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The Nepal Stock Exchange (NEPSE) plunged by 9. 54 points to close at 2,017.97 points on Wednesday.

Similarly, the sensitive index dropped by 2. 17 points to close at 358. 09 points.

A total of 8,490,722-unit shares of 315 companies were traded for Rs 3. 70 billion.

Meanwhile, 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, Gurans Laghubitta Bittiya Sanstha Limited (GLBSL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 19 trillion.

The price of gold has increased by Rs 1, 000 per tola in the domestic market on Wednesday.

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

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

Meanwhile, the silver is being traded at Rs 1, 745 per tola today.

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.

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.”