June 24
‘My dream is to make Prisma a global player’-Ranjit Acharya (ekantipur.com)
NB Bank join hands with Western Union, Laxmi Bank issues Visa cards (ekantipur.com)
Interim plan aims to achieve 5.50 % economic growth rate, reduce poverty (nepalnews.com)
June 25
Parties for free energy from West Seti (ekantipur.com)
Truckers halt services in Mechi, Koshi (ekantipur.com)
Court bars NRB move against Pun (ekantipur.com)
KIST Merchant and Finance opens branch (ekantipur.com)
Revenue collection shoots up (ekantipur.com)
Oil crisis deepens (ekantipur.com)
Terai life hit hard by routine bandhs (nepalnews.com)
June 26
Job hopes in Karnali still unmet, Govt’s 1 family, 1 job program (ekantipur.com)
Overseas jobs see some rise (ekantipur.com)
‘Ensure smooth oil supply’ (ekantipur.com)
Clear policy sought to protect domestic industry (ekantipur.com)
Supply hit as truckers go on strike in eastern region (nepalnews.com)
June 27
Demands on budget threaten financial stability: Mahat (ekantipur.com)
35% demand met by domestic drugs (ekantipur.com)
Earnings of overseas workers dwindle (ekantipur.com)
Insurance policy for doctors (ekantipur.com)
Malika, SCT sign ATM deal (ekantipur.com)
‘Lot needs to be done to ameliorate RBB, NBL’ (ekantipur.com)
WorldLink expands its foothold (ekantipur.com)
Seven percent growth in foreign employment (nepalnews.com)
Consumption of antibiotics down by 8pc (nepalnews.com)
June 28
Work at Mid-Marsyangdi halts indefinitely (ekantipur.com)
Stock trading halted (ekantipur.com)
No action on CIAA's fiat over NMA (ekantipur.com)
Maoists call off indefinite bandh in Siraha (nepalnews.com)
June 29
NRB governor suspended, CIAA files case in Rs 24.54m scam (ekantipur.com)
Monsoon tourists relish ropain (ekantipur.com)
DDC, private dairies hike milk price (ekantipur.com)
Transport strike extends westward (ekantipur.com)
BIMSTEC members still divided (ekantipur.com)
Planned urbanization for better future: Minister Yami (Nepalbiznews.com)
June 30
Businesses hit hard by transport strike (ekantipur.com)
Coffee production rises by 40 pc (ekantipur.com)
Permanent Account Number (PAN) registration growing fast (ekantipur.com)
Emission reduction purchase agreement (ERPA) signed to provide energy (ekantipur.com)
CIAA action against governor adversely affects financial reforms, says FM (nepalnews.com)
July 1
India building 126MW hydro near border, Border residents fear submersion (ekantipur.com)
400 Nepali workers starnded in Oman (ekantipur.com)
Nearly 18,000 children doing mechanical work (ekantipur.com)
Fuel to petrol pumps stalled (ekantipur.com)
Three finance companies to merge (ekantipur.com)
Lawmakers want revolutionary policy in agriculture (Nepalbiznews.com)
NAC celebrates its 49th anniversary (nepalnews.com)
July 2
Dagmara hydel only being studied: India (ekantipur.com)
Transport strike over (ekantipur.com)
Petrol supply dwindles further, Private pumps receive no fuel (ekantipur.com)
Microsoft, Unlimited ink partnership pact (ekantipur.com)
Domestic airlines packed, passengers stranded (ekantipur.com)
Reform local tax system:Businessmen (ekantipur.com)
Manandhar appointed acting NRB governor (Nepalbiznews.com)
Govt extends Rs 1.70b loan to NOC (Nepalbiznews.com)
July 3
Nepal signs labor pact with UAE (ekantipur.com)
NEPSE crosses 600-mark (ekantipur.com)
‘Operate Dhaka-Ktm bus service’-Hasan Mansur (ekantipur.com)
144 KL of petrol pumped out in Valley (ekantipur.com)
Consumer inflation eases (ekantipur.com)
Governor Bhattarai summoned, Pradhan freed on bail (Nepalbiznews.com)
No ‘on-arrival’ visas for seven countries (nepalnews.com)
Wednesday, July 04, 2007
Consumer inflation eases
Consumer inflation eases
eKantipur.com, 3-Jul-07
As an impact of lower rate of price rise in food materials and appreciation of the Nepali currency, consumer prices grew at 4.6 percent in mid-May.
However, average inflation for the first 10 months of the fiscal year remained at 6.8 percent, says a latest report of Nepal Rastra Bank (NRB).
According to the report on the country's macroeconomic situation for the first ten months, prices of food and beverages rose by 6.1 percent during the period, contrary to a rise of 9.1 percent a year ago.
During the period, the price of spices grew by 20 percent. However, the prices of sugar and related products declined by 16.3 percent, pulses went down by 11.2 percent, grains and cereal products declined by 6.4 percent, vegetables and fruits dropped by 6.4 percent and beverages lowered by 2.3 percent, easing inflation.
Likewise, prices of non-food items and services rose by 3 percent compared to a rise of 9.1 percent of the same period last year. The moderate rise in prices of this group is due to the impact of recent appreciation of the Nepalese currency against the US dollar on imported commodities. According to NRB, Nepali currency vis-à-vis US dollar appreciated by 12.79 percent in mid-May in comparison to mid-July 2006.
The exchange rate of one US dollar stood at Rs 65.70 in mid-May 2007 compared to Rs 72.19 in mid-May 2006. As a result, remittance receipt of the country grew at a slower rate.
NRB report further says that Nepal's external sector did not perform satisfactorily in the first ten months of 2006/07. “Exports fell by 0.3 percent in contrast to a growth of 3.3 percent recorded in the same period last year.”
The central bank has attributed the decline to a number of factors such as deteriorating security condition, frequent bandas, lack of investment friendly climate and power shortages.
While exports to India rose by just 1 percent in the first 10 months, exports to other countries declined by 3.1 percent. In the same period last year, exports to India had grown by 8 percent, and exports to other countries had declined by 5.6 percent.
Likewise, the country's total imports rose by 10.5 percent during the period, whereas it had grown by 16 percent in the same period last year.
Imports from India also increased at a slower rate of 11.4 percent and imports from other countries also rose by 9 percent during the period.
eKantipur.com, 3-Jul-07
As an impact of lower rate of price rise in food materials and appreciation of the Nepali currency, consumer prices grew at 4.6 percent in mid-May.
However, average inflation for the first 10 months of the fiscal year remained at 6.8 percent, says a latest report of Nepal Rastra Bank (NRB).
According to the report on the country's macroeconomic situation for the first ten months, prices of food and beverages rose by 6.1 percent during the period, contrary to a rise of 9.1 percent a year ago.
During the period, the price of spices grew by 20 percent. However, the prices of sugar and related products declined by 16.3 percent, pulses went down by 11.2 percent, grains and cereal products declined by 6.4 percent, vegetables and fruits dropped by 6.4 percent and beverages lowered by 2.3 percent, easing inflation.
Likewise, prices of non-food items and services rose by 3 percent compared to a rise of 9.1 percent of the same period last year. The moderate rise in prices of this group is due to the impact of recent appreciation of the Nepalese currency against the US dollar on imported commodities. According to NRB, Nepali currency vis-à-vis US dollar appreciated by 12.79 percent in mid-May in comparison to mid-July 2006.
The exchange rate of one US dollar stood at Rs 65.70 in mid-May 2007 compared to Rs 72.19 in mid-May 2006. As a result, remittance receipt of the country grew at a slower rate.
NRB report further says that Nepal's external sector did not perform satisfactorily in the first ten months of 2006/07. “Exports fell by 0.3 percent in contrast to a growth of 3.3 percent recorded in the same period last year.”
The central bank has attributed the decline to a number of factors such as deteriorating security condition, frequent bandas, lack of investment friendly climate and power shortages.
While exports to India rose by just 1 percent in the first 10 months, exports to other countries declined by 3.1 percent. In the same period last year, exports to India had grown by 8 percent, and exports to other countries had declined by 5.6 percent.
Likewise, the country's total imports rose by 10.5 percent during the period, whereas it had grown by 16 percent in the same period last year.
Imports from India also increased at a slower rate of 11.4 percent and imports from other countries also rose by 9 percent during the period.
BIMSTEC members still divided
BIMSTEC members still divided
eKantipur.com, 29-Jun-07
Despite earlier understanding, seven member countries of South-Southeast Asian economic bloc including Nepal stand wide apart on value addition condition and negative list for free trade within the bloc.
The differences surfaced after Thailand, contrary to previous understanding, pushed for 30 percent flat value addition condition for all at the 14th meeting of BIMSTEC Trade Negotiating Committee, said a participant of the meeting.
Previously, all members had agreed for different rate of value addition for developing and LDC members -- 35 percent for developing countries and lower for LDCs.
While developing countries -- India, Thailand, Sri Lanka and Myanmar -- had pushed for 30 percent value addition for LDCs, LDCs including Nepal, Bangladesh and Bhutan, were seeking to fix it at 25 percent.
Senior officials from BIMSTEC member countries, who met in Thimpu last week, also failed to converge on volume of items to be listed under the negative list.
Nepal and other South Asian members stood firm on their position to retain 20 percent of total tradable items into the negative list. "Thailand, on the other hand, demanded that it be brought down at 10 percent," said the source. Negative list would include items on which tariff would not be reduced.
Likewise, they failed to reach consensus on safeguard measures.
"Consensus on issues such as customs cooperation and trade facilitation was reached," said the source. The officials decided to meet next in Dhaka from September 24 to 26 to iron out differences. They also agreed to continue negotiations on agreement for services and investment side by side of trade in goods from the next meeting.
BIMSTEC ratified framework agreement for FTA in trade in goods and trade in services and investment in February 2004.
However, failing to finalize the agreement, it missed the agreed date of enforcement of FTA on commodity trade in July 2006.
Given the pace of negotiations, it is further set to miss the date of enforcing FTA on trade in services and investment in July 2007. Under the broader principles, BIMSTEC members have agreed to trade goods under the 'fast track' and 'normal track' of trade liberalization.
Under the fast track, members would bring down the tariffs in the range of zero to 5 percent by June 2009 for developing countries and June 2011 for least developed countries. In the case of normal track, they will follow a gradual tariff liberalization programs.
The developing countries will have to comply with it by June 2010 for each other and 2012 for least developed members. While for LDC members, the compliance deadline is July 2017 for developing countries and June 30, 2015 for each other.
eKantipur.com, 29-Jun-07
Despite earlier understanding, seven member countries of South-Southeast Asian economic bloc including Nepal stand wide apart on value addition condition and negative list for free trade within the bloc.
The differences surfaced after Thailand, contrary to previous understanding, pushed for 30 percent flat value addition condition for all at the 14th meeting of BIMSTEC Trade Negotiating Committee, said a participant of the meeting.
Previously, all members had agreed for different rate of value addition for developing and LDC members -- 35 percent for developing countries and lower for LDCs.
While developing countries -- India, Thailand, Sri Lanka and Myanmar -- had pushed for 30 percent value addition for LDCs, LDCs including Nepal, Bangladesh and Bhutan, were seeking to fix it at 25 percent.
Senior officials from BIMSTEC member countries, who met in Thimpu last week, also failed to converge on volume of items to be listed under the negative list.
Nepal and other South Asian members stood firm on their position to retain 20 percent of total tradable items into the negative list. "Thailand, on the other hand, demanded that it be brought down at 10 percent," said the source. Negative list would include items on which tariff would not be reduced.
Likewise, they failed to reach consensus on safeguard measures.
"Consensus on issues such as customs cooperation and trade facilitation was reached," said the source. The officials decided to meet next in Dhaka from September 24 to 26 to iron out differences. They also agreed to continue negotiations on agreement for services and investment side by side of trade in goods from the next meeting.
BIMSTEC ratified framework agreement for FTA in trade in goods and trade in services and investment in February 2004.
However, failing to finalize the agreement, it missed the agreed date of enforcement of FTA on commodity trade in July 2006.
Given the pace of negotiations, it is further set to miss the date of enforcing FTA on trade in services and investment in July 2007. Under the broader principles, BIMSTEC members have agreed to trade goods under the 'fast track' and 'normal track' of trade liberalization.
Under the fast track, members would bring down the tariffs in the range of zero to 5 percent by June 2009 for developing countries and June 2011 for least developed countries. In the case of normal track, they will follow a gradual tariff liberalization programs.
The developing countries will have to comply with it by June 2010 for each other and 2012 for least developed members. While for LDC members, the compliance deadline is July 2017 for developing countries and June 30, 2015 for each other.
Demands on budget threaten financial stability: Mahat
Demands on budget threaten financial stability: Mahat
eKantipur.com, 27-Jun-07
Finance Minister Dr Ram Sharan Mahat has said that the process of formulating budget for the upcoming fiscal year has become a daunting task due to unprecedented pressure from all sectors for unjustifiably high budget allocations.
"What we all need to understand is that the government is not in a position to meet all those unmanageable demands, because the economy is not expanding, and government has limited resources," he told the Post.
The finance minister also warned that if the government formulates an expansionary budget by addressing the existing pressures, it would erode Nepal's international credibility thereby affecting future foreign assistance.
"The financial stability that the government has been able to maintain in difficult periods over the years will be at stake should we address all those demands," Dr Mahat said.
Dr Mahat reiterated that the topmost priority of the upcoming budget is to hold elections of constituent assembly and government will earmark necessary budget for that purpose. However, he added that extremely high demand of budget for the poll, which is running at around Rs 8 billion (Rs 2 billion from Election Commission and Rs 6 billion for the Home Ministry for election security) is something unmanageable. "Bringing the demand into a realistic size and allocation required for ongoing projects is a big challenge," Mahat said
He further said that almost all the demands have been placed in ad hoc manner and lack due processing, related to total cost, technical evaluation and viability.
"There are certain procedures that a project should go through to be included in the national budget," Dr Mahat said, adding, "Even if we allocate budget for such projects, it will have to face various problems in their implementation phase."
"The demand for additional budget is high in recurrent expenditure, especially in the consumption sector like raising perks and benefits, and recruiting additional manpower whereas we want to increase budget in the development activities with high returns," said Dr Mahat.
Referring to the demand of government employees to raise their salary, he said that the government is studying a report submitted by the pay commission, inflationary trend and revenue mobilization and the understanding recently reached between the government and representatives of government employees, and a positive conclusion will be reached soon.
eKantipur.com, 27-Jun-07
Finance Minister Dr Ram Sharan Mahat has said that the process of formulating budget for the upcoming fiscal year has become a daunting task due to unprecedented pressure from all sectors for unjustifiably high budget allocations.
"What we all need to understand is that the government is not in a position to meet all those unmanageable demands, because the economy is not expanding, and government has limited resources," he told the Post.
The finance minister also warned that if the government formulates an expansionary budget by addressing the existing pressures, it would erode Nepal's international credibility thereby affecting future foreign assistance.
"The financial stability that the government has been able to maintain in difficult periods over the years will be at stake should we address all those demands," Dr Mahat said.
Dr Mahat reiterated that the topmost priority of the upcoming budget is to hold elections of constituent assembly and government will earmark necessary budget for that purpose. However, he added that extremely high demand of budget for the poll, which is running at around Rs 8 billion (Rs 2 billion from Election Commission and Rs 6 billion for the Home Ministry for election security) is something unmanageable. "Bringing the demand into a realistic size and allocation required for ongoing projects is a big challenge," Mahat said
He further said that almost all the demands have been placed in ad hoc manner and lack due processing, related to total cost, technical evaluation and viability.
"There are certain procedures that a project should go through to be included in the national budget," Dr Mahat said, adding, "Even if we allocate budget for such projects, it will have to face various problems in their implementation phase."
"The demand for additional budget is high in recurrent expenditure, especially in the consumption sector like raising perks and benefits, and recruiting additional manpower whereas we want to increase budget in the development activities with high returns," said Dr Mahat.
Referring to the demand of government employees to raise their salary, he said that the government is studying a report submitted by the pay commission, inflationary trend and revenue mobilization and the understanding recently reached between the government and representatives of government employees, and a positive conclusion will be reached soon.
Revenue collection shoots up
Revenue collection shoots up
eKantipur.com, 25-Jun-07
Revenue collection increased by an impressive 20.77 percent in the first 11 months of the current fiscal year, even though the economy is yet to see a convincing revival.
The data released by Ministry of Finance shows that the government collected revenue amounting to Rs 71.28 billion during the period. During the period, the government spent around 61 billion rupees under the recurrent expenditures. It has earmarked around 83 billion rupees under the recurrent expenditure for the current fiscal year.
The government's development budget, however, has been progressing at a snail's pace. The government expended only Rs 20.62 billion under the capital expenditure. The government has appropriated Rs 44.97 billion under capital expenditure for this fiscal year.
On the repayment of loans, the government paid off Rs 14.37 billion as principal debt of both foreign and domestic loans during the period.
Over the period, over Rs 105 billion was released from the government's coffer, a steady 22.8 percent rise, as compared to the amount release in the same period last year. Of the total, Rs 67 billion was released under the recurrent expenditure and Rs 23 billion under the capital expenditure.
eKantipur.com, 25-Jun-07
Revenue collection increased by an impressive 20.77 percent in the first 11 months of the current fiscal year, even though the economy is yet to see a convincing revival.
The data released by Ministry of Finance shows that the government collected revenue amounting to Rs 71.28 billion during the period. During the period, the government spent around 61 billion rupees under the recurrent expenditures. It has earmarked around 83 billion rupees under the recurrent expenditure for the current fiscal year.
The government's development budget, however, has been progressing at a snail's pace. The government expended only Rs 20.62 billion under the capital expenditure. The government has appropriated Rs 44.97 billion under capital expenditure for this fiscal year.
On the repayment of loans, the government paid off Rs 14.37 billion as principal debt of both foreign and domestic loans during the period.
Over the period, over Rs 105 billion was released from the government's coffer, a steady 22.8 percent rise, as compared to the amount release in the same period last year. Of the total, Rs 67 billion was released under the recurrent expenditure and Rs 23 billion under the capital expenditure.
Interim plan aims to achieve 5.50 % economic growth rate, reduce poverty
Interim plan aims to achieve 5.50 % economic growth rate, reduce poverty
Nepanews.com, 24-Jun-07
The three-year interim plan prepared to address the transitional period after the conflict has laid priority on communications, transport, reconstruction and rehabilitation works, among others, the Kantipur daily reports.
According to the report, in the draft of Adharpatra prepared by National Planning Commission (NPC) in which there is representation of eight parties clearly aims to spend Rs 587, 770,000,000 (US$9 billion) in development activities in the next three years period.
The news report further says that the aim of achieving the kind of economic growth rate and coming up with development expenditure and foreign assistance is very ambitious and that some of the programmes that features in the 10th 5 year plan has been given continuity in it also.
The interim plan has ambitious aims to achieve 5.50 % growth rate and bring down the percentage of people living below the poverty line to 24 percent during its three year period. Similarly, the growth rate envisaged for agriculture and non-agriculture sector is also very high.
The interim plan also chiefly aims to reconstruct and restore the physical, economic and social infrastructure that have been destroyed and left crumbling and in disrepair. It also aims to generate more employment, promote peace and good governance, invest in development of physical infrastructures and run development programmes in Karnali including other backward areas.
Nepanews.com, 24-Jun-07
The three-year interim plan prepared to address the transitional period after the conflict has laid priority on communications, transport, reconstruction and rehabilitation works, among others, the Kantipur daily reports.
According to the report, in the draft of Adharpatra prepared by National Planning Commission (NPC) in which there is representation of eight parties clearly aims to spend Rs 587, 770,000,000 (US$9 billion) in development activities in the next three years period.
The news report further says that the aim of achieving the kind of economic growth rate and coming up with development expenditure and foreign assistance is very ambitious and that some of the programmes that features in the 10th 5 year plan has been given continuity in it also.
The interim plan has ambitious aims to achieve 5.50 % growth rate and bring down the percentage of people living below the poverty line to 24 percent during its three year period. Similarly, the growth rate envisaged for agriculture and non-agriculture sector is also very high.
The interim plan also chiefly aims to reconstruct and restore the physical, economic and social infrastructure that have been destroyed and left crumbling and in disrepair. It also aims to generate more employment, promote peace and good governance, invest in development of physical infrastructures and run development programmes in Karnali including other backward areas.
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