Weekly economic updates (8th May 2024–14th May 2024)
- Surge in Forex reserves — The foreign exchange reserves has increased to NPR 1.911 trillion in the nine months of the current fiscal year as reported by Nepal Rastra Bank. It increased by 24.11% as of mid-April 2024.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-s-forex-reserves-surge-to-rs-1-911-trillion/)
2. Nepal kickoffs first automobile plant — Hyundai motors in collaboration with Laxmi group has commenced the operation of assembling Hyundai automobiles marking the first instance where an automobile is being assembled in Nepal.
3. MCA Nepal’s 400 kV Butwal substation to be built — MCA-Nepal signed a contract with Linxon India Pvt. Ltd. to build a 400kV substation in Nawalparasi on May 9, under a part of MCC’s electricity transmission project.
4. 16th five-year plan passed — The council of ministers has approved the 16th five-year plan with the main goal of “Good Governance, Social Justice and Prosperity”. The plan targets the economic growth of 7.3% and per capita income of USD 2,413.
5. Current account in surplus — Nepal Rastra Bank has reported a surplus of NPR 179.48 billion in the last nine months of fiscal year 2080/81. The balance was a deficit of NPR 60.43 billion in the same period last year.
(Source: https://www.newbusinessage.com/Articles/view/20962)
6. Fostering private sector confidence: The business sector and economists have advised the government to implement measures to boost the confidence of the private sector while it is creating the budget for the upcoming fiscal year.
7. 50 years of diplomatic relation with EU: In an effort to encourage greater European investment in Nepal and as part of 50 years of diplomatic relations, the European Union Delegation in Nepal is hosting the EU-Business Forum 2024 with Nepal on May 15–16, 2024.
8. Export deals with India and Bangladesh: According to President Paudel, the export of electricity to India and Bangladesh has been ensured, as 98% of the population has access to power, and the installed capacity for electricity generating has reached 3,940 MW.
9. Reconstruction cost of earthquake: The anticipated cost of the reconstruction cost of the earthquake is expected to exceed NPR 63.5 billion, although the National Disaster Risk Reduction and Management Authority (NDRRMA) indicated that the damage was valued at around NPR 58 billion.
(Source: https://english.khabarhub.com/2024/14/355655/)
10. Nepal and Switzerland collaborate on sustainable tourism: An agreement has been struck by the governments of Nepal and Switzerland to carry out the Trail-based Tourism Development Project (TTDP) in Koshi Province which will encourage sustainable tourism and promote local economic growth.