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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.

Russian citizens residing or visiting Nepal will have the opportunity to vote in the upcoming Russian presidential election, scheduled from March 15 to 17. The Russian Embassy in Nepal has confirmed that polling stations will be set up in Pokhara and Kathmandu to facilitate voting.

Alexander Ivasev, the representative of the Russian Embassy overseeing the polling stations in Pokhara and Kathmandu, assured that the voting process would be accessible for Russian citizens in Nepal.

Polling will take place in Pokhara on March 15 and in Kathmandu on March 17, accommodating both residents and tourists. This arrangement aims to ensure that Russian nationals, including approximately 200 permanent residents in Nepal, can participate in the election. The polling station in Pokhara will be located at Hotel Barahi, while the one in Kathmandu will be at the embassy.

Voting hours in Pokhara will be from 8 am to 12 pm, and voters must present their passports to cast their votes.

The election features four candidates, including the incumbent president, Vladimir Putin, who is running as an independent candidate for a fifth term. Other candidates include Vladislav Davankot of the New People’s Party, Leonid Slutsky of the Nationalist Liberal Democratic Party, and Nikolai Kharitolov of the Communist Party.

President Ram Chandra Paudel has relieved the province chiefs of three provinces of their positions.

The President relieved Hari Shankar Mishra, Chief of Madhes Province, Prithviman Gurung, Chief of Gandaki Province, and Devraj Joshi, Chief of Sudurpaschim Province, of their posts in accordance with Article 165 (1) of the Constitution of Nepal and on the recommendation of the Council of Ministers on March 11, the Office of the President stated in a statement issued today.

Sagar Guvaju achieved an impressive feat by clinching the gold medal at the ‘National Capital Open Taekwondo Championship’ held on March 9 in Virginia State, USA. Facing formidable opponents, Guvaju displayed exceptional skill and determination throughout the competition.

The journey to the gold medal was not an easy one for Guvaju, as he engaged in intense battles with three talented athletes. In the quarterfinals, he emerged victorious against a skilled competitor from Korea. Undeterred, Guvaju continued his winning streak in the semifinals and finals, triumphing over athletes hailing from different states in the USA.

Notably, Sanjiv Nepali also made a significant impact by securing the gold medal in the Poomsae Category Under 40. Recognized for his outstanding performance, Nepali was bestowed with the prestigious title of ‘Everest World Class Taekwondo’. Both Guvaju and Nepali have solidified their positions as state champions and have earned the privilege of representing their skills at the upcoming USA National Championships.

The championship attracted a diverse and competitive field, with over 500 athletes participating from various corners of the globe. The sheer scale of the event underscores the significance of Guvaju and Nepali’s achievements, highlighting their prowess on an international stage. 

As they look forward to the USA National Championships, these taekwondo champions carry the pride of their victories and the responsibility of showcasing their skills at a higher level of competition.

Prime Minister Pushpa Kamal Dahal on Wednesday secured a vote of confidence in the House of Representatives.

Dahal received 157 votes while 110 lawmakers voted against the motion.

A total of 268 lawmakers were present in today's meeting. A lawmaker stayed neutral.

Prime Minister Dahal sought the vote of confidence in accordance with Article 100 (920) of the Constitution.

Prime Minister Dahal, who is also the chairman of CPN (Maoist Center), received a vote of confidence from the CPN-UML, CPN (Maoist Center), Rastriya Swatantra Party, Janata Samajbadi Party, CPN (Unified Socialist), Nagarik Unmukti Party and three independent lawmakers.

The Nepali Congress, Rastriya Prajatantra Party, Loktantrik Samajbadi Party and Janamat Party voted against Dahal.

He received the vote of confidence for the third time today.

Dahal was elected the Prime Minister on 25 December 2022. He had taken the vote of confidence on January 10, 2023.

Out of the 270 lawmakers present in the Parliament, 268 gave a vote of confidence to PM Dahal. At the moment, all the parties, including Nepali Congress had given him a vote of confidence.

During the presidential election, the ruling coalition changed again.

CPN-UML, Rastriya Swatantra Party and Rastriya Prajatantra Party withdrew their support to the government. Prime Minister Dahal had again taken the vote of confidence on March 20, 2023, after the change of the ruling coalition.

He had secured 172 votes at the HoR.

In the HoR, UML has 78 lawmakers, Maoist Center 32, Rastriya Swatantra Party 21, Janata Samajbadi Party Nepal 12 and Unified Socialist 10.

The prime minister required at least 138 votes to win the trust motion.

Prime Minister Pushpa Kamal Dahal has called on all sides to stand at one place for resolving the problems facing the nation.

PM Dahal said this while addressing the House of Representatives prior to seeking a vote of confidence today. On the occasion, he stressed on the need of maintaining national unity for achieving the opportunities before the nation.

"I repeat here even amid various allegations that in my capacity as the Prime Minister, I am committed for consensus, collaboration and mutual trust, and not for negation, dishonor and retribution," said the PM, adding, "We all have ownership and share in the present power appropriation. The President is from the Nepali Congress background, the Vice President is from the Janata Samajbadi Party, the Speaker is from the CPN (UML) background, the National Assembly Chair is from the Maoist Centre background and the Deputy Speaker is from the Rastriya Swatantra Party background." 

Stating that he has a decisive role in this 'respectable' representation of all, Prime Minister Dahal said and he takes pride in this.

Parliament is not place for trading personal accusation: PM

PM Dahal said the sovereign parliament is not the proper place for exchange of personal accusation and counter-accusations.

"Although the reconstitution of the government is only a political process, some colleagues of the Nepali Congress made a non-political interpretation of this process and leveled personal slur and attacked me. I did not want to hit back at the allegations, but my principle was and is that this sovereign parliament is not an appropriate place for trading personal accusations and counter-accusations."

Stating that he wanted to put some views from his side in the House thinking that not denying the allegations that are in the parliament's record itself would send the wrong message, PM Dahal reminded that the Nepali Congress had at one time described him as a statesman from the rostrum of the Parliament.

Prime Minister Pushpa Kamal Dahal has said the country's economic indicators are on a positive trajectory due to the consistent efforts.

Making a statement prior to seeking a vote of confidence in the House of Representatives today, he said he has been continuously working since the beginning for improving the economy and made it clear that most of the economic indicators have improved in the latest situation.

"The balance of payment is in reserve by 297 billion and 720 million in the seven months' period of the current fiscal year. The foreign exchange reserve has increased by 19.9 percent and reached nearly equivalent to Rs 1 trillion and 845 billion," the PM said, adding that the trade deficit has reduced by 1.8 percent.

He further said the inflation has been limited to 5.1 percent in the seven months' period and the loan disbursement has increased by 4.7 percent.

"It is not that the government cannot interpret the existing economic condition as a big achievement, but the expected progress has not been made in the domestic production and employment generation. Similarly, capital expenditure has also not been increased as expected. It is necessary to give extra impetus to the projects of national pride and priority, to increase the capital expenditure and to further improve in public service delivery," the PM pointed out on the occasion.

He made it clear that making the administration mechanism efficient, removing the procedural obstacles and creating an environment conducive for fully harnessing the capacity of the private sector were his first priority.

'We are close to power trade agreement with Bangladesh'

Prime Minister Dahal announced on the occasion that a tri-nation electricity trade agreement would be signed for exporting up to 40 megawatts power from Nepal to Bangladesh. He asserted that Nepal has reached close to electricity trade not only with India but with Bangladesh as well.

"The door for electricity trade is opening towards China as well. This is also not a small achievement, but we need to carry out a great deal of work in electricity infrastructure development to achieve this possibility," the PM observed.

Stating that Nepal has now made its presence in the world forum on the concept of climate justice and equality, he recalled that the visit of the UN Secretary-General Antonio Guterres to Nepal and Nepal's presentation in the COP-28 held in Dubai, UAE have sent a new message to that connection.

"We have given the message that now Nepal will give leadership to the voice of mountain nations affected by climate crisis," he said, expressing that the list of government's achievement is not short, but these achievements were not adequate to fulfill the country's needs and possibilities.