Submit your Article

The budget session of the House of Representatives and National Assembly under the federal Parliament will start from today.

The budget session is commencing today after President Ramchandra Paudel, in accordance with the Article 93 (1) of the Nepal Constitution, summoned the joint session of the federal Parliament on May 2 on the recommendation of the Council of Ministers.

It may be noted that the federal Parliament secretariat had already issued a notice requesting all members of the Parliament to attend the session called for 2 pm today at New-Baneswor based International Conference Center.

According to the constitutional provision, an estimated details of income and expenditure (budget) for the upcoming year has to be presented in the Parliament on May 28 (Jestha 15).

Earlier to this, the President will read out the government's annual policies and programs in the joint meeting of both the Houses.

In order to run the session effectively, Speaker Devraj Ghimire had already held discussions with top leaders of major political parties represented in the Parliament.

The budget session of the Parliament is set to begin on May 10 with the main purpose of endorsing the budget for the fiscal year 2024-2025. As per the constitutional provision, the government must table the budget by May 28. However, it remains uncertain whether the main opposition Nepali Congress (NC) will allow a smooth functioning of the House session, a prerequisite for tabling and deliberating on the budget bill.

The winter session of the parliament ended following a prolonged obstruction from the NC. This compelled the government to issue ordinances on crucial investment-related laws. The NC has been demanding formation of a parliamentary panel to investigate Deputy Prime Minister and Home Minister Rabi Lamichhane's alleged involvement in the misuse of cooperative funds. The victims of cooperative frauds have filed cases against Lamichhane in Pokhara and other places, but state agencies have shown a lack of enthusiasm to investigate the matter. Ahead of the parliamentary session, the NC's parliamentary board meeting has reaffirmed its stance that an inquiry panel should be formed for smooth functioning of the parliament. Lamichhane and senior ruling party leaders, however, maintain that there is no need for a probe panel specifically targeting Lamichhane. While the ruling parties seem to have agreed to form a panel to investigate overall cases related to cooperatives, the NC insists on a Lamichhane-centered investigation panel. On this issue, both ruling and opposition parties should find a middle ground, as the budget process should not be obstructed for any reason. Currently, with the country facing an economic crisis, people are eagerly awaiting the measures the government will take through the budget to address the situation. Recent history shows that both ruling and opposition parties cannot bear prolonged obstructions of parliament and have to arrive at a middle ground. 

Our political parties are adept at seeking win-win solutions through abstract and vague compromises. They can apply the same formula this time too. Both the ruling and opposition parties should act responsibly to end parliamentary obstructions without delay. There is no doubt that questions surround Lamichhane, and people want to know the actual status. The only option for political parties is to pave the way for an investigation against Lamichhane while also allowing parliament to function smoothly. Parliament should be allowed to hold discussions on various aspects of the budget, which is the main duty of our lawmakers.

The government has decided to unveil its policies and programs on June 15.

A Cabinet meeting held on Thursday made the decision to this effect, government spokesperson and Minister for Communications and Information Technology Rekha Sharma said.

President Ram Chandra Paudel will present the government’s policies and programs at the joint meeting of the House of Representatives and National Assembly on June 15.

Koshi Province Chief Minister Hikmat Kumar Karki took the oath of office and secrecy on Thursday.

Province Chief Parshuram Khapung administered the oath of office and secrecy to Karki and two other ministers amidst a function.

Ram Bahadur Rana Magar of the CPN-UML and Ganesh Uprety (Sushil) of the CPN (Maoist Center) have been appointed as the ministers without portfolio.

UML Parliamentary Party leader Karki was appointed as the chief minister of Koshi Province with the support of 52 province assembly members of the UML and CPN (Maoist Center) today.

Earlier on Wednesday, Province Chief Khapung had called on provincial members to stake claim for the post of chief minister and form a new government as per Article 168 (5) of the Constitution till 5 pm on Friday.

The government has decided to promote two Deputy Inspectors General of Police (DIGs) to the post of Additional Inspector General of Police (AIG).

A Cabinet meeting held on Thursday decided to promote DIGs Umesh Raj Joshi and Bhim Dhakal to the post of AIG, government spokesperson and Minister for Communications and Information Technology Rekha Sharma said.

She said that a decision to Joshi and Dhakal was made at the proposal of the Home Ministry.

The Swiss government is to provide 9.01 million Swiss francs financial assistance for trekking based tourism projects in Nepal.

At a program organized at the Finance Ministry today, Joint-Secretary at the Ministry, Shreekrishna Nepal, and Swiss Ambassador to Nepal, Dr Danielle Meuwly, signed the agreement.

The four-year project would be implemented from this year (2024).

According to the Finance Ministry, around 100,000 locals of 29 local levels of Koshi Province would be directly benefited from the project.  

It is believed that there would be support in conservation of local art, culture, local production, employment creation and development of sustainable tourism from the implementation of the project.

On the occasion, Ambassador Meuwly expressed the belief that the project, which helps for sustainable tourism development and making the local economy dynamic, would be the milestone.

He shared that the implementation of the project would significantly contribute to environment-friendly socio-economic development.

Similarly, Joint-Secretary and Chief of International Economic Cooperation Coordination Division, Nepal, explained that the project would help increase tourism capacity of Koshi Province, thereby increasing income sources of locals by promoting eco-tourism.

MCA-Nepal has signed a contract with Linxon India Pvt. Ltd. for the construction of the 400 kV New Butwal Substation in Nawalparasi (Bardaghat Susta West) district in Lumbini Province.

As per the contract agreement, the deadline for completing the project to construct the Gas Insulated Switchgear (GIS) substation is 39 months.

Nepal Electricity Authority (NEA) Managing Director Kulman Ghishing, US Ambassador to Nepal, Dean R Thompson, local authorities, and people's representatives were present at the agreement signing ceremony.

Addressing the ceremony, the ambassador said the US government is ready to cooperate with the government of Nepal to ensure that the Millennium Challenge Corporation (MCC) Pact was in the interests of Nepal to address its energy needs, the MCA Nepal said.

Speaking at the event, the ambassador stated, “The US Government is committed to working with the Government of Nepal to ensure that the compact delivers on Nepal’s energy needs. The 400 kV New Butwal Substation will improve Nepal’s transmission capacity contributing to reliable and affordable electricity for household consumption, expanded commercial and industrial enterprises, and cross-border electricity trading.”

NEA Managing Director Ghising said, “The 400 kV substation has been a priority for NEA and will supplement the existing 220 kV substation to significantly increase cross-border energy trade in the region.”

During the event, MCA-Nepal Executive Director Khadga Bahadur Bisht highlighted the overall progress being made in the implementation of the MCC Nepal Compact, stating “MCA-Nepal is expediting all works for the construction of the transmission lines and substations under the Electricity Transmission Project. We are at the final stages of the procurement process to sign the contract for the construction of the remaining two substations as well.”

Along with this substation, MCA-Nepal is constructing two other substations in Ratmate, Nuwakot district, and Damauli, Tanahun district under the Electricity Transmission Project funded by the US Government’s Millennium Challenge Corporation (MCC) and the Government of Nepal. The contractors for the remaining two substations are being selected.

The MCA-Nepal Board, chaired by the Secretary at the Ministry of Finance, decided in its March board meeting to advance the 18 km Nepal portion of the New Butwal-Gorakhpur power transmission line to facilitate timely initiation of cross-border power trade as outlined in the agreement with India, the MCA Nepal said.

The Nepal Stock Exchange (NEPSE) gained 5.63 points to close at 1,966.23 points on Thursday.

Similarly, the sensitive index surged by 1.19 points to close at 350. 60 points.

A total of 7,058,399-unit shares of 313 companies were traded for Rs 3. 12 billion.

Meanwhile, Oriental Hotels Limited (OHL) was the top gainer today, with its price surging by 8. 46 percent. Likewise, Kumari Sabal Yojana (KSY) was the top loser as its price fell by 8.48 percent.

At the end of the day, total market capitalization stood at Rs 3. 11 trillion.