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The Gross foreign exchange reserve of the country has increased by 27.8 percent to Rs 1967.19 billion as of mid-June 2024 from Rs 1539.36 billion in mid-July 2023. In US dollar terms, the gross foreign exchange reserves increased 25.7 percent to 14.72 billion in mid-June 2024 from 11.71 billion in mid-July 2023.

According to a statement released on the 'Current Marcoeconomic and financial situation' of the country based 11 months data as of mid-June, of the total foreign exchange reserves, reserves held by NRB increased 30.2 percent to Rs.1752.77 billion in mid-June 2024 from Rs 1345.78 billion in mid-July 2023.

Reserves held by other banks and financial institutions increased 10.8 percent to Rs 214.42 billion in mid-June 2024 from Rs 193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 22.3 percent in mid-June 2024.

Likewise, Balance of Payments (BOP) remained at a surplus of Rs 425.67 billion in the review period against a surplus of Rs 224.9 billion in the same period of the previous year.

The current account remained at a surplus of Rs 200.39 billion in the review period against a deficit of Rs 79.53 billion in the same period of the previous year.

In the review period, capital transfer decreased 25.7 percent to Rs 5.46 billion and net foreign direct investment (FDI) remained a positive of Rs.8.16 billion. In the same period of the previous year, capital transfer amounted to Rs.7.35 billion and net FDI amounted to Rs 4.65 billion.

Furthermore, the consumer price inflation moderated to 4.17 percent in mid-June 2024 compared to 6.83 percent a year ago. Food and beverage category inflation stood at 5.76 percent whereas non-food and service category inflation stood at 2.94 percent in the review month.

During the period, the total trade deficit decreased 1.7 percent to Rs 1314.44 billion. Such a deficit had decreased 15.2 percent in the corresponding period of the previous year. The export import ratio decreased to 9.6 percent in the review period from 9.7 percent in the corresponding period of the previous year.

This is due to a decrease in merchandise exports by 3.0 percent to Rs 139.26 billion compared to a decrease of 22.7 percent in the same period of the previous year. Exports to India decreased 4.5 percent while that to China increased 57.7 percent. Similarly, export to other countries decreased 1.7 percent. Exports of zinc sheet, particle board, juice, readymade garment, and oil cakes among others increased whereas exports of palm oil, soyabean oil, woolen carpet, brans, tea among others decreased.

In the review period, total revenue mobilization of the Government (including the amount to be transferred to provincial and local governments) stood at Rs 919.19 billion. Revenue mobilization recorded a growth of 9.8 percent in the review period in contrast to a decrease of 11.2 percent in the same period of last fiscal year. The tax revenue amounted to Rs 829.04 billion and non tax revenue Rs 90.15 billion in the review period.

According to the Ministry of Finance, Financial Comptroller General Office (FCGO), the total expenditure of the Government stood at Rs.1181.30 billion during the eleven months of 2023/24. Compared to a growth of 13.6 percent in the last fiscal year, government expenditure increased by 0.4 percent in the review period. The recurrent expenditure, capital expenditure and financial expenditure amounted to Rs.822.81 billion, Rs 134.98 billion and Rs 223.51 billion respectively in the review period.

In the meantime, remittance inflows increased 19.3 percent to Rs 1327.51 billion in the review period compared to an increase of 22.7 percent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 17.3 percent to 9.98 billion in the review period compared to an increase of 13.0 percent in the same period of the previous year.

More than 50 percent of the community schools in the country have less than 100 students, according to a report recently made public by the Ministry of Education, Science and Technology.

The report – Educational Information, 2080 BS – stated that the number of community schools with less than 100 students is 15,965.

This is despite the ongoing efforts from the governmental and non-governmental sectors to improve public education.

This number of public schools with less than 100 students is 57.03 percent of all the 27,990 community schools throughout the country.

According to the report, this situation is attributable to the decline in population, increase in migration and the influence of private schools in the urban areas. 

The number of community schools with less than 100 students was 14,000 in the fiscal year 2076/77 BS. This number has increased at present despite the operation of the 'school merger' policy.

The report puts the number of community schools having 100 to 500 students at 9,704, that of schools with 500 to 1,000 students at 1,636, that of schools with 1,000 to 1,500 students at 409, that of schools with 1501 to 2,000 at 136 and the number of community schools with more than 2,000 students at 100.

A total 35,876 schools (from Basic level to Class 12), including 27,990 community schools and 7,886 institutional (private) schools, are in operation in the country at present.

The Nepali Congress has expressed grief over the loss of lives and property in the natural disasters including landslides and flooding throughout the country.

Stating that the life of the people has become difficult due to the adverse situation in the aftermath of the disaster incidents, the NC through a press release expressed sympathies to all the disaster-affected people.

The Nepali Congress has urged the three tiers of the government to immediately dispatch rescue teams to the affected areas for saving the lives of the disaster-hit people and for carrying out rescue and relief works. It has also called for making the rescue, relief and rehabilitation works more effective and for preventing further losses.

"The Congress urges the government to expedite the search for those gone missing, to provide relief to the affected families, to make arrangements for shelter for them and to carry out necessary works to ease the life of the people in the present difficult situation resulting from the natural disasters," reads the NC press release.

Congress has appealed to all the people affiliated to the party, the sister organizations and well-wisher organizations in the affected districts to extend support in the rescue and relief works through mutual coordination and by mobilizing the human resources in the entire organizational structure.

The NC stated that a large number of people have been injured and several others are still missing in the disaster incidents caused by the incessant rains since some days. It said many citizens have been displaced and their cultivable land damaged by the disasters. Passengers are also stranded due to the disruption of roads throughout the country.

CPN-UML Chair KP Sharma Oli has said that the Constitution has to be amended as per the need in course of its implementation.

He said that the party discussed this matter with the Nepali Congress, too, but no agreement has been made between the parties to amend the Constitution specifying the article(s) and the issues to be revised. 

Speaking at the party Secretariat meeting today, the UML Chair ruled out the agreement between the two parties to form a commission to proceed ahead with the Constitution amendment.

He said that the UML-NC political equation is for promoting political stability and development.

The UML Chair expressed his concerns over the spread of 'propaganda' that the UML and NC are attempting to harm the Constitution and the constitutional system.  According to him, this is just a rumor.

Chair Oli contended that the two parties had to come together against the 'tendency' to sideline the interests of the citizens, and development needs of the country by indulging in instability and personal benefits.

He added that the Constitution is a dynamic document, a guideline to the society, and thus it should be amended as per the need of the time. The matter will be discussed in detail with the Nepali Congress.

No deal to share ministries

Oli said the party has not reached a deal with the NC regarding the sharing of ministries in a government to be formed ahead. However, there is an agreement on a policy of providing space for all parties in the government.

He also stressed on increasing the country's productivity with a focus on entrepreneurship, agro-based industries, entrepreneurship and modernization of agriculture.

Cross-border electricity transmission lines with a combined capacity of 1,580 MW have been built and deployed for electricity trade between Nepal and India.

The voltage levels of these transmission lines range from 33 kV to 400 kV, with capacities from 45 MW to 800 MW. The 400 kV Dhalkebar-Muzaffarpur transmission line alone can transmit 800 MW of electricity, according to the Nepal Electricity Authority (NEA).

NEA officials state that Nepal can immediately export up to 1,500 MW if India grants approval. Currently, NEA has permission to export 690 MW of hydropower to India. India has allowed Nepal to export power generated by Chilime, Solu Khola, Kabeli B-1, Likhu-4, Lower Modi, Solu-Dudhkosi, Dordi Khola, Upper Kalanga Gad, Upper Chamelia, Solu Khola, Super Madi, Upper Balephi 'A' and Upper Chaku 'A', among other projects.

NEA has been selling energy in the day-ahead market of the Indian Electricity Exchange (IEX) and has signed a five-year agreement to sell 200 MW of hydropower to the Indian state-owned company NTPC Vidyut Vyapar Nigam Ltd.

The Dhalkebar-Muzaffarpur transmission line is the only high-capacity cross-border line operational at present, with a maximum capacity of 2,000 MW. However, the two countries have agreed to transmit only up to 800 MW from this line.

Several other cross-border lines, including two 132 kV Kataiya-Kusbaha and Kataiya-Kusbaha II with capacity of 120 MW and 160 MW, respectively, the 132 kV Raxaul-Parwanipur (160 MW), Ramnagar-Gandak (65 MW), Mainiya-Sampatiya (160 MW), and Tanakpur-Mahendranagar (70 MW), are also in operation.

According to NEA officials, Nepal and India will have infrastructure to support transmission of 12,700 MW by 20230. Many transmission line projects are under different stages of construction. The 400 kV Dhalkebar-Sitamarhi transmission line with a capacity of 2,500 MW is one such project. The transmission line, which is dedicated to export power generated by the Arun III hydropower project, is expected to come into operation by 2025/26. The 132 kV Nepalgunj-Nanpara with a capacity of 200 MW is expected to be operational by 2025/26. 

Other notable 400 kV cross-border transmission line projects include New Butwal-Gorakhpur, Inaruwa-Purnea and Kohalpur-Lucknow. All these lines can transmit up to 2,500 MW.

NEA officials say Nepal has requested permission to export 1,200 MW this year. 

Nepal is in an energy surplus situation during wet months. The country, however, faces a shortfall of energy during the dry season when power generation by its run-of-river (RoR) projects shrink to nearly a third of installed capacity. This necessitates import from India during the dry months even though energy goes to waste during the wet months.

Talks are underway to export 40 MW of electricity from Nepal to Bangladesh using Indian energy infrastructure. Officials from Nepal and Bangladesh believe that the success of this power agreement could open doors for more energy cooperation between the two countries in the future.

The Nepal Stock Exchange (NEPSE) gained 23. 25 points to close at 2,175.40 points on Wednesday.

Similarly, the sensitive index surged by 4.82 points to close at 385. 75 points.

A total of 15,296,739-unit shares of 322 companies were traded for Rs 5. 74 billion.

Meanwhile, Balephi Hydropower Limited (BHL) was the top gainer today, with its price surging by 9. 99 percent.

Likewise, Buddha Bhumi Nepal Hydropower Company Limited (BNHC) was the top loser as its price fell by 10.00 percent.

At the end of the day, total market capitalization stood at Rs 3. 45 trillion.

The CPN-UML has issued a whip to all its members in the House of Representatives (HoR) to mandatorily attend a session of the lower house scheduled for July 12 and to vote against Prime Minister Pushpa Kamal Dahal.

The Prime Minister is scheduled to seek a vote of confidence in the HoR session on July 12.

He decided to seek a confidence vote after major ruling partner UML withdrew its support to the government following the recent agreement with the Nepali Congress to form a new government.

The whip was issued by party's Chief Whip Mahesh Kumar Bartaula.

Eighty-three people have so far died in the flooding and landslide incidents across the country.

The Police Headquarters stated that 33 men, 25 women and 25 children have died in such incidents in various places of the country from June 10 till this morning. 

Central Police spokesperson and Deputy Inspector General Dan Bahadur Karki said 106 people have been injured and five persons, including three women and two men, are missing in floods and landslides during this period. Among the injured are 51 men, 36 women and 19 children.

Similarly, 384 cattle have died in these incidents during this period.

Police spokesperson Karki said that 139 houses and 54 cattle sheds have been damaged due to the floods and landslides.

Eight hundred and fifty-eight families have been displaced due to the landslides and flooding caused by the incessant rains. So far 5,428 police personnel have been mobilized for rescue of those people affected by the disasters.

Floods and landslides have damaged one school and two government office buildings. Forty-one bridges have been swept away. Likewise, 161 houses have been submerged and 116 ropanis of land has been buried by debris.

The Police Headquarters stated that 2,954 families have been displaced throughout the country in the 1,028 disaster-related incidents triggered by the incessant rains.

Properties worth millions of rupees were destoryed in the monsoon-induced disasters.