Weekly economic updates (14th June 2024–20th June 2024)
3 min readJun 21, 2024
- Government’s Reserve Fund Negative — The government’s reserve fund is at a negative NPR 204 billion as of mid-June 2024 as reported by the Financial Comptroller General Office (FCGO), increasing by NPR 23.70 billion from last year due to a revenue shortfall against rising government spending in the review period.
(Source: https://myrepublica.nagariknetwork.com/news/govt-s-reserve-fund-turns-negative-at-rs-204-billion/) - Unemployment Rate Rises in Nepal — According to the National Statistics Office, the unemployment rate reached 12.6% in FY 2079/80 through its fourth living standards survey. The unemployment rate rises up from 4.9% in the first living standards survey conducted in FY 2052/53 because of scarcity of job opportunities in the domestic nation forcing youths to seek opportunities abroad.
(Source: https://www.newbusinessage.com/Articles/view/21275) - Second 400kV Substation Construction Contract Signed - The Millennium Challenge Account Nepal contracted Techno Electric and Engineering Company, India, to build a 400kV substation at Belkotgadhi, Nuwakot. This is the second contract signed by MCA Nepal under the MCC Nepal Compact.
(Source: https://kathmandupost.com/money/2024/06/15/mca-nepal-signs-second-400kv-substation-construction-contract) - Police Arrest Dairy Farmers Amidst Protest — Police arrested about 50 dairy farmers who were demanding NPR 6 billion in outstanding payments from both private and state-owned dairy companies. The arrested farmers are being held at various police stations in the Kathmandu Valley.
(Source: https://kathmandupost.com/visual-stories/2024/06/19/police-arrest-dairy-farmers-during-protest-at-dairy-development-corporation#:~:text=Police%20arrested%20dozens%20of%20dairy,the%20Central%20Dairy%20Cooperatives%20Association.) - International Tourism Fair Draws Over 5000 Visitors — The Nepal International Tourism Fair was organized on June 14 to 15 with the aim of promoting Nepal’s tourism at the international level in Bhrikutimandap. It saw participation from 150 tourism professionals from 16 countries and drew over 5,000 visitors.
(Source: https://myrepublica.nagariknetwork.com/news/int-l-tourism-fair-concludes-draws-over-5-000-visitors/#:~:text=KATHMANDU%2C%20June%2016%3A%20The%20two,international%20level%2C%20concluded%20on%20Saturday.) - Britain Offers Special Trading Preferences — The British ambassador to Nepal has assured that Nepal will be provided with a special trade facility through its Developing Countries Trading Scheme, which promotes sustainable growth by using a more generous trade preferences scheme in developing countries.
(Source: https://kathmandupost.com/money/2024/06/14/britain-offers-nepal-special-trading-preferences#:~:text=On%20Wednesday%2C%20Rob%20Fenn%2C%20the,GSP) - Pashmina Dedusting Plant Established — A Chyangra Pashmina fiber dedusting plant established by the Nepal Pashmina Industries Association has been inaugurated in Lo Manthang which strengthens the supply of high-quality Chyangra fiber for the production and export of Pashmina in Nepal.
(Source: https://kathmandupost.com/money/2024/06/17/pashmina-de-dusting-plant-established-in-lomanthang#:~:text=A%20modern%20Chyangra%20fibre%20de,local%20level%20for%20Chyangra%20pashmina. ) - “SAFE-Girls” Project to Empower Young Women — The Korea International Cooperation Agency and the United Nations Population Fund Nepal have signed an agreement for a USD 6.6 million project “SAFE-Girls” to support adolescent teenagers and young women in Nepal for the next four years.
(Source:https://myrepublica.nagariknetwork.com/archive/156371/KOICA-and-UNFPA-join-hands-to-empower-adolescent-girls-and-young-women-in-Nepal) - Defense Secretary Under CIAA Scan- The Commission for Investigation of Abuse of Authority (CIAA) has initiated the investigation against Defense Secretary Kiran Raj Sharma for allegedly holding a permanent residency card (PR) in the USA.
(Source: https://myrepublica.nagariknetwork.com/news/defense-secretary-sharma-under-ciaa-scanner-for-allegedly-holding-foreign-permanent-residency-card/) - Promising Signs for the Economy- Financial transactions via banks in Nepal surged by 40% this Baisakh as compared to Baisakh 2080 BS, while cash circulation increased by 10%. The rise in QR-based payments to over NPR 50 billion in Baisakh highlights increased retail transactions. (Source: https://www.onlinekhabar.com/2024/06/1497268)
