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Secretary General of the South Asian Association for Regional Cooperation (SAARC), Md. Golam Sarwar called on Minister for Foreign Affairs Arzu Rana Deuba at the latter’s office in Singh Durbar today.

During the meeting, they discussed the current state of regional cooperation in SAARC and revitalizing this forum in the shared interests of Member States, the Ministry stated.

On the occasion the SAARC Secretary General congratulated Rana on the assumption of important responsibility as the Foreign Minister and the Chair of the SAARC Council of Ministers.

The two dignitaries discussed ongoing initiatives in SAARC, forward movement, and upcoming meetings, according to the SAARC Secretariat.

The Nepal Stock Exchange (NEPSE) plunged by 8. 18 points to close at 2,923.46 points on Tuesday.

Similarly, the sensitive index dropped by 1. 32 points to close at 511. 15 points.

A total of 52,764,832-unit shares of 332 companies were traded for Rs 21. 51 billion.

Meanwhile, Matribhumi Lagubitta Bittiya Sanstha Limited (MATRI), People's Power Limited (PPL) and Dolti Power Company Limited (DOLTI) were the top gainers today with their price surging by 10. 00 percent.

Likewise, Kisan Laghubitta Bittiya Sanstha Limited was the top loser with its price dropped by 9. 93 percent.

At the end of the day, the total market capitalization stood at Rs 4. 64 trillion.

The Ministry of Health and Population has taken efforts to prevent and control cholera and dengue after the infections started spreading at different parts of the country.

With the increasing number of dengue and cholera patients, Minister for Health and Population, Pradip Paudel, instructed the bodies concerned to launch effective steps immediately. Soon after Minister Paudel’s instruction, the Ministry forwarded short-term and long-term steps to that end.

According to the Ministry, Rapid Response Teams have been carrying out activities at dengue and cholera hit areas collaborating with province and local levels under leadership of Epidemiology and Disease Control Division to bring cholera under control.

The teams have been searching for the people who were in direct contact with patients and observing the symptoms. It would help to bring cholera under control, added the Ministry.

According to Minister Paudel’s Secretariat, activities were initiated immediately by holding discussions with bodies concerned of respective places to improve quality of drinking water to bring water-borne diseases under control.

The Ministry has made a plan of making food quality monitoring tasks effective at the center, provinces and local levels to prevent further problems in coming days. It has also been making preparations for carrying out necessary activities, formulating the National Cholera Control/Prevention Plan 2024-2030. 

Three children of Naresh Ram in Jhawani Tole, Simraungadh Municipality-7, Bara, have died of food poisoning.

According to Bara Police, the deceased have been identified as Lalima Ram (7), Pushpa Ram (7) and Ramnandan Ram (5).

The entire family on Sunday night consumed the same meal, which included rice and curry made from fish harvested from a local pond.

Despite this, only the children were affected. The children's mother and grandparents, who also ate the same food, did not experience any symptoms, said Deputy Superintendent of Police Prakash Sapkota of the District Police Office.

The preliminary investigation has not suggested any toxic substances in the home, and police are looking into whether the children might have consumed something else before their evening meal.

According to Area Police Office's inspector Nabin Rai, the children were initially taken to a local polyclinic after they complained of health complications, and then to the Provincial Hospital in Kalaiya, Bara.

One child died on the way to the hospital. The remaining two children were referred to the National Medical College in Birgunj, where they also passed away during the course of treatment.

Autopsies have been completed, and the bodies have been handed to the family. Their father, Naresh Ram, is said to be in Punjab, India in the course of employment, it has been said.

Nepali students are rapidly becoming a significant presence in the international education landscape, according to a new report by ApplyBoard, an international student mobility platform. The study reveals that Nepali students have shown impressive growth across key study destinations, including Canada, the US, the UK, and Australia. The report highlights that Nepal is emerging as a major player in the international education sector, joining countries like India, Nigeria and the Philippines.

In 2023, nearly 45,000 Nepali students received post-secondary student visas to these four English-speaking countries, marking a 15 percent increase from the previous year and a 121 percent rise since 2018. This growth underscores Nepal’s increasing prominence as a source of international students and indicates that the country is poised to play a significant role in global education in the coming decade, says ApplyBoard.

Nepali students have shown a strong desire to study abroad, with 19 percent of tertiary-level students studying internationally in 2021. This is notably higher compared to India and China, which had ratios of 1.3 percent and 1.9 percent, respectively. Over the past five years, Nepal has had one of the highest outbound mobility ratios globally, with many students in the 18 to 25 age group. The country’s growing economy, projected to expand at an average rate of 5 percent in 2025 and 2026, could further drive this trend.

In 2023, nearly 16,000 Nepali students received Canadian student visas, representing over three percent of all Canadian study permits that year, a significant increase from 0.2 percent in 2018. The number of study permits for Nepali college students tripled from 2022 to 2023, with strong growth observed at the undergraduate and postgraduate levels. Nepali applicants using ApplyBoard had a 75 percent approval rate for Canadian student visas for Winter 2024.

From Oct 2023 to June 2024, 9,200 Nepali students were issued US student visas, a 61 percent increase from the total number issued in 2023. Data from the Institute of International Education indicate that 70 percent of Nepali students in the US during the 2022-23 academic year pursued STEM programs.

Over 8,500 Nepali students received UK student visas in 2023. Despite a 22 percent decrease in overall student visa issuance in the UK for international students in the first quarter of 2024, Nepali student visas increased by 27 percent. Nepal has traditionally had a lower ratio of dependents to main applicants for student visas compared to countries like India and Nigeria. The median age of Nepali students approved for UK student visas in 2024 was 21, with younger students less affected by recent UK policy changes regarding dependents, says ApplyBoard.

Australia experienced a record number of visas granted to Nepali students in 2022 following a two-year border closure. However, the high demand in 2022 resulted in a 33 percent decline in visas in 2023. Vocational education and training (VET) studies saw the most significant decrease, partly due to restrictions imposed by the Nepali government on non-degree programs and changes in Australian policy, as per the ApplyBoard report. From January to June 2024, 55 percent of student visas granted to Nepali students in Australia were for New South Wales, compared to 34 percent for the overall international student population.

The price of gold has increased by Rs 2, 100 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 150, 800 per tola today.

Similarly, the price of silver has increased by Rs 25 and is being traded at Rs 1,740 per tola today.

Visiting Foreign Secretary of India Vikram Misri paid a courtesy call on Deputy Prime Minister and Minister for Urban Development Prakash Man Singh on Monday.

During his second and last day of the two-day official visit to Nepal, the Indian foreign secretary visited the DPM at the latter's office in Singha Durbar to discuss matters concerning urban development, waste management, restoration of cleanliness of Bagmati and Bishnumati rivers, and other sanitation-related issues. They exchanged views on the possibility of collaboration between the two countries in addressing these issues.

Taking reference to the ongoing Swachh Bharat (Clean India) Mission and the efforts to clean up the Ganga river in India, the Deputy Prime Ministers said India's experiences in such efforts and technology used towards that end would be useful for Nepal. He called on India to collaborate with Nepal for the same.

Apprising the Indian foreign secretary for the inconveniences facing the Nepali citizens in trans-border movement between Nepal and India, the minister said Nepal wanted India's facilitation to construct a suspension bridge over the Mahakali River, according to the Secretariat of Deputy Prime Minister Singh. 

He thanked the Government of India for its support to Nepal's infrastructure development, during the earthquake and COVID-19 pandemic.

The meeting also focused on exploring potential support from India to Nepal's urban development sector, according to Urban Development Ministry's secretary Maniram Gelal.

During the meeting, Nepal proposed India facilitate construction of bridges in rivers along the Nepal-India border to implement Nepal's mission to replace tuine (rope bridges), he said. The Indian side is positive, he added.

The foreign secretary said India is always with Nepal in its endeavors aiming to achieve peace, stability, and prosperity.

He arrived in Kathmandu on Sunday at the cordial invitation of Foreign Secretary Sewa Lamsal.

The government has started preparation to form an authority for the supervision and regulation of financial cooperatives. The Ministry of Land Management and Cooperatives has drafted the Financial Cooperative (Regulation and Supervision) Act, 2024, proposing the creation of an authority responsible for licensing, regulating, and supervising financial cooperatives that mobilize deposits from the public and disburse credit.

The law, currently in the drafting phase, grants the authority the power to determine minimum capital requirements for financial cooperatives, issue licenses, classify cooperatives, and conduct monitoring and supervision, among others.

The government, through the budget for the fiscal year 2024/25,  announced its intent to create a separate body for the supervision and regulation of financial cooperatives. The ministry drafted the law in line with this intent, an official of the ministry said. According to the official, the authority will be an autonomous institution governed by a seven-member board, with the chairperson appointed by the government.

As per the draft law, cooperatives with transactions exceeding Rs 50m, capital over Rs 15m and individual savings above Rs 1m must obtain a license from the authority. Cooperatives that are already in operation are also required to obtain a license from the authority once it becomes operational.

The draft law also proposes classifying financial cooperatives into three categories based on share capital, the nature of transactions, and the operational area. It allows the authority to determine the minimum capital floor for financial cooperatives.

Currently, federal, provincial, and local governments have the power to register and regulate cooperatives based on their transactions, operational areas, and nature of business.

The government began preparations to form a powerful institution for the supervision and regulation of cooperatives after cooperative promoters misused people's deposits, taking advantage of the lack of regulatory oversight.

A committee formed by the government last year recommended regulating cooperatives with large transactions through Nepal Rastra Bank (NRB) as an immediate measure and forming a powerful authority in the long run. Although parliament amended the Nepal Rastra Bank Act, 2001, to pave the legal way for the central bank to regulate large cooperatives, the central bank has been slow to act.

The International Monetary Fund (IMF) has also expressed concern about savings and credit cooperatives, stating that a social unrest could be triggered if the ongoing problems are not dealt with soon. “A combination of large data gaps, weak governance, unsound credit and liquidity risk management, and a lack of licensing, effective regulation, monitoring, and supervision has resulted in the failure and closure of multiple cooperatives,” the IMF said in its review of Nepal under the Extended Credit Facility (ECF) arrangement.

Stating that a proper licensing process hasn’t been established under the current regime, the IMF suggested that licensing of savings and credit cooperatives is necessary for both existing and new entities.