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Govt readies draft for foreign investment
KATHMANDU: The government that was preparing to bring foreign policy in the country has tabled a draft of foreign investment 2070 in the discussions on Friday.

In a discussion programme organised by the Ministry of Industry, stakeholders suggested to bring in foreign investment in agriculture, tourism and hydel projects to uplift the country economically.
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A far-west side story: Nepal’s backwater is slowly beginning to rebuild and rebrand itself

Interesting write-up from one of Nepal's most underdeveloped regions, the far-west.

Neglected by the state, the far-western region of Nepal and its people have languished in a corner for centuries. A visit to any one of the nine districts often leaves many wondering how a place endowed with great biodiversity and abundant natural resources fell so far behind in its economy?
http://nepalitimes.com/regular-columns/Economy-Stupid/A-far-west-side-story,44#.UZf4GbVwqSo
 

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Minimum salary hiked

KATHMANDU: Employers and employees have agreed to hike the basic salary by 43.66 per cent and dearness allowance by 9.44 per cent making it a total hike of 29 per cent in minimum salary.

The minimum salary will be Rs 8,000 and daily wage will be Rs 318 from current Rs 6,200 and Rs 231, according to president of General Federation of Nepalese Trade Unions Bishnu Rimal.

The basic salary will be increased to Rs 5,100 from current Rs 3,550 and dearness allowance to Rs 2,900 from Rs 2,650, making it a total of Rs 8,000 salary from the current salary of Rs 6,200, he said, adding that the daily wage has been increased by 37.66 per cent to Rs 318 from the current Rs 231.

Though some trade unions have been asking for Rs 12,500 — double the current salary of Rs 6,200 — and others have been asking for Rs 15,000 minimum salary, claiming that
Link:http://thehimalayantimes.com/fullNews.php?headline=Minimum+salary+hiked&NewsID=378087
 

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Govt sitting on cash pile while banks feel liquidity pinch

KATHMANDU, MAY 25 -

Money remains piled up in the government’s treasury as it has not been able to expedite capital expenditure. As of mid-May, the government’s cash reserves stood at Rs 56.62 billion, slightly down from the Rs 57 billion in mid-April, said the Finance Ministry.

With capital expenditure remaining sluggish, the banking sector has been experiencing tightness in liquidity in the recent days. Although banks usually see higher liquidity during the last quarter of the fiscal year, they have been facing a cash crunch in recent days. Bankers said the government’s failure to spend money faster has resulted in tight liquidity . According to the ministry, capital expenditure stood at Rs 22.49 billion, or 34 percent of
Link:http://www.kantipuronline.com/2013/05/25/business/govt-sitting-on-cash-pile-while-banks-feel-liquidity-pinch/372193.html
 

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VAT collection misses target by 5 percent

KATHMANDU, MAY 25 -

Despite impressive overall revenue collection, value added tax ( VAT ) collection has missed the target as of mid-May this fiscal year. Revenue collection reached Rs 234.45 billion in the period, but the biggest contributor to the government’s revenue, VAT , missed target by 5 percent.

VAT collection reached Rs 68.29 billion, 95.02 percent of target while overall revenue collection exceeded target by 3.72 percent, according to the Finance Ministry. The revenue target for first 11 months was Rs 226.05 billion.

Income tax collection reached Rs 52.12 billion, exceeding the target by 7.84 percent, and customs duty collection
Link:http://www.kantipuronline.com/2013/05/25/business/vat-collection-misses-target-by-5-percent/372189.html
 

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Maynilad expertise tapped to improve Nepal's water supply
MANILA - Nepal has tapped Maynilad Water Services Inc to help improve water supply in the South Asian nation.

In a statement, Maynilad said it signed a memorandum of agreement with the Department of Water Supply and Sewerage (DWSS) and Lekhnath Small Town Water Supply and Sanitation User Committee (LSTWSSUC) of Nepal.
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Stakeholders all smiles at budget, stress implementation

KATHMANDU, JUL 16 -

Former finance ministers, economists and other stakeholders have heaped praise on the government for presenting a full budget for the fiscal year 2013-14. They have also lauded the budget ’s priorities but have expressed scepticism over their implementation. Commentators said the biggest hurdle to implementing the budget would be generating political support.

UCPN (Maoist) leader and former finance minister Barsha Man Pun said the timely announcement of the budget would send a good message to donor agencies and other stakeholders. “Besides, it is appreciable that the budget has earmarked adequate funds for national level projects like hydropower,” he said.
http://www.ekantipur.com/2013/07/16/business/stakeholders-all-smiles-at-budget-stress-implementation/374866.html
 

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Rs 517.24 billion full budget for 2013/14

PRABHAKAR GHIMIRE

KATHMANDU, July 15: Focusing on the upcoming Constituent Assembly (CA) elections and hydropower sector, among others, the election government on Sunday announced a full budget of Rs 517.24 billion for fiscal year 2013/14.

At a time when some left-leaning and Madhesh-based political parties were doubting over the commitment of the government for the development of cooperatives, the budget has clearly recognized the cooperative, public and private sector as the major players of economy.....





http://www.myrepublica.com/portal/index.php?action=news_details&news_id=57822
 

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Mobile financial technology services provider eServGlobal has collaborated with MNepal, a consortium of bank and non bank organizations, to provide a mobile financial service solution in Nepal. As per terms of the agreement, both companies will provide a common technology platform which can be accessed by all banks and financial institutions in the country to extend mobile financial services to their users.
 

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Nepal requires $13-18b infra investment: WB
Nepal needs $13-18 billion from 2011-2020 in order to bridge the investment gap in infrastructure, according to a new World Bank (WB) study.

The WB report released on Wednesday says Nepal has one of the poorest infrastructure services along with Afghanistan and Bangladesh, which resemble the infrastructure situation in the Sub-Saharan region of Africa.
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ambitious but i wish them luck

https://www.nepalisansar.com/news/nepal-eyes-developed-country-status-by-2043/

Nepal Eyes ‘Developed Country’ Status by 2043


While its already evident that Nepal is working towards the ‘middle-income’ status by 2030, the new update tells us that the country is simultaneously gearing up further to also achieve the ‘developed country’ status.

Towards this end, Nepal Government is currently preparing a 25-year plan called ‘Long Term Vision of Nepal’ to transform the country into a ‘developed nation’ by 2043.

Nepal Planning Commission (NPC) has already prepared a concept note and also held discussions with the federal and provincial governments’ officials last week.
 

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European Investment Bank visit to highlight engagement in Nepal


-First high-level visit from the world’s largest international public bank in five years

-Vice President to discuss EIB support for energy, transport and forestry with political and business leaders

-EIB to attend ground-breaking of Chilime-Trishuli transmission line

Andrew McDowell, Vice President of the European Investment Bank responsible for South Asia and global energy activity, accompanied by a high-level delegation, will make a four-day visit to Nepal at the start of a South Asia regional visit this week.

“Nepal has shown how investment in renewable energy can both transform access to electricity and harness clean power sources to benefit rural communities. The European Investment Bank is committed to supporting transformational climate related investment across Asia and my team and I look forward to discussing how the European Union’s Bank can strengthen engagement in Nepal in the years ahead.” said Andrew McDowell, speaking ahead of his arrival in Kathmandu.

“The European Union and Nepal recognize the challenges of a changing climate and the importance of new climate related investment. This week’s visit by Vice President McDowell and colleagues from the European Investment Bank, the EU Bank, will allow future investment to be considered and recent support for rural electrification in Trishuli to be seen at first hand.” said H.E. Veronica Cody Ambassador and Head of the European Union Delegation to Nepal.

The European Investment Bank is the world’s largest international public bank and owned directly by the 28 European Union member states. The EIB supports investment in 160 countries worldwide and activity in Asia focuses on support for climate related investment.

Whilst in Nepal Vice President McDowell will meet Prime Minister Khadga Prasad Oli and government ministers, diplomats and business representatives to discuss future European Investment Bank engagement in Nepal.
 
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