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Foreign Minister Bimala Rai Paudyal is leaving for Geneva on Sunday. She is leaving for Geneva this evening to take part in a program of the Human Rights Council. Organizing a press conference on Sunday, the Foreign Ministry informed about Foreign Minister’s Geneva visit. Though the alliance between the CPN-UML and CPN (Maoist Center) has broken taking the issue of presidential election, the UML has not left the government. Paudel took part in the government from the UML. After the CPN (Maoist Center) supported the Nepali Congress candidate for the post of the President, it was expected that the UML, the second largest party in the Parliament, would pull out of the government. Minister’s Paudel’s Geneva visit had also become uncertain. Paudel said that she is leaving for Geneva as per the decision of the Cabinet. The Rastriya Prajatantra Party had also left the government on Saturday.  

Prime Minister Pushpa Kamal Dahal is leaving for Doha on March 3 to take part in the meeting of the least developed countries. Organizing a press conference on Sunday, the Ministry of Foreign Affairs informed about the Prime Minister’s Doha visit. Sewa Lamsal, spokesperson at the Foreign Ministry, said that PM Dahal will return home on March 6. This is Dahal’s first foreign visit after being appointed as the Prime Minister.  

Nepal has voted in favour of the United Nations (UN) non-binding resolution that condemns Russia’s invasion of Ukraine. The resolution calls for Russia to end its hostilities in its neighbor and withdraw its forces from Ukraine. Nepal taking part in an emergency Special General Assembly held in the UN Headquarters in New York on Thursday voted in favour of the resolution that calls for restoration of peace in Ukraine. A total of 141 nations, out of 193 UN member countries, backed the resolution approved by the UN General Assembly on the eve of the first anniversary of the invasion. Through the resolution, the UN has urged Russia to withdraw its troops from Ukraine. Nepal’s Permanent Representative to the United Nations, Amrit Rai said Nepal's backing the UN resolution to end hostilities in Ukraine sends a strong message that is in favor of Ukraine’s sovereignty and independence. “Through the voting, we urged for finding ways for restoring peace in Ukraine.” The UN has expressed its concerns over increasing food insecurity, inflation and poverty due to disruptions in the global supplies chain owing to Russia’s hostilities in Ukraine for a year. Russia launched its attacks on Ukraine on February 24, 2022.  Though a large number of people are believed to have been the victims of the conflict, official data to this regard is not available. When 141 nations including Nepal supported the resolution, 32 abstained and seven: Belarus, North Korea, Eritrea, Mali, Nicaragua, Syria and Russia voted against it.

Amid the marathon negotiations among the political parties over the election of Nepal’s third President, it will be worthwhile to turn the pages of the Constitution of Nepal 2015 and check what kind of President it has envisaged. Clause 61 (2) of Article-6 of the charter states: The President shall be the Head of (the) State of Nepal. He or she shall perform his or her functions in accordance with this Constitution and federal law. Clause 61 (3) states that the President shall promote national unity of Nepal, whereas Clause 61 (4) stipulates that the main duty of the President shall be to abide by and protect the Constitution. But have our Presidents been able to defend, protect and abide by the Constitution? Have they been able to be the symbol of national unity by rising above partisan interests? Some soul-searching on the part of our heads of state has indeed become necessary. These questions are not meant to dislodge the office-holders from their high pedestals. Rather, they are meant to make sure that their successors learn from the past and manage to do justice to their role. The role of the President has indeed become significant because the executive organ of the Nepali state often shows tyrannical tendencies like its kith and kin the world over, and there’s no guarantee that it won’t show them in future. The principles of separation of powers and checks and balances notwithstanding, the executive rides roughshod over civil liberties by violating the jurisdictions of two other state organs—the legislature and the judiciary. Our decades-long experience with parliamentary democracy shows that the executive has often imposed its will on the ‘sovereign’ parliament with respective parties cracking their whips on lawmakers from their respective folds and the latter doing their mother parties’ bidding. While submitting to the whip like the hapless beasts of burden instead of casting their votes of conscience, the people’s representatives have, more often than not, done a great disservice to the country and the people. The executive has often targeted the Supreme Court, the final interpreter of the Constitution, for its refusal to do its bidding, delivering injustice to the deliverer of justice. There’s no dearth of experts, who point out that the provision of a parliamentary hearing before the appointment of judges is a bid to ensure the appointment of chosen candidates. While not immune from such transgressions, the permanent opposition—the fourth estate—has time and time again stood against the executive’s tyrannical tendencies. As the protector, defender and the adherent of the Constitution and as the symbol of national unity, the President has a great role to play and ensure the implementation of the charter in its letter and spirit. For all this, the President needs to be more than a rubber stamp. It’s high time for the political parties to choose a candidate that manages to fill in those big shoes that this position demands.

Despite the government and the central bank lifting the arrangements related to import restrictions and cash margin on imports, there has been no improvement in the overall import situation. The latest foreign trade data released by the Department of Customs (DoC) shows Nepal's imports have further declined in the seventh month (Magh) of the current fiscal year. According to DoC, total imports amounted to Rs 126.49bn in Magh (mid-January to mid-February), the lowest so for this fiscal year. After the government lifted the import restrictions on automobiles, alcohol, and high-end mobiles after eight months in mid-December last year, Nepal Rastra Bank (NRB) also abolished the arrangement related to cash margin while opening letters of credit (LCs) for imports in January this year. The provision requiring cash margin was introduced in April 2022 to discourage imports after the balance of payment deficit widened and depleted foreign exchange reserves since the early days of the fiscal year 2021/22. The eight-month long import restrictions have made quite an impact on the country's foreign trade. Official statistics show Nepal's imports declined by 19.90 percent and trade deficit by 18.71 percent in the first seven months of the current fiscal year. Though these curbs contributed to reducing imports and improving the country's external sector to a certain extent, they also resulted in a huge decline in government revenues, which is heavily reliant on imports. Sharp decline in revenue collection forced the government to lift restrictions on the import of vehicles, alcohol, and expensive mobile phones. With the restrictions in place, the country's overall imports were on the lower side from the start of the current fiscal year compared to the last fiscal year. The country's import bill in Shrawan (mid-July to mid-August) stood at Rs 131.30bn. It increased to Rs 142.30bn in Bhadra (mid-August to mid-September) before going down to Rs 127.40bn in Ashoj (mid-September to mid-October). Imports increased to Rs 131.70bn in Kartik (mid-October to mid-November) and Rs 132.10bn in Mangshir (mid-November to mid-December). However, it declined again in Poush (mid-December to mid-January) to Rs 127.90bn.   Businesspersons say imports have decreased due to the low demand in the market along with higher borrowing rates and liquidity crunch. "There is no demand in the market currently," said Kamlesh Agarwal, vice president of Nepal Chamber of Commerce. "Money circulation in the market has been disrupted and the government has also not been able to expedite the capital expenditure which could increase liquidity." As the country's industrial sector grapples with high-interest rates, liquidity crunch, and falling demands, imports of industrial raw materials and products have declined in the first seven months of the current fiscal year. There has been a sharp decline in imports of industrial products such as iron and steel, machinery parts, electronic and electrical equipment, telecommunication equipment, and polythene granules, among others. Meanwhile, automobile dealers have not yet cleared the imported vehicle and chassis parked at customs yards. Around 2,900 four-wheelers and their chassis remain stuck at the customs yards, particularly at Birgunj Customs Office, Inland Container Depot in Birgunj, and Bhairahawa Customs Office. Automobile dealers say while the NRB did ease the process, they are not clearing the vehicles mainly due to difficulty in getting auto loans and low market demand. "The loan-to-value ratio on auto loans is still at 50 percent. Given the current situation, customers are not interested to buy vehicles," said Anup Baral, executive member of the NADA Automobiles Association of Nepal. Foreign Trade

The tenure of people’s representatives elected in the 2017 provincial and local elections  elapsed without sub-national governments being able to raise internal loans. The new constitution of 2015 has granted these sub-national governments authority to raise internal loans. “The main reason behind the inability of sub-national governments to raise internal loans is the lack of the relevant federal law,” states the mid-term review of the budget released by the Finance Ministry. A new law on public debt management was authenticated by the President in October last year. However, the regulation is yet to be prepared. Section 14 of the Act Made to Intergovernmental Fiscal Arrangement says that the state (province) may raise internal loans by issuing bonds subject to the prevailing law. But until last year, there was no federal law authorizing the provincial governments to raise internal loans. The federal government has been raising internal loans as authorized by the Public Debt Act-2002. “In the last five years, the provinces failed to raise internal loans due to the lack of law,” said an official of the Economic Affairs Ministry, Bagmati Province. “There is also no institutional set up to deal with the internal loans at the provinces.” As per the amendment Act to Amend and Integrate the Laws on Public Debt Management, the Public Debt Management Office established in the center is also responsible for raising the public debt for the sub-national governments. This office has been authorized to issue any type of debt instrument to raise internal loans for the provinces and the local governments. The sub-national governments, however, have to get a nod from the federal government to raise internal loans. They can raise the internal loans within the limit set by the National Natural Resources and Fiscal Commission. The commission has been recommending the threshold of internal loans for provincial and local governments since the fiscal year 2018/19. It has been recommended that the provinces and the local governments each cannot raise internal loans beyond 12 percent of their internal revenue, and the amount they received through revenue sharing. Such a limit for the central government is 5.5 percent of the country’s Gross Domestic Product (GDP). But there is a question of whether the provincial and local governments are required to raise internal loans when they are struggling to spend the allocated budget. During the first six months of the current fiscal year, the average capital expenditure of the provinces stood at just 12 percent. “The provincial governments should also ensure a good internal rate of return while choosing the projects where the internal loans are used,” said the official of Bagmati province said. Provincial and local governments, however, cannot raise external loans. Only the federal government can borrow external loans. But the federal government can make external borrowing for the provinces and the local governments, according to the new law on public debt management. As per the law, consolidated funds of provincial and local governments will have to bear the liability for such loans.

The Nepal Stock Exchange (NEPSE) plunged by 57. 74 points to close at 2,022.64 points on Thursday. Similarly, the sensitive index dropped by 11. 98 points to close at 384. 36 points. A total of 6,326,105 unit shares of 260 companies were traded for Rs 2. 52 billion. Meanwhile, Nepal Hydropower Developers Limited was the top gainer today with its price surging by 4. 82 percent. Similarly, Chhimek Laghubitta Bittiya Sanstha Limited, Deprosc Laghubitta Bittiya Sanstha Limited, Summit Laghubitta Bittiya Sanstha Limited, Swarojgar Laghubitta Bittiya Sanstha Limited and Naya Sarathi Laghubitta Bittiya Sanstha Limited were the top losers with their price dropped by 10. 00 percent At the end of the day, the total market capitalization stood at Rs 2. 91 trillion.

Male journalists must be stronger allies for their female counterparts by supporting women to take up decision-making roles in newsrooms, said a visiting award-winning Canadian journalist here today. At an event in Kathmandu on how inclusive newsrooms foster stronger reporting in conversation, Associate Professor at Carleton University’s School of Journalism and Communication of Canada, Nana aba Duncan, in conversation with Chair of Media Action Nepal Laxman Datt Pant, said that an inclusive newsroom creates a space that female journalists deserve and provides a level playing field in terms of growth opportunities for women. The event was organized by the High Commission of Canada and Media Action Nepal. “Newsrooms must recognize those who are excluded. And we have to change the way we look at stories,” said Duncan who had hosted several radio programs for the Canadian Broadcasting Corporation and is the founder and executive director of Media Girlfriends, a podcast company. While seeking diversity, she said, we must not pigeonhole journalists from marginalised communities. “Recruiting them only to tick boxes, assigning them only the issues to cover from their communities or constantly perceiving and projecting their difference prevents them from speaking up, presenting their perspectives and bringing nuances to discussions.” In her message to a diverse group of journalists representing print, broadcast and online media outlets, Duncan stressed the need for communicating with each other and forming an inclusive community of media persons that nurtures and supports professional growth. Earlier while speaking during an inaugural session of the event, Head of Advocacy Program at the High Commission of Canada, Colin Shonk, said Canada’s commitment to protecting and promoting free and vibrant media is unwavering. "Representation of women in newsrooms is important at both a practical and symbolic level and we are not there yet." Similarly, Media Action Nepal Chair Pant spoke about how things have changed in Nepal's media sector in the recent time, saying that movements like Me Too have led to an increased awareness in the newsroom. "Still today, there are journalists in particular from minority and deprived communities who are unable to come forward and speak up for themselves. It's high time for creating an enabling environment that ensures newsroom representation not just based on gender and number, but also in terms of diverse voices." The two-hour-long event, attended by around 80 journalists and journalism students, remained highly interactive and engaging with many participants asking questions around inclusive newsrooms linking to Nepal's contexts. As her parting shot, Duncan said she felt blessed that the participants felt comfortable enough to share their stories and hoped that they would continue to do so as sharing stories builds empathy.