45 minute read
Capital Market
During the review period, the secondary market has been on a bearish trend. The central bank increased the interest rate, which attracted capital funds from the capital market to the Banks and Financial Institutions (BFIs) as they offer higher rate of return and are risk free. Moreover, the increase in fuel prices and the increase in inflation has further aggravated the decreasing stock market. However, the commercial bank subindex performed well because they posted higher earnings this quarter compared to the previous quarter.
FACTSHEET
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NEPSE Index (mid-April, in points) 2415.3
Stock market capitalization (mid-Jan) NPR 3426.11 billion
Number of companies listed at NEPSE (mid-Jan) 229
Secondary Market: During the review period, the NEPSE index decreased by 14.67%, closing at 2173.44 points. The total market capitalization at the end of the review period amounted to NPR 3094.37 billion (USD 25.35 billion), while the total floated market capitalization reached NPR 1098.59 billion (USD 8.99 billion). The most significant decrease was seen by the Others
Table 6 Key indicators.
Source: Nepal Stock Exchange (NEPSE)
Figure19 NEPSE Movement Index
Source: Nepal Stock Exchange (NEPSE) NEPSE Index
Sub-Indices
Commercial Bank Development Bank Hydropower Finance Non-Life Insurance Others Hotels & Tourism Microfinance Mutual Fund Life Insurance Manufacturing & Processing
2-Mar-22 30-May-22 % Change 2,547.04 2,173.44 (14.67%)
1,651.62 4,308.47 3,104.25 2,119.62 11,356.43 2,238.35 2,911.25 4,887.48 1,516.36
(8.19%) 3,715.61 (13.76%) 2,485.33 (19.94%) 1,570.85 (25.89%) 9,233.51 (18.69%) 1,599.50 (28.54%) 2,792.04 (4.09%) 4,478.16 (8.37%)
15.34 15.01
(2.15%) 13,371.10 10,472.88 (21.68%) 6,100.97 5,250.29 (13.94%)
sub-index (28.54%), followed by the Finance sub-index (25.89%) and Life Insurance sub-index (21.68%).
Primary Market: During the review period, Initial Public Offerings (IPO) of multiple companies were approved292. IPO of Upakar Laghubitta Bittiya Sanstha Ltd, CYC Nepal Laghubitta Bittiya Sanstha Ltd, River Falls Power Ltd, Bindhyabasini Hydropower Development Co. Ltd, Dordi Khola Jalbidhyut Company Ltd, Himalayan Hydropower Limited, Upper Solu Hydro Electric Company, and Upper Hewakhola Hydropower Co. Ltd were approved by Securities Board of Nepal (SEBON).
KEY DEVELOPMENTS
Some of the key developments that transpired in the financial market are as follows:
Sebon Proposes a Reduction in
Capital Gains Tax293
Securities Board of Nepal (Sebon) has proposed to reduce the capital gains tax on stock trading while presenting its suggestion for the next fiscal year. As per the proposal made by the board, the time of short-term investment should be made 180 days and only 6.5% capital gains tax should be levied on the income from such investment, compared to the current one-year period and 7% capital gain tax.
Himalayan General and Everest
Insurance to Merge294
Himalayan General Insurance Company and Everest Insurance Company Limited have decided to merge. They signed a memorandum of understanding (MoU) to merge. As of now, Himalayan has a paid-up capital of NPR 1.17 billion (USD 9.58 million) and Everest has a paidup capital of NPR 1.25 billion (USD 10.24 million).
Five Companies Get the Approval from Insurance
Board for Merger295
The Insurance Board (IB) has given its in-principle approval to five insurance companies that have recently signed a merger Memorandum of Understanding (MoU). The IB has approved merger MoUs of five companies, including the mergers between three life insurance companies and between two non-life insurance companies. Three life insurance companies – Prime Life Insurance, Gurans Life Insurance and Union Life Insurance Company have recently signed a merger MoU. Similarly, two non-life insurance companies – Himalayan General and Everest Insurance have also signed a merger MoU.
Quota for Nepali Migrant Workers in IPOs to Come Into Effect in the Next Month
(late-June)296
Securities Board of Nepal (Sebon) has said that arrangements will be made to allocate a quota for Nepalis workers living abroad in initial public offering (IPO) issuance within two months.
SEBON asks Nepse to Run the Stock Market on Friday
Instead of Sunday297
The Securities Board of Nepal (SEBON) has asked Nepal Stock Exchange (NEPSE) to run the secondary market from Monday to Friday every week, given the two-day weekend announced by the government.
Outlook
During the review period, the banking system continued to face the liquidity crisis as the Balance of Payment (BOP) deficit widened, and the inflow of remittances are still low. However, since the Government of Nepal is working on providing quota for foreign migrant workers in the upcoming IPOs, the inflow of remittance is expected to increase. The rising interest rate along with further tightening of credit, particularly margin lending, are not attracting funds to the secondary market. Until there is stronger evidence of market stability, the market is likely to maintain its current momentum with minor corrections. However, the proposal by Sebon to decrease capital gains tax, if implemented, might attract more funds to the secondary market and encourage long-term investment in the securities market. The result of the local elections might have an impact on the capital market in the coming days.
5
Special Section Local Economic Development
Local Economic Development
Local Economic Development (LED) is a type of economic development that allows and encourages residents to work together to achieve long-term economic growth and development, resulting in improved economic benefits and a higher quality of life at the local level.
Local development aims to maximize a given area's potential to improve its economic future and citizens' quality of life. Development at the local level is critical to national economic success, and it has become increasingly more important as global competition, population mobility, technological improvements, and the associated regional inequities and imbalances have developed. Effective local development may reduce disparities between rich and poor communities, increase the stock of locally produced jobs and enterprises, enhance information exchanges with investors and developers, and increase the consistency and confidence with which local economic initiatives are executed. This might lead to a more accurate assessment of local economic assets and differentiating advantages, as well as a more thorough strategy review.
Nepal's official local government system does not have a lengthy history. The Decentralization Act of 1982, which created the responsibility and power of local Panchayats (governing units) for the implementation of development activities at the local level, was introduced on November 21, 1982. Local units were also given responsibility for building development plans and projects. The Decentralization Act was replaced by the Local Self-Governance Act (LSGA) (1999) and the Local Self-Governance Regulation (2000). The LSGA (1999) laid forth a precise framework for decentralization by establishing distinct acts for each local government, such as the Village Development Committee Act (1991), Municipality Act (1991), and District Development Committee Act (1991). Since these local units enable devolution of authority, participatory planning procedures, community and private sector engagement, accountability, and public service delivery, these acts established a strong foundation for democracy at the grassroot level. However, with the introduction of Nepal's new constitution in 2015, the LSGA (1999) was abolished by the Local Government Operation Act of 2017. The Nepali Constitution (2015) recognizes the importance of local governments in granting unique rights.
Nepal as a country has diverse geographic demands, religious views, and ethnicities. Considering these factors, different policies and strategies need to be implemented tailored to serve a variety of local economic development requirements.
LED promotes asset management efficiency and aids the private sector in mobilizing local resources, while decreasing public pressure to do nothing. Plans under local economic development interventions define sectoral policies for development programs and provide communities with more influence over their economic development. LED aids the local government in recognizing and weighing the economic strengths, weaknesses, opportunities, and dangers that face the community.
Benefits of Effective Local Economic Development
Working with governmental authorities and agencies, private sector enterprises, non-profit organizations, and individuals is the best approach to achieving LED; each partner has a significant role to play. LED requires a significant amount of focus and effort, as well as significant resources and specialized skills. In addition, economic development at the local level would require widespread community support, government backing, and collaborations to be successful.
Pradyumna Prasad Upadhyay
Chief Administrative Officer, Janakpurdham Sub-Metro City, Government of Nepal
Poverty flourishes in areas where people lack skills, resources, and capacity. Societies that comprise of people who lack these characteristics become a poor society. Poor people remain in the state of poverty until there is an external effort to push them out. Efforts like improving education, access to health, creating employment, and increasing income are some of those external efforts that can help poor people graduate from poverty.
The local community feel comfortable while living under certain regular ways of life and generally resists change. To stir the community onto the path of development, investment in economic infrastructure must be locally focused. It is important to invest in good schools and build infrastructures for health institutions through publicprivate partnership. Private sector investment needs to be encouraged by identifying local areas of comparative advantage to expand employment and maximize profits, while making more use of local skills and competencies.
It's observed that people become impoverished when they do not absorb the open resources provided to them by nature. For instance, the existing rivers and canal systems cannot provide benefit to the communities residing along it unless they utilize it. Benefits of housing various mines in one’s country cannot be utilized or excavated unless concerted efforts are made. Water originating in mountains cannot be consumed until purified and sold. The trees in the forests would decay if they wouldn’t be cut well in time. If herbs are not collected to be processed for medicines, they would go to waste. If infrastructures are not built to view our beautiful nature and mountains, we cannot earn from such places. In absence of roads and connected routes, transporting essential goods would be difficult and lead to poor market access.
In Nepal’s case, productive infrastructures at the local level are to be looked through the eyes of using these natural resources. Therefore, while attracting investments, the infrastructures which utilize these resources by directly enhancing the livelihood of the local community should be considered priority. Central planning ensures large employment and benefits many people, and the central budget generally looks for big projects with a wide range. Such projects could be a hydropower project generating thousands of megawatts of electricity or the construction of a massive railway network; central planning does not focus on multiple small areas.
There are several areas where local development can occur where even the investors get an appropriate return on their investments. Concrete and coherent policies can turn small farmlands into a large agricultural farm that utilizes modern technology with landpooling of agricultural lands done by the farmers’ group. State can provide policy support for environment friendly excavation and assist in the sale of local mineral resources. Additionally, policy incentives to set up industries can help purify and sell free flowing water resources. In fact, these policy interventions coupled with infrastructural improvement would facilitate the stay, eating, and wandering of tourists in the region that would generate income for the local community.
Human civilization is now clustered in cities and towns. Services and opportunities like education, health, employment, shopping, entertainment, electricity, and communication services are easily available in
the cities. Urban infrastructure has earned a special place in development and the cities have also attracted more investment. The construction of apartments has made possible the use of land efficiently as many people can reside in one building. For these reasons, investors are easily attracted to the increased activities in the markets and business centers.
Developed countries are on a path of rapid progress. New discoveries and innovations are being introduced. Various scientific discoveries have developed human civilization at an unprecedented speed. Startups are growing day by day. Many sectors are emerging which have high potential for new discoveries. It is difficult to predict how the world will be in the next ten years. Even now, with the new discoveries of the past decades have made various tasks easy and efficient through mobile phones, and more so in urban areas. Booking a taxi, ordering food, transferring money, shopping online, understanding routes, transacting shares, government enquiries and more are now easily accessible by our fingertips within seconds. There are infinite possibilities where companies can sell their services, no matter where they’re located. Infrastructures that provide such services at the local level have high growth potential.
The current economic world is bound by facilities such as online network, service providers, sale of franchise and e-commerce. People are using their comparative advantage to become rich. Nepal’s comparative advantage is its natural resource abundance and young population. Nepali people are becoming more and more capable to use the new inventions from the western world these days. Many of them have started earning by working for online jobs. Investing in a sector that is conducive to the mechanism of selling services online that would keep Nepal’s youth within the country will have good returns. Youths are Nepal’s demographic bonus now.
Policies which attract investments at local level from both public and private sectors to build economic infrastructures by utilizing the abundant natural resources would be an ideal route to take. These infrastructural developments and advancements, if strengthened, would prevent a large number of youths from going abroad which would ultimately remove impediments for Nepal to reach prosperity.
Samridhi Pant
Coordinator at Nepal Economic Forum
Economic clustering entails the phenomenon whereby firms of the same industry or interconnected businesses are concentrated in a certain geographic sphere. Some clusters also extend downstream to consumer channels as well as upstream to actors producing complementary products and services including institutions providing technical support such as universities, vocational training providers, and trade associations among others. Commonly referred to as cluster development, economic clustering promotes the idea of maximizing the pool of available resources and creating a shared economic value. Some of the renowned global clusters are Silicon Valley, California Wine Cluster, and Hollywood, among others.
Cluster Development in Economic Growth Strategy
The aggregation of interconnected businesses as a result of cluster development helps firms to boost their performance as it enhances competitiveness and innovations through sectoral specialization and cooperation. Major economies such as China, Denmark, France, Germany, Japan, and South Korea have promoted clusters using national and regional policies and significant investments, which in turn has boosted their innovation performance. Research also shows that firms located in clusters are more likely be innovative, pay higher wages, and achieve greater productivity than firms that are geographically isolated, with few local linkages. This also leads to increased efficiency and quality via co-learning and close communication and networking. When a cluster is formed, it also increases the investment in and usage of public or quasipublic goods. As a result, the attractiveness of the cluster for new firms is increased as it lowers the cumulative transaction cost, increases opportunities for sales, and accelerates cluster growth.
Cluster development is also a tool to create micro-regional centrums near lagging rural settlements. This foster balanced territorial development which is a key strategy for local economic development. Moreover, economic clustering ensures sustainable management of shared resources creating shared economic value. Sector-wise, whatever sector is chosen as the strength of the cluster, competitiveness can be increased by devising appropriate economic growth policies targeted toward the sector and the cluster.
Cluster Development in Nepal’s Context
Nepal’s business environment until 2015 was governed by a centralized structure characterized by rapidly changing economic policies based on frequently changing governments, isolated efforts of economic development in different regions, difficulties in internal geography, and resultant weak state of infrastructure. Currently, there are few clusters in Nepal relating to tourism, textile, apparel, business services, and agriculture, however poor marketing has disabled the creation of higher value demand. Similarly, uncompetitive and scarce local suppliers aided by import dependency on technological aspects have led these clusters to function ineffectively.
Enabling Economic Clustering in the Local Economy of Nepal
Post federalization, the Constitution has provided for the local levels to formulate local strategies and plans to develop their respective economies. Some of them, being established
market centers and equipped with good infrastructure took rapid leaps toward economic growth policies, while the newly formed local levels with a poor capacity for governance and infrastructure were unable to quickly adapt to the pace of economic growth. Although it is a positive sign that some activities are happening at each local level instead of null activities under a centralized structure, the uncoordinated efforts between each other have led to isolated efforts of development that are not necessarily productive and have led to duplication.
With the promotion of economic clustering with the help of partnerships between local levels and a sector-based growth approach, the effectiveness of local economic development strategies can be amplified. Going by sectors, agriculture, which is the primary source of livelihood for the majority of the rural population, can be expanded across geographies by forming clusters thus increasing the volume of production and supply of the products. Even for high-value crops like cardamom, tea, and coffee, since the share of the total cultivated area is still small, the desired process of agricultural diversification is struggling to be noticed at the aggregate level. If the local levels governing these areas collaborate to form clusters for the collective growth of the sector, the economic capacity of the region based on the sector would be strengthened. Once there is an increased volume of production, the local levels can work collectively to facilitate other aspects of the chain such as promoting investments in the processing of the products, establishing market connections and linkages to promote the sales of the product, and creating economic infrastructure that would help further strengthen the sector. Such pooled efforts will in turn have a symbiotic effect on the economic growth of the local levels and increase employment in the area.
As for the tourism sector, challenges such as poor marketing and positioning, inability to capture high-value demand, lack of incentives to support infrastructure and services, and poor innovation and adoption of poor practices have hampered the tourism cluster in Nepal. The local governments can coordinate to provide complementing services to key tourism destinations and work on marketing plans that can increase the length of stay of the tourists and generate ample revenues. Similarly, investing in connecting infrastructure, consolidating subscale players to improve competitiveness, and providing low-cost financing incentives can be some of the policy tools to attract more firms to the cluster and strengthen the cluster.
While these interventions could have been taken in a centralized structure, the structure of federalization allows local levels to design the cluster based on their local capacity and needs rather than aligning with generalized national needs. For this, coordination and collaboration must happen between multiple tiers of stakeholders. While the local bodies can themselves form joint partnerships to execute such strategies, having the provincial government in the loop can further strengthen the collaboration. Similarly, the collaboration between the public and private sectors would also be essential to form and strengthen the cluster since it is the private sector that would be operating in these clusters. Overall, economic clustering would be a win-win strategy for all the actors involved and would be beneficial for local economic development as well as national growth.
Saroj Nepal
National Programme Coordinator at United Nations Capital Development Fund (UNCDF)
The newly elected team at the municipalities of Nepal have two main tasks – provide effective public services to the people they serve and create jobs so that the young population stay back to drive the economy. Generating jobs at the local level requires the local governments to prepare a well-thought-out plan reflecting the vision of the new, young, and aspiring leaders.
After restructuring to federal governance structures, Nepal’s 753 local governments (293 urban and 460 rural municipalities) are not only powerful governance units but also resourceful. These bodies have substantial resources with reasonable fiscal transfers from the federal government and the constitutional rights to collect revenue in certain areas. However, the power and the resources are not used optimally.
Nepal’s economy is largely dependent on agriculture and remittances. Underutilized natural resources and high trade deficit is typical characteristics of the Nepali economy now. We are aiming to graduate from the LDC status by 2026, which means that there won’t be preferential treatment of our export products in the western markets. Therefore, improving productivity of the sectors that form the basis of our economy – agriculture, tourism, service industry, manufacturing, through policies and programmes of all three tiers of government is what we need desperately.
The productivity of economic activities lies on how effectively the factors of production (land, labour, and capital) are used. Productivity is a function determined by technical efficiency of the system and processes to convert inputs to output. A vast amount of research show that increased productivity leads to economic growth through business environment reform and value chain or market systems interventions. It helps in increasing labour productivity within economic sectors which is the main driver of economic growth. In our context, the business environment is unstable and risky, and there are a lot of gaps in the value chains of the sectors mentioned above – from local level production to selling it in local, national, and global markets. Therefore, to improve productivity, we need to make conducive policies and plans to nurture businesses by identifying gaps in the value chains and provide support to fill those. It is only through these interventions that the country will be able to create a business environment that helps develop entrepreneurs and profitable businesses. The municipalities should prepare their local economic development (LED) plan, which is to build the economic capacity of their area to improve their economic future and quality of life.
What Municipalities can do to Improve Productivity?
The municipalities, with the power and resources they have can actively work towards creating a business environment through supporting the value chains locally. They can form a large foundation of economic actors or establishments that can have a huge nation-wide impact, contributing to overall economic growth. This would require reorienting their focus towards local economic development (LED) by offering opportunities to gain efficiency in the system and process of the economic activities within their boundary. It can be done broadly through three ways –
n Creating Infrastructure that Promote Value Chains and Enterprises: In the past five years, the municipalities have spent most of their development budget on infrastructure, which includes necessary roads as
well as unnecessary view towers. There are only few examples of municipalities investing in warehouse or local irrigation schemes or marketplaces for agri-commodities. Though local planning process is needbased, or demand driven, the articulation of demand is lacking or the intelligence to realize vision for development is not sufficient. Therefore, we are left with such infrastructures that do not contribute to improving productivity of economic sectors. A thorough analysis of potential economic activities as part of LED planning process can point out necessary infrastructure, both public and private. The municipalities can have financing plan which can be PPPs or blended finance approach based on the nature of the infrastructure.
n Providing Business Support Services: In the past, very few municipalities had programs to facilitate in providing business support services such as market information, value chain analysis, business plan development, incubation to start ups etc. None had thought of technology transfer or aggregating similar enterprises to create economies of scale within their area or organizing trainings and information exchange events. Municipalities do not have full information of the economic establishments in their area, since from nearly a million economic establishments in the country, almost 50% are not registered anywhere. These large numbers of unregistered and informal enterprises face numerous problems including support services for business growth. The business registration modalities can be strengthened by involving municipalities and making it digitally enabled so that it can be linked with other support services.
n De-risking Private Investments
and Promoting Access to
Finance to Enterprises: The credit infrastructure to support MSME growth, including credit guarantee mechanisms and insurance schemes are not well developed in Nepal. The venture capital financing is insufficient and there are stringent collateral requirements which limits growth of enterprises. The municipalities can help in providing guarantees on MSME loan in partnerships with banks and financial institutions for MSMEs that qualify. Municipalities can also run challenge funds to attract and de-risk private sector investments in certain areas. These will require strong guidelines and bylaws to reduce fiduciary risks.
Improving productivity of private sector enterprises is based on research and development and innovation. It also requires attaining economies of scale and increasing investments in economic sectors. In Nepal’s context, municipalities can play a key role in nurturing businesses locally. However, it will require a paradigm shift in the way urban and rural municipalities function and deliver development outcomes locally. Local economic development can be promoted through a tailored approach in each municipality with a strategic plan. The plan should focus on improving productivity which relies on hardware support such as infrastructure, and software support through business support services and capital investments by attracting private sector through incentives.
Endnotes
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62. Sangam Prasain & Krishana Prasain. ‘Rising inflation, slower growth stoke stagflation concerns’, The Kathmandu Post, April 14, 2022, https://kathmandupost.com/money/2022/04/14/ rising-inflation-slower-growth-stoke-stagflation-concerns#:~:text=Nepal's%20retail%20inflation%20galloped%20to,time%20 too%2C%20according%20to%20economists.
63. ‘Maximum amount candidates can spend during election campaign’, Nepal news, May 1, 2022, https://www.nepalnews.com/s/ nation/what-is-the-maximum-amount-candidates-can-spendon-election-campaign
64. ‘South Asia Economic Focus Reshaping Norms: A New Way Forward’, The World Bank, April 13, 2022, https://openknowledge. worldbank.org/bitstream/handle/10986/37121/9781464818578. pdf?sequence=13&isAllowed=y 65. ‘Consumer Price Index (CPI) Definition and Formula’, Investopedia, accessed on August 19, 2021. Retrieved from- https://www. investopedia.com/terms/c/consumerpriceindex.asp#:~:text=The%20Consumer%20Price%20Index%20(CPI,of%20goods%20 and%20averaging%20them.
66. Banton, Caroline. ‘Basket of Goods’, Investopedia, accessed on
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67. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
68. ‘Government hikes public transport and cargo fares, again’, The Kathmandu Post, May 17, 2022, https://kathmandupost.com/ national/2022/05/17/government-hikes-public-transport-andcargo-fares-again
69. Department of Transport Management, Nepal, May 17, 2022, https://bit.ly/381zR0K 70. Prasain, Krishana & Shrestha,Prithvi Man‘Inflation making life difficult for the poor and vulnerable’, The Kathmandu Post, May 16, 2022, https://kathmandupost.com/money/2022/05/16/inflation-making-life-difficult-for-the-poor-and-vulnerable 71. ‘ADB Forecasts Modest Economic Growth for Nepal in FY 2022’,
Asian Development Bank, April 6, 2022, https://bit.ly/3PsOH1r 72. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
73. Krishana Prasain. ‘Investment pledges up 28 percent to Rs 33 billion as of third quarter’, The Kathmandu Post, April 20, 2022, https://kathmandupost.com/money/2022/04/20/investmentpledges-up-28-percent-to-rs33-billion-as-of-third-quarter
74. ‘NRB puts ban on import of private vehicles’ Khabarhub, April 5, 2022, https://english.khabarhub.com/2022/05/245530/ 75. ‘Korea provides equipment to manage hospital waste’, Republica
Nepal, March 15, 2022, https://myrepublica.nagariknetwork.com/ news/korea-provides-equipment-to-manage-hospital-waste/ 76. ‘SDC and UNCDF partner to empower 4,000 micro, small and medium enterprises in Nepal’, Nepal Live Today, May 10, 2022, https:// www.nepallivetoday.com/2022/05/10/sdc-and-uncdf-partnerto-empower-4000-micro-small-and-medium-enterprises-innepal/ 77. Ibid
78. ‘New World Bank Employment Project to Benefit 100,000 Youth’,
The World Bank, September 12, 2019, https://www.worldbank.org/ en/news/press-release/2019/09/13/new-world-bank-employment-project-to-benefit-100000-youth 79. ‘$23 Million from World Bank-financed Youth Employment Project Reallocated to Help Unemployed Poor’, The World Bank,
May 24, 2022, https://www.worldbank.org/en/news/press-release/2022/05/05/-23-million-from-world-bank-financedyouth-employment-project-reallocated-to-help-unemployedpoor
80. ‘World Bank pulling out of transmission line projects shows challenges for MCC’, The Kathmandu Post, March 6, 2022, https://tkpo. st/35V8eoA 81. Ibid
82. ‘Electricity Transmission Project’, Millennium Challenge Account Nepal Development Board, Government of Nepal, accessed on
May 10, 2022, https://mcanp.org/en/projects/project-areas/ 83. ‘Japan provides grant assistance of Rs 2.7 bn to improve water supply in Biratnagar’, Republica Nepal, March 10, 2022, https:// myrepublica.nagariknetwork.com/news/japan-provides-grant-assistance-to-improve-water-supply-in-biratnagar/ 84. Ibid
85. Republica, “WB providing USD 150 million to Nepal to strengthen financial sector stability,” Republica Nepal, May 4, 2022, https://myrepublica.nagariknetwork.com/news/wb-providing-usd-150-million-to-nepal-to-strengthen-financial-sector-stability/ 86. Ibid
87. ‘US provides Rs 79.71 billion grant to support Nepal’s graduation to middle-income country’, Nepal Live Today, May 5, 2022, https:// www.nepallivetoday.com/2022/05/05/us-provides-rs-79-71-billion-grant-to-support-nepals-graduation-to-middle-incomecountry/ 88. “Asian Development Bank approves $150m loan to upgrade two international airports in Nepal,” The Kathmandu Post, November 20, 2020, https://kathmandupost.com/money/2020/11/20/ asian-development-bank-approves-150m-loan-to-upgrade-two-international-airports-in-nepal#:~:text=The%20 Asian%20Development%20Bank%20has,civil%20aviation%20 sector%20so%20far.
89. Ibid
90. ‘Climbing Higher: Toward a middle-income Nepal’, The World
Bank, June 20, 2017, https://documents.worldbank.org/en/publication/documents-reports/documentdetail/358501495199225866/ climbing-higher-toward-a-middle-income-nepal
91. ‘Loans on commercial terms could greatly increase Nepal’s debt burden’, The Kathmandu Post, march 29, 2022, https://tkpo. st/36CrS9R 92. Ibid
93. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
94. Ibid
95. Ibid
96. Ibid
97. ‘Nepal proposes Malaysia to increase minimum remuneration of
Nepali migrant worker’, Khabarhub, April 30, 2022, https://english. khabarhub.com/2022/30/249631/ 98. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
99. ‘NRB Sets New Limit for Domestic Remittance, Rs.25,000 Per Day’,
Techmandu, March 5, 2022, https://techmandu.com/nrb-new-limit-for-domestic-remittance/ 100. Ibid
101. ‘Monetary Policy 2078/79: Mid Term Review’, Nepal Rastra Bank,
February 17, 2022, https://www.nrb.org.np/ofg/monetary-policy2078-79-mid-term-review/ 102. ‘NRB Sets New Limit for Domestic Remittance, Rs.25,000 Per Day’,
Techmandu, March 5, 2022, https://techmandu.com/nrb-new-limit-for-domestic-remittance/ 103. Sapkota, Radha. ‘Why did NRB reduce the daily per-person domestic remittance limit?’, Tech Sathi, March 3, 2022, https://techsathi.com/nrb-reduces-domestic-remittance-limit 104. Ibid
105. ‘Interaction on Banking and Remittance Services, Export-Trade and Investment held in New Delhi’, Khabarhub, May 10, 2022, https://english.khabarhub.com/2022/10/251218/ 106. ‘Skills development of returnee migrant workers affected by pandemic’, Khabar hub, March 24, 2022, https://english.khabarhub. com/2022/24/243380/ 107. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
108. Ibid
109. Ibid
110. Ibid
111. ‘Nepal Development Update’, The World Bank, April 13, 2022, https://documents1.worldbank.org/curated/en/099835004122242158/pdf/P1774360498cd407a09a4d0e5860fd8fc84.pdf
112. ‘Nepal Gazette’, Department of Printing, Ministry of Information and Communication Technology, April 26, 2022, http://rajpatra. dop.gov.np/welcome/book/?ref=24936 113. ‘Nepal bans imports of luxury goods amid dwindling forex reserves’, The Kathmandu Post, April 27, 2022, https://kathmandupost.com/money/2022/04/27/nepal-bans-imports-of-luxurygoods-amid-dwindling-forex-reserves
114. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
115. Ibid
116. Ibid
117. ‘Nepal Development Update’, The World Bank, April 13, 2022, https://documents1.worldbank.org/curated/en/099835004122242158/pdf/P1774360498cd407a09a4d0e5860fd8fc84.pdf
118. Ibid
119. ‘Gold price up Rs 500 per tola’, Khabar hub, May 19, 2022, https:// english.khabarhub.com/2022/19/253116/ 120. ‘Current Macroeconomic and Financial Situation (based on nine months’ data ending mid-April 2021/22)’, Nepal Rastra Bank, May 11, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
121. Ibid
122. “Economic Survey 2078-2079”, Ministry Finance, 2079
123. ibid
124. ibid 126. ibid
127. ibid
128. ibid
129. ibid
130. ibid
131. ibid
132. “Current Macroeconomic and Financial Situation Table based on nine months data of 2021-22”, NRB, May11, 2022, https://www.nrb. org.np/red/current-macroeconomic-and-financial-situation-tables-based-on-nine-months-data-of-2021-22/ 133. ibid
134. ibid
135. ibid
136. ibid
137. ibid
138. ibid
139. 1 hectare= 3.954 bighas 140. Sah, Laxmi, “Banana farmers in Nijgadh devastated after storm destroys their crops”, The Kathmandu Post, May 12, 2022 https:// kathmandupost.com/money/2022/05/12/banana-farmers-in-nijgadh-ruined-after-storm-destroys-their-crops
141. 1 hectare= 19.65 ropani 142. “Farmers opt for potato cultivation in group”, Khabarhub, March 18, 2022, https://english.khabarhub.com/2022/18/242156/ 143. “Nepal signs G2G agreement with India on chemical fertilizer import after efforts of 1.5 years”, Onlinekhabar, March 1, 2022, https:// english.onlinekhabar.com/nepal-india-g2g-chemical-fertiliser. html
144. “232 metric tonnes of chemical fertilizer imported from China”,
Onlinekhabar, March 24, 2022, https://english.onlinekhabar.com/ chemical-fertiliser-from-china.html
145. ibid
146. “Government Announces Support Price of Wheat after Farmers
Sell their Produce”, New Business Age, May 3, 2022, https://www. newbusinessage.com/Articles/view/15209 147. ibid
148. Devkota, LP,” Apple farmers in Jumla go commercial as sales jump”, The Kathmandu Post, March 12, 2022 https://kathmandupost.com/money/2022/03/12/apple-farmers-in-jumla-go-commercial-as-sales-jump
149. Gautam, Krishna, “Karnali emerges in new avatar as exporter of cereals “, The Kathmandu Post, April 2, 2022, https://kathmandupost.com/money/2022/04/02/karnali-emerges-in-new-avatar-as-exporter-of-cereals
150. ibid
151. ibid
152. ibid
153. “Country imports fruits worth over Rs 11 billion while arable land remains uncultivated”, Khabarhub, April 25, 2022, https://english. khabarhub.com/2022/25/248881/ 154. ibid
155. “Nepal Imported fruits worth over Rs 11 billion in the first nine months of current FY”, my Republica, April 25, 2022, https://myrepublica.nagariknetwork.com/news/nepal-imported-fruits-worthover-rs-11-billion-in-the-first-nine-months-of-current-fy/
156. “Current Macroeconomic and Financial Situation of Nepal”, NRB,
May, 2022, https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf
157. ibid
158. Prasain, Sangam and Prasain, Krishana, “Rising inflation, slower growth stoke stagflation concerns”, The Kathmandu Post, April 15, 2022, https://kathmandupost.com/money/2022/04/14/rising-inflation-slower-growth-stoke-stagflation-concerns 159. “South Asia Economic Focus Reshaping Norms: A New Way Forward”, World Bank, April 14, 2022 https://openknowledge.worldbank.org/handle/10986/37121 160. NRB Current macroeconomic and financial situation six month data 2021/22 161. Nepal Electricity Authority-Annual Report 2020/21 162. Department of Electricity Development (January 2022)
163. ibid
164. ibid
165. Nepal Electricity Authority-Annual Report 2020/21 166. Department of Electricity Development (January 2022)
167. “KMC makes it mandatory for locals to segregate biodegradable, non-biodegradable while disposing waste”, My Republica,
April 14, 2022. https://myrepublica.nagariknetwork.com/news/ kmc-makes-it-mandatory-for-locals-to-segregate-biodegradable-and-non-biodegradable-while-disposing-household-waste/ 168. ‘Waste segregation a must for every household in KMC’, The Himalayan Times, August 28, 2019. https://thehimalayantimes.com/ kathmandu/waste-segregation-a-must-for-every-householdin-kmc
169. “Garbage piled yet again in Kathmandu Valley”, Nepal Live Today,
May 10, 2022. https://www.nepallivetoday.com/2022/05/10/garbage-piled-yet-again-in-kathmandu-valley/ 170. “Capital’s waste transported with security escorts”, The Rising
Nepal, May 8, 2022. https://risingnepaldaily.com/news/10888 171. “Hetauda-Dalkebar-Inaruwa Transmission line: Breach of loan agreement by World Bank”, ekantipur, March 4, 2022. hetonda-dalkeber-inruva broadcasting line : debt agreement breach by world bank - earth / commerce - kantipur news (ekantipur.com) 172. World Bank pulling out of transmission line projects shows challenges for MCC”, The Kathmandu Post. March 6, 2022. https:// kathmandupost.com/national/2022/03/06/world-bank-pullingout-of-transmission-line-projects-shows-challenges-for-mcc
173. “NEA invited bids to sell 200 MW electricity to India during monsoon”, My Republica, May 6, 2022. https://myrepublica.nagariknetwork.com/news/nea-invites-bids-to-sell-200-mw-electricityto-india-during-monsoon/ 174. “Nepal to sell surplus electricity in India’s energy exchange market”, The Economic Times, November 3, 2021. https://economictimes.indiatimes.com/industry/energy/power/nepal-to-sell-surplus-electricity-in-indias-energy-exchange-market/articleshow/87507876.cms?from=mdr 175. “Nepal gets approval to export 325 MW more power to India”, The
Kathmandu Post, April 7, 2022. https://kathmandupost.com/money/2022/04/07/nepal-gets-approval-to-export-325mw-morepower-to-india
176. “New transmission line planned along Postal Highway”, The
Kathmandu Post, May 2, 2022. https://kathmandupost.com/national/2022/05/02/new-transmission-line-planned-along-postal-highway#:~:text=In%20the%20first%20phase%2C%20the,transmission%20directorate%20at%20the%20NEA.
New Business Age, May 9, 2022. https://www.newbusinessage. com/Articles/view/15240 178. “Foreign Companies Reluctant to Reinsure Hydropower Projects”,
New Business Age, March 7, 2022. https://www.newbusinessage. com/Articles/view/14886 179. “NMB Bank, HIDCL sign term sheet to finance Upper Modi ‘A’ hyro project “, Nepal Live Today, April 14, 2022. https://www.nepallivetoday.com/2022/04/14/nmb-bank-hidcl-sign-term-sheet-to-finance-upper-modi-a-hyro-project/ 180. “710 MW of electricity added to national grid in 2078 BS”, My Republica, April 13, 2022. https://myrepublica.nagariknetwork.com/ news/710-mw-of-electricity-added-to-national-grid-in-2078bs/ 181. https://myrepublica.nagariknetwork.com/news/nepal-wasted-electricity-worth-rs-5-billion-last-monsoon-owing-to-low-domestic-consumption/#:~:text=01%3A17%20 AM-,Nepal%20wasted%20electricity%20worth%20Rs%205%20 billion%20last,owing%20to%20low%20domestic%20consumption&text=KATHMANDU%2C%20May%208%3A%20Nepal%20 faced,in%20the%20next%20few%20weeks.
182. “SJVN signs MoU for development of 490 MW Arun-4 project in Nepal”, Business Standard, May 16, 2022. https://www.business-standard.com/article/news-cm/sjvn-signs-mou-for-development-of-490-mw-arun-4-project-in-nepal-122051600977_1. html
183. “NEA inks deal with SJVN India to build 679 MW Arun-4 Hydropower Project”, My Republica, May 16, 2022. https://myrepublica. nagariknetwork.com/news/nea-inks-deal-with-sjvn-india-tobuild-679-mw-arun-4-hydropower-project/ 184. 2nd fuel price hike in 8 days: Petrol Rs 180, diesel Rs 163, cooking gas Rs 1800”, Online Khabar, May 23, 2022. https://english.onlinekhabar.com/2nd-fuel-price-hike-in-8-days.html 185. “Fuel price hike: A litre of petrol, diesel or kerosene costs Rs 10 more”, Online Khabar, May 14, 2022. https://english.onlinekhabar. com/fuel-price-hike-petrol-diesel-nepal.html 186. Price History, May 15, 2022, Nepal Oil Corporation Limited. http:// noc.org.np/lpg 187. “The Construction Of The Plant Which Will Produce 1000 Kg Of Biogas Daily Is In The Final Stage “, Urja Khabar, March 13, 2022. https://www.urjakhabar.com/news/130316665 188. “NEA lowers purchase price of solar electricity”, The Kathmandu Post, March 15, 2022. https://kathmandupost.com/national/2022/03/15/nea-lowers-purchase-price-of-solar-electricity 189. “Agreement on construction of Ratmate-Kerung transmission line”, Nepal News, March 27, 2022. https://nepalnews.com/s/ nation/agreement-on-construction-of-ratmate-kerung-transmission-line
190. “Nepal, India agree to expand power cooperation under BBIN framework”, The Kathmandu Post, April 2, 2022. https://kathmandupost.com/national/2022/04/02/nepal-india-agree-to-expand-power-cooperation-under-bbin-framework
191. “Kathmandu Valley’s energy demand projected to reach 3,100
MW by 2050”, My Republica, May 1, 2022. https://myrepublica. nagariknetwork.com/news/kathmandu-valley-s-energy-demand-projected-to-reach-3-100-mw-by-2050/#:~:text=Kathmandu%20Valley's%20energy%20demand%20projected%20 to%20reach%203%2C100%20MW%20by%202050,-Published%20On%3A%20May&text=KATHMANDU%2C%20May%20 1%3A%20Nepal%20Electricity,in%20the%20next%20three%20 decades.
192. Economic Survey 2078/2079, Ministry of Finance, https://www. google.com/search?q=ministry+of+finance&oq=minstry+&aqs=chrome.1.69i57j0i10i131i433j0i10i433j46i10i131i175i199i433j0i10l2j46i10i175i199j0i10i131i433j0i10i433j0i10.2975j0j7&sourceid=-
chrome&ie=UTF-8 193. Ibid
194. ibid
195. ibid
196. ibid
197. ibid
198. “Global Competitiveness Report 2019”, World Economic Forum, 2019, https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf
199. Prasain, Sangam, “Nepal’s Lockdown 2.0, new covid curb on travel”, The Kathmandu Post, April 28, 2021. https://kathmandupost. com/money/2021/04/28/explained-nepal-s-lockdown-2-0-newcovid-curbs-on-travel
200. “95% work of Madan Bhandari Highway completed”, my Republica, April 28, 2022, https://myrepublica.nagariknetwork.com/ news/95-percent-work-of-madan-bhandari-highway-completed/ 201. ” Nepal’s journey to electric public transport”, Nepali Times, April 15, 2022, https://www.nepalitimes.com/here-now/nepals-journeyto-electric-public-transport/ 202. Prasain, Krishnana,” Chobhar dry port opens for business”, The
Kathmandu Post, April 5, 2022, https://kathmandupost.com/money/2022/04/05/chobhar-dry-port-opens-for-business 203. Prasain, Krishnana, “Chobar dry port to open for business by
March-end “, The Kathmandu Post, March 20, 2022, https:// kathmandupost.com/money/2022/03/20/chobhar-dry-port-toopen-for-business-by-march-end
204. Shrestha, Sarita, “Road upgrade underway along 24-km Dharke-Sitapaila section”, The Kathmandu Post, April 23, 2022, https:// kathmandupost.com/province-no-3/2022/04/23/road-upgrade-underway-along-24-km-dharke-sitapaila-section
205. “Melamchi water to be distributed from April 24”, Khabarhub, April 20, 2022, https://english.khabarhub.com/2022/20/247993/ 206. “Melamchi Project resumes water supply to Kathmandu Valley from today”, my Republica, April 24, 2022, https://myrepublica. nagariknetwork.com/news/melamchi-project-resumes-water-supply-to-kathmandu-valley-from-today/ 207. “Gautam Buddha International Airport comes into operation”, Khabarhub, April 21, 2022, https://english.khabarhub. com/2022/21/248140/ 208. “Gautama Buddha International Airport begins operation with domestic flights”, The Himalayan Times, April 22, 2022, https:// thehimalayantimes.com/nepal/gautam-buddha-international-airport-begins-operation-with-domestic-flights 209. NTA MIS Report Magh 2078 (mid-January to mid-February 2022)
210. NTA MIS Report Magh 2078 (mid-January to mid-February 2022)
211. NTA MIS Report Magh 2078 (mid-January to mid-February 2022)
212. NTA MIS Report Magh 2078 (mid-January to mid-February 2022)
213. https://www.nepalitelecom.com/nepal-fixed-broadband-mobilebroadband-rank-speedtest-global-index
214. Current Macroeconomic and Financial Situation (based on 9 months data), Nepal Rastra Bank
215. Current Macroeconomic and Financial Situation (based on 9 months data), Nepal Rastra Bank
216. Krishana Prasain, “Electronic Know Your Customer to replace paperwork by November”, The Kathmandu Post, 9 April 2022, Accessed 19th May 2022, https://tkpo.st/3Jjlt0A 217. Krishana Prasain, “Everest base camp to have high-speed connectivity”, The Kathmandu Post, 23 March 2022, Accessed 19th
May 2022, https://tkpo.st/3wKB9rd 218. Suman Siwakoti, “5 ambiguities in the recent amendment to the National Broadcasting Rules”, The Kathmandu Post, 16 April 2022, Accessed 19th May 2022, https://english.onlinekhabar.com/ amendment-national-broadcasting-rules.html
219. Krishana Prasain, “Nepal slips in global ranking in mobile broadband speed”, The Kathmandu Post, 6 May 2022, Accessed 19th
May 2022, https://tkpo.st/3shcE1B 220. “Nepal avoids internet shut down after MoCIT talk”, Nepali
Telecom, 4 May 2022, Accessed 19th May 2022, https://www. nepalitelecom.com/2022/04/nepal-could-face-internet-shutdown-next-week.html
221. Current Macroeconomic and Financial Situation (based on 9 months data), Nepal Rastra Bank
222. “Nepal imposes ban on import of expensive phones”, Nepali
Telecom, 29 April 2022, Accessed 19th May 2022, https://www. nepalitelecom.com/2022/04/nepal-imposes-ban-on-import-ofexpensive-phones.html
223. “Nearly 5,000 login details were stolen from at least 37 government websites in Nepal”, Himal Sanchar, 16 March 2022, Accessed 19th May 2022, https://himalsanchar.com/nearly-5000-logindetails-were-stolen-from-at-least-37-government-websites-innepal/ 224. “Poor digital literacy hinders growth in Nepal”, The Kathmandu
Post, 2 May 2022, Accessed 19th May 2022, https://tkpo.st/3vXBxR5
225. “Public Announcement of Income-Expenditure Details of Fiscal
Year 2023/23”, Ministry of Finance, 2021. https://mof.gov.np/uploads/document/file/ 226. “Public Announcement of Income-Expenditure Details of Fiscal
Year 2023/23”, Ministry of Finance, 2021. https://mof.gov.np/uploads/document/file/ 227. “Public Announcement of Income-Expenditure Details of Fiscal
Year 2023/23”, Ministry of Finance, 2021. https://mof.gov.np/uploads/document/file/ 228. “Public Announcement of Income-Expenditure Details of Fiscal
Year 2023/23”, Ministry of Finance, 2021. https://mof.gov.np/uploads/document/file/ 229. Logan, Marty. “Growing appetite for school lunches”, Nepali Times,
April 2, 2022. https://www.nepalitimes.com/here-now/growing-appetite-for-school-lunches/ 230. Ibid
231. “Transforming Education System Through Model School”, Asian
Development Bank, 2022. https://www.adb.org/news/videos/ transforming-education-system-through-model-schools
232. Ibid
233. Ghimire, Aakriti. “Education incentive: Scholarship for daughterin-law”, The Kathmandu Post, April 20, 2022. https://kathmandupost.com/national/2022/04/20/education-incentive-scholarships-for-daughters-in-law
234. Ibid
235. “Free induction cookers to be distributed to students of the Kathmandu from remote areas”, The Ray Times, March 3, 2022. https:// theraytimes.com/free-induction-cookers-to-be-distributed-tostudents-of-kathmandu-from-remote-areas/ 236. ‘Petrol Diesel Price in Nepal – 2022’, KTM2DAY, May 22, 2022, https://www.ktm2day.com/petrol-diesel-lpg-gas-aviation-fuelprice-in-nepal/ 237. “Free induction cookers to be distributed to students of the Kathmandu from remote areas”, The Ray Times, March 3, 2022. https://
theraytimes.com/free-induction-cookers-to-be-distributed-tostudents-of-kathmandu-from-remote-areas/ 238. “New school reform plan set for rollout despite two previous flops”, The Kathmandu Post, January 20, 2022. https://kathmandupost.com/national/2022/01/20/new-school-reform-plan-set-forrollout-despite-two-previous-flops 239. “Nepal: Education Sector Analysis 2021”, Ministry of Education,
Science and Technology (MoEST), 2021. https://www.moe.gov.np/ assets/uploads/files/Nepal_2021_Education_Sector_Analysis.pdf 240. “Technical education will be expanded at all 753 local levels: Minister Poudel”, Khabarhub, April 5, 2022. https://english.khabarhub. com/2022/05/245522/ 241. “Schools to remain closed on Sunday from May 16”, my República, May 11, 2022. https://myrepublica.nagariknetwork.com/news/ schools-to-remain-closed-on-sunday-from-may-16/ 242. “SEE begins from today”, Khabarhub, April 22, 2022. https://english.khabarhub.com/2022/22/248163/ 243. “Rural Municipality provides audio books to community schools”, Khabarhub, March 22, 2022. https://english.khabarhub. com/2022/22/242854/ 244. Gautam, Dinesh. “NOC to four lakh students in a decade”, Shilapatra, September 21, 2021. https://shilapatra.com/detail/42921 245. Wagle, Achyut. Paradoxes in higher education, The Kathmandu Post, April 25, 2022. https://kathmandupost.com/columns/2022/04/25/paradoxes-in-higher-education 246. “Process to integrate CTVET, CEHRD curriculums begins”, my
República, March 21, 2022. https://myrepublica.nagariknetwork. com/news/process-to-integrate-ctevt-cehrd-curriculums-begins/ 247. https://www.macrotrends.net/countries/NPL/nepal/life-expectancy
248. https://www.macrotrends.net/countries/NPL/nepal/birth-rate 249. https://www.macrotrends.net/countries/NPL/nepal/death-rate 250. https://www.macrotrends.net/countries/NPL/nepal/infant-mortality-rate
251. https://www.macrotrends.net/countries/NPL/nepal/fertility-rate 252. Arjun Poudel, “Ministry to support Nepal Drugs Limited to produce 25 essential medicines”, The Kathmandu Post, 15 April 2022,
Accessed 18th May 2022,https://tkpo.st/3JKBL2w 253. Arjun Poudel, “Government’s health insurance scheme fails to retain subscribers”, The Kathmandu Post, 9 April 2022, Accessed 18th May 2022, https://tkpo.st/37wkPjd 254. Arjun Poudel, “Government’s health insurance scheme fails to retain subscribers”, The Kathmandu Post, 9 April 2022, Accessed 18th May 2022, https://tkpo.st/37wkPjd 255. Arjun Poudel, “Cases of seasonal flu and waterborne diseases are rising”, The Kathmandu Post, 1 May 2022, Accessed 18th May 2022, https://tkpo.st/3s1Ybq6 256. Arjun Poudel, “Funds crunch could delay jabs for children”, The
Kathmandu Post, 21 April 2022, Accessed 18th May 2022, https:// tkpo.st/3uYr1tt 257. Arjun Poudel, “Covid jabs for 5-11 year olds likely pushed to June last week”, The Kathmandu Post, 5 May 2022, Accessed 18th May 2022, https://tkpo.st/3MQxooD 258. Arjun Poudel, “Over 3 million Pfizer and Moderna vaccine doses to be rolled out after local elections”, The Kathmandu Post, 10 May 2022, Accessed 18th May 2022, https://tkpo.st/3soqVcT 259. Arjun Poudel, “Over 3 million Pfizer and Moderna vaccine doses to be rolled out after local elections”, The Kathmandu Post, 10 May 2022, Accessed 18th May 2022, https://tkpo.st/3soqVcT 260. Arjun Poudel, “Over 3 million Pfizer and Moderna vaccine doses to be rolled out after local elections”, The Kathmandu Post, 10 May 2022, Accessed 18th May 2022, https://tkpo.st/3soqVcT 261. Current Macro Economic and Financial Situation (based on 9 months data), Nepal Rastra Bank, 11 May 2022
262. “Over 1.22 billion worth of facemask, sanitizer imported in nine months”, Khabarhub, 23 April 2022, Accessed 18th May 2022, https://english.khabarhub.com/2022/23/248426/ 263. Arjun Poudel, “Whole-genome sequencing being done on samples from people returning from India”, The Kathmandu Post, 11
May 2022, Accessed 18th May 2022, https://tkpo.st/3N4EMgj 264. Arjun Poudel, “Health laboratory in Madhes Province begins whole-genome sequencing”, The Kathmandu Post, 1 April 2022,
Accessed 18th May 2022, https://tkpo.st/3KaIPGI 265. Arjun Poudel, “Antenatal care visits to be doubled to reduce maternal deaths, stillbirths”, The Kathmandu Post, 15 May 2022,
Accessed 18th May 2022, https://tkpo.st/3wfnwiV 266. Arjun Poudel, “Two-day weekend will add to case backlogs at hospitals, doctors say”, The Kathmandu Post, 29 April 2022, Accessed 18th May 2022, https://tkpo.st/3vSujgV 267. "Nepal tourism eyes new start as Covid-19 departs", Hindustan
Times, April 28, 2022. https://www.msn.com/en-in/news/other/nepal-tourism-eyes-new-start-as-covid-19-departs/ar-AAWGXV8 268. "Nepal tourism eyes new start as Covid-19 departs", Hindustan
Times, April 28, 2022. https://www.msn.com/en-in/news/other/nepal-tourism-eyes-new-start-as-covid-19-departs/ar-AAWGXV8 269. Current Macroeconomic and Financial Situation Tables (Based on Nine Months data of 2021/22)”, Nepal Rastra Bank, Table-22. https://www.nrb.org.np/ 270. Economist intelligence Unit, “Travel ready Index-2022”, The Economist, 2022. https://bluesyemre.files.wordpress.com/2022/04/ travel-ready-index-2022-get-the-outlook-for-asias-tourism-industry-in-2022.pdf
271. Current Macroeconomic and Financial Situation Tables (Based on Nine Months data of 2021/22)”, Nepal Rastra Bank, Table-42. https://www.nrb.org.np/ 272. Current Macroeconomic and Financial Situation Tables (Based on Nine Months data of 2021/22)”, Nepal Rastra Bank, Table-52. https://www.nrb.org.np/ 273. “Economic Survey 2021-22”, Ministry of Finance, 2022. https:// mof.gov.np/public/uploads/document/file/1633341980_Economic%20Survey%20(Engslish)%202020-21.pdf
274. Prasain, Sangam. “Tourism sector upbeat as Nepal throws door open to fully vaxed travellers”, The Kathmandu Post, March 10, 2022. https://kathmandupost.com/money/2022/03/10/tourismsector-upbeat-as-nepal-throws-door-open-to-fully-vaxxedtravellers
275. “Current Macroeconomic and Financial Situation Tables (Based on Nine Months data of 2021/22)”, Nepal Rastra Bank, Table-22. https://www.nrb.org.np/ 276. “Foreign tourism arrival in Nepal in April”, myRepublica, May 2, 2022. https://myrepublica.nagariknetwork.com/news/35-871-foreign-tourists-arrived-in-nepal-in-april/ 277. Economist intelligence Unit, “Travel ready Index-2022”, The Economist, 2022. https://bluesyemre.files.wordpress.com/2022/04/ travel-ready-index-2022-get-the-outlook-for-asias-tourism-industry-in-2022.pdf
278. Prasain, Sangam. “Hotels scrap uniform pay system as tourism perks up”, The Kathmandu Post, April 20, 2022. https://kathmandupost.com/money/2022/04/20/hotels-scrap-uniform-pay-astourism-perks-up
Malaysan Sun, April 25, 2022. https://www.malaysiasun.com/ newas/272513867/nepal-airport-tax-hike-may-hit-tourism-recovery
280. “Tourism entrepreneurs urge govt to facilitate tourists’ arrival”, Khabarhub, April 19, 2022. https://english.khabarhub. com/2022/19/247806/ 281. “Notice Regarding Visa Fees”, Department of Immigration, April 19, 2022. https://www.immigration.gov.np/post/notice-regarding-visa-fee
282. “Visiting foreign tourism urged to pay for in-arrival visa in cash”, Khabarhub, April 16, 2022. https://english.khabarhub. com/2022/16/247411/ 283. Government to implement traking system to stop illegal activities”, The Himalayan Times, February 28, 2022. https://thehimalayantimes.com/nepal/president-to-donate-to-sadhus-ascetics 284. “Nepal second airport nearly complete, ready to takeoff: ADB”,
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285. “NTB and FNCC Iink MoU to cooperate in tourism promotion”, The
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286. “Tourism submit in September”, New Business Age, March 20, 2022. https://www.newbusinessage.com/Articles/view/14957 287. “Farwest Travel Mart 2022 concludes successfully ”, The Himalayan Times, April 11, 2022. https://trade.ntb.gov.np/farwest-travel-mart-2022-concludes-successfully/ 288. NRB, Current Macroeconomic and Financial Situation of Nepal, Based on Nine Months Data Ending Mid-April, 2021/22) https://www.nrb.org.np/contents/uploads/2022/05/ Current-Macroeconomic-and-Financial-Situation-English-Based-on-Nine-Months-data-of-2021.22.pdf 289. “Government policies and programs emphasize economic upliftment”, Share Sansar, May 25, 2022, https://www.sharesansar.com/ newsdetail/government-policies-and-programs-emphasize-economic-upliftment-2022-05-25
290. “Nepal bans imports of luxury goods amid dwindling forex reserves”, Kathmandu Post, April 29, 2022, https://kathmandupost. com/money/2022/04/27/nepal-bans-imports-of-luxury-goodsamid-dwindling-forex-reserves
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295. “मर्जरमा जान ५ कम्पनीले पाए बीमा समितिको स्वीकृति”, Bikash News, May 17, 2022, https://www.bikashnews.com/2022/05/17/328075.html
296. “२ महिनाभित्रै विदेशमा बस्ने नेपालीलाई आईपीओमा कोटा : अध्यक्ष हमाल”,
Online Khabar, May 6, 2022, https://www.onlinekhabar. com/2022/05/1121615 297. “Sebon asks Nepse to run stock market on Friday instead of Sunday, maintaining the five-day-a-week schedule”, My Republica,
May 7, 2022, https://myrepublica.nagariknetwork.com/news/ sebon-asks-nepse-to-run-stock-market-on-friday-instead-ofsunday-maintaining-the-five-day-a-week-schedule/
NEF Profile
Nepal Economic Forum (NEF) is a premier private sector-led economic policy and research organization that seeks to redefine the economic development discourse in Nepal. Founded in 2009 as a not-for-profit organization under the beed (www. beed.global) umbrella, NEF is a thought center that strives to positively transform Nepal’s economic and development policies by strengthening the Nepali economy through various activities to promote an efficient and inclusive private sector. NEF has been featured in the list of Top Think Tanks in Southeast Asia and the Pacific in the Global Go-To Think Tank Index Reports 2016 through 2021.
NEF BROADLY WORKS UNDER THE FOLLOWING AREAS:
Business Policy Research Center (BPRC) consolidates NEF’s activities into a hub that takes a holistic approach to the issues; generates dialogue between the public and private sectors on economic growth concerns, and acts as a platform for information dissemination.
NEF produced the following products as part of BPRC in 2021:
Himalayan Circular Economy Forum (HICEF) HiCEF is a platform to ideate research, initiate policy dialogues and disseminate information relating to the circular economy and the Himalayas.
Renewable Energy Center
Renewable Energy Center is an incubation program that engages multiple stakeholders to articulate discourse that will shape nationallevel energy policies.
Center for Digital Transformation
Center for Digital Transformation is an incubation program that addresses cross-cutting themes related to digital adoption and revolution in emerging and frontier markets of Asia and Africa.
Nepal and the World Nepal and the World (NAW) will study Nepal's foreign policy and diplomacy.
Global Nepali Network Global Nepali Network is a platform to connect Nepalis around the world regardless of their citizenship.
Center for Private Sector Development The Center for Private Sector Development (CPSD) will focus on private sector-led development by supporting the growth of small and medium enterprises.
Nepal Economic Forum has been engaged in the discourse of federalism in Nepal since 2009. NEF has engaged in multiple policy discourses, conducted assessments and produced publications on Doing Business in Nepal against the backdrop of federalism. Hence, through the Doing Business in Federated Nepal (DBFN) vertical, NEF shall continue to engage itself in fostering a conducive business environment in the federated structure, supporting local businesses and empowering local bodies in governance. For this, NEF intends to open national chapters in each of the seven provinces of Nepal to promote localized efforts.
We are striving to ensure financial sustainability for NEF to complement the support it currently receives from beed management and the Open Society Foundations. If you are interested to support NEF, please do get in touch with info@nepaleconomicforum.org
www.linkedin.com/company/nepal-economic-forum
@NEFNepal NEF operates in domain of Development Consulting (devCon) in conjunction with beed management. It works with a variety of bilateral, multilateral, national and international institutions in the areas of policy research, economic analysis, value chain analysis, enterprise development, sectorial studies and public private dialogue.
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