Weekly Economic Update
(25 March 2023– 30 March 2023)
1. WB to provide Nepal grants totaling NPR 16 billion — The World Bank (WB) will give the Government of Nepal USD 120 million to carry out the latter’s agenda for the school education sector. (Source: https://myrepublica.nagariknetwork.com/news/world-bank-grants-nepal-whooping-npr-16-billion/)
2. Annapurna circuit trek observes 2,475 tourists in 3 months — According to the Annapurna Conservation Area Project Tourist Check Point in Dharapani, a total of 2,475 foreign tourists have arrived for the Annapurna circuit trek from January-March 2023. (Source: https://risingnepaldaily.com/news/24456)
3. CAAN suspends two air traffic controllers — After Nepal Airlines and Air India’s aircrafts nearly collided in the skies on March 24, the Civil Aviation Authority of Nepal (CAAN) suspended two air officers involved. (Source: https://myrepublica.nagariknetwork.com/news/aircrafts-of-nac-and-air-india-almost-collided-in-sky-on-march-24-caan-suspends-two-air-traffic-controllers/)
4. NRB to assist international teams to audit commercial banks — Nepal Rastra Bank (NRB) will make preparations for the auditing of Nepal’s 10 biggest commercial banks by international auditors to assess the quality of loans provided by the Nepali banks. (Source: https://theannapurnaexpress.com/news/nrb-prepares-ground-for-international-teams-to-audit-large-commercial-banks-40124)
5. Himalayan goat wool being examined for quality in Mustang — For the first time in Nepal, the International Trade Centre (ITC) is testing the wool quality of Himalayan goats in coordination with various international pashmina experts and associations. (Source: https://myrepublica.nagariknetwork.com/news/samples-of-himalayan-goat-wool-being-collected-in-mustang-for-quality-test/)
6. COVID-19 cases on the rise again — As the COVID-19 infections have started to spike again, the Ministry of Health and Population (MoHP) has urged all citizens to conduct the COVID-19 test if an individual has developed symptoms. (Source: https://www.nepalnews.com/s/capital/no-carelessness-on-covid-19-health-ministry-cautions)
7. 12 companies seek to study feasibility for electric bus operations — The Investment Board Nepal (IBN) has been approached by 12 international businesses to conduct a feasibility study for the operation of 75 electric buses inside the Kathmandu Valley’s Ring Road. (Source: https://myrepublica.nagariknetwork.com/news/12-companies-express-interests-for-feasibility-study-to-operate-electric-buses-on-ring-road-of-kathmandu-valley/)
8. Sluggish economic growth anticipated in current fiscal year — Nepal Rastra Bank (NRB) predicts a slow economic growth of 4–5% for the current fiscal year due to weak construction demand. (Source: https://myrepublica.nagariknetwork.com/category/economy)
9. Nepal-China agreed to resume bilateral trade — The Nepal-China Coordination Mechanism on Border Trade and Cooperation has agreed to resume bilateral trade and people’s movement through the Rasuwagadhi-Kerung border from April 1 and Tatopani/Zhangmu border from May 1, 2023. (Source: https://kathmandupost.com/national/2023/03/30/kerung-and-tatopani-border-points-set-to-reopen-fully-for-trade-travel)
10. Nepal-US Bilateral Land Forces talks conclude– The final meeting of Nepal-US Bilateral Land Forces’ Talk was held on March 30 and concluded with defense-related agreements between Nepal and the United States of America. (Source: https://kathmandupost.com/national/2023/03/30/nepal-us-conclude-bilateral-land-forces-talk-1680141827)
