Weekly Economic Update (22 July 2022 to 28 July 2022)
1. Operation of freight train from India to Morang- The cargo train from Bathnah in India to Biratnagar in Morang will be operating in 10–15 days following the completion of administrative processes. The train will help industrialists affected by the obstruction of the Mirganj bridge while also increasing trade with India. (Source: https://myrepublica.nagariknetwork.com/news/biratnagar-bathnah-freight-train-to-come-into-operational-within-two-weeks/)
2. Abhiyaan Lagubitta to issue IPO- Abhiyaan Lagubitta plans on opening up its IPO of 975,000 shares worth NPR 97.5 million at NPR 100 per share on August 3. 913,750 shares will be issued to the general public and they can purchase a minimum of 10 shares up to 3000 shares until August 7. (Source: https://myrepublica.nagariknetwork.com/news/abhiyaan-lagubitta-to-issue-ipo/)
3. Nepal and Korea sign MoU for tourism- Korea Alpine Federation and Nepal Tourism Board have signed this agreement to promote Nepali tourism in Korea. Korea has also agreed to promote sports tourism, especially adventure sports, in Nepal. (Source: https://myrepublica.nagariknetwork.com/news/ntb-establishes-relation-with-korea-alpine-federation/)
4. Government to allow paragliding in Kavre: The Government of Nepal has allowed Phulchoki Adventure Pvt. Ltd. to conduct commercial paragliding in Kushadevi, Kavrepalanchowk district. According to company president Chhabi Lal Humagain, paragliding will be operational in the next two months and take place from 10 am to 4 pm. (Source: https://myrepublica.nagariknetwork.com/news/ministry-grants-permission-to-operate-paragliding-in-kavre-s-kushadevi/)
5. Task Force to rescue Nepali migrant workers- Ministry of Labor, Employment, and Social Security have formed a task force to examine the conditions of migrant workers being treated for serious medical conditions during the course of their employment in foreign countries. The task force would identify ways to rescue the workers from foreign countries, bring them home, and give them effective treatment. (Source: https://myrepublica.nagariknetwork.com/news/task-force-formed-to-rescue-nepali-migrant-workers-in-serious-condition/)
6. Public transport fares increase again- Bagmati Province has increased public transport fares. Passengers will have to pay NPR 20 to travel up to 5 kilometers, and NPR 27 to travel up to 10 kilometers within Kathmandu Valley. Fares for public passenger vehicles outside the valley will increase by 8.39%. (Source: https://myrepublica.nagariknetwork.com/news/public-transport-fares-increased/)
7. Final construction of Tarigaun Airport fuel depot- The fuel depot at the Tarigaun Airport will have the capacity to deposit 30,000 liters of fuel. The project started about a year ago and has reached its final stage. The depot will become operational following technical tests. (Source: https://myrepublica.nagariknetwork.com/news/construction-of-fuel-depot-in-final-stage-at-tarigaun-airport)
8. Nepal Rastra Bank (NRB) reduces loan threshold- NRB has tightened loans given to private businesses by reducing the threshold to 12.6% as opposed to the 19% threshold in the previous fiscal year. (Source: https://myrepublica.nagariknetwork.com/news/nrb-to-tighten-loans-to-private-sector-says-it-will-be-maintained-at-maximum-of-12-6-percent/)
9. Sikles Hydropower’s IPO open to residents- Sikles Hydropower has agreed to open IPOs for residents at the Madi Rural Municipality who are affected by its hydropower projects. The company will sell 850,000 units of shares worth NPR 85 million. (Source: https://www.investopaper.com/news/sikles-hydropower-ipo/)
10. Upper House approves new Nepal Citizenship Act- During a meeting of the National Assembly, the Upper House of the federal parliament approved the Nepali Citizenship Act Proposal presented by Bal Krishna Khand, Minister of Home Affairs. The bill makes revisions to current citizenship provisions, making it more compatible with the Nepali constitution. (Source: https://kathmandupost.com/national/2022/07/25/everything-you-need-to-know-about-new-amendment-to-the-citizenship-act)
