This issue of Nefport takes into account news updates from September 1 to November 30.
The USD conversion rate for this issue is NPR 133.99 to a dollar, the quarterly average for this issue.
Reproduction is authorized provided the source is acknowledged.
The views and opinions expressed in the article/publication are those of the author(s) and do not necessarily reflect the official opinion of Nepal Economic Forum. Neither the organization nor any person acting on their behalf may be held responsible for the use which may be made of the information contained therein.
Executive Board Members:
Alpa B. Shakya
Shayasta Tuladhar
Sudip Bhaju
Sujeev Shakya
Advisory Board:
Elisabeth von Capeller
Francois-Xavier Leger
Giuseppe Savino
Kenichi Yokoyama
Kul Chandra Gautam
Mahendra Krishna Shrestha
Prativa Pandey
Saloni Sethia
Shraddha Gautam
Sneh Rajbhandari
Senior Fellows:
Aman Pant
Apekshya Shah
Bibek Raj Kandel
Bibhakar Shakya
Sijan Thapa
Suman Basnet
Editorial
The past quarter, from September to November, was one filled with many developments in Nepal and the world. Tragedy struck towards the end of the monsoon season with torrential rains from September 26 to 28 causing multiple floods and landslides across the country. The resulting destruction was immense, with over 250 deaths, thousands displaced, and damages worth 46.68 billion (USD 290.46 million). The disaster reminded us yet again of Nepal’s growing vulnerability to climate change, despite its limited contribution toward it. It also reminded us that while we should celebrate the official beginning of power trade with Bangladesh, we must take environmental concerns into account when working on infrastructural projects like hydropower projects.
In terms of infrastructural projects, a highlight of the quarter was also the signing of the BRI Cooperation Framework during Prime Minister KP Oli’s visit to Beijing in early December. While the agreement builds the foundation for the execution of ten projects, from roads to industrial parks, it is yet to be seen whether these will actually result in the completion of the proposed projects. Besides China’s commitment to such infrastructural projects, India also committed grant assistance of NPR 474 million (USD 3.54 million) for the construction of 12 High Impact Community Development Projects (HICDPs) across Nepal.
On an internal level, political happenings continued to trouble Nepal. Rabi Lamichhane, the Chair of the Rastriya Swatantra Party (RSP) and Former Home Minister, was arrested and has since been shuttled across the country for legal proceedings regarding a cooperative fraud case. Many have claimed that this is a political vendetta by the incumbents against Lamichhane. Contrarily, on a more hopeful note, the government announced a high-level commission to recommend reforms to revive the economy, led by former finance secretary Rameshore Khanal. The hope is that the establishment of this commission and a more active parliament, spurred by younger and newer parliamentarians, will lead to structural transformation in 2025.
Building on this hope and the opportunities posed by the demographic dividend discussed in NEFport 58, the 59th edition of the NEFport, titled ‘Unlocking Care Economy’s Potential,’ explores the significance of care economy in today’s development paradigm through collaborative care thinking, an area that the Nepal Economic Forum (NEF) is keen to work in. As part of this, we have four articles that analyze different aspects of the topic. In the first, Patricia Fernandez-Pacheco, the Country Representative of United Nations Women (UNWomen) Nepal, shares insights from the Asia-Pacific Transforming Care Forum 2024. Building on this, the second article, by Mitali Nikore, Vandhana Ramesh, and Brinda Juneja of Nikore Associates, examines opportunities for Nepal to develop its care infrastructure, drawing lessons from regional peers. In a similar vein, the article from Shreemanjari Tamrakar, a seasoned project manager and researcher as well as the Founder of Mi Space, a co-working and learning center, explores the undervaluation of both paid and unpaid care work. Finally, I dive into the gradual evolution of the care economy due to changing socio-economic norms, and the role of private capital, public-private partnerships, and innovative financing models to address future care demands. We would like to express our gratitude to everyone who has contributed voluntarily, as well as to our readers and patrons who have supported and engaged with us throughout our journey.
We are working continuously on recalibrating our NEFPorts to make them more useful to our readers. Please feel free to write to us at info@nepaleconomicforum.org or to any of our social media handles for any further comments or feedback.
Sujeev Shakya Chair, Nepal Economic Forum
1 General Overview
Political Overview
This quarter marked significant political developments with the much-awaited signing of the ‘Cooperation Framework for the Belt and Road Initiative’ paving the way for various bilateral development projects. The same visit, however, also raised concerns over how the decision to visit China before India could affect PM KP Oli’s relations with India. The review period was also marked by Nepali leaders visiting multiple international conferences and assemblies, including the United Nations General Assembly (UNGA) and the Conference of Parties (COP29). However, the productivity of such ceremonial visits was brought into question, especially considering the tumultuous quarter. Most notably, Prime Minister Oli’s UNGA visit coincided with the heavy September flooding and sparked outrage among the public, fueled by the government’s lacking disaster preparedness and response. Further tumultuousness was added in the form of the arrest of Rabi Lamichhane, chair of Rastriya Swatantra Party, with his supporters accusing the ruling coalition of engaging in a political vendetta.
LEGISLATIVE UPDATES
Controversy over Bhatbhateni Owner Min Bahadur Gurung’s Land Donation to CPN-UML
On October 11, 2024, Min Bahadur Gurung, owner of the Bhatbhateni Supermarket chain, donated approximately 0.55 hectares of land in Maitrinagar, Kirtipur to the Communist Party of Nepal-Unified Marxist Leninist (CPN-UML) for the construction of its central office.6 The donation sparked controversy
within the party and among political analysts due to Gurung’s legal history, which includes accusations of corruption and forging government documents.7 He was infamously arrested last year in the Lalita Niwas Land Grab scam, and was released on bail in September 2023.8 Amidst the controversy, the Supreme Court issued a short-term interim order barring any work, including the transfer of ownership, on the donated land.9 The interim was issued based on a writ
petition filed by Advocate Gyan Bahadur Basnet, who argued that accepting a donation from a businessman with a history of corruption violated the ethical principles of the party.
JUDICIAL UPDATES
Former Home Minister Rabi Lamichhane Arrested for Cooperative Fraud Case
On October 18, 2024, a police team from the Central investigation Bureau (CIB) arrested former
Home Minister and Rastriya Swatantra Party (RSP) chair Rabi Lamichhane from the party’s head office in Banasthali, Kathmandu to investigate charges of cooperative fraud, money laundering, and organized crime.10 Lamichhane was accused of being involved in the misappropriation of funds from Pokhara-based Suryadarshan Savings and Credit Cooperative.11 Reportedly, a total of NPR 1.35 billion (USD 10.07 million) has been embezzled from the cooperative, being unlawfully transferred to various companies including Gorkha Media Network, where Lamichhane had served as the Managing Director.12 Former Deputy Inspector General Chhabilal Joshi, Leela Pachhai, Ram Bahadur Khanal, and Krishna Bahadur Gurung have also been arrested under the case.13 Warrants have also been issued against Lamichhane for alleged fund misappropriation in the Supreme Cooperative (Butwal), Sahara Cooperative (Chitwan), and Swarnalaxmi Cooperative (Kathmandu) due to which he has been shuttled across various districts for further investigation.14 In response, Lamichhane’s supporters and the RSP have called recent moves a political vendetta by the ruling opposition.
Former Koshi Province Minister Lila Ballav Adhikari Arrested on Human Trafficking Charges
Former Provincial Minister of Internal Affairs and Law, and Provincial Assembly Member for Koshi Province, Lila Ballav Adhikari, was arrested on November 10, 2024, on human trafficking charges.15 Adhikari was accused of traveling to Japan without necessary approvals
from the Council of Ministers with three others, leading to his denial of entry and deportation back to Nepal.16 The backlash of his unreported Japan visit was flagged as a major concern tendering his resignation on November 6, 2024.17 Following his resignation and arrest, he has been suspended from all party positions and membership by the Koshi Chapter of CPNUML until the legal proceedings against him are concluded.18
BILATERAL AND MULTILATERAL UPDATES
Prime Minister KP Sharma Oli Participates in the 79th United Nations General Assembly
On September 20, 2024, Prime Minister KP Sharma Oli led Nepal's delegation to the 79th United Nations (UN) General Assembly (UNGA) in New York, USA. 19 In his address on September 26, Oli highlighted Nepal’s new transitional justice act, emphasizing its victim-centric approach aligned with Supreme Court directives and international norms, assuring the assembly of smooth implementation.20 He also underscored the severe impact of climate change on Nepal, citing permafrost in Thame, and cordially invited Secretary General António Guterres to Sagarmatha Dialogues, a platform to champion the agenda of the mountain ecosystems.21 Prime Minister Oli also attended high-level meetings on Least Developed Countries (LDCs), antimicrobial resistance, and held bilateral talks with Secretary General Guterres and Indian PM Narendra Modi. 22 Despite the significance of these UN related activities, public and media
attention gravitated toward Oli’s addresses at Columbia and Harvard universities. While lauded for his scripted remarks, critics noted the irony of promoting Nepal's education system abroad while neglecting domestic reform.23 His unscripted Question and Answer sessions also revealed a weaknesses in addressing complex issues, with some viewing the academic appearances as self-promotion rather than substantive diplomatic engagement.24
Nepal and China Sign Cooperation Framework for Belt and Road Initiative
Prime Minister KP Sharma Oli’s visit to China, which began on December 2, aimed to strengthen cross-border infrastructure and connectivity.25 At the invitation of Chinese Premier Li Qiang, the visit was considered to be a vital step in deepening bilateral ties by prioritizing critical areas as both nations finalized a joint communiqué and related agreements.26 Various agreements aiming to strengthen bilateral trade were signed, some key ones being a memorandum for the construction of the TokhaChhahare tunnel, the export of buffalo meat to China, and various economic and technical assistance from China’s end.27 Most notably, Nepal and China formally signed the Belt and Road Initiative (BRI) Cooperation Framework, furthering Nepal’s involvement in the BRI since Nepal initially joined the initiative in 2017.28 The framework lays the foundation for the execution of ten proposed projects, ranging from roads and railways to energy transmission lines and industrial parks.29 However, the
visit also sparked controversy over its impact on Nepal-India relations. Critics highlighted the absence of an invitation for PM Oli from Indian Prime Minister Narendra Modi, contrasting it with the warm reception of Foreign Minister Arzu Rana Deuba in Delhi.30
ELECTION UPDATES
Local By-Elections Held on December 1
The government, led by Prime Minister KP Sharma Oli, approved by-elections on December 1 to fill 41 local-level vacancies in 32 districts over all seven provinces. A total of 377
Outlook
candidates contested for 41 vacant positions, including one mayor, one deputy mayor, and 33 ward chairs, among others.31 Key vacancies include Kirtipur Municipality in Kathmandu, Gramnath Municipality in Morang, and Mahabu Rural Municipality in Dailekh for the position of Chief. Similarly, deputy chief positions were vacant in Gaurishankar Rural Municipality of Dolakha, Nalagadh of Kalikot, and Tripurasundari of Dolpa.32 Other than the aforementioned positions, three were filled unopposed prior to the elections. Tek Raj Bhattarai and Tika Kumari Chaudhary, both from Nepali Congress, were elected to the
district coordination committees of Kailali and Okhaldhunga respectively. The Election Commission, which oversaw the polls, noted an increase in voter turnout at the polls. Around 62% of the 226,792 registered voters cast their ballots in the by-elections, compared to 59% during the 2022 local elections.33
The upcoming quarter anticipates turbulence in the Nepali political landscape, particularly through a fragmented coalition and uncertainty posed by bilateral relations with India and China. This is worth noticing given the overambitious efforts to bridge gaps through multilateral diplomacy given the overlapping yet conflicting interests among party factions. Further, the next quarter is expected to escalate the existing rifts between the independent entities (party or individuals) with that of the incumbent parties. Rabi Lamichhane is likely to remain in the spotlight with rallying disenchanted voters and further accusations directed towards him. Internationally, the ripple effects of change in geopolitics around the globe may influence Nepal’s political discourse to some extent, with leaders recalibrating their strategies in shifting global dynamics. While Nepal has increased its global presence through participation in multiple international platforms, growing concerns about their productivity and effectiveness may prompt leaders to prioritize fewer but more impactful engagements in the future. The developments present a dynamic period for Nepal, with critical decisions shaping its governance, economic recovery and international standing.
International Economy
In the review period (September to November 2024), in terms of economic indicators, global growth was expected to remain stable yet underwhelming at around 3.1% for the next five years, and global inflation was estimated to reach a low of 3.5% by the end of 2025. Additionally, global trade is expected to hit a record of USD 33 trillion (4,421.67 trillion) by the end of 2024. However, despite such positive projections, key developments thrust the world into further uncertainty as the last quarter of 2024 was marked by rising conflict and political upheavals across the world. The Middle East, Russia-Ukraine, and Sudan witnessed an escalation in tensions along with the upheaval of Syria’s Assad regime. Political instability in Europe was also a highlight of the quarter as the continent’s two largest economies, France and Germany, faced new governments due to disagreements regarding the 2025 budget. Moreover, in a significant development, Donald Trump secured his second term as the President of the United States of America, thereby raising the already existing uncertainty about global trade.
ECONOMIC UPDATES
IMF Warns of Global Public Debt Escalating to USD 100 Trillion (NPR 13,399 Trillion) by 2024
On October 23, the International Monetary Fund (IMF) warned that global public debt would exceed USD 100 trillion (NPR 13,399 trillion), or 93% of global GDP, by the end of 2024.39 The rise is largely driven by pandemic-
related spending, with the U.S. and China as major contributors.40 Notably, if the two countries’ fiscal deficits were excluded from calculations, it would reduce the global debt-to-GDP ratio by 20%. The IMF has highlighted the main cause for an increase in debts as the ‘fiscal policy trilemma’, with governments caught between higher spending, resistance to higher taxes, and unsustainable debt. Without immediate action,
debt levels could reach 100% of the global GDP by 2030, causing economic instability.41
Global Inflation Slows Amid New Risks
In the October 2024 edition of the World Economic Outlook, IMF reported that most countries managed to lower inflation and avoid recession in 2024. After reaching a peak of 9.4% in the third quarter of 2022, inflation
is now expected to reach 3.5% by the end of 2025.42 This is even below the average of 3.6% between 2000 and 2019. The decline in inflation has been attributed to the easing of supply disruptions and tightening of monetary policy across the world. However, the organization also maintained that in order to continue this trajectory and counter inflationary pressures caused by global instability, the world must follow a “triple policy pivot” involving monetary easing, fiscal discipline, and structural reforms.43
Global Growth Expected to Remain Stable Yet Underwhelming
According to the World Economic Outlook published in October 2024, global growth is projected to hover around 3.1% over the next five years, a decline compared to pre-pandemic
averages.44 The key revisions include an upgraded outlook for the United States, driven by stronger economic performance, offsetting downgrades and sluggish performance in major European economies. In emerging markets, growth forecasts for the Middle East, Central Asia, and sub-Saharan Africa were revised downward due to conflicts, civil unrest, oil production issues, and extreme weather.45 In contrast, emerging Asia, particularly China and India, saw upward revisions, propelled by rising demand for semiconductors and electronics linked to advancements in artificial intelligence (AI) and substantial public investment.46
Global Food Prices Surge to 18-Month High
In October 2024, global food prices reached an 18-month high, with the FAO Food Price Index rising by 2% from September to
127.4 points, marking its highest level since April 2023.47 Despite this, the prices remain 20.5% below the March 2022 peak caused by the Russia-Ukraine conflict. The increase in food prices was primarily led by greater vegetable oil prices, which jumped 7.3% due to concerns over palm oil production and higher prices for soy, sunflower, and rapeseed oils. Similarly, cereal prices rose 0.8%, driven by unfavorable weather in major northern hemisphere exporting nations and Russia's price floor policy. Additionally, dairy prices also increased by 1.9%, reflecting strong demand amid limited cheese and butter supplies. In contrast, meat prices fell slightly, while sugar prices rose 2.6% due to production uncertainties in Brazil, further intensifying the global food market pressures.48
Source: Food and Agriculture Organization of the United Nations (1990-2024)49
Figure 1. GDP in Current Prices over the Last Five Years (in NPR trillion)
INTERNATIONAL TRADE UPDATES
International Trade to Hit Record USD 33 Trillion (NPR 4,421.67 Trillion) in 2024 Amidst Uncertainty for 2025
As per the United Nations Trade and Development’s (UNCTAD’s) ‘Global Trade Update’, international trade is set to hit a record of USD 33 trillion (4,421.67 trillion) in 2024.50 This is a 3.3% increase as compared to 2023 and is attributed to a 7% rise in trade and services.51
The rise is contrasting to last year when trade in goods saw a 1.1% slump due to high inflation and rising interest rates. Despite the positive increase in 2024, however, Least Developed Countries (LDC) are off track to meet the export target of 2% in 2030 as compared to 1% in 2011, thereby highlighting the continual unequal growth of nations.52 Additionally, uncertainty looms in 2025 as there is an expectation of a rise in trade tensions due to US policy shifts, greater tariffs, and rising Middle East tensions.
Chinese EVs Continue to Face Increasing Tariffs
In late October 2024, the European Union (EU) imposed an increase in tariffs on Chinese-built electric vehicles (EVs) by up to 45.3%, adding to an already existing 10% tariff on car imports.53 According to the decision, 17% will be levied for BYD, 18.8% for Geely, 20.7% for Volkswagen and BMW, 7.8% for Tesla, and a massive 35.3% for the state-owned Shanghai Automotive Industry Corporation (SAIC).54 The decision came after the end of an eight-month anti-
subsidy probe by the EU that found China providing unfair subsidies including grants, preferential financing, and resources below market prices to car manufacturers. These tariffs added to Chinese woes as, earlier in the year, United States and Canada imposed 100% tariffs on EVs coming from the country.55 While China has continued to harshly react and label these actions as “protectionist”, Chinese automakers have taken a more practical approach and are increasingly pivoting to hybrid cars for the European market.56
KEY HIGHLIGHTS OF INTERNATIONAL REPORTS
Key Barriers to Europe's Growth Potential
On November 14, the IMF released its ‘European Economic Outlook’ for October 2024, identifying several key barriers holding back Europe’s growth.57 With an income gap of 30% below the US for two decades, low productivity and insufficient capital in Central, Eastern, and Southeastern Europe (CESEE) were attributed to the lack of European growth.58 Within this, a significant challenge was Europe’s fragmented markets. Unlike the US, where goods and services move freely, Europe’s Single Market faces barriers equivalent to 44% tariffs in manufacturing and 110% in services, limiting firms' ability to scale. Furthermore, weak capital markets limit investment in young and innovative firms, while skilled labor shortages in key sectors worsen the problem. To counter this, the IMF recommended tighter fiscal policies to reduce deficits as well as reforms to
enable the free movement of goods, services, capital, and labor within Europe. These changes could close the income gap and build a more resilient economy.59
Digitalization Can Transform Supply Chains in LDCs
A study titled ‘Impact of Digitalization of Sustainable Supply Chains’, released on November 15, highlights how the technologies like AI, blockchain, and IoT are driving sustainable supply chains in Least Developed Countries (LDCs).60 It explores initiatives in Bhutan, Bangladesh, Nepal, Rwanda, and Vanuatu to examine how technology has played a role in improving supply chains. According to the study, Bhutan’s digital potato auction system reduced transaction costs and wait times, while Bangladesh’s CEOSH center trains garment workers to reduce production costs and environmental impact. In Nepal, digital tea traceability increased export prices, while Rwanda’s blockchain-based system boosted income for women coffee farmers. Additionally, Vanuatu’s electronic trade reforms decreased bio-security certification times from six days to 10 minutes, cutting CO2 emissions by 5,827kg.61 These examples emphasized digitalization's potential to address the economic, social, and environmental challenges of supply chains. However, with 65% of LDC populations remaining offline, the report also urged inclusive digital reforms to prevent a "winner-takes-all" inequality scenario and promote proportionate benefits globally.62
Ending Forced Labor Could Boost Global GDP by USD 611 Billion (NPR 81.85 trillion)
The International Labor Organization (ILO) revealed that ending forced labor could boost global GDP by USD 611 billion (NPR 81.85 trillion), according to a report released in Geneva on September 16, 2024.63 The report, titled ‘Acting Against Forced Labor: An Assessment of Investment Requirements and Economic Benefits’, highlights that reintegrating over 27.6 million forced labor victims into formal employment could shift wealth from illicit economies to the formal market, generating economic gains. This transition would increase tax revenues, reduce victim support costs, and support national development.64 Implementing necessary interventions to address this requires an estimated investment of USD 212 billion (NPR 28.43 trillion), just 0.14% of global GDP. The ILO stressed that addressing forced labor is not only an economic benefit but also a human and legal imperative. With this, they urged governments, employers, and workers’ organizations to prioritize investment and collaboration to address this pressing global issue.65
Global Banking Annual Review 2024: Profit Amid Challenges
McKinsey’s ‘Global Banking Annual Review 2024’, published on October 17, highlights a strong performance from the global banking sector, which generated USD 1.15 trillion (NPR 154.09 trillion) in net profits and USD 6.8 trillion (NPR 911.13 trillion) in revenues in 2023.66 However,
despite being the most profitable industry, banks struggle with low equity valuations due to subdued growth, margin pressures, and weakening interest rates. Swiss banks, on the other hand, outperformed global peers with an 18.2% return on equity and a higher price-to-book ratio of 1.2, compared to the global average of 0.9. This success is attributed to their focus on wealth management as Swiss institutions leverage their strong home market and global positioning to offset challenges.67 In the report, McKinsey also emphasized the importance of efficiency, scaling, and innovation to address stagnating revenue growth (2% from 2023 to 2028) by focusing on maintaining competitiveness, particularly through international expansion and service-oriented strategies.68
KEY DEVELOPMENTS
Donald Trump Secures Second Presidency Term
On November 6, 2024, Donald Trump beat Democratic presidential candidate Kamala Harris to secure his second term as the President of the United States of America (USA) – four years after being ousted by President Joe Biden.69 In a notable comeback, Trump won 312 votes in the electoral college as compared to Harris’ 226 and Biden’s 306, as well as the popular vote with 76.9 million votes as compared to the 74.4 million for Harris.70 Additionally, he beat his Democratic opponent in all seven swing states and led his party to total control of both the House of Representatives and Senate. According to various polls, Trump’s comeback was
propelled by increasing worries over jobs, economy and migration among the US public.71
So far, Trump has already appointed his cabinet and staff nominations with priority given to loyal supporters even if they may not have prior experience required for the role. Some of his key appointments are JD Vance as the Vice President, Marco Rubio as the Secretary of State, Robert F Kennedy as the head of the Department of Health and Human Services, and Elon Musk and Vivek Ramaswamy as in charge of the government efficiency effort.72 However his term may pan out for the US, it has already highlighted uncertainty for the international economy with Trump already announcing tariffs on Canada, China, and Mexico until they take action to halt illegal migration and the flow of drugs.73
Climate Change-Induced Natural Disasters Wreak Havoc Across the World
This past quarter was marred by multiple natural disasters that were said to have increased in frequency and intensity due to climate change. Spain saw one the worst floods of the century in early November as flash floods doused the eastern Valencia region leading to 212 deaths.74
In the US, Hurricane Helene and Hurricane Milton led to more than 232 and 24 deaths in six states across the country and Florida, respectively.75 Hurricane Helene was the seconddeadliest hurricane to hit US mainland in the past 50 years, after 2005’s Hurricane Katrina. In Asia, besides the Nepal floods, which you can read more about
in the ‘Energy and Environment’ section, Philippines was battered by Super Typhoon Man-yi in late November. This was the sixth major storm to affect the country in a month leading to 175 casualties and displacing thousands.76 Unfortunately, these are only some of many palpable effects of climate change.
Syrian Rebels Oust Assad After 53 Years of Family Rule
On December 8, 2024, the Syrian government, led by Bashar alAssad, fell after rebels, helmed by the Hayat Tahrir al-Sham (HTS) took over the capital Damascus.77 This marked the end of the Assad family’s more than 53-year rule as well as the civil war that began in 2011 following the violent repercussions of peaceful protests against the government.78 The rebels successfully captured the capital within 10 days of a sudden offensive beginning on November 27.79 According to various sources, this offensive was partly successful due to Bashar al-Assad’s rising unpopularity –especially within the army that was supposed to protect him.80 Additionally, the army was largely dependent on Russia and Iran who were in turn busy with the Russia-Ukraine war and Israeli attacks, respectively. Due to the apparent lack of army support, Assad was forced to flee to Russia thereby giving free reign to the rebels.81 Following their victory, the commander-in-chief of HTS, Ahmed al-Sharaa, appointed Mohammed al-Bashir to lead a caretaker government till March 1, 2025.82 Bashir is a technocrat who successfully headed the Syrian Salvation Government (SSG) in Idlib, a Syrian stronghold.
With this recent development, the world is yet again thrust further into uncertainty.
Political Upheavals Trouble Europe’s Two Biggest Economies
In the past quarter, the two biggest European economies, Germany and France, faced massive political upheavals caused mostly in part due to their respective budgets for 2025. On December 5, 2024, French Prime Minister Michel Barnier resigned after losing a no-confidence motion by a majority of 331 votes.83 The vote was proposed by the hard left and supported by the far right, helmed by Marine Le Pen, and added to an alreadydelicate scenario created by the hung parliament resulting from June’s snap elections84 Barnier’s ousting was mainly triggered by his 2025 budget plan that included austerity measures. Following his resignation, on December 13, 2024, President Emmanuel Macron named a centrist ally, François Bayrou, as the new French Prime Minister.85 Bayrou is a well-known figure in French politics as he was a presidential candidate thrice.
A similar picture played out in Germany where the governing coalition collapsed after Chancellor Olaf Scholz fired Finance Minister Christian Lindner due to disagreements over Germany’s 2025 budget.86 As Lindner is also the head of the Free Democrats party, one of the main coalition parties, his withdrawal of support led to Scholz’s government no longer having a majority in parliament. Ultimately, this led to a no-confidence vote against
Chancellor Scholz on December 17, 2024, which he lost as 304 parliamentarians voted against him.87 This in turn thrust Europe’s largest economy into uncertainty with elections expected to be held in early February.
Israel-Palestine Conflict Marks
One Year with Issuance of ICC Arrest Warrants
October 7, 2024 marked one year since the beginning of the IsraelPalestine conflict triggered by Palestinian group Hamas’ attack in Israel leading to 1139 casualties and 250 captivities. Over the year, Israel’s retaliatory war on Gaza, that ensued following the attack, has killed nearly 42,000 people with more than half of the casualties being those of women and children.88 Additionally, more than 96,000 are estimated to be wounded, 90% of Gaza’s population displaced, and many more face starvation and health crises amidst completely damaged infrastructure.89 Amidst this, on October 17, Israel reported the killing of Hamas leader Yahya Sinwar, the purported mastermind behind the October 7 attacks.90
In a significant development, just over a month-and-a-half after the one-year mark, on November 21, the International Criminal Court (ICC) issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, Israeli former Defense Minister Yoav Gallant, and Hamas military commander Mohammed al-Masri.91 ICC accused all three of war crimes and crimes against humanity. While the warrants will not be immediately carried out, they may affect international support for Israel.
Middle East Tensions Continue to Rise
The past quarter saw an increase in tensions in the Middle East with multiple retaliatory air strikes across various countries. On October 24, Turkey’s Air Force bombed Kurdish targets in Iraq and Syria in an apparent retaliation for the attack on a state-run Turkish defense company that killed five people and wounded more than 20.92 Then, in early November, the US carried out strikes against Houthis in Yemen in response to them targeting ships in the Red Sea.93 Meanwhile, as an offshoot of the Israel-Palestine conflict, Iran launched almost 200 ballistic missiles towards Israel in early October as a response to the Israeli assassination of major leaders of Iran-backed Hezbollah and Hamas. On the other hand, on November 27, there was some hope in the region following a ceasefire between Israel and Lebanese group Hezbollah that halted a 14-month cross-border conflict that began with Israeli retaliation to Hezbollah firing rockets into northern Israel in support of
Outlook
the Palestinians94 However, this was short-lived as the ceasefire was quickly put under strain following Israeli strikes that killed ten people in southern Lebanon in early December.95 All in all, despite some glimpses of hope, tensions in the Middle East soared, creating more and more uncertainty for the world.
Sudan War Deaths Expected to be Much Higher than Recorded
According to research conducted by scholars in Britain and Sudan, the death toll resulting from Sudan’s current war is expected to be 61,000 in the Khartoum state alone – higher than the recorded number for the whole country.96 In addition to this, the United Nations has estimated that 11 million Sudanese have been displaced and that a total of 25 million people require aid to counter famine and the world’s biggest hunger crisis.97 The war that began in April 2023, in the Sudanese capital of Khartoum, is essentially a battle between the Sudanese Armed Forces (SAF) and a strong paramilitary group, the Rapid Support Forces (RSF), over control of the country and its resources.98
Ukraine and Russia Mark 1000 Days of War with Escalation
On November 19, 2024, Ukraine and Russia marked 1000 days since the beginning of Russia’s offensive against Ukraine.99 The war, which has left thousands dead and nearly six million Ukrainians as refugees, shows no signs of ending. Instead, in an escalation, on the very same day, Ukraine hit a Russian weapons arsenal in Russian territory with US-made ATACMS missiles.100 This marked the first time that Ukraine, following a green light from the Biden administration, used US-supplied longer-range missiles across the border, mostly in response to the support by North Korean troops to Russia. This, in turn, was met by Russia formally lowering its threshold for the use of nuclear weapons.101 According to Russia’s new doctrine, amended on November 20, 2024, the country can potentially apply a nuclear response even to a conventional attack as long as the nation is supported by a nuclear power.
The end of 2024 was marked by many geopolitical shifts that signal a looming uncertainty for 2025. With various political upheavals, escalation of conflict, and Donald Trump’s election, there is an expectation of a rise in trade tensions for the coming year. These, in turn, may test the resilience of global institutions which is particularly worrying due to the urgent need for coordinated efforts to combat climate change, as proven by the natural disasters in the past quarter. On the other hand, with positive economic indicators and record-high trade volumes, there are many avenues for recovery and innovation. Thus, the path forward demands the delicate handling of geopolitical tensions along with bold leadership and collaborative action.
2
Macroeconomic Overview
Macroeconomic Overview
Economic indicators showed improvements between September and November 2024, as reflected in metrics like reduced inflation and increased remittance. During this period, remittance inflows reached NPR 407.31 billion (USD 3.03 billion), and gross foreign exchange reserves stood at NPR 2.23 trillion (USD 16.66 billion), resulting in a positive balance of payments of NPR 184.99 billion (USD 1.48 billion). Despite these gains, foreign trade experienced a slight decline this quarter, with imports significantly outpacing exports. Additionally, Nepal benefited from financial and technical assistance provided by development partners such as USAID and the World Bank for agricultural development and disaster management.
Gross Domestic Product (GDP)
According to the Nepal Rastra Bank (NRB)’s ‘Current Macroeconomic and Financial Situation’ report based on three months’ data ending midOctober, Nepal's Gross Domestic
Product (GDP) at current prices was valued at NPR 5.7 trillion (USD 42.54 billion) in FY 2023/24 AD (2080/81 BS) from NPR 5.34 trillion (USD 39.85 billion) in the previous FY 2022/23 AD (2079/80 BS).102
Figure 2. GDP in current prices over the last five years (in NPR trillion)
Source: Current Macroeconomic and Financial Situation of Nepal (based on annual data, FY 2023/24 AD (2080/81 BS)104
Inflation
Nepal’s year-on-year consumer price inflation declined to 4.82% in mid-October 2024 from 7.5% in the previous fiscal year. Similarly, the annual average consumer price inflation declined to 4.26% in FY 2024/25 AD (2081/82 BS) from 7.74% during the same period last year.105 In the food and beverages group, inflation reached 7.18% where the prices for sub-categories vegetables (+25.15%), pulses and legumes (+10%), Milk products and Eggs (+2.86%), Ghee and Oil (+4.98%), Fruit (+4.90%) and Non-alcoholic drinks (+3.86%) increased.106 Whereas, in sub-categories Meat and Fish (-1.18%), Sugar and Sugar
Table 1. Consumer Price Index over Two Consecutive Periods (in percentage)
Source: Current Macroeconomic and Financial Situation of Nepal (based on three-months data, FY 2024/25 AD)113
GOVERNMENT FIGURES
Government Reserves
In mid-October 2024, the gross foreign exchange reserves increased by 9.24% from NPR 2.23 trillion (USD 16.66 billion) to NPR 2.041 trillion (USD 15.23 billion) in mid-July 2024. In terms of the reserves held by NRB, it increased by 7.5% to NPR 1.98 trillion (USD 14.7 billion) in mid-October from NPR 1.84 trillion (USD 13.7 billion) in mid-July 2024. Meanwhile the reserves held by banks and financial institutions (BFIs) increased by 26.9% to NPR 244.27
products (-0.78%), and Spices (-0.79%), inflation decreased. During the same period the previous year, the price indices for food and beverages had increased to 8.48%.107 In the Non-Food and Services, inflation reached 3.49%, which had increased to 6.85% during the same period last year.108 All of the sub-groups for Non-Food and Services witnessed a significant increase including for Alcoholic drinks (+6.32%), Tobacco products (+4.50%), Clothes and Footwear (+6.12%), Furnishing and Household equipment (+4.88%), Education (+3.46%), Restaurants and Accommodation Services (+4.16%), and Miscellaneous
goods and services (+10.49%).109
The regional inflation data for the review period also revealed notable increases: 4.50% in Kathmandu Valley, 5.23% in Terai, 4.32% in the Hill region, and 5.08% in the Mountain region.110 Meanwhile, The inflation gap between Nepal and India narrowed from 2.63% to 1.39%, with Nepal recording 4.82% and India 6.21% in mid-October.111 The relatively lower inflation gap is anticipated to help ease imported inflation resulting from the currency peg. Meanwhile, the Government of Nepal aims to tame inflation at 5.5% in the current fiscal year.112
billion (USD 1.823 billion) in midOctober 2024 from NPR 192.55 billion (USD 1.44 billion) in midJuly 2024. The growth in foreign exchange reserves was attributed to the record high export of electricity, and increased service exports due to an appreciation in tourist arrivals. These helped in covering 13 months of imports by the end of FY 2024/25 AD (2081/82 BS).114 The foreign exchange reserves are projected to remain sufficient to cover 9 months of imports by the end of FY 2024/25 AD (2081/82 BS). These reserves are also sufficient to cover the projected 17.6
months of merchandise imports and 14.6 months of merchandise and service imports, based on the imports in the first three months of FY 2024/25 AD (2081/82 BS).115 Meanwhile, in mid-October 2024, the ratio of reserves-to-GDP, reserves-toimports, and reserves-to-M2 stood at 39.1%, 121.9%, and 30.9% respectively. In comparison to this, in mid-July 2024, the ratios were at 35.8%, 108.6%, and 29.3% respectively.116 However, low foreign direct investment (FDI) continued to remain a weakness for the nation.117
Figure 3. Gross Foreign Exchange Reserves in MidOctober of the Last Five Consecutive Years (in NPR trillion)
Source: Current Macroeconomic and Financial Situation of Nepal (ending mid-October 2024)118
Government Debt
By mid-November 2024, Nepal’s total public debt reached NPR 2.51 trillion (USD 18.79 billion), with external debt amounting for 50.27% of the total, at NPR 1.26 trillion (USD 9.44 billion), and domestic debt amounting for 49.73% at NPR 1.25 trillion (USD 9.34 billion).119 During the first four months of FY 2024/25 AD (2081/82 BS), public debt increased by 3.45%, including a
Table 2. Outstanding Domestic Debt as of midOctober (in NPR million)
Source: Current Macroeconomic and Financial Situation of Nepal (based on three-months data, mid-October FY 2024/25 AD124
6.03% rise in domestic borrowing and a 1.01% increase in external debt. Additionally, the debt-toGDP ratio climbed to 44.14%, up from 42.73% at the end of FY 2023/24 AD (2080/81 BS).120 To address the budget deficit, the government aimed to borrow NPR 547 billion (USD 4.08 billion), including NPR 330 billion (USD 2.46 billion) domestically, though only 43.64% of the domestic and 10% of external debt targets have been achieved so far.121
Meanwhile, NPR 108.14 billion (USD 807 million) was spent on debt servicing, mainly for domestic loans.122 Multilateral lenders, primarily the International Development Association and the Asian Development Bank (ADB) accounted for 89.16% of external debt, while domestic debt consisted of securities and central bank loans.123
Government Spending
According to the Financial Comptroller General Office (FCGO), the Government of Nepal’s total expenditure during the three months of FY 2024/25 AD (2081/82 BS) increased by 17.3% to NPR 329.20 billion (USD 2.45 billion) from NPR 280.57 billion (USD 2.09 billion) in FY 2023/24 AD (2080/81 BS).125 The breakdown of the total government expenditure includes recurrent expenditure, capital expenditure, and financial expenditure with NPR 229.85 billion (USD 1.7 billion), NPR 29.37
billion (USD 219 million), and NPR 69.97 (USD 522 million), respectively.126 The recurrent expenditure, capital expenditure, and financial expenditure saw an increase of NPR 213 billion (USD 1.58), NPR 17.83 billion (USD 133 million), and NPR 49.35 billion (USD 368 million) from FY 2023/24 AD (2081/82 BS).127
In terms of revenue mobilization, the total revenue increased by 13.3% from NPR 219.12 billion (USD 1.63 billion) in FY 2023/24 AD (2080/81 BS) to 248.26 billion (USD 1.85 billion) in FY 2024/25 AD (2081/82 BS).128 The Government
of Nepal’s total tax revenue increased from NPR 199.46 billion (USD 1.48 billion) in FY 2023/24 AD (2081/82 BS) to NPR 219.68 billion (USD 1.63 billion) and nontax revenue increased from NPR 19.65 billion (USD 146 million) in FY 2023/24 AD (2080/81 BS) to NPR 28.58 billion (USD 213 million) in FY 2024/25 AD (2081/82 BS). Additionally, the government is expected to spend a maximum amount on infrastructure maintenance which was severely affected due to the heavy rains and floods on September 28 and 29, 2024.129
Table 3. Government Expenditure and Revenue based on Three Months’ Data (in NPR billion)
By mid-October 2024, the net Foreign Direct Investment (FDI) in the first three months of FY 2024/25 AD (2081/82 BS) stood at NPR 8.4 billion (USD 62 million).131
According to the statistics by the Department of Industries (DoI), the government received investment commitments
totaling NPR 13.17 billion (USD 98 million) for 159 projects, with NPR 275 million (USD 2 million) for medium-scale projects, and NPR 4.2 billion (USD 31 million) for three large-scale projects.132 The majority of the commitments came from small-scale projects.133 Though the Government of Nepal adopted more flexible policies, there continues to be a major gap between approved FDI and
FDI inflows. For instance, in the previous fiscal year of FY 2023/24 AD (2080/81 BS), out of the NPR 61.90 billion (USD) committed, only 13.57%, i.e. NPR 8.4 billion (USD) was realized.134
FOREIGN ASSISTANCE
Aid Disbursements from Donor Agencies
During the review period, Nepal
received aid disbursements from several agencies, notably USAID, Millennium Challenge Corporation (MCC), and the
Japan Anti-Tuberculosis Association. While Japan’s AntiTuberculosis Association was one of the top aid disbursers for
this period, USAID continued to be one of the top contributors since last quarter.
Figure 4. Aid Disbursements from September to November 2024
Source: Ministry of Finance, Aid Management Information System135
BILATERAL AND MULTILATERAL AID
Project / Program-specific Aid
ADB to Lend USD 85 Million (NPR 11.3 Billion) for Agricultural Development
The Asian Development Bank (ADB) provided a USD 85 million (NPR 11.3 billion) loan for the Irrigation Modernization Project, benefiting 56,000 farming households across five provinces in Nepal.136 This initiative aims to expand irrigation networks and boost agricultural productivity by constructing climate-resilient irrigation infrastructure.137 The project will upgrade over 31,000 hectares of farmland, covering 100 farmer-managed irrigation systems in the Rajapur area in Bardiya.138
India to Provide Funding for 12 Community Projects
On September 27, 2024, the Indian
Embassy in Kathmandu signed an MoU pledging NPR 474 million (USD 3.52 million) to support the construction of 12 High-Impact Community Development Projects (HICDPs) in Nepal. These projects will focus on key sectors, including education, healthcare, agriculture, drinking water, and culture, across various districts of Nepal and adds to the 563 HICDPs India has previously supported.139 To find out more about the funding, read the ‘Infrastructure and Real Estate’ sector in this issue of NEFport.
Grants and Concessional Loans
Nepal and World Bank Sign USD 150 million (NPR 20.09 Billion) Disaster Management Loan
The Government of Nepal and the World Bank signed an agreement for a USD 150 million (NPR 20.09 billion) loan for disaster risk management on 24 October, 2024.140 Finance Secretary Ram
Prasad Ghimire and World Bank Regional Country Director for South Asia, David Sislen, signed the agreement at the World Bank headquarters in Washington, D.C., in the presence of the Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel.141 This special lending was signed under the Catastrophe Deferred Drawdown Option (CAT-DDO) facility in the aftermath of the September flash floods.142 The loan will be used for disaster recovery, rehabilitation, and reconstruction efforts.143
REMITTANCE AND MIGRATION
25.8% Surge in Remittances Recorded
During the first three months of FY 2024/24 AD (2081/82 BS), remittance inflows increased by 11.5% to NPR 407.31 billion (USD 3.04 billion) in comparison to an increase of 25.8% in the
same review period last year.144 Meanwhile, there was a slight decrease in the number of Nepali workers, both institutional and individual, whereby the first-time approval for foreign employment stood at 110,654 and those taking the approval for renewed entry stood at 59,939.145 In the previous year, these numbers stood at
113,397 and 49,296 respectively.146
Top Ten Labor Destinations
In FY 2024/25 AD (2081/82 BS), in the first three months ending mid-October, 110,654 Nepali migrant workers sought employment abroad, which is a decrease from 113,397 to FY 2023/24 in the same period. The
Gulf region remains the primary destination for Nepali migrant workers, with a share of 35.8% of the United Arab Emirates, 18.2% of Saudi Arabia, and 11.3% of Qatar in the first three months. South Korea saw a drastic decline of 24.11% in terms of the Nepali workers’ migration. Romania saw a dramatic incline of 243.82% .147
Table 4. Three Months’ Data for Top 10 Labor Destinations of Nepali Migrant Workers
TRADE STATUS
Foreign Trade Scenario
During the first three months of FY 2024/25 AD (2081/82 BS), Nepal's total merchandise trade dropped to NPR 42.91 billion (USD 32 million) from NPR 44.86 billion (USD 33.48
Figure 5. Total Annual Foreign Trade in the First Three Months for the Past Three FYs (in NPR million)
Source: Current Macroeconomic and Financial Situation, First Three months data for FY 2024/25 AD (2081/82 BS)152
Top Imports and Exports
Petroleum products remained the top import item in the first three years of FY 2024/25 AD (2081/82 BS), making up 15.5% of total imports. Other products with the most import volume were transportation equipment
million) in the same period of FY 2023/24 AD (2080/81 BS). The reduction in trade resulted from a decline in overall imports and exports.149 Imports continued to substantially overtake exports, with imports amounting to NPR 1.59 trillion (USD 11.19 billion), while exports amounted to only NPR
152.38 billion (USD 1.14 billion).150 In terms of trading partners, India remained Nepal's largest trading partner, making up 61.94% of total trade, followed by China at 18.45% and other countries at 19.61%.151
Figure 5. Total Annual Foreign Trade in the First Three Months for the Past Three FYs (in NPR million)
Source: Current Macroeconomic and Financial Situation, First Three months data for FY 2024/25 AD (2081/82 BS)156
(6%), other machinery and parts (4.7%), sponge iron (3.1%), and chemical fertilizer (3%).153 On the other hand, the top exports from Nepal were polyester yarn and thread (8.2%), woolen carpet (7.4%), zinc sheet (5.6%), practical board (5.6%), tea (4.9%), and juice (4.6%).154 Similar to the previous
quarter, the largest growth in imports was in transportation equipment (21%), and sponge iron (25.5%) while in terms of exports, soybean oil (1713.8%), shoes and sandals (101.7%), and rosin (45.2%) saw the maximum growth.155
Balance of Trade
The increasing trend of imports meant that Nepal continued to witness a substantial trade deficit every month. In the first three months of FY 2024/25 AD (2081/82 BS), Nepal had a trade deficit of NPR 352.37 billion (USD 26.29 million). This is a slight decrease of about 4% as compared to NPR 366.88 (USD 2.76 billion) in the same period of the previous year.
The export-import ratio remained heavily skewed in favor of imports with imports being 9.8 times higher than exports in the first three months of FY 2024/25 AD (2081/82 BS).157 The share of the trade balance with both India and China remained stable at 61.3% and 22.2% respectively, compared to 61.2% and 21.6% last FY 2023/24 AD (2080/81 BS).158 Meanwhile, for other countries,
the trade deficit declined slightly from 17.3% last year to 16.5% this year.159
Gold/Silver Updates
As per the Federation of Nepal Gold and Silver Dealers’ Association, the price of standard gold (24K) was NPR 163,000 (USD 1216.5) for 11 grams as of 20 November 2024.160 With fluctuations during the festive season, the price of gold came down considerably following Donald Trump's win in the US election as investors globally shifted from investing in gold to investing in share markets and dollars.161
Exchange Rate
The Nepali currency depreciated by 0.6% against the US dollar from mid-July to mid-October 2024, compared to a 1.3% drop during the same period last
year.162 The buying rate for the US dollar rose to Rs.134.17 in midOctober 2024.163 Moreover, Nepal Rastra Bank's foreign currency reserves increased by 7.5% to NPR 1988 billion (USD 14.83 billion) in mid-October 2024, up from NPR 1848.55 billion (USD 13.79 billion) in mid-July 2024.164 Similarly, the reserves held by commercial banks and financial institutions rose by 26.9% to NPR 244.27 billion (USD 1.82 billion) in mid-October 2024, up from NPR 192.55 billion (USD 1.43 billion) in mid-July 2024.165
Figure 7. Average Selling Rate of USD in NPR in the First Three Months over the Last Five Fiscal Years
Source: Current Macroeconomic and Financial Situation, First Three months data for FY 2024/25 AD (2081/82 BS)166
Outlook
Nepal's economy showed encouraging signs at the start of the new fiscal year. However, challenges such as rising imports and increasing government spending could drive inflation higher. While growing remittance inflows are expected to boost foreign exchange reserves and support imports, this creates a positive outlook externally but adds strain to the domestic economy. As in the last quarter, the enhanced foreign currency instigated by remittances will continue to fuel ever-growing imports. Moving forward, achieving sustained long-term growth will require steady improvements in domestic production and export performance each quarter.
3 Sectoral Review
Agriculture and Livestock
The review period, from September to November 2024, was marked by challenging developments for the agriculture and livestock sector, primarily due to the heavy rainfall and subsequent floods in late September. The disruption in the production and import of vegetables caused a sharp rise in prices similar to previous quarter, significantly so in the case of tomatoes. On the other hand, this period also saw some notable developments as the government endorsed investments in agriculture through the ‘Decade of Agriculture’, with large cardamom also poised to benefit from the ‘One Country, One Priority Product’ initiative by the government and the Food and Agriculture Organization (FAO). Additionally, this period witnessed multiple strategic collaborations, such as the signing of an MoU between Nepali seed companies and international counterparts, which is expected to boost Nepal’s seed production industry. Moreover, the action to support implementation of Codex AMR Texts (ACT) initiative by FAO, funded by the Republic of Korea, was launched, aiming to combat antimicrobial resistance through awareness programs and integrated surveillance efforts.
Top 4 agricultural commodities imports (based on two months’ data ending in midSeptember 2024)
Top 4 agricultural commodities exports (based on two months’ data ending in midSeptember 2024)
Torrential rainfall in Nepal from 26 to 28 September 2024 had widespread cascading effects, including in the agriculture and livestock sectors.185 The Ministry of Agriculture and Livestock reported that the floods and landslides damaged worth approximately NPR 6 billion (USD 44.8 million), with maximum damage to paddy of NPR 3.5 billion (USD 26.1 million) and fishery of NPR 1.13 billion (USD 8.4 million), followed by damages to cardamom and sugarcane worth NPR 700 million (USD 5.22 million) and NPR 340 million (USD 2.54 million) respectively.186 However, some sources estimate that the actual damage could be twice the officially reported figure.187 Within this, rice cultivation suffered a particularly significant setback. As reported in the previous quarter, 98% of the country’s rice fields were planted and ready for
harvest this quarter. However, the pouring rain inundated paddy fields and damaged farmlands, reducing rice production by 4.26%.188 About 58,480 hectares of paddy fields in more than 20 districts were destroyed, reducing rice production by 230,000 tons and causing losses worth 3.5 billion (USD 26.1 million) for farmers.189
Vegetable Prices Soar in the Capital
The heavy rainfall from 26 to 28 September 2024, that caused various floods and landslides, majorly damaged farmland and led to road disruptions on major highways.190 These road disruptions significantly impacted the supply chain, reducing the supply of vegetables by 95% in the last week of September and by nearly half in October.191 Additionally, flooding in key agriculture zones damaged 4,765 hectares of land growing seasonal produce like vegetables and fruits in Nepal, while also affecting India, a major exporter of vegetables to
Nepal.192 The reduced domestic supply and increased price in the neighboring country exporting to Nepal led to a surge in vegetable prices in Kathmandu as shown in Table 5. This situation was further exacerbated by a lack of government regulation, allowing traders to set prices arbitrarily, thereby resulting in a 300% increase in vegetable prices between September and October.193
Within this, significant inflation was noted in tomato prices this quarter. Between September and October, wholesale prices of local ‘small’ tomatoes, ‘tunnel’ tomatoes, and Indian tomatoes increased by 393%, 287%, and 108% respectively. Moreover, there was a drastic difference between wholesale and retail prices, as shown in Table 6.194
Table 5. Inflation of Vegetable Prices
LIVESTOCK UPDATE
Himalayan Goat Sales from Mustang See Significant Surge
During the festival of Dashain, observed in mid-October this year, the district of Mustang witnessed a significant increase in the sale of Himalayan goats (chyangra), generating a revenue of NPR 160 million (USD 1.1 million) through the sale of almost 7,500 goats.206 This marks a significant increase as compared to last year’s total sales of 5,755 goats.207 The demand for the livestock was particularly driven by the tradition of consuming this type of goat meat during the Dashain festival, with people paying prices ranging from NPR 28,000 (USD 209) to NPR 38,000 (USD 284).208 However, even though demand increased, traders reduced prices due to fears of unsold stock as experienced in the previous year.209 Thus, the goats were sold for less than NPR 45,000 (USD 336) this year compared to NPR 55,000 (USD 411) last year.210 While most of the demand was fulfilled by local herders from Mustang, who reared
4,800 goats, and from Dolpa and Mugu, where an additional 3,000 goats were raised, the rest was met through imports from Tibet.211 Over the course of the month, these goats were then transported and sold in various districts such as Myagdi, Baglung, Parbat, Kaski, and Kathmandu.212
First Case of Query Fever Reported for Chitwan District
Chitwan district’s first official case of Query Fever (Q Fever) was detected in a four-monthold domesticated cow in Madi Municipality in the last week of September 2024.213 The disease is a rickettsial which means it is caused by Coxiella burnetii bacteria spread through mite or tick bites and while it primarily affects livestock, it can be transmitted to humans.214 In most of the cases, the effects of the disease are mild, causing flulike symptoms in humans which are often without treatment.215 However, in rare cases in humans, it can cause chronic damage to vital organs such as the lungs, brain, and heart, leading to conditions such as bacterial
endocarditis, where the lining of the heart becomes inflamed.216 In livestock, it primarily causes abortion along with other mild symptoms.217 While Q fever had not been officially reported in Nepal until this year, multiple cases of undifferentiated febrile illness in 2015 were later found to be positive in livestock.218 So far, there are no known cases of Q fever in humans in Nepal, despite its prevalence in neighboring countries like India and Bhutan.219 However, this absence may be attributed to the underdiagnosis of the disease due to the wide range of symptoms in humans and the potential for asymptomatic cases .220
GOVERNMENT PLANS UPDATE
Nepal Along with FAO Reinforces the One Country One Priority Product (OCOP) Initiative
This quarter, the Government of Nepal and Food and Agriculture Organization (FAO) announced the reinforcement of the One Country One Priority Product
Table 6. Prices of Tomatoes Across the Supply Chain205
(OCOP) program by FAO which was launched on September 2021.221 Nepal initially became part of the program in March 2022, along with 87 other countries, to strengthen the value chain of 54 Special Agricultural Organization (SAPs), with large cardamom being the priority product in Nepal’s case.222 However, not much had been done as part of this initiative since Nepal joined. Now, with the reinforcement of the program, the initiative will promote the adoption of digital innovations for agrifood systems; help gain access to new markets by attracting private investments; and prioritize controlling plant pests and diseases along with enhancing farmer livelihoods.223 This initiative will hopefully propel the country to cash in on its comparative advantage in the production of large cardamom. Nepal, as the world’s largest producer of the crop, contributes 68% to global production, with prices reaching nearly a record high of NPR 2,500 (USD 19) per kg in early November.224
KEY DEVELOPMENTS
ACT Launches First Integrated Antimicrobial Resistance Surveillance Initiative in Nepal
The Codex texts, which are international food safety guidelines, support countries in preventing health risks like antimicrobial resistance (AMR) while helping governments design and implement monitoring programs.225 In order to ensure the successful implementation of the guidelines, the Action to Support the Implementation of Codex AMR Texts (ACT) project
was launched globally in July 2021 by the Food and Agriculture Organization (FAO) with USD 10 million (NPR 1.34 billion) being funded by the Republic of Korea.226 Targeting six countries, including Nepal, the project aims to tackle foodborne AMR by strengthening surveillance systems and collaborating with poultry stakeholders. 227 As part of this, spanning August 31, 2024 till the end of January 2025, this ACT program launched an AMR surveillance study in Chitwan on the poultry value chain. Given that Chitwan is the district with the highest share of broiler production at 10%, this study aims to establish and strengthen the surveillance of foodborne AMR.
Nepal Signs MoU at International Seed Conference to Improve
Seed Production
The International Maize and Wheat Improvement Center (CIMMYT), in partnership with the Nepal Agricultural Research Council (NARC), Seed Quality Control Center (SQCC), and Seed Entrepreneurs Association of Nepal (SEAN), organized the International Seed Conference in Kathmandu from August 22 to 24, 2024, under USAID’s Nepal Seed and Fertilizer (NSAF) project.228 The conference drew over 150 participants from 11 countries, including representatives from research centers, civil society organizations, private seed companies, and national agricultural research systems (NARS).229 The conference's success resulted from collaboration between governmental and non-
governmental actors both within Nepal and internationally.230
The highlight of the conference, however, was the signing of a Memorandum of Understanding (MoU) between four Nepali seed companies and six international companies from India, Bangladesh, Japan, and Thailand.231 The agreement aims to leverage Nepal’s diverse agroecological zones for high-quality seed production of cereals, fruits, and vegetables, reducing reliance on imports and boosting the economy.232 The initiative includes policy interventions by the Government of Nepal to streamline variety registration for export-oriented custom seed production, simplify approval processes, and provide incentives to attract international companies and foster private sector participation.233 Additionally, the collaboration aims to strengthen seed and food security in South Asia by building resilience to climate change and enhancing seed production through partnerships with local and international companies.234 For Nepal, the MoU is expected to create economic opportunities, boost agricultural exports, and increase farmers' incomes.235
Outlook
The agriculture and livestock sector faced significant challenges this quarter due to heavy rainfall, causing millions in losses and a rise in vegetable prices. However, the outlook for the next quarter is more optimistic as the Government of Nepal plans to boost agricultural productivity through initiatives like the ‘Decade of Investment in Agriculture’ and foodborne AMR surveillance to improve food safety and product quality. The sector could also benefit from advancements in seed production and large cardamom cultivation, reducing reliance on imports and gaining a market advantage. However, while these efforts are promising, there is a need to stay alert and take proactive measures against potential livestock diseases like Q fever. Providing proper resources, training programs, funding, and support will be crucial for improving livestock quality alongside governmental and organizational efforts. Thus, despite climate-related challenges such as droughts, floods, and unpredictable rainfall as experienced on 26 to 28 September, 2024, these new developments and strategic plans can improve the sector’s resilience and pave the way for sustainable growth.
Education
From September to November 2024, Nepal's educational landscape witnessed notable progress, as compared to the previous quarter. Improved Grade 12 Supplementary Examination results signaled a positive shift from last quarter’s the poor Secondary Education Examination (SEE) results. Moreover, policies like the Integrated Higher Secondary Education Bill and the formalization of Nepal University through the Nepal University Bill underscored the government’s efforts to strengthen higher education and reduce politicization. International support also played a vital role with the Embassy of Pakistan introducing new scholarships and the United States’ Department of Agriculture funding the Mid-Day Meal programs. Despite the progress, however, various challenges still persist in the sector, as shown by the unavailability of an adequate number of teachers in the Karnali province.
KEY DEVELOPMENTS
Over 70% Students Pass in Grade 12 Supplementary Examination Results
On October 20, 2024, the Nepal Examination Board (NEB) published the results for Grade 12 Supplementary Examinations conducted on September 10 and 11, 2024241 The supplementary examinations are held each year with the intention of enhancing the grades of the students who didn’t pass in one or more courses in the main exams.242 According to the press release by NEB, 70.60% (86,246) of the 122,171 candidates passed in all subjects. However, this pass rate is 4.8% lower than that of the 2023 Supplementary Examinations when 75.45% of
the students giving re-exams passed.243
Government of Nepal Shuts Classes and Postpones Examinations due to Heavy Rainfall
On September 28, 2024, the Government of Nepal decided to shut schools for three days on account of heavy rainfall in the country’s central and eastern regions.244 Similarly, the government also postponed all the ongoing examinations accounting for the severe impact that the rains and floods caused to lives and infrastructure.245
While the Ministry of Education, Science and Technology, authorized the local levels to resume classes and delegated
the concerned authorities to reschedule examinations following the end of the deluge, the impact on education infrastructure was visible in many areas. As of October 1, 54 schools across the country were damaged by the rains, floods, and landslides, affecting more than 10,000 children.246
US Announces USD 33 Million (NPR 4.4 Billion) Grant for School Meal Program
On September 21, 2024, the United States of America’s Department of Agriculture (USDA) announced that they would donate USD 33 million (NPR 4.4 billion) to the United Nations World Food Program’s (WFP’s) Nepal office for their school meal program.247
Chosen through a competitive process operated by the USDA’s McGovern-Dole International Food for Education and Child Nutrition Program, WFP will use the funds for their initiative of providing daily nutritious school meals to students in Nepal’s remote areas.248 The award will annually benefit approximately 121,792 pre-primary and primary school students in 1039 schools across Bajura, Bajhang and Darchula districts, with the aim of improving student enrollment, attendance, and nutrition.249 This initiative builds on the McGovern-Dole Program’s ongoing school meal program that has supported more than 700,000 students in the most remote areas of Nepal.250 The program will be implemented by WFP only till 2028, after which the project will be handed over to the Government of Nepal.251
Education Minister Proposes Integrated Higher Secondary Education Bill
On August 28, 2024, the Minister of Education, Science, and Technology, Bidhya Bhattarai, proposed the ‘Integrated Higher Secondary Education Bill’, which aims to improve relationships between the government and Nepali universities.252 Building on the previously proposed School Education Bill, the new bill emphasizes depoliticizing educational institutions.253 In addition to this, the bill also highlights the importance of providing free and obligatory
education, and improving the quality of technical education in order to attract international students.254 Moreover, it focuses on streamlining bureaucratic processes, particularly in terms of expediting acquisition of equivalency certificates within five days, which took fifteen days earlier.255
President Authenticates Nepal University Bill
On October 9, 2024, President Ram Chandra Poudel officially endorsed the Nepal University Bill, which was passed by the House of Representatives on September 9, 2024.256 The bill, which focuses on quality education and institutional autonomy, was shaped through extensive consultations with various stakeholders in the higher education sector.257
A key initiative of the newly appointed Education Minister, Bidhya Bhattarai, the bill seeks to establish an interdisciplinary public university aimed at improving the quality of education, teaching, and research in Nepal’s higher education system.258 As per the bill, the university will be a non-profit institution named ‘Nepal University’ and will offer various multidisciplinary courses.259 Located in Gaindakot Municipality in Nawalpur, the university will be led by a Council of Guardians, with the Chancellor being elected from its members – thereby moving away from the tradition of instating the Prime Minister as the Chancellor.260
Schools in Karnali Struggle with Subject-Specific Teachers
Several schools in the Karnali Province are facing a significant shortage of qualified teachers, particularly in critical subjects like English, Math, and Science.261 Such teacher shortages are not limited to Karnali’s remote districts like Dolpa and Dailekh, but extend to bigger cities like Birendranagar as well.262 According to the Social Development Ministry of Karnali Province, there are currently 644 vacant positions at the primary level, 2699 in the lowersecondary level, and 1749 in the secondary level.263 While budgets have been allocated for teacher appointments, many candidates are reluctant to pursue teaching careers – especially in such rural areas.264 Thus, the imbalance in student-to-teacher ratios in Karnali’s schools is a growing concern as it hinders effective teaching and learning activities, affecting the academic performance of students.265
Outlook
Unlike the past quarter, Nepal’s education sector made notable progress during this review period, driven by consistent improvements in secondary education performance, strategic partnerships, inclusive policies, and efforts to depoliticize higher education. However, challenges persist, including the impact of unprecedented disasters that have caused significant infrastructure damage, as well as the ongoing issue of teacher shortages in rural areas, which present significant hurdles to the advancement of the sector. While large scale policy initiatives aim to foster educational development, it is crucial to balance reforms in the sector, particularly in terms of forming strategic alliances, policies and efforts.
Energy and Environment
This quarter highlighted Nepal’s growing vulnerability to climate change-induced disasters, underscored by the torrential rains of September 28, 2024, that led to unprecedented damage. The disaster caused loss of lives, displacement of thousands, and significant damage to homes, roads, and urban infrastructure, with rivers carrying waste and debris into cities. The floods also disrupted hydropower plants and transmission networks, temporarily halting operations and forcing emergency power imports to stabilize the grid. Despite these challenges, Nepal achieved a major milestone by exporting electricity to Bangladesh for the first time, showcasing its potential as a regional energy provider. On the global stage, Nepal continued advocating for climate justice, emphasizing the disproportionate risks faced by vulnerable nations and calling for financial and technological support, as seen during its participation in COP29.
ENVIRONMENT AND CLIMATE CONCERNS
Torrential Rain Disrupts Kathmandu Valley and Highlights the Impact of Climate Change
Climate catastrophes disproportionately impact the Himalayan region, which was evident this quarter by the torrential rain in Nepal from 26 to 28 September 2024.
According to data from the Tribhuvan International Airport (TIA), Kathmandu witnessed 240mm of rain in 24 hours, while another measurement from the Department of Hydrology and Meteorology in Lalitpur recorded 323mm of rain on the same day.276 This was the highest recorded 24-hour rainfall in the valley.277 Similarly, the rest of the country also witnessed high levels of rainfall as shown in Table 7.
Total Import of Petroleum Products (first two months’ data of FY 2024/25 AD (2080/81 BS))
Table 7. Rainfall Across the Country on September 28
Source: “Kathmandu Valley sees ‘record break’ rain,” The Rising Nepal278
The heavy rain led to severe flooding and landslides, killing more than 250 people and injuring 178 with 18 individuals still missing.279 32 of those killed were children.280 Additionally, more than 10,000 households were displaced.281 During the disaster, Nepal Army, Police, and Armed Forces were dispatched on missions rescuing 12,584 individuals with the help of helicopters, rafts, and ziplines.282 The rainfall also damaged all highways connecting the valley to the rest of the country, hindered domestic and international flights, destroyed farmlands, and damaged operations for multiple hydro-power projects.283 The only provinces with no recorded human casualties were Gandaki, Karnali, and Sudurpashchim.284
This catastrophe was attributed to the changing climate, lack of resilience, and encroachment of riverbanks.285 Despite a lower contribution of 0.1% of global greenhouse gasses, Nepal is one
of the most vulnerable countries to the climate crisis.286 Daily rainfall is expected to increase exponentially with every degree of global warming.287 Similar to floods and landslides this time, those populations living in informal settlements near the riverbanks are especially at risk and account for 10% of the urban population.288 Further, unplanned urban sprawls encouraged riverbank encroachment, like in Kathmandu, making the population vulnerable to catastrophes.289 The lack of effective initiatives from the government in disaster preparedness and building disaster resilience was also seen as another factor for casualties.290
Flood Unveils Garbage Crisis in Kathmandu
The Kathmandu flooding in late September not only displayed the country’s vulnerability to climate change but also to its worsening waste crisis.291 Following the
floods, rivers such as Bagmati and Vishnumati inundated riverbanks with the city’s trash.292 Weeks later, plastic bags still hung from tree branches, and debris remained scattered along pavements, marking the high water levels of the disaster. Some called it the “revenge of the rivers.”293 It brought to light the fact that the valley generates 1,200 tons of waste daily, with 800 tons consisting of nonbiodegradable plastics, much of which end up in rivers or the Banchare Danda landfill.294 While recycling efforts have focused on thicker plastics like PET bottles, thin single-use plastic bags, which take 500 years to degrade, are not recycled.295
Nepal Continues Climate Advocacy Amidst Controversies in a Disappointing COP29
The past quarter also saw the 29th edition of the Conference of Parties of the United Nations
Framework Convention on Climate Change (UNFCC), more commonly known as COP29, held from November 11 to November 22, 2024 in Baku, Azerbaijan. While it concluded with an agreement being inked in with much difficulty, many climatevulnerable countries expressed dissatisfaction with the developed countries' last-minute financing pledge of USD 300 billion (NPR 40.2 trillion) annually, contrary to the USD 400 to 900 billion (NPR 53.6 to 120.6 trillion) requested by the developing nations.296 Additionally, leaders from significant nations missed the forum, diluting the importance of the discussions.297 One of the only successes was regarding the carbon trading agreement that set global standards for trade, providing incentives for developing countries like Nepal to expand their renewable energy capacity.298
Amidst the strained environment and international disappointment, the Nepali delegation, headed by President Ram Chandra Paudel, attempted to deliver the urgent message of the need for climate justice, increased financial and technological support, and possible compensation for loss and damage.299 Additionally, they highlighted the Himalayas' crucial role in maintaining ecological balance, advocating for integrated approaches that link mountain and coastal nations.300 However, the country’s presence and actions at the conference elicited mixed reactions from Nepali experts. While most experts acknowledged the importance of simply participating, many highlighted that the country’s presence was one without many
achievements.301 The delegation also faced the ire of citizens and experts as a jamboree of 30 government employees participated in the conference, as opposed to the three that were invited.302
Multilateral Donors Reinforce Nepal’s Disaster Resilience Efforts After Monsoon Disaster
After the devastating rains, multilateral donor agencies poured a significant amount of financial support for disaster resilience efforts in Nepal. The World Bank approved USD 150 million (NPR 20.1 billion) in emergency financing on October 9 to strengthen Nepal’s disaster resilience.303 The funds, which are accessible for natural disasters or health crises, aim to enhance early warning systems, riskinformed infrastructure, and public health preparedness.304 Complementing this, the United Nations (UN) launched a USD 17.5 million (NPR 2.34 billion) ‘Nepal Floods Response Plan’ to assist 193,000 of the most vulnerable.305 The initiative prioritizes critical needs like food, water, shelter, and protection, particularly for marginalized groups. It also aligns with Nepal’s "build-backbetter" strategy, promoting sustainable and equitable recovery from climate-driven devastation, while ensuring more resilient communities to future disasters.306
HYDROPOWER
Monsoon Fury Devastates Nepal’s Hydropower Sector
The relentless rains on September 27 and 28 that caused severe landslides and floods across Nepal, also damaged
16 hydropower projects and paralyzed the national energy grid with critical infrastructure including dams, powerhouses, and transmission lines suffering significant damage.307 The 456 MW Upper Tamakoshi Project, Nepal’s largest, halted operations due to dam and filtration pond damage, with four workers tragically missing. Projects such as the Bagmati Small Hydropower (22 MW), Solu Dudhkoshi (86 MW), and Maikhola Cascade (3 MW), faced submerged powerhouses, washed-away roads, and collapsed transmission towers while the impact on underconstruction sites like Upper Trishuli-1 (216 MW) disrupted power in Kathmandu Valley.308
Following this, insurance claims worth NPR 11.82 billion (USD 88.24 million) have been filed to cover damages, with NPR 610.8 million (USD 4.56 million) reimbursed as of mid-November. Among the 3418 claims submitted, 304 were linked to engineering and contractor risks, thereby highlighting the hydropower sector’s challenges and vulnerability to climate-induced disasters.309
Compensation Begins for Families Affected by Lower Arun Hydropower Project
Starting in late October, 2024, the District Administration Office of Sankhuwasabha began the distribution of NPR 1.4 billion (USD 10.45 million) in compensation funds to those affected by the construction of the 669MW Lower Arun Hydropower Project.310 The compensation will be provided to a total of 656 residents considering the displacement of 16 families and the impact on 338 households.
The Lower Arun project, developed by Satluj Jal Vidyut Nigam Limited (SJVN), spans 184 hectares and utilizes water from the 900 MW Arun III Hydropower Project via a 17.4-kilometer tunnel to Khandbari Municipality. The project is slated for completion within four years of construction and will be operated under a 25year build-own-operate-transfer (BOOT) agreement.311
RENEWABLE ENERGY
Bio-Ethanol Production Gains Momentum with a Renewed Focus
Nepal’s bio-ethanol production, a long-stalled initiative, finally gained momentum in the review period, following discussions at the ‘Extensive Debate on Mixing Ethanol in Petroleum Products’ event organized by the Nepal Association of Financial Journalists (NAFIJ) on September 9, 2024.312 The event discussions highlighted significant progress in formulating the “Regulations Related to Mixing Ethanol in Petroleum Products” which were formulated in 2003. The directives discussed in the event were issued to the Nepal Oil Corporation (NOC), and pricing policies are expected to be finalized within a month. This initiative aims to reduce Nepal’s consumption of 200,000 kiloliters of petroleum products daily and create jobs through domestic ethanol production.313 Despite sugar mills' capacity to produce 50,000 liters of bioethanol daily using byproducts such as molasses and rice straws, progress had been delayed for over two decades due to inadequate policy facilitation. Now, with a reinvigorated attempt
at bio-ethanol production, the government also plans to promote cassava cultivation on 99,000 hectares of fallow land, engaging 71,000 farmers. However, it remains unclear on whether it is a finalized policy or bill, highlighting the need for greater transparency.314
NON-RENEWABLE ENERGY
Petrol Imports via Nepal-India Pipeline to Begin Soon
Nepal's cross-border petroleum pipeline with India is nearing a significant milestone as petrol imports are set to begin by the end of the year.315 On October 3, 2024, Nepal Oil Corporation (NOC) successfully conducted a test run, transporting 5,500 kiloliters of petrol through the pipeline. This marked the completion of major infrastructure under the second phase of the MotihariAmlekhgunj project, which was initiated in 2015. The first phase, completed in 2019, facilitated the import of diesel through the pipeline starting September 11, 2019.316 However, petrol transport was delayed due to infrastructural challenges. By 2024, NOC and the Indian Oil Corporation would have invested over NPR 2 billion (USD 14.93 million) to build essential facilities, including petrol tanks, automated filling stations, and safety systems for this project. Once operational, the pipeline is projected to save NPR 1 billion (USD 7.46 million) annually in transportation costs, ensuring efficiency for Nepal.317
KEY DEVELOPMENTS
Nepal Expands Electricity Exports to Bangladesh
On November 15, 2024, Nepal
began exporting 40MW of electricity to Bangladesh via India, marking its first electricity trade beyond India.318 The export, possible due to a trilateral agreement signed on October 3, involves exporting electricity from Nepal through the DhalkebarMuzaffarpur 400KV transmission line in India to Bangladesh. This initiative, inaugurated virtually by ministers from Nepal, India, and Bangladesh, will see Nepal supply 144,000 MWh of electricity annually during the monsoon season (June to November), for five years, at the rate of USD 6.4 (NPR 856.7) per unit. Although originally planned for April 2024, the agreement faced delays due to political unrest and government changes in Bangladesh.319 However, now that it is operational, the project aims to help Bangladesh reduce its reliance on fossil fuels, while Nepal benefits from a new revenue stream to address its trade deficit and increases avenues to further incentivize the production of 28,500 MW of electricity by 2035.320
Events on Renewable Energy Explore Avenues to Achieve Net-Zero Goals
The past quarter saw multiple events that featured discussions on how to achieve Nepal’s netzero goals through renewable energy. On November 4, 2024, PowerCon 2024, coorganized by the IEEE Power and Energy Society (PES) and its Nepal Chapter, commenced in Kathmandu.321 The threeday conference gathered over 100 experts from 15 countries to discuss advancements in renewable energy systems, with 77 technical paper presentations
addressing challenges in integrating renewables and transitioning to sustainable energy sources. Discussions emphasized Nepal’s reliance on biomass (61%) and the rising contribution of renewables (10%), highlighting the need for reliable energy systems.322
Similarly, earlier on September 15, 2024, the Nepal Energy Foundation hosted a discussion titled “Commercialization of Hydrogen Energy in Nepalese Context”. Experts, including their Vice Chairperson, Sher Singh Bhat, highlighted hydrogen's potential to achieve net-zero emissions by 2045, particularly in sectors like transportation and industry. The event also launched NEF's annual report, which emphasized innovative strategies to address cost, safety, and infrastructure challenges.
Joint Venture Signed to Establish Prozeal Green Energy
On September 8, 2024, a joint venture was signed between Golyan Power of Nepal and
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Prozeal Green Energy from Ahmedabad, India to establish Prozeal Green Energy Nepal – a company that will build rooftop and ground-mounted photovoltaic (PV) solar plants.323 The initiative aims to develop 500 MW of solar energy projects across Nepal within 18 months with the generated energy being sold to the Nepal Electricity Authority (NEA) and industrial consumers.324 According to the joint venture, while Prozeal Green Energy holds a 60% stake and will manage engineering, procurement, and construction, Golyan Power will focus on land acquisition, financing, and business development with a 40% share.
Tensions Escalate between NEA and Industrialists Over Unpaid Bills
This past quarter also saw an escalation in the dispute between the Nepal Electricity Authority (NEA) and industrialists over unpaid electricity bills. On the night of October 24, NEA cut
power to 34 industries that failed to pay dues for using dedicated and trunk line services, following a 15-day deadline issued on October 10.325 In response to this, 12 industries have started paying the due amount in installments. However, 22 industries remain in dispute, refusing to pay until further verification of NEA’s claims, even though NEA insists it has already provided the required evidence to the Public Accounts Committee (PAC).326
In an escalation, NEA officials also threatened legal action or continued power cuts for noncompliance. This standoff follows similar issues in August 2024, when power to six industries was disconnected over non-payment of energy bills, signaling NEA’s firm stance in recovering the unpaid bills.327
Nepal stands at a pivotal moment in its energy trajectory. In the coming months, the country is poised to strengthen its regional role in renewable energy, building on the groundbreaking export of electricity to Bangladesh. This milestone diversifies revenue streams and sets the stage for expanded regional collaboration, which is crucial for economic resilience. Additionally, initiatives like the bioethanol integration and the private solar partnership with India reflect a step towards sustainability and energy independence, reducing reliance on imports.
However, the past quarter also witnessed the devastating floods of September 2024 that exposed Nepal’s vulnerability to climate change, revealing gaps in disaster preparedness, climateresilient policies, and energy systems. Compounding this, ongoing disputes between the NEA and industrialists over unpaid dues risks smooth industrial operations. Swift resolution of these disputes is crucial for energy stability. Additionally, while COP29 highlighted discussions on renewable energy and regional collaboration, much remains to be done to pursue a sustainable
future. Nepal's challenge, in particular, lies in converting global commitments into effective action. Thus, strong policies and actionable strategies are essential to mitigate climate risks and achieve Nepal’s ambitious 2045 net-zero goal, ensuring commitments translate into tangible progress amidst growing climate challenges.
Health
Dengue and cholera continued to pose significant challenges to Nepal’s health sector during this review period, highlighting persistent vulnerabilities. Dengue cases surged, leading to critical blood shortages for transfusions in the Kathmandu Valley and spread to higheraltitude regions previously unaffected by such outbreaks. Simultaneously, cholera outbreaks, exacerbated by poor sanitation and contaminated water supplies, revealed systemic gaps in the health infrastructure. Despite these challenges, Nepal's health sector made positive strides. At a local level, the Kathmandu Metropolitan City expanded urban healthcare services by offering free physiotherapy and laboratory facilities. And at the federal level, the government launched promising public health measures and initiatives such as vaccine campaigns and free cancer treatment for children under 14, showcasing its commitment to strengthening healthcare delivery and tackling critical health concerns.
PLANS AND PROGRAMS
Two-day Vitamin A and Deworming Drive Completed Nationwide
On October 18 and 19, 2024, the Government of Nepal conducted a nationwide campaign to administer Vitamin A and deworming medicine to children aged six to 59 months (approximately years old) with the target of reaching 2.1 million children.334 This twoday program, organized by the Department of Health Services, was implemented across all 753 local levels. Approximately 52,000 female community
health volunteers were mobilized to ensure nationwide coverage, operating from schools, ward offices, and other accessible locations to reach children even in remote areas.335 Since 2003, similar campaigns have taken place twice a year as part of the National Immunization Program, playing a vital role in combating childhood diseases and reducing under-five mortality rates. These efforts have led to a 23% reduction in under-five child mortality and a near-eradication of night blindness in children, as compared to the period before the vitamin A supplementation program was introduced.336
UNICEF
to Assess Nepal’s Vaccination Management
In collaboration with the United Nations Children’s Fund (UNICEF), Nepal's health authorities are set to assess the nation’s vaccine supply chain using the World Health Organization's (WHO’s) tools for effective vaccine management.337 This evaluation, scheduled for FY 2024/25 AD (2081/82 BS), aims to identify strengths and weaknesses across all levels, from central to local units, to strengthen and improve immunization efforts.338 As part of the evaluation, cold chain managers will be interviewed to assess operations, facility
management, and immunization practices.339 Moreover, the evaluation will also focus on further improving temperature management, transportation, and storage systems to address gaps in the vaccine supply chain and ensure the safe and effective nationwide delivery of vaccines.340 This assessment comes at a critical juncture considering the fact that since the COVID-19 outbreak, Nepal’s vaccine storage capacity tripled, supported by aid agencies that provided modern cold chain equipment, including refrigerated trucks and solar-powered refrigerators.341
Global Alliance for Vaccine and Immunization (GAVI) to Provide Support for Nationwide HPV Vaccine Campaign
The Ministry of Health and Population (MoHP) has planned a nationwide campaign in February
2025 to administer the Human Papillomavirus (HPV) vaccine to over 1.68 million girls aged 10 to 14.342 This effort, supported by the Global Alliance for Vaccine and Immunization (GAVI), aims to combat cervical cancer, a leading cause of death among Nepali women, by providing the required two doses of the vaccine over a one-year period.343 Preparations are underway, with GAVI set to supply all doses of the vaccine by December 2024 and cover the operational costs. Meanwhile, the government has committed to integrating the vaccines into regular immunization programs in the future.344 Following a successful pilot in 2016 and smaller-scale efforts in 2023, this campaign reflects Nepal’s commitment to addressing a critical health challenge as early HPV vaccination can prevent up to 80% of cervical cancer cases.345
HEALTH RISKS
Total Dengue Cases Spike to Above 20,000 in October
According to the October 28, 2024 situation update by the Epidemiology and Disease Control Division of the Ministry of Health and Population (MoHP), 28,212 cases of dengue, and 12 deaths from the disease, were reported in 2024.346 Cases saw a sudden spike in September, reaching over 10,000 compared to just over 5,000 in August. October, however, saw a slight decline at 9,666 cases, which was attributed to decreasing temperatures and the government’s campaign to search and destroy mosquito breeding areas.347 On a district level, dengue was reported across 76 districts, with the top five districts listed in Table 8. Humla was the only district to record zero cases.
Table 8. Top Five Districts with the Highest Number of Dengue Cases (from January 1 to October 28, 2024)
In recent years, dengue has spread to higher elevations, even reaching areas like Jumla, one of the coldest regions in Nepal at 2,500 meters.349 In 2024, Jumla recorded 12 cases,
Source: Epidemiology and Disease Control Division, Ministry of Health and Population348
of which six were recorded in October alone.350 In prior years, vectors spreading the disease were recorded only up to an elevation of 2,100 meters.351 This unexpected rise in dengue cases in high-altitude regions has left health facilities in the area unprepared, resulting in shortages of beds and supplies. These challenges have become a growing concern for healthcare
experts, especially as Nepal faces increasing temperatures and climate change vulnerabilities.
Dengue Surge Causes Shortage of Blood for Transfusions in Kathmandu Valley
The recent surge in dengue cases noted above led to an acute shortage of blood required for transfusions in the Kathmandu Valley.352 Since dengue lacks a specific treatment, patients typically receive symptomatic care, which often involves transfusion of platelet-rich plasma. Thus, the sudden surge in demand for platelet-rich plasma and platelet concentrate, coinciding with the Dashain holidays when many organizations temporarily suspend blood donation campaigns, led to a scarcity in blood required for transfusions.353 The Central Blood Transfusion Service in Kathmandu was unable to meet demands despite having brought 112 pints of blood from Simara in midOctober.354 This shortage raised particular concerns for pregnant women infected with dengue, who face an increased risk of pre-term delivery, miscarriage, and hemorrhage. Without timely and adequate healthcare, these risks could significantly elevate maternal and infant mortality rates.355
96 Cases of Cholera Outbreaks Reported Across Nine Districts
From June 2024 to October 2024, 96 cases of cholera were reported across nine districts: Achham, Kailali, Kathmandu, Lalitpur, Makwanpur, Pyuthan, Rautahat, Rolpa, and Sindhupalchowk.356 The outbreak was attributed to the poor quality
of drinking water and inadequate hygiene conditions.357 Despite being declared open-defecation free in 2019, open defecation remains widespread in Nepal, continuing to contaminate water sources. For instance, 180 of 540 water samples collected from wards 7, 8, 9, 15, and 17 of the Lalitpur Metropolitan City were found to be contaminated with fecal coliform.358 Similarly, 98 of 506 drinking water samples from Kathmandu Metropolitan City were found to be contaminated.359 Monsoon floods further exacerbated the risk of cholera outbreaks with floodwaters exacerbating the contamination of water sources.
Such outbreaks particularly affect displaced people in temporary shelters as they are more vulnerable to vector-borne diseases due to crowded living conditions, limited access to clean water, and poor sanitation facilities, which create an ideal environment for disease transmission.360 Recognizing this risk that disaster-struck districts are under, the government stockpiled medicines and deployed medics in late September / early October.361 However, experts stressed that this is not enough and that efforts should be made to improve sanitation infrastructure and enhance health awareness to effectively reduce the spread of infections.362
KEY DEVELOPMENTS
Bagmati Promulgates Provincial Health Act
The Bagmati Province published the long-awaited Provincial Health Service (First
Amendment) Act, 2081 BS (2024 AD) in the Provincial Gazette on October 17, 2024, officially promulgating it and allowing for operational health institutions to apply for license renewal, if required, by January 14, 2025.363 The Act is particularly important as it allows for the renewal of expired licenses of private health institutions within the province –something that had been stalled for the past two years.364 Due to the delay in the promulgation of the act, these facilities were deprived of essential services, including banking, and the importation of medical equipment.365 Furthermore, the monitoring of private health institutions, including the status of equipment condition, waste management, emergency wards, and safety measures, had come to a halt.366 Thus, with the new act now in effect, license renewals and monitoring are expected to resume.
Nepal Launches Free Cancer Treatment for Children Under 14 Years
In the review period, the MoHP announced free cancer treatment for children under 14 years of age at key government hospitals, including Kanti Children's Hospital, Bhaktapur Cancer Hospital, and B.P. Koirala Memorial Cancer Hospital, starting November 16, 2024.367 This initiative aims to address the high financial burden of cancer treatment, which forces many families to discontinue care.368 With cancer accounting for 11% of deaths in Nepal and approximately 1,500 children being diagnosed annually, the program aims to provide timely interventions to save lives.369
While the decision was welcomed by clinical oncologists, concerns remain regarding the accessibility for needy and rural families, sufficient budget allocation, and the lack of essential services such as Positron Emission Tomography (PET) scans, immunohistochemistry, and bone marrow transplant facilities, as these very gaps often force many patients to seek treatment abroad.370 One of the concerns regarding the allocated budget was addressed by the MoHP spokesperson, Dr. Prakash Budhathoki, who confirmed that additional funds for treatment, if required, would be managed through the ministry’s internal resources.371 However, to ensure the initiative’s long-term sustainability, there
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is a need for investments in infrastructure, equipment, and trained personnel.372
KMC Enhances Urban Healthcare with Expanded Services
In the past quarter, the Kathmandu Metropolitan City (KMC) announced an upgrade of its healthcare infrastructure by introducing free laboratory and physiotherapy services across its 32 urban health promotion centers, in order to make basic health care more accessible for city residents.373 This initiative, led by the KMC’s health department chief, Deepak Kumar KC, addresses the rising demand for affordable physiotherapy and laboratory diagnostics,
particularly for those unable to afford private services.374 Expected to launch by early December 2024, the expanded services will complement the 98 essential medicines already provided for free, which include treatments for chronic illnesses like diabetes, hypertension, and respiratory conditions.375 Additionally, the centers are planning to cater to patients with mental health needs by providing them with free medication, aiming to combat stigma and improve early diagnosis and treatment.376 Moreover, by employing over 108 new medical staff, KMC seeks to make healthcare affordable and inclusive to the residents and also alleviate the burden on overcrowded hospitals.377
This quarter’s health challenges highlight Nepal’s urgent need for climate-resilient infrastructure and proactive planning to combat climate-driven health crises. Reactive measures, such as annual mosquito control campaigns, are no longer sufficient, as vector-borne diseases like dengue continue to spread to higher altitudes and waterborne diseases surge due to increased flooding and contamination. These climate-driven health crises are placing immense pressure on local healthcare systems that are already limited in resources. Thus, with climate change exacerbating the severity and frequency of these challenges, there is a growing need to enhance the capacity of local systems, ensuring better preparedness to protect vulnerable populations from future crises.
Meanwhile, on a positive note, Nepal’s routine immunization drives in the past quarter reflected the sustained commitment to improving health outcomes through preventive care and strengthened immunization systems. Additionally, the planned assessment of vaccine management in collaboration with UNICEF is expected to address operational gaps and enhance vaccine delivery systems in Nepal, a much-needed initiative. This presents the opportunity of the immunization and vaccination drives becoming more effective, thereby reaching a wider population.
Information and Communication Technology
This quarter highlighted the vulnerability of the Nepali information and communication technology sector in the face of disasters and crises. Floods and landslides damaged internet and telecommunication properties worth an estimated NPR 300 million (USD 2.24 million), highlighting the need for more resilient and robust systems. While satellite connectivity has been explored as a potential diversification tool to combat this, discussions with US’s Starlink Services have yet to yield concrete outcomes. Meanwhile, the government lifted its nine-month ban on TikTok, a Chinese app owned by ByteDance, following the company's commitment to address monitoring concerns.
Figure 8. Market Share of Telephone Operators (based on SIM card subscriptions)
Source: Nepal Telecommunications Authority, Telecommunication Indicators, Asadh 2081 (June 15 to July 15, 2024)384
Figure 12. Market Share of Internet Service Providers (ISPs) in Nepal
Source: Nepal Telecommunications Authority, Telecommunication Indicators, Asadh 2081 (June 15 to July 15, 2024)385
KEY DEVELOPMENTS
NTC’s Net Profit Decreases by 14% in First Quarter of FY 2024/25 AD (2081/82 BS)
Nepal Telecommunication Company (NTC), the country's first and only government-owned telecommunications provider, reported net profits of NPR 1.74 billion (USD 12.99 million) in the first quarter of FY 2024/25 AD (2081/82 BS), reflecting a 14.2% decline compared to profits of NPR 2.27 billion (USD 16.94 million) during the same period in the previous fiscal year.386 While their operating income saw a modest increase of 1.11%, reaching NPR 8.69 billion (USD 61.78 million), the overall revenue fell by 5.49%.387 Total revenue for the first quarter amounted to NPR 10.6 billion (USD 79.11 million), down from NPR 10.65 billion (USD 79.48 million) in the corresponding period of FY 2023/24 AD (2080/81 BS).388
Floods and Landslides Damage
Telecommunication and Internet Properties Worth NPR 300 million (USD 2.24 Million)
The floods and landslides caused by heavy rainfall in late-September to earlyOctober damaged properties worth approximately NPR 300 million (USD 2.24 million) of telecommunications companies and Internet Service Providers (ISPs).389 According to preliminary estimates from the Nepal Telecommunications Authority (NTA), NTC suffered the highest damages amounting to NPR 150 million (USD 1.12 million), followed by Ncell which saw damages worth NPR 70 million (USD 522,420).390 NTA further gathered data from 15 ISPs, showing initial damages of NPR 75 million (USD 559,897).391 The heavy rainfall and subsequent flooding also disrupted electricity and telecommunication services
in many parts of the country, underscoring the vulnerability of Nepal’s connectivity systems.392 With the country seeing increased incidences of weather-related disasters, it is crucial to develop more climate-resilient infrastructure, particularly in disaster-prone areas, to safeguard critical communication networks during emergencies.
Nepal Lifts Nine-Month Long Ban on TikTok
On September 6, 2024, NTA issued a notice instructing all ISPs to remove the restriction on the popular Chinese video-sharing application, TikTok, following the government’s decision to lift the ban on the app on August 22, 2024.393 This formally ended its nine-month ban which was initially imposed in November 2023 due to concerns over disruptions to social harmony caused by the application.394 The
ban was lifted by the cabinet after ByteDance, TikTok’s parent company, expressed readiness to meet specific terms and conditions set by the government within three months.395 The conditions include TikTok being willing to help promote Nepal’s tourism, invest in digital literacy efforts, support the upliftment of public education, and show increased mindfulness of the language used on the site.396 In line with this, TikTok has been officially registered in Nepal as per the Directives for Managing the Use of Social Networks, 2023, allowing the government to collect revenue from the company as well as regulate it better.397
Prime Minister Oli and Musk Hold Virtual Talk on Starlink Expansion into Nepal
On November 22, 2024, American billionaire Elon Musk, who is the
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Chief Executive Officer of Tesla (an electric vehicle and clean energy company), SpaceX (an aerospace company), and X (social media platform, formerly Twitter), had a virtual call with Prime Minister KP Sharma Oli, discussing the possibility of expanding Starlink to Nepal.398 Starlink Services is a telecommunications subsidiary of SpaceX which provides satellite internet services in a hundred countries.399 Prime Minister Oli, while expressing interest in exploring Starlink’s potential for Nepal’s digital infrastructure, stated a need for further study and consultation for the project, and invited Musk to visit Nepal for further discussions.400 This builds on Starlink’s prior attempts to introduce its satellite internet in Nepal. On October 25, 2024, representatives from Starlink Services reportedly met with key government officials to showcase a demo of their satellite internet
and discuss data security concerns.401 A similar meeting took place in late-June 2023 with then-PM Pushpa Kamal Dahal.402 However, the initiative continues to face legal hurdles, as Starlink seeks to enter Nepal with full ownership while Nepali regulations allow foreign telecommunication companies to invest a maximum of 80% into the company, with the remaining 20% being invested by a local partner.403
As climate-related disasters become more frequent in Nepal, developing resilient connectivity infrastructure and networks is increasingly critical. The heavy damages incurred by telecommunication companies and ISPs due to the floods and landslides highlight the financial vulnerabilities of existing systems. From a broader perspective beyond financials, the fragile connectivity infrastructure also poses significant risks to disaster management and rescue efforts, emphasizing the importance of robust systems. While Nepal’s internet penetration has grown to over 149%, up from 144% in the last quarter, access remains limited in remote regions that are highly vulnerable to climate disasters and lack robust fiber optic infrastructure. Exploring satellite internet services, such as Starlink, could provide a viable solution for bridging these gaps, especially in underserved areas prone to disasters. It could be incorporated in connectivity strategies, integrated alongside more robust infrastructure improvements in the form of local response systems and resilient fiber optic networks, to create a more reliable system. However, decisions regarding the adoption of satellite internet services must be informed by thorough consultations with stakeholders, including regulatory bodies, telecom operators, and local communities, to ensure cost-effectiveness, accessibility, and alignment with long-term connectivity goals.
Infrastructure and Real Estate
The past quarter, from September to November 2024, was marked by multiple agreements and collaborations aimed at enhancing education, energy, irrigation, and petroleum infrastructure in Nepal. The Government of India pledged to grant NPR 474 million (USD 3.54 million) for 12 High Impact Community Development Projects (HICDPs) and NPR 15 billion (USD 111.95 million) for four petroleum infrastructure projects. Simultaneously, the Asian Development Bank (ADB) emerged as a key financier by approving a USD 311 million (NPR 41.69 billion) loan and USD 30 million (NPR 4.02 billion) grant for energy infrastructure, along with a USD 125 million (NPR 16.75 billion) financing package for irrigation. Additionally, completion of the 220kV Chilime-Trishuli transmission line marked a pivotal step toward establishing energy trade with China. However, the period also underscored challenges that the sector faces, as severe floods and landslides caused by heavy rainfall inflicted damages worth NPR 38.92 billion (USD 290.46 million) to physical infrastructure, highlighting Nepal’s growing vulnerability to climate change-induced natural disasters.
On September 26 to 28, 2024, Nepal faced a massive downpour with 200 millimeters of rainfall in just 24 hours in some areas. Breaking many records across the country, the rain led to multiple floods and landslides that resulted in numerous
casualties, displacements, and total damages worth 46.68 billion (USD 290.46 million).405
According to the ‘Preliminary Loss and Damage Assessment of Flood and Landslide September 2024’ by the National Disaster Risk Reduction and Management Authority (NDRMA), physical infrastructure loss accounted for more than 83% of these total damages with an estimated loss of NPR 38.92 billion (USD 290.46 million).406 Within this, 41 roads
FY 2023/24 AD (2080/81 BS) (as per Annual Data)
sections accounted for the highest damages with the repair and maintenance cost estimated at NPR 27.98 billion (USD 208.79 million). This was followed by the destruction of 1678 water supply and sanitation systems leading to a loss of NPR 5.91 billion (USD 44.11 million). Moreover, 26 hydropower facilities were damaged at an estimated loss of NPR 3.02 billion (USD 22.55 million); 44 bridges sustained damages with losses of NPR 1.04
billion (USD 7.76 million); and 446 telecommunication units were affected with losses amounting to NPR 152.31 million (USD 1.14 million).407
India Commits NPR 474 Million (USD 3.54 Million) for Construction of 12 HICDPs
On September 27, 2024, the Embassy of India in Kathmandu and the Government of Nepal signed an MoU whereby India committed grant assistance of NPR 474 million (USD 3.54 million) for the construction of 12 High Impact Community Development Projects (HICDPs) across Nepal.408 The pledge aims to support the provision of better educational, health care, drinking water, cultural, and agriculture products storage facilities to local communities. As per the agreement, half of these projects include the construction of school buildings.409 Meanwhile, there are two projects each regarding the construction of multi-purpose buildings and health service providing centers while one project each is regarding the construction of a water supply project and an agriculture promotion center. These projects bring the total number of HICDPs supported by India to 563 since 2003.410 Out of these 563, 490 have been completed while the rest are at different stages towards completion.
ADB Approves USD 311 Million (NPR 41.69 Billion) Loan and USD 30 Million (NPR 4.02 Billion) Grant to Improve Energy Infrastructure in Nepal
As announced on November 5, 2024, the Asian Development
Bank (ADB) approved a USD 311 million (NPR 41.69 billion) loan and a USD 30 million (NPR 4.02 billion) grant, through its Asian Development Fund, to help improve energy infrastructure in Nepal.411 With the aim of ensuring reliable and sustainable delivery of electricity, the project plans to improve and modernize electricity transmission and distribution infrastructure while also supporting training and capacity-building to improve electricity services in Nepal. The project will finance a total of 290 km of power transmission lines across Nepal; improve electricity distribution infrastructure; establish grid-connected solar photovoltaic generation facilities and more.412 Additionally, the grant will primarily be used to equip the Nepal Electricity Authority (NEA) with an expanded smart meter rollout program, updated training center, and data recovery center, while providing them with skills in hydropower management and electricity dispatch. Thus, while the project aims to better Nepal’s internal energy infrastructure, it will also improve the country’s capability to increase power trade with its neighboring countries.
USD 125 Million (NPR 16.75 Billion) Financing Package
Approved by ADB for Irrigation Infrastructure
In early October, the Asian Development Bank (ADB) approved a USD 125 million (NPR 16.75 billion) financing package to create sustainable long-term solutions to increase year-round access to irrigation water in rural communities in Rautahat and Sarlahi districts in Madhesh Province.413 As part of
this, USD 110 million (NPR 14.74 billion) will be provided as a concessional loan and USD 15 million (NPR 2.01 billion) will be provided as a grant from the Asian Development Fund.414 The project aims to help farmers adopt climate-resilient practices by constructing approximately 900 km of underground pressure pipe distribution networks and introducing high-level technology and prepaid smartcards to gain access to irrigation water for the whole year. Besides this, USD 750,000 (NPR 100.49 million) will be given as a grant from the Technical Assistance Special Fund to help the publicprivate partnership unit in the Department of Water Resources and Irrigation to get established and build capacity.415
Nepal and India Ink B2B Framework Agreement to Develop Four Petroleum Infrastructure Projects
On October 3, 2024, following an MoU signed during former PM Pushpa Kamal Dahal’s visit to India in May 2023, representatives from the Nepal Oil Corporation (NOC) and Indian Oil Corporation signed a business-to-business (B2B) framework agreement to build four petroleum infrastructure projects.416 Among these, the first will be a 50 km cross-border pipeline from Siliguri, India to Charali in Jhapa, Nepal. In Charali, a smart green field terminal with the capacity for 18,900 kiloliters will also be built. Meanwhile, the third project will be a 62 km-long petroleum pipeline from Amalekhgunj to Lothar in Chitwan. All these three projects will be financed by a NPR 15 billion (USD 111.95 million) grant by India.417 On the other
hand, the fourth project, that is the construction of a smart green field terminal in Lothar with the capacity of 91,900 kiloliters, will be funded by investment from the NOC and technical support from India. While some experts have hailed the agreement for its infrastructural development aims, most have criticized Nepal’s continuing dependence on petroleum products given its goal of achieving net-zero emissions by 2045.
Construction of 220kV Chilime-Trishuli Transmission Line Completed
After seven years of construction, the 220kV Chilime-Trishuli transmission line was completed in early November this year.418 Linking Chilime, a village near the Chinese border in Rasuwa, and Trishuli, a town in Nuwakot, the 28 km transmission line is expected to evacuate power from the 111MW Rasuwagadhii Hydropower Project and the 42.5MW Sanjen Hydropower Project, both of which have been recently completed under the Nepal Electricity Authority’s (NEA’s) subsidiary, Chilime Jalvidyut. The transmission line was part of a EUR 65 million (NPR 9.58 billion / USD 71.49 million) project jointly financed by multiple entities. Among them, the Government of Germany’s development bank KfW assisted with a grant of EUR 14 million (NPR 2.06 billion / USD 15.4 million), a loan of EUR 25 million (NPR 3.68 billion / USD 27.49 million) was given by the European Investment Bank, and a grant of EUR 2.25 million (NPR 331.54 million / USD 2.48 million) was provided by
the European Union through its Asia Investment Facility.419 The rest of the cost was covered by the Government of Nepal. The construction of the project, on the other hand, was completed by the Chinese firm Pinggao Group of Companies who were awarded the contract in October 2017. This project marks a major development of Nepali electricity generation as it is expected to pave the way for electricity trade with China, thereby reducing Nepal’s dependence on India. With this project, only 16 km of transmission lines have to be built to connect the NepalChina border to the Chilime Hub, which can benefit a total of seven hydropower projects in the Trishuli river basin.420
Nepal Infrastructure Summit Held with Focus on Green Infrastructure
On September 12 to 13, 2024, the Confederation of Nepalese Industries (CNI), along with the Government of Nepal, Ministry of Physical Infrastructure and Transport, Office of the Investment Board, and the Young Entrepreneurs’ Community of Nepal (YCN), held the fifth edition of the Nepal Infrastructure Summit.421 With the title sponsor as BYD, the summit aimed to examine the role of infrastructure investment in Nepal’s development through dialogue between key stakeholders.422 Attendees came from across Asia, including individuals such as Dr. Rekon Chung, board member of the Ban Ki-moon Foundation. On the first day of the summit, experts primarily focused on the need for green
infrastructure projects that minimize environmental impact as well as act resiliently against uncertainties caused by climate change.423 On the other hand, on the second day, the spotlight was on the lack of inter-country infrastructure connectivity in South Asia and how this gap is constraining trade growth in the region.424 With productive discussions on relevant topics, the summit hoped to identify actionable insights, the impact of which is yet to be seen.
Real Estate Transactions in First Four Months of FY 2024/25 AD (2081/82 BS) Remain Similar to Last Year Figures
According to data provided by the Department of Land Management and Archive, real estate transactions in the first four months of FY 2024/25 AD (2081/82 BS) amounted to 140,674, with a peak in the first month that recorded 43,835 transactions.425 This is only a decrease of 200 transactions as compared to figures from FY 2023/24 AD (2080/81 BS) when land transactions amounted to 140,876 with the peak in the third month of 39,881. Considering that these four months are labelled as the off-season for real estate due to expenditure on major festivals, economic activities are expected to pick up in the coming months.426 Experts have noted that property deals may also increase due to plummeting bank interest rates.
Outlook
Looking ahead, Nepal’s infrastructure sector is poised for transformation, driven by the agreements and collaborations forged in the past quarter. The projects, which aim to elevate infrastructure across various sectors such as energy, education, and irrigation, are expected to bolster economic activity and improve quality of life, particularly in rural areas. Additionally, the completion of the Chilime-Trishuli transmission marks a significant step toward reducing Nepal’s reliance on its Southern neighbor by strengthening prospect of energy trade with China. However, the devastating impact of September’s rainall has made it clear that Nepali infrastructure is highly vulnerable to the increasing risks posed by climate change. Thus, as discussed in the Nepal Infrastructure Summit, it is essential that priority is given to climate-resilient and green infrastructure development to mitigate these risks and limit environmental impact.
Tourism
Tourist arrivals during the review period, from September 1 to November 31, 2024, followed the trend of steady growth observed in the previous quarter. In fact, the first two months of this period recorded higher arrivals compared to the entire last quarter from June to August. Furthermore, October saw the second-highest number of tourist arrivals this year, following March, despite landslides and floods after continuous rainfall on 28 and 29 September. Additionally, the climbing season brought multiple international visitors aiming to summit Nepal’s peaks, further supported by the addition of 57 new peaks opened for climbing, as part of the tourism development plan for FY 2024/25 AD (2080/81 BS). However, the reduction in operational hours at the Tribhuvan International Airport (TIA), from 21 hours to 14 hours due to renovations and upgrades, raised concerns among stakeholders, as it led to the cancellation of 123 flights as of November 19.
TOURIST ARRIVALS
Month of October Records Second-Highest Tourist Arrivals of 2024
In October 2024, Nepal recorded the second-highest tourist arrivals of the year, with 124,393 tourists, only 3,774 less than March’s peak of 128,167.434 This figure reflected a 6.04% increase compared to October 2023, which saw 117,306 tourist arrivals.435 The October 2024 arrivals also represent 92.76% of the pre-pandemic arrivals in October 2019, showcasing
significant progress and recovery for Nepal’s tourism industry.436 India remained the top source market for Nepal, with 22,984 arrivals in September (20.14% of the total) and 16,313 in October (13.11% of the total).437 Additionally, the United States and China also showed strong contributions, with 16,023 tourists from the U.S. (12.89% of the total) and 7,750 from China (6.23%) in October, alongside a consistent flow of tourists from other key markets, including Australia, the UK, and Germany.438
Figure 10. Tourist Arrivals in the Month of October (from 2014 to 2024 AD)
Source: Current Macroeconomic and Financial Situation of Nepal (based on three months data, FY 2024/25 AD (2081/82 BS)439
Record Surge in Domestic Flights as Roadways Disrupted
The obstruction of major highways connecting Kathmandu due to landslides and floods on September 27 and 28, caused by continuous rainfall, led to a sharp increase in domestic air travel demand in Nepal, setting new records at the Tribhuvan International Airport (TIA).440 On September 30, 2024 alone, TIA recorded 227 domestic departures and 221 arrivals, making it one of the busiest days in its history.441 This surge, while primarily caused by the natural disasters, coincided with the festival season, further boosting travel demand.442 Domestic airlines such as Buddha Air, Yeti Airlines, and Shree Airlines responded swiftly, adding new domestic routes to destinations such as Bharatpur, Bhadrapur, and Nepalgunj to meet the demand.443 Additionally, TIA reported over 33,000 passengers utilizing air services in a single day, marking a significant shift to air travel as the only viable alternative during the road traffic disruption.444 However, the increased demand, coupled with limited capacity, also led
to a noticeable rise in ticket prices.445 Tickets that typically cost NPR 5,000 - 7,000 (USD 37.2 – 52.24) rose to NPR 10,000 - 15,000 (USD 74.63 – 111.95) or more, especially for last-minute bookings.446 This made it difficult for many travelers, particularly those from lower-income groups, who wanted to go home for the festive season.447
MOUNTAINEERING UPDATES
Nepal Opens 57 Additional Mountains for Climbing
In the Council of Ministers’ meeting held on October 7, the Government of Nepal, as part of their tourism development plan for FY 2024/25 AD (2080/81 BS) announced the opening of 57 additional mountains, ranging between 5000m and 6500m, for climbing.448 In addition to the five new peaks opened in FY 2023/24 AD (2079/80 BS), this recent addition has brought the total number of mountains open for climbing to 461.449 As per the Nepal Mountain Academy, this is only 23% of the total 2,000 climbingfriendly peaks in Nepal.450 The government’s decision coincided with the climbing season in
which, till October 16, 2024, 870 climbers received climbing permits, thereby generating a total revenue of NPR 63.5 million (USD 437,528).451 Out of the 37 peaks climbers applied for, Manaslu received the most applications with 308 climbers, followed by Ama Dablam with 158.452 Meanwhile, climbers from the US and China topped the list with 73 and 72 applications, respectively.453
Nepali Climbers Set Several New Records
The climbing season in the past quarter saw remarkable records set by Nepali mountaineers. On October 9, after summiting Shishapangma, Dawa Yangzum Sherpa became the first Nepali woman to conquer all 14 peaks over 8,000 meters, while Nima Rinji Sherpa, at just 18 years old, set a world record as the youngest climber to achieve the same feat.454 The 18-year old’s accomplishment was extensively covered by international media outlets such as the CNN, The New York Times, ABC, BBC, and more, thereby bolstering Nepal’s profile as a major destination for mountain climbing.455 Besides
Sherpa, on October 4, Nirmal Purja Magar, known as “Nims” added another milestone by becoming the fastest person to summit all 14 peaks without supplementary oxygen.456 These record-setters, along with five other climbers, were also honored by the Nepal Mountaineering Association for their extraordinary accomplishments.457
KEY DEVELOPMENTS
TIA to Remain Closed for 10 Hours Daily Over Four Months
Beginning on November 8, 2024, Kathmandu’s Tribhuvan International Airport (TIA) cut nighttime operations from 10 PM to 8 AM, till March 31, 2025, to facilitate taxiway upgrades.458 This construction, part of a USD 800 million (NPR 107.19 billion) capacity enhancement project funded by the Asian Development Bank (ADB), aims to double the airport's landing and takeoff capacity by allowing planes to land every four minutes instead of seven.459 However, the timing, coinciding with Nepal's peak tourist season, sparked concerns among tourism entrepreneurs and airlines.460 The reduced operating hours forced airlines to cut flight frequencies, thereby leading airfare to skyrocket, and hampering the tourism industry’s post-COVID recovery.461 Due to the limited availability, international ticket prices also skyrocketed, with fares to major destinations like Delhi, Bangkok, and Dubai doubling and even tripling in some cases.462 Despite the availability of alternative airports in Bhairahawa and Pokhara, domestic and international airlines struggled to reroute flights. While tourism
stakeholders expressed the view that all this could deter tourists and reduce revenue, the Civil Aviation Authority of Nepal (CAAN) maintained their stance, highlighting that the project is critical to modernizing TIA and enhancing long-term efficiency.463
Lumbini Attracts International Hotel Brands like Hyatt Amid Growing Tourism
In the review period, the announcement of Hyatt Regency Lumbini, set to open in 2028, highlighted the growing interest of international hotel brands in the region 464 On November 5, 2024, Hyatt Hotels Corporation announced that they signed a management agreement with Veda Hospitality Private Limited, part of the Golyan Group in Nepal, to develop the hotel, marking the company's fourth Hyatt-branded property in the country.465 The hotel, located along the Dano River, will provide guests with easy access to the iconic Mayadevi Temple and the UNESCO World Heritage site of Lumbini, the birthplace of Lord Buddha.466 This development aligns with a broader trend in Nepal's Rupandehi district, where significant investments in the hospitality sector are transforming Lumbini’s landscape.467 So far, investors have poured over NPR 6 billion (USD 44.78 million) into Lumbini's tourism sector, including NPR 3 billion (USD 22.4 million) for hotels in Rupandehi alone.468 This growing interest reflects Lumbini's rising prominence as a destination, as numbers are expected to rise due to Lumbini’s strategic location near the Gautam Buddha International
Airport and the Nepal-India border, thereby making it a convenient destination for both international and domestic travelers.
PROGRAMS, EVENTS, AND CAMPAIGNS
Events Held Across the Country to Promote Tourism
The past quarter saw multiple events being held across the country by various entities to promote tourism in Nepal. On September 27, 2024, Nepal celebrated the 45th World Tourism Day by organizing several programs across the country. While Kathmandu hosted the Thamel Nakha Festival, Pokhara organized a mini street festival to commemorate the World Tourism Day.469 These events aimed to attract more visitors by integrating Nepal’s culture, nature, history, and heritage into tourist activities, thereby solidifying Nepal as a top tourist destination.470 Apart from the events on World Tourism Day, the Third Cross-Country Race, held on November 9, aimed to strengthen Nepal-China ties and promote tourism, while the Agriculture and Tourism Festival in Nawalpur, held from November 8 to 25, sought to enhance the sustainability of agricultural and local products.471 Following these events, further plans have been announced for the future, such as the International Balloon Festival from December 24, 2024 to January 1, 2025, to be held with a budget of NPR 68.3 million (USD 509,680).472 The festival is expected to host 3,000 passengers, with 25 hot air balloon companies from around the world set to participate.473
Similarly, the 18th edition of the Chitwan Elephant and Tourism Festival, which is expected to increase tourist numbers by 25 to 30% each year, will be held from December 26 to 30, 2024.474
POLICIES AND REGULATIONS
Nepal Bans Plastic Bottles at Hotels Rated Four Star and Above
On October 21 2024, the Department of Tourism introduced a ban on plastic bottles at four-star and above hotels, aiming to promote environmental sustainability and address health concerns.475 Effective as of January 1 2025, the directive mandates that these establishments, covering four-star, five-star, and luxury hotels, replace plastic bottles with glass bottles or metal vessels for serving drinking water in hotel rooms and restaurants.476 The government hopes this policy will not only reduce the
Outlook
ecological footprint of Nepal's tourism sector but also attract international tourists concerned about sustainability.477 The department also stated that they have plans to extend the ban to other hotels in the future.478 However, despite being a notable step to increase sustainability, previous experiences with plastic restrictions in Nepal do raise concerns about the ban’s effective implementation.479 For instance, the 2011 ban on polythene bags in Kathmandu was widely celebrated but largely failed due to weak enforcement and a lack of monitoring.480 Thin polythene bags, though illegal, are still used across Nepal, highlighting systemic gaps in implementing environmental policies.481
New National Culture Policy 2024 Drafted
During the review period, the Ministry of Culture, Tourism and Civil Aviation drafted the National
Culture Policy 2024 replacing the current National Culture Policy of 2010.482 The National Culture Policy was included in the plans and policies of the Government of Nepal for FY 2081/82 BS (FY 2024/25 AD), as announced by President Ram Chandra Poudel during a joint session on May 14, 2024.483 As per the submitted draft, a strong emphasis is put on the preservation and development of historical and cultural heritage. The policy plans to promote the Nepal’s heritage through the Buddha Circuit, Shiva Circuit, Ramayana Circuit, and Kirat Cultural Circuit.484 Additionally, in order to ensure policy is beneficial to all stakeholders, Policy Research Institute hosted a dialouge on September 18, 2024, to gather feedback from 39 cultural stakeholders.485
Continuing from the previous review period, Nepal's tourism sector saw notable developments with good post-covid recovery. Tourist arrivals in October 2024 reached the second-highest of the year, reflecting a 6.04% increase from last year. Apart from this, domestic tourism continued to grow, driven by increased interest in exploring Nepal's diverse landscapes and various events to promote tourism. Internationally, Nepal gained significant visibility and interest with initiatives like the opening of 57 new peaks for mountaineering and achievements by Nepali climbers setting new records. Despite these advancements, however, the floods and landslides highlighted gaps in Nepal’s infrastructure resilience, while the scheduled nighttime closure of TIA threatens to disrupt growing momentum of tourist arrival by limiting flight options and inflating airfares. Although the challenges need to be properly addressed, the positive developments do point to an optimistic trajectory for Nepal’s tourism industry, driven by sustainability, new initiatives, and investments.
4 Market Review
Financial Market
During the review period (September 1, 2024 to November 30, 2024) of FY 2024/25 AD (2081/82 BS), Nepal's Balance of Payments (BoP) recorded a surplus, marking a notable improvement compared to the same period last year. However, the private sector's sluggishness persisted, with low credit demand despite abundance of liquidity in the banking system. This trend continued from the previous quarter, where abundant loanable funds failed to drive substantial credit growth. While the monetary policy aims to stimulate financial expansion by simplifying loan access and encouraging Banks and Financial Institutions (BFIs) to increase lending, banks continue to struggle with rising non-performing loans (NPLs) and a surge in overdue interest.
First Quarter Performance Analysis of Commercial Banks487
As per the unaudited first quarterly results of commercial banks for FY 2024/25 AD (2081/82 BS), the operating profit of commercial banks increased by 18.69%, while the net profit increased by 20.17% compared to the same period in the previous FY 2023/24 AD (2080/81 BS).
In the first quarter of FY 2024/25 AD (2081/82 BS), Nabil Bank had the highest net profit of NPR 2.06 billion (USD 15.37 million), followed by Global IME Bank and Nepal Investment Mega Bank (NIMB) with a net profit of NPR 1.51 billion (USD 11.28 million) and NPR 1.47 billion (USD 10.97 million) respectively. Additionally, compared to the same period in the last FY 2023/24 AD (2080/81
BS), Siddhartha Bank and Laxmi Sunrise Bank witnessed a notable increase of 791.41% and 420.53% in their net profits, amounting to NPR 382.08 million (USD 2.85 million) and NPR 536.36 million (USD 4.01 million) respectively. On the other hand, NIC Asia Bank registered the lowest net profit of NPR 110.53 million (USD 824,912.31).
In terms of reserves and surplus, Rastriya Banijya Bank held the highest amount of reserves of NPR 37.29 billion (USD 278.30 million) followed by Nepal Investment Mega Bank (NIMB) and Nabil Bank with NPR 31.29 billion (USD 233.50 million) and NPR 30.05 billion (USD 224.28 million) respectively. In total, eight banks fared better than the reserves and surplus industry average of NPR 16.55 billion (USD 123.55 million).
Overall, according to the three months’ data of the current FY 2024/25 AD (2081/82 BS), deposits at commercial banks grew by 11.08%, compared to the corresponding period in FY 2023/24 AD (2080/81 BS). The highest deposits were mobilized by Global IME Bank, Nabil Bank and Nepal Investment Mega Bank (NIMB) with NPR 512.94 billion (USD 3.83 billion), NPR 479.46 billion (USD 3.58 billion), and NPR 433.33 billion (USD 3.24 billion), respectively. Whereas, Standard Chartered Bank recorded the lowest deposits from customers, totalling to only NPR 113.53 billion (USD 857.57 million). Contrarily, compared to the same period in the previous FY 2023/24 AD (2080/81 BS), the Agriculture Development Bank recorded the highest increase in deposits in commercial banks of 24.35%, amounting to NPR 260.10 billion (USD 1.94 billion).
In terms of credit growth, the total credit growth of commercial banks increased by 5.03%, compared to the same period
Figure 11. Deposit Mix at Banks and Financial Institutions by mid-October (Percentage Share)
Source: Current Macroeconomic and Financial Situation based on three months’ data, Nepal Rastra Bank, FY 2024/25 AD (2081/82 BS)489
in the previous FY 2023/24 AD (2080/81 BS). Among the commercial banks, Global IME Bank held the highest loan and advances portfolio of NPR 397.36 billion (USD 2.97 billion) followed by Nabil Bank and Nepal Investment Mega Bank (NIMB) at NPR 381.29 billion (USD 2.85 billion) and NPR 324.45 billion (USD 2.42 billion) respectively. Meanwhile, Standard Chartered Bank had the lowest credit disbursement of NPR 81.96 billion (USD 611.83 million).
Lastly, the average percentage of Non-Performing Loans (NPLs) of commercial banks stood at 4.04% as compared to 3.29% in the same period last FY 2023/24 AD (2080/81 BS). Furthermore, the average cost of funds was 6.09% against the 7.83% in the same period in the last financial year. Similarly, the average base rate stood at 5.42% during the review period, as compared to the 7.87% in the same period in FY 2023/24 AD (2080/81 BS). The highest base rate was that of NIC Asia Bank at 8.37% followed by
Himalayan Bank at 8.35%. On the other hand, Standard Chartered Bank had the lowest base rate at 5.71%.
KEY INDICATORS
Some of the key banking sector indicators as per the Current Macroeconomic and Financial Situation report published by NRB are highlighted below. These are based on the three months’ data of FY 2024/25 AD (2081/82 BS) ending in mid-October of 2024 AD.488
Deposit and Credit Mobilization
The deposits at BFIs grew by 2.6% in the review period as compared to 2.8% in the same period last FY 2023/24 AD (2080/81 BS). Among the total number of deposits, demand deposits, saving deposits and fixed deposits accounted for 5.4%, 32.7%, and 54.8% respectively. These proportions have experienced a slight change compared to a year ago when the respective shares were 6.7%, 26.7%, and 60.2%.
Similarly, in the review period, credit provided to the private sector by BFIs witnessed a rise of 2.5%, compared to the corresponding period last year. This increase contrasts with the three months’ data of FY 2024/25 AD (2080/81 BS), where credit grew by 2.3%.
Figure 12. Sector-wise Outstanding Credit of Banks and Financial Institutions (Amount in NPR billions)
Source: Current Macroeconomic and Financial Situation based on three months’ data, Nepal Rastra Bank, FY 2024/25 AD (2081/82 BS)490
Compared to last FY 2023/24 AD (2080/81 BS), margin nature loans witnessed an increase of 17.5%, while trust receipt loans for import increased by 17.4%. Moreover, term loans increased by 2.7%, cash credit loans by 1.9%, hire purchase loans by 0.7%, and real estate loans, including residential personal home loans, by 1.5%. On the other hand, overdraft loans decreased by 5.8%.
Liquidity Management
In the first three months of FY 2024/25 AD (2081/82 BS), NRB absorbed a total liquidity of NPR 7.83 trillion (USD 58.44 billion) on transaction basis. This liquidity absorption consisted of NPR 590.55 billion (USD 4.41 billion)
Additionally, BFIs witnessed an increase in outstanding loans to various sectors The industrial production sector witnessed a rise of 2.3%; the construction sector experienced a growth of 2.2%; while the transportation, communication, and public sectors observed a growth of 4.7%
in outstanding loans, compared to the three months’ data of last FY 2023/24 AD (2080/81 BS). Moreover, as compared to the same period last fiscal year, outstanding loans to the service industry increased by 2.6%, while loans to the agriculture sector experienced a decrease of 0.4%.
through the deposit collection auction and NPR 7.24 trillion (USD 54.05 billion) through the Standing Deposit Facility (SDF). In the same period last FY 2023/24 AD (2080/81 BS), NPR 363.45 billion (USD 2.71 billion) net amount of liquidity was injected through various instruments of open market operations including Standing Liquidity Facility (SLF) and Overnight Liquidity Facility (OLF).
Moreover, NRB injected liquidity amounting to NPR 196.79 billion through the net purchase of USD 1.47 billion from the foreign exchange market. In comparison, in the corresponding period of the previous year, a liquidity of NPR 166.54 billion was injected
through the net purchase of USD 1.26 billion.
Additionally, NRB purchased Indian currency (INR) equivalent to NPR 115.66 billion through the sale of USD 822 million. Comparatively, in the corresponding period last year, INR equivalent to NPR 95.54 billion was purchased through the sale of USD 720 million.
Foreign Exchange Reserves and Adequacy
According to the three months’ data of FY 2023/24 AD (2080/81 BS), the total value of foreign exchange reserves rose by 9.4% to NPR 2.23 trillion (USD 16.63 billion) in mid-October 2024, compared to NPR 2.04 trillion (USD 15.24 billion) in mid-July
2024. Moreover, the reserves held by BFIs, excluding the NRB, increased by 26.9% to NPR 244.27 billion (USD 1.82 billion)
in mid-October 2024 from NPR 192.55 billion (USD 1.44 billion) in mid-July 2024. Within this, the proportion of Indian currency in
the total reserves amounted to 21.9% as of mid-October 2024.
2023/24 AD (2080/81 BS) (Mid-July)
Total Foreign Reserve
Table 9. Foreign Exchange Adequacy Indicatorst
Source: Current Macroeconomic and Financial Situation based on three months’ data, Nepal Rastra Bank, 2024/25 AD (2081/82 BS)491
Additionally, based on the imports in three months of FY 2024/25 AD (2081/82 BS), the foreign exchange reserves of the banking sector have been deemed sufficient to cover approximately 17.6 months of prospective merchandise imports and 14.6 months of both merchandise and services imports.
Interest Rates
The weighted average rate for the 91-day treasury bills remained steady at 2.96% as of midOctober 2024 AD, compared to 4.94% in the corresponding month of 2023. Meanwhile, the weighted average interbank transaction rate among commercial banks, which was
2.26% a year ago, increased to 3% as of mid-October 2024.
In the same period, the average base rate of commercial banks experienced a decrease, falling from 9.94% a year ago to 7.29% by mid-October 2024. Furthermore, the weighted average deposit rate and lending rate of commercial banks stood at 5.24% and 9.33% respectively. Comparatively, these rates were 7.9% and 12.11% respectively a year ago.
Balance of Payment
According to the three months’ data of FY 2024/25 AD (2081/82 BS), ending in mid-October 2024 AD, the BoP was at a surplus of NPR 184.99 billion (USD 1.38 billion), which witnessed an
increase of 81.97% compared to the corresponding period of the previous year, where the BoP was at a surplus of NPR 101.66 billion (USD 758.12 million).
KEY DEVELOPMENTS
Interim Order from SC Allows BFIs to Sell Gold Directly
The Supreme Court (SC) issued an interim ruling removing the requirement for gold traders to purchase gold exclusively through the Federation of Nepal Gold and Silver Dealers' Associations (FENEGOSIDA), which grants independent and smaller traders equal opportunities to access the market.492 This landmark decision, delivered on November 22 by Justices Nahakul Subedi
and Til Prasad Shrestha, was in response to a writ petition filed by Sagar Dhungana on behalf of Riddhi Siddhi Jewellers.493 Traders are now allowed to buy gold directly from commercial banks, provided they adhere to the conditions outlined by NRB in the ‘Procedure on Gold Sale and Distribution, 2011’.494 The court emphasized that traders should not be restricted from purchasing gold due to a lack of FENEGOSIDA membership, promoting a more inclusive and competitive marketplace.
NRB Implements Stricter Regulations for Wallet Company Representatives
On December 3, 2024, NRB amended the ‘Integrated Payment System Directive, 2080 BS’, to enforce stricter rules for appointing and monitoring official representatives of Payment Service Provider companies (PSPs).495 The changes followed investigations by the Central Investigation Bureau (CIB) that revealed that representatives of Paywell and Sajilo Pay wallets were involved in large-scale transactions linked to gold smuggling and illegal hundi operations.496 The revised directive requires PSPs to collect detailed documentation for the appointment of official representatives, including personal, professional, and legal verifications, such as clean criminal records, permanent account numbers, proof of not being blacklisted, and a selfdeclaration against money laundering.497 As per the amendment, the companies are prohibited from appointing agents or sub-agents other than their designated
official representatives, with unauthorized agents requiring termination within three months from the issuance of the directive.498 Additionally, companies are now deemed responsible for transactions by their representatives and must publish updated representative lists monthly on their websites.499 Thus, these reforms aim to prevent misuse and enhance security and transparency in digital payments.
Overdue Interest Surges in Nepal’s BFIs
Nepal's banking sector faces growing challenges as overdue interest on loans more than doubled in two years, reaching NPR 135.83 billion (USD 1.01 billion) by October 2024, compared to NPR 61.35 billion (USD 457.90) in July 2022.500 The 121.40% surge in overdue interest underscored increasing difficulties in credit recovery across financial institutions. Moreover, despite reducing base interest rates to as low as 7.02%, commercial banks struggled to boost business growth amid rising nonperforming loans (NPLs) in the past quarter.501 By October 2024, the NPL ratio had climbed to 4.42%, up from 1.31% in July 2022, a staggering 237.40% increase over 27 months, reflecting declining credit quality.502 The limited loan issuance also pushed the credit-deposit ratio to 78.32%, far below the NRB-mandated 90% threshold.503 Additionally, excess liquidity reduced the government’s borrowing costs, with interest rates on internal borrowing hitting a four-year low of 3.95%.504 These trends highlight the banking sector’s struggles to balance liquidity management
and credit expansion, raising concerns about financial stability and profitability.
Fitch Assigns Nepal 'BB-' Rating with Stable Outlook
On November 21, 2024, Fitch Ratings, an American credit rating agency, assigned Nepal a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' on November 21, 2024 with a stable outlook.505 A credit rating is essentially a measurement of a country’s ability to repay its debts. This particular rating placed Nepal alongside other developing economies, such as export-driven Bangladesh which has a ‘B+’ rating with a stable outlook as the agency anticipated Nepal will continue to benefit from concessional funding even after graduating from its Least Developed Country (LDC) status in 2026.506 The rating was based on various factors including the fact that Nepal’s public debt, at 42.7% of GDP in FY 2024/25 (2081/82 BS), is notably lower than the Fitch 'BB' rated median of 55%, reflecting a relatively modest debt burden.507 Additionally, the agency found the country’s external liquidity to be robust, with foreign exchange reserves covering over nine months of imports, exceeding the Fitch 'BB' median of five months.508 The long-awaited sovereign credit rating marks a turning point for the country as it makes way for better Foreign Direct Investments (FDIs)
Digital Retail Transactions Witness Significant Growth
Digital transactions in Nepal reached NPR 751.86 billion (USD 5.61 billion) in mid-October 2024,
up from NPR 553.70 billion (USD 4.13 billion) during the same period last year, as per NRB’s Monthly Payment Systems Indicators.509 QR payments almost doubled to NPR 70.42 billion (USD 525.68 million) from NPR 36.21 billion (USD 270.93 million); RealTime Gross Settlement (RTGS) transactions surged significantly to NPR 4.68 trillion (USD 34.93 billion) from NPR 2.75 trillion (USD 20.54 billion); wallet-based transactions rose to NPR 40.54 billion (USD 302.33 million); mobile banking transactions amounted to NPR 401.24 billion (USD 2.99 billion); and connectIPS grew to NPR 617.29 billion (USD 4.61 billion).510 The 36% rise in digital payments between midSeptember and mid-October was credited to increasing adoption of cashless transactions and
NRB's decision of not issuing new notes for Dashain to encourage digital payments during festivals.511 Additionally, NRB’s ‘Retail Payment Strategy, 2019’ played a key role in modernizing retail payments, expanding digital access, and enhancing oversight, further encouraging the transition to digital payment systems.512
Key Highlights from the First Quarter Review of the Monetary Policy 2024/25 AD (2081/82 BS)
Published on November 29, 2024513
The average Consumer Price Inflation (CPI) for the first quarter stood at 4.26%, slightly below the target of 5%.
The policy rate and bank rate remained unchanged, with the policy rate maintained at 5%.
The deposit collection rate under the lower bound of the interest rate corridor was steady at 3%, while the bank rate, under the upper bound of the corridor, remained at 6.5%.
Both the mandatory Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) have been kept unchanged.
As of October 2024, foreign exchange reserves are sufficient to cover 14.6 months of imports, exceeding the policy target of seven months.
The weighted average interbank rate for the first quarter was recorded at 3%.
As of October 2024, broad money supply expanded by 13.3% compared to 13.9% in the corresponding period of the previous year, and private sector credit grew by 6.2% compared to 4.8%.
The NPL ratio of BFIs rose from 3.66% in October 2023 to 4.42% in October 2024.
Key Highlights from the First Quarter Review of the Monetary Policy
Outlook
Nepal's financial sector is undergoing a transformative phase, driven by regulatory changes, and emerging opportunities. The Supreme Court's interim order permitting BFIs to sell gold directly to traders has fostered increased market competition and inclusivity. Simultaneously, the NRB's tighter regulations on wallet company representatives aims to strengthen governance within the rapidly growing digital payments sector. Additionally, the long-awaited Fitch Ratings' inaugural sovereign credit rating for Nepal has bolstered confidence among foreign investors and opened pathways to international financial markets. However, despite these notable developments, the surge in overdue interest and rise in NPLs signals deeper credit recovery challenges and economic strain. Nonetheless, the significant rise in digital retail transactions, coupled with abundant liquidity at low-interest rates, offers promising avenues for investment growth, and enhanced credit disbursement.
Capital Market
During the review period, from September 1, 2024 to November 28, 2024, the secondary market showed a meager growth of just 1.93%, a stark contrast to the previous quarter’s 32% surge. While the Nepal Stock Exchange (NEPSE) index started strong, reaching a peak of 2830.20 points on September 3, 2024, this momentum was short lived. By September 29, 2024, the market dropped to 2464.40 points, driven by intensified selling pressure and a phase of market correction. This decline also caused a reduction in daily turnover, reflecting subdued trading activity. Despite the early downturn, the market gradually recovered, eventually closing at 2748.05 points by the end of the review period. The turnaround can be largely attributed to increased flexibility by banks in offering loans against shares, a shift prompted by the Nepal Rastra Bank (NRB)’s relaxed margin lending policies introduced earlier in FY 2024/25 AD (2081/82 BS). These policy changes helped restore investor confidence, setting the market back on an upward trajectory as the review period concluded. Additionally, changes in the later part of the review period, such as the appointment of the SEBON Chairman, and policies to encourage NRN investment and SME capital raising, led to the recovery of the market by the end of November.
Secondary Market
During the review period from September 1, 2024, to November 28, 2024, the NEPSE index closed at 2748.05 points, reflecting an increase of 52.12 points (1.93%) with a peak on September 3, 2024, at 2830.20 points. Within this, the total market capitalization at the end of the review period was NPR 4.56 trillion (USD 34.04 billion).517
Among the main indices, the float index rose by 0.89% and among sub-indices, six sectors witnessed a decrease this quarter. The Banking sub-index decreased by (2.01%), Hotels and Tourism subindex by (0.66%), Manufacturing and Processing sub-index by (4.70%), Mutual Funds sub-index by (1.31%), Investment sub-index by (2.75%), and Others sub-
index by (1.01%). Conversely, the rest of the sub-indices reflected modest increases with the Trading sub-index recording the highest gain at 12.33% followed by the Development Banking subindex at 9.86%. Figure 13 shows the daily changes of NEPSE index during the review period.
Figure 13. NEPSE Movement Over the Review Period Table 10. Key Market Indicators
New Guidelines Encourage NRN Participation in Nepal’s Capital Market
In November this quarter, the Government of Nepal introduced the Eighth Amendment to the Securities Issuance and Allotment Guidelines to attract foreign investment from NonResident Nepalis (NRNs).520 Issued by the Securities Board of Nepal (SEBON) under Section 118 of the Securities Act, 2063 (2007 AD), the updated guidelines aim to enhance NRNs' involvement in Nepal's securities market by allowing them to invest in joint investment companies formed in collaboration with the government.521 As per the new guidelines, NRNs are permitted to hold 10% to 49% of the issued capital, but the shares cannot be issued at a premium.522 Shares traded through these IPOs must include a minimum of 1,000 units and are restricted to trading exclusively among NRNs. Additionally, shares acquired through IPOs cannot be traded or sold for a year, and rights shares can only be transferred among NRNs.523
NEPSE Renews Memberships for 90 Brokers and Two Dealers
In the review period, NEPSE renewed the memberships of 90 brokerage firms and two stock dealers for FY 2024/25 AD (2081/82 BS).524 This renewal applies to companies authorized as of mid-October 2024 to engage in securities trading, including buying and selling in the secondary market.525 In the corresponding period in the previous FY 2023/24 AD (2081/82
BS), 82 brokerage firms were licensed for stock transactions. As of October 16, 2024, with an additional eight firms having received licenses, the total stood at 90 firms.526 Among these, NIMB Stock Markets and Himalayan Securities are authorized for fullscale trading, while the remaining 88 are permitted to conduct limited transactions.527
SEBON Leadership Restored After 11-Month Gap
On November 25, 2024, the Government of Nepal's Council of Ministers appointed Santosh Narayan Shrestha as the new Chairman of SEBON after an 11-month gap.528 This appointment came at a crucial juncture following a vacancy in leadership caused by former Chairman Ramesh Hamal’s tenure ending on January 6, 2024, leading to a suspension of new IPO issuances.529 Despite the formation of several committees by the government over the 11 months, the appointment process faced prolonged delays due to political disagreements. As a result, 34 companies, including Jagadamba Steels, Maruti Cements, Shaurya Cement Industries, and Hams Hospital, were unable to proceed with IPOs worth over NPR 27 billion (USD 201.58 million), many of which were planned to be issued at a premium.530 With the new Chairman in place, the bottleneck in IPO issuance and related delays are expected to be resolved.
IPO Pipeline Expands to 77 Companies
Amidst SEBON’s leadership vacuum which was only recently
filled, the past quarter saw 77 more companies entering SEBON’s Initial Public Offering (IPO) pipeline. Since mid-February 2024, 42 new companies have entered the pipeline, signaling increased demand for capital across various sectors.531 Hydropower companies dominated the lot, with 37 firms seeking approval, emphasizing the sector's dependence on public funding for infrastructureheavy projects.532 Additionally, 13 companies from production and processing, 15 from miscellaneous sectors, and five from hotel and tourism are now in the queue. Meanwhile, the presence of other sectors, including microfinance (1), microinsurance (4), and investment (2), also reflected modest diversification.533 The total IPO value in the pipeline is estimated at NPR 44.75 billion (USD 334.5 million), with approximately 31.78 million shares set to be issued.534 While the absence of leadership in SEBON was finally erased this quarter, overcoming this backlog may be challenging for the new Chairman.
New Regulation Drafted to Facilitate SME IPOs in Nepal
The Ministry of Finance drafted a new regulation to facilitate Initial Public Offerings (IPOs) for small and medium-sized enterprises (SMEs), enabling companies with paid-up capital of up to NPR 250 million (USD 1.87 million) to issue IPOs.535 The draft regulation, titled “Securities Issuance and Transactions of Small and Medium Enterprises Regulation, 2081,” received approval from the Ministry of Finance and was forwarded to the Office of the Prime Minister and Council of
Ministers for approval in midNovember 2024.536 The draft, that aims to create a structured avenue for SMEs to raise capital, includes a minimum application requirement of 150 shares for SME IPOs, and plans to establish a dedicated SME platform on NEPSE.537
Capital Gains Tax Collection Hits NPR 758.7 Million (USD 5.66 Million) in One Month
As per the data from CDS and Clearing (CDSC) Limited,
Outlook
a subsidiary of NEPSE, the government collected NPR 758.70 million (USD 5.66 million) in capital gains tax (CGT) between mid-October and midNovember 2024538 This amount marked an increase of NPR 172.20 million (USD 1.29 million) compared to the previous month and was nearly nine times higher than the NPR 84.1 million (USD 627,658.78) collected during the same period last year.539 The increase in tax collection came following the rise in NEPSE’s market capitalization from NPR
4.36 trillion (USD 32.54 billion) to NPR 4.38 trillion (USD 32.69 billion) in one month, generating over NPR 15 billion (USD 111.95 million) in capital gains for investors.540 This surge in CGT collection and stock market transactions was primarily attributed to banks' increased flexibility in providing loans against shares, following Nepal Rastra Bank’s (NRB's) relaxed margin lending policies introduced in the Monetary Policy for FY 2024/25 AD (2080/81 BS).541
Following key developments and regulatory enhancements of the past quarter, Nepal’s capital market is positioned for transformation. The appointment of a new SEBON chairman after 11 months is expected to revitalize IPO approvals, benefiting 77 companies in the pipeline. Additionally, new guidelines encouraging NRN participation and the draft regulation for SME IPOs reflect efforts to diversify the market and broaden access to capital, while the increased collection of capital gains tax highlights increased trading activity supported by relaxed margin lending policies. With renewed leadership, inclusive policies, and expanding opportunities, Nepal’s capital market is on track for growth despite facing challenges from dynamic economic conditions and evolving investor sentiment.
5 Special Section Unlocking Care
Economy’s Potential
Introduction
What is Care?
Care has served as a fundamental pillar of humanity, encompassing the essential physical, social, and emotional support required for individual and collective well-being. Its significance lies in the universal nature of human dependency and vulnerability, given how every individual receives and benefits from care activities throughout their lives. This has been particularly been captured by Joan Tronto and Bernice Fisher (1990), who define care as
“A species activity that includes everything we do to maintain, continue, and repair our ‘world’ so that we can live in it as well as possible. That world includes our bodies, our selves, and our environment, all of which we seek to interweave in a complex, life-sustaining web”542
Based on this, the care economy refers to the system of paid and unpaid care work that sustains the wellbeing of individuals and communities. It includes activities that provide physical, emotional, and social support, and operates across both formal and informal sectors. Care services cater primarily to children, people with disabilities, and the elderly, but their impact extends far beyond these groups. Because of its pervasive nature, society as a whole benefits from care activities in both domestic and non-domestic settings, carried out by paid and unpaid carers alike. Paid care workers operate in both formal sectors — such as education, healthcare, and social services — and informal sectors, where they typically face lower wages, fewer benefits, and limited job security compared to their formal counterparts.543 Meanwhile, unpaid care providers play a critical role in sustaining households through activities like cooking, cleaning, childcare, eldercare, and managing the mental load of household organization.544 However, despite being essential for the well-being of families and communities, informal and unpaid care remains largely invisible and undervalued within formal economic systems, often going unrecognized in national accounting and policy frameworks.
Source: Designed by author, definitions extracted from the Asia Foundation545
Figure 14. Paid Workers vs Unpaid Providers in Care
Gendered Gaps in Care
While care work, is a universal right and a shared responsibility, women have been disproportionately responsible for this work, both paid and unpaid. Globally, women perform two-thirds of paid caregiving activities and over three-quarters of unpaid care activities.546 This unequal distribution of care responsibilities restricts women's career prospects, limits their access to education and leisure, and curtails their broader economic participation. The global situation is similar in Nepal as well, where over 40% of women who did not participate in economic work stated care activities, such as household chores and family care, as the primary reason for their inactivity.547
Paid forms of care are also often provided by women, with childcare, nursing, and early education being female-dominated fields. Additionally, informal care roles — typically filled by women from marginalized communities — are characterized by poor working conditions, low wages, and limited access to legal protections or social safety nets. This structural inequality reinforces cycles of economic dependence and social exclusion for women, especially those in vulnerable socio-economic groups, and hinders development goals as a whole.
15. Percentage of Women not Participating in Economic Activities due to Care Responsibilities (by province)
Changing Landscapes in Care
Nepal's care economy is at a critical juncture, driven by key demographic and socio-economic shifts. Nepal’s demographic dividend window is expected to close in 2048, with a steady increase in the aging population. Declining fertility rates and increasing youth out-migration further highlight the urgency to prepare for a growing dependent population. Traditionally, the responsibility of care has fallen disproportionately on women, but rising female labor force participation necessitates the development of alternative care
Figure
Source: National Census 2021, National Statistics Office548
solutions. These shifts not only aim to ensure equitable access to care but also support women’s economic empowerment.
This transition underscores the potential for the care economy as a driver of employment, particularly for women. Reflecting on these dynamics, the special section of NEFPort 59, ‘Unlocking Care Economy’s Potential’, features four articles exploring the opportunities and significance of Nepal's care economy. The first article, which has been authored by Patricia Fernandez-Pacheco, the Country Representative of United Nations Women Nepal, shares insights from the Asia-Pacific Transforming Care Forum 2024, emphasizing the need for strategic investments and partnerships. Building on this, the second article, by Mitali Nikore, Vandhana Ramesh, and Brinda Juneja of Nikore Associates, examines opportunities for Nepal to develop its care infrastructure, drawing lessons from regional peers. In a similar vein, the article from Shreemanjari Tamrakar, a seasoned project manager and researcher with over a decade of experience, explores the undervaluation of both paid and unpaid care work, calling for the policy recognition of its essential societal value. Finally, Sujeev Shakya, Chair of Nepal Economic Forum, observes the gradual evolution of the care economy due to changing socio-economic norms, and stresses on the role of private capital, publicprivate partnerships, and innovative financing models to address future care demands.
As the care economy continues to expand, driven by demographic shifts and evolving social needs, its importance in achieving Nepal’s development objectives becomes ever more evident. Recognizing and supporting this sector is essential, not only to ensure the dignity and well-being of those who provide and receive care but also to foster sustainable economic and social development.
Investing in the Care Economy: A Shared Responsibility for Sustainable Growth and Gender Equality
Patricia Fernández-Pacheco Country Representative, UN Women Nepal
Care is fundamental to the wellbeing and prosperity of individuals, societies and economics. Every one of us requires care in our lifetime, meaning comprehensive care systems are fundamental for all persons, in all their diversity, to participate equally in society and enjoy the fulfillment of rights. Yet, restrictive social norms and gender stereotypes continue to position women as the primary caregivers and men as the primary income earners, entrenching a gendered divide in the provision of both unpaid and paid care work and fueling the undervaluing of this essential work by society. The ratio of unpaid care work by women is six times more than that of men in Nepal, the highest in the Asia Pacific region.
UN Women hosted the AsiaPacific Transforming Care Forum from October 22-24, 2024, bringing together governments, private companies, and civil society from the region to discuss on the Care agenda. It was an opportunity to showcase the commitment and ongoing initiatives on care from Nepal with the attendance of entities including the Ministry of Women, Children and Senior Citizens, the National Planning Commission, the Mayors of
Birendranagar Municipality and Kathmandu Metropolitan City, as well as representatives from the Nepal Economic Forum who represented the private sector. The delegation from Nepal approached care economy from the perspective of gender financing, social protection, social norms, gender responsive urban planning, and private sector investment in care, not only sharing insights from Nepal but contributing to the regional pathway to care economy.
The forum discussed in depth the transformative role of the care economy in advancing gender equality and Sustainable Development Goals (SDGs). The event also focused on building alliances and identifying strategies for coordinated, cross-sector action on care issues, recognizing care as both a human right and a critical pillar of fostering women’s economic empowerment and creating gender-inclusive economies.
Two central themes emerged from the discussions: the urgent need for coordination among multistakeholders and the importance of mainstreaming both public and private investment to support a thriving care economy. These points resonate as practical ways to advance gender-responsive financing and promote systemic
support for caregivers and care recipients alike.
1. The Need for Multistakeholder Coordination: A Unified Approach to Care
The forum underscored that no single entity can tackle the complex issues surrounding care on its own. Meaningful progress requires close collaboration among governments, private sectors, and civil society. It also emphasized the importance of establishing common ground among diverse stakeholders to align priorities and approaches on addressing care. Challenges, such as the burden of unpaid care work, limited access to quality care services, and barriers to women's labor participation, demand collective action and unified solutions.
A notable example presented was Nepal's National Gender Equality Policy 2021 which aims to redefine gendered divisions of labor and formalize unpaid care work, further reinforced in the recently finalized 16th periodic plan of the Government of Nepal. Through a national Care Working Group, Nepal has initiated crosssectoral efforts to meet care needs across the lifecycle, with plans to draft a Care Roadmap that unites sectoral policies toward common national goals
in the leadership of the National Planning Commission (NPC) and in collaboration with the Ministry of Women, Children, and Senior Citizens, as well as other sectoral ministries. Nepal is on the path to demonstrates how coordinated, multistakeholder initiatives can create sustainable care solutions that align with broader economic and gender objectives and this calls for multiple stakeholders to join hands. This includes partnership with Kathmandu Metropolitan City (KMC) and Birendranagar Municipality on piloting care infrastructure involving multiple stakeholders.
Looking ahead, establishing strong, evidence-based foundations will be essential for guiding effective policy decisions in the care economy, complemented by accessible and affordable care services on the ground. Building on this, UN Women in Nepal will be rolling out geo-spatial analysis in KMC and Birendranagar Municipality to generate evidence on care needs. Evidence-based policies will not only address immediate needs but also anticipate future demands, creating a more resilient and inclusive care sector. To translate policies into actions, a robust public-private partnership is central to cater sustainable, accessible, and high-quality care services. These partnerships are expected to drive efficiency, scalability, and innovation, ensuring that care services are both affordable and widely available.
2. Mainstreaming Investment: Public and Private Funding to Advance the Care Economy
Investing in the care economy
is a concrete and sustainable approach to gender-responsive financing. But a critical myth to debunk here, for developing countries like Nepal, is that investment in care does not mean additional burden to public financing but rather it is about aligning the priority with the vision of gender equitable inclusive growth. It is about optimal management of public resource geared towards growth, as well as a life of quality and dignity. One of the examples is the care Block initiative of Bogota, Columbia which introduced a new criterion for the city's urban planning. This model positions women, caregivers and care work right at the center to organize several of the city's services and enhance the use of each district's facilities in favor of caregivers and care recipients.
The discussions during the forum emphasized that public and private investments in care services not only enhance the lives of caregivers and recipients, but also create new job opportunities, particularly for women, and contribute to inclusive economic growth. Additionally, the forum demonstrated various funding models, including innovative financing mechanisms that enable care entrepreneurship, create decent jobs, and address the growing demand for care across demographics. This is critical to Nepal in the context where women’s labor force participation (26.3%) in formal economy is half compared to men (53.6%).
One of the standout presentations was the Care Accelerator 2.0 initiative, which provides low-
cost childcare in low-income communities, empowering women to pursue economic opportunities. Similarly, Nepal's experience with integrating care into its social protection systems highlights the attempts of creating employment while addressing gender inequalities in access to care services. For private sector involvement, programs like the GenderInclusive Care Entrepreneurship Ecosystem Programme (GICEEP) are pioneering models by collaborating with development banks and private enterprises to strengthen the care ecosystem. Such initiatives not only expand access to care services but also build robust entrepreneurial opportunities for women, further aligning with gender-equity objectives.
To build a thriving and inclusive care economy, targeted public investment will play a critical role in establishing foundational care infrastructure across communities. Public funding is essential for making care services accessible and affordable, ensuring that support reaches all who need it. By prioritizing carefocused public investments, governments can create a solid base that not only provides immediate support but also fosters long-term sustainability within the care sector.
In tandem, private sector engagement will be key to driving efficiency, scalability, and innovation in care services. Private investment and entrepreneurship can also introduce new models of care delivery that respond to evolving needs while optimizing resources. With the private sector’s involvement,
particularly with economic experts with strong lens for social development and a focus on promoting private sector growth to improve the lives of people, such as Asian Development Bank and International Finance Corporation, can address the gaps that public initiatives alone may not cover. Together, these investments — public and private — in care services can grow and adapt more rapidly, reaching broader populations and are expected to create a dynamic care ecosystem that supports economic growth, job creation, and gender equity across communities.
Looking Forward: Commitment to a Gender-Responsive Care Economy
The Asia-Pacific Transforming Care Forum set a forwardlooking agenda, encouraging stakeholders to integrate care into social protection and economic recovery frameworks. With events like Beijing+30 also occuring, the forum’s outcomes lay the groundwork for deepening commitments to a care economy that advances gender equality and sustainable development across the Asia-Pacific region.
Moving forward, governments, private companies, and civil
society are called upon to strengthen partnerships, increase investments, and adopt data-driven policies that address the complex realities of care provision. Together, these approaches lay the groundwork for a transformative care economy that is equipped to support caregivers, care recipients, and communities at large, making care a shared societal responsibility and a core component of economic resilience and gender equality.
Building Nepal's Care Economy: Regional Insights and Strategic Framework for Development
Mitali Nikore Founder, Nikore Associates
Vandhana Ramesh Brinda Juneja
Senior Research Associate, Nikore AssociatesNepal
Senior Research Associate, Nikore Associates
Setting the Context of Care Work
The unequal distribution of unpaid care work remains one of the most persistent barriers to gender equality globally. Care work, which includes both direct personal care activities and indirect household tasks, is crucial for sustaining daily life and social reproduction. Yet, women worldwide spend three times more hours than men on unpaid care work.549 This disparity represents a significant market failure – while care work is essential for the functioning of the economy, its invisibility and undervaluation lead to inefficient allocation of skilled workers, particularly women, causing their withdrawal from the formal workforce.
The gender gap in unpaid care work is particularly stark in South Asia. In India, women spend 5.6
hours on unpaid work daily versus 30 minutes for men, the highest among G20 nations.550 Similar patterns emerge across the region – in Bangladesh, women contribute 80% of unpaid care work, while in Bhutan, women spend 2.5 times more hours than men on such activities.551 Nepal follows this regional trend, with women spending six times more hours than men on unpaid care work.552
However, this challenge presents Nepal with a unique opportunity for economic growth and women's empowerment. According to International Labour Organization (ILO) estimates, direct public investment equivalent to 2% of the Gross Domestic Product (GDP) in the care sector can potentially generate 11 million jobs in Nepal, which are nearly 70% likely to be filled by women.553 The country's recent Time Use Survey (2019) revealed that women of
working age spend 5.9 hours daily on domestic work versus just 2.25 hours for men.554 Strategic investments in care infrastructure could free up women's time for formal employment while simultaneously creating new jobs in the care services sector –thereby boosting Nepal’s female labor force participation rate from its current level of 28.7% in 2023.555
Nepal has already taken important first steps toward addressing this issue. The country conducted its first comprehensive Time Use Survey in 2019. This data has provided crucial insights into gender gaps in time use across different social groups. Building on this foundation, Nepal hosted an ILO-UN Women policy dialogue in 2023, highlighting the need for increased care infrastructure investment to meet the rising demands of Nepal's evolving demographic landscape, which
will see substantial growth in elderly populations by 2050.556
A Strategic Framework for Nepal’s Care Economy
Drawing insights from regional experiences, India's recent strategy for the care economy, also reiterated in the Economic Survey of FY 2023/24 AD, has proposed a five-pillar approach for developing its care economy, focusing on leave policies, care service subsidies, infrastructure investment, skill development, and quality assurance mechanisms.557 This framework, which builds on global best practices from both developed and emerging economies, offers valuable lessons for Nepal in transforming its care economy.
Currently, Nepal requires greater public sector investment in care infrastructure and services, particularly in rural and underserved areas. Regional examples show how government initiatives can effectively support care services. For instance, the Palna scheme in India aims to establish 17,000 creches at Anganwadi centers to serve bottom of the pyramid populations, especially in rural areas.558 Several state governments have already partnered with the national Ministry of Women and Child Development to implement this scheme.
Yet, the government alone cannot serve the needs of Nepal’s diverse and distributed population. Care infrastructure development requires both public and private investment. For instance, Bhutan's Gelephu Child Care Centre demonstrates
the potential of private initiatives.559 This Early Child Care and Development (ECCD) center serves 92 children with flexible hours and has catalyzed a network of 80 privately run centers to even form an industry association of ECCD providers under the Bhutan Chamber of Commerce and Industry. In addition to investing in expanding ECCD centers, the association is also advising the Royal Government of Bhutan on ECCD curriculum development and skill training of ECCD workers.
Moreover, legal frameworks setting quality standards and regulations are an important instrument for quality assurance. Bangladesh's Child Daycare Centre Act 2021 offers a template, requiring private sector childcare service providers to register with the government and meet minimum service delivery and infrastructure standards.560 Nepal could adapt this model while strengthening civil society organizations' capabilities to manage community-level care infrastructure.
Financing these initiatives requires innovative approaches. Developed nations often support care services through tax incentives - both individual credits for parents and corporate concessions for providing childcare benefits. Nepal could adopt similar measures alongside novel funding mechanisms like diaspora bonds - specialized securities issued to Nepalese citizens abroad - to create dedicated funding streams for care infrastructure. Additionally, a targeted subsidy program could support women-led civil society organizations in establishing
and operating care facilities, particularly in underserved areas.
Workforce development is also crucial for sustainable growth of the care sector. Japan's comprehensive two-year care worker training program, combining classroom learning with on-the-job training and guaranteed employment placement, offers a practical model.561 Nepal could adapt this framework while developing a three-tier approach: skilling new entrants, reskilling workers from other sectors, and upskilling existing professionals. This would not only meet domestic needs but could position Nepal as a source of qualified care workers globally.
To implement these interventions effectively, Nepal needs strong institutional support systems for the care economy: introducing incentives for community organizations to operate childcare facilities, creating corporate tax credits for women-led Micro, Small & Medium Enterprises providing care services, and formally recognizing private ECCDs as an industry. These efforts also rely on strengthening sex-disaggregated data collection on employment and long-term care work, as was done by India and Bangladesh.
Success in implementing these recommendations depends on coordinated action between government agencies, private sector, and community organizations. The National Planning Commission, the National Statistics Office, and the Ministry of Women, Children and Senior Citizens (MoWCSC) could lead this effort, working
closely with other relevant ministries to develop integrated care policies that address both immediate needs and long-term development goals.
Conclusion
Developing Nepal's care economy requires an "all-of-society" approach that extends beyond government initiatives. While government leadership is crucial, private sector participation and community engagement
are equally vital in building and maintaining care infrastructure and services.
Investment in care services can offer a triple dividend to Nepal: beyond addressing women's low workforce participation, it can create quality employment in a labor-intensive sector while improving critical human development outcomes in health and education. As Nepal charts its development path, strengthening the care economy
must be seen not just as a social welfare measure, but as a crucial economic goal.
Undervalued Care Work
Care is Skilled Work: Changing Perception of Care
Shreemanjari Tamrakar Project Manager and Researcher
In our metrics of success, how often do we see individuals identify themselves as successful homemakers? Success in Nepali society is tied to financial security and professional achievements. Similarly, excelling in homemaking along with a career is a rarity. This division of labor — between reproductive1 and productive work — plays a critical role in making our everyday more convenient, yet it goes unrecognized. In South Asian families for instance, members of households are interdependent; however, societal applause typically goes to those who are financially contributing, often overlooking the crucial contributions of those managing households and providing care. This imbalanced valuation of labor reflects the deep-rooted societal biases that perpetually undervalues care work, despite its fundamental importance in our lives.
The perception of paid and
1 Most often, domestic work or other caring work (often done by women) that is performed without pay or the expectation of pay and not calculated as part of the gross domestic product. It involves the maintenance of social and family structures upon which productive labor depends. It is also referred to as social reproduction.
unpaid care work2 in the society is concerning. In many countries, the monetary value of unpaid care work exceeds that of market sectors such as manufacturing, commerce and transportation.562 Despite its expanse and essential contribution, the work fails to receive the policy attention it deserves due to its cultural devaluation. Meanwhile, the paid care economy employs around 381 million globally and yet it remains excluded from the Gross Domestic Product (GDP) calculations563, thereby making their labor invisible564 and the workforce precarious. The systematic reduction of care work, being viewed as work that involves little to no skills and is simply an extension of women’s “natural” caregiving role, contributes to caregivers’ low status, minimal pay, and limited representation.565
Recognizing Care as Skilled Work
It is essential to frame and reframe both paid and unpaid care work as skilled and valuable
2 In this article, paid and unpaid care work encompass direct care for people (physical, emotional, psychological and developmental) as well as indirect care (e.g. household tasks, including collecting water and firewood, travelling and transport), taking place within and outside the home.
rather than low-skilled or unskilled. Care work draws on a diverse set of skills, knowledge, and abilities that are constantly at play; it is more than the completion of a few repetitive tasks.566 Effective care work encompasses front line health, social, and therapeutic roles and demands compassion, sound judgement, and extreme physical labor.567 It is a learned skill that supports people’s lives through a wide range of clinical, emotional, and academic knowledge, with ongoing learning often occurring throughout the caregiving period. It is time intensive and requires one-on-one interaction. Furthermore, technology cannot drastically replace the people providing care and reduce the time to complete care acts.568 This irreplaceability of care implies that it should be highly valued, prioritized and accessible to all.
Sharing Care Work
Care is an essential need and not a responsibility of one person. It can be managed collectively by the state, market, community and family to improve the quality of care.569 This shift is underway in various forms, with the increasing number of care homes catering to an aging population and persons with disabilities, and childcare centers run by the community
and private sector. To support this transition, policymakers must focus on designing favorable policies, services, and awareness initiatives that enhance the existing care infrastructure, service and remuneration for care workers.
What Policies and Services Can Consider
Effective solutions must consider local needs, demographics, and existing care provisions. For instance, Japan anticipates 7 million dementia patients by 2025, with 1 in 5 older people having dementia, prompting innovative responses through research, awareness, and care home initiatives. Japan has 30 percent of households with elderly living by themselves. The home visits provided by medical officers utilize technology to record the vitals of the patients which has improved elderly patients’ care and increased the care givers’ productivity.570
Similarly, the village of Share Kanazawa exemplifies a community where elderly individuals and those with disabilities support each other to live a fulfilled life, aided by staff
and student volunteers.571 The District Care System of Bogota, Manzanas del Cuidado, offers caregivers time to perform their personal activities while leaving the people they care for with the professionals for free, with the option of at-home-services.572
Informed policies that recognize, reduce, and redistribute unpaid care work and ensure reward and representation of care workers are essential. Several countries are implementing the “5R Framework for Decent Care Work,” a transformative approach rooted in gender equality and social justice. Uruguay stands out as a leader in creating comprehensive care systems that engage families, the state, and communities. Similarly, Bosnia and Herzegovina recently enacted legislation acknowledging the work of parent-caregivers, providing financial support and social security benefits. In Argentina, the integration of domestic workers into the Comprehensive Unemployment Benefits System ensures their rights and protections.573 Meanwhile, the Government of Nepal in its 16th Periodic Plan recognizes the
need to record and manage care related work and is determined to formulate national care policy. This would create a path for recognizing unpaid care work and expanding existing care services with increased investments to provide quality care.
Care is an Essential Need
Care is a natural and intrinsic part of our society; it is fundamental to our well-being and essential for a vibrant and sustainable economy. Much of this work remains unpaid, undervalued and underpaid despite the knowledge, skill, and time it requires. To shift this perception, we need informed and contextual policies that recognize and reward the caregivers’ diligence, insight, and commitment to developing skills necessary for caring for others. Policies that establish care as an essential need and not an individual responsibility are urgent so that the unpaid caregivers can provide more compassionate and sustainable care alongside specialized services, mitigating caregiver burnout and allowing caregivers to adapt to the needs of the care receiver.574
Private Capital in Care
Sujeev Shakya Chair, Nepal Economic Forum
The definition of care has transformed over the years and the recognition of care as an important component of societal activity has brought about the need for discussing on who is providing care and whether that is accounted for. Further, with the change of societal structure to nuclear families and longer life expectancy leading to the need for elderly care, there has been more focus to understand the care economy.
Care was previously primarily a family and community function managed by the extended family or community members. Now, it has become fine to avail of care through payment - be it for service providers in public or private spheres. Additionally, with more people in the workplace as workers, professionals, and entrepreneurs, there is the need to take care of dependents. Previously, it was normal to leave your child with your extended family or neighbor. It was normal to have extended family members to come and take care of the sick and elderly. This is what we have seen and experienced growing up. However, like community cooking, cleaning, security, and services, care is also becoming a service that needs to be paid for.
The discourse has begun on whether care services is a public good to be paid by the government or a private service that people need to pay for. For people with money, whether in developed economies or developing ones, there are services available, and people are paying and availing of the same. In Nepal, it is not uncommon to hear for people employing nurses and caregivers twentyfour seven – especially for those Nepalis who live in another part of the world. The social stigma related to this has also started decreasing. In Kathmandu, as day care centers emerged in the 1990s, it became acceptable to say that you are sending your kids to a day care center rather than to their grandparents’ house as you go to work. Similarly, it has also become fine to say that you have not met your mom or dad, who is in assisted care, for a while and that you communicate with them mostly through video calls.
Given this context, at the Care Forum held in Bangkok in October hosted by UN Women, I was moderating a session on private capital in care and there were lots of learning and ideas to ponder upon. One of the points visible was that private sector and entrepreneurship
always emerge when there is an opportunity. This is true in care sector too where facilities for children, sick people, and older people, have boomed. One such facility that has become a feasible business has been afterschool facilities for students who have parents working in nine-tofive jobs. However, the challenge is in the segments where people cannot afford the care services. It is common to hear stories of educated Nepalis staying at home in Europe or US as they cannot afford the high cost of day care that will be more than the money they earn working at stores or gas stations. This has also become true for people from remote areas coming to Kathmandu. The women generally stay at home as the cost of day care for children or private care for parents are more expensive than the money you can make. Therefore, it becomes more important to value these services provided at home and recognize the contribution women are making at home.
There are also models to make these work. In advanced socialist economies like the Scandinavian countries, where taxes are high and the government has resources, it may be fine to
consider care a public good. However, in countries like Nepal and other developing economies, it would be a challenge for the state to develop the required infrastructure, apart from being able to fund these. Therefore, the option has to be for private players to provide these services that are subsidized by the government or employers. Employers, be it in the public or private sector, need to recognize the need for care – especially if they want more women to join the workforce. They have to be able to subsidize the cost of care and help to develop the care industry.
For the care sector to develop itself, service providers with great ideas and innovative solutions should also be able to
raise capital. Already, institutions like the United Nations Capital Development Fund (UNCDF) have been helping to provide seed money to start-ups in this sector. Similarly, institutions like Sweef Capital, from Singapore, are viable options for companies in the care sector to make an impact and scale up. Once the businesses get to a replicable scale, there are institutions like the International Finance Corporation (IFC) that can help companies advance further. When businesses really scale up, then global private capital and venture capital firms as well as other private institutions will step in. This is, perhaps, the best model to have more private capital in the care sector. The care sector simply needs to replicate the successfully established financial
models in the technology sector.
In 2050, there will be 9 billion people on the planet, with over 2 billion of them over 60 years of age and 2 billion under 15. The need to take care of growing children and ageing population will be at an unprecedented scale. It is time to devise models to be able to find solutions to take care of the problems of the future. We should not forget that it is financing that drives these models and generally, in the long run, financing comes from the private sector rather than the public sector.
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Endnotes
1 “Democracy Index 2023-Age of Conflict”, Economic Intelligence Unit, November 8, 2024. https:// pages.eiu.com/rs/753-RIQ-438/images/DemocracyIndex-2023-Final-report.pdf?version=0&mkt_ tok=NzUzLVJJUS00MzgAAAGWqXwWAFyP_ a5RLjfAqMLWlBre--PWW4IfVcQWlytslxX2V1ZDIx2eCNUa7Mc DOKxaf6NzNLUe4Ojnqixwpsda_f7sFF10YzxI4DBwBkhff7gA
2 “Press Freedom Index”, Reporters Without Borders, Accessed on November 8, 2024. https://rsf.org/en/country/nepal
3 “Index of Economic Freedom: All Country Scores”, Heritage.org, Accessed on November 12, 2024. https://www. heritage.org/index/pages/all-country-scores
4 “Country Dashboard: Fragile States Index”, The Fund for Peace, Accessed on November 12, 2024. https://fragilestatesindex. org/country-data/
5 “Corruption Perceptions Index”, Transparency International, Accessed on November 12, 2024. https://www. transparency.org/en/cpi/2023
6 “UML under fire over Bhatbhateni owner’s ‘generous’ donations,” the Kathmandu Post, October 16, 2024. https:// kathmandupost.com/politics/2024/10/16/uml-under-fire-overbhatbhateni-owner-s-generous-donations
7 Ibid.
8 “Lalita Niwas land-grab scam: Min Bahadur Gurung of Bhat-Bhateni ordered to be released on Rs 24.6 million bail,” Republica, September 10, 2023. https://myrepublica.nagariknetwork. com/news/lalita-niwas-land-grab-scam-min-bahadur-gurung-ofbhat-bhateni-ordered-to-be-released-on-a-bond-of-rs-24-6-million
9 SC issues short-term interim order in petition against land donated to UML by Min Bahadur Gurung, Setopati, October 28, 2024, https://en.setopati.com/political/163880
10 Binod Ghimire and Deepak Pariyar, “Lamichhane arrested on fraud, organised crime charges,”n The Kathmandu Post, October 19, 2024. https://kathmandupost.com/national/2024/10/19/ lamichhane-arrested-on-fraud-organised-crime-charges
11 Ghimire, Yubaraj, “Nepal ex-Dy PM Lamichhane held in ‘cooperative fraud’ case”, Indian Express, October 19, 2024. https:// indianexpress.com/article/world/nepal-ex-dy-pm-lamichhane-heldin-cooperative-fraud-case-9627684/
12 “Nepal: Former HM flown to Kathmandu to record statement in money laundering probe,” ANI News, November 28, 2024. https://www.aninews.in/news/world/asia/nepal-former-hmflown-to-kathmandu-to-record-statement-in-money-launderingprobe20241128212134/
13 “Nepal: Kaski police complete probe, recommend
charges against former Home Minister Lamichhane in three cases,” ANI News, December 16, 2024. https://www.aninews.in/ news/world/asia/nepal-kaski-police-complete-probe-recommendcharges-against-former-home-minister-lamichhane-in-threecases20241216215144/
14 Deepak Pariyar, “RSP chief’s custody extended by 15 days,” The Kathmandu Post, November 24, 2024. https:// kathmandupost.com/national/2024/11/24/court-extends-rsp-chairlamichhane-s-remand-by-15-days
15 “Kathmandu District Court remands Lila Ballav Adhikari to two days in custody”, Khabarhub, November 10, 2024. https:// english.khabarhub.com/2024/10/411868/
16
“Former Koshi Province minister Lila Ballav Adhilari arrested”, Online Khabar, November 10, 2024. https://english. onlinekhabar.com/former-koshi-province-minister-lila-ballavadhikari-arrested.html
17 “Koshi Law Minister Adhikari resigns from the post”, The Rising Nepal, November 6, 2024. https://risingnepaldaily.com/ news/51487
18 “Former Koshi Province Minister Lila Ballav Adhikari brought to Kathmandu”, The Himalayan Times, November 10, 2024. https://thehimalayantimes.com/kathmandu/former-koshi-provinceminister-lila-ballav-adhikari-brought-to-kathmandu
19 Prime Minister Oli returns home after attending UN General Assembly, The Kathmandu Post, September 30, 2024, https://kathmandupost.com/national/2024/09/30/prime-minister-olireturns-home-after-attending-un-general-assembly
20 Ibid.
21 Ibid.
22 Ibid
23 Deepak Thapa, “Oli’s Harvard and Columbia show”, The Kathmandu Post, October 16, 2024 https://kathmandupost.com/ columns/2024/10/16/oli-s-harvard-and-columbia-show
24 Ibid
25 Anil Giri, Connectivity, infra projects top agenda of Oli’s China visit, The Kathmandu Post, November 23, 2024, https:// kathmandupost.com/national/2024/11/23/connectivity-infra-projectstop-agenda-of-oli-s-china-visit
26 Ibid
27
“Prime Minister Oli returns home after four-day official visit to China,” The Kathmandu Post, December 5, 2024. https:// kathmandupost.com/national/2024/12/05/prime-minister-oli-returnshome-after-four-day-official-visit-to-china
28 Anil Giri, Nepal and China sign framework for BRI cooperation in Beijing, The Kathmandu Post, December 5, 2024,
31 “Bypolls to fill 41 vacant local level posts end peacefully,” the Kathmandu Post, December 2, 2024. https:// kathmandupost.com/national/2024/12/01/local-level-by-electionsconducted-peacefully
32 Purushottam Khatri, September 16, 2024, The Rising Nepal, Govt decides to hold local level by-election on December 1, https://risingnepaldaily.com/news/49029
33 “Bypolls to fill 41 vacant local level posts end peacefully,” the Kathmandu Post, December 2, 2024. https:// kathmandupost.com/national/2024/12/01/local-level-by-electionsconducted-peacefully
34 “World Economic Outlook Update,” International Monetary Fund, October 2024. https://www.imf.org/en/Publications/ WEO/Issues/2024/10/22/world-economic-outlook-october-2024
35 Ibid
36
“World Population Clock: 8.1 Billion People (LIVE, 2024).” n.d. Worldometer. Accessed September 23, 2024. https:// www.worldometers.info/world-population/
37 “FAO Food Price Index broadly unchanged in October,” Food and Agriculture Organization of the United Nations November 8, 2024. https://www.fao.org/worldfoodsituation/ foodpricesindex/en/#
38 “IMF Global Fiscal Monitor: Putting a Lid on Public Debt,” Institute of International Finance, October 2024. https:// meetings.imf.org/en/IMF/Home/Publications/FM/Issues/2024/10/23/ fiscal-monitor-october-2024
39 Kim Hakyung, “Global public debt will hit $100 trillion by year-end, says IMF”, CNBC, October 23, 2024. https://www.cnbc.com/2024/10/23/global-public-debt-will-hit-100trillion-by-year-end-says-imf.html
40 Ibid.
41 “IMF predicts global public debt will be at 93% of GDP by end of 2024”, World Economic Forum, October 21, 2024. https://www.weforum.org/stories/2024/10/imf-global-debt-andother-economy-stories-21-october/
42 “World Economic Outlook”, International Monetary Fund, October 2024, https://www.imf.org/en/Publications/WEO/ Issues/2024/10/22/world-economic-outlook-october-2024
43 Ibid
44
“Global growth is expected to remain stable yet underwhelming”, International Monetary Fund, October 2024. https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/worldeconomic-outlook-october-2024
45 Ibid
46 Ibid
47
“Global food prices reach 18-month high: FAO”, The Business Standard, November 8, 2024. https://www.tbsnews.net/world/global-food-prices-reach-18-monthhigh-fao-988261
48 Ibid.
49 FAO Food Price Index, Food and Agriculture Organization of the United Nations, November 8, 2024. https://www.fao.org/worldfoodsituation/foodpricesindex/en/#
50 “Global Trade Update (December 2024)”, United Nations Trade and Development, December 5, 2024, https://unctad.org/ system/files/official-document/ditcinf2024d3.pdf
51 Ibid
52 “World’s least developed countries off track to meet exports target, and other global trade news this month”, World Economic Forum, September 11, 2024, https://www.weforum.org/ stories/2024/09/least-developed-countries-exports-target/
53 Philip Blenkinsop, “EU slaps tariffs on Chinese EVs, risking Beijing backlash”, Reuters, October 30, 2024, https://www. reuters.com/business/autos-transportation/eu-slaps-tariffs-chineseevs-risking-beijing-payback-2024-10-29/
54 Doloresz Katanich, “European tariffs on Chinese electric vehicles: All you need to know”, Euro News, October 30, 2024, https://www.euronews.com/business/2024/10/30/european-tariffson-chinese-electric-vehicles-all-you-need-to-know
55 Rob Gillies, “Canada imposes a 100% tariff on imports of Chinese-made electric vehicles, matching the US”, AP News, August 27, 2024, https://apnews.com/article/canada-china-evstariffs-0cd68ba7533bc6e7111cdd5811c8889c
56 “China automakers pivot to hybrids for Europe to counter EV tariffs”, Reuters, December 5, 2024, https://www.reuters.com/ business/autos-transportation/china-automakers-pivot-hybridseurope-counter-ev-tariffs-2024-12-05/
57 “Regional Economic Outlook: Europe October”, International Monetary Fund, November 14, 2024. https://www.imf.org/en/Publications/REO/EU/Issues/2024/10/24/ regional-economic-outlook-Europe-october-2024
58 “Transcript of European Economic Outlook October 2024 Press Briefing”, International Monetary Fund, October 24, 2024.
60 Ratnakar Adhikari and Rupa Chanda, “How digitalization can drive sustainable supply chains in the least developed countries”, World Economic Forum, September 2 2024.
69 Steve Holland, Nandita Bose, Stephanie Kelly, and Joseph Ax, “Donald Trump elected US president in stunning comeback”, Reuters, November 6, 2024, https://www.reuters.com/ world/us/trump-vs-harris-us-voters-head-polls-turbulent-campaignconcludes-2024-11-05/
70 James FitzGerald, “Just how big was Donald Trump’s election victory?”, BBC, November 23, 2024, https://www.bbc.com/ news/articles/cn5w9w160xdo
71 Steve Holland, Nandita Bose, Stephanie Kelly, and Joseph Ax, “Donald Trump elected US president in stunning comeback”, Reuters, November 6, 2024, https://www.reuters.com/ world/us/trump-vs-harris-us-voters-head-polls-turbulent-campaignconcludes-2024-11-05/
72 June Kim, Karen Yourish, and Jasmine C. Lee, “Tracking Trump’s Cabinet and Staff Nominations”, The New York Times, Updated on December 16, 2024, https://www.nytimes. com/interactive/2024/us/politics/trump-administration-cabinetappointees.html
73 Costas Pitas, “Trump vows new Canada, Mexico, China tariffs that threaten global trade”, Reuters, November 26, 2024, https://www.reuters.com/world/us/trump-promises-25-tariffproducts-mexico-canada-2024-11-25/?utm_source=dailybrief&utm_ content=20241126&utm_medium=email&utm_ campaign=DailyBrief2024Nov26&utm_term=DailyNewsBrief
74 "The devastation brought by Spain’s floods of the century”, Al Jazeera, November 10, 2024, https://www.aljazeera. com/gallery/2024/11/10/the-devastation-brought-by-spains-floodsof-the-century
75 Joe Sutton et al, “Helene death toll rises to at least 232 across 6 states”, CNN, October 23, 2024, https://edition.cnn. com/2024/10/05/us/helene-death-toll-rises-saturday/index.html ; Alex Sundby et al, "Hurricane Milton leaves path of destruction across Florida, at least 24 dead”, CBS News, Updated on October 14, 2024, https://www.cbsnews.com/live-updates/hurricanemilton-2024/
76 "Death toll in Philippines from Super Typhoon Man-yi rises to 12”, Channel News Asia, November 21, 2024, https://www.
77 Bassem Mroue and Zeina Karam, "Syrian government falls in stunning end to 50-year rule of Assad family”, AP News, Updated December 8, 2024, https://apnews.com/article/syriaassad-sweida-daraa-homs-hts-qatar-7f65823bbf0a7bd331109e8df f419430?utm_source=dailybrief&utm_content=20241209&utm_ medium=email&utm_campaign=DailyBrief2024Dec9&utm_ term=DailyNewsBrief
78 Al Jazeera Staff, “What happened in Syria? How did alAssad fall?”, Al Jazeera, December 8, 2024, https://www.aljazeera. com/news/2024/12/8/what-happened-in-syria-has-al-assad-reallyfallen
79 Bassem Mroue and Zeina Karam, "Syrian government falls in stunning end to 50-year rule of Assad family”, AP News, Updated December 8, 2024, https://apnews.com/article/syriaassad-sweida-daraa-homs-hts-qatar-7f65823bbf0a7bd331109e8df f419430?utm_source=dailybrief&utm_content=20241209&utm_ medium=email&utm_campaign=DailyBrief2024Dec9&utm_ term=DailyNewsBrief
80 Al Jazeera Staff, “What happened in Syria? How did alAssad fall?”, Al Jazeera, December 8, 2024, https://www.aljazeera. com/news/2024/12/8/what-happened-in-syria-has-al-assad-reallyfallen
81 Paulin Kola, “Assad says he didn't intend to leave Syria, statement claims”, BBC, December 17, 2024, https://www.bbc.com/ news/articles/c5yd0zz5edqo
82 Al Jazeera Staff, “What to know about Syria’s new caretaker government”, Al Jazeera, December 15, 2024, https:// www.aljazeera.com/news/2024/12/15/what-to-know-about-syriasnew-caretaker-government
83 Elizabeth Pineau and Michel Rose, “French government felled in no-confidence vote, deepening political crisis”, Reuters, December 5, 2024, https://www.reuters.com/world/europe/frenchlawmakers-set-vote-ousting-prime-minister-barnier-2024-12-04/
84 “French PM submits resignation as Macron to address nation on Thursday evening”, Le Monde, December 5, 2024, https:// www.lemonde.fr/en/france/article/2024/12/05/french-pm-to-submitgovernment-s-resignation-macron-will-address-the-nation-onthursday-evening_6735235_7.html#
85 Sylvie Corbet, “President Macron names centrist ally Bayrou as France’s next prime minister”, AP News, December 14, 2024, https://apnews.com/article/france-macron-bayrou2e7cbdab53426354c440dda59c93ce65
86 Ido Vock and Damien McGuinness, “German coalition collapses after Scholz fires key minister”, BBC News, November 7, 2024, https://www.bbc.com/news/articles/c7v3r046pzzo
87 Geir Moulson, “Germany’s Scholz loses a confidence vote, setting up an early election in February”, AP News, December 17, 2024, https://apnews.com/article/germany-scholz-confidencevote-parliament-election-87c6c0c64726eefaa95d9c46dae611dc
88
“A year of Israel’s devastating war on Gaza”, Al Jazeera, October 7, 2024, https://www.aljazeera.com/gallery/2024/10/7/ayear-of-israels-devastating-war-on-gaza
89 Ibid
90 James Mackenzie, Nidal Al-Mughrabi, and Samia Nakhoul, “Hamas leader Sinwar killed by Israeli troops in Gaza, Netanyahu says war will go on”, Reuters, October 18, 2024, https:// www.reuters.com/world/middle-east/16-dead-israeli-strike-lebanesemunicipality-building-2024-10-16/
91 “ICC issues arrest warrant for Israeli PM Netanyahu for ‘war crimes’ in Gaza”, Al Jazeera, November 21, 2024, https://www. aljazeera.com/news/2024/11/21/icc-issues-arrest-warrant-for-israelipm-netanyahu-for-war-crimes-in-gaza
92 “Turkey strikes Iraq, Syria after attack on defence company near Ankara”, Al Jazeera, October 24, 2024, https://www. aljazeera.com/news/2024/10/24/turkey-strikes-iraq-syria-afterattack-on-defence-company-near-ankara
93 Oren Liebermann, “US carries out strikes against Houthis in Yemen, defense official says”, CNN, November 9, 2024, https:// edition.cnn.com/2024/11/09/politics/us-strikes-houthis-yemen/index. html
94 “Israel-Hezbollah ceasefire takes effect in Lebanon”, Al Jazeera, November 26, 2024, https://www.aljazeera.com/ news/2024/11/26/biden-announces-israel-hezbollah-ceasefireagreement
95 Jaroslav Lukiv and David Gritten, “Lebanon ceasefire under strain after Israeli strikes and Hezbollah mortar fire”, BBC, December 3, 2024, https://www.bbc.com/news/articles/ c6273139ed4o
96 Nafisa Eltahir and El Tayeb Siddig, “Sudan war deaths are likely much higher than recorded, researchers say”, Reuters, November 14, 2024, https://www.reuters.com/world/africa/sudanwar-deaths-are-likely-much-higher-than-recorded-researchers-say2024-11-14/?utm_source=dailybrief&utm_content=20241115&utm_ medium=email&utm_campaign=DailyBrief2024Nov15&utm_ term=DailyNewsBrief
97 Ibid
98 Center for Preventative Action, “Civil War in Sudan”, CFR, Accessed on December 18, 2024, https://www.cfr.org/globalconflict-tracker/conflict/power-struggle-sudan
99 Warren Murray, “Ukraine war briefing: Ukraine marks 1,000 days since full-scale Russian invasion”, The Guardian, November 19, 2024, https://www.theguardian.com/world/2024/ nov/19/ukraine-war-briefing-ukraine-marks-1000-days-since-fullscale-russian-invasion
100 Christian Edwards, Kostyantyn Gak, and Lauren Kent, “Ukraine fires US-made longer-range missiles into Russia for the first time”, CNN, November 19, 2024, https://edition.cnn. com/2024/11/19/europe/ukraine-russia-atacms-biden-strike-intl/ index.html
101 “Putin lowers the threshold for using his nuclear arsenal
after Biden’s arms decision for Ukraine”, AP News, November 20, 2024, https://apnews.com/article/russia-nuclear-doctrine-putin-91f2 0e0c9b0f9e5eaa3ed97c35789898?utm_source=dailybrief&utm_ content=20241119&utm_medium=email&utm_ campaign=DailyBrief2024Nov19&utm_term=DailyNewsBrief 102 Ibid
103
“Current Macroeconomic and Financial SituationTables (Based on Annual data of 2023/24)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situation/? department=red&fy=2080-81&subcategory=annual
104
Current Macroeconomic and Financial Situation of Nepal (based on annual data, FY 2023/24 AD (2080/81 BS)) https://www. nrb.org.np/category/current-macroeconomic-situation/?department=r ed&fy=2080-81&subcategory=annual
105
“No change in policy arrangement”, 30 November, 2024, The Rising Nepal https://risingnepaldaily.com/news/52860
106 Ibid
107 Ibid
108 Ibid
109
“Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
110 Ibid
111 Ibid
112
“No change in policy arrangement”, 30 November, 2024, The Rising Nepal https://risingnepaldaily.com/news/52860
113
“Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
114
“Nepal Development Update (October 2024)”, The World Bank , https://www.worldbank.org/en/country/nepal/ publication/nepaldevelopmentupdate
115 “No change in policy arrangement”, 30 November, 2024, The Rising Nepal https://risingnepaldaily.com/news/52860
116
“Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
117
“Nepal Development Update (October 2024)”, The World Bank , https://www.worldbank.org/en/country/nepal/ publication/nepaldevelopmentupdate
118
“Current Macroeconomic and Financial Situation - Tables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situation/? department=red&fy=2081-82&subcategory=three-months
119
“Public debt reaches Rs. 2,518 billion”, December 7, 2024, The Rising Nepal, https://risingnepaldaily.com/news/53297
120 Ibid
121 Ibid
122 Ibid
123 Ibid
124
“Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
125 Ibid
126 Ibid
127 Ibid
128 Ibid
129 “No change in policy arrangement”, 30 November, 2024, The Rising Nepal https://risingnepaldaily.com/news/52860
130 “Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
131 “FDI pledges drop amid unstable polity, economic slowdown”, November 27, 2024, The Kathmandu Post, https:// kathmandupost.com/money/2024/11/27/fdi-pledges-drop-amidunstable-polity-economic-slowdown
132 Ibid
133 Ibid
134 Ibid
135 “Aid Management Information System”, Ministry of Finance, https://amis.mof.gov.np/AMP-portlet/api/dashboard
136 “ADB to Help Improve Agricultural Productivity, Irrigation in Nepal”, Asian Development Bank, https://www.adb.org/ news/adb-help-improve-agricultural-productivity-irrigation-nepal
137 Ibid
138 Ibid
139 Ibid
140 “Nepal, World Bank sign deal on $150 million loan for disaster management”, The Kathmandu Post, https://kathmandupost. com/national/2024/10/24/nepal-world-bank-sign-agreement-on-150million-concessional-loan-for-disaster-management
141 Ibid
142 Ibid
143 Ibid
144 “Current Macroeconomic and Financial SituationTables (Based on Three-months data of 2024/25)”, Nepal Rastra Bank, https://www.nrb.org.np/category/current-macroeconomic-situ ation/?department=red&fy=2081-82&subcategory=three-months
160 “Federation of Nepal Gold and Silver Dealers' Association”, https://www fenegosida org/
161 “Gold price falls by Rs. 4,000 per tola, dollar value rises”, The Rising Nepal, https://risingnepaldaily com/news/51559
167
“Economic Survey 2080/81”, Ministry of Finance, 2024. https://www.mof.gov.np/site/publication-detail/3357
169 Current Macroeconomic and Financial Situation: Tables based on two months of data of 2081/82, Nepal Rastra Bank, 2024. https://www.nrb.org.np/category/current-macroeconomic-situation/? department=red&fy=2081-82&subcategory=two-months
185 Kafle, Laxman, “‘Decade of Investment’ Boosts Agriculture,” The Rising Nepal, October 22, 2024. https:// risingnepaldaily.com/news/50729
186 “A Preliminary Loss and Damage Assessment of Flood and Landslide September 2024,” National Disaster Risk Reduction and Management Authority, October 28, 2024. chrome-extension:// efaidnbmnnnibpcajpcglclefindmkaj/https://www.bipad.gov.np/ uploads/publication_pdf/Loss_and_Damage_Assessment_of_Flood_ and_Landslide_2024_Updated_compressed.pdf
187 Kafle, Laxman, “‘Decade of Investment’ Boosts Agriculture,” The Rising Nepal, October 22, 2024. https:// risingnepaldaily.com/news/50729
188 Kafle, Laxman, “‘Decade of Investment’ Boosts Agriculture,” The Rising Nepal, October 22, 2024. https://
risingnepaldaily.com/news/50729
189 Kafle, Laxman, “‘Decade of Investment’ Boosts Agriculture,” The Rising Nepal, October 22, 2024. https:// risingnepaldaily.com/news/50729
190 “Vegetable prices in Kathmandu drop 95 percent,” The Kathmandu Post, September 30, 2024. https://kathmandupost.com/ money/2024/09/30/vegetable-supplies-in-kathmandu-drop-95percent
191 Ibid
192 “Tomato prices jump fourfold in Kathmandu Valley,” The Kathmandu Post, October 21, 2024. https://kathmandupost. com/money/2024/10/21/tomato-prices-jump-fourfold-in-kathmanduvalley
193 “Vegetable prices soar above Rs 100 per kg,” The Kathmandu Post, October 25, 2024. https://kathmandupost. com/money/2024/10/25/vegetable-prices-soar-above-rs100-perkg#:~:text=Changing%20weather%20patterns%20have%20 significantly,to%20the%20rise%20in%20prices
194 “Tomato prices jump fourfold in Kathmandu Valley,”
The Kathmandu Post, October 21, 2024. https://kathmandupost. com/money/2024/10/21/tomato-prices-jump-fourfold-in-kathmanduvalley
195
“Vegetable prices in Kathmandu drop 95 percent,” The Kathmandu Post, September 30, 2024. https://kathmandupost.com/ money/2024/09/30/vegetable-supplies-in-kathmandu-drop-95percent
196 Ibid.
197 “Vegetable prices soar above Rs 100 per kg,” The Kathmandu Post, October 25, 2024. https://kathmandupost. com/money/2024/10/25/vegetable-prices-soar-above-rs100-perkg#:~:text=Changing%20weather%20patterns%20have%20 significantly,to%20the%20rise%20in%20prices
198 Ibid.
199 “Vegetable prices in Kathmandu drop 95 percent,” The Kathmandu Post, September 30, 2024. https://kathmandupost.com/ money/2024/09/30/vegetable-supplies-in-kathmandu-drop-95percent
200 Ibid.
201 Ibid.
202 Ibid.
203 Ibid.
204 Ibid.
205 Ibid.
206 “Sales of Himalayan goats earn NPR 160 million in Mustang.” Radio Nepal, October 15, 2024. https://radionepalonline. com/en/2024/10/15/391769.html
207 “Changra worth over Rs 230m exported from Mustang this Dashain.” The Annapurna Express, October 23, 2023
208 Ibid
209 “Mustang goats transported to Kathmandu in anticipation of Dashain festival.” Makalu Khabar, October 3, 2024
210 Ibid
211 “Sale of 16 crore sheep in Mustang.” Kantipur, October 5, 2024 https://ekantipur com/en/pradesh-4/2024/10/15/sale-of-16crore-sheep-in-mustang-34-44 html
212 Ibid
213 “Chitwan reports first case of Q fever.” The Himalayan Times, October 2, 2024 https://thehimalayantimes.com/nepal/ chitwan-reports-first-case-of-q-fever
214 Ibid
215 “Q Fever (Coxiellosis)” UC Davis, July 06, 2020
216 Ibid
217 Ibid
218 Narayan Paudyal , Subash Poudel , Durga Pandey , and Doj R Khanal “Sero‐detection of Coxiella burnetii infection in cattle, sheep and goats in selected regions of Nepal.” National Library of Medicine, March 1, 2021
219 Swochhal Prakash Shrestha, Krishna Kaphle, Yuvraj Panth and Swoyam Prakash Shrestha, “Q-Fever, an undermined zoonotic threat.” Journal of Agriculture and Natural Resources, March 3, 2020, 338 https://media neliti com/media/ publications/294901-q-fever-an-undermined-zoonotic-threat8a6e8b57 pdf
220 Ibid
221 “One Country One Priority Product (OCOP).” Food and Agriculture Organization of the United Nations (FAO), https://www fao org/one-country-one-priority-product/about/overview/en
222 “One Country One Priority Product (OCOP).” Food And Agriculture Organization of the United Nations (FAO), October 21, 2024. https://www.fao.org/one-country-one-priority-product/newsand-events/news/strengthening-the-value-chain-of-large-cardamomin-nepal/en
223 Ibid
224 “Large cardamom prices hit near-record levels.” The Kathmandu Post, November 12, 2024. https://kathmandupost.com/ money/2024/11/12/large-cardamom-prices-hit-near-record-levels 225 “FOODBORNE ANTIMICROBIAL RESISTANCE.”
Food and Agriculture Organization of the United Nations (FAO), February 2023. https://openknowledge fao org/items/90aac06a6bb8-4110-910a-0e240548fcc6
226 “Antimicrobial Resistance”, Food and Agriculture Organization of the United Nations (FAO), https://www fao org/ antimicrobial-resistance/projects/ongoing/project-10/en/
227 Ibid
228 “Positioning Nepal as a future seed production hub in South Asia.” CIMMYT, November 4, 2024 https://www.cimmyt. org/blogs/positioning-nepal-as-a-future-seed-production-hub-insouth-asia/
229 Ibid
230 Ibid
231 Ibid
232 Ibid
233 Ibid
234 Ibid
235 Ibid
236 "आर््थथिक
Ministry of Finance, May 26, 2024. Accessed on November 14, 2024. https://www.mof.gov.np/ site/publication-detail/3357
237 Ibid
238 Ibid
239 Ibid
240 Ibid
241 “70.60% grade 12 students improve grades in supplementary exams,” Online Khabar, October 23, 2024. https:// english.onlinekhabar.com/70-60-grade-12-students-improve-gradesin-supplementary-exams.html
242 “SEE supplementary exam (grade increment) to begin on July 7”, Republica, July 1, 2024. https://myrepublica nagariknetwork com/news/see-supplementary-exam-gradeincrement-to-begin-on-july-7/
243 “Class 12 grade improvement exams results out,” The Himalayan, November 3, 2023. https://www thehimalayantimes com/education/class-12-grade-improvement-exams-results-out
244 “Nepal closes Schools as Heavy Rains Bring Country Standstill,” Al Jazeera, September 29, 2024. https://www.aljazeera. com/news/2024/9/29/nepal-closes-schools-as-heavy-rains-bringcountry-to-standstill
245 Ibid
246
“35 children die in Nepal after devastating rainfall and landslides – UNICEF”, UNICEF, October 1, 2024 https:// www unicef org/rosa/press-releases/35-children-die-nepal-afterdevastating-rainfall-and-landslides-unicef-0
247 “US announces $33 million donation to support school meals programme in Nepal”, The Kathmandu Post, September 21, 2024. https://kathmandupost.com/national/2024/09/21/us-announces33-million-donation-to-support-school-meals-programme-in-nepal
248 “WFP Receives US$33 Million from USDA for School Meals in Nepal”, World Food Programme, September 23, 2024. https://www.wfp.org/news/wfp-receives-us33-million-usdaschool-meals-nepal#:~:text=23%20September%202024-,WFP%20 Receives%20US%2433%20Million%20from%20USDA%20for%20 School%20Meals,more%20than%20120%2C000%20children%20 annually
249 “U.S. Department of Agriculture Announces $33 Million Grant for Nepal’s School Meal Programme,” Economist Nepal, September 21, 202 https://economistnepal.com/EconomistNepal/20773/
250 “WFP Receives US$33 Million from USDA for School Meals in Nepal”, World Food Programme, September 23, 2024. https://www.wfp.org/news/wfp-receives-us33-million-usdaschool-meals-nepal#:~:text=23%20September%202024-,WFP%20 Receives%20US%2433%20Million%20from%20USDA%20for%20 School%20Meals,more%20than%20120%2C000%20children%20
annually
251 Ibid
252 “Integrated Higher Secondary Education Bill will be introduced soon: Minister Bhattarai”, The Rising Nepal, August 28, 2024. https://risingnepaldaily.com/news/48140
253 “Free Education from political interferences”, The Rising Nepal, August 7, 2024. https://risingnepaldaily.com/news/47040
254 Ibid
255 Ibid
256 “President Paudel authenticates Nepal University Bill”, Ratopati, October 9, 2024.
https://english.ratopati.com/story/35466
257 “Parliamentary committee discusses Nepal University Bill”, MyRepublica, December 23, 2024. https://myrepublica.nagariknetwork.com/news/bill-on-nepaluniversity-discussed/?categoryId=81
258 Ibid
259 The Nepal University Bill was passed by the House of Representatives, ekantipur, September 9, https://ekantipur com/en/ news/2024/09/09/the-nepal-university-bill-was-passed-by-the-houseof-representatives-35-56 html
260 Sudeep Kaini, “The Prime Minister will not be the Chancellor of Nepal University”, eKantipur, October 17, 2024. https://ekantipur.com/en/news/2024/10/17/the-prime-minister-willnot-be-the-chancellor-of-nepal-university-34-29.html
261 Tripti Shahi, “कण्णलीम्ण र्र्षयगत र्िक्षक
eKantipur, September 9, 2024. https://ekantipur com/ pradesh-6/2024/09/09/it-is-difficult-to-find-subject-teachers-inkarnali-35-10 html
262 Ibid
263 Ibid
264 “A tale of missing tutors”, The Kathmandu Post, September 18, 2024. https://kathmandupost.com/ editorial/2024/09/17/a-tale-of-missing-tutors
265 Tripti Shahi, “Karnali schools struggles with chronic teacher shortages”, The Kathmandu Post, September 12, 2024. https://kathmandupost.com/national/2024/09/12/karnali-schoolsstruggle-with-chronic-teacher-shortages
266 Current Macroeconomic and Financial Situation: Tables based on two months of data of 2081/82, Nepal Rastra Bank, 2024. https://www nrb org np/category/current-macroeconomic-situation/? department=red&fy=2081-82&subcategory=two-months
267 Nepal Electricity Authority, Accessed on November 21, 2024. https://www nea org np/
268 Ibid.
269 ‘Annual Report, 2023/24,’ Nepal Electricity Authority, August 21, 2024.
270 Ibid.
271 Ibid.
272 Ibid.
273 Ibid.
274 Ibid.
275 ‘Energy Sector Synopsis Report 2024,’ Water and Energy Commission Secretariat, August 21, 2024. http://wecs gov np/ source/ESR 2024 pdf
276 “Kathmandu Valley sees ‘record break’ rain,” The Rising Nepal, September 28, 2024. https://risingnepaldaily com/news/49704#:~:text=Rojan%20Lamichhane%2C%20 meteorologist%20of%20the,inundation%20caused%20by%20 heavy%20rains.&text=How%20did%20you%20feel%20after%20 reading%20this%20news
277 Ibid.
278 Ibid.
279 “Nepal: 2024 September Floods and Landslides Situation Report #4 as of 16 October 2024,” National Disaster Risk Reduction and Management Authority, October 23, 2024. https://reliefweb. int/report/nepal/nepal-2024-september-floods-and-landslidessituation-report-4-16-october-2024#:~:text=It%20covers%20 the%20situation%20of,September%20until%2016%20October%20 2024.&text=1)%20As%20of%2016%20October,missing%20 and%20178%20reported%20injured
280 S. Hanbury, “Nepal’s deadly floods trigger calls for climate adaptation,” Mongabay, October 9, 2024. https://news mongabay com/short-article/nepals-deadly-floods-trigger-calls-forclimate-adaptation/
281 S. Hanbury, “Nepal’s deadly floods trigger calls for climate adaptation,” Mongabay, October 9, 2024. https://news mongabay com/short-article/nepals-deadly-floods-trigger-calls-forclimate-adaptation/
282 “Death toll from recent floods and landslides rises to 219,” The Kathmandu Post, October 1, 2024. https://kathmandupost com/national/2024/10/01/death-toll-from-recent-floods-andlandslides-rises-to-219;
“What caused the devastating floods in Nepal?” Al Jazeera, October 2, 2024. https://www aljazeera com/news/2024/10/2/what-causedthe-devastating-floods-in-nepal 283
284 “Death toll from recent floods and landslides rises to 219,” The Kathmandu Post, October 1, 2024. https://kathmandupost com/national/2024/10/01/death-toll-from-recent-floods-andlandslides-rises-to-219
285 “What caused the devastating floods in Nepal?” Al Jazeera, October 2, 2024. https://www aljazeera com/ news/2024/10/2/what-caused-the-devastating-floods-in-nepal
286 S. Hanbury, “Nepal’s deadly floods trigger calls for climate adaptation,” Mongabay, October 9, 2024. https://news mongabay com/short-article/nepals-deadly-floods-trigger-calls-forclimate-adaptation/
287 S. Hanbury, “Nepal’s deadly floods trigger calls for climate adaptation,” Mongabay, October 9, 2024. https://news mongabay com/short-article/nepals-deadly-floods-trigger-calls-forclimate-adaptation/
288 Ibid.
289 “What caused the devastating floods in Nepal?” Al Jazeera, October 2, 2024. https://www aljazeera com/ news/2024/10/2/what-caused-the-devastating-floods-in-nepal
290 “What caused the devastating floods in Nepal?” Al Jazeera, October 2, 2024. https://www aljazeera com/ news/2024/10/2/what-caused-the-devastating-floods-in-nepal
291 ‘Kathmandu’s floods expose a deepening garbage crisis,’ Nepali Times, October 28, 2024. https://globalvoices org/2024/10/28/kathmandus-floods-expose-a-deepening-garbagecrisis/
292 Ibid.
293 Ibid.
294 Ibid.
295 Ibid.
296 Pratik Ghimire, “How did Cop29 go for Nepal?,” The Annapurna Post, November 29, 2024. https://theannapurnaexpress com/story/51392/; Jacqueline Peel, “What happened at the COP29 talks?,” The Kathmandu Post, November 25, 2024. https:// kathmandupost com/columns/2024/11/25/what-happened-at-thecop29-talks
297 Matt McGrath, Georgina Rannard, “What is COP29 and how will Trump’s election affect the climate talks?,” BCC, November 15, 2024. https://www bbc com/news/articles/ c2k0zd2z53xo
298 Jacqueline Peel, “What happened at the COP29 talks?,” The Kathmandu Post, November 25, 2024. https://kathmandupost com/columns/2024/11/25/what-happened-at-the-cop29-talks
299 Ibid.
300 Ibid.
301 Raju Jhallu Prasad, “कोपम्ण नेप्णल
Himal Khabar, November 21, 2024, https://www himalkhabar com/ news/143310
302 Tapendra Karki, “COP 29: Three invited, but 30 going to Azerbaijan from Nepal”, My Republica, November 8, 2024, https:// myrepublica nagariknetwork com/news/cop-29-three-invited-but-30going-to-azerbaijan-from-nepal-672d9c141d145 html
303 “World Bank announces $150 million aid for Nepal disaster relief”, Asia News Network, October 1, 2024. https:// asianews network/world-bank-announces-150-million-aid-for-nepaldisaster-relief/
304 Ibid.
305 “World Bank unveils $150 million aid for Nepal disaster relief”, The Kathmandu Post, October 9, 2024. https:// kathmandupost com/money/2024/10/09/world-bank-announces-150million-aid-for-nepal-disaster-relief
310 Dipendra Shakya, “The distribution of compensation to the affected people of Lower Arun Hydropower Project has started”, Kantipur, October 29, 2024.
“Regulations Developed for Mixing Ethanol in Petroleum Products: Industry Minister”, New Business Age, September 9, 2024. https://newbusinessage com/article/regulations-developed-formixing-ethanol-in-petroleum-products-industry-minister
313 Ibid.
314 Ibid.
315 “Petrol Import via Pipeline Scheduled for Completion in 1.5 Months”, Nepal Energy Forum, October 24, 2024.
319 “Nepal-Bangladesh electricity sale agreement postponed for now”, Kantipur, July 25, 2024.
https://ekantipur com/en/business/2024/07/25/nepal-bangladeshelectricity-sale-agreement-postponed-for-now-22-21 html
320 Ibid.
321 “PowerCon 2024”, International Conference on Power System Technology (PowerCon), Accessed on November 25, 2024.
https://attend ieee org/powercon-2024/#
322 “International Energy Collaboration: Powercon 2024 Launches in Kathmandu”, Nepal Energy Forum, November 5, 2024. http://www nepalenergyforum com/international-energycollaboration-powercon-2024-launches-in-kathmandu/
323 “Prozeal Green Energy, Golyan Power sign JV pact for solar projects in Nepal”, Golyan, Accessed on November 25, 2024.
325 “NEA cuts power supply to 34 industries”, My Republica, October 25, 2024.
https://myrepublica nagariknetwork com/news/nea-cuts-powersupply-to-34-industries-671b6294a9173 html
326 “12 industries start paying arrears in installments after power cuts”, My Republica, October 28, 2024.
https://myrepublica nagariknetwork com/news/industries-beginpaying-arrears-following-line-cuts-671f6e78a283b html
327 Purushottam Poudel, “Standoff over unpaid energy bills drags on”, The Kathmandu Post, October 28, 2024. https://kathmandupost com/national/2024/10/28/standoff-overunpaid-energy-bills-drags-on
328 Ministry of Finance. “आर््थथिक
Government of Nepal. May 26, 2024. https://www.mof.gov.np/site/publicationdetail/3357
329 Ibid.
330 Ibid.
331 Ibid.
332 Ibid.
333 Ibid.
334 “Nationwide Vitamin A and Deworming Drive Kicks Off.” The Kathmandu Post, October 19, 2024. https://kathmandupost. com/health/2024/10/19/nationwide-vitamin-a-and-deworming-drivekicks-off
335 Ibid.
336 “Vitamin ‘A’ and de-Worming Tablets Being Administered to Children Today and Tomorrow.” Nepal Live Today, October 18, 2024. https://www.nepallivetoday.com/2024/10/18/ vitamin-a-and-de-worming-tablets-being-administered-to-childrentoday-and-tomorrow/
337 “Un Body to Assess Nepal’s Vaccine Management Practices.” The Kathmandu Post, October 28, 2024. https:// kathmandupost.com/health/2024/10/28/un-body-to-assess-nepal-svaccine-management-practices
338 Ibid.
339 Ibid.
340 Ibid.
341 Ibid.
342
“Nationwide HPV Vaccination Drive to Be Held in February.” The Kathmandu Post, September 9, 2024. https:// kathmandupost.com/national/2024/09/09/nationwide-hpvvaccination-drive-to-be-held-in-february
343 Ibid.
344
“Gavi to Supply HPV Vaccine for February Campaign.” The Kathmandu Post, October 24, 2024. https://kathmandupost. com/health/2024/10/24/gavi-to-supply-hpv-vaccine-for-februarycampaign
345 Ibid.
346 Epidemiology and Disease Control Division, “Situation Report on Dengue in Nepal,” Ministry of Health and Population, October 28, 2024. https://www.edcd.gov.np/news/20241028denguesituation-update
347 “Dengue infection decreasing across the country.” The Himalayan Times, November 6, 2024. https://thehimalayantimes. com/nepal/dengue-infection-decreasing-across-the-country
348 Epidemiology and Disease Control Division, “Situation Report on Dengue in Nepal,” Ministry of Health and Population, October 28, 2024. https://www.edcd.gov.np/news/20241028denguesituation-update
349 Arjun Poudel, “Climate change drives dengue as mosquitoes climb to new altitudes,” The Kathmandu Post, November 12, 2024. https://kathmandupost.com/health/2024/11/12/ climate-change-drives-dengue-as-mosquitoes-climb-to-new-altitudes
350 Epidemiology and Disease Control Division, “Situation Report on Dengue in Nepal,” Ministry of Health and Population, October 28, 2024. https://www.edcd.gov.np/news/20241028denguesituation-update
351 Arjun Poudel, “Climate change drives dengue as mosquitoes climb to new altitudes,” The Kathmandu Post, November 12, 2024. https://kathmandupost.com/health/2024/11/12/ climate-change-drives-dengue-as-mosquitoes-climb-to-new-altitudes
352 Arjun Poudel, “Dengue surge overwhelms hospitals, sparks blood crisis,” The Kathmandu Post, October 19, 2024. https:// kathmandupost.com/health/2024/10/19/dengue-surge-overwhelmshospitals-sparks-blood-crisis
353 Ibid.
354 Ibid.
355 Arjun Poudel, “Dengue raises risks of premature birth, low birth weight, doctors warn,” The Kathmandu Post, October 21, 2024. https://kathmandupost.com/health/2024/10/21/dengue-raisesrisks-of-premature-birth-low-birth-weight-doctors-warn
356 Arjun Poudel, “Nepal braces for health epidemics after monsoon chaos,” The Kathmandu Post, October 1, 2024. https:// kathmandupost.com/health/2024/10/01/nepal-braces-for-healthepidemics-after-monsoon-chaos
357 Arjun Poudel, “Cholera resurfaces in districts declared open defecation-free years ago,” The Kathmandu Post, September 26, 2024. https://kathmandupost.com/health/2024/09/26/choleraresurfaces-in-districts-declared-open-defecation-free-years-ago
358 “Drinking water in Kathmandu and Lalitpur found unsafe,” The Kathmandu Post, September 20, 2024. https:// kathmandupost.com/health/2024/09/20/drinking-water-inkathmandu-and-lalitpur-found-unsafe
359 Ibid.
360 Arjun Poudel, “Nepal braces for health epidemics after monsoon chaos, “The Kathmandu Post, October 1, 2024. https:// kathmandupost.com/health/2024/10/01/nepal-braces-for-healthepidemics-after-monsoon-chaos
361 Ibid.
362 Ibid.
363 Ministry of Health, “प्रदेि ्कर््ण्क्थ्य सेर््ण (पर्िलो
“ Bagmati Province Government, October 22, 2024. http:// moh.bagamati.gov.np/en/notices/details/0rvot6upchl259q6
364 “Licences of hundreds of health facilities in Bagmati Province not renewed for two years,” The Kathmandu Post, September 18, 2024. https://kathmandupost.com/health/2024/09/18/ licences-of-hundreds-of-health-facilities-in-bagmati-province-notrenewed-for-two-years
365 Ibid.
366 Ibid.
367 “Govt Hospitals to Provide Free Cancer Treatment for Children below 14 Years.” Republica, October 28, 2024. https:// myrepublica.nagariknetwork.com/news/govt-hospitals-to-providefree-cancer-treatment-for-children-below-14-years-671ee324bf232. html
368 Sah, Bal Krishna. “Free Cancer Treatment for Children under 14.” The Himalayan Times, October 28, 2024. https:// thehimalayantimes.com/health/free-cancer-treatment-for-childrenunder-14
369 Ibid.
370 Poudel, Arjun. “Government Pledges Free Cancer Treatment for Children, Experts Flag Critical Gaps.” The Kathmandu Post, October 29, 2024. https://kathmandupost.com/ health/2024/10/29/government-pledges-free-cancer-treatment-forchildren-experts-flag-critical-gaps
371 Poudel, Arjun. “Government Pledges Free Cancer Treatment for Children, Experts Flag Critical Gaps.” The Kathmandu Post, October 29, 2024. https://kathmandupost.com/ health/2024/10/29/government-pledges-free-cancer-treatment-forchildren-experts-flag-critical-gaps
372 Ibid
Poudel, Arjun. “Government Pledges Free Cancer Treatment for Children, Experts Flag Critical Gaps.” The Kathmandu Post, October 29, 2024. https://kathmandupost.com/health/2024/10/29/ government-pledges-free-cancer-treatment-for-children-experts-flagcritical-gaps
373 “KMC Expands Health Services With Free Labs and Physiotherapy for Needy Residents.” The Kathmandu Post, October 25, 2024. https://kathmandupost.com/health/2024/10/25/ kmc-expands-health-services-with-free-labs-and-physiotherapy-forneedy-residents
374 “KMC Expands Health Services With Free Labs and Physiotherapy for Needy Residents.” NepaleKhabar, October 25, 2024. https://nepalekhabar.com/2024/10/113759
375 “KMC Expands Health Services With Free Labs and Physiotherapy for Needy Residents.” The Kathmandu Post, October 25, 2024. https://kathmandupost.com/health/2024/10/25/ kmc-expands-health-services-with-free-labs-and-physiotherapy-forneedy-residents
376 Ibid.
377 Ibid.
378 “Telecommunication Indicators. June 15 – July 15, 2024,” Nepal Telecommunications Authority, September 18, 2024. https://www nta gov np/uploads/contents/MIS%20Report 2081%20 Ashadh pdf
379 Ibid.
380 Ibid.
381 Ibid.
382 Ibid.
383 Ibid.
384 “Telecommunication Indicators. June 15 – July 15, 2024,” Nepal Telecommunications Authority, September 18, 2024. https://www nta gov np/uploads/contents/MIS%20Report 2081%20 Ashadh pdf
385 Ibid.
386 “Nepal Telecom's total revenue decreases by nearly 6 percent in first quarter of current FY,” Republica, November 15, 2024. https://myrepublica nagariknetwork com/news/nepaltelecoms-total-revenue-decreases-by-nearly-6-percent-in-firstquarter...-6736cd2c62285 html
387 “Interim Financial Statements,” Nepal Telecommunications Company, October 16, 2024. https://cms ntc net np/storage/a/47GsbRM1iOlkoAs0b4W30xFpPs2nZOBecFSW6J Pk pdf
388 Ibid.
389 “Initial assessment estimates telephone and internet service providers suffered damages worth Rs 300 million,” Republica, October 2, 2024. https://myrepublica nagariknetwork com/news/initial-assessment-estimates-damages-of-rs-300-millionto-telephone-and-internet-service-providers/
390 Ibid.
391 Ibid.
392 “Nepal Telecom restoring services impacted by floods, landslides,” Rising Nepal, September 29, 2024. https://www nepalitelecom com/2024/09/nepal-telecom-restoring-servicesimpacted-by-floods-landslides html
393 “Nepal Telecommunications Authority directs internet service providers to lift TikTok ban,” The Kathmandu Post, September 6, 2024. https://kathmandupost com/national/2024/09/06/ nepal-telecommunications-authority-directs-internet-serviceproviders-to-lift-tiktok-ban
394 “Nepal Telecommunications Authority directs ISPs to lift ban on TikTok,” Setopati, September 6, 2024. https://en setopati com/social/163635
395 “र्िकिकम्णर््थको
Kantipur, September 6, 2024. https://ekantipur com/news/2024/09/06/the-ban-on-tiktok-hasbeen-lifted-02-07 html
396 Anil Giri, “Nepal lifts its ban on TikTok,” The Kathmandu Post, August 23, 2024. https://kathmandupost com/ national/2024/08/23/nepal-lifts-its-ban-on-tiktok
397 “TikTok officially registered in Nepal,” Setopati, November 6, 2024. https://en setopati com/social/163910
398 “PM Oli holds talks with Elon Musk, invites for Nepal visit,” Republica, November 22, 2024. https://myrepublica nagariknetwork com/news/pm-oli-holds-talks-with-elon-musk6740a52b6dd61 html
399 “Starlink is now present in 100 countries: Elon Musk,” The Economic Times, June 12, 2024. https://telecom economictimes indiatimes com/news/portal-in-portal/satcom/starlink-is-nowpresent-in-100-countries-elon-musk/110931635
400 Bal Krishna Sah, “Trump dominates Prime Minister Oli's conversation with Elon Musk,” The Himalayan Times, November 23, 2024. https://thehimalayantimes com/nepal/trump-dominatesprime-minister-olis-conversation-with-elon-musk
401 “SpaceX makes new effort to launch Starlink internet in Nepal,” Nepali Telecom, November 8, 2024. https://www nepalitelecom com/starlink-satellite-internet-in-nepal
402 Anil Giri, “Musk’s Starlink bids for internet in Nepal. Law needs debugging,” The Kathmandu Post, July 16, 2023. https:// kathmandupost com/national/2023/07/16/musk-s-starlink-bids-forinternet-in-nepal-law-needs-debugging
403 Sajana Baral, “Elon Musk's Starlink Expanding Internet Empire,” Kantipur, October 18, 2024. https://ekantipur com/ en/feature/2024/10/18/elon-musks-starlink-expanding-internetempire-51-29 html
404 Òआर््थथिक
Ministry of Finance, Accessed on December 19, 2024, https://www.mof.gov.np/uploads/document/ file/1717566409_Economic%20Survey%202080_81.pdf
405 “A Preliminary Loss and Damage Assessment of Flood and Landslide September 2024”, National Disaster Risk Reduction and Management Authority, Government of Nepal, October 28, 2024, https://www bipad gov np/uploads/publication pdf/Loss and Damage Assessment of Flood and Landslide 2024 Updated compressed pdf
406 Ibid
407 Ibid
408 “Signing Ceremony of MoUs of 12 HICDPs Projects in Education, Health, Agriculture, Drinking Water and Culture Sectors to be implemented under the grant assistance of Government of India, in Nepal”, Press Release, Indian Embassy in Kathmandu, September 27, 2024, https://www indembkathmandu gov in/mediadetail/644
409 Ibid
410 Ibid
411 “ADB to Help Nepal Upgrade Electricity Transmission and Distribution Infrastructure”, ADB, November 5, 2024, https:// www adb org/news/adb-help-nepal-upgrade-electricity-transmissionand-distribution-infrastructure
412 Ibid
413 "ADB Approves Support to Deliver Irrigation Water in Nepal”, ADB, October 7, 2024, https://www adb org/news/adb-
Nepal Oil Corporation, October 3, 2024, https://noc org np/press
417 Ibid
418 Sangam Prasain, "Nepal completes 220kV ChilimeTrishuli transmission line”, The Kathmandu Post, November 5, 2024, https://kathmandupost com/money/2024/11/05/nepalcompletes-220kv-chilime-trishuli-transmission-line
419 Ibid
420 Ibid
421
“Nepal Infrastructure Summit 2024 concluded with a resounding success!”, Nepal Infrastructure Summit, September 30, 2024, https://nepalinfrastructuresummit com np/news/nepalinfrastructure-summit-2024-concluded-with-a-resounding-success
422 “About Nepal Infrastructure Summit 2024”, Nepal Infrastructure Summit, Accessed on December 19, 2024, https:// nepalinfrastructuresummit com np/event/about/nepal-infrastructuresummit-2024
423 “Investing in Green Infrastructure: Experts’ Recommendations”, Nepal Infrastructure Summit, September 24, 2024, https://nepalinfrastructuresummit com np/news/investing-ingreen-infrastructure-experts-recommendations
424 “Trade Growth Hindered by Lack of Inter-country Infrastructure Connectivity in South Asia”, Nepal Infrastructure Summit, September 30, 2024, https://nepalinfrastructuresummit com np/news/trade-growth-hindered-by-lack-of-inter-countryinfrastructure-connectivity-in-south-asia
425 “Download / Monthly Transaction Report”, Department of Land Management and Archive, Government of Nepal, Accessed on December 19, 2024, https://www dolma gov np/office/dept/ content/monthly-transaction-report-1706595104
426 "Real estate transactions increases by 9.78 percent, revenue pressure continues”, myRepulica, November 18, 2024, https://myrepublica nagariknetwork com/news/real-estatetransactions-increases-by-978-percent-revenue-pressure-continue...673b285e86e4f html
427 Current Macroeconomic and Financial Situation of Nepal (Based on Two Months Data Ending Mid-September, 2024/25), Nepal Rastra Bank, Accessed on October 15, 2024. https://www.nrb. org.np/category/current-macroeconomic-situation/?department=red &fy=2081-82&subcategory=two-months
428 Monthly Report of Foreign Direct Investment Approval of Kartik, 2081, Department of Industries, November 17, https:// doind.gov.np/detail/268
429 Nepal Tourism Statistic 2023, Ministry of Culture, Tourism and Civil Aviation, March 2024, https://www.tourism.gov np/files/1/Nepal%20Tourism%20Statistic_2023%20final.pdf
430 Ibid.
431 Ibid.
432 Ibid.
433 Ibid.
434
“Current Macroeconomic and Financial Situation of Nepal.” Nepal Rastra Bank (NRB), October 15, 2024. https://www. nrb.org.np/
435
“Over 124,000 Tourists Arrive in October.” The Rising Nepal, November 6, 2024. https://risingnepaldaily.com/news/51460
436 Ibid.
437 Pokharel, Santosh. “Nepal Sees Record-Breaking Tourist Arrivals in September.” Republica, October 4, 2024. https://myrepublica.nagariknetwork.com/news/nepal-sees-recordbreaking-tourist-arrivals-in-september#:~:text=in%20September%20 alone.-,According%20to%20the%20Nepal%20Tourism%20 Board%20(NTB)%2C%20this%20is,in%20European%20and%20 American%20visitors
“Over 124,000 Tourists Arrive in October.” The Rising Nepal, November 6, 2024. https://risingnepaldaily.com/news/51460
438 Ibid.
439
“Current Macroeconomic and Financial Situation of Nepal.” Nepal Rastra Bank (NRB), October 15, 2024. https://www. nrb.org.np/
440
“Air Travel Hits New Record with 559 Flights Operated in a Single Day.” The Himalayan Times, October 1, 2024. https:// thehimalayantimes.com/nepal/air-travel-hits-new-record-with-559flights-operated-in-a-single-day
441 Ibid.
442 Ibid.
443 “Airlines Increase Domestic Flights Amid Surge in Passengers.” DC Nepal, October 3, 2024. https://english.dcnepal. com/2024/10/03/airlines-increase-domestic-flights-amid-surge-inpassengers/
444 Ibid.
445 “Domestic Flight Ticket Prices Soar amid Landslides across Nepal: What’s Driving the Surge?” Kathmandu.Today, October 4, 2024. https://kathmandu.today/aviation/domestic-flightticket-prices-soar-amid-landslides-across-nepal-whats-driving-thesurge/
446 Ibid
447 Ibid
448 57 additional mountains opened for climbing in Nepal, The Himalayan Times, October 8, https://thehimalayantimes.com/ nepal/57-additional-mountains-opened-for-climbing-in-nepal 449 Ibid.
450 57 more mountains opened for climbing in Nepal, The Rising Nepal, October 8, https://risingnepaldaily.com/news/50198
451 Royalty and Countrywise Report till (Autumn) 16 Oct. 2024, Press Release, Department of Tourism, October 17, https:// www.tourismdepartment.gov.np/pages/press-release/14/475 452 Ibid.
453 Ibid.
454 Dawa Yangzum Sherpa becomes first Nepali woman to
summit all 8000ers, The Kathmandu Post, October 11 2024, https:// kathmandupost.com/national/2024/10/11/dawa-yangzum-sherpabecomes-first-nepali-woman-to-summit-all-8000ers
Nima Rinji world’s youngest to summit all 8,000m peaks, The Kathmandu Post, October 9 2024, https://kathmandupost.com/ national/2024/10/09/nima-rinji-sherpa-becomes-world-s-youngestto-summit-all-8-000-m-peak
455 Teenager becomes youngest person to summit world’s 14 highest peaks, CNN, October 10 2024, https://edition.cnn. com/2024/10/10/sport/nima-rinji-sherpa-record-intl-spt/index.html
Teen breaks record by climbing Earth's highest peaks, BBC, October 9 2024, https://kathmandupost.com/national/2024/10/09/nima-rinjisherpa-becomes-world-s-youngest-to-summit-all-8-000-m-peak
Teenager Nima Rinji Sherpa becomes the youngest person to climb 14 of the world's highest peaks, Australian Broadcasting Corporation, October 15 2024, https://www.abc.net.au/news/202410-16/nima-rinji-sherpa-youngest-person-climb-worlds-highestpeaks/104478366
18-Year-Old Sherpa Becomes Youngest Climber to Summit 14
Highest Mountains, The New York Times, October 10, 2024, https:// www.nytimes.com/2024/10/10/world/asia/highest-mountainssherpa-tibet.html
456 Nirmal Purja sets new record by ascending world’s all 14 highest peaks without supplemental oxygen, Republica, October 6 2024, https://myrepublica.nagariknetwork.com/news/nirmal-purjasets-new-record-by-ascending-worlds-all-14-highest-peaks-witho...67021c7b0a8cb.html
457 Nepali mountaineering community celebrates records of Nepali climbers, The Himalayan Times, October 14, https:// thehimalayantimes.com/kathmandu/nepali-mountaineeringcommunity-celebrates-records-of-nepali-climbers
458 Lama, Kiran. “TIA’s 10-Hour Daily Shutdown Threatens Nepal’s Peak Tourist Season.” The Himalayan Times, October 8, 2024. https://thehimalayantimes.com/business/tias-10-hour-dailyshutdown-threatens-nepals-peak-tourist-season
459 Onta, Vishad Raj. “Kathmandu Airport to Cut Flight Hours.” Nepali Times, October 18, 2024. https://nepalitimes.com/ news/kathmandu-airport-to-cut-flight-hours
460 Lama, Kiran. “TIA’s 10-Hour Daily Shutdown Threatens Nepal’s Peak Tourist Season.” The Himalayan Times, October 8, 2024. https://thehimalayantimes.com/business/tias-10-hour-dailyshutdown-threatens-nepals-peak-tourist-season
461 Prasain, Sangam. “Kathmandu Airport’s Reduced Hours Send Airfares into Orbit.” The Kathmandu Post, October 29, 2024. https://kathmandupost.com/money/2024/10/29/kathmandu-airport-sreduced-hours-send-airfares-into-orbit
462 Ibid.
463 Ibid.
464 “Hyatt Partners with Golyan Group to Launch Hyatt Regency Lumbini.” BW Hotelier, November 9, 2024. https:// bwhotelier.com/article/hyatt-partners-with-golyan-group-to-launchhyatt-regency-lumbini-538659
465 Ibid.
466 Ibid.
467 Media, Cherie. “New Hotels in Rupandehi Signal Growth in Lumbini Tourism” What The Nepal, March 4, 2024. https:// whatthenepal.com/2024/03/04/new-hotels-in-rupandehi-signalgrowth-in-lumbini-tourism/
468 Ibid.
469 Revitalising the heart of Kathmandu’s tourism, The Kathmandu Post, September 28 2024, https://kathmandupost.com/ art-culture/2024/09/28/revitalising-the-heart-of-kathmandu-s-tourism
Mini street festival to celebrate World Tourism Day in Pokhara, The Rising Nepal, September 27, https://risingnepaldaily.com/ news/49584
470 Ibid
471
3rd Pokhara International Mountain Cross Country Race: Chinese as winner, Nepali as runner-up, ekantipur, November 9 2024, https://ekantipur.com/sports/2024/11/09/3rd-pokharainternational-mountain-cross-country-race-chinese-as-winner-nepalias-runner-up-56-19.html
Agriculture and tourism festival in Nawalpur, The Rising Nepal, October 27, 2024, https://risingnepaldaily.com/news/51015
472
Pokhara to host Nepal’s first international balloon festival, The Kathmandu Post, September 30, https:// kathmandupost.com/money/2024/09/30/pokhara-to-host-nepal-sfirst-international-balloon-festival-1727659154
473
Ibid
474 Chitwan Elephant and Tourism Festival from December 26, The Rising Nepal, November 26, 2024, https://risingnepaldaily. com/news/52648
475 “Nepal Bans Plastic Bottles at High-End Hotels.” Xinhua, October 23, 2024. https://english.news.cn/asiapacific/20241023/ ea61cfc525c7487f8a5611bdfff1ad88/c.html
476 Ibid.
477
“Nepal Bans Plastic Bottles at High-End Hotels.” The Star, October 23, 2024. https://www.thestar.com.my/aseanplus/ aseanplus-news/2024/10/23/nepal-bans-plastic-bottles-at-high-endhotels
478 Ibid.
479 Malla, Abani. “Thin Polyethene Bags Are Illegal in Nepal, but They Are Still Everywhere.” The Kathmandu Post, September 4, 2019. https://kathmandupost.com/climateenvironment/2019/09/04/thin-polyethene-bags-are-illegal-in-nepalbut-they-are-still-everywhere
480 Ibid.
481 Ibid.
482 A public policy dialogue on the draft National Culture Policy 2024 concluded, Policy Research Institute, September 18, https://pri.gov.np/events/a-public-policy-dialogue-on-the-draftnational-culture-policy-2024-concluded/
483 Plans and Policies of Government of Nepal for fiscal year
2081/82, Office of the Prime Minister and Council of Ministers, May 14, https://www.opmcm.gov.np/en/wp-content/uploads/2024/05/ policyannprogramEnglish_2081-2-1.pdf
484 Ibid
485 Ibid
486 “Nepal Rastra Bank, Current Macroeconomic and Financial Situation of Nepal Based on Three Months’ data Ending Mid-October, 2024/25”, November 19, 2024. https://www nrb org np/contents/uploads/2024/11/Current-
Macroeconomic-and-Financial-Situation-English-Based-on-ThreeMonths-data-of-2024.25-1 pdf
“Nepal Rastra Bank, Current Macroeconomic and Financial Situation of Nepal Based on Three Months’ data Ending Mid-October, 2024/25”, November 19, 2024. https://www nrb org np/contents/uploads/2024/11/CurrentMacroeconomic-and-Financial-Situation-English-Based-on-ThreeMonths-data-of-2024.25-1 pdf
489 Ibid
490 Ibid
491 Ibid
492 “SC allows gold traders to purchase gold directly from commercial banks”, myRepublica, November 27, 2024.
494 “Nepal’s Gold Syndicate Shattered? How the Supreme Court’s Interim Order May Affect Traders, Consumers & Gold Price in Nepal”, Khatapana, November 28, 2024.
“Amendment of Integrated Payment System Directive, 2080”, Nepal Rastra Bank, December 02, 2024. https://www nrb org np/contents/uploads/2024/12/CircularNo.-2-081-82 pdf
496 “Paywell and Sajilo Pay facilitated gold smuggling payment: CIB”, The Rising Nepal, July 02, 2024.
https://risingnepaldaily com/news/45180
497 “NRB Tightens Regulations for Wallet Company Representatives”, new Business Age, December 06, 2024. https://newbusinessage com/article/nepal-rastra-bank-tightensregulations-for-wallet-company-representatives
498 Ibid
499 Ibid
500 “Rising overdue interest in Nepals banks: A growing concern for financial stability”, Fiscal Nepal, December 01, 2024.
501 “Banks struggle with high NPLs amid protracted economic slowdown”, myRepublica, November 19, 2024. https://myrepublica nagariknetwork com/news/banks-struggle-withhigh-npls-amid-protracted-economic-slowdown-673beea8f2dbe html
502 “Rising overdue interest in Nepals banks: A growing concern for financial stability”, Fiscal Nepal, December 01, 2024. https://www fiscalnepal com/2024/12/01/18691/rising-overdueinterest-in-nepals-banks-a-growing-concern-for-financialstability/#ixzz8tE2xX76O
503 “Key Financial Indicators of Commercial Banks (Provisional)”, Nepal Rastra Bank, November 20, 2024. https://www nrb org np/contents/uploads/2024/11/KFI-Ashoj-2081 pdf
504 “Banks struggle with high NPLs amid protracted economic slowdown”, myRepublica, November 19, 2024. https://myrepublica nagariknetwork com/news/banks-struggle-withhigh-npls-amid-protracted-economic-slowdown-673beea8f2dbe html
505 “Fitch Assigns Nepal 'BB-' IDR; Outlook Stable”, FitchRatings, November 21, 2024.
“Monthly Payment Systems Indicators: Asoj, 2081 (MidOctober 2024)”, Nepal Rastra Bank, November 20, 2024.
https://www nrb org np/contents/uploads/2024/11/2081_06 PSUpdated-Format-Beginning-from-Asoj pdf
510 Ibid
511
“Retail purchase via digital means surges 36 percent during the festive season”, myRepublica, November 27, 2024. https://myrepublica nagariknetwork com/news/retail-purchasevia-digital-means-surge-36-percent-during-the-festive-seaso...6746713c1ef25 html
512 “Retail Payments Strategy, 2019”, Nepal Rastra Bank, December 27, 2019.
https://www nrb org np/contents/uploads/2019/12/Retail-PaymentStrategy-2019 pdf
Rastra Bank, November 29, 2024. https://www nrb org np/contents/uploads/2024/11/FIRSTQUARTER-REVIEW-81-82-final-draft-after-board pdf
514
“Current Macroeconomic and Financial Situation (Based on Three Months Data Ending Mid-October 2024)”, Nepal Rastra Bank, November 19, 2024. https://www nrb org np/contents/uploads/2024/11/CurrentMacroeconomic-and-Financial-Situation-English-Based-on-ThreeMonths-data-of-2024.25-1 pdf
515 Ibid
516 Ibid
517
“Market Capitalization”, Nepal Stock Exchange, November 28, 2024. https://www.nepalstock.com.np/marcap
518
“Datewise Indices”, Nepal Stock Exchange, November 28, 2024. https://www.nepalstock.com.np/indices
519 Ibid
520
“Securities Issuance and Allotment (Eighth Amendment) Guidelines, 2081 (2024 AD)”, SEBON, accessed December 04, 2024,
https://www sebon gov np/uploads/2024/11/22/ ycXWioHjoOklbKWARK9rlfVE5J3Gx6fYJNKKCSUE pdf
521
“Section 118 of the Securities Act, 2063 (2007 AD)”, SEBON, accessed December 04, 2024, https://www sebon gov np/uploads/2024/11/24/ Ckau3MeEDh98cdmvtWRhixVu06hnULatwOkMQU0 pdf
522
“NRNs allowed to invest in Nepal’s stock market”, Ratopati, November 22, 2024, https://english ratopati com/story/36913
523 Ibid
524
“Renewal of Membership”, Nepal Stock Exchange, November 12, 2024
https://nepalstock com/api/nots/news/notice/ fetchFiles/690c2b9548d9799878462372461cd9cf pdf
“Nepal drafts new IPO guidelines for small and medium enterprises”, Fiscal Nepal, November 12, 2024, https://www fiscalnepal com/2024/11/12/18561/nepal-drafts-newipo-guidelines-for-small-and-medium-enterprises/
537 Ibid
538
“Govt collects CGT of Rs 758.7 million in one month”, myRepublica, November 22, 2024, https://myrepublica nagariknetwork com/news/govt-collects-cgt-ofrs-7587-million-in-one-month-673f307a30b2d html
539 Ibid
540 Ibid
541 Ibid
542
Berenice Fischer and Joan Tronto, “Toward a Feminist Theory of Caring,” Circles of Care: Work and Identity in Women’s Lives, 1990. https://experts.umn.edu/en/publications/toward-afeminist-theory-of-caring
543 Ankita Pandey, Kate Francis, and Jane Sloane, “Toward a Resilient Care Ecosystem in Asia and the Pacific,” The Asia Foundation, 2022. https://asiafoundation.org/wp-content/ uploads/2024/08/Towards-A-Resilient-Care-Ecosystem-in-Asia-andthe-Pacific.pdf
544 Ibid.
545 Ibid.
546
“Not all gaps are created equal: the true value of care work,” OXFAM International, https://www.oxfam.org/en/not-allgaps-are-created-equal-true-value-care-work
547 National Statistics Office, “National Population and
Housing Census,” Government of Nepal, May 2023. https:// censusnepal.cbs.gov.np/results/files/result-folder/National%20 Report_English.pdf
548 Ibid.
549 “Care Work and Care Jobs for the Future of Decent Work,” International Labour Organization, 2018. https://www ilo org/sites/default/files/wcmsp5/groups/ public/%40dgreports/%40dcomm/%40publ/documents/publication/ wcms 633135 pdf
550 Ibid.
551
“Measuring the Value of Unpaid Household Work in Bangladesh,” Asian Development Bank, April 2024. https://unece org/sites/default/files/2024-04/21 Measuring%20the%20Value%20 of%20Unpaid%20Household%20Work%20in%20Bangladesh pdf; Jooyeoun Suh, Changa Dorji, Valerie MercerBlackman, and Aimee Hampel-Milagrosa, “Valuing Unpaid Care Work in Bhutan,” Asian Development Bank, November 2020. https://www adb org/sites/ default/files/publication/650896/ewp-624-valuing-unpaid-carework-bhutan pdf
552 “Public Investments in Nepal’s Care Economy,” United Nations Women, 2023. https://asiapacific unwomen org/sites/default/ files/2024-06/np-c960-policy-brief-20230912 pdf
553 “Care Work and Care Jobs for the Future of Decent Work,” International Labour Organization, 2018. https://www ilo org/sites/default/files/wcmsp5/groups/ public/%40dgreports/%40dcomm/%40publ/documents/publication/ wcms 633135 pdf
554 “Nepal Time Use Data for Enhancing Social Inclusion and Gender Equality,” Laser Pulse, n.d., https://pdf usaid gov/ pdf docs/PA021FF8 pdf
555 Gender Data Portal – Nepal,” World Bank, 2023, https:// genderdata worldbank org/en/economies/nepal
556
“ILO-UN Women joint programme on decent employment for women in the care economy concludes with recommendations to address care coverage gaps,” International Labour Organization, August 22, 2023. https://www ilo org/ resource/news/ilo-un-women-joint-programme-decent-employmentwomen-care-economy-concludes; Aashima Sinha and Ashish Kumar Sedai, “Why Care for the Care Economy: Empirical Evidence from Nepal,” Australian National University, April 2022. https://cama crawford anu edu au/sites/default/files/publication/cama crawford anu edu au/2022-04/31_2022 sinha sedai 0 pdf
557 “Formulating a Strategy for India’s Care Economy: Unlocking Opportunities,” Karmannya, Nikore Associates, Centre for Women Leadership and Confederation of Indian Industry. March 2024. https://static pib gov in/WriteReadData/specificdocs/ documents/2024/mar/doc202435319501 pdf; Ministry of Finance, “Economic Survey 2023-24,” Government of India, July 2024. https://www indiabudget gov in/economicsurvey/
558
“Formulating a Strategy for India’s Care Economy: Unlocking Opportunities,” Karmannya, Nikore Associates, Centre
for Women Leadership and Confederation of Indian Industry. March 2024. https://static pib gov in/WriteReadData/specificdocs/ documents/2024/mar/doc202435319501 pdf
559 “Gelephu opens its first model inclusive ECCD centre” UNICEF Bhutan, September 28, 2023. https://www unicef org/ bhutan/press-releases/gelephu-opens-its-first-model-inclusive-eccdcentre
560 Jen Ross, “Bangladesh blazes trails on measuring women's unpaid work,” United Nations Women, March 31, 2022. https://data unwomen org/features/bangladesh-blazes-trailsmeasuring-womens-unpaid-work
561
“Formulating a Strategy for India’s Care Economy: Unlocking Opportunities,” Karmannya, Nikore Associates, Centre for Women Leadership and Confederation of Indian Industry. March 2024. https://static pib gov in/WriteReadData/specificdocs/ documents/2024/mar/doc202435319501 pdf
562 Laura Addati, Umberto Cattaneo, Valeria Esquivel, and Isabel Valarino, “Care work and care jobs for the future of decent work,” International Labour Organization, 2018. https://www ilo org/publications/major-publications/care-work-and-care-jobs-futuredecent-work
563 Ibid.
564
“Transforming Care Systems in the Context of the Sustainable Development Goals and Our Common Agenda,” United Nations, July 2024. https://unsdg un org/resources/transformingcare-systems-un-system-policy-paper
565 Ibid.
566 Murray Devine, “Let’s Call Home Care Work What It Is: Skilled Work,” PHI, February 10, 2020. https://www phinational org/lets-call-home-care-work-what-it-is-skilled-work/
567
“Care Work is a Profession, and it is not ‘Low Skilled’,” Medium, May 13, 2020. https://medium com/age-of-awareness/carework-is-a-profession-and-it-is-not-low-skilled-9f3f346f3c4a 568 Tess Korbesmeyer Holman, “Collective Care: Rethinking Societal Values and Envisioning Care as a Public Good,” University of Minnesota, May 11 2023. https://conservancy umn edu/server/api/core/bitstreams/5db65355-7c11-4bd9-b29fa638c29d6670/content
569 “Transforming Care Systems in the Context of the Sustainable Development Goals and Our Common Agenda,” United Nations, July 2024. https://unsdg un org/resources/transformingcare-systems-un-system-policy-paper
570 “How Japan's Using Technology To Transform Elder Care,” CAN Insider, October 26, 2022. https://www youtube com/watch?v=LBXM9MgCelY&t=65s 571 “Amazing Japanese Retirement Home and Senior Living that You Will Want to Live in Now,” Modern Aging, October 18, 2018. https://www youtube com/watch?v=9lSjs0h2bGg 572
“Colombia and Chile cooperate to promote coresponsibility on care work,” South South, March 2024. https:// informesursur org/en/colombia-and-chile-cooperate-to-promote-co-
responsibility-on-care-work/ 573 “Transforming Care Systems in the Context of the Sustainable Development Goals and Our Common Agenda,” United Nations, July 2024. https://unsdg un org/resources/transformingcare-systems-un-system-policy-paper 574 Research and Data Section,”Putting Care for People at the Centre of a Sustainable and Just Economy,” United Nations Women, December 15, 2020. https://www unwomen org/ sites/default/files/Headquarters/Attachments/Sections/Library/ Publications/2021/EGM-report-Putting-care-for-people-at-thecentre-en pdf
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