Submit your Article

Nepali Congress President and former Prime Minister Sher Bahadur Deuba has pointed out the need to strengthen the federal democratic republic in practice.

On the occasion of the ninth memorial day of former Prime Minister and member of the Constituent Assembly, Surya Bahadur Thapa, in a programme organized by the Surya Bahadur Thapa Foundation here today, he said that the current system should be made more acceptable adding that there was no chances of restoration of monarchy.

Former Prime Minister Deuba also clarified that it is impossible to restore the monarchy in the current situation. He said, 'Now Nepal has adopted federal democratic republican governance system.

However, some people have said that the king should be returned, but now it is impossible to restore the king. Therefore, the current system should be strengthened more in practice. 'There is room to improve the deficiencies in the constitution' Deuba said. He recalled the role of Surya Bahadur Thapa in bringing the current political system in the country.

Addressing the program, Rastriya Prajatantra Party leader, Dr. Prakash Chandra Lohoni, said that late Thapa was a skilled politician and a multifaceted personality. He also opined that all political forces should unite to give the country the right direction in the present situation. Central member of Nepali Congress Arjun Narsingh KC said that late Thapa has made a significant contribution in the political and administrative field in the country.

Central member of Nepali Congress, Sunil Bahadur Thapa said that late Thapa himself has made an important contribution in bringing the current political system and stressed that he should move forward by imbibing the example he adopted. Janata Samajwadi Party leader Pradeep Yadav recalled that Thapa, a politician with a simple life and high thoughts, repeatedly raised his voice for the rights of Madhesh and Madheshi people.

Former ambassador Surya Prasad Shrestha, senior advocate Krishna Prasad Bhandari, Prof. Lokraj Baral, registrar of Kathmandu University Prof. Dr. AchyutWagle and others discussed that late Thapa was a skilled politician.

Nepali Embassy in Israel has urged Nepalis living there to follow security protocols.

The Embassy issued a public notice after Iran launched a drone attack on Israel's Capital Tel Aviv among other regions this morning.

The Embassy also urged the Nepalis not to leave houses except in emergency cases and stay in the places where there are facilities of safe shelter.

Nepalis living there are worried after Iran launched a drone attack.

Most of Israel's schools, universities, malls and other commercial centers are closed.

Khem Kattel, who is working in Tel Aviv, said that the situation is not normal and the Nepali government should be ready to rescue Nepalis if need be.

According to him, various foreign embassies have already issued a public notice for their citizens to contact them immediately if they want to leave  Israel.

There are around 9, 000 people working in Israel.

The Nepal Stock Exchange (NEPSE) plunged by 2. 35 points to close at 2,023.35 points on Sunday.

The sensitive index, however, surged by 0. 91 points to close at 358. 20 points.

A total of 7,795,033-unit shares of 320 companies were traded for Rs 3. 06 billion.

Meanwhile, Shrijanshil Laghubitta Bittiya Sanstha Limited (SHLB)was the top gainer today with its price surging by 10. 00 percent. Likewise, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) was the top loser as its price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 20 trillion.

The Asian Development Bank (ADB) has projected that Nepal's economy is to grow by 3.6% (at market prices) in fiscal year 2024.

Releasing the Asian Development Outlook (ADO) April 2024, a flagship publication of the Asian Development Bank (ADB) by organising a press conference here today, it shared that Nepal's economy would go up from an estimated growth of 1.9% in fiscal year 2023.

ADB Country Director for Nepal, Arnaud Cauchois said, "A gradual relaxation of monetary policy coupled with improved consumer and investor confidence is expected to stimulate economic activity in 2024. Moreover, industry is projected to grow more rapidly than in fiscal year 2023 as capital spending by the government ramps up in the second half of the fiscal year, and as additional hydroelectricity power comes online by the end of fiscal year 2024."

Service sector growth would also likely accelerate as credit controls ease, interest rates further decrease, and tourism revenues expand. Agriculture growth may increase marginally from 2.7% in fiscal year 2023 to 2.8% as a record rice harvest is tempered by a shortfall in winter crops and other agricultural production, given the deficient rainfall this winter season, reads the press release issued by ADB.

The report projects annual average inflation to fall to 6.5% in fiscal year 2024 from 7.7% in fiscal year 2023 on subdued oil prices and a decline in inflation in India, Nepal's main import source.

"External risks remain relatively well contained. The current account deficit may fall again into deficit after registering a surplus in the first half of fiscal year 2024", clarified the ADB.

As per the ADO, as the trade deficit contracted by 4.7% year-on-year in the first 6 months of fiscal year 2024, and as workers' remittances expanded by 22.6% year-on-year, the current account recorded a surplus of $1.2 billion.

However, amid higher imports and stable remittance inflows in the remainder of the fiscal year, the 2024 current account deficit is forecast at 0.7% of gross domestic product.

Similarly, ADB Principal Economist for Nepal Jan Hansen shared, "Downside risks to the economic outlook in fiscal year 2024 may arise from a downturn in the global economy affecting Nepal's tourism and remittance receipts."

"Any intensified geopolitical turmoil could disrupt supply chains, pushing up global inflation and tightening global financial conditions. This may lead to a tightening of domestic monetary policy, undermining investment and consumption, and dragging down growth", reads the press release.

He expressed commitment to provide possible support in favour of prosperous and inclusive Nepal.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members-49 from the region. 

Gandaki Province Chief Minister Khagraj Adhikari has decided to add two ministries.

He has decided to separate the Ministry of Health from the Ministry of Social Development and Health and Ministry of Internal Affairs from the Chief Minister's Office.

The Chief Minister has decided to add the ministries to divide with the coalition partners.

The Gandaki Province which had seven ministries earlier will now have nine ministries.

Earlier on Wednesday, the Supreme Court had issued an interim order in the name of  Chief Minister Adhikari not to take a decision that would have long-term effects.

A single bench of Justice Binod Sharma issued such a directive responding to a writ petition filed by outgoing Chief Minister Surendra Raj Pandey.

Prime Minister Pushpa Kamal Dahal has directed Home Minister Rabi Lamichhane and Finance Minister Barshaman Pun not to threaten businessperson.

Finance Minister Pun revealed that Prime Minister Dahal called him and Home Minister Lamichhane and gave such an instruction.

During an interaction organized on the occasion of 58th annual general meeting of the Federation of Nepalese Chambers of Commerce and Industry, Minister Pun had urged the businessperson to do business with confidence by paying taxes to the government.

He said that after the reshuffle of the Cabinet, the Prime Minister had called him and Home Minister Lamichhane together for the first time and issued a directive not to threaten the private sector without any reason.

During the meeting, the Prime Minister said that there is no one above the law in the democratic country, 

Bimala Ghimire of the CPN-UML has been elected as the vice-chairperson of the National Assembly.

Ghimire got 39 votes while Bishnu Devi Pudasaini was limited to 16 votes.  

After Ghimire got the majority, National Assembly Chairman Narayan Prasad Dahal announced that she was elected as the vice-chairperson of the National Assembly.

As many as 55 lawmakers took part in the election process.

Pudasaini was proposed by Durga Gurung of the Nepali Congress while Ghimire was proposed by Bhagwati Neupane.

The post had been vacant after National Assembly Vice-Chair Urmila Aryal tendered her resignation on March 28.

After the formation of a new political equation under the leadership of the UML, an agreement was reached among UML Chairman KP Sharma Oli, CPN (Maoist Center) Chairman Pushpa Kamal Dahal, Rastriya Swatantra Party President Rabi Lamichhane and Janata Samajbadi Party Chairman Upendra Yadav to give National Assembly chair to Maoist Center and vice-chair to UML.

As per the agreement, Narayan Prasad Dahal of the Maoist Center was elected as the National Assembly chair on March 12.

In the 59-member strong upper house, Maoist Center has 18 members, Congress 16, UML 10, CPN (Unified Socialist) eight, Janata Samajbadi Party three, Loktantrik Samajbadi Party one and Janamorcha has one lawmaker.  

Meanwhile, Narayan Prasad Dahal and Bamdev Gautam are the nominated members.

The District Administration Office, Sunsari has clamped an indefinite  curfew in five different local levels of the district.

Acting Chief District Officer Bedraj Phuyal said that the curfew has been imposed in Inaruwa Municipality, Harinagar, Dewagunj, Jhokraha Narsingh and Koshi Rural Municipalities effective from 5 pm today.

The Office said that the curfew order was issued to avert any untoward incident.

It has been said that the order was issued to maintain peace and security following a clash between two communities.