Weekly Economic Updates (05 June 2024–11 June2024)
3 min readJun 12, 2024
- Nepal to Host the 21st IDA Meeting — Nepal is set to host the 21st meeting of the International Development Association (IDA) under the World Bank from June 18 to 21, 2024. This will be the largest program of the World Bank organized by Nepal.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-to-host-21st-ida-meeting-the-largest-world-bank-event-in-the-country ) - Nepal’s Economy to Grow- According to The International Monetary Fund, Nepal’s economy is improving despite some problems. It is expected to grow by 4.9% till next year due to stronger spending within the country.
(Source: https://kathmandupost.com/money/2024/06/07/imf-expects-nepal-s-economic-activity-to-pick-up-in-coming-fiscal) - Tourism Industry Booms- Tourism Nepal’s tourism industry brought in USD 2.5 billion last year and provided over 1.1 million jobs. That’s 15% of all jobs in Nepal, and the number is expected to grow even higher in 2024.
(Source: https://kathmandupost.com/money/2024/06/10/nepal-s-tourism-paid-for-1-19-million-jobs-in-2023) - Developing Nepal Into an IT Hub — Prime Minister Pushpa Kamal Dahal has said that the upcoming fiscal year’s budget focuses on establishing IT as an important driver for economic growth and promotes the development of AI with regulatory provisions in place.
(Source: https://myrepublica.nagariknetwork.com/news/budget-aims-to-develop-nepal-into-an-it-hub-over-next-decade-pm/#:~:text=The%20budget%20has%20announced%20to,the%20government%20has%20pledged%20to ) - IMF’s Concern Over Audit Reports — The IMF has expressed its concern over Nepal’s slow economic progress and financial reforms, recommending amendments to the NRB act, independent audits, and enhanced financial transparency.
(Source: https://myrepublica.nagariknetwork.com/news/imf-shows-concern-over-the-audit-report-of-the-credits-issued-by-bfis/ ) - 2024 K-Culture Day Celebrated — The Embassy of the Republic of Korea in Nepal hosted the ‘2024 K-Culture Day’ at the Himalayan Hotel on 7th June, featuring activities like the ‘2024 Quiz on Korea in Nepal’, the ‘Korean Speech Contest’ and a ‘K-Culture Experience Event’.
(Source: https://myrepublica.nagariknetwork.com/news/2024-k-culture-day-celebrated-in-kathmandu/ ) - Back in the Table: 5G in Nepal — After a three-year hiatus, Nepal Telecommunications Authority (NTA) is ready to auction 5G services in Nepal. Services providers are to clear outstanding dues to the government to start the bidding. However, speculations about the ambiguous demand and need for 5G services persist.
(Source: https://kathmandupost.com/money/2024/06/09/after-3-years-nepal-dusts-off-plan-to-launch-5g ) - Electricity Imports Generate 11 billion in Profits — Earning NPR 11.6 billion in profits in the past 9 months, Nepal Electricity Authority (NEA) officials say increased electricity consumption and export to India are some contributors. NEA has a total accumulated profit of NPR 33.64 billion.
(Source: https://thehimalayantimes.com/business/neas-profit-in-nine-months-exceeds-11-billion ) - Prime Minister’s Visit to India — PM Puspa Kamal Dahal went to India on the invitation of Narendra Modi to attend his swearing-in ceremony on June 9. On his official visit, he met the newly elected PM of India, Narendra Modi, President Draupadi Murmu, and Foreign Minister S. Jaishankar. He returned to the country on June 10.
(Source: https://kathmandupost.com/national/2024/06/10/prime-minister-dahal-returns-home-from-india ) - Surrendering Life Insurance Policies on the Rise — Nepal Insurance Authority records show that people canceled their life insurance policies worth over NPR 10.70 billion before maturity in the first 10 months of this fiscal year. This has likely risen due to the slowdown in economic activity this year.
(Source: https://myrepublica.nagariknetwork.com/archive/156184/NIA-records-show-surrender-of-life-insurance-policies-worth-over-Rs-10-billion-in-current-FY )
