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The Nepal Stock Exchange (NEPSE) plunged by 36. 19 points to close at 2,164.31 points on Tuesday.

Similarly, the sensitive index dropped by 7. 62 points to close at 411. 16 points.

A total of 7,716,277-units of the shares of 267 companies were traded for Rs 2. 91 billion.

Meanwhile, Kisan Lagubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 10. 00 percent. Likewise, Nabil Debenture 2085 was the top loser with its price dropping by 6. 87 percent.

At the end of the day, the total market capitalization stood at Rs 3. 18 trillion.

Nepal’s total debt reached Rs 2221.678bn in 2022/23, which is equivalent to 41.28 percent of Nepal’s gross domestic product (GDP). According to the Public Debt Management Office (PDMO), the country’s total debt surged by Rs 208.382bn in the last fiscal year. 

Of the total outstanding debt, Rs 1128.329bn is internal debt while Rs 1093.349bn is external debt. In the last fiscal year, internal debt increased by Rs 140.87bn while external debt increased by Rs 67.5bn.

The share of internal debt in the government’s public debt has increased in the last fiscal. In the past, the share of external debt in the government’s total debt used to be higher. However, the share of internal debt has increased since the government failed to get external loans as per the target in the last fiscal. 

The government will be spending more than a quarter of its revenue on repaying domestic and external loans in the current fiscal year. In the budget for the fiscal year 2023/24, the government has announced to spend as much as Rs 330.56bn in loan repayment which accounts for 26.47 percent of total projected revenue. 

As large amounts of internal loans will be matured in the current fiscal year, the government had to allocate a huge amount for repaying the internal loans. A total of Rs 275.78bn has been allocated for repaying domestic debts. In the new budget, as much as Rs 105.38bn has been allocated for repaying the interest on internal and external debts. 

While Nepal’s current debt level is not alarming, the country’s total debt doubled to Rs 2,000bn from just Rs 1,000bn in 2018/19, suggesting a staggering rise in a short period of time. The government started to raise loans on a large scale from internal and external creditors for post-quake reconstruction purposes from 2015/16.

Following a gradual decline in the early 2010s, Nepal’s public debt has risen significantly over the last seven years, especially after the country’s transition to fiscal federalism and the need to rebuild after the earthquake of 2015. The country’s total debt has increased from 25 percent of GDP in 2015/16 to 44 percent in 2020/21, with the largest increase in 2019/20 after the start of the Covid-19 pandemic.

Nepal’s total debt hit the Rs 2,000bn mark for the first time last fiscal year, 2021/22. The country’s total debt reached Rs 2013.296bn in FY 2021/22, which was equivalent to 41.47 percent of Nepal’s gross domestic product (GDP).

With rising debt, Nepali lawmakers agreed to cap the maximum external debt the country can receive from external creditors. According to the newly enacted Public Debt Management Act, external debt is capped at one-third of the previous fiscal year’s GDP.

The government has set a target of raising loans worth Rs 452.75bn in the current fiscal year 2023/24. Of the total debt targeted for 2023/24, Rs 212.65bn is external debt. 

In the last fiscal year, the government had targeted to raise Rs 498.26bn in loans. However, it ended up raising only Rs 358.11bn which was Rs 140.15bn less than the target. While the government managed to raise internal debt as per the target, it failed to meet the target for external debt in FY 2022/23. The government raised Rs 255.99 billion in internal loans in the last fiscal year against the target of Rs 256bn. However, it succeeded in getting only Rs 102.12bn in external loans against the target of Rs 242.26bn in the last fiscal year. 

Dhaniram Sharma, the spokesperson of the Finance Ministry also admitted that the government was not able to receive foreign loans as per the target in the last fiscal. “Since the physical progress of the programs and projects being implemented with foreign loans is not satisfactory, the government failed to receive foreign loans as per expectation,” he said.

Dusit Thani Himalayan Resort Dhulikhel, Nepal, the first luxury branded resort in Dhulikhel, has opened its doors, near the renowned Buddhist pilgrimage site Namo Buddha. 

Managed by Dusit International, one of Thailand’s leading hotel and property development companies, the resort combines Dusit’s unique brand of Thai-inspired gracious hospitality with local culture and traditions. Translated from Thai, Dusit Thani means “Town in Heaven”. 

The resort is just over an hour’s drive from Tribhuvan International Airport and 25 km from Bhaktapur Durbar Square, a UNESCO World Heritage Site. 

As part of its initial opening, the resort will offer 28 exquisitely designed rooms inclusive of four junior suites, including 18 luxurious residences managed by Dusit. Showcasing a harmonious blend of comfort, elegance, and modern amenities, these meticulously appointed and elegant spaces range from 47 sq meters to 57 sq meters. “Guests can enjoy sweeping views of the valley and the awe-inspiring 180-degree Himalayan vista from their private balconies, guaranteeing a serene retreat that provides a taste of the luxurious offerings to come,” says the company. 

The second phase of the resort, slated to open at the end of the year, will feature an additional 44 keys, bringing the total number of keys to 72. 

The resort provides ample space for memorable meetings and events, catering to intimate gatherings and large-scale celebrations. Designed with versatility in mind, the grand ballroom expands to 226 sq meters and has the remarkable capacity to comfortably host up to 350 guests, creating an ideal setting for grand weddings and other noteworthy occasions. 

The opening of Dusit Thani Himalayan Resort Dhulikhel, Nepal marks the beginning of an exciting chapter in Dhulikhel’s hospitality landscape, said Kris Panya, General Manager, Dusit Thani Himalayan Resort Dhulikhel, Nepal. 

Marvendra Mor, Principal Partner of Omstone Asia Capital Nepal Pvt Ltd, the owning company of Dusit Thani Himalayan Resort Dhulikhel, Nepal said “From the inception of this project, I have envisioned a sanctuary nestled amidst the awe-inspiring beauty of the Himalayas, where guests could immerse themselves in a world of bespoke luxury and authentic local experiences. So, when your Passion and dreams come true, it’s a completely different feeling. And today, I am overwhelmed with joy and pride as we open our doors to the world.”

Babita Hamal, Managing Director of Omstone Asia Capital Nepal Pvt Ltd, said “We are delighted to invite the world to experience the unparalleled grandeur of our luxury resort and we look forward to promoting Dhulikhel as a premier tourist destination in Nepal.” 

To celebrate its opening, the resort is offering a special New Himalayan Hideaway room package, including daily breakfast at Thaan, complimentary afternoon tea at Bela Bar, a complimentary 30-minute neck and shoulder massage at Devarana Wellness for two, 15 percent discount on F&B and spa treatments, a complimentary guided visit to Namo Buddha, and more exclusive benefits.

A study has estimated the cost of building the Kathmandu-Raxaul electric railway line at around Rs 400bn.

The report of the Final Location Survey (FLS) conducted by the Indian government has put the estimated cost of the project at Rs 400bn, government officials say.

The Indian government has forwarded the report to the government for approval. The survey was conducted with financial and technical support from India. The two countries signed the survey agreement in September 2021, giving a timeframe of 18 months.

Earlier, the Indian government had conducted the Preliminary Engineering Cum Traffic (PET) Survey and submitted its report to the Nepali government. The survey had estimated the cost at Rs 250bn.

Both the PET and LFS surveys were conducted by the Konkan Railway Corporation, a Government of India undertaking. “The PET survey had estimated the total length at 136 kilometers, but the recent LFS survey report states that the total length will be 140 km. The length increased a bit to avoid the proposed location of the Nijgadh International Airport,” said Senior Divisional Engineer Aman Chitrakar, spokesperson for the Department of Railways.

According to the survey report, there will be 13 stations between Raxaul and Kathmandu, with the train passing through Bara, Parsa, and Makwanpur to reach the final station at Chobhar. Given the route’s hilly terrain, the project will involve the construction of numerous bridges and tunnels. About 41 km of the railway line will pass through tunnels. India has proposed building the railway line in broad gauge, allowing for a maximum speed of 120 km per hour.

With the survey report completed, the government will now initiate discussions on the investment modality. While Nepal had proposed India to build the line in standard gauge, which is used worldwide, India has insisted on constructing it in broad gauge. This may pose difficulties later on as Nepal prepares to build the East-West railway and Kerung-Kathmandu railway in standard gauge. According to Chitrakar, even India is building new railway lines in its territory in standard gauge.