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Prime Minister Pushpa Kamal Dahal, who landed in Kampala of Uganda on Thursday evening leading a Nepali delegation to attend the 19th Summit of the Non-Aligned Movement (NAM), held a meeting with Nepali diaspora community in Uganda.

After meeting the Nepali diaspora community, PM Dahal said that he was delighted to meet and interact with the Nepalis there, the PM's secretariat said.

On the occasion, the PM said the country cannot progress without addressing the issues of Nepalis living abroad. "I got an opportunity to know the sufferings of Nepalis living in African countries," the PM stated.

During the meeting, Minister for Foreign Affairs NP Saud urged the Nepali citizens residing in Uganda to work to uplift the nation's dignity adding that Nepalis in Uganda are serving themselves as the non-residential ambassadors of Nepal.

Chairman of Non-Resident Nepali Association (NRNA) Uganda chapter, Rama Aryal, said the Nepalis community in Uganda was elated to receive the PM there and experienced the PM's guardianship.

According to the patron of NRNA Uganda chapter Ramesh Kandel, around 350 Nepalis are working and residing in Uganda and contributing to the nation's development, construction and trade communities.  

PM Dahal's daughter Ganga Dahal, Foreign Affairs Minister Saud, PM's foreign affairs advisor Dr Rupak Sapkota, Foreign Secretary Sewa Lamsal and senior officials of the Nepal government were present on the occasion.

The NAM Summit is being held in Kampala, the capital city of Uganda, from today. PM Dahal is scheduled to address the Summit today itself that is being held under the theme, 'deepening global cooperation for shared global affluence'.

It is said the 19th Nam Summit is to dwell on the ministerial report, review implementation status of the 18th NAM Summit and pass Kampala Declaration.

Nepal is a founding member of the NAM and has been attending the NAM Summit actively since its establishment in 1961. Non-alignment is one of the fundamental foreign principles of Nepal.

Minister for Health and Population Mohan Bahadur Basnet has pledged to summon the senate meeting of the BP Koirala Institute of Health Sciences (BPKIHS) to address the recent challenges the Institute has been facing.

Minister Basnet said this during a meeting with a delegation from Dharan at the Ministry of Health and Population on Thursday.

On the occasion, Minister Basnet has agreed to prepare a proposal to submit at the governing council by immediately holding a meeting of the executive committee regarding the promotion of Institute's teachers and officials. Likewise, agreement has been made to summon the special meeting of the governing council.

Minister Basnet said that the senate meeting will address the issues of promotion of teachers and officials and added that he was highly sensitive to the issues of the Institute.

Minister Basnet shared that he held a joint meeting with Prime Minister Pushpa Kamal Dahal, Nepali Congress President Sher Bahadur Deuba and Chief Secretary Baikuntha Aryal to address the issues of the Institute.

He said that Chief Secretary Aryal has been entrusted to do necessary homework to address the demands of the agitating sides of the Institute.

The delegation from Dharan included former minister Min Bishwakarma, province assembly member Bijaya Rai, CPN (Unified Socialist) central committee member Jiban Rai and others.

The Education, Health and Information Technology Committee under the House of Representatives has directed the government to submit all the documents related to Mobile Device Management System (MDMS) and Telecommunication Traffic Monitoring and Fraud Control System (Teramocs).

A meeting of the committee held today directed the Ministry of Communications and Information Technology to submit to it the papers related to policy decision, purchase process, payment and rationale of implementation concerning MDMS and Teramocs from the start.

It also decided to ask for the ministry-level investigation report on these topics and the court decisions related to the same and to take further decisions on the basis of consultations with experts.

The committee's decision comes after discussions it held with Minister for Communications and Information Technology Rekha Sharma, Ministry Secretary Ram Krishna Subedi, among other officials of the Ministry today.

In the meeting, Minister Sharma shared that the Ministry is studying the policy decisions made by the previous governments and the works carried out by the implementing bodies.

She said the Ministry will cooperate in the investigations to be carried out by the authorized agency into the topic of any said irregularities in the implementation of these systems.

Most of the commercial banks in the country have reduced interest rate on deposits for the month of Magh (mid-January to mid-February). 

Eighteen out of the 20 commercial banks have lowered interest rates on individual fixed deposits as the banking system grapples with excess liquidity. The credit expansion of commercial banks has consistently lagged behind deposit growth in recent months.

Banks, which are sitting on a substantial amount of loanable funds amid slow credit expansion, have adopted a strategy of lowering the cost of funds by reducing interest rates on deposits.

Class ‘A’ banks, which previously had a gentleman’s agreement on fixing interest rates collectively, have broken the ‘cartel’ and have been publishing rates individually since the beginning of the fiscal year 2023/24 in mid-July last year.

The Nepal Rastra Bank (NRB) requires commercial banks to maintain a maximum difference of five percentage points between the lowest rate on savings and the highest interest rate offered on individual fixed deposits. Similarly, banks cannot change interest rates by more than 10 percent compared to the previous month.

Out of the 20 commercial banks in the country, Everest Bank Ltd and NMB Bank Ltd have kept the interest rates on personal fixed deposits unchanged at eight percent and nine percent, respectively, compared to the previous month. Consumers of NMB, however, can get nine percent interest rate only on fixed deposit schemes of more than three years.

Citizens Bank International Ltd has offered the highest interest of 9.15 percent on individual fixed deposits this month. The bank had offered 9.35 percent interest on individual fixed deposits in the previous month.

Nepal Investment Mega Bank Ltd is offering 8.6 percent interest on individual fixed deposits of more than three years. Nepal SBI is offering 8.25 percent interest on individual fixed deposits, while both Himalayan Bank Ltd and Sanima Bank Ltd are offering 8.15 percent.

Prime Commercial Bank, Siddhartha Bank Ltd, Global IME Bank, and Nabil Bank Ltd are all offering 8.1 percent interest on individual fixed deposits.

Rastriya Banijya Bank Ltd (RBBL) and Standard Chartered Bank Nepal Ltd are offering 8.07 percent interest on individual fixed deposits for the month of Magh. RBBL is offering 8.07 percent interest rates on deposits parked for a minimum of two years, while Standard Chartered is offering the interest on deposits pledged for more than five years.

Prabhu Bank Ltd and NIC Asia are both offering an interest rate of 8.065 percent on individual fixed deposits. Likewise, Machhapuchhre Bank Ltd, Laxmi Sunrise Bank Ltd, and Nepal Bank are all offering eight percent interest on individual fixed deposits.

The Nepal Stock Exchange (NEPSE) plunged by -7. 24 points to close at 2, 155.82 points on Thursday.

Similarly, the sensitive index dropped by -2. 68 points to close at 393. 62 points.

A total of 21,125,776-unit shares of 298 companies were traded for Rs 8. 17 billion.

Meanwhile, Ridi Power Company Limited, Synergy Power Development Ltd, Mahuli Laghubitta Bittiya Sanstha Limited and Ganapati Laghubitta Bittiya Sanstha Limited were the top gainers today with their price surging by 10. 00 percent.

Likewise, Terhathum Power Company Limited was the top loser as its price fell by 9. 43 percent.

At the end of the day, the total market capitalization stood at Rs 3. 38 trillion.

Deputy Prime Minister and Home Affairs Minister, Narayan Kaji Shrestha, has emphasized that hydroelectricity is the major means for reducing trade deficit and taking the country ahead towards prosperity, and the government has kept it in main priority.

Addressing a program organized on the occasion of the 24th anniversary of the Independent Power Producers' Association, Nepal (IPPAN) here today, he said the country's energy sector can take a leap only through a meaningful initiative of the government and the private sector.

DPM Shrestha stressed on the need of increasing the consumption of energy within the country, stating that the government is effortful in reducing the trade deficit by selling the surplus power. Reiterating that the government is committed to creating an environment conducive for investment in the energy sector, he said the present government is active in realizing the desire of Nepali people for economic prosperity.

"Economic prosperity, social justice and good governance are the main priorities of the government," he said. Stating that the Investment Summit is being held in coming April, DPM Shrestha maintained the bodies concerned would be consulted for legal and structural improvements for bringing foreign investment in the energy sector.

According to him, although an agreement has been made to export 10,000 megawatts of electricity to India in 10 years, the topic of increasing the domestic consumption of power is the major priority.

Minister for Energy, Water Resources and Irrigation, Shakti Bahadur Basnet, said the private sector has a contribution of 60 percent in the energy sector of the country and the national motto of building a prosperous Nepal would be fulfilled only through partnership between the government and the private sector.

He reiterated that the government is committed to addressing the demands put forth by the private sector and it has moved ahead respecting the appropriate ones. The energy minister presented the data that the energy production has increased from 800 megawatts to 3,000 megawatts over the last decade and electricity has reached 98 percent of households.

He called for thinking in a new way from today alone for bridging the gap in energy production during the monsoon and the dry season, stressing on creation of an environment for speeding up the under-construction projects, keeping in priority the reservoir-based projects and for moving ahead the concept of energy mixture.

Minister Basnet maintained that the government has not seen the energy sector only as infrastructure, but also accepted it as the main basis for economic prosperity, urging the private sector to put in investment without any qualms.

"I draw your attention, why could not the works be carried out in a notable way even for more than 10 years after taking the production license? I call upon IPPAN for taking up responsible initiation on this," he said, urging the private sector to fulfill its responsibility. The energy minister assured the private sector not to worry much about the power purchase agreement issue, saying, "You come forward and you will do a certain amount of work. Come forward completing the works that need to be done from your side. The Ministry shall facilitate in creating a conducive environment for that. The government is ready to address the demands of the private sector."

IPPAN president Ganesh Karki said the country's energy sector is moving forward on a progress trajectory and urged the government to address the demands related to power purchase agreement and the like. He also called attention to the government for addressing the security challenges of the energy sector.

Chief Minister of Koshi Province, Kedar Karki, has urged the Non-Resident Nepalis to invest in Koshi Province.

At a mobile bus handover program organized here on Wednesday, CM Karki vowed that the provincial government would protect and promote investment in the province.

The mobile bus was handed over to Nepal Red Cross Society, Sunsari for blood collection. It was provided with the assistance of the NRN Association. "Here is a huge potential for investment. You can come and explore the uncharted territory, "he called NRNs, vowing protection of capital, labor and technology.

According to him, even NRNs have a vital role in the country's development. The government would not leave any stone unturned to create a favorable atmosphere for capital mobilization. Unity among the Nepalis living in the country and abroad is important for Nepal's development, he underlined.

CM Karki also thanked the NRNA for its assistance with a mobile bus.

On the occasion, NRN Association's Chairman Dr Badri KC said although they were living abroad, they continue extending utmost support to Nepal and Nepalis and help create investment.

Sunsari chapter Chairman of Nepal Red Cross Society, Umesh Thapa, expressed happiness over the assistance received from NRN.

President Ram Chandra Paudel has assigned Deputy Prime Minister and Home Minister Purna Bahadur Khadka to work as acting Prime Minister during the absence of Prime Minister Pushpa Kamal Dahal in office.

Issuing a press statement today, the President's Office informed that as PM Dahal left for Uganda leading a Nepali delegation to attend the 19th NAM summit being held in Kampala, Uganda early this morning, the President asked DPM Khadka to carry out responsibilities of PM Dahal.