Dec 9, 2021
2 min read
Weekly Economic Update (3rd December 2021 to 9th December 2021)
- Finance Minister Janardan Sharma has promised to develop the Budhi Gandaki Hydropower Project and begin the construction works during his tenure. [1]
- Vianet Communications Pvt. Ltd has partnered with China Communication Service Nepal (CHINAICTC), a subsidiary of China Telecommunications Corporation, for their network expansion in Western Nepal. Through this partnership, Vianet will look to build and expand its high-speed fiber network in the western provinces like Lumbini, Karnali, and Sudurpaschim. [2]
- Nepal Rastra Bank’s (NRB) study report has indicated that the Bagmati Province has contributed to NPR 1.604 trillion to Nepal’s GDP, which 46.7% of the total earnings of the service sector. [3]
- The government is introducing provisions for issuing infrastructure bonds and blended financing, claiming that the move is aimed at attracting more foreign direct investment. These provisions will be a part of the amendment of the Hedging Related Regulations 2018. [4]
- Finance Minister Janardhan Sharma, speaking at an international conference, said that 90% of the post-earthquake reconstruction work has been completed and the remaining would be completed within the current fiscal year. [5]
- Nepal Rastra Bank (NRB) is investing more than NPR 3 billion in the fixed deposits of banks and financial institutions. [6]
- The Federation of Nepal chambers of commerce and Industry (FNCCI) has urged the government to streamline procedural difficulties and existing laws for taxation. The simplification of the advance tax payment system and the issue of value added tax (VAT) payment of goods transactions carried out on credit are some of the requests made by FNCCI. [7]
- The Nepali Rupee weakened to a two-month low value against the US dollar, with Nepal Rastra Bank (NRB) fixing the exchange rate at NPR 120.98 per dollar on Tuesday. [8]
- Nepal has stepped up to receive a loan amounting USD 400 million from the International Monetary Fund (IMF) under the Extended Credit Facility. The IMF is supporting Nepal with a 38-month program to help the country in its process of economic recovery. [9]
- The Birgunj Customs Office, Nepal’s main trade transit, has seen products worth NPR 39.5 billion exported to neighboring countries like India in the first quarter of the fiscal year. The major exported goods are soybean oil, soybean oil seed cake, refined palm oil, fruit juice, refined sunflower oil and medicinal herbs. [10]
— — -
