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Prime Minister Pushpa Kamal Dahal has said the construction of tunnel road has a significant role in the enhancement of road connectivity.

In his address to a ceremony organized to mark a breakthrough of the Nagdhunga Tunnel Road today, the Prime Minister said the achievement is significant in the area of infrastructure development.

This kind of road connectivity will play a crucial role in meeting the national goals for promoting interconnectivity for convenient and affordable travel, for promoting geographical and democratic closeness, and for maintaining provincial balance in terms of development, according to the Prime Minister. 

He said that the government will pursue a policy of prioritizing the construction of tunnel roads, flyovers, and underpasses along the national highways to establish advanced road connectivity.

Similarly, the government head took time to say that the latest economic indicators suggest hopes in efforts to achieve prosperity. 

He claimed that the revenue collection is improving. The reduction in fuel imports with the promotion of electric vehicles, noticeable progress in cement export, a rise in exports of corrugated zinc sheets and steel, a rise in the arrivals of tourists, and the expansion of housing and apartment businesses outside Kathmandu Valley have spread a positive message to the economic sphere.

PM Dahal called one and all to create a wider hope for advancing toward the establishment of good governance, social justice, and prosperity by overthrowing the pessimistic narrative that nothing will happen.

The Prime Minister also expressed his hope that the Third Investment Summit that Nepal is hosting on April 28-29 will explore the potential for investment in Nepal's development in the international forum.

Nepal defeated Hong Kong by eight wickets in their third match under the ACC Men’s Premier Cup on Monday.

In the match held at Al-Amerat Cricket Ground in Oman, Nepal achieved the target of 115 runs set by Hong Kong in 12. 2 overs.

Asif Sheikh scored highest 40 runs for Nepal while Kushal Bhurtel returned to pavilion scoring 32 runs.

Anshuman Rath scored highest 34 runs for Hong Kong, wicketkeeper Zeeshan Ali contributed 14 runs and captain Nizakat Khan and Ehsan Khan made 12 and 11 runs respectively. Other batters failed to score in double digits.

Abhinas Bohara claimed three wickets, Dipendra Singh Aire and Lalit Rajbansi took two wickets each and Karan KC picked one wicket.

The match was reduced to 18 overs due to the rain.

This is Nepal’s third consecutive victory.

Nepal defeated Malaysia by five wickets in the first match and Qatar by 32 runs in the second match.

The Nagdhunga Tunnel, considered as a significant project to take Nepal towards an era of tunnel roads, made a major breakthrough on Monday.

Prime Minister Pushpa Kamal Dahal today switched on the electric control for the breakthrough of the tunnel from both the Dhading and Kathmandu sides. The tunnel connects Sisnekhola of Dhading to Totipakha of Chandragiri Municipality-1 in Kathmandu.

Deputy Prime Minister and Minister for Physical Infrastructure and Transport, Raghubir Mahaseth and other government senior officials were present on the occasion.

Likewise, federal lawmakers and Province Assembly members were there to witness the breakthrough ceremony.

According to the Project, the tunnel road will come into regular operation for traffic after a year. Its total length is 2,688 meters. The breakthrough in the evacuation tunnel was undertaken in July-August, 2023.

However, it will take some time to fix lights, and oxygen pipes and upgrade the road inside the tunnel, it is said. The total cost of the Project is around Rs 22 billion.  It is being developed by the Japanese company Hazma Ando Corporation.

The Nepal Stock Exchange (NEPSE) plunged by 16. 82 points to close at 2,006.52 points on Monday.

Similarly, the sensitive index dropped by 2. 42 points to close at 355. 78 points.

A total of 7,223,773-unit shares of 314 companies were traded for Rs 2. 79 billion.

Meanwhile, 8.5% Machhapuchchhre Debenture 2087 (MBLD87) was the top gainer today with its price surging by 7. 09 percent.

At the end of the day, the total market capitalization stood at Rs 3. 18 trillion.

Writer and journalist Akhanda Bhandari has come up with a new novel ‘Bora’. The book was launched at an event held in Kathmandu on Friday. Bhandari said that the novel depicts the behavior of children towards elderly parents in Nepali society and the psychology of an abandoned mother. He said that Bora is based on the story of a mother who is rejected by her children.

Bhandari has previously written the novel ‘Malaya Express’. Bora is a novel based on true events. The subject of the growing injustice, sin and crime in our society is in the novel. “The real situation of his own son finding his mother thrown in a sack has been covered,” he said.

Bhandari said that although the novel is based on a real incident, the characters and environ

ment have changed. However, this novel is also fiction written based on reality. The mother never cries in the novel. Published by PeaceBooks Pvt Ltd, the novel has 470 pages.

Capt Rameshwar Thapa, Chairperson of Annapurna Media Network, said that ‘Bora’ is a successful novel to tear apart social evils and anomalies. “A mother never gets old. A mother never shows that she is old,” he said.

The two-day schedule of the Third Investment Summit going to be organized in Kathmandu on April 28 and 29 has been made public.

As per the information shared by the Investment Board, two special sessions along with the inaugural session would be held on the first day. The two plenary sessions are entitled "Exploring Investment Opportunities in Nepal" and "Success Stories of Investments in Nepal".

On the second day of the Summit, there will be three parallel sessions with each session having three panel discussions, the Investment Board Nepal Office said. The Parallel Session 1 of the second day is on 'Navigating Nepal's Renewable Energy Potential', 'Discussions on Innovative Financing Landscape', and panel discussion on 'Investment Opportunities and Green and Climate Resilient Business in Nepal'.

Similarly, the panel discussions under the Parallel Session 2 are on 'Harnessing Green Finance for Sustainable Investments', 'Investing in Tourism Paradise' and 'Strengthening Nepal's Agro-processing Value Chain for Export Growth'.

The Parallel Session 3 is on 'Driving Innovation and Growth in Manufacturing', 'Enhancing Nepal's Startup Climate and Ease of Doing Business' and 'ICT: a Vibrant Investment Platform'. Session 4 is a panel discussion on 'Leveraging PPP for Infrastructure and Services.'

The event with the theme, 'Emerging Nepal Investment Summit 2024', will be held at Hotel Soaltee in Kathmandu.

Preparations have been made to present about 150 showcase projects in the Summit. The Board had planned to present 125 projects as showcase projects before this and the number has increased with the addition of some projects brought by the private sector, provinces and local levels as well, said Pradyumna Prasad Upadhyay, the Board spokesperson.

According to Upadhyay, there will be separate stalls and their own staff for providing information about the projects of the private sector and the local levels. He added that preparations are being made to set up 22 to 25 stalls at the Summit venue.

With only twelve days remaining for the Conference to commence, preparations are in full swing, said Upadhyay. The Board expects over 260 guests from 31 countries to come to attend the event by Sunday evening.

In the course of Summit preparations, the Board is actively working on drafts of Project Development Agreements (PDAs) for three projects. Negotiations with developers are underway for the Nepal-China Friendship Park, Upper Marsyangdi-2 Hydro Electricity Project, and Kohalpur and Banganga Solar Plants.

Likewise, preparations are in progress for a Project Investment Agreement (PIA) with Dabur Nepal Private Ltd. Before the Summit commences, a meeting of the Board chaired by Prime Minister Pushpa Kamal Dahal will be held.

Nepal plans to issue a call for Expression of Interest (EOI) from potential investors for 20 projects during the Summit. Six projects are earmarked as market-sounding projects, 33 are in the preliminary phase of identification, and 20 are deemed capable of securing financial investment.

CPN-UML Chairman KP Sharma Oli directed the party lawmakers to play an effective role in the meetings of the House committees.

Speaking at the Parliamentary Party meeting of the UML held on Monday, Chairman Oli directed the party lawmakers to compulsorily attend the meetings of the House committees and play an effective role.

“I would like to tell party lawmakers that the meetings of the House committees are being held frequently. Our role should be effective in the meetings. Our participation should be active,” Chairman Oli said.

The Asian Development Bank (ADB) projects Nepal’s economy to grow by 3.6 percent (at market prices) in fiscal year 2024. During the press conference held today to unveil the Asian Development Outlook (ADO) April 2024, a flagship publication of the ADB, it was revealed that Nepal’s economy is expected to rebound from an estimated growth of 1.9 percent in fiscal year 2023.

Arnaud Cauchois, ADB Country Director for Nepal, noted, “A gradual relaxation of monetary policy, combined with improved consumer and investor confidence, is anticipated to spur economic activity in 2024. Moreover, industry is forecasted to experience faster growth compared to fiscal year 2023, driven by increased government capital spending in the latter half of the fiscal year and the commissioning of additional hydroelectric power by the end of fiscal year 2024.”

The service sector is also expected to witness accelerated growth as credit controls ease, interest rates decrease, and tourism revenues expand. Agriculture growth may see a slight uptick from 2.7 percent in fiscal year 2023 to 2.8 percent, though a record rice harvest is offset by a shortfall in winter crops and other agricultural production due to deficient rainfall this winter season, as outlined in the ADB press release.

The report forecasts annual average inflation to drop to 6.5 percent in fiscal year 2024 from 7.7 percent in fiscal year 2023, driven by subdued oil prices and a decline in inflation in India, Nepal’s main import source. “External risks remain relatively contained. The current account deficit may return after registering a surplus in the first half of fiscal year 2024,” clarified the ADB.

According to the ADO, the trade deficit contracted by 4.7 percent year-on-year in the first six months of fiscal year 2024, while workers’ remittances expanded by 22.6 percent year-on-year, resulting in a current account surplus of $1.2bn. However, with higher imports and stable remittance inflows expected in the remainder of the fiscal year, the 2024 current account deficit is forecasted at 0.7 percent of gross domestic product.

ADB Principal Economist for Nepal, Jan Hansen, highlighted potential downside risks to the economic outlook in fiscal year 2024, including a global economic downturn affecting Nepal’s tourism and remittance receipts. “Any intensified geopolitical turmoil could disrupt supply chains, push up global inflation, and tighten global financial conditions. This may necessitate a tightening of domestic monetary policy, potentially undermining investment and consumption, and dragging down growth,” stated the press release. Hansen reaffirmed ADB’s commitment to supporting a prosperous and inclusive Nepal.

Established in 1966 and owned by 68 members, with 49 from the region, the ADB is dedicated to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while continuing efforts to eradicate extreme poverty.