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Rainfall is likely to occur in different parts of the country, including Kathmandu Valley today due to the influence of the western low-pressure system and the low-pressure system around Bihar state.

Meteorologist at the Weather Forecasting Division of the Department of Hydrology and Meteorology, Chiranjibi Bhetwal said the weather is partly cloudy throughout the country, including the Kathmandu Valley.

Rain is likely to occur in Koshi, Madhes, Bagmati and Gandaki Provinces this afternoon. There is a possibility of rain in Kathmandu after noon.

Some places in Koshi Province are currently receiving sporadic rainfall. According to the Division, the influence of the western low-pressure system will remain active till Friday and it will have an impact in most parts of the country.

Light to moderate rain is likely to occur at a few places of Koshi, Madhes and Bagmati Provinces. Light snowfall is likely to occur at one or two places of the high hilly and mountainous regions of Koshi, Bagmati and Gandaki provinces.

The Forecasting Division said there is a possibility of scattered rain accompanied by thunder and lightning at some places of the hilly regions of Koshi, Bagmati and Gandaki Provinces tonight.

The statement of Krishna Bahadur Mahara, Vice-Chairman of the CPN (Maoist Center), who was arrested in connection with the gold smuggling case, is being recorded today too.

According to the Kathmandu District Attorney Office, recording the statement of former Speaker Mahara, who was arrested from Pakadi of Kapilvastu on March 18, had started only on Wednesday.

Attorney Office Chief Sandesh Shrestha said recording of his statement has started since yesterday and will continue today as well.

The Kathmandu District Court had permitted the Central Investigation Bureau of Nepal Police to keep Mahara in custody for four days in the course of investigation into the gold scam.

He had been kept at Norvic Hospital for medication as per the court's permission.

CIB spokesperson Hobindra Bogati said the remand given to him for investigation will end today and it will be extended again if the statement recording and investigation is not completed.

Mahara's name has been linked to a Chinese national involved in smuggling 61 kg of gold in brake shoes and 9 kg gold brought in electronic cigarettes.

At that time, the CIB had released him only after recording his statement. Mahara's son Rahul was arrested in connection with the case earlier.

Rahul is currently in judicial custody.

International Cricket Council (ICC) President Greg Barclay paid a courtesy call on Prime Minister Pushpa Kamal Dahal on Wednesday, according to the Prime Minister's Secretariat.

During the meeting held at the Prime Minister's official residence in Baluwatar, they discussed potential avenues for the development of Nepal's cricket and other pertinent issues.

On the occasion, the Prime Minister acknowledged that the ICC President's Nepal visit highlighted ICC's priorities and significance to the Nepali cricket. He briefed Barclay that Nepal accords top priority to the construction of a cricket stadium and other required structures. 

"The U-19 Women's World Cup scheduled for 2027 is of paramount importance to the Nepal government. We eagerly anticipate invaluable support from the ICC towards realizing this goal," Prime Minister Dahal stated.

In response, ICC President Barclay pledged the ICC's commitment to supporting the development of cricket in Nepal.

Government Chief Secretary Dr Baikuntha Aryal and office-bearers from Cricket Association of Nepal were also present in the meeting.

Finance Minister Barshaman Pun has called on the Government of Russia to invest in Nepal's hydropower generation and chemical fertilizer manufacturing.

He said so during a meeting with Russia's Ambassador to Nepal, Aleksei Novikov, who visited the minister to congratulate him on his recent appointment to the post, according to the Minister's Secretariat. 

"We have guaranteed an international market for consumption of power generated in the country. Nepal's hydropower sector is a suitable area for investment for the international community," the minister said, sharing about the government policy to open a chemical fertilizer factory within the country. "If Russia is interested in investing in it, we are ready to enable an atmosphere towards this end," he said. 

Stating about the government's decision of hosting the Nepal Investment Summit on April 28-29, the minister urged the Russian ambassador to encourage more and more investors from his country to join the event.

In response, the ambassador welcomed the minister's proposal, pledging to talk with investors in Russia about the matter. He said that geopolitically, Nepal presents a highly potential and positive zone for Russian investment.

According to the ambassador, a delegation from the Russian Chamber of Commerce and Industry will be visiting Nepal on Thursday to assess potential areas for investment through the Nepal Investment Summit.

The delegation will engage in discussions with government officials, the representatives of Investment Board Nepal and the private sector.

In the meeting, the minister expressed concerns about the reports of enrollment of Nepali youths in the Russian Army sans a bilateral agreement, calling on the Russian government to facilitate the safe return of those Nepali recruited in the Russian military forces.

The minister also drew the attention of Russia to enable an atmosphere for sending the bodies of those Nepali reportedly killed in the Russia-Ukraine War to home, providing treatment facilities to the injured and compensations to the bereaved families.

According to the minister, the Ministry of Foreign Affairs has already made it clear that Nepal has no policy of sending its citizens to join the Russian Army, but Nepali citizens who reached there to join the army force through various channels. The matter is a grave concern of the Nepal Government and the Nepali citizens as well. "I, through you, urge the Russian government to enable an atmosphere for the safe arrival of Nepali who are in the Russian force to get back home."

In response, the ambassador clarified that the Nepal Government bears no responsibility for the recruitment of Nepali in the Russian army. He argued that neither has the Russian government compelled them for recruitment. According to him, Nepalis who reach there via illegal routes, including India and Dubai, do so voluntarily.

Furthermore, he informed the minister that despite Russia's efforts to repatriate all Nepali individuals in its military, there have been reports of reluctance among many Nepalis towards this idea.

He also shared with the minister about ongoing preparations on the part of the Russian government to negotiate the release of Nepali citizens held captive by Ukrainian forces through an exchange involving Ukrainian military personnel under the control of the Russian Army.

The National Examinations Board (NEB) has completed all preparations for the Secondary Education Examinations (SEE).

Two thousand and fifty-seven exam centers have been determined throughout the country for this year's SEE, said Dr Mahashram Sharma, the NEB Chair.

An examination center has been set up in Japan this year also. The SEE will be conducted from March 28 to April 9.

According to him, around 500, 000 students will be appearing in the SEE across the country this year. The NEB has already printed 500, 000 sets of question papers for the examination.

Although 504, 414 students filled up the form for SEE, this number might decrease, it is said.

The NEB has already dispatched the question papers to the District Police Office of all 76 districts throughout the country.

The question papers will be sent to the examination centers a day before the exams.

The Nepal Stock Exchange (NEPSE) plunged by 3. 34 points to close at 2,063. 95 points on Wednesday.

Similarly, the sensitive index dropped by 0. 36 points to close at 368. 03 points.

A total of 9,445,697-unit shares of 305 companies were traded for Rs 3. 49 billion.

Meanwhile, Gurkhas Finance Ltd. (GUFL) and Buddha Bhumi Nepal Hydropower Company Limited (BNHC) were the top gainers today with their price surging by 10. 00 percent. Likewise, Bottlers Nepal (Balaju) Limited (BNL) was the top loser with its price dropped by 9. 32 percent.

At the end of the day, the total market capitalization stood at Rs 3. 27 trillion.

The United Nations Development Program (UNDP) Nepal has launched the Insurance and Risk Finance Initiative for Nepal.

It is part of UNDP's global initiative, the Insurance and Risk Finance Facility (IRFF), which is being implemented in over thirty countries. This initiative seeks to prioritize financial resilience by tapping into the benefits of insurance and risk financing mechanisms, the UNDP Nepal stated in a press release.

During the launching event held on March19, the Country Diagnostic Report was unveiled by Dr Ram Prasad Ghimire, Revenue Secretary of the Ministry of Finance (MoF), Anil Pokhrel, Chief Executive Officer of the National Disaster Risk Reduction and Management Authority (NDRRMA), and UNDP's Resident Representative, Ms. Ayshanie Medagangoda-Labé.

The Report states that Nepal's disaster landscape is impacted by earthquakes, floods, landslides, and droughts, which collectively have caused almost USD 7 billion in damages from 1980 to 2020. These disasters have affected the country's capacity to build financial resilience in the face of looming disasters.

The Government of Nepal has spent Rs 50 billion (0.4 billion USD) between 2012 and 2020 in disaster response and recovery. The expenditure data indicates that this is not financially sustainable in the long run, which demands the development of risk transfer solutions.

The diagnostic highlighted that Nepal is one of the top 10 countries most affected by climate change and is highly vulnerable to floods, landslides, earthquakes, and droughts. The report also showcases that the Government of Nepal is committed to fostering the insurance industry's ability to provide accessible and affordable insurance products, as evidenced by recent legal updates such as the Insurance Act 2079, which contains several microinsurance provisions.

While credit-life microinsurance and agriculture insurance offer financial protection to low-income and vulnerable Nepali households, the overall inclusive insurance market is still lagging due to low awareness about insurance and data gaps that prevent insurance companies from offering products that meet the needs of customers.

Dr Ram Prasad Ghimire, Revenue Secretary at MoF, reiterated the government's commitment to delivering risk finance solutions, mentioning that the government has already initiated the development of a Risk Management Framework.

Anil Pokharel, CEO of NDRRMA, highlighted the importance of collaboration between the government, development partners, and the private sector to address increasingly frequent and complex climate and disaster risks.

Meanwhile, Ayshanie Medagangoda-Labé, UNDP Resident Representative, stated, "Insurance and risk financing are among the solutions that can contribute to strengthening a comprehensive risk management approach for any country and community. We need to tap into the insurance market opportunities, leaving no one behind."

The Initiative will work closely with government partners such as the Ministry of Finance, Nepal Insurance Authority and National Disaster Risk Reduction and Management Authority to improve the legal and regulatory environment for insurance to be better incorporated in risk management priorities and actions.

It will also work with the insurance industry to identify the financial protection, needs of vulnerable groups such as women, farmers and businesses and facilitate the offer of customer-centric insurance products. UNDP will work more broadly with other development actors also pushing for financial resilience to further advocate and make the case for insurance as a key ingredient in managing shocks and fast-tracking recovery.

The Cricket Association of Nepal (CAN) on Wednesday announced a team for the Friendship Cup to be held in India and to play against Ireland 'A' in home ground. 

The 15-member Nepali cricket squad will play under the captaincy of Rohit Kumar Poudel. Besides skipper Poudel, the team comprises Ashif Shekh, Kushal Bhurtel, Dipendra Singh Airee, Kushal Malla, Bibek Yadav, Sandip Jora, Anil Shah, Karan KC, Sompal Kami, Gulshan Jha, Lalit Narayan Rajbanshi, Pratis GC, Avinash Bohra and Akash Chand.

Nepal will play a T-20 match against Ireland at the TU Cricket Ground at Kirtipur on March 25 and 26. After this, the Nepali team will leave for India.

Nepal will take on Gujarat in its first match in India on March 31 and it will play against Baroda in the second match on April 2. Similarly, Nepal will meet Gujarat in its third match on April 3. Nepal will compete with Baroda in the last game of the series on April 5.

The two winning teams will play the final match after playing two matches against each other in the league stage. The final will take place on April 7.