic. His works include poetry, prose, verses, lexicon, and criticism of Nepali literature. He is best known for his contribution to making the Nepali curriculum and works like ‘Etihasik Bhashavigyan ra Nepali Bhasha’. Babita Shrestha from ApEx talked to Lamsal about his books and literary critiques. Can you please tell us a little about your work?  Lexicography (compiling dictionaries) is a subject that only a few people are familiar with. I have written about the lexicon (vocabularies of different people or languages) present in Nepal. It’s a bulky book of around 400 pages. I wrote a book called ‘Nepali Bhasha Shikshan’ and have worked on language curriculum, textbooks, and teaching methodology. I have also written a teachers’ guide and experimental linguistics. In 2015, I published a children’s book called ‘Hitopadesh Ka Amar Balkatha’, which is a collection of stories on contemporary society. I have published more than 50 books and most of them are for educational textbook curriculum. What work of yours do you think is the most celebrated one? I wrote an epic about Dhading, my hometown, called ‘Dhading Shree’ that covers a variety of topics, including nature, culture, and society in the area. I realized that there weren’t many works that discussed the beauty of Dhading. When I published this, I recall how happy the people from Dhading were and I take pride in the effort I put in. Their appreciation means a lot to me. Another of my well-known works is ‘Kosh Bigyan Ra Nepali Kosh’,  which was published in 1989. Despite the overwhelming amount of lexicons in Nepali literature, nobody knows anything about lexicography. So, in this book, I have written information about the history, different forms of lexicons, and their significance in detail. It’s used a lot by Nepali students. Which genre do you prefer in Nepali literature?  I’m fond of literature that reflects Nepali society. Laxmi Prashad Devkota, Lekhnath Paudyal, Gopal Prasad Rimal, and Dr Naba Raj Lamsal are some of the writers whose works I love to read. Also, I prefer to write more about nature and Nepali society. I’m fond of contemporary literature as they show society through different lenses, unlike literature of the past. What do you have to say about the future of literary criticism? Different critics have different traits and personalities. Taranath Sharma, who was widely known as a literary critic, used to criticize in extreme, in both good and bad ways basing it on his sentiment while Bal Krishna Pokharel did the exact opposite. At present, I believe that creativity in criticism is declining. I have seen some critics who have lost their perseverance. There used to be less work in the past but literary criticism was picking up pace. But now literature has developed in every nook and corner of Nepal, but criticism seems to be less. I’m hoping literary criticism grows along with other forms of literature. Do you have any advice for aspiring critics? To all the critics out there, all I want to say is don’t panic if someone is dissatisfied with your work. You need to continue writing what you think and feel is right to motivate others to write better literature. Criticism is necessary to bring creativity so that a writer can realize his/her weaknesses and do better. So no matter what anyone says, continue with your work. Lamsal’s Picks Agni by Dr Naba Raj Lamsal Agni by Dr Naba Raj Lamsal is one of the books among his three epics—‘Karna’, ‘Dhara’, and ‘Agni’, that captures the plight and suffering of marginalized people in Nepal. Shakuntala by Laxmi Prasad Devkota This is one of the greatest works of Laxmi Prasad Devkota, which was published in the year 1945.

With a new stock exchange promoted by the private sector coming in the near future, the government-owned Nepal Stock Exchange (Nepse) is moving ahead with its restructuring to bring in a foreign strategic partner and domestic investors. Nepse had assigned an external expert to draft a report on its restructuring. The report has proposed to offload the ownership of the government and government agencies by adopting the practice of international capital markets. NEPSE spokesperson Murahari Parajuli said that the restructuring process has been started by changing the share structure of the stock exchange. The report has suggested keeping the company’s ownership of a single promoter not exceeding 15 percent. It is also mentioned that Nepse’s paid-up capital will reach Rs 3bn, as per the new regulatory requirement. According to the new regulation introduced by the Securities Board of Nepal (Sebon), the minimum paid-up capital of the stock exchange company should be Rs 3bn. Accordingly, the report has proposed to increase Nepse's paid-up capital from the current Rs 1bn to Rs 3bn. The report has proposed to bring a foreign strategic partner in Nepse giving a 15 percent stake which will bring the government's stake down to 33.33 percent from the current 58.66 percent and give 21.67 percent to domestic institutional investors. The report suggested Nepse issue the initial public offering (IPO) amounting to 30 percent of its paid-up capital. A Nepse board meeting on April 30 has already passed a resolution in this regard and forwarded it to the Ministry of Finance for approval. “We have submitted a proposal to the ministry to change the share structure by bringing in private investment and foreign partners,” said Parajuli. “The process will move ahead after the proposal is approved by the ministry.” Nepse has planned to bring foreign strategic partners with the objective to introduce new technologies and business strategies. It also plans to bring in domestic institutions having a good track record of corporate governance. Companies like Standard Chartered Bank Nepal, Nabil Bank, and Unilever Nepal could be brought in as domestic partners. Nepse has been trying to bring in private investments since 2007. In the FY 2010\11 budget, the government theoretically agreed to privatize Nepse. However, the progress has been very slow. With Sebon now all set to issue a license for the second stock exchange, Nepse has expedited the restructuring process.

With the move of the Nepal Rastra Bank (NRB) to reduce bank rate and extension of restructuring and rescheduling of loans till mid-July 2023, the third quarterly review of the monetary policy has given breathing space to banks and financial institutions (BFIs). Of late, the rise in non-performing loans (NPL) and non-recovery of the loans have been the biggest concern of banks. In response to the deteriorating situation, BFIs have made their recovery departments active adding more human resources while CEOs themselves have been visiting outside Kathmandu to expedite loan recovery. Unveiling the third quarterly review of the monetary policy on Friday, the NRB lowered the bank rate by one percentage point. The central bank has provided refinancing facilities to businesses that faced negative growth for consecutive two quarters. The NRB has said that loans related to hotels and restaurants, animal husbandry, the construction sector, and loans in other sectors up to Rs 50 million can be restructured & rescheduled by mid-July 2023. With the economic downturn taking a huge toll on business activities, borrowers are facing difficulties to repay their debts resulting in growth in the bad loans of BFIs. As of mid-April, 2023, the commercial banks’ NPL has reached 3.03 percent, development banks' 4.42 percent, and finance companies’ 6 percent. “As the central bank has given the mid-July, 2023 deadline for the restructuring and rescheduling of loans, it has not only given breathing space to the borrowers but also to the BFIs,” said former banker Bhuwan Dahal. “The BFIs have been publishing auction notices. Now, they can go for rescheduling and restructuring based on the borrowers’ plan.” The refinancing facility will enable businesses in the downturn-affected sectors to avail loans at cheaper rates. According to Dahal, there is a need to add momentum to the economic activities as foreign exchange reserves are in a comfortable position while BFIs’ have over Rs 200 billion in liquidity. “I think the message the NRB has given is to start giving loans to make the economy vibrant,” said Dahal. Bankers say the changes made in the third quarterly review will help them to reduce the NPLs. “Given the economic slowdown, it was difficult for the borrowers to pay their debt timely, whereas the banks were struggling in loan recovery,” said Sudesh Khaling, CEO of Everest Bank. “Now, the refinancing facility and restructuring/rescheduling policy along with the reduction in bank rate has given some space for both the borrowers and banks.” At the same time, bankers also stress that BFIs should be more responsible this time when it comes to loan restructuring and rescheduling. “Earlier, these facilities were provided during the Covid-19 period and the loans were not properly utilized which is one of the reasons behind the current economic problems,” said Khaling, adding, “Therefore, banks should be more responsible in this. Banks should work carefully to make proper utilization of these facilities.” According to bankers, restructuring and rescheduling provisions will give relief to small borrowers. But bad loans should not be forcibly converted into active loans, they say. Nepal Bankers' Association President Sunil KC said that initiatives taken by the central bank in the third quarter review of monetary policy are welcome. “This will help the ailing private sector,” he said. “The reduction in the bank rate will allow the BFIs to reduce interest rates.” According to KC, when the interest rate decreases, it could increase the demand in the market. The refinancing provision will help in liquidity management. NRB has said that the policy arrangements in the third quarterly review of the monetary policy including a reduction in bank rates and refinancing facilities will bring vibrancy to the sluggish economy. Stating that the restructuring of loans will help the borrowers, NRB Governor Maha Prasad Adhikari said the flexible stance taken by the central bank would reduce the interest rates. “We have carefully made the monetary policy flexible after taking into account the situation of the last nine months,” said Governor Adhikari in a press meet on Friday. “We have reduced the bank rate. We have provided facilities for loan restructuring by the banks themselves.” Governor Adhikari was under pressure from the Finance Ministry which wanted a flexible monetary policy while the International Monetary Fund was of the view that the time had not come to ease the monetary policy.

The government will have to rush to spend more than 60 percent of the capital expenditure in the remaining two months to meet its spending target. The federal budget for this fiscal had initially set a capital expenditure target of Rs 380.38bn, which was slashed to Rs 313.85 percent in the half-yearly review of the budget. The Financial Comptroller General Office (FCGO) data shows capital expenditure has amounted to Rs 125.67bn till mid-May (Baisakh). This means the government will have to spend Rs 3.13bn daily to meet the revised annual spending target. With only two months left for the current fiscal year, the government's capital expenditure has remained dismal as ever. The FCGO data shows only 40 percent of the capital expenditure has been spent in the first 10 months of the current fiscal year. Official statistics show that the government has managed to spend only 72 percent of the capital budget on average every year. The majority of capital spending takes place in the last month of the fiscal year i.e., Asar (mid-June to mid-July). The report of the Office of the Auditor General (OAG) also shows that 40 percent of the total capital expenditure takes place in Asar. While utilization of capital expenditure remains disappointing, 66.40 percent of the recurrent expenditure has been spent during this period. According to FCGO, the government has spent Rs 786.74bn in recurrent expenditure till mid-May. The total government expenditure in the first 10 months stood at Rs 1047.76bn, which is 58.41 percent of the total budget. The situation in revenue collection is much more severe this year than the capital expenditure. The government has been able to meet only 53.9 percent of the revenue target by mid-May as revenue collection stood at Rs 756.25bn. During the review period, the total income of the government stood at Rs 797.34bn. Half of the federal government’s revenue comes from taxing imported goods. The federal government’s major revenue collectors— the Department of Customs (DoC) and Inland Revenue Department (IRD) have reported poor revenue collection as of mid-May of the current fiscal year. IRD collected revenue worth Rs 34.46bn in Baisakh (mid-April to mid-March) this year compared to Rs 35.66bn during the same period last year. The total revenue collection of the IRD in the first 10 months of this fiscal stood at Rs 371.59bn compared to Rs 378.32bn during the same period of the last fiscal. The department has not been able to meet its target from the beginning of the current fiscal year. IRD, which set a target to collect Rs 489bn in the first 10 months of the current fiscal year, has achieved only 76 percent of the target. Budgetary operation FY 2022/23 (First 10 Months)

The National Vigilance Center (NVC) has reported an improvement in the compliance rate of officials and staffers in furnishing their property details. According to the center’s annual report published recently, 98.68 percent of office-bearers and staffers of all three tiers of government submitted their property details in the fiscal year 2022/23, up from 97.79 percent in the previous fiscal. In the previous fiscal (2021/2022), 681,215 office-bearers and staffers had submitted their property details, which increased to 719,157 in the current fiscal. Under the Corruption Prevention Act of 2002, it is mandatory for office-bearers and staffers of public offices to furnish their property details to the NVC within 60 days of their appointment. Furthermore, they are required to submit updated property details within 60 days of the beginning of each fiscal year thereafter. According to the report, all Nepali Army personnel, and office-bearers and staffers of constitutional bodies have submitted their property details. However, 3,453 employees in the civil service have not furnished their property details despite legal requirements. In addition, 113 police personnel, 1,158 school teachers, and 1,922 political appointees and contract employees have also not submitted their property details. Among the provinces, compliance to submitting property details was low in Madhes province and high in Sudurpaschim province. A total of 559 staffers and office-bearers have not submitted their property details in Madhes province compared to 25 in Sudurpaschim. Not only at the province level, the compliance to submitting property details was low also in local units in Madhes. According to the report, 664 staffers and office-bearers of local units in Madhes have not submitted their property details. The compliance rate was highest in local units of Gandaki province where only 68 staffers and office-bearers of local units have not furnished their property details. All 1,245 office-bearers and employees in 77 district coordination committees (DCCs) across the country have submitted their property details, according to the report.

I’m a 22-year-old student in a long-distance relationship. We have been in one for a while now, but it feels like we’re drifting apart. We used to communicate well and manage time for each other despite being in different time zones. But that doesn’t happen anymore. I try to understand that he has a lot going on with his work and studies. But is it so hard to manage some time and send a few messages? I wonder. He apologizes and says things will change when I try breaking up. But it’s the same thing every day. I feel cheated and I’m tired of dealing with this. Please help.—LM Answered by Aditya Dongol, psychosocial counselor, Happy Minds In long-distance relationships, conflicts are common because of time differences. It’s not the same as being in the same region. In most cases, couples complain that their partner isn’t doing the bare minimum to keep the relationship going. Sometimes they run out of things to say in a conversation. Gradually, the genuineness seems to fade away.  There are a few things they do that can be considered red flags like making excuses, lying, gaslighting, not being emotionally committed, and, in particular, not communicating properly. It seems like you are trying to talk to your partner but you aren’t having constructive discussions. Usually, both parties in a relationship are guilty of having high expectations. Not knowing where you stand in a relationship, might make you anxious. So, it’s best to express your expectations clearly and tell them how you are feeling.  Sometimes partners do things for the sake of doing them. They make empty promises and ask questions just for the sake of it. This can be one of the many factors that discourage communication, fueling your fear of being cheated. Give your partner a place where they can be honest if you believe they are finding it difficult to make time for you. If they don’t feel the same kind of love and interest they once felt, then you can reflect on whether it’s just the time barrier or something more serious. Good communication is the key here. So rather than keeping it all to yourself, make sure to let your partner know what you expect. Also, discussing schedules and figuring out when you can make time for each other can be beneficial.  No matter how we feel about someone, we cannot control their behavior. Even if you treat them well, you might not get the same in return. So taking care of yourself comes before anything else, particularly when you’re feeling drained or frustrated. Try giving yourself some time to reflect before acting on your best judgment. Taking some space will also help you deal with confusion.  When you communicate, you can express how their actions make you feel. Your partner needs to hear you out and be accountable if they’ve wronged you. Also, I think you should take some time to contemplate if you want to keep this relationship going. If you think your partner is being inconsiderate and the relationship affects your mental health then maybe it’s time to move on. And don’t worry about other people’s judgment. They don’t know what you have been going through.  Whatever confusion you’re having right now is completely valid. There’s always a reason for feeling sad and isolated. Your partner may try to gaslight you but stick to what you have to say and take a firm stance. Trust the decision you make. Just remember, your feelings and mental stability are more important than anything else. 

Prime Minister Pushpa Kamal Dahal is going to answer the questions raised by lawmakers in the House of Representatives on May 18. The lawmakers had been demanding that the prime minister should answer the questions raised in the Parliament. During a Parliament meeting held on Monday, the lawmakers demanded that the government inform the House about the progress made by the government in the fake Bhutanese refugee scam.  

The Kathmandu District Court on Monday allowed police to keep former deputy prime minister Top Bahadur Rayamajhi, who was arrested in connection with the fake Bhutanese refugee scam, in custody for three days for investigation. Rayamajhi, who was apprehended from Budhanilkantha on Sunday, was produced before the court on Monday. Rayamajhi, also the CPN-UML secretary, has already been suspended from the party. Police have already started an investigation into the case by detaining 12 persons including former home minister Bal Krishna Khand.