Weekly economic updates (15th May 2024–21st May 2024)
3 min readMay 22, 2024
- PM Dahal passed floor test for fourth time — Prime Minister Puspa Kamal Dahal has secured the vote of confidence for the fourth time in his tenure. In the 275 member House of Representatives, PM Dahal received 157 votes in favor of him while the largest party in the assembly Nepali Congress did not participate in voting.
(Source: Prime Minister Dahal secures trust vote for the fourth time (kathmandupost.com) - Two Indian spices banned in Nepal — Nepal’s food safety agency has banned the sales and imports of Indian spices brand MDH and Everest. The ban was the result of several findings from other countries that they contain cancer causing Ethylene Oxide.
(Source: Nepal bans widely used Indian spice brands Everest and MDH (kathmandupost.com) ) - NRB lowers risk weightage of vehicle loan — Nepal rastra bank has reduced the risk weightage of vehicle loan provided by banks and financial institutions through third quarter review of monetary policy. NRB has reduced risk weightage of such loans from 125% to 100%.
(Source: Central Bank Lowers Risk Weightage of Vehicle Loan through Monetary Policy Review | New Business Age | Leading English Monthly Business Magazine of Nepal ) - Foreign trade crunched by NRs. 37 billion — For the first ten months of fiscal year 2023/24, Nepal’s total foreign trade decreased to NRs. 1.429 trillion during mid May 2024 from NRs. 1.466 trillion in the same review period last year.
(Source:Nepal’s foreign trade declined around Rs 37 billion in the first 10 months of current FY — myRepublica — The New York Times Partner, Latest news of Nepal in English, Latest News Articles (nagariknetwork.com) ) - Bhairahawa customs falls short of revenue target — Bhairahawa customs has fallen short by 49% of its revenue collection target with only two months remaining in this fiscal year. The department of customs had set a revenue collection target of NRs. 127.83 billion for the customs office, but only NRs. 65.90 billion is collected in the first ten months.
(Source: Bhairahawa Customs collects only 51 per cent of revenue (risingnepaldaily.com) ) - Deposits grew by 7% in BFIs — According to the Current Macroeconomic and Financial Situation report published by NRB, the deposits mobilization in banks and financial institutions increased by NRs. 409.04 billion in the first nine months of the fiscal year.
(Source: BFI deposits grow by 7 per cent (risingnepaldaily.com)) - Support for regional and traditional talents- 1,000 young people will receive subsidized loans for “startup businesses” from the government in the upcoming fiscal year (FY) 2024–2025. In the upcoming year, the government will help 1,000 small business owners which supports regional and traditional talents.
(Source:https://english.onlinekhabar.com/1000-youths-will-be-given-startup-business-loan.html) - Government yet to spend allocated budget — The government still needs to spend NRs. 435 billion to meet the revised budget goals, having spent NRs. 770 billion on current expenses and NRs. 119 billion on capital expenditures against targets of NRs. 1007 billion and NRs. 302 billion, according to FCGO office.
(Source: Government Yet to Spend Rs 435 Billion Budget with Two Months Left for Current FY to End | New Business Age | Leading English Monthly Business Magazine of Nepal) - Future challenges amid climate ignorance — As to the poll, households reported economic losses of Rs415.44 billion in the last five years, both on and off farm, with the exception of substantial infrastructure damages. A notably large proportion of households in Nepal are unaware of the effects of climate change.
(Source:https://kathmandupost.com/money/2024/05/15/nepal-s-agriculture-water-resources-under-climate-threat) - Harnessing the potential of hydropower — An increasingly important pillar for long-term, sustainable growth is the hydropower sector. Nepal has the capacity to strengthen its energy independence and lessen its need on imported fuels because of its undeveloped rivers and expanding hydropower development capabilities.
(Source:https://theannapurnaexpress.com/story/48876/)
