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The government has decided to publish a notice regarding waiver and amendment in the fees for company registration and capital increment.

A Cabinet meeting held at the Prime Minister's official residence in Baluwatar this morning made the decision to this effect, informed government spokesperson and Minister for Communications and Information Technology Rekha harma.

The meeting also approved the Prime Minister Pushpa Kamal Dahal’s upcoming visit to Italy to participate in the 'United Nations Food System, 2023 Stocktaking Moment' to be organized by the UN Food and Agriculture Organization (FAO) in its headquarters in Italy.

The meeting decided that the PM Dahal-led Nepali delegation will comprise Minister for Agriculture and Livestock Development Dr Beduram Bhusal and others.

Minister Sharma said that the government has appointed Dr Rabi Malla as the executive committee member of the Martyr Gangalal National Heart Centre. 

Dr Malla has been serving the hospital as a medical person.

A suspicious object was found in Sinamangal, Kathmandu on Wednesday.

The suspicious object was found near Khotang Halesi Jewelers near Sinamangal Bridget this morning.

SP Sitaram Rijal of the District Police Range, Kathmandu said that the suspicious object was found near the shutter of Khotang Halesi Jewelers.

He said that a bomb disposal team was called to defuse the suspicious object.

Security has been beefed up in the area, police said.

CPN-UML Chairman KP Sharma Oli left for Cambodia.

A six-member team headed by Oli left for Cambodia last night to observe the election to be held there, informed UML Publicity Department Chief Rajendra Gautam.

The delegation comprises Oli's spouse Radhika Shakya, party's deputy general secretary Bishnu Rimal, Oli's personal secretary Rajesh Bajhracharya.

Chair Oli is scheduled to return home on July 24.

Finance Minister Dr Prakash Saran Mahat has urged Indian investors to spur investment in Nepal with confidence as Nepal is a fertile land for investment and returns perspectives.

In his address to a program hosted by the Gujarat Chamber of Commerce of India in Gujarat on Tuesday, Finance Minister Dr Mahat called for the Indian investors to flow investment in Nepal, informed the Ministry of Finance.

He said Nepal has recently signed an agreement to export 10,000 MW electricity to India which would resultantly incentivize hydropower production in Nepal and also open up several avenues for the industries to supply power in higher quantities.

He further said that Nepal is in a situation to ensure hydro power supply all time at a cheaper price and the goods produced in Nepal also get easy access in India which he said would enable an environment for investment promotion.

Finance Minister Dr Mahat urged the Indian business community to confidently make investment as there is no trouble at policy level in returning the yields to their home country.

Dr Mahat went on to say that there are abundant opportunities for investment in agriculture enterprises, information technology and tourism besides energy production.

The advancement of the information technology sector is gaining momentum in Nepal, Dr Mahat said, adding availability of cheaper human resources can promote competitive market capacity.

Also speaking on the occasion, senior Vice-Chairperson of Gujarat Chamber of Commerce and Industry Sandeep Engineer said the industrialists and entrepreneurs of Gujarat are interested to expand investment and operate business in Nepal and urged the Nepal government to facilitate the process for the same.

At the program, officials of the Finance Ministry and New Delhi-based Nepali Embassy briefed the Indian business community about the scope and potentials of investment in Nepal.

After the general elections held in November last year, the CPN-UML and CPN (Maoist Center) came together to form a coalition government. But the partnership was short-lived, as the two parties fell out over the presidential nominee. Prime Minister Pushpa Kamal Dahal formed a new coalition with the Nepali Congress, consigning the UML to the opposition benches. On Tuesday, UML Chairman KP Sharma Oli spoke in length with Kamal Dev Bhattarai, Akhanda Bhandari and Sambhu Kattel of Annapurna Media Network. Excerpts:

Is the CPN-UML playing an effective role as an opposition?

The CPN-UML is the only party which has a clear vision and mission of nation-building. There has been sufficient discussion on ‘Prosperous Nepal, Happy Nepali’ which is and should be the destination of Nepal. The UML has always been clear about this destination and the route to get there. We are also the only party which has a clear position on internal issues such as political, economic and social policies, as well as matters relating to maintaining the external relations. Keeping the welfare of the people and nation at the forefront, we will and have been raising these issues in parliament and streets. So, from this point of view, our role as an opposition remains effective and impactful. We are also playing a vital role to make the government accountable on national issues.

What is your take regarding the government’s anti-corruption initiative?

Selective opening of some corruption files is nothing but a political stunt. The government’s corruption drive is aimed at terrorizing and attacking political opponents. This is not a genuine anti-corruption initiative. The only positive thing is that if more corruption files are opened, there will be public pressure to investigate all corruption scandals, which means those who have evaded justice because of power and position will be prosecuted.   

You have raised the issue of alleged corruption that took place in the Maoist cantonments following the 2006 peace agreement,  could you please elaborate on it?

There have been financial misappropriations in the cantonment. Initially, the Maoist claimed that they had around 34,000 combatants, but the United Nations Mission in Nepal verified only 19,000. Approximately 1,300 combatants were integrated into the national army. But in the initial days, the Maoist leadership took the allowance for all the combatants they claimed they had. Today, the Maoist party-led government is talking about probing corruption scandals, but it has shown any initiative to investigate the corruption that took place in the management of Maoist cantonments. 

When you were in the government, you formed a panel to investigate the Lalita Niswas land grab case, but you didn’t initiate any probe into alleged cantonment corruption. Why?

I was not in a position of taking such a decision from the Cabinet at the time. Yes, I was the prime minister but the party [the erstwhile Nepal Communist Party (NCP) was, in a way, run by the Maoist factions. Later, they left the party.

Is there a chance of the case being investigated in the coming days?

The key factor is public opinion. What will the public say? The lone effort from my party is insufficient. But we believe that there should be impartial investigations into all corruption cases. There shouldn’t be a selective approach like today. Also, I would like to emphasize that it was my government that had started the investigation into Lalita Niwas land grab case.

You oppose Maoist Chair Dahal now, but you and your party did support him as a prime minister.

I took such a decision in order to correct the devastating course of national politics, not the course of our party. But the Maoists did not feel comfortable collaborating with us. So, they decided to part ways with the UML.

Do you think the current corruption investigation is aimed at the main opposition party?

Yes, it is targeted at us, but it will go in vain. Once again, I would like to stress that whoever is involved in corruption must be investigated. 

Let’s talk about the intra-party issue. You introduced the 70 years age limit for the party leader through statutory changes, which recently omitted. What is the reason?  

The provision was omitted because the party deemed it unnecessary. No other parties have such a provision, but the UML decided to put it to the test. We wanted to see whether it could be useful in our party’s context. We removed the age limit after listening to the voice of our colleagues. I can assure you that the decision has not caused any damage to the party. 

But there are talks that by removing the age limit, you want to stay in party leadership for an indefinite period.

I am always seeking an exit from the main leadership of the party. But if some individuals think that they would feel more comfortable had I not been the chairman of the UML, that is a different issue entirely. There is no need to comment on it because it was I who had introduced the age limit provision and it was removed as requested by the party colleagues.

Are there any chances of Bam Dev Gautam returning to the UML?  What position is he likely to get?

We should not focus on the issue of position. Everyone, everywhere is seeking a position and money, this is spoiling the environment. People should be free from money and position.

How do you see the emergence of new parties like the Rastriya Swatantra Party?

The people who are in the party leadership do not have political backgrounds. They are new to politics, without old people as members. So they are picking young people as parliamentarians and in other party departments. They are yet to be tested and their ideology is unclear. 

Do you think new parties pose a challenge to old parties like the UML?  

I don’t consider the new parties as a challenge. They may win some seats, but they are yet to have a robust party structure. They may form committees from the center right down to the grassroots level, but it won’t be a big deal. It is just a process of forming a party. They are criticizing the traditional political parties and their leaders now, but they don’t have anything that they can call it an accomplishment. They have no history and no ideology. But that is not to say that our party is intolerant towards new parties. 

After the election,the UML launched a grassroots campaign to rally supporters. How effectively was the mission, and is it true that the party members have gone down?

It is just a rumor spread by our detractors. The impact of mission grassroots has been very effective, and this will reflect in the result of 2027 general elections. 

You took the leadership to issue a new political map of Nepal by incorporating the disputed territories of Kalapani, Lipulek and Limiyadhura, but there has not been any progress in talks with India. What is your take on it?

We can get our land if we move ahead with substantive talks. The boundary issue should not be blown up unnecessarily and out of proportion by making it a matter of victory and defeat.

Akhanda Bharat and Greater Nepal have found prominence in recent times, how do you see it?

We should not engage in such sentimental and short-lived populist agenda. It will just increase tensions.

How do you rate the performance of the present government in maintaining international relations?   

The government has failed to conduct its foreign policy, there is a mess and there is imbalance. This government is just signing documents prepared elsewhere. We should always raise genuine issues including that of boundaries. 

Of late, there are debates that Nepal should abandon its non-alignment policy. What is your view on this?

This is an irresponsible idea. People who are saying such a thing do not understand Nepal’s geopolitics and are unaware about Nepal’s comprehensive welfare. We should remain neutral and we should not join any military blocs. 

The Nepal Stock Exchange (NEPSE) gained 9.91 points to close at 2,154.07 points on Tuesday.

Similarly, the sensitive index surged by 3.04 points to close at 407. 13 points.

A total of 8,676,438-unit shares of 255 companies were traded for Rs 3. 54 billion.

Meanwhile, BPW Laghubitta Bittiya Sanstha Limited was the top gainer today, with its price surging by 10. 00 percent. Likewise, Sanima Large Cap Fund was the top loser as its price fell by 5.14 percent.

At the end of the day, total market capitalization stood at Rs 3. 16 trillion.  

With the government struggling to strike a balance between income and expenditure throughout the year, the fiscal year 2022/23 turned out to be a disappointing one. 

The restriction on imports that stayed for the first six months of the last fiscal year badly hit the government’s income with revenue collection turning negative for the first time in the last 55 years. The government’s other two sources of income—foreign loans and grants—also remain below the target.

The revenue collection at the end of the fiscal year was even below the revised target. Initially, the government aimed to raise Rs 1403.13bn in revenue which was lowered to Rs 1180bn on May 29. However, the actual revenue collection stood at Rs 957.15bn, which is 68.21 percent of the actual target.

The deficit in revenue collection against the initial target is Rs 445.99bn. Never in history has there been such a huge gap between the initial target and the actual collection. In fact, the Department of Customs (DoC) and the Inland Revenue Department, the two major revenue collectors of the federal government, failed to achieve their target. 

The slowdown in economic activities, the decline in imports, and poor capital expenditure have contributed to poor revenue collection this year.

The Financial Comptroller General’s Office (FCGO) data shows the government’s total expenditure in the last fiscal year stood at Rs 1429.56bn.

According to Finance Ministry officials, the budget deficit exceeded Rs 500bn by the end of the fiscal year, and the government treasury account is negative by Rs 1.93bn. 

The budget deficit increased as revenue could not be collected as targeted while liabilities increased in areas of salary, pension, social security allowances, and domestic and external debts among others. 

Despite huge pressure on resources, the growth rate of the government’s expenditure (budget spending) rose to a five-year high in the fiscal year 2022/23. The budget expenditure increased by 10 percent compared to the last fiscal year.

The government, which has been able to spend about 80 percent of the total budget allocation, has succeeded in spending 85 percent of the recurrent expenditure, 61 percent of capital expenditure, and 83 percent of the financing budget.

The capital expenditure increased by eight percent in the last fiscal year. The government spent Rs 233.69bn in FY 2022/23, up from Rs 216.37bn in FY 2021/22. However, most of the capital expenditure happened in the last two months of the fiscal year. Economists term this late surge in capital spending ‘a misuse of state resources’.  The report of the Office of the Auditor General (OAG) also shows that 40 percent of the total capital expenditure takes place in Ashad (mid-June to mid-July), the last month of the fiscal year.

This pattern of spending increases the possibility of sub-standard quality of capital projects and an increase in recurrent spending, in operations and maintenance costs, for the coming years, they said.  “This also shows that the government is not maintaining fiscal discipline,” said economist Chandra Mani Adhikari. 

However, the expenditure under the financing heading that is used for debt servicing, surged by a whopping 61 percent. The government spent Rs 190bn in financing in the last fiscal year. 

With revenue collection declining by 10.37 percent, fiscal management will remain challenging for the government in the current fiscal year. The government has set a target of collecting Rs 1422bn in revenue in FY 2023/24. Given the revenue collection in the last FY, the government can meet the target if it succeeds in increasing revenue collection by 48.58 percent in the current fiscal year. 

Economist Adhikari said that the government faces a huge challenge in the new fiscal year also. “Now, the new monetary policy should take a policy direction of keeping economic activities running and vibrant,” he said. “The interest rate of loans to the productive sector should be made cheaper. This will increase economic activity and increase revenue collection.”

South Asian nations are facing challenges in achieving Sustainable Development Goals (SDGs) related to ending hunger, improving nutrition, and promoting sustainable agriculture. Malnutrition is described as the greatest form of violence and a weapon of mass destruction. Shakeb Nabi, Country Director of Nepal of Welt Hunger Hilfe (WHH) says, “Two millions people die around a year globally of hunger i.e. 5,500 people per day die of hunger.”

The regional consultation meeting on “Promoting Nutrition sensitive Agriculture for improving Nutrition security and Health of Smallholders in South Asia” was held for a two-day period on 12-13 July 2023 in Kathmandu, with the goal of addressing malnutrition and food security as well as identifying major Nutritional Sensitive Approaches (NSA) in South Asia. 

The event, organized by the South Asian Association for Regional Cooperation (SAARC) and Welt Hunger Hilfe (WHH), brought together stakeholders from the food and agriculture industries, government representatives, and experts in the field to discuss nutrition-sensitive approaches in the region.

Dr Tamanna Ferdous, the Regional Nutritional Advisor, emphasized the need for a multi-sectoral approach to combat child malnutrition in South Asia. She provided alarming statistics on global hunger and malnutrition, highlighting the insufficient consumption of necessary food groups by children in South Asia. “According to the Global Hunger Index research, world hunger is increasing and most children in South Asia do not consume enough of the necessary food groups,” she said that over 7m individuals experience regular hunger, and 2 out of 3 women who are of reproductive age have at least a micronutrient deficiency worldwide. Globally, 50m  children are wasted, 150m children are stunted, and 30 percent of women of childbearing age have an iron deficiency. 

Bedu Ram Bhusal, Minister of Agriculture and Livestock Development, attended the event as a special guest. Stephan Russek, Head of Development Corporation and Economics at the German Embassy, emphasized the importance of collaborative efforts and a multi-sector approach.

Minister Bhusal said that we should focus on indigenous crops to minimize hunger and malnutrition issues.

During the event, country representatives presented papers on the nutrition situation in their respective nations. Issues such as poor meal diversity, lack of micronutrients, improper cooking techniques, and increased marketing of unhealthy food were discussed. Progress reports showed improvements in reducing underweight, child wasting, and anemia in Nepal. However, challenges such as poor policy implementation, lack of coordination among stakeholders, unregulated pesticide use, and pre- and post-harvest losses still hinder Nepal’s nutrition-sensitive approaches.

Sujan Dhungel, senior monitoring and evaluation officer, presented a progress report on the state of anemia, stunting, and wasting. Within a five-year period, the prevalence of underweight decreased from 48 to 19 percent, child wasting decreased from 11.3 to eight percent, while anemia among children under the age of five decreased from 53 to 43 percent. 

Sachin Jain, Secretary Bikash Samiti of Madhya Pradesh in India, highlighted the significance of nutrition-sensitive micro planning and community engagement. He emphasized the importance of equal participation, prioritization, implementation, and continuity in the community. Project Coordinator of WHH Nepal, Deependra Chaudhary, shared insights on a behavioral change approach to address malnutrition, specifically discussing a successful 15-day nutrition camp that educated the community on health and nutrition.

In a panel discussion, Sabnam Shiwakoti, Joint Secretary of Nepal’s Ministry of Agriculture and Livestock Development, identified weak strategic implementation, sectoral funding distribution, and inadequate reporting and monitoring as obstacles to improving nutritional security programs. Dr Dipika Agrahar, Principal Scientist at the Indian Council of Agricultural Research (ICAR), highlighted the lack of value placed on micronutrients in South Asia due to financial constraints.

The conference celebrated the collaborative multi-sectoral strategy called ‘Nutrition Smart Community,’ involving various stakeholders. It also resulted in new policies and recommendations to promote nutrition security in South Asian countries, taking into account the contextualized nutritional status of each country and the challenges discussed during the event.