Weekly Economic Update (2 June 2022 to 9 June 2022)

  1. Nepal is exporting excess electricity to India — The Nepal Electricity Authority sold the surplus of energy to the Indian market at NRP 6 per unit, resulting in a profit of roughly NRP 10 million. So far, India has permitted NEA to sell 346 MW on the open market, and Nepal wants to raise this number. (Source: https://economictimes.indiatimes.com/industry/energy/power/nepal-starts-exporting-surplus-energy-to-india/articleshow/92024858.cms)
  2. Karnali releases its annual policy and program — In the annual program released for the fiscal years 2022/23 by the Karnali provincial government, the focus is on ‘Prosperous Karnali, Happy Karnali People’ to focus on inclusive socio-economic change and poverty reduction. (Source: https://myrepublica.nagariknetwork.com/news/policy-and-programs-focus-on-health-education-and-infrastructure/)
  3. West Seti Hydropower Project to be built by an Indian company — The Investment Board of Nepal granted NHPC, an Indian corporation, the contract to build the West Seti Hydropower of the 750 MW project along with 308 MW SR6 storage. (Source: https://myrepublica.nagariknetwork.com/news/indian-company-to-build-west-seti-hydropower-project/)
  4. NRB to implement tourism-friendly monetary policy — The NATTA requested NRB to extend the re-financing provision for another five years to help the tourist industry recover. Include fostering a culture of no-fee re-payment, arranging a ‘cash back incentive,’ and facilitating the financing flow to the tourist sector. (Source: https://myrepublica.nagariknetwork.com/news/natta-urges-nrb-to-bring-tourism-entrepreneur-friendly-monetary-policy/)
  5. Study panel created to address stock exchange market problems — Investors have expressed disappointment with the recently proposed budget for neglecting to include meaningful market-boosting measures for the stock market. After much outcry from the secondary market, the government has decided to take action. (Source: https://myrepublica.nagariknetwork.com/news/finmin-forms-study-panel-to-address-problems-of-stock-exchange-market/)
  6. Nepal-Switzerland partnered to help migrant workers in Nepal- Reintegration of Returnee Migrant Workers (ReMi) program phase 1 has been signed and exchanged between Nepal and Switzerland. This program is to support returnee migrants on reintegration matters. (Source: https://myrepublica.nagariknetwork.com/news/nepal-and-switzerland-partner-to-reintegrate-returnee-migrant-workers-in-nepal/)
  7. Fertilizers to be imported from India — Nepal’s government is prepared to import 80,000 tons of fertilizer from India. By mid-July, the government has initiated the process of importing 50,000 metric tons of urea and 30,000 metric tons of DAP (Di-ammonium Phosphate) into the nation. (Source: https://myrepublica.nagariknetwork.com/news/80-000-metric-tons-of-fertilizers-to-be-imported-from-india/)
  8. Sunday holiday rule rolled back — After being with public criticism, the Cabinet decided to roll back on the decision to give public holiday on Sunday effective from June 15. (Source: https://kathmandupost.com/national/2022/06/06/government-rolls-back-sunday-holiday-rule)
  9. Government prioritizing digital payment systems — Minister for Communications and Information Technology and Government Spokesperson Gyanendra Bahadur Karki to focus on information technology progress and prioritizing digital payment systems. Additionally, the cost of using the internet will be cut, making it more accessible and increasing the quality of the service. (Source: https://myrepublica.nagariknetwork.com/news/digital-payment-a-top-priority-for-govt-minister-karki/)

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