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Former Prime Minister and CPN-UML Chairman Sharma Oli has said national interest could be served better with unity among all political parties.

All parties' unity counts for the country's territorial unity, independence and national interest.

Chairman Oli was speaking at a program organized to inaugurate the ward office building for Dodhara Chandani Municipality-6 of Kanchapur district.

"Unity is essential also for curbing corruption and taking action against those involved in financial sleaze," he underscored.

He argued that development activities could not move forward in absence of political concord. Oli further viewed the importance of public service is reflected on how effectively they are delivered to the people. "I take initiative to solve the problems facing the people here," the former Prime Minister vowed.

On the occasion, Mayor of Dodhara Chandani Municipality, Kishor Limbu, sought UML Chairman Oli's cooperation on resolving problems facing the local people.

"Mahakali River erosion is a severe problem here. Shuklaphanta Reserve creates obstruction on development activities," he said.

Meanwhile, Chairman Oli inspected the four-lane motorable bridge over the Mahakali River and the site where the dry port is proposed.

Norway's Ambassador to Nepal Torun Dramdal today paid a courtesy call on newly appointed Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha.

In the meeting held at the Ministry, matters relating to strengthening the bilateral relations and mutual interests between the two countries were discussed, according to Ministry Spokesperson Amrit Bahadur Rai.

On the occasion, the two also exchanged views on the enhancement of Norway's support to Nepal.

Similarly, Pakistan's Ambassador to Nepal Abrar H Hashmi and Saudi Arabia's Ambassador to Nepal Saad Nasser Abdullah Abu Haimed called on Minister Shrestha.

Both ambassadors wished the Minister a successful tenure, it has been learnt.

Death toll in Udayapur jeep accident has reached eight.

Taksar (Bhojpur), March 14: All those eight people killed in a jeep accident at Mainamaini of Belaka-7, Udayapur district, have been identified.

The jeep (Ko 1 Ja 2593) heading towards Dakshin Ghoretar of Bhojpur from Dharan met with an accident at Mainamaini of Belaka-7, Udayapur district at around 10:30 am today.

Police said the jeep fell some 300 meters down the road.

Seven died on the spot while one breathed his last during the course of treatment at the Dharan-based BP Koirala Institute of Health Sciences.

Police suspected that the accident might have occurred on the slope as the jeep was carrying more passengers than its capacity, the District Police Office, Bhojpur said.

The deceased have been identified as jeep driver Man Bahadur Basnet (40) of Itahari-9 in Sunsari, Maya Rai (70) of Parbat,  Chandra Prakash Rai (23) and six-month-old  child Bisang Chamling of Hatuwagadhi Rural Municipality-2, Bhojpur, Raj Kumari Rai (32) of Hatuwagadhi-5, Padam Bahadur Thapa (68), Kamala Adhikari (45) of Hatuwagadhi-9, and Kishan Rai (42) of Hatuwagadhi-5.

Among them, Kishan Rai died in the course of the treatment, Deputy Superintendent of Police, Sudip Raj Pathak said.

Seven more Nepalis serving in the Russian army died fighting Ukrainian forces. 

Issuing a press statement today, the Ministry of Foreign Affairs said those killed in Russia include Purna Bahadur from Dhading, Nabin Shahi from Jajarkot, Padam Bahadur Ghimire from Udayapur, Ganga Ram Adhikari from Jhapa and Jit Bahadur BK from Baglung. The two others are Sanjaya KC from Banke and Sundar Moktan from Rasuwa. The MoFA has not shared further details about the deceased ones.

The Ministry has reiterated Nepal's policy not to allow Nepali citizens for their recruitment in foreign countries' armies except for some friendly countries under the traditionally existing agreement.    

The Ministry has also reminded Nepalis of taking No Objection Certificate (NOC) to travel to Russia except for government officials, Russian scholarship holders and those involved in professions and businesses.

Likewise, the Ministry said the government has continued its diplomatic efforts with top priority to repatriate Nepalis recruited in the Russian army.

"The Russian government has been requested again for the repatriation of Nepalis working there and to ensure treatment to those injured, and provide compensation to the families of Nepalis who lost their lives while serving the Russian army," says the MoFA.

Prime Minister Pushpa Kamal Dahal has underlined the need of a comprehensive strategy to address complex challenges of climate change, health and social justice.

In his address to an inaugural session of the South and Southeast Asia Regional Conference on Connecting the Dots between Climate Change, Health, and Equity here today, the Prime Minister highlighted the need for a unified and comprehensive approach to addressing these pressing issues.

"While acknowledging the significance of this monumental event, the Government of Nepal sees it as a crucial step forward in our journey towards a future characterized by justice, sustainability, and fairness," he said.

He further added that the challenges posed by climate change are immense, touching every corner of our planet, impacting our societies, health systems, and the natural environment.

"The trumpet call from climate scientists is clear and urgent: we must significantly reduce greenhouse gas emissions to avoid surpassing the critical threshold of 1.5° Celsius. This is especially vital for nations like ours, with our beautiful yet vulnerable mountainous landscapes and as a Least Developed Country (LDC), where the consequences of climate change are not just abstract statistics but harsh realities,'' he said.

"The scientists have explicitly said that the emission of greenhouse gasses should be significantly reduced to maintain the temperature limit of 1.5 degree Celsius. Not only the harsh reality of climate change, but also its consequences are significant especially for least developed and mountainous countries like ours," he said.

Noting that landslides, floods, wildfires, glacial lake outburst and drought are becoming more frequent and deadlier, PM Dahal said, "Such disasters have impacted the most vulnerable populations. The poor, women, children and indigenous nationalities have been impacted of all."

The Prime Minister, referring to the latest reports, said that one-third of the global natural resources, including in the Himalayan range, have been lost and these loss and damage have not only put at risk the biodiversity but also the livelihood of billions of people living in the coastal areas.

Recalling that he has voiced in the international forums from the COP-28 held in Dubai to the 78th General Assembly of the United Nations on various challenges the least developed nations are facing due to climate change, he called on the developed economies to support the least developed and vulnerable countries by means of the urgently needed resources and technologies.

The price of gold has increased by Rs 800 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 125, 800 per tola today. It was traded at Rs 125, 000 per tola on Wednesday.

Similarly, tejabi gold is being traded at Rs 125, 200 per tola. It was traded at Rs 124, 400 per tola.

Meanwhile, the price of silver has increased by Rs 50 and is being traded at Rs 1, 515 per tola today.

Three Nepalis, who have reached Kuwait for foreign employment, died in a road accident on Tuesday.

The deceased have been identified as Sujan Karki of Sano Bharyang, Nagarjun-2, Kathmandu, Surat Bahadur Kadayat of Layati Panchadewal Binayak-5, Achham and Dhiraj Gurmachan of Bengadawar-3, Dhanusha.

They were heading towards the workplace from the room of Kadayat when a local vehicle hit them while crossing the road in Mahabulla area of ​​Kuwait., it has been learnt.

They had been working at the Papasan Company in Kuwait.

Following the incident, police have taken the driver under control and kept the bodies of the deceased at the Farwaniya Hospital for postmortem.

The Nepali Embassy in Kuwait said that efforts are being made to send the bodies to Nepal.

The latest macroeconomic data indicates that the economy has not been able to come out of recession. Experts also say that although the external sector looks strong, economic indicators show that the country’s internal sector is weakening.

The Macroeconomic Situation Report of the first seven months of the fiscal year 2023/24 released by the Nepal Rastra Bank (NRB) shows remittances inflow has remained the mainstay of the economy’s external sector. Like in the past fiscal year, remittances inflow is increasing significantly in the current fiscal year. Because of this, the current account and balance of payments are in a surplus situation and have helped increase liquidity, create domestic demand, and reduce pressure on bank interest rates. BoP surplus, however, is due to a drop in imports and rising remittances flow.

NRB data shows the current account and balance of payments are both in surplus, amounting to Rs 161.69bn and Rs 297.72bn, respectively, over the first seven months of the current fiscal year. In the same period of the last year, the current account was in a deficit by Rs 40.16bn, while the balance of payments was in a surplus of Rs 128.55bn.

Foreign exchange reserves have improved to Rs 1,844.94bn at the end of the seventh month. This is sufficient to cover merchandise imports for 14.7 months and merchandise and service imports for 12.3 months, according to the report.

Imports during the first seven months were down by 1.8 percent, while exports have fallen by 7.1 percent.

Former executive director of NRB, Nara Bahadur Thapa, said the balance of payments wouldn't be in such surplus had imports picked up. “Foreign exchange reserves would have also gone down, and inter-bank rates also wouldn’t have gone below three percent,” Thapa added.

A drop in interest rates hints at recession, according to Thapa. “Imports have fallen due to a drop in domestic demand as many people are moving out of the country due to recession. This does not bode well for the country.”

Thapa suggested that the government come up with programs to increase domestic demand. “The government should be able to spend its capital budget and clear its outstanding dues,” he said.

Since domestic demand is not rising and demand for loans is not picking up, banks and financial institutions are awash with loanable funds.

Economic Dr Chandra Mani Adhiakri argues that although the external sector has improved, this will not be sustainable. “Our external sector is looking good as remittances inflow is rising. This has also improved our foreign currency reserves,” Dr Adhikari said. “But we cannot say our economic situation has improved based on this data. It shows a gap in our economy as domestic investment is not increasing. Also, exports are down by seven percent.”

Nepal’s net service income is at a deficit of Rs 37.26bn over the first seven months of 2023/24. Nepal’s income from the tourism sector was Rs 45.4bn in the review period, while Nepalis traveling abroad have taken with them foreign currency worth Rs 104.75bn, including Rs 66.64bn to fund higher education alone. Higher education expenses in the same period of the previous fiscal year were Rs 43.74bn.

The government’s revenue, which fell by 16.1 percent in the first seven months of 2022/23, has increased by 10.2 percent in the review period of the current fiscal year. However, the government has been able to mobilize only 44 percent of its revenue target in the seven months of 2023/24. Dr Adhikari said the government might have to borrow to bridge the revenue shortfall. “Also, capital expenditure hasn't gone above 25 percent even though recurrent expenditure has already gone above 50 percent. Such dismal spending will not stimulate private sector spending,” he added.

While banks and financial institutions have seen their deposits go up by 7 percent in the review period, their credit expansion has seen a slower growth of 4.1 percent.

Inflation, however, is gradually moderating. NRB data shows consumer price inflation came down to 5.01 percent in the seven months. While prices of lentils and cereals, dairy products, food products, and vegetables have gone up, the price of oil and ghee has come down by 12.33 percent. There, however, are risks of fuel and food prices fluctuating due to conflict in Ukraine-Russia and West Asia.