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The remittance inflow increased by 21.2 percent and remained at Rs 1.220 trillion in the last fiscal year 2022/23, according to the NRB report.

The report on the current economic and financial situation unveiled by the Nepal Rastra Bank (NRB) showed that the remittance inflow had surged by 4.8 per cent in the fiscal year 2021/22.

Similarly, the report stated that the remittance inflow in USD increased by 12.1 percent and reached USD 9.3 billion in the last fiscal year. The increase rate was 2.2 per cent in the previous fiscal year.

Likewise, those obtaining work permits (institutional, personal/new) for foreign employment increased by 40 per cent in the last fiscal year and reached 497,000. It was increased by 392 per cent as compared to fiscal year 2021/22.

The report reads that the number of people obtaining re-approval for work permits decreased by 1.8 per cent and reached 277,272. In the fiscal year 2021/22, it had increased by 198.5 percent.

Koshi Province Chief Minister Uddhav Thapa is scheduled to take vote of confidence on August 21.

Deputy Speaker of Koshi Province Assembly, Srijana Danuwar, allowed Chief Minister Thapa to present the proposal regarding vote of confidence in the Province Assembly at 1 pm on August 21, said PA Secretary Gopal Prasad Parajuli.

CM Thapa registered the notice regarding the proposal for the trust motion at the PA Secretariat today. 

Millennium Challenge Corporation (MCC) Nepal Compact will go into the implementation phase from August 30. There has been an agreement to set August 31 as the entry into force of the MCC Nepal Compact. The MCA Nepal board meeting held on Wednesday agreed to consider the last of August as the entry into force (EIF) of the Nepal Compact.

The government officials in the MCA-Nepal board had initially said that the EIF should be moved ahead because of the lack of preparation. However, MCA Nepal, a special-purpose vehicle established to implement the compact, insisted that the entry into force be set for Aug 31. The countdown for the five-year project will begin from the day of EIF. 

“The agreement has been made regarding MCC Nepal Compact's entry into force on Wednesday,” said a board member of MCA Nepal. It will be formalized after approval from the MCC headquarter.

As part of preparatory works, the project site should be cleared and the contract should be signed at the place where the project will be implemented. While the contract process of transmission line projects has already started, the land acquisition has not yet been completed.

According to the source, the announcement of entry into force has been made on the basis that the land acquisition will be completed by the time the contractors are selected.

A 315-km high-capacity transmission line will be built and a section of the East-West Highway upgraded under the $500 million US aid. Five segments of transmission lines to be built are—New Butwal-India Border (18km), New Butwal-New Damauli (90km), New Damauli-Ratmate (90km), Ratmate-New Hetauda (58km), and Ratmate-Lapsephedi (59km). Three substations will be built in Ratmate, Damauli, and Butwal.

Once completed, these transmission lines are expected to provide a vital missing link for power projects of different river basins to the existing high-voltage grid in Nepal.

MCC, the US aid agency has committed to provide $500m while the government had earlier pledged $197m to implement the transmission line and road improvement projects under the MCC Nepal Compact. 

The government has allocated Rs 10.84bn for the MCA-Nepal for the current fiscal year. While Rs 9.27bn had been set aside for the entity in the last fiscal year, only Rs 4.11bn was spent, according to the Finance Ministry.

With only two weeks left for entry into force, the preparatory work of the MCA Nepal Compact is far from over. Mainly, the land acquisition for the transmission lines has not been completed. MCA-Nepal has to acquire lands in Chitwan, Nawalparasi and Nawalpur, Kavrepalanchok, Kathmandu, Dhading, Makwanpur, Palpa, Rupandehi, and Tanahun for the transmission line project.

Except for Kathmandu, the process of land acquisition has started in other nine districts but has been completed. A compensation and compensation determination committee has been formed under the coordination of the Chief District Officer.

Six Indian companies have submitted bids to construct the power line which will be constructed in three separate packages. An association of Megha Engineering and Infrastructure Ltd and Power Mech Projects Ltd along with Kalpataru Power Transmission Limited, KEC International Ltd, Transrail Lighting Ltd, Tata Projects Ltd, and Larsen & Toubro Ltd participated in the bid. 

The three packages of the power line include Lapsiphedi-Ratmate-New Hetauda 400kV D/C Transmission Line, Ratmate-New Damauli 400kV D/C Transmission Line, New Damauli-New Butwal 400kV D/C Transmission Line (Base), and New Butwal Nepal/India Border 400kV D/C Transmission Line. The high-capacity transmission lines will be built connecting Nepal’s major power consumption centers including Kathmandu Valley, Butwal, and Hetauda. This transmission line will also work as a bridge to link the eastern and western parts of the country with high-capacity transmission lines. 

The MCA Nepal has also opened a tender for the construction of the substation. The last date for the submission of the bid is Sept 4. 

The MCA Nepal is planning to move forward with land acquisition and implementation together. The contracts are likely to be signed by September/October.

Seven hundred tourists from Bangladesh arrived in Kathmandu on Friday to visit Nepal.

They arrived in Kathmandu on a chartered flight this afternoon.

The Nepal Tourism Board with the panche baja, a set of traditional Nepali musical instruments, welcomed them at the Tribhuvan International Airport.

Samrat Tour and Travels Pvt. Ltd has managed the Bangladeshi tourists who arrived in Kathmandu today.

The Bangladeshi tourists who came to Nepal through Mountain Club in Dhaka, Bangladesh will visit the historical heritage sites.

Bangladesh, which is close to Nepal, is a destination country with potential for tourism.

According to the Tourism Board, around 13,600 tourists from Bangladesh came to Nepal in 2023.

President of the Federation of Nepalese Chambers of Commerce & Industry (FNCCI) Chandra Prasad Dhakal emphasized Nepal’s burgeoning stature as a promising investment destination, underpinned by its wealth of natural resources, skilled workforce, market access, and advantageous trade agreements.

Addressing China (Yunnan)-Nepal Industrial Cooperation Promotion and Enterprise Matchmaking Meeting held as part of the China-South Asia Business Forum in Kunming, Dhakal said, “Nepal’s wealth of natural resources, educated workforce, market access, and preferential trade agreements with China and India make it a promising investment destination.”

Dhakal lauded the sister city relationship between Kunming and Nepal’s Pokhara, characterized by agreements promoting cultural exchange, tourism, and research and development collaboration. 

He underscored the increasing connectivity facilitated by direct air routes between Kathmandu and Kunming, as well as the potential for future direct flights between Pokhara and Kunming.

Dhakal spotlighted the growing potential for Chinese tourism in Nepal, exemplified by Sichuan Airlines’ recent maiden flight to Pokhara during the Chinese ‘Dragon Boat Festival’.

He further outlined compelling investment opportunities spanning diverse sectors, such as energy, tourism infrastructure, transportation, trade facilitation, SMEs, ICT, and agriculture.

Minister for Law, Justice and Parliamentary Affairs Dhanraj Gurung has announced not to take medical expenses from the state fund.

He was speaking at a program organized in the Capital on Friday.

On the occasion, Gurung shared his experience, “once a staffer had told me that a large amount of money was spent when I was admitted to the hospital for treatment and suggested that I take the amount from the state fund.”

“Minster Ji, a large amount of money might have been spent for the treatment. You are yourself a minister. He suggested that I take the treatment expenses from the Cabinet,” he said, adding, “I will not take the medical expenses from the state fund until the government provides free treatment to the poor people.”

He said that the people have to improve themselves first to improve the country.

On a different note, he said that property of high-ranking leaders should be investigated.

Minister Gurung was of the opinion that all the leaders should be transparent financially.

“Leaders should be transparent financially. I have already submitted my property details,” he said. “The government will move ahead to investigate the property of the leaders.”

The country will witness rainfall for a few more days as the axis of Monsoon Trough is now located close to the northern part of the country.

According to the Meteorological Forecasting Division, Koshi, Madhes, Bagmati and Gandaki Provinces are now witnessing generally cloudy weather and partly to generally cloudy weather in the rest of the country.

Light rainfall is now taking place at one or two places in Gandaki and Bagmati Provinces. The weather across the country will remain partly to generally cloudy this afternoon. 

Similarly, there is a possibility of light to moderate rain accompanied by thunder and lightning at some places of the hilly region and few places in the rest of the country. Heavy rainfall with thunder and lightning is likely to occur at one or two places in Gandaki Province.

Likewise, light to moderate rain accompanied by thunder and lightning has been forecast at some places of hilly region in Koshi, Bagmati and Gandaki Provinces and few places in the rest of the country tonight.

There are chances of heavy rainfall with thunder and lightning at one or two places of Koshi and Gandaki Provinces, added the Division.

The Phungling-Kabeli road section of the Mechi Highway has been obstructed due to landslides triggered by incessant rainfall on Thursday night.

Several landslides have occurred from Sesambu to Khaharekhola section of the road.

Supervisor of the Road Division Office, Ilam, Nabin Upreti said that seven landslides have occurred from Khokse to Khaharekhola section.

He said that efforts are being made to clear the debris from early morning today. 

Upreti said that they are working to resume the vehicular movement by today itself.

Police said that vehicles en route to Panchthar, Ilam, Jhapa and other destinations have been stranded halfway after the road disruption.