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The Newar community, indigenous to the Kathmandu Valley, is known for their rich culture, artistic heritage, and deep-rooted traditions. Among the many aspects of Newari or Newa culture, jewelry holds a special place. Newari jewelry is more than mere ornamentation; it reflects history, craftsmanship, spirituality, and social identity.

Adorned by Newari women during festivals, ceremonies, and daily life, these intricate pieces of jewelry carry symbolic meanings that connect them to their ancestors and gods. Crafted in gold, silver, and precious stones, each piece tells a story of tradition, skill, and devotion. Beyond jewelry, Newari culture is an amalgamation of ancient customs, unique festivals, traditional attire, and architectural marvels that have stood the test of time.

This article delves into the beauty of Newari jewelry and explores the essence of Newari culture, providing insight into the traditions that define this remarkable community.

Legacy of Newari jewelry

Newari jewelry has a history dating back centuries, influenced by Hindu and Buddhist traditions. These ornaments are often handcrafted by skilled artisans, using age-old techniques passed down through generations. Newari jewelry is diverse, with different pieces worn for separate occasions. Some of the most popular types of jewelry include:

• Kantha

Kantha is a thick gold necklace, often designed with intricate patterns. It is worn by married Newari women, symbolizing prosperity, and social status.

• Tayo

Tayo is one of the most iconic pieces of Newari jewelry. This large, crescent-shaped pendant, often made of gold, features intricate designs, and is associated with wealth and good fortune. It is commonly worn by Newari women during festivals and weddings.

• Makashi

Makashi, or gold headpieces, are worn by Newari brides and young girls during special ceremonies. These ornate head ornaments enhance beauty while also signifying purity and cultural pride.

• Pata

Pata is a type of wide, gold choker necklace often worn during significant occasions. It is crafted with fine detailing, showcasing the craftsmanship of Newari artisans.

• Naugedi

Naugedi consists of multiple gold beads strung together into a necklace. It is a commonly worn ornament by Newari women, symbolizing elegance, and prosperity.

• Har

Har is a long necklace made of gold and beads, often worn with traditional attire. This piece adds to the graceful and royal appearance of Newari women.

• Bulaki

Bulaki is a small gold ornament worn on the nose. It is especially significant for elderly Newari women and carries religious importance.

• Tilhari

Tilhari is a traditional necklace worn by married women. It consists of a long string of red beads with gold cylindrical pendants, representing marital status and longevity.

Symbolism and spiritual significance

Newari jewelry is not just about adornment; each piece has a cultural and spiritual significance. Many ornaments are inspired by Hindu and Buddhist beliefs, incorporating motifs of deities, lotus flowers, and other sacred symbols. For example, Tayo represents good fortune and is believed to bring protection and blessings from the gods. Similarly, gold jewelry is often considered auspicious and plays a vital role in marriage ceremonies and religious rituals.

Artisans behind the craft

The creation of Newari jewelry is a meticulous process conducted by skilled artisans, primarily from the Shakya and Sunar castes. These craftsmen use traditional hand tools and techniques to mold gold and silver into exquisite designs. Many families have been in the jewelry-making profession for generations, preserving the craftsmanship and knowledge of this art.

Despite modern influences, the demand for handmade Newari jewelry remains high, both within Nepal and internationally. Newari jewelers continue to practice their craft, blending tradition with contemporary aesthetics to appeal to a wider audience.

Essence of Newari culture

Newari culture is one of the most vibrant and well-preserved cultures in Nepal. It encompasses unique traditions, cuisine, festivals, language, and architecture, making it a significant part of Nepal’s heritage.

• Language and literature

The Newars have their own language, Nepal Bhasa (Newar language), which has a rich literary history. It has been used in inscriptions, religious texts, and folk tales for centuries. Newari manuscripts, written in scripts such as Ranjana and Prachalit, highlight the intellectual depth of this community.

• Traditional attire

Newari clothing reflects the beauty and grace of their culture. Women traditionally wear a Haku Patasi, a black sari with a red border, accompanied by a shawl. During special occasions, they adorn themselves with elaborate jewelry. Men wear Daura Suruwal along with a traditional Newari cap, known as Topy.

Bridal attire in Newari culture is particularly elaborate, featuring luxurious fabrics, gold jewelry, and intricate headpieces. The combination of attire and ornaments creates a majestic look for Newari brides.

Newari culture is a living testament to Nepal’s rich heritage, blending spirituality, tradition, and artistic excellence. From vibrant festivals and intricate architecture to exquisite jewelry and flavorful cuisine, every aspect of Newari life reflects a deep-rooted connection to history and community. Despite modernization, the Newar people continue to preserve their unique customs, ensuring that their cultural identity remains strong for future generations. As one of the most significant cultural groups in Nepal, the Newars not only contribute to the nation’s historical legacy but also serve as a symbol of resilience, creativity, and devotion.

Kalpana Aryal, a 40-year-old homemaker lady, talks about how switching to electric cooking instead of gas allowed her to lower her LPG bills and how this altered her daily cooking schedule because it is dependable and convenient. Kalpana started using electric cooking three years ago, and she hasn't looked back since.

This means a considerable saving of the LPG bill, which costs around Rs 1,900 per cylinder. “Households can slash their LPG bills if housewives are trained about the usage and accessibility of E-cooking,” Aryal says: It is a smart, affordable, accessible and simple method of cooking.

Electric cooking has the potential to improve the quality of life for people who cook using biomass, both by improving health by eradicating harmful emissions and by removing the need to collect fuelwood, thus freeing up time for other activities. Per some estimates, 63.6 percent of Nepali households, primarily those in rural regions, still primarily utilize biomass for cooking, accounting for 69 percent of the country’s primary energy usage. 

Conventional biomass cookstoves emit a lot of smoke and are inefficient. These burners expose women and children to dangerous toxins in kitchens with inadequate ventilation. Women also frequently have to walk great distances to gather firewood, and cleaning a kitchen covered in smoke residue is a tedious task.

Notably, 33.1 percent of Nepali homes use bottled liquefied petroleum gas (LPG), which is also being used more and more frequently as their primary cooking fuel. In less than five percent of Nepali homes, cooking is done with electricity. Susil Shrestha, an electric appliances seller based in Mahaboudhha, says electrical cooking devices are in high demand as they are effective in terms of cost and time both. The government’s positive impetus on the use of these devices is also fueling the demand, per Shrestha. 

The right to live in a hygienic and safe environment is guaranteed to residents of Nepal under the Constitution and by 2030, all Nepali households are expected to have clean cooking. Electricity and LPG are currently the government’s two most promising technological solutions when it comes to renewable energy. The government wants to encourage electric cooking because of Nepal’s enormous solar and hydropower potential. 

This is due to the fact that LPG not only adds to carbon dioxide emissions but also depletes Nepal’s meager foreign exchange reserves and increases its reliance on fuel imports, leading to energy instability. The Nepal Electricity Authority makes investments in distribution system reinforcement in order to achieve this aim. 

Biraj Gautam, CEO of PEEDA, adds the widespread of electric cooking awareness in urban areas than in rural. He adds “There is no denying the financial advantages of switching to electric stoves: Less reliance on imported LPG gas will accumulate valuable foreign exchange reserves, which can subsequently be directed toward more fruitful industries that support the advancement of the country. Beyond the financial benefits, Nepal’s goals for sustainable development are ideally aligned with the use of electric stoves. Since electricity is a greener and cleaner energy source, it is essential for lowering carbon emissions and lessening the negative effects of climate change.”

The Department of Customs’ (DoC) records offer factual proof of Nepal’s transition to electric stoves, a move that has numerous potential advantages for the country. Nepal imported an astounding 204,393 electric stove units in the fiscal year 2022-23 alone, spending a total of Rs 425.47m. This astounding number not only demonstrates the increasing interest from consumers, but it also represents a move toward more economical and ecologically responsible cooking methods. It is impossible to overlook the notable surge in the quantity of electric stoves acquired, which represents a whopping 30 percent increase over the previous fiscal. A significant trend toward the usage of electric stoves in homes is indicated by an growth rate. Indicating a wide range of consumer preferences, 130,745 induction stoves and 73,648 infrared stoves made up the total number of imported units. This paradigm shift has far-reaching and profound repercussions.

Former NEA MD and Pulchowk Engineering College professor Mukesh Kafle emphasizes “the need for an in-depth assessment of Nepal’s energy infrastructure in light of the surge in imports of electric stoves. A regular and consistent supply of electricity would be necessary to keep up the momentum and promote the widespread use of electric stoves. Without which, cooking online would only become a hassle.” He adds that if every person in a nation wants to switch to electric cooking, there won’t be enough electricity. He also offers his insightful commentary on the government’s repeated delays in finishing various hydropower storage projects, which prevents us from using the hydropower that sustains our nation.

Due to the limited electricity supply and simple access to rural places, cooking with electrical appliances is still problematic in Nepal. Only five amps of current can be used in a majority of Nepal’s older dwellings. While electricity is easy to use in new homes, there are other issues like intermittent load-shedding, only half-light systems, problems when cooking materials malfunction in electrical appliances, the inability to get it in Nepal, and concerns about the quality, availability and taste of food.

As a result, Nepal Electricity Authority and associated parties must take note of it. To ensure a prosperous future for their population, governments must constantly adjust to new paradigms in a world marked by rapid technical innovation and environmental conscience. Nepal, a nation blessed with stunning scenery and a rich cultural legacy, is welcoming change in one crucial area: The energy sector.

In opposition to what Mukesh Kafle claimed, the current MD of the NEA, MR. Kulman Ghising, argues that there is a production difference in power during the wet and dry seasons. He describes the “trade mechanism that involves purchasing electricity from them during the dry season and exporting it during the dry season.” Several reservoir projects and storage projects, such as the 140 MW Tanahu water project, are in the works to fill these gaps.

Electricity must be readily available, dependable and reasonably priced in order for electric cooking to become widely used in Nepal, as was previously said. Although Nepal possesses enormous hydropower potential, run-of-the-river (RoR) plants are the only way to fully utilize this potential. There are very few strategically viable seasonal storage projects, and developing them comes with a significant social, environmental and financial cost. Thus, in order to supplement RoR and storage hydropower plants with solar PV plants that can generate energy throughout the day, when solar resources are accessible, and during the dry season, the government must develop an electricity generation policy. 

In Nepal, the vertically integrated NEA’s monopoly is another impediment to innovation in the power sector. Rent-seeking,political patronage and labor unions’ powerful influence have all contributed to the institutional lock-in that has come from this. In light of this, decomposing the resulting monolithic distribution company into seven provincial distribution companies and quickly unbundling NEA into distinct generation, transmission and distribution companies could encourage additional advancements in the field of electricity distribution.

In order to fix the price of power based on supply and demand, the government will need to create a differential energy tariff system. Since there would be less demand for electricity when it is in excess, the price of electricity would be cheaper. To encourage electric cooking in particular, a pricing structure of this kind for residential consumers may be developed. In addition, a big public education effort regarding the financial and ecological advantages of using electricity for cooking will need to be launched by the government. Using electric cooking will be encouraged in part by this. We need to acknowledge the various initiatives in this respect that the government and its agencies have become involved in, with cooperation from the business and non-governmental sectors.

Without a doubt, Nepal’s growing interest in electric stoves represents a constructive and revolutionary change that is consistent with the objectives of the worldwide sustainability movement. To take advantage of this momentum, the government needs to make sure that everyone in the country has access to reliable and effective electricity. By doing this, Nepal may significantly lower the amount of LPG gas it imports, protecting its foreign exchange reserves, promoting environmental preservation, and promoting economic growth. 

The increasing use of electric stoves should be viewed as a sign of development, leading Nepal toward a more prosperous, independent and ecologically conscious future. In order to encourage the use of electric cooking over LPG cooking, the government must put a great deal of effort into developing and implementing sensible policies. Government, non-government and private sectors must work together closely and coordinate their efforts to create a smoke-free environment and enable all Nepali households to use clean, renewable electricity produced locally for cooking. This will go a long way toward helping Nepal achieve its goal of becoming a net zero-carbon nation by 2050.

The government should be commended for the positive progress and provide strategic assistance for the recent increase in the import of electric stoves and cooking devices. The advancement of electric stoves should be seen as a sign of progress that moves Nepal toward a future that is not only brighter, but also more self-sufficient and environment-friendly. Now is the time to act as Nepal moves toward sustainability and prosperity for all.

This story has been produced under the program, #CommunicatingClimate is an initiative under the Climate Champion Action Network (CACN)

“Yatra Naryastu Pujyate Tatra Ramante Devata,” goes one of the lines of Bhagwad Geeta, which translates to wherever women are honored and respected, every god we worship is happy. From the time immemorial women have been defined as homemakers; they say home is where a mother is. 

While most families in Nepal are strongly patriarchal, the role of women cannot be overlooked when it comes to keeping families together. But women actually are capable of doing a lot more besides home and family fronts. Women have just started claiming their place. As they begin to assert their status, they don’t have it easy. They want equal rights and opportunities.  Article 18 of Part 3 of the Constitution of Nepal mentions the ‘Right to Equality’ under Fundamental Rights and Duties. This ‘right,’ however, is limited to paper. Nepali girls and women still experience severe socioeconomic inequality in spite of the efforts made by the Government of Nepal, non-governmental organizations and civil society organizations. 

Yes, the gender stereotypic school of thought has changed over time and womens are taking the lead on major areas, but there is still some residual discrimination hindering women’s growth. But their perseverance for equal rights and opportunities has not dwindled. Nepal is experiencing a significant rise in women led businesses, challenging old stereotypes and breaking new ground.  Women contribute fresh perspectives, creative ideas and unconventional thinking to the workplace, which can inspire firms to think creatively and make better judgements. The financial advantages are another factor that makes women in business essential. 

A Google and Bain company study predicts that by 2030, women entrepreneurs could create 150-170m jobs driven by better education, increased digital technological use and supportive programmes that empower their physical and mental well being. But still when it comes to investment in women, be it in education or business, a large part of Nepali society still looks askance. The gap in investment towards women empowerment and development has contributed to gender inequality and disparity. Nepal is all set to graduate from Least Developed Country (LDC) status in 2026, a process that will create new opportunities for economic growth and integration with the global economy. But the graduation also creates new challenges in terms of where the genders of the nation stands. Nepal needs to step up its efforts to elevate the status of its women. Improved quality of lives in women of Kathmandu isn’t what women empowerment is all about; the overall status of women around the country needs to be improved. 

A survey conducted by the United Nations Population Fund (UNFPA) in 2023 found that 85 percent of women were unpaid workers, whereas 40 percent of them were inactive in economic sectors. Nepal still stands second among South Asiain countries in child marriage and has high prevalence of violence and trade on women. The vulnerability is still there while we raise awareness about feminism and women empowerment. Even with many notable improvements and changes, challenges still persist for Nepali women to assert their rights and gain equal treatment in society and in the worlds of career and business.  

Women struggle to obtain business capital and frequently experience discrimination. The gender gap in financial literacy is a noteworthy issue, with women typically having less understanding than men about managing their finances. Nonetheless, success stories in a variety of fields demonstrate the tenacity of Nepali women and point to a movement in the direction of empowerment. With so many chances and challenges ahead of them, Nepali women entrepreneurs must embrace financial literacy, make use of technology, connect with supportive networks, and participate in government initiatives. By remaining knowledgeable, flexible and strong, female entrepreneurs can grow their companies and make a substantial economic contribution to Nepal. There is plenty of promise for the future and women leaders can achieve incredible success and inspire future generations. 

An International Monetary Fund (IMF) staff team, led by Tidiane Kinda, conducted a staff visit to Nepal during Feb 5-12 to discuss recent macroeconomic developments and the implementation of the Fund-supported program .

At the conclusion of the visit, Kinda said Nepal’s external position continues to strengthen on the back of buoyant remittances, increasing tourism activity, subdued imports, and inflation is decreasing.

Weak domestic demand, large outward migration, and low credit growth despite monetary relaxation continue to weigh on near-term economic growth. Enhancing domestic revenue mobilization and accelerating the execution of capital expenditure will provide needed support to growth while securing fiscal sustainability, he says. 

According to him, increased vigilance on banks’ asset quality and stepped-up supervisory efforts are important to preserve financial stability in view of growing non-performing loans. “The medium-term economic outlook remains favorable, as strategic investments in infrastructure, especially in the energy sector, are expected to support potential growth.

The statement issued by Kinda says: The upcoming Investment Summit presents an opportunity to showcase Nepal’s economic potential. Timely reforms to durably improve the investment climate will help take full advantage of the Summit and pave the way to stronger growth in the future.

“The authorities’ ongoing efforts in meeting key commitments under the Fund-supported program, with the support of IMF’s technical assistance, are welcome. Performance under the program will be formally assessed in the context of the fourth review of the Extended Credit Facility, which is expected to take place in the middle of the year.”

The IMF team held meetings with the Minister of Finance Prakash Sharan Mahat, the Nepal Rastra Bank Governor, Maha Prasad Adhikari, the National Planning Commission Vice-chair Min Bahadur Shrestha, and other senior government and central bank officials. The IMF team also met with representatives from the private sector and development partners.

The Nepal Airlines Corporation is facing several economic crises due to the severe mismanagement, irregularities, and mismanagement. 

In this context, a report prepared by a committee headed by the former governor of Nepal Rastra Bank, Dipendra Bahadur Chhetri, has come up with a slew of recommendations to improve the national flag carrier. 
The long-term debt of the NAC stands at Rs 47bn. Looking at the current situation, it seems that the corporation will not be debt-free; in fact, it is likely to carry more debt. The report states that if  the NAC continues to operate this way, it will not be able to pay its debt.

According to the report released by the Ministry of Culture, Tourism and Civil Aviation, even if new aircraft are added to its fleet, it will take a long time for the NAC to pay off its loans. To free the corporation from debt and make it profitable, the Chhetri-led committee recommends several solutions, such as converting into a corporate company by collaborating with strategic partners and dividing the company into three entities. 

The committee suggests that once the corporation is turned into a company limited, it can allocate shares up to a maximum of 40 percent to strategic partners. The committee recommends that the Ministry of Finance should hold 26 percent of the total shares and the Ministry of Tourism 25 percent. It also advises allocating shares to organizations and employees. 

The committee has further suggested forming a board of directors with seven members, chaired by the secretary of the Ministry of Culture, Tourism and Civil Aviation. The members include representatives from the airlines, Ministry of Finance, strategic partners, and aviation experts.

As for dividing the company, the committee suggests breaking it into three parts: parent (holding) company, international flight subsidiary company, and domestic flight subsidiary company.
The committee states that the parent company should provide aviation-related professional training, maintenance and repair of aircraft and related equipment, ground service operation, catering arrangements, and technical and other services to the subsidiary companies as needed.

By dividing the role and responsibility, the committee reckons that the management and operation of the airlines will be more streamlined and effective.  

Five-year-old Reeyaz Pudasaini embodies a generation absorbed in virtual realms. His leisure hours are dominated by mobile games, a habit spanning several years. Struggling academically and frequently embroiled in conflicts, he has become a recluse, avoiding any companionship. “I am comfortable alone,” he shares. “I get mad whenever my parents or siblings bother me.”

The allure of digital victories on mobile games has consumed him, replacing human connections. His digital addiction has blurred the line between reality and the virtual world.  Recognizing the seriousness of his behavior, a school counselor is trying to help Reeyaz adjust his attitude and make him more sociable. These days, he is taking up guitar and swimming lessons.

The story of Reeyaz is far from unique, with a prevailing trend seen across the country.  A parallel narrative emerges through Arika Dahal's story. Obsessed with online appearance and popularity, the twelve-year-old began contemplating cosmetic surgery to fix her nose and lips. Worried, her parents had to take her to a counselor.  

“She used to be the top student in her class,” says her father Anjan. “Her descent started after I made the mistake of giving her a mobile phone. She got hooked into TikTok which gave her the idea about beauty standards.”

In a world where self-alteration is just a click away, reality distorts. With the help of her counselor Arika is on the journey to self-acceptance, signaling a transformation from distorted self-perception to embracing one's uniqueness.  The tales of Reeyaz and Arika demonstrate how modern parents are enabling the digital addiction of their children by handing them smartphones at a very young age. They do not realize that the damaging allure of screens beckons even the youngest ones. 

In a paradoxical pursuit of solace, parents furnish the tech-enabled stimuli to their children that inadvertently subvert their growth. Experts decry this parental blind spot, urging due diligence in curating a virtual milieu befitting the developmental contours of the young minds. They say by fostering open conversations, parents can facilitate healthy digital practices, allowing children to explore while safeguarding their emotional well-being.

“Parents and teachers should be aware about the cognitive disorders of excess social media use on children. They must teach children safe online practices,” says Namrata Thapa, child psychologist.  “Children who spend too much time using online media may be exposed to a subtype of behavior known as Problematic Internet Use. Heavy gamers are at risk for Internet gaming disorder, where they have little interest in real-life or real-life relationships.”

Adolescents ensnared in the digital labyrinth exhibit anemic predilections for offline interactions, distorting the primal tenets of socializing. This curious paradox augments vulnerability, perpetuating a vicious cycle wherein the digital shelter belies a subtler kind of isolation.

Technology’s impact stretches beyond the psychological realm. The invasion of smartphones into sleep patterns affect young minds that require rejuvenation. The ergonomic impact, manifesting in neck and back discomfort, mirrors an unhealthy lifestyle driven by screen time.

In the world woven with digital threads, a generation's fate hangs precariously. As guardians, as society, the responsibility is clear: to tether children's soaring dreams and boundless curiosity to the shores of informed guidance. The digital realm is a canvas of both possibility and peril, which demands vigilance, dialogue, and above all, the preservation of childhood's innocence.

Things to do for your child’s digital wellbeing:

• Be aware of online risks: Parents and guardians should be aware of the risks associated with children using online platforms. Teach children about online safety, privacy settings, and responsible behavior on social media.

• Age-appropriate content: Ensure that children are exposed to age-appropriate content on the internet. Guide your children in using technology and consuming content that is suitable for their age.

• Promote balanced screen time: Encourage a healthy balance between online and offline activities. Excessive screen time can have negative effects on physical and mental health.

• Balance social media use: Instead of outright banning social media, teach children how to use it responsibly and safely. Discuss the potential benefits and drawbacks of social media use.

Encourage offline activities: Encourage children to engage in outdoor activities, hobbies, and real-life interactions to foster a healthy balance between online and offline experiences.

The Kathmandu Metropolitan City (KMC) has prohibited commercial buildings and hospitals from imposing parking fees. This provision was introduced via the metropolitan city’s annual budget speech.

Under the new policy, business establishments must offer complimentary parking to customers using services within the same premises. According to this regulation, parking fees cannot be charged by hospitals, private markets, restaurants, or malls. Nabin Manandhar, spokesperson for the KMC, clarified that no charge will apply if individuals work in the same building or utilize stalls within it. However, a fee would be imposed if one is using the space merely for parking.

Rajani Khanal shared with ApEx her experience of being charged Rs 450 for 3 hours of parking at a multiplex to watch a movie. When she informed the parking staff about KMC charges and regulations, they showed here a printed announcement from the respective wards, suggesting these regulations didn't apply there. Effective implementation of this rule by the ward offices is crucial for its consistent application across the KMC. The disregard of the regulations by the ward offices is worrying.

In the past, business establishments were free to set parking charges on their own. These rates would often surpass KMC rates. Furthermore, hospitals were observed charging parking fees that exceeded their premises' designated costs by over four times. Despite local authorities' commitment to alleviate parking challenges in the valley, the problem is worsening due to the growing vehicle numbers and persistent traffic congestion. This especially impacts short-term parking, particularly for four-wheelers. Locating parking spaces in areas like Durbarmarg, New Road, Narayanchaur, Bagbazar, Balkhu, and Sorhakhutte has become nearly impossible.

 KMC has introduced differential rates depending on the location. Zone No. 1 encompasses areas like New Road, Dharmapath, Kantipath, Durbar Marg, inner urban areas, Tripureshwar, Ratnapark, Bhotahiti, Kesharmahal, Lainchaur, and other central Kathmandu locations. Similarly, areas beyond Zone No. 1 are designated as Zone No. 2. 

Here, parking fees are half the rates of Zone No. 1. People have to pay Rs 15 per hour for two-wheelers, Rs 40 per hour for four-wheelers, and Rs 100 per hour for larger vehicles in Zone No. 2. However, parking attendants are charging arbitrary rates and also showing reluctance to provide receipts after payment. The neighboring Lalitpur Metropolitan City has implemented the parking fee policy within its jurisdiction. Therefore, Kathmandu Metropolitan City should collaborate with ward offices to address these issues.

An International Monetary Fund (IMF) staff team, led by  Tidiane Kinda, conducted a staff visit to Kathmandu during July 20-26 to discuss recent macroeconomic developments and the implementation of the Fund-supported program. 

During the visit, the team discussed with Nepal government officials on the various aspects of Nepal’s current economic situation. At the end of the visit, Kinda said that following an economic slowdown last year, growth is projected to rebound in FY 2023/24, inflation is expected to recede, and the external position will continue to strengthen.

Cautious and data-driven monetary policy has set an appropriate stance to maintain price and external stability. Continued vigilance on banks’ asset quality and stepping up supervisory efforts remain key to preserving financial stability, he said.  Prudent execution of the 2023/24 budget is crucial to secure fiscal sustainability. Implementing measures envisaged in the 2023/24 budget would improve the efficiency of capital expenditure, he added. 

“The authorities’ ongoing efforts in meeting key commitments under the Fund-supported program, with the support of IMF’s technical assistance, are welcome.”  Performance under the program will be formally assessed in the context of the third review of the Extended Credit Facility, which is expected to be undertaken later this year, he added.