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Nepal Airlines Corporation (NAC) has decided to sell international flight tickets from the cities outside Kathmandu - Biratnagar, Pokhara and Nepalgunj.

The Corporation has arranged ticket sales from those cities for the convenience of the passengers in the wake of major festivals like Dashain, Tihar and Chhath.

Earlier, the NAC was selling tickets for international flights only from the corporation's office at Bhairahawa outside Kathmandu.

According to the Corporation's spokesperson, Ramesh Paudel, arrangements would be made to distribute tickets from Biratnagar, Pokhara and Nepalgunj offices even after the festivals.

Executive Chairman of the Corporation, Yuvraj Adhikari, has given instructions to the relevant department heads for the management of ticket sales. It was also informed that the NAC also managed online ticketing service. 

An International Monetary Fund (IMF) staff team, led by  Sarwat Jahan, conducted a staff visit to Kathmandu during September 11-22, 2024, to discuss recent macroeconomic developments and the implementation of the Extended Credit Facility (ECF)-supported program.

At the conclusion of the visit,  Jahan, issuing a press statement, said that Nepal’s economy is showing early signs of recovery.

 Incoming high-frequency data shows import growth is entering into positive territory, tax collections are improving, and public investment is picking up. Credit growth is recovering while remaining appropriately below nominal GDP growth. Inflation continued to decelerate to around 3.6 percent by mid-July, partially reflecting favorable commodity prices and weak demand. International reserves continued to rise, underpinned by robust remittances, recovering tourism, and still subdued imports.

“Accelerating the reform momentum is critical to put the economy on a path towards sustainable, strong, and inclusive economic growth. This will require enhancing public investment execution, further strengthening of domestic revenue mobilization, and prompt disbursement of Child Grants. As banks deal with elevated non-performing loans and capital constraints, continued vigilance is necessary, including by continuing to strengthen regulation and completing the loan portfolio review of the largest 10 banks. Addressing vulnerabilities among the savings and credit cooperatives remains a priority. The recent amendments to the Anti-Money Laundering Act are a welcome step. Amending the Nepal Rastra Bank (NRB) Act, completion of NRB’s external audit and increasing public enterprise’s transparency will enhance governance and accountability. The Investment Facilitation Act will bolster Nepal’s investment climate.

“The authorities’ ongoing efforts in meeting key commitments under the Fund-supported program, with the support of IMF’s technical assistance, are welcome. Performance under the program will be formally assessed in the context of the fifth review of the program.

“The IMF team held meetings with the Honorable Deputy Prime Minister and Minister of Finance Mr. Bishnu Prasad Paudel, the Nepal Rastra Bank Governor Mr. Maha Prasad Adhikari, the National Planning Commission Vice-Chairman Dr. Shiva Raj Adhikari, and other senior government and central bank officials. The IMF team also met with representatives from the private sector and development partners. Ms. Duttagupta, Deputy Director in the IMF’s Asia and Pacific Department, attended key meetings. “The IMF team is grateful to the Nepali authorities for their warm hospitality and for constructive discussions.”

The government has been spending more on debt repayment than on development works in recent years. Data shows that government spending on debt servicing was nearly 60 percent higher than capital spending in the fiscal year 2023/24.

According to the Ministry of Finance, the government spent Rs 191bn on capital expenditure in 2023/24. In contrast, total spending on debt repayment during the fiscal year was Rs 305bn, the Public Debt Management Office (PDMO) said in its annual report for 2023/24.

A senior official at the PDMO stated that the government has been borrowing even to pay interest and repay loans. "The government is raising domestic debt to ensure timely fulfillment of its obligations. The office is increasing domestic borrowing as interest rates are currently low," the official added.

According to the PDMO, public debt has increased by Rs 94.52bn in the first two months of the current fiscal year. The total public debt, which stood at Rs 2,434.09bn in mid-July, expanded to Rs 2,528.62bn by mid-September.

The size of the public debt is equivalent to 44.32 percent of the country's Gross Domestic Product (GDP).

Domestic debt, which was Rs 1,180.90bn at the beginning of the fiscal year (mid-July), increased to Rs 1,235.90bn by mid-September. The ratio of domestic debt to GDP is 21.66 percent.

During this period, the government repaid around Rs 35bn in domestic debt.

Meanwhile, the government managed to reduce external debt by approximately Rs 10bn. It repaid Rs 14.05bn in interest and principal on foreign debt during the first two months of the. The government, however, mobilized another Rs 4.67bn in external debt during the review period.

The ratio of external debt to GDP stands at 22.66 percent.

Data shows that domestic debt has been rising since 2015, when the country was hit by devastating earthquakes. The government needed funds to finance post-quake reconstruction and rehabilitation works which it raised through public debt. It also used public debt to stimulate the economy during the COVID-19 pandemic. As a result of this increased government spending, the total domestic debt-to-GDP ratio, which was 25.65 percent in 2015, has now reached 42.67 percent, according to the PDMO.

In the budget for the fiscal year 2024/25, the government set a target of raising Rs 547bn in public debt. It has already raised Rs 104.5bn which is 18.66 percent of the target.

The government is preparing to issue a new and more ‘user-friendly’ technology—smart/e-pass—to enable people to enter Singhadurbar more easily in place of a complex QR-based online pass system.

Chief Secretary Ek Narayan Aryal decided to implement the system of issuing e-passes for entering Singhadurbar at the secretary-level meeting held on Monday. It will be implemented within a month in coordination with the Ministry of Home Affairs, Ministry of Urban Development and the Ministry of Communication and Information Technology.

According to sources, this decision will replace a complex process of entering the federal government secretariat. At the secretary-level meeting on June 20, the home ministry had decided to cancel all temporary passes it had issued for entering Singhadurbar and implement the e-Gate pass system.

At present, relevant authorities issue gate passes to allow people to enter Singhadurbar for different purposes. Those wishing to get a temporary e-gate pass for entering Singhadurbar have to fill in the details like the name of the agency they are visiting, the purpose of the visit, date and time. The passes are generally issued a day or three days after submission of the online form seeking entry to Singhadurbar. 

A QR code is issued once the relevant ministry approves the pass and those wishing to enter Singhadurbar have to show the same QR code before entry. Those seeking entry can get information about the status of the pass on the dashboard of Singhadurbar’s homepage. 

The new system is expected to increase people’s access to Singhadurbar.

The price of gold has increased by Rs 700 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 160, 400 per tola today. It was traded at Rs 159, 700 per tola on Thursday.

Similarly, the silver is being traded at Rs 1, 955 per tola.

The low-pressure line of the monsoon is located in the south of the average location and the effects of monsoon winds are prevailing across the country, the Meteorological Forecasting Division of the Department of Hydrology and Meteorology said.

Also, the low-pressure system developed in the Bay of Bengal has a partial impact. It has caused cloudy weather in most parts of the country.

The weather has remained partly to generally cloudy throughout the country while light to moderate rain accompanied by thunder and lightning is taking place at some places of Koshi, Madhes, Bagmati, Gandaki, Lumbini and Sudurpaschim Provinces at present.

According to the Division, it will be generally cloudy throughout the country this afternoon. Light to moderate rain with thunder and lightning is likely to occur at some places of all the provinces.

Heavy rainfall is also likely to occur at one or two places of Koshi, Bagmati, Lumbini and Sudurpaschim Provinces. There is a chance of a wind storm in some places of Tarai and Madhes of Koshi Province.

Similarly, the weather will be partly to generally cloudy throughout the country tonight.

Heavy rainfall is likely to occur at one or two places of Koshi, Bagmati, Gandaki and Sudurpaschim Provinces.

Prime Minister KP Sharma Oli, who is currently in New York to participate in the 79th Session of the United Nations General Assembly (UNGA) leading a Nepali delegation, held a meeting with Samoa's Prime Minister Faime Naomi Matafa on Tuesday.

They held the sideline meeting at the office of the permanent mission of Samoa to the UN in New York.

PM Oli's chief advisor Bishnu Prasad Rimal, foreign secretary Sewa Lamsal and permanent representative of Nepal to the UN Lok Bahadur Thapa among others were also present in the meeting.

Prime Minister KP Sharma Oli, who is currently in New York to participate in the 79th Session of the United Nations General Assembly (UNGA) leading a Nepali delegation, held a meeting with Finland's President, Alexander Stubb on Tuesday.

The two leaders had a meeting at the headquarters of the United Nations in New York.

PM Oli's chief advisor Bishnu Prasad Rimal, foreign secretary Sewa Lamsal and permanent representative of Nepal to the UN Lok Bahadur Thapa among others were also present on the occasion.