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The government has announced that it will resolve the problems of 500,000 landless people.

Presenting the government’s policies and programs, President Ram Chandra Paudel said that the problems of 500, 000 squatters will be resolved in the coming fiscal year.

The Nepal Stock Exchange (NEPSE) gained 28.62 points to close at 2,027.51 points on Tuesday.

Similarly, the sensitive index surged by 3.60 points to close at 360. 26 points.

A total of 9,855,285-unit shares of 320 companies were traded for Rs 4. 08 billion.

Meanwhile, Samaj Laghubittya Bittiya Sanstha Limited (SAMAJ), Upakar Laghubitta Bittiya Sanstha Limited (ULBSL) and Unique Nepal Laghubitta Bittiya Sanstha Limited (UNLB) were the top gainers today, with their price surging by 10. 00 percent.

Likewise, Himalaya Urja Bikas Company Limited (HURJA) was the top loser as its price fell by 4.64 percent.

At the end of the day, total market capitalization stood at Rs 3. 21 trillion.

The preliminary estimate for the reconstruction of structures damaged due to the three earthquakes that occurred at various times is Rs 63.58 billion.

The preliminary damage assessment conducted by the National Disaster Risk Reduction and Management Authority (NDRRMA) determined the damage worth approximately Rs 58 billion and the reconstruction is estimated to cost over Rs 63.5 billion.

Chief of NDRRMA, Policy, Planning and Monitoring Division, Bharat Mani Pandey said the required process for the reconstruction has been moved ahead after carrying out the preliminary study.

An earthquake measuring 6.4 on the Richter scale struck Jajarkot on November 3, 2023. One hundred and fifty-four people were killed and 366 others injured in this disaster. A temblor measuring 5.3 on the Richter scale hit Bajhang on October 3, 2023, killing one person and injuring 30. Before this, an earthquake with a magnitude of 6.6 on the Richter scale occurred in Doti on November 8, 2022, resulting in the death of six people and injuries to eight others.

These three earthquakes damaged 95,787 houses, as per the NDRRMA data. The damage to this many houses is estimated to be worth Rs 43.39 billion. Apart from this, 204 school buildings, 70 government and public buildings, 11 cultural heritages, nearly 200 kilometers of road and 121 irrigation projects were damaged due to the earthquakes.

The Jajarkot earthquake caused the largest extent of human and property damage. More than 86, 000 houses were damaged in this disaster alone.

The NDRRMA preliminary assessment estimated the total cost of Rs 63.58 billion for the reconstruction of different sectors- Rs 52.46 billion for the reconstruction of private houses, government buildings, and health, education and cultural buildings, Rs 7.18 billion for the reconstruction of other infrastructure sectors and Rs 1.73 billion for the enterprises sector. 

Necessary process for the reconstruction is being forwarded on this basis. A decision was already taken to ask for consent of the Finance Ministry for necessary budget for this purpose after approving the concept of detailed damage assessment to carry out retrofitting, reconstruction and resettlement of quake-damaged private and public building and other physical infrastructures in Jajarkot, Bajhang and Doti. 

NDRRMA Executive Chef Anil Pokharel shared that reconstruction activities would be forwarded as the Disaster Risk Reduction and Management Executive Committee chaired by Home Minister had already approved the 'Retrofitting, Reconstruction and Resettlement Grant Procedure for Private Houses of Disaster Affected, 2081'.

This time, the beneficiaries would be categorized as 'A', 'B' and 'C' and housing reconstruction activities would be forwarded.

Much responsibility has been given to the local levels in the procedure. The local-level would keep a preliminary record of the losses. The Local Disaster Risk Reduction and Management Committee would identify the beneficiaries by reviewing the details received from local levels. Thereafter, an agreement would be reached between beneficiaries and ward chairperson.

A procedure has been prepared to complete reconstruction within two years after signing the agreement.

Nepal’s legal and institutional reforms under fiscal federalism and public financial management at the provincial and local levels have continued but at a moderate pace, says the World Bank’s Nepal Fiscal Federalism Update 2024.

A reduction of available financial resources in fiscal year 2023 for provincial and local governments, mainly due to a decrease in federal revenue, led to the first fiscal deficit at the subnational level since the outset of fiscal federalism in 2017.

To enhance the outcomes of fiscal federalism and public financial management including improved revenue generation for all three tiers of government, the Fiscal Federalism Coordination Division at the Ministry of Finance was designated to coordinate public financial management reform efforts and the preparation and implementation of a Fiscal Federalism Roadmap.

This report provides a comprehensive review of the progress of fiscal federalism in Nepal. The recommendations are well aligned with our national-level vision on smoothing the fiscal transfers to help subnational governments carry out their responsibilities effectively. The report also informs and supports our ongoing efforts to clarify responsibilities among the three tiers of government and advance fiscal federalism,” said Dr Baikuntha Aryal, Chief Secretary.

Building on the first edition of the Nepal Fiscal Federalism Update, the 2024 edition explores in-depth the key pillars of fiscal federalism in Nepal: Revenue Assignment and Administration; Expenditure Assignment and Administration; Inter-Governmental Fiscal Transfers; Borrowing and Capital Finance; and Fiscal Revenue from Natural Resources. It recommends specific measures to upgrade the Inter-Governmental Fiscal Transfer system and establish a consolidated public financial management performance database that includes data from the subnational levels to enhance evidence-based decision making and transparency.

“The report highlights the need to upgrade institutional arrangements for the Intergovernmental Fiscal Transfers system to make the transfers more needs-based and timely, and to increase the fiscal autonomy of provincial and local governments, in order to improve fiscal federalism outcomes,” said Balananda Paudel, Chairman of the National Natural Resources and Fiscal Commission. The report also recommends strengthening provincial and local-level institutional arrangements for fiscal federalism and public financial management operations, including actions to improve budget credibility to improve delivery of services by subnational governments.

“Fiscal Federalism is a foundation for sustained service delivery by provincial and local governments. They need adequate financial resources and the ability to make spending decisions at the subnational level, in the spirit of federalism and the Constitution,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka. “The World Bank is committed to supporting the Government of Nepal, in close collaboration with other development partners, to further solidify fiscal federalism in Nepal.”

The Cabinet on Tuesday endorsed the annual policies and programs for the fiscal year 2024/25.

A Cabinet meeting held this morning endorsed the government’s policies and programs.

After the meeting, government spokesperson and Minister for Communications and Information Technology Rekha Sharma informed that the policies and programs have been endorsed.

President Ram Chandra Paudel is scheduled to present the government’s policies and programs at 3 pm today.

The price of gold has dropped by Rs 700 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 137, 400 per tola today. It was traded at Rs 138, 100 per tola on Monday.

Similarly, tejabi gold is being traded at Rs 136, 750 per tola. It was traded at Rs 137, 450 per tola.

Meanwhile, the silver is being traded at Rs 1,740 per tola today.

The main opposition Nepali Congress (NC) has decided to  allow the government to present policies and programs for the upcoming fiscal year in the federal Parliament today.

The main opposition party had been obstructing the proceedings of the House of Representatives before this calling for forming a parliamentary committee for conducting impartial investigation into the cooperative scandal.

A meeting of the Nepali Congress Parliamentary Party today decided to allow President Ram Chandra Paudel to present the government's policies and programs for the next fiscal year in the joint meeting of the federal Parliament today, the NC Chief Whip Ramesh Lekhak said.

President Paudel is scheduled to present the policies and programs in the federal Parliament's joint meeting at 3 pm today.

The NC has, however, stated that it will not allow running the Parliament proceedings in the discussions following the agenda of presenting the policies and programs until the parliamentary investigation committee is formed. 

The Nepali Congress has been demanding formation of a parliamentary committee to investigate fraud charges against Deputy Prime Minister and Home Minister Rabi Lamichhane.

Prime Minister Pushpa Kamal Dahal urged the main opposition Nepali Congress not to obstruct the Parliament while presenting the government’s policies and programs for the financial year 2024/25.

During a meeting held in Baluwatar this morning, the Prime Minister urged the Nepali Congress leaders not to create obstruction while the President is presenting the policies and programs of the government for the financial year 2024/25 in the joint meeting of the federal Parliament today, Congress Chief Whip Ramesh Lekhak informed.

General Secretary Gagan Thapa and Chief Whip Lekhak among other leaders were present in the meeting.

Prime Minister Dahal urged the Nepali Congress leaders to adopt flexibility saying it would send a wrong message if they obstruct the Parliament when the President is presenting the policies and programs.

On the occasion, the Prime Minister said that he is committed to resolving the cooperative problems.

In response, the Congress leaders said that they would decide on how to move ahead after the Parliamentary Party meeting.

The NC has been obstructing the Parliament demanding formation of a parliamentary probe committee to investigate charges against Deputy Prime Minister and Home Minister Rabi Lamichhane.