Submit your Article

Visiting UN Secretary General Antonio Guterres has pledged to bring global attention to the impact of climate change on mountain life in Nepal.

He made this commitment while visiting the Khumbu Pasang Lhyamu Rural Municipality-4 in Solukhumbu as part of his four-day official trip to Nepal.

On the occasion, Guterres engaged in an interaction with the local community to discuss the challenges posed by climate change and its impacts on their daily lives. He vowed to inform the world about the consequences of climate change in mountain regions, incorporating the input of the local residents in the upcoming COP-28, the UN Climate Change Conference.

The UN Secretary General highlighted that developed nations bear significant responsibility for climate change, but it is disheartening that rural areas like Khumbu are experiencing its consequences disproportionately, according to rural municipality chair Laxman Adhikari.

Guterres vowed to initiate efforts to mitigate the consequences of climate change and raise global awareness of the urgency of addressing these issues.

During the interaction, local residents informed him about various climate change-related issues, including the melting of snow, climate change-induced hazards, the depletion of water resources, the impact on local agriculture, and occurrences of avalanches. They also discussed the energy crisis in their locality and requested UN support for the development of micro hydropower projects.

The delegation led by Secretary General Guterres includes Jean-Pierre Lacroix, Undersecretary General for Peace Operations, the United Nations, Hanaa Singer-Hamdy, the UN Resident Coordinator in Nepal and other UN officials.

Guterres arrived in Nepal on Sunday on his four-day official visit at the invitation of Prime Minister of Nepal Pushpa Kamal Dahal.

On the first day of his visit, he separately paid a courtesy call on President Ram Chandra Paudel and PM Dahal. He also had separate meetings with Nepali Congress President and former Prime Minister Sher Bahadur Deuba, CPN-UML Chairman and former Prime Minister KP Sharma Oli, Speaker Devraj Ghimire, Deputy Prime Minister and Defense Minister Purna Bahadur Khadka and Minister for Foreign Affairs Narayan Prakash Saud.

Following the meetings, Secretary General Guterres visited the Patan Durbar Square, a heritage site of historical and archeological importance.

PM Dahal hosted a banquet reception on Sunday evening in his honor. 

During his stay in Nepal, he is planning to visit Pokhara, Annapurna Base Camp and Lumbini.

According to the Parliament Secretariat, he is slated to address the joint session of the Federal Parliament on Tuesday afternoon.

Visiting United Nations Secretary General Antonio Guterres has said that Nepal's efforts made to its graduation from LDC are praiseworthy.

Talking to the media after his meeting with Prime Minister Pushpa Kamal Dahal, the UN Secretary General also said that Nepal has played a key role in maintaining world peace and resolving multilateral issues.

"Besides peace building, Nepal has made positive achievements in political transformation in the past 20 years,' he said.

"Much more international action is needed. Developed countries must step up to support sustainable development, and help developing economies including Nepal to tackle the climate crisis.”

Saying that he will see the terrible impact of the climate crisis in Nepal, UN Secretary General Guterres argued that the developed nations should help Nepal in this regard.

On the occasion, Guterres said that the transitional justice process in Nepal must help bring peace to victims, families and communities and added that Nepal's transitional justice should meet international standards, the Supreme Court’s rulings, and the needs of victims.

Moreover, he urged to end the nightmare for the people of Gaza, Israel and all those affected around the world.

The UN Secretary General expressed his sympathies to the bereaved families of 10 Nepalis who lost their lives in Israel and hoped for the safe release of missing Bipin Joshi.

Nepal hammered Hong Kong by six wickets in their second match of the T20 International Triangular Series on Thursday.

Nepal reached the target of 95 runs set by Hong Kong in 13.5 overs.

In the match played at the Mulpani Ground in Kathmandu this afternoon, Hong Kong scored 94 runs in 19.3 overs losing all the wickets.

Chasing the target of 95 runs, Asif Sheikh scored highest 42 runs off 36 balls hitting six fours for Nepal.

Captain Rohit Paudel contributed 25 runs and Gulsan Jha unbeaten 14.

Yasim Murtaza of Hong Kong scored 36 runs and Zeeshan Ali added 17 runs to the scoreboard while other batsmen failed to score in double digits.

Karan KC of Nepal took four wickets.  Similarly, Sompal Kami and Abhinas Jha claimed two wickets each and Kushal Malla and Mausam Dhakal took one wicket each for Nepal.

Earlier, Nepal had won the toss and invited Hong Kong to bat first.

In their first match, Nepal defeated the UAE by seven wickets.

With Capital Rohit Paudel’s half century, hosts Nepal defeated the UAE by seven wickets in the inaugural match of the T20 International Triangular Series at the Mulpani Ground on Wednesday.

The UAE, who were invited to bat first after losing the toss, scored 140 runs at the loss of seven wickets.

Nepal reached the target of 141 runs in 18.5 overs losing three wickets.

Captain Paudel scored unbeaten 51 runs off 40 balls hitting five fours while Dipendra Singh Airee made unbeaten 34 runs off 23 balls with three fours and one six.

Similarly, Kushal Bhurtel contributed 14 runs and Kushal Malla returned to the pavilion by scoring 11 runs.

Karan KC took three wickets for Nepal. Likewise, Gulshan Jha claimed two wickets and Sompal Kami and Abhinas Jha took one wicket each.

Nepal’s economy is grappling with the bitter reality of a recession, even if it hasn’t been officially acknowledged by the government. Despite rosy forecasts from global financial heavyweights like the World Bank, International Monetary Fund and Asian Development Bank, the nation’s economy is reeling under a multitude of challenges.

A relentless surge in inflation is delivering a harsh blow to the commoner. Experts say that Nepal’s economy seems trapped in a downward spiral of high inflation and sluggish growth. Pushpa Kamal Dahal’s government is facing intense pressure from opposition parties and various stakeholders to take immediate action to revive the faltering economy.

A report published by Nepal Rastra Bank reveals that consumer price inflation reached a worrisome 8.19 percent in mid-Sept 2023, up from 7.52 percent in the previous month. According to the World Bank, consumer prices are scaling new heights in the current fiscal year.

The numbers are unsettling. Food and beverage inflation has skyrocketed to 9.74 percent, while non-food and service inflation is at 6.99 percent. Economists are sounding the alarm, warning that inflation is poised to rise in the coming months, further increasing the cost of living.

Economist Dilli Raj Khanal says the rising inflation is a glaring example of failed monetary policy. He warns that inflation is likely to grow after the festivals if the government fails to see the problems through new and innovative ways, adding that fresh crises are on the horizon. 

The price index for spices has surged by an astonishing 45.46 percent, sugar and sugar products by 17.86 percent, and vegetables by 14.51 percent. Cereal grains and their products are up by 13.38 percent, milk products and eggs by 12.60 percent, and restaurant and hotel prices have climbed by 10.97 percent. The brunt of this rising inflation is felt most acutely by the people. 

In its recent report, the World Bank underscores the challenges of taming high inflation and the need for a careful balancing of policies to stimulate growth.

The decline in edible oil prices from Feb 2023 onwards, reflecting global price reductions, had an offsetting effect on prices. But the persistence of high inflation impedes policies to stimulate growth. Nepal’s vulnerability to external shocks implies a difficult trade-off between policies that boost growth and those that contain inflation.

The World Bank report also identifies key drivers of food price hikes, including supply side shocks such as India’s export restrictions on wheat and rice, along with domestic policy changes like the removal of VAT exemptions on basic food items. The report further highlights the importance of price support to producers of rice, milk and wheat.

To compound matters, factors like the lumpy skin disease and unpredictable monsoons are impacting agricultural output, while services and industry are being affected by higher-than-expected import prices and export bans from India.

In this tumultuous economic landscape, Nepal’s private sector has voiced its concern, claiming that international financial institutions are exerting undue pressure on Nepal Rastra Bank and the Ministry of Finance. Despite the various challenges the nation faces, Nepal’s external position has strengthened, thanks to prudent fiscal and monetary policies, thriving remittances, and a boost in tourism.

However, the number of Nepali workers taking approval for foreign employment decreased 28.3 percent to 74,466 in September.   

The Nepali remittance sector, according to the NRB report, saw a remarkable 22.1 percent increase to Rs 228.37bn compared to an increase of 19.8 percent in the same period of the previous year. However, the number of Nepali workers seeking approval for foreign employment has seen a significant 28.3 percent decline to 74,466 in September. The economic landscape is complex, with some positive signs like a 3.8 percent increase in gross foreign exchange reserves to Rs 1,598.9bn in mid-September compared to Rs 1,539.36bn in mid-July 2023.

While Finance Minister Prakash Sharan Mahat acknowledges some gradual improvements in the nation’s economic situation, it's evident that not all internal indicators suggest a smooth ride.

Reflecting the current state of affairs, the government’s total expenditure reached Rs 131.14bn in the first two months of the fiscal year 2023/24. Recurrent expenditure, capital expenditure and financial expenditure stood at Rs 87.66bn, Rs 8.16bn, and Rs 35.31bn, respectively, during the review period. Up till mid-Sept, the government’s total revenue collection, including funds transferred to provincial and local governments, reached Rs 141.08bn, with tax revenue accounting for Rs 127.96bn and non-tax revenue at Rs 13.12bn.

The total expenditure stood at Rs. 4.77bn and resource mobilization of provincial governments stood at Rs 21.16bn, respectively. The total resource mobilization of provincial governments include the grants and revenue transferred from government totaling Rs 15.15bn, and revenue and other receipts of provincial governments totaling Rs 6.01bn.

The provincial governments have also been active on the financial front, with total resource mobilization reaching Rs. 21.16bn. This figure includes grants and revenue transferred from the central government, amounting to Rs 15.15bn, as well as provincial governments’ own revenue and receipts, totaling Rs 6.01bn.

Economy at a glance

• Inflation at 8.19 percent
• Exports decrease by 7.8 percent
• Trade deficit decreases by 4.7 percent
• Remittances increase by 22.1 percent
• Balance of payment remains at a surplus of Rs 53.61bn
• Forex stood at Rs 159.90bn
• Government expenditure amounts to Rs 131.14bn
• Revenue collection Rs 141.08bn

Nepal defeated Bahrain by seven wickets to register their second victory in a row in the ACC Men's U19 Premier Cup in Malaysia on Sunday.

Chasing a meager target of 78 runs, Dev Khanal and Arjun Kumal scored 32 runs each off 27 balls with four boundaries and one six and off 31 balls with five fours respectively to achieve comfortable victory.

Nepal reached the target in 11. 4 overs at the loss of three wickets. 

In their first match, Nepal had thrashed Iran by a wide margin of 274 runs.

For Bahrain, Anas Obaid Syed took three wickets.

Electing to bat first after winning the toss, Bahrain scored 77 runs in 37.5 overs losing all wickets.

Muhammad Basil scored highest 34 off 77 balls with two sixes and two fours. However, other players could not score double digits for the team.

For Nepal, Dipesh Kandel claimed six wickets while Durgesh Gupta four.

Nepal will play their third match against Saudi Arabia on October 19.

Top three winners in the tournament will qualify for the ACC Asia Cup to be held in Pakistan in December.

Finance Minister Dr Prakash Sharan Mahat has urged the European Union (EU) to remove Nepal from their aviation safety concern list.

He made this request in a sideline meeting with EU Commissioner Jutta Urpilainen in Marrakesh of Morocco on Thursday. Finance Minister Mahat is currently in Marrakesh to participate in the annual meeting of the World Bank and the International Monetary Fund (IMF).

Similarly, during the meeting, he urged the EU to increase its economic assistance to Nepal, Minister Mahat's secretariat stated. 

Since 2013 the EU has put Nepal's airlines companies in its safety concern list and due to this the airlines companies of Nepal are not allowed to operate flights in the European skies.

The EU had refused to de-list Nepali airlines from the safety concern list when it carried out a monitoring of Nepali airlines in 2079BS.

It had announced its plan of conducting an on-site monitoring of the status of air safety issues in February 2023, but the EU team did not come to Nepal for the monitoring following the air crash near the Pokhara Airport on January 15.

The EU's security committee has, however, conducted an on-site study of Nepali airlines companies and on aviation security in August/September and the Finance Minister has made this request in this context.

On the occasion, the EU Commissioner said that they would be carrying out works on this matter through the EU Embassy in Nepal and also hold discussions on this.

Nepal’s vibrant Dashain market, once characterized by bustling streets full of shoppers and a palpable sense of excitement in the air, is largely subdued as a result of ongoing economic crisis. 

Nepal’s economic downturn has cast a shadow over the traditional fervor, leaving many to ponder on the impacts on sales, transactions, and the overall excitement of the festival season. Recession has brought us to a point where we need to reconsider and reevaluate the dynamics of the Dashain market. It is imperative to delve deeper into the nuanced effects of recession on the Dashain market, assessing whether the economic constraints have dampened the customary zeal and prompted a more restrained approach to spending.

In recent years, the Dashain market has experienced a visible shift in sales and transactions that serve as a barometer of economic health. While the demand for essentials and customary festive items remains steady, the extravagant purchases and splurges seem to have taken a back seat. Consumers are exhibiting a heightened sensitivity towards their financial resources. 

The Fashion Hub, nestled in the heart of New Baneshwor, is the brainchild of Juna Giri. In previous years, the lively echoes of footsteps in her store bore witness to the exuberant spirit of the season, with sales soaring from the auspicious day of Ghatasthapana. However, in the wake of the global pandemic, a subtle transformation has taken place. It’s like a big shift in how people do their Dashain shopping, and Juna’s shop is feeling it too. 

“Before Covid-19 struck, our sales were flourishing. We had about 15 daily visitors, and during Dashain, that number would swell to around 50, starting from Ghatasthapana. However, in the aftermath of the pandemic, customers have shifted to online shopping. But there aren’t as many sales as before,” says Giri. “After Covid-19, walk-in customers have slashed. The same familiar clothes hang on our racks, with few to no new arrivals.”

The hallmark of Dashain market, the hustle and bustle, has been somewhat tempered. The once hectic shoppers, darting from stall to stall, now move with a measured determination. The cacophony of haggling and bargaining, while still present, has taken on a more subdued tone. This recalibration of the shopping experience mirrors a broader societal shift towards a more mindful consumption pattern, in regards to recession. 

There has also been a noticeable surge in online shopping preferences among Dashain celebrants. Instead of rushing from stall to stall, more and more people are choosing to scroll through virtual storefronts from the comfort of their homes. This shift towards e-commerce reflects a broader societal transition towards convenience and accessibility in the shopping experience.

“We opened a TikTok account for our store, and in just a year, we’ve surpassed 38,000 followers. Many of the customers who visit us now say they discovered our store through TikTok,” says Giri.

Much like The Fashion Hub, numerous clothing stores have undergone this transformation. The tradition of haggling and bargaining, while still prevalent in the traditional market, has also been influenced by this digital evolution. Online platforms introduce a different method of negotiation, often involving the use of digital coupons, promotional codes, and comparative shopping, ultimately reshaping how consumers interact with sellers.

Market saturation has intensified the impact of the recession. Consumers now prefer unique, trendy clothing over mass-produced options found in every other store. Rose Pahari, owner of Bellevogue_np, a platform enabling customers to pre-order desired items from the USA, reflects on this shift in consumption patterns. 

“We receive substantial pre-orders for ethnic wear because individuals are inclined towards exclusivity. However, this year has witnessed a decline in consumption. We observe a surge in online bargaining as people become more discerning and prudent with their spending,” says Pahari.

Limiting the uncontrollable spending

Recession has acted as a reality check, prompting consumers to reevaluate their spending habits. While the allure of extravagant purchases remains, a newfound restraint prevails. The Dashain market, once a playground for unrestrained spending, is now a space where thoughtful choices are celebrated.

In a recent report from the Ministry of Finance, concerns arise as government expenditures, including salaries and Dashain allowances, have surpassed income, leading to a negative account balance.

Dhaniram Sharma, joint secretary of the ministry, urges against misconstruing this situation as a sign of distress, explaining that while first-quarter revenue collection fell short of targets, overall revenue is on par with last year’s. This fiscal situation prompts reflection on the age-old tradition of celebrating Dashain with lavishness, sometimes surpassing one’s financial capacity. The government’s provision of Dashain allowances, while well-intentioned, can inadvertently encourage this trend. It’s important to recognize that an extravagant Dashain celebration should not be equated with genuine tradition, but may, at times, stem from a desire to imitate unsustainable practices.

The Dashain market in Nepal stands as a testament to the resilience and adaptability of Nepali culture in the face of economic challenges. While the recession has ushered in a more measured approach to spending, it has not extinguished the fervor of the festival. Instead, it has prompted a reevaluation of priorities, emphasizing the true essence of Dashain—family, togetherness, and the celebration of traditions. As the market evolves, it continues to serve as a reflection of the ever-evolving economic landscape of Nepal.

A joint meeting of the ministers for foreign affairs of Nepal and Sri Lanka is to take place in Kathmandu on December 21-22.

The earlier round of this meeting had to be hosted by Sri Lanka last year. Nepal is hosting the meeting in Kathmandu on the intent of the Sri Lankan government.

Matters related to multi-dimensional aspects of Nepal-Sri Lanka bilateral relations will be discussed in the meeting, informed Ambassador of Nepal to Sri Lanka, Basudev Mishra.

The meeting will widely discuss the measures to expand diplomatic and commercial as well as cultural and educational relations, he said.

Inflow of tourists from Nepal to Sri Lanka and vice-versa has increased in the wake of COVID-19 pandemic, he said, adding Sri Lanka can be a major destination for Nepali tourists.

Nepal and Sri Lanka had established diplomatic ties on July 1, 1957.

Ambassador Mishra expressed his belief that Nepal and Sri Lanka will see a new chapter in the bilateral relations in the coming year.

He further said that bilateral discussions among the vice-chancellors, professors of the universities, high-level government officials and representatives of other non-government agencies have been intensified for the expansion of relationships.

Last week, the World Bank and International Monetary Fund (IMF) came up with their respective reports highlighting the state of Nepal’s economy. 

Both reports state that Nepali economy, which is currently going through a recession, will grow in the coming days mainly due to the positive indications in agriculture, tourism and remittances.
For the first time, the government has acknowledged that the nation is in a recession, which is primarily caused by a decline in industrial production, low investment, liquidity crisis, high-interest rates, widening trade deficit, low capital spending, and decrease in tax revenue.

The IMF’s prediction is that Nepal’s economy will grow by 3.5 percent in the current fiscal year. Similarly, the World Bank has projected that Nepal’s economy is poised to achieve a growth rate of 3.9 percent.

In September, the Asian Development Bank had anticipated Nepal’s economy to grow by 4.3 percent in 2024, up from the estimated growth of 1.9 in the fiscal year 2023.  

Nepal’s external situation has improved because of responsible fiscal and monetary policies, robust remittances, and rising tourism. After slowing down in 2018, growth is anticipated to pick up in the fiscal year 2023/24 to 3.5 percent, although it will still be below potential due to weak domestic demand and high inflation.

The Extended Credit Facility (ECF) arrangement’s third review calls for a disbursement of about $51.3m, and the Nepali government and IMF team have agreed at the staff level.

Despite monetary easing, necessary balance sheet repairs have been preventing credit expansion. The ECF’s reforms seek to increase credit stability and promote economic growth while preserving external and price stability. In order to increase demand, the budget calls for accelerating the planned increase in capital spending.

Senior economist at the IMF Tidiane Kinda stated in a statement that regardless of monetary easing, loan growth has been constrained by the need to restore balance sheets following the credit boom and a downturn in the real estate market. In August, Nepal’s inflation maintained its high at 7.5 percent, according to the IMF, but it is anticipated to decline. The forecast for Nepal over the medium term is still positive, as planned investments in infrastructure, particularly in the energy sector, are anticipated to help sustain potential growth.

The Nepali government is working to strengthen Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), notably by amending existing AML regulations to conform to global norms. On the country’s side, however, growth is projected to have slowed in the most recent financial year due to import restrictions from the previous year, regulatory uncertainty regarding land markets and construction licensing, lower credit flows, and weaker domestic demand in the context of significant post-Covid emigration outflows.

The resulting revenue shortfall caused the fiscal deficit to increase in the most recent fiscal year, but it did so at a level that still fits with a manageable level of public debt, demonstrating budgetary restraint. However, there seems to be a contradiction in the IMF, World Bank, and Nepal government’s perceptions.

The expansion of Nepal’s economic growth is predicted by the World Bank for the upcoming fiscal year. The World Bank claimed that it anticipates Nepal’s economy will rebound to a 3.9 percent growth rate in the fiscal year 2024. It also indicated that Nepal's Gross Domestic Growth Rate will stay at 1.9 percent this year.

According to the update, Nepal can revive its economy by fostering tourism as well as export and remittances. Even while Nepal’s economy currently benefits greatly from tourism, there are still chances for more investments to increase returns, particularly for local communities. This is significant since Nepal is one of many nations attempting to solve the Covid-19 pandemic-related development setbacks while attempting to limit massive biodiversity losses.

Within the next three years, Nepal hopes to become a middle-income country, and the government has been painting a picture of a thriving economy based on data showing rising remittances and improvements in the tourism industry. However, the general state of the nation’s economy is getting worse by the day.

Chiranjibi Nepal, former governor of Nepal Rastra Bank and a senior economist, points out that the World Bank's optimistic outlook is in contrast to the challenging reality on the ground. He emphasizes that to truly understand a country's financial condition, we must observe local financial developments. He argues that international reports tend to highlight the positive aspects and may not accurately reflect the true economic situation. Nepal's government should focus on policies that stimulate local financial markets instead of relying solely on external reports.

“These reports are made by financial backers which demonstrates the positive side. How could a financial backer focus his/her interest into destruction?” he says. 

Senior economist Dr. Chandra Mani Adhikari says Nepal’s economy is distinct from other nations. This is the busiest time of year for Nepal’s economy, but it appears to be stagnating this year due to limited expansion, low wages, inflation, inadequate investment, corruption, lack of private sector confidence, youth migration, and sudden radical shifts in policy.

These are just a few of the economic features that Nepal is experiencing, Adhikari says, The Nepali economy has become stuck in a downward spiral of high inflation and sluggish growth.

“The banks have money deposited by particular persons that is fixed, and people are also cautious about spending because of the financial crisis, thus money movements in marketplaces are minimal these days. The government is unable to invest money on the market and reassure its citizens that everything is alright,” he says. “To stimulate the economy, the government should increase its development expenditure, which injects money into the market.”

The 16th conference of the World Social Forum is taking place in Nepal for the first time with the slogan 'Another world is possible'.

The organizing committee of the World Social Forum Nepal has organized a global announcement program about the event taking place in the open theater from February 15 to 19, 2024. 

On the occasion, an intercontinental youth forum and a parliamentary forum will be organized, said Sushil BK, coordinator of Media and Communication Group, the World Social Forum Nepal.

The forum is free and open for exchanging ideas and experiences on an alternative to neoliberalism. It started from Porte Alegre in Brazil in 2001 in the course of discussing an alternative to the impact of neoliberal globalization in the world two decades ago. 

The platform represents the collective power of the global movements and the civil society organizations that have united against neoliberalism, globalized capitalism, climate crisis, patriarchy, caste, discrimination based on color, racial discrimination and violence, discrimination and hatred against gender and sexual minority communities.

Non-governmental organizations including the NGO Federation of Nepal are coordinating the conference that runs parallelly.

Various 13 contemporary subjects have been selected for the session. The subjects to be discussed include: economic inequality and economic justice, labor, immigration, slavery and human trafficking; discrimination based on caste, work and descent, caste, ethnicity, indigenous nationalities, untouchability and all forms of discrimination, gender, sexuality, gender-based violence and identity, land, agriculture, food sovereignty, agricultural ecosystem, energy and natural resources;  peace, conflict, war, acquisition, displacement and security; education, art and culture, communication, social networks and media, digital equality; democracy, human rights, authoritarianism, law and justice; health, social protection and equality; climate, environment, equitable transformation, habitat and sustainable development; women, children, youth, the elderly and persons with disabilities and social movements, the place of citizens and the future of the world social platform.

Expressing their solidarity, representatives including Prof Aananda Kumar from India and Dr Uddhav Pyakurel from Nepal have extended their best wishes for the success of the event.

World Investor Week is being celebrated in Nepal by organizing various awareness programs throughout the country. The Securities Board of Nepal (Sebon), the securities market regulator, is leading the World Investor Week in Nepal from Oct 2-8 at the call of the International Organization of Securities Regulators (IOSCO).

Nepal is actively participating by organizing a series of events during these dates with the goal of empowering investors through increased education and awareness. Throughout this week, investors engaged in the securities market will receive education and awareness on various aspects of market development and improvement.

The Nepal Stock Exchange, CDS and Clearing Ltd, and stockbrokers are actively involved in these celebrations. Ramesh Hamal, chairman of Sebon, stated that the World Investor Week is observed in more than 100 countries as part of the IOSCO’s program. The primary objective of this program is to safeguard investors and promote financial literacy. This year’s celebration mainly focuses on Investor Resilience, Crypto Assets, and Sustainable Finance. “The World Investor Week celebrations commenced in Nepal and across the world on Monday, with different countries tailoring their programs to their financial literacy levels,” Hamal added.

Sebon has introduced various protocols for investor protection. During World Investor Week, Sebon is set to sign an agreement with the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which will significantly enhance financial literacy at the business level through the federation’s network. “We will provide the resources, and FNCCI will organize the program,” he explained.

During the inauguration of World Investor Week on Monday, Minister for Finance Dr Prakash Sharan Mahat launched an artificial intelligence-based chatbot designed for investor education and grievance resolution. This chatbot offers a convenient platform for immediate responses to queries, information requests, and complaints related to the securities market, according to Sebon.

IOSCO has been celebrating World Investor Week since 2017, with the aim of empowering investors. In addition to Sebon, organizations such as Nepse, CDSC, Merchant Bankers Association, Stock Brokers Association, Credit Rating Institutions, Stock Dealers, and PE/VC Fund Managers are actively participating in the World Investor Week celebrations.

Nepse is informing investors about considerations while investing, CDSC is providing insights into share trading, and stockbrokers are conducting widespread activities during World Investor Week. The Stock Brokers Association of Nepal, an organization of stock brokers, co-organized the opening ceremony of World Investor Week on Monday. On Tuesday, members of the association disseminated awareness messages through their website, social media, and online platforms.

Dharmaraj Sapkota, the association’s president, said they would conduct over a dozen investor education and awareness programs across all provinces of the country during the week. These programs will take place in Birtamod, Banepa, Bardibas, Bharatpur, Kathmandu, Birgunj, Baglung, Syangja, Bhairahawa, Mahendranagar, and Jumla.

Additionally, the Securities Brokers Association Nepal, a new organization of stockbrokers, has initiated a week-long program for World Investors Week. The association organized a share awareness and training program at Reliance College in Saraswatinagar, Kathmandu. Sagar Dhakal, the association's president, stated that the awareness program will continue until Oct 8.

The association intends to conduct awareness and training programs at Kathford International College in Balkumari, Central Department of Management of Tribhuvan University in Kirtipur and Panauti Municipality in Panauti, Kavre. On Saturday, a rally will be taken out from Bhrikuti Mandap to Basantapur to raise awareness about investment. Participants will placards and banners related to investment education and literacy. Sebon Chairman Hamal will lead the profession. Likewise, the formal closing ceremony of the World Investor Week will be held on Oct 8.

Chock-a-block traffic has pushed many countries to prioritize the development and operation of mass transit systems, but Nepal is an exception with the metropolis of Kathmandu offering a glaring example.

There’s a great scope for transit systems like underground train, monorail, the cable car and trolley bus/bus rapid transit (BRT) in Kathmandu as they can ease congestion to a great extent.

But developing and operating such a mass transit system in Kathmandu is easier said than done as several rounds of discussions conducted on the topic in the past have shown. 

First and foremost, developing such a system requires a long time and huge investment. The metro and rail systems are not the only alternative, though. Ropeway/cable car can also be used for urban transport at a lower cost compared to other modes of mass transit.  

In reality, BRT has a few fundamental differences compared to the existing system. BRT buses use the existing road facility, but such buses have a higher passenger carrying capacity, use a dedicated lane and have fewer stops. 

In many countries, the public sector operates BRT, which requires huge investments, with subsidies from the government to fulfill social obligations. However, there’s an absence of a public sector entity willing to shoulder this responsibility in Kathmandu, a city of almost 4m people, thanks to an influx of people from hilly and Tarai regions, who come here looking for jobs, for medical treatment and study opportunities. A large number of people move on motorcycles and scooters, while a huge number also shuttles through buses, cars, taxis, three-wheelers and on the recently-introduced BRT system along the Kathmandu-Suryavinayak stretch. 

While the operation of BRT is highly appreciable, it should have less stoppage and the buses in use should be a bit larger with more passengers carrying capacity. As such, 1.74m vehicles (including two-wheelers) in operation along the total road stretch of 247.7 km in and around Kathmandu do not appear to be sufficient to cater to an ever-increasing demand for mobility. 

Kathmandu witnesses massive congestions along its arteries during peak hours: 9-11 am and 5.00-6.30 pm. In the absence of a mass transit system, it is a daily struggle for commuters to report to duty on time and return home on time by getting onboard any means of transport available.  

Also, the availability of soft credit facilities for the purchase of vehicles and absence of long-term import restrictions mean a geometrical surge in the number of vehicles in the city, which only worsens congestion.

There’s no doubt that the existing public transport system does not offer a hassles-free bus/microbus ride to a multitude, especially during peak hours. Traffic Police deserve credit for introducing a relatively good traffic management system by designating stoppages at lay-byes and other suitable sites with necessary segregation.  

In addition, a queuing system in place for potential riders in Ratna Park and other crowded areas of Kathmandu where more than 1,700 buses arrive and depart for different destinations daily has a vital role to play in traffic management. 

Despite its effectiveness, this queuing system is yet to be replicated in several other locations. 

In some cases, the pickup system has been chaotic due to the absence of a specified bus terminal where the bus originates and terminates. 

At present, all buses around some of the important locations, in the absence of designated bus terminals, are starting or terminating their journeys from available lay-byes or other areas. 

In such a chaotic situation, Kathmandu Metropolis has designated Kathmandu Bus Park (terminal) at Gongabu as the origin and destination for all buses to and from Kathmandu. This is a commendable act as it has also helped ease congestion. 

The author is a former Executive Director, Nepal Intermodal Transport Development Board. He can be reached at [email protected]

The article is Part I of a two-part series

As a nation with various religions, cultures, ethnicities and languages, Nepal allows every Nepali to practice their religion and culture. This fundamental right is enshrined in our Constitution. 

Despite different religious texts and beliefs, our core values unify us—humanitarianism, peace and respect for diverse religions and cultures. From Nepal, the birthplace of Gautam Buddha, a global symbol of peace, we have spread the message of peace, tolerance, harmony and coexistence around the world. It is vital that we preserve this heritage. 

I earnestly ask all religious, cultural and ethnic groups to promote peace, tolerance and coexistence while staying vigilant against divisive actions that threaten national unity and our heritage. I urge the government to swiftly restore law and order by upholding religious, social and cultural unity, tolerance and coexistence. 

I request social media users to refrain from sharing content that could disrupt religious, social and cultural harmony, tolerance and coexistence. 

The author is a lawmaker and secretary general of Nepali Congress

The World Bank (WB) has projected an improvement in Nepal's economic growth in the years ahead as the growth is expected to rebound to 3.9 percent in 2024 and 5 percent in the following year.

In the WB's Nepal Development Update report launched today, the rise in the growth is expected due to the impact of lifting import restrictions and the gradual loosening of monetary policy and so on.

However, inflation is expected to remain high, weighing on people’s real disposable incomes and private consumption.

Shedding light on the recent economic developments in Nepal, the WB states that real GDP growth decreased to an estimated 1.9 percent in 2023, the lowest rate since 2020 and substantially below the 10-year average growth rate. Likewise, monetary tightening and the effects of import restrictions contributed to the slowdown. Economic activity was particularly subdued in the industry and services sectors, while agricultural output remained more resilient.

Stating that slow credit growth and import restrictions contributed to a reduction in private investment on the demand side, it said lower capital expenditure and revenue underperformance drove lower public investment. "As a result, total investment decreased by more than 10 percent, a sharper reduction than in 2020. Private consumption remained robust, owing to strong remittance inflows."

It is said that inflation increased for the third successive year in 2023, and the increase was broad-based. Food prices rose due to supply side shocks and domestic policy changes. Non-food prices were pushed by higher housing and utility prices. The persistence of high inflation impedes an effective policy mix to stimulate growth while containing external imbalances.

Domestic policies and India’s trade restriction measures invoked a steep reduction of goods imports.

Remittance inflows increased in 2023, following high outward migration in the previous year.

Exports stagnated below their pre-pandemic level, caused also by a real appreciation due to Nepal’s persistently high inflation. Overall, the current account deficit decreased significantly, and the level of foreign currency reserves increased above its policy floor, according to the WB updates on Nepal development. 

The contraction of imports caused a sharp decline in fiscal revenues, as more than half of total revenues are trade related. Because expenditures contracted at a much slower pace than revenues, the fiscal deficit nearly doubled to 6.1 percent of GDP, the highest deficit recorded in more than two decades. Overall, public debt increased due to the weaker fiscal performance to 41.3 percent of GDP, it is said.

Amid challenges, Nepal is leading the way towards operationalizing its green, resilient, and inclusive development vision to shape the country’s long-term economic recovery.

Improved external competitiveness is key to driving this recovery and enabling Nepal to compete in export markets, in terms of both prices and quality.

This requires emphasis on reforms to help increase domestic productivity and reduce the inflation differential with Nepal’s trading partners, the WB assessed.

Nepal have faced a 23-run defeat at the hands of India in the quarter finals match of the T20 Cricket Tournament held under the Asian Games in Hangzhou, China today.

Nepal, who were chasing a massive 203 run target set by India, scored 179 runs losing all the wickets. However, Nepal's performance was worth appreciating.

Dipendra Singh Airee scored highest 32 runs for Nepal.

Similarly, Kushal Bhurtel made 28 runs, Aasif Shekh 10, Kushal Malla 29, captain Rohit Poudel three and Sandip Jora 29 runs.

Likewise, Sompal Kami contributed seven, Gulshan Jha six, Karan KC 18 (not out) and Sandip Lamichhane five runs.

Ravi Bishnoi and Abhesh Khan took three wickets each for India. Likewise, Arshadeep Singh took two wickets and Sai Kishor one wicket.

Electing to bat first after winning the toss, India scored 202 runs.

Yashashwi Jaiswal scored a century. He made 100 runs off 49 balls, putting Nepal under pressure. Rituraj Gayakwad collected 25 runs, Shivan Dubey 25 and Rinku Singh an aggressive 37 runs.

Nepali bowlers Dipendra Singh Airee took two wickets and Sandip Lamichhane and Sompal Kami one each.

With this defeat, Nepal have been exited from this tournament while India have entered into semifinals.