Weekly Economic Updates 17 September — 23 September 2021
- The Asian Development Bank revised the projected economic growth rate of Nepal to 4.1% from 5.1% for the year 2021/22, based on the huge dip in the country’s service sector, particularly the tourism sector. [1]
2. The Asian Development Bank approved an additional USD 69 million loan for the Electricity Grid Modernization Project, which would be used to expand, strengthen and modernize the power transmission capacity and distribution systems in Nepal. [2]
3. The Civil Aviation Authority of Nepal will be signing a long-term government-to-government deal with India to conduct periodic radar flight inspections and airport surveillance in order to ensure timely testing of equipment and airports. [3]
4. Raj Kumar Chhetri has been appointed as the Director General of the Civil Aviation Authority of Nepal (CAAN). He has over 30 years of experience in the aviation industry and has served as the spokesperson of CAAN and the General Manager of Tribhuvan International Airport. [4]
5. The Internet Service Providers’ Association of Nepal (ISPAN) decided to increase the tariff on internet services by NPR 150 in rural areas and NPR 300 in urban areas, in response to the Nepal Telecom’s decision to increase the rent of utility poles. [5]
6. The construction of the 400KV Hetauda-Dhalkebar Inaruwa double circuit transmission line that was started eight years ago is yet to be completed owing to obstructions by locals.[6]
7. Commercial Banks of Nepal collected deposits worth NPR 26 billion in the last week, despite expectations of a liquidity crunch owing to the government’s inability to spend the budget.[7]
8. The government has allocated a record NPR 15 billion to ensure smooth supply of fertilizers for FY 2021/22. However, the budget is still short by NPR 5 billion to procure the desired 400,000 tons. [8]
9. Banks and Financial institutions in Nepal have started providing new banknotes targeting the Dashain festival. According to the Nepal Rastra Bank, necessary arrangements have been made to distribute the new notes through 27 commercial banks and their branches across the country.[9]
10. As per the Ministry of Industry, Commerce and Supplies, the government is preparing to open 39 fair-price shops in Kathmandu and major cities of Nepal for the upcoming Dashain and Tihar festivals.[10]
[3] https://kathmandupost.com/money/2021/09/18/nepal-to-sign-deal-with-india-for-periodic-airport-checks
[5] https://english.onlinekhabar.com/nepal-internet-price-up.html
[7] https://myrepublica.nagariknetwork.com/news/commercial-banks-deposits-up-rs-26-billion-in-a-week/
[9] https://myrepublica.nagariknetwork.com/news/distribution-of-new-bank-notes-begins-today/
[10] https://english.onlinekhabar.com/fair-price-shops-dashain-2021.html
