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The price of gold has dropped by Rs 2, 000 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 147, 500 per tola today. It was traded at Rs 145, 600 per tola on Thursday.

Similarly, tejabi gold is being traded at Rs 146, 800 per tola. It was traded at Rs 148, 800 per tola.

Meanwhile, the price of silver has dropped by Rs 30 and is being traded at Rs 1, 830 per tola.

Prime Minister KP Sharma Oli faces a complex situation of challenges and opportunities as he begins his fourth stint as the Prime Minister. His ability to become Prime Minister with the support of one of those forces is his political victory. Oli’s most significant advantage in his fourth term lies in parliamentary politics as he enjoys a near two-thirds majority in the lower house. This offers him an opportunity to break the political deadlock that has hampered Nepal's progress and to address pressing national issues.

He also has formidable challenges to tackle. Foremost among these is the need to revitalize an economy battered by global headwinds and domestic instability. Oli must come up with programs and policies that stimulate growth, boost investor confidence, attract investment and create jobs, while also managing inflation and fiscal pressures. Another critical task is completing the transitional justice process. For this, he will need to work closely with the main opposition CPN (Maoist Center)—one of the parties to the decade-long insurgency. Oli needs to demonstrate statesmanship by ensuring a fair and comprehensive approach that addresses the concerns of conflict victims while also bringing perpetrators to book.

Oli also faces a daunting task of balancing relations with Nepal’s giant neighbors, India and China. His relationship with India soured in the latter stage of his second term. He needs to make every possible effort to improve ties with the southern neighbor, which also happens to be the country’s largest trading partner. Oli must take a consistent and balanced approach that safeguards Nepal’s interests while maintaining cordial ties with both powers. This extends to managing relations with other international partners, including the United States.

Oli must work to foster cordial relations with other political parties. While his collaboration with NC gives him numerical strength, he needs to foster cooperation and mend ties with other parties who are wary of him, given his past attempts at dissolving parliament. He also needs to build trust with state institutions. The septuagenarian can steer the country toward stability and progress by learning from past mistakes, embracing a collaborative approach and focusing on national priorities.

Vehicular movement along the Kaligandaki corridor, which was blocked for the past two weeks, has resumed from today.

Traffic along the road has been obstructed since July 5 following a landslide at Dablyang in Baglung Municipality-10.

A section of the road was swept away in the landslide, completely halting the vehicular movement in Kaligandaki corridor, one of the national pride projects.

The District Police Office, Baglung, stated that the office of the Kaligandaki corridor constructed a gabion to repair the damaged road section. 

Vehicles to and from Baglung, Butwal, Bharahawa and Muktinath had remained off the road for two weeks due to the obstruction.

Bishnu Rimal has been appointed as the chief political advisor to Prime Minister KP Sharma Oli.

A Cabinet meeting held on Thursday appointed Rimal as the chief political advisor of PM Oli, a minister said.

Similarly, Dr Yuvaraj Khatiwada has been appointed as the economic advisor to Prime Minister Oli.

Khatiwada, who had already become the finance minister, was also a member of the National Assembly.

Police on Thursday arrested two foreign nationals on the charge of smuggling cocaine.

A team from the Narcotics Control Bureau apprehended Fahimuddin Nasinmuddin Ansari (23) of India and Akechukuwa Siril Obodofula (44) of Nigeria on the charge of smuggling cocaine weighing 1 kg, according to Bureau Chief and Senior Superintendent of Police, Dinesh Kumar Acharya.

The Nigerian national landed in Nepal on a Qatar Airlines flight on July 16 to supply the contraband to Ansari.

He is accused of smuggling cocaine into Nepal and was arrested from Pingalasthan. 

Ansari arrived in Kathmandu via Mumbai on an Indigo Airlines to receive the contraband. He was arrested from Thamel along with cocaine.

It is said the Nigerian had concealed the capsules filled with cocaine in his jacket while bringing it into Nepal from Qatar.

Police said that they are looking into the case.

The Nepal Stock Exchange (NEPSE) gained 59.68 points to close at 2,424.32 points on Thursday.

Similarly, the sensitive index surged by 16.37 points to close at 436. 14 points.

A total of 39,938,237-unit shares of 312 companies were traded for Rs 15. 54 billion.

Meanwhile, Nepal Investment Mega Bank Limited (NIMB), Nepal Finance Ltd. (NFS), Ankhu Khola Jalvidhyut Company Ltd (AKJCL), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL) and Three Star Hydropower Limited (TSHL) were the top gainers today, with their price surging by 10. 00 percent.

Likewise, Kumari Sabal Yojana (KSY) was the top loser as its price fell by 5.76 percent.

At the end of the day, total market capitalization stood at Rs 3. 84 trillion.

The Kathmandu Metropolitan City Office has urged citizens to promptly dial 1180 in case of suspected dengue infection and get required advice.

In response to the heightened risk of rapid breeding of dengue transmitting mosquitoes posed by ongoing rainfall, the local government has established a free hotline, 1180, offering counseling services to educate and assist citizens regarding dengue.

The local government has warned about a heightened risk of dengue infection amidst continuous rains.

The hotline service is available round the clock, said KMC Office's focal person for dengue, Rhishi Bhusal. 

Moreover, in case of health emergencies following dengue, the hospital has requested citizens to call 102 for access to a free ambulance service managed by the Office.

According to Bhusal, the KMC Office has deployed health workers and women health volunteers to raise awareness among citizens about dengue infection and its preventive measures.

In the fiscal year 2023/24, the government’s revenue and expenditure fell short of annual targets. 

According to the Office of the Auditor General, revenue collection reached 74.29 percent of the total target, while budget expenditures amounted to 80.44 percent.

For the fiscal year, the government had allocated a total budget of Rs 1,751bn. By mid-July (the end of fiscal year 2023-24), expenditures amounted to Rs 1,408bn.

Specifically, expenditures under the current heading amounted to Rs 952bn, which is 83.41 percent of the allocated budget of Rs 1,141bn. Similarly, expenditures under the capital heading totaled Rs 1,917bn, 63.47 per cent of the allocated budget of Rs 3,020bn.

Under the financial management heading, expenditures totaled Rs 2,646bn, reaching 86.07 percent of the allocated budget of Rs 3,074bn for the last fiscal year.

The government had set a revenue collection target of Rs 1,472bn for the fiscal year, but actual collections amounted to Rs 1,093bn, making up 74.29 percent of the target. 

The government collected Rs 944.55m in revenue in the last fiscal year against its target of collecting Rs 1,305bn. 

Towards non-tax, a target was set to collect Rs 117bn in the last fiscal year, but only Rs 114bn was collected. 

Similarly, the government was successful in receiving only 22.48 percent foreign grants (Rs 1,122bn) against the target of receiving Rs 4,994bn foreign grants.  

The government failed to meet the goal even after amending the income and expenditure estimate twice. It revised the income and expenditure estimate through a half-yearly review for the first time and second time while bringing up the budget of the last fiscal year.  

Revising the income and expenditure estimate for the second time on May 28, outgoing Finance Minister Barsha Man Pun presented the revised estimate of Rs 1,530bn (87.4 percent of  allocation). 

Of the total government expenditure, it was expected to spend Rs 1,067bn towards current expenditure, Rs 215bn towards capital expenditure and Rs 247bn towards financial management. 

Similarly, the government had set the target of collecting revenues worth Rs 1,253bn in the last fiscal year following the second revision. The government had reduced the estimates of revenue and expenditure by making a half-yearly review of the budget for fiscal year 2023/24 for the first time last February.

The government had brought a budget of Rs 1,751.31bn for the fiscal year 2023/24. The government had made a revised estimate of expenditure of Rs 1,530.26bn or 87.38 percent of the budget through the half-yearly evaluation of the budget. 

The estimates of expenditure towards current heading was revised through the half-yearly review to 88.84 percent, towards capital heading to 84.13 percent and towards fiscal management heading to 87.39 percent compared to the initial allocations for the first time. 

The estimates of income and expenditure were decreased through the half-yearly budget review and was expected to be Rs 1,007.45bn or 88.24 percent of the initial allocation towards the current heading, Rs 254.13bn or 84.13 percent of the initial allocation towards the capital heading and Rs 268.67bn or 87.39 percent of the initial allocation towards fiscal management heading.