MCA-Nepal starts construction of New Butwal Substation and 18-km Transmission Line

Millennium Challenge Account Nepal (MCA-Nepal) today commemorated the initiation of construction of the 18-kilometer (km) transmission line and the New Butwal Substation in Sunawal, Nawalparasi (Bardaghat Susta West). The new infrastructure, part of the Millennium Challenge Corporation (MCC) Nepal Compact, will strengthen Nepal’s electricity grid and establish a major energy trade interconnection between Nepal and India, according to MCA-Nepal.
MCA-Nepal Executive Director Khadga Bahadur Bisht joined Finance Minister Rameshore Prasad Khanal, the US Ambassador to Nepal Dean Thompson, and MCC Resident Country Director Diane Franscisco at the Construction Initiation event.
Khanal, on the occasion, said, “This project reflects the Government of Nepal’s strong commitment to expanding clean energy access, enhancing regional power trade, and supporting our national goal of long-term economic growth. With the support of MCC and MCA-Nepal, we are turning agreements into action for the benefit of the country."
"The United States is proud to stand with Nepal as a committed partner in building a more reliable energy system,” said the US Ambassador to Nepal Dean Thompson. “Projects like this transmission line and substation will not only help keep the lights on for families and businesses, but also create opportunities for trade, growth, and prosperity across the region. Today’s event is a testament to what we can achieve together.”
“Today marks a new chapter in strengthening Nepal’s energy security,” said Executive Director Bisht, on the occasion. “The transmission line and substation will create new opportunities for power trade and bring long-term benefits to our citizens," he said, adding that MCA-Nepal was proud and committed to implementing this project in close partnership with the Government of Nepal and MCC.
The 18-km Transmission Line will connect the 400kV New Butwal Substation to the Nepal-India border. Together, these projects represent nearly $50 million in investment and will help Nepal export clean hydropower to India under the landmark 2024 power trade agreement, which envisions 10,000 megawatts (MW) of electricity exports over the next decade.
The 18-km transmission line and New Butwal Substation are vital to Nepal’s economic future because they will connect the country’s growing hydropower supply to regional markets. By strengthening the backbone of Nepal’s high voltage grid, the project will make electricity delivery more reliable for households and businesses, reduce power losses, and enable Nepal to sell power to other countries. These improvements will help lower the cost of doing business, attract new private investment, and generate revenues that can be reinvested in Nepal’s development priorities, according to MCA-Nepal.
MCA-Nepal is the government entity established to implement the MCC Nepal Compact. The MCC Nepal Compact represents a total $747 million investment - $550 million in US grant funding and $197 million from the government to expand Nepal’s electricity transmission network, reduce transport costs, and create new opportunities for private sector growth. MCA-Nepal works in close partnership with MCC, the government and Nepali communities to ensure the compact delivers lasting benefits to the people of Nepal.

एमसिए–नेपालद्वारा न्यू बुटवल सबस्टेशन र १८ किमि प्रसारण लाइन निर्माण सुरु

एमसिए–नेपालले बुधबार (आज) नवलपरासी (बर्दघाट सुस्ता पश्चिम)को सुनवलमा आयोजित एक समारोहबीच न्यू बुटवल सबस्टेशन र १८ किमि प्रसारण लाइन निर्माण कार्यको शुभारम्भ गरेको छ । एमसीसी नेपाल कम्प्याक्ट कार्यक्रम अन्तर्गत निर्माण गर्न लागिएका यी नयाँ पूर्वाधारले नेपालको विद्युतीय सञ्जाललाई सशक्तीकरण गर्नुका साथै नेपाल र भारतबीच महत्वपूर्ण ऊर्जा व्यापार अन्तरसम्बन्ध स्थापना गर्ने मिलेनियम च्यालेञ्ज एकाउण्ट नेपाल विकास समिति (एमसिए–नेपाल) जनाएको छ ।

अर्थमन्त्री रामेश्वरप्रसाद खनाल, नेपालका लागि संयुक्त राज्य अमेरिकाका राजदूत डिन आर थम्प्सन, एमसीसीका आवासीय राष्ट्र निर्देशक डायन फ्रान्सिस्को, एमसिए–नेपालका कार्यकारी निर्देशक खड्ग बहादुर विष्ट तथा स्थानीय जनप्रतिनिधिको समुपस्थितिमा उक्त निर्माण शुभारम्भ कार्यक्रम आयोजना भएको थियो । 

“स्वच्छ ऊर्जामा पहुँचको विस्तार, क्षेत्रीय ऊर्जा व्यापारमा अभिवृद्धि तथा दीर्घकालीन आर्थिक वृद्धि हासिल गर्ने राष्ट्रिय लक्ष्यमा सहयोग पु¥याउने नेपाल सरकारको सशक्त प्रतिबद्धता यस आयोजनामा प्रतिविम्बित भएको छ । एमसीसी र एमसिए–नेपालको सहयोगबाट हामी राष्ट्रको हितका लागि सम्झौतालाई कार्यरूपमा रूपान्तरण गर्दैछौँ,” कार्यक्रममा अर्थमन्त्री खनालले भने ।

“थप भरपर्दाे ऊर्जा प्रणाली निर्माण गर्ने कार्यमा एक प्रतिबद्ध साझेदारका रूपमा नेपालसँग उभिन पाउँदा संयुक्त राज्य अमेरिकालाई गर्व लागेको छ”, नेपालका लागि संयुक्त राज्य अमेरिकाका राजदूत थम्प्सनले भने, “प्रसारण लाइन तथा सबस्टेशन जस्ता आयोजनाहरूले घरपरिवार तथा व्यवसायहरूका बत्ती बाल्नमा मात्र सघाउने नभई यस क्षेत्रभरि नै व्यापार, वृद्धि तथा प्रगतिका लागि अवसरहरू पनि सिर्जना गर्छ । आजको यो कार्यक्रम हामी सहकार्यबाट के कति हासिल गर्न सक्छौँ भन्ने कुराको प्रमाण हो ।”

“नेपालको ऊर्जा सुरक्षा सशक्त बनाउने सन्दर्भमा आज एउटा नयाँ अध्याय थपिएको छ”, एमसिए–नेपालका कार्यकारी निर्देशक विष्टले कार्यक्रममा भने, “यस प्रसारण लाइन तथा सबस्टेशनले ऊर्जा व्यापार विस्तार गर्न तथा नेपालीका लागि दीर्घकालीन लाभ दिलाउनमा नयाँ अवसरहरू सिर्जना गर्नेछन् । नेपाल सरकार तथा अमेरिकी सरकारको एमसीसीसँगको निकटतम साझेदारीमा यस आयोजनाको कार्यान्वयन गर्न पाएकोमा एमसिए–नेपाल गौरवान्वित छ र यसलाई सफल बनाउनमा प्रतिबद्ध छ ।”

यस १८ किमि प्रसारण लाइनले ४०० केभी न्यू बुटवल सबस्टेशनलाई नेपाल–भारत सीमासँग जोड्नेछ । करिब पाँच करोड अमेरिकी डलरको लगानीमा निर्माण गरिने यी ऊर्जा पूर्वाधारले आगामी दशकभित्रमा १० हजार मेगावाट बिजुली निर्यात गर्ने लक्ष्य लिएको ऐतिहासिक ऊर्जा व्यापार सम्झौता, सन् २०२४ अन्तर्गत स्वच्छ जलविद्युत् भारत निर्यात गर्नमा नेपाललाई सघाउ पु¥याउनेछ ।

यस १८ किमि प्रसारण लाइन र न्यू बुटवल सबस्टेशनले नेपालमा बढ्दो रूपमा उत्पादन हुन थालेको जलविद्युत्लाई क्षेत्रीय बजारसँग जोड्ने हुनाले यिनीहरू नेपालको आर्थिक भविष्यका लागि महत्वपूर्ण छन् । नेपालको उच्च भोल्टेजयुक्त विद्युतीय सञ्जाललाई सशक्त बनाउँदै यस आयोजनाले घरपरिवार एवं व्यवसायहरूका लागि विद्युत् आपूर्ति थप भरपर्दाे बनाउनेछ भने विद्युत् चुहावट घटाउनुका साथै नेपाललाई ऊर्जाको वैदेशिक व्यापार गर्न सक्षम बनाउने जनाइएको छ । यी सुधारबाट व्यवसाय सञ्चालनको खर्च घट्नेछ भने नयाँ निजी लगानी आकर्षित हुने र नेपालका विकास प्राथमिकतामा पुनःलगानी गर्न सकिने थप राजस्व आर्जन गर्न सहयोग पुग्ने पनि एमसिए–नेपालले जनाएको छ ।

UN Nepal calls for action as 16-day of activism begins

Digital abuse and digital violence are among the fastest-growing threats to women’s rights worldwide. Studies show that up to half of women globally have faced some form of online harassment or abuse. For adolescent girls, it often begins as early as ages twelve to fourteen, at a time when their social and emotional development is increasingly unfolding online.

Today, the United Nations (UN) in Nepal kicked off the 16-day of 'Activism Against Gender-Based Violence' together with the Minister for Communication and Information Technology Jagdish Kharel, reaffirming Nepal’s commitment to making digital spaces safer for women and girls. This year’s global theme, 'Unite to End Digital Violence against All Women and Girls', underscores the urgency of protecting young people in rapidly expanding digital spaces.

Speaking at the event, the Kharel emphasised the need of having safe, inclusive and empowering digital ecosystem for every Nepali citizen. He noted that, “digital safety is now central to civic participation, access to information and the full exercise of rights in Nepal’s evolving digital landscape.”

The event brought together government representatives, UN agencies, development partners, youth networks, civil society, private sector, and media under one clear message: 'Digital violence is real violence'. Online abuse, sexual extortion, non-consensual sharing of images and the spread of misogynistic content inflict real harm on the lives, dignity and autonomy of women and girls, according to a press note issued by the UN in Nepal.

Speaking on behalf of the UN in Nepal, Resident Coordinator Hanaa Singer-Hamdy underscored that digital violence is not only an attack on the rights, dignity and autonomy of women and girls but a direct threat to their participation in public life.

She warned that online abuse is silencing women journalists, discouraging women leaders, and pushing girls away from digital spaces where their voices are urgently needed. "Protecting women and girls online therefore demands a whole-of-society effort to challenge harmful norms, strengthen accountability, and invest in systems that safeguard digital rights," she said, further highlighting the urgency of digital literacy and online safety education for adolescents - especially boys - to build resilience, transform attitudes, and promote respectful online behaviour.

The event featured a youth-designed mural symbolising collective commitment to reclaiming safe digital spaces, along with a fireside chat with influencers and digital rights experts on the rise of online abuse and the urgent need for stronger protections.

Young participants, on the occasion, shared their experiences of online harassment and the importance of being believed, supported and empowered to live a safe digital life. They asked better support systems for survivors, addressing impact of harmful content and building platforms that are safe for women and girls.

The UNiTE 2025 campaign runs until December 10, under the theme 'UNiTE to End Digital Violence against All Women and Girls' urging everyone to stand together against digital violence and uphold digital rights as fundamental human rights.

The campaign calls on parents, educators, policymakers and technology companies to take shared responsibility for creating online environments where all women and girls can learn, participate and thrive without fear.

KOICA grants $2.5 million as an interest subsidy for Korea Returnee

Korea International Cooperation Agency (KOICA) and Agricultural Development Bank Ltd (ADBL), entered into an arrangement to implement the component 'Increased Access to Financial Support for Korea Returnee Migrants', which is envisioned by the Memorandum of Understanding (MoU) signed between the Government of the Republic of Korea and Nepal for the project 'Strengthening Stage-Wise Support System for the Stable Reintegration of Korea Returnee Migrants in Nepal.'
The agreement was signed by Country Director of KOICA Mooheon Kong and CEO of the ADBL Govinda Gurung, where joint secretary of FACD, Ministry of Finance Dhani Ram Sharma and joint secretary of the Ministry of Labour Employment and Social Security MoLESS Krishna Prasad Sapkota signed the agreement as the witness.
The main objective of this programme is to create a stable environment for entrepreneurship by improving financial access for Korea returnee migrants in Nepal, according to KOICA press nopte. "For this eligible Korea Returnee will get subsidised loan from the ADBL. The loan will be subsidized for 5 years."
KOICA will provide $2.5 million (approximately Rs 320,000,000) for the Programme. KOICA’s contribution will be used solely for interest subsidies. ADBL will contribute approximately Rs 1.2 billion as loan capital for the Programme.
It is estimated that the Programme is expected to support approximately 200 to 250 Korea Returnees with an average loan size of Rs 5 million, the press note reads, adding that the Programme will run from 2026 to 2028. "The interest subsidy will be provided for the period of 5 years."
Through this programme Korea Returnees will have full opportunity to employ their skills and establish successful enterprise that supports the local economy. In addition to this, local employment will be created, it adds.
In the event KOICA Country Director said that it is a shared commitment to empowering Nepali returnee migrants who have contributed their skills, labour and aspirations while working in Korea. "As they return home, it is our collective responsibility to create an enabling environment where they can reintegrate with dignity, security and opportunities for long-term economic stability," Kong said, on the occasion.
In the event, joint secretary Sapkota stated that Nepal and the Republic of Korea share a longstanding relationship grounded in cooperation, mutual respect, and a shared vision for human-centered development. "Our collaboration in the employment and migration sector especially through the Employment Permit System (EPS) has benefitted thousands of Nepali workers," he said, adding, "As these workers return home with experience, skills, and aspirations for a better future, it becomes essential that we, as institutions, support their smooth and productive reintegration."
During the event, joint secretary Sharma said that KOICA has always been a meaningful partner. "Its cooperation has been meaningful and very much effective," he added.
ADBL CEO Gurung, on the occasion, said that the programme is new and very much useful for returnee migrants who wish to start their own venture. He further stated that the ADBL will execute this programme successfully and look forward for such innovative programmes in future.

Government and UN in Nepal review joint progress under UNSDCF to advance LDC graduation and SDGs attainment

The Government and the United Nations Country Team (UNCT) convened the annual meeting of the Joint Steering Committee of the United Nations Sustainable Development Cooperation Framework (UNSDCF) 2023–2027 in Kathmandu today. The meeting was co-chaired by vice chair of the National Planning Commission (NPC) Prof Dr Shiva Raj Adhikari and UN Resident Coordinator for Nepal Hanaa Singer Hamdy.

As Nepal moves closer to its historic graduation from Least Developed Country (LDC) status, the discussions highlighted the role of the UNSDCF in supporting the government’s Smooth Transition Strategy and in accelerating progress toward the Sustainable Development Goals (SDGs).

The meeting reflected on the progress achieved in 2024. These results demonstrate the breadth of joint efforts across health, livelihoods, climate resilience and governance, showing how the Cooperation Framework is delivering concrete benefits for people across Nepal. During this period, a nationwide measles-rubella campaign immunised 6.3 million children, enabling Nepal to eliminate rubella, while expanding access to health care, education, safe water and protection services.

Together, the government and the UN also advanced inclusive growth, created more livelihood opportunities, strengthened social protection, and supported recovery and resilience in communities affected by disasters. Ambitious climate commitments, ecosystem restoration, and expanded civic participation further reinforced Nepal’s path toward irreversible LDC graduation and accelerated SDG progress.

Speaking at the occasion, the UN Resident Coordinator in Nepal Hanaa Singer Hamdy said, “Seventy years of partnership between Nepal and the United Nations this year is a testament to shared values, resilience, and progress. "Today, as Nepal prepares for its historic graduation from LDC status, our Cooperation Framework serves as the roadmap to make that graduation irreversible, resilient, and inclusive," she said, adding, "together with government leadership, development partners, and communities, we are advancing systemic change, creating jobs, strengthening social protection, tackling climate risks, and harnessing digital transformation."

The UN remains a steadfast partner to Nepal in accelerating the SDGs and ensuring a future that is inclusive, sustainable, and prosperous,  she added.

The Co-chair of the Joint Steering Committee and vice chair of the NPC Prof Dr Shiva Raj Adhikari, expressed appreciation to the UNCT for their partnership and emphasized the importance of national ownership in advancing global commitment, strengthening data and enhancing institutional capacity through technical assistance. He further highlighted that joint collaboration is required in harnessing synergies and strengthening collaboration for shared goals through holistic and interconnected approach, strong focus on inclusivity, building capacity, commitment to evidence and accountability and strong multi-agency collaboration.

KOICA marks 30 years in Nepal with $29 million grant agreement

The Korea International Cooperation Agency (KOICA) celebrated three decades of development partnership in Nepal with a commemorative event 'Together for 30 Years: A Journey of Trust and Cooperation' today in Kathmandu, with signing three agreements worth $29 million grant.

The most important session of the event was the signing of three major project agreements that mark KOICA’s strategic priorities for the years ahead, according to a press note issued by the KOICA. 

The first was the signing of a Memorandum of Understanding (MoU) signed between finance secretary Ghanshyam Upadhyaya and ambassador of the Embassy of the Republic of Korea in Nepal Park Tae-young for the establishment of the Gandaki Institute of Technology, a $9 million project to be implemented from 2025 to 2030.

It was followed by Record of Discussion (RoD) signings for two new projects. The Value Chain Development Project (Phase II) in Lumbini Province, with the budget of $10 million to be initiated from 2025 to 2031 signed between joint secretary of Ministry of Agriculture and Livestock Development Dr Hari Bahadur KC and country director of KOICA Mooheon Kong. Similarly, the establishment of the Sudurpaschim Polytechnic Institute -- with the budget of $10 million was also signed between joint secretary of Ministry of Education, Science and Technology Shiva Kumar Sapkota and country director of KOICA Mooheon Kong -- that is scheduled for implementation between 2025 and 2030.

On the occasion, KOICA Nepal Country Director Mooheon Kong emphasised KOICA’s enduring partnership with Nepal and its unwavering commitment to inclusive and sustainable development. He highlighted the agency’s focus on supporting local capacity building and fostering innovation across key sectors such as education, health, agriculture, and governance.

The joint secretary at the Ministry of Foreign Affairs Bhrigu Dhungana highlighted the long-standing friendship and cooperation between Nepal and the Republic of Korea, emphasising KOICA’s invaluable contributions in areas such as education, health, agriculture, and capacity building. He expressed appreciation for KOICA’s role in strengthening bilateral relations and supporting Nepal’s sustainable development goals. He also conveyed the ministry’s commitment to deepening this partnership in the future, envisioning even greater collaboration in advancing prosperity and resilience in Nepal.

Likewise, ambassador of the Republic of Korea to Nepal Park Tae-young, on the occasion, noted that KOICA’s 30-year journey in Nepal reflects the deep-rooted friendship and mutual trust between the two nations. He emphasised Korea’s continued commitment to supporting Nepal’s socio-economic development and highlighted the new project agreements as a symbol of shared progress and future cooperation.

Mayor of Pokhara Metropolitan City and Chief Guest of the event Dhana Raj Acharya congratulated KOICA on its milestone anniversary and praised its impactful contribution across diverse sectors. He commended KOICA’s strategic alignment with Nepal’s national development goals and reaffirmed the government's readiness to work closely with KOICA to expand the reach and sustainability of future programmes.

As KOICA reflects on its three decades of development engagement in Nepal, it renews its commitment to building a more inclusive, resilient, and prosperous future in close partnership with the government and local communities, according to KOICA.

Since 1991, the Government of the Republic of Korea, through KOICA, has been a key development partner of Nepal, supporting various sectors such as health, education, agriculture, vocational training, rural development, IT, and tourism. KOICA has dispatched 2,921 volunteers to government institutions across the country. Additionally, over 2,230 Nepali officials have participated in KOICA’s fellowship programmes.

KOICA collaborates with businesses, CSOs, universities, and foreign agencies to help Nepal achieve its SDGs. Since Nepal was designated a priority country for KOICA in 2010, support has significantly increased, and by 2025, KOICA’s total assistance surpassed $200 million. This progress has been further strengthened through a framework agreement on development cooperation, reinforcing the strong and growing friendship between the two nations.

Investment Board of Nepal approves investment worth Rs 8.84 billion

Investment Board of Nepal (IBN) has approved an investment of Rs 8.84 billion for the development of the 54 megawatt (MW) Lower Apsuwa Hydropower Project.

A Board meeting held today took the decision to approve the investment, IBN spokesperson Pradhumna Prasad Upadhyay confirmed.

Likewise, the IBN has decided to form a dialogue committee under the leadership of the CEO to table a proposal on project development agreement (PDA), financing modality and other issues regarding the West Seti Hydropower Project. 

The meeting chaired by the chairman of the IBN Prime Minister KP Sharma Oli has also entrusted the Board's CEO to submit the feasibility study report of Kathmandu-Hetauda-Birgunj podway project and development and operation of Panchkhal Special Economic Zone (SEZ) as well as provide the survey license for the projects.

The IBN meeting also provided approval to the developer company Karnali Transmission Company for the Environmental Impact Assessment (EIA) and feasibility study of the new route alignment for the development of transmission line for the Upper Karnali Hydropower Project of 900 MW.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel, Physical Infrastructure and Transport Minister Devendra Dahal, National Planning Commission (NPC) vice chairman Prof Dr Shivaraj Adhikari, chief secretary Eaknarayan Aryal, central bank governor Dr Bishwo Nath Paudel and other top ranking officials attended the meeting.

The Governing Board Meeting of South Asian University sets course for growth and regional cooperation

The South Asian University (SAU), a flagship initiative of the South Asian Association for Regional Cooperation (SAARC), convened its thirteenth Governing Board Meeting virtually, with participation from Governing Board representatives of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, alongside a representative of the SAARC Secretariat and SAU office bearers, according to a press note issued by the SAARC Secretariate.

Minister of State for Higher Education Ahmed Shafeeu from the esteemed Government of Maldives, presided over the meeting and officially called it to order. The Governing Board undertook a detailed review of the proposed budget for the upcoming year, engaging in comprehensive deliberations on resource allocation and financial planning to support the University’s growth. Members also underscored the urgency of releasing outstanding contributions from Member States to ensure the smooth functioning of SAU, it adds.

Presenting his report, President of SAU Prof Aggarwal outlined the initiatives undertaken since assuming office and shared his reform agenda for the years ahead. While acknowledging constraints that may affect implementation, he reaffirmed his commitment to strengthening the University’s academic profile, institutional resilience, and overall contribution to regional cooperation.

The Governing Board also discussed future priorities, placing particular emphasis on expanding academic programmes, and reinforcing SAU’s role as a hub for regional collaboration. It was further decided that the Chairmanship for the next Governing Board Meeting will pass on to the Government of Sri Lanka.

As SAARC’s Centre of Excellence, SAU continues to serve as a unique hub for learning, research, and creativity for the citizens of South Asia, according to the SAU. "With five faculties and seven departments, the University currently offers Master’s and PhD programmes to around 1500 students, supported by 70 distinguished faculty members from across the region and beyond."

Since its establishment, SAU has educated nearly 2300 students and research fellows, making a significant contribution to knowledge generation and people-to-people connectivity in the region.

Nepal-USA Chamber reminds government of TIFA commitments

The Nepal-USA Chamber of Commerce and Industry (NUSACCI) strongly urges the Government including the Ministry of Industry, Commerce and Supplies (MOICS), to implement its commitments made during the Trade and Investment Framework Agreement (TIFA) Council Meeting held last September.

At the meeting, the importance of effective intellectual property right (IPR) protection and enforcement was emphasised as a critical factor in attracting trade and investment, particularly in IP-intensive industries, according to the binational chamber. 

Nepal’s initiatives in legal and institutional reforms related to IP, along with improvements in trademark administration and examination through the development of technical expertise, are essential to enhance consistency and reliability within Nepal’s IP Office, it adds.

NUSACCI has long been advocating for stronger IPR protection by organising various seminars and workshops on IPR-related issues and raising awareness within the business community regarding the use and misuse of international and domestic company trademarks and labels, it claimed, adding that the improper use of trademarks and counterfeit labels not only damages Nepal’s image domestically but also undermines its reputation internationally, thereby deterring potential foreign investment.

The recent notice of Kathmandu Metropolitan City (KMC) in this regard has drawn our attention and we hereby extend our solidarity with Kathmandu Metropolitan City, it adds

NUSACCI has requested and urged all concerned stakeholders to refrain from the unauthorised use of international and domestic company trademarks and labels. 

Banks can distribute 1.44 per cent to 38.27 per cent dividend subject to central bank approval

Due to central bank’s flexible policy most of the commercial banks appear to be able to provide dividends to shareholders from last fiscal year’s profit, as their balance sheets are comparatively better than last year.

Of the 20 commercial banks in operation, all except 4 will be able to distribute dividends to shareholders, according to their unaudited balance sheets of the last fiscal year 2024-25.

Based on last fiscal year’s profits, the banks’ capacity to distribute dividends ranges from 1.44 per cent to 38.27 per cent thanks to the Monetary Policy 2025-26 brought by the Nepal Rastra Bank (NRB) that has given a breathing space to the overburdened banks with toxic assets and non-performing loan (NPL). 

Among the 20 commercial banks, Everest Bank has the highest dividend-paying capacity at 38.27 per cent, while Nepal Investment Mega Bank’s capacity stands at 1.44 per cent. On an average, banks have a dividend-paying capacity of 10.33 per cent.

Central bank governor Bishwonath Poudel has also encouraged the banks to pay cash dividends, and that too before the Dashain festival, according to the bankers.

However, Nepal Bank, Kumari Bank, Himalayan Bank, and NIC Asia Bank will not be able to distribute any dividends to shareholders this year.

As of the last fiscal year 2024-25, the commercial banks reported a combined profit of Rs 71.18 billion, which is 43.68 per cent increase compared to the previous fiscal year.

Declining interest rates, increasing NPL due to slow economy and merger baggage had weakened cost efficiency, but regulatory relief from central bank helped the banks significantly to increase their profits in the last quarter. The banks also worked hard and managed to improve loan recoveries toward the end of the fiscal year.

The policy relaxations helped banks to reduce NPL ratios and write back certain provisions set aside for potential future risks, boosting annual profits by as much as 43 per cent, according to the bankers. “It not only helped increase profits but also enhanced banks’ capacity to distribute dividends to investors.”

MCA-Nepal signs $154 million power line contracts

Following the successful completion of the foreign aid review, the Millennium Challenge Corporation (MCC) Nepal Compact resumed work with renewed momentum and shared commitment from both governments.
Today, the Millennium Challenge Account-Nepal (MCA-Nepal) signed two major contracts to advance the compact’s Electricity Transmission Project, jointly funded by the governments and the United States. The milestone signals both governments’ commitment to delivering on one of Nepal’s most transformative infrastructure partnerships, according to a press note issued by the MCA-Nepal.

After a competitive international bidding process, MCA-Nepal awarded, Lot 2 contract (Ratmate to New Damauli) to Angelique-Skipper JV and Lot 3 contract (New Damauli to New Butwal) to WAIBA-SALASAR JV, it adds. "Combined, these contracts are valued at approximately $154.5 million and will cover the design, installation, testing, and commissioning of 180 kilometers of high-voltage transmission lines." 

MCA-Nepal executive director Khadga Bahadur Bisht and company representatives signed the agreements in the presence of MCC’s Acting Deputy Vice President, representatives from the MCC Resident Country Mission, officials from the US Embassy, Finance Ministry and the Nepal Electricity Authority (NEA) 

“In signing these contracts, MCC reaffirms the United States’ investment in mutual priorities and Nepal’s development goals,” said Acting Deputy Vice President John Wingle. “We are honoured to work alongside our Nepali counterparts to improve the availability and reliability of electricity in Nepal and enhance regional power trade and integration.” 

Finance Secretary and chairperson of the MCA-Nepal Board of Directors Ghanashyam Upadhyaya appreciated the financial support from the US Government to materialise the Nepal's plan to construct transmission lines and substations, and expressed continued government support for this programme.

"This milestone is more than a construction contract; it’s a tangible symbol of the United States’ enduring commitment to Nepal’s growth and prosperity,” said US Embassy Nepal’s Chargé d’Affaires, Jason Meeks. “Through this partnership, we are not only creating power lines and economic infrastructure but also accelerating Nepal’s long-term growth," he said, adding that the MCC compact is a cornerstone of cooperation between Nepal and the US. "We’re proud to be moving forward together to benefit all citizens of Nepal.”

"We appreciate the US government’s unwavering support and final approval to move the compact forward," MCA-Nepal Executive Director Bisht added. "This milestone reflects the shared commitment of all stakeholders and the government to this National Pride Project. We remain focused on successful implementation through sustained collaboration.” 

The MCC Nepal Compact represents a landmark $697 million investment in Nepal’s long-term economic development, laying a foundation for increased private sector investment. Through its Electricity Transmission and Road Maintenance Projects, the compact is designed to boost connectivity and unlock economic growth by strengthening critical infrastructure, enhancing cross-border energy trade, and improving Nepal’s transportation network.

Mobile-Phone Technology powers saving Surge in developing economies

More adults than ever in low- and middle-income countries now have bank or other financial accounts, leading to a rise in formal saving, according to the World Bank Group’s Global Findex 2025 report. This momentum in financial inclusion is creating new economic opportunities.  Mobile-phone technology played a key role in the surge, with 10 per cent of adults in developing economies using a mobile-money account to save, a 5-percentage point increase from 2021.

In 2024, some 40 per cent of adults in developing economies saved in a financial account in 2024, a 16-percentage-point increase since 2021 and the fastest rise in more than a decade. Higher personal saving, through banks or other formal institutions, fuels national financial systems, making more funds available for investment, innovation, and economic growth. In Sub-Saharan Africa, formal savings increased by 12-percentage points to 35 per cent of adults.

“Financial inclusion has the potential to improve lives and transform entire economies,” said World Bank Group President Ajay Banga. “Digital finance can convert this potential into reality, but several ingredients need to be in place. At the World Bank Group, we’re working on all of them. We’re helping countries get their people access to new or improved digital IDs. We’re constructing social protection programs with digital cash-transfer systems that deliver resources directly to those in need. We’re modernizing payment systems and helping to remove regulatory roadblocks—so that people and businesses have the financing they need to innovate and create jobs.”

Bill Gates, Chair of the Gates Foundation, one of the supporters of the Global Findex, on the occasion, said, “More people than ever have the financial tools to invest in their futures and build economic resilience, including women and others previously left behind. This is real progress. The case for investing in inclusive financial systems, digital public infrastructure, and connectivity is clear—it’s a proven path to unlocking opportunity for everyone.”

The Global Findex is the definitive source of data on global access to financial services, from payments to saving and borrowing. It highlights a major milestone in financial inclusion: nearly 80 per cent of adults worldwide now have a financial account, up from 50 per cent in 2011. But 1.3 billion adults still lack access to financial services. Mobile phones could help close this gap: about 900 million adults without financial accounts have a mobile phone, including 530 million with smartphones.

Investment in systems that enable instant money transfers, such as UPI in India or PIX in Brazil, could help expand financial usage. So could stronger consumer-protection frameworks and efforts to make phones and accounts more secure.

The Findex data also show that digital financial services are helping narrow the gender gap in account ownership: globally, 77 per cent of women have accounts compared with 81 per cent of men. In low- and middle-income countries, women’s account ownership nearly doubled, from 37 per cent in 2011 to 73 per cent in 2024.

For the first time, the report includes data on personal mobile-phone ownership and internet use.  Globally, 86 per cent of adults owned a mobile phone, including 68 per cent of adults with a smartphone, according to the Global Findex Digital Connectivity Tracker 2025 shows. The rising use of mobile phones for digital transactions, however, comes with new risks. Of the 4 billion adults in low- and middle-income economies who own a mobile phone, only around half use a password to protect their phone.

Across all developing countries, more adults are also using mobile phones or cards to pay merchants. In 2024, some 42 per cent of adults in low- and middle-income countries made an in-store or online digital merchant payment, up from 35 per cent in 2021. Three-quarters of adults, who receive government payments, and half of wage earners, receive their money into an account, a practice that helps reduce theft and ensure that money goes to the right person.

Regional Highlights

East Asia and Pacific: The region leads the world in digital connectivity and use of financial services: 86 per cent of adults have a smartphone and 83 per cent of adults have a financial account.

Europe and Central Asia: The region has the highest internet usage and social media engagement rates among developing economies. Mobile-phone ownership rates top 94  per cent.

Latin America and the Caribbean: About 70 per cent of adults have an account, and over half use their account digitally using a card or phone.

Middle East and North Africa: Account ownership rose to 53 per cent from 45 per cent in 2021. In 2024, some 17 per cent of adults save formally, up from 11 per cent in 2021.

South Asia: Nearly 80 per cent of adults own an account, although the high rate is driven by India, where 90 per cent of both men and women have an account and 65 per cent own a mobile phone.

Sub-Saharan Africa: Account ownership in Sub-Saharan Africa grew to 58 per cent of adults, up from 49 per cent in 2021. Use of mobile money accounts is at the highest levels in the world.

Nepal's biggest 'match-fixing' mess: When the referee is also a player

Controversial appointments in regulatory bodies increase workload of CIAA and the Supreme Court

What happens, if a referee sides with one team in a football match or referee starts scoring goals oneself or a referee allows one team or a particular player to score goal with hand, or allows make illegal tackle?

Disaster!

In such a case, not only the referee is banned but the game of football is also banned, and the whole stadium comes down infuriated, and protest the rigging. In few football-crazy nations, referees and players have even been attacked on the field by the fans.

And that’s what happening in Nepal’s economy. Even worse, in Nepal many a times, referee and player become the same person.

A free market and a football game may seem worlds apart but both operate on the same basis of competition, rules, and performance.

In a football game, two teams compete against each other to score goals and win the match. Similarly, in a free market, various companies compete to offer better goods and services to attract consumers and generate profit. The objective, in both systems, is to outperform rivals – by scoring more goals in football or by winning over more customers in market – but both play by rules, and books.

In a market economy, the players are private sector, and the referee is the regulatory body. For the economy to operate, the regulator must be independent, impartial, competent, and uphold high ethical standards, just like a fair football referee.

If the regulator is free, impartial with high moral – apart from having the required qualification – it can guide the market through free and fair competitive practice, otherwise, it will be a disaster.

Like the referee is solely responsible to make the game disciplined, fair and competitive, the regulator is responsible to make the market disciplined, free, fair and competitive.

Thus, both systems rely on rules and referees. In football, the game is governed by clear rules enforced by referees, ensuring fair play and penalizing fouls.

Similarly, in a market economy, laws and regulatory institutions play a similar role – ensuring fair competition, enforcing contracts, and preventing malpractices like fraud or monopolies, or conflict of interest.

Just as bad refereeing ruins a football match, poor regulation destroys markets. If regulators don’t play their role or start bending the rules or flexing muscle, the market system collapses. That’s precisely what is happening in Nepal.

When regulators shirk their responsibilities or manipulate rules, short-term gains may go to interest groups like the 'Thermal Gun Gang', but the entire economy has to bear the cost, in the long-term.

Thus, Nepal’s current economic issues didn’t arise overnight. Vested interest groups, empowered by political parties and their leaders, have been manipulating the rules, cheating the system, and sidelining genuine players, leading to the present crisis. It’s a systemic problem – a result of deep-rooted collusion between vested interested groups, rent-seekers, and political actors.

Just like referees in football don’t control how players move or pass, market regulators also don’t direct how businesses operate neither do they take part in the competition; they simply ensure the rules are followed or not.

But in Nepal, referee dictate the player how to play, and in some cases, also move the goal post or manipulate the size of the goal post, and change the rule of the game after the players enter the play-ground. That too, in the order of vested interested groups like ‘Thermal Gun Gang’.

The concept of a market system is being distorted into a free-for-all in Nepal as these vested groups (mis)use regulatory institutions to instruct businesses on how to operate – instead of ensuring free, fair and competitive environment – and protect their own vested interests. Like a referee telling players how to play football, the economy is now under stress due to such regulatory interference.

As a result, in Nepal, not only entrepreneurs but also ordinary people, who follow rules, are increasingly seen as fools. The narrative being set – of course by vested interests, political parties, and even the bureaucracy – is that ‘breaking rules’ is smartness and obeying the law and order is stupidity.

In a society, where flouting laws is celebrated and thought heroic, democracy, freedom of expression, and entrepreneurship become a joke. Cheaters become leaders; and honest ones die hungry.

However, there is an important difference between football game and market too. A football game usually has one winner and the other loser, after a fixed time period, making it a zero-sum contest. In contrast, the market allows all to win – a business can succeed by creating value, and consumers also benefit from getting better quality products and services in cheaper price, and the government also benefits as it gets more revenue.

Nepali market has also seen and experienced such benefits, be it in the case of telecom sector or aviation services. After the entry of Ncell in the market, Nepal Telcom’s service and quality improved and prices came down making it accessible to more people. Both the players, Ncell and Nepal Telecom, generated good profit, consumers got cheaper and better-quality service, and the government also received more revenue.

Similarly, after the autonomy of the Nepal Rastra Bank (NRB), the banks and financial institutions (BFIs) have been encouraged to play fair and competitive. Despite being autonomous and the most successful and professional regulator in Nepal, Nepal Rastra Bank is, also sometimes mired into controversies, let alone other regulators like Securities Board Nepal (SEBON), Nepal Insurance Authority (NIA), Nepal Telecommunications Authority (NTA) and Civil Aviation Authority of Nepal (CAAN), which are neither autonomous nor able to reflect any professional and impartial character.

Even worse lately, the appointments in these regulators have been controversial due to political interference, lack of transparency in selection process and compromise in accountability mechanisms.

Moreover, the Commission for the Investigation of Abuse of Authority (CIAA) is flooded with complaints – with proofs – and the Supreme Court is busy with such cases claiming that the appointments are rigged.

CIAA is currently investigating into a complaint alleging that the work experience documents submitted by the chairman of the Nepal Telecommunications Authority (NTA) Bhupendra Bhandari are fake. The complaint, filed by a civil society group working on good governance, claims that the documents Bhandari submitted during his appointment process are forged. The group submitted the complaint to the CIAA along with the related documents.

Similarly, the CIAA has also started the investigation into the work experience documents submitted by the chairman of Nepal Insurance Authority (NIA) Sarad Ojha. Ojha’s alleged fake work experience documents’ case is also under consideration of Supreme Court. After the CIAA probe, the Finance Ministry is also trying to relieve him or suspend him to escape the CIAA further probe.

Nepal Insurance Authority, as a regulator, lost credibility among stakeholders, especially at a time when the insurance sector is under pressure to merge, digitize, and follow stricter compliance rules, and to build confidence of the sector that has immense scope for growth.

The appointment of NIA chairman Ojha allegedly bypassed the standard open competition and recommendation procedure outlined in law (as per the Insurance Act and public official selection norms), apart from the alleged forged work experience documents. The forgery of government documents is a serious offence. “Government document forgery is a criminal offence that attract cash and jail term both,” according to advocate Jagdish Dahal.

And the Finance Ministry’s delay in taking action against such serious allegation is strengthening the voices of critics, who claim the appointment was politically motivated and intended to bring someone pliable to the chair, particularly as the Nepal Insurance Authority was overseeing major issues like disputes over reinsurance monopoly, insurance mergers and policy reforms.

The Insurance Act (2079 BS) mandates at least five years of high-level managerial experience in related sector and a minimum age of 35 years. Critics claim Ojha did not meet these criteria, as he was only 33 at the time of appointment, and worked part-time as an insurance agent and college lecturer, not as a senior manager.

Likewise, a complaint filed with the CIAA alleges Ojha submitted fabricated work-experience certificates, including managerial roles at a media house to meet eligibility. A Supreme Court writ petition mirrored these claims, urging annulment of the appointment based on deceitful documentation.

After his appointment, Ojha, in April 2025, modified a directive concerning foreign employment insurance pools delaying equitable fund distribution by one year, reversing a decision by his predecessor Surya Prasad Silwal. The parliamentarians from CPN (Maoist Centre) called for a parliamentary investigation into his appointment and amendments, accusing the government of abusing its authority.

However, the Supreme Court issued show-cause notices on Ojha’s appointment, but no final verdict or restraint has been issued yet. The Court is examining the legal validity of documentation and the cabinet’s authority in superseding statutory criteria, which signals signs of deeper governance failures in appointment of regulatory institutions.

Likewise, the controversies in appointments in regulatory institutions do not stop here. The CAAN and SEBON chairmen’s controversies have become regular headlines eroding institutional credibility, increased investor and public distrust, and suggesting the institutional capture by the vested interested groups, also called middlemen by public, like ‘Thermal Gun Gang’.

The accusation that certain vested interested groups like ‘Thermal Gun Gang’ and political actors wanted to weaken the regulatory authority so they could operate with less scrutiny – especially amid rising complaints about irregularities in actions by the regulators in the financial sector.

Thus, Ojha’s appointment, like other recent regulator placements, is viewed as politically motivated and aimed at installing loyalists, circumventing meritocracy, which fits a broader pattern: appointments in SEBON and NTA.

Similarly, the SEBON chairman Santosh Narayan Shrestha’s act of approving Initial Public Offering (IPO) of companies with dubious fundamentals and no clear ownership like Trade Tower Ltd, and asking commission to approve the IPOs of hydropower companies in pipeline, is the case of capital market distortions and exploitation of largely unsupervised capital markets.

Apart from that fast-tracking the IPO approval of Bungal hydropower, a company with Shrestha’s personal investment, is a clear case of conflict of interest, and a case study – for Nepal’s intelligentsia – where the referee and player is the same person.

Thus, the Finance Committee under the Parliament, on Thursday, sought explanation on approval of Bungal Hydro, and also Shrestha’s suspicious determination to award license to the second stock exchange without reforming the Nepal Stock Exchange (Nepse).

Though Shrestha tried to explain in Finance Committee on Thursday that he did not ask for commission to approve the IPO, but the Independent Power Producers Association of Nepal (IPPAN), institutionally and individual energy entrepreneurs have been accusing him of sending his henchmen to bargain for commission for IPO approval.

Moreover, another complaint against the SEBON chair Shrestha is also registered at the Parliamentary Accounts Committee (PAC) and CIAA.

However, the appointment controversy at the regulatory institutions is emblematic of a larger systemic issue, and it’s not overnight.

Inexperienced, politically aligned appointees undermine regulatory bodies’ technical competence and independence, which in the long run, erode business confidence, and pull the country down towards degrowth.

Both the market and football thrive on competition, skill, rules, and accountability, and of course the referee’s or the regulator’s operation. While one plays out on the field and the other in the economy, both reflect the importance of fair play, innovation, and strategic thinking in achieving success.

Thus, the nexus between vested interested groups – often operating as middlemen or power brokers like ‘Thermal Gun Gang’ – and politicians in Nepal has had a corrosive effect on regulatory institutions, weakening the rule of law, distorting economic incentives, and undermining business confidence.

The crowding out of genuine entrepreneurs – new or non-aligned businesses – who will always remain struggling to compete with cronies getting favourable rules and inside information, distorting the market, will lead to the market failure, and economic collapse.

That’s why vested interested groups-political networks lobby against laws that threaten their rent-seeking positions like competition law, digital payments regulation, anti-money laundering measures, and conflict of interest.

They try to block independent oversight, audit, or regulatory modernization, which will distract legitimate investors including foreign direct investment (FDI) as it will be too risky and unpredictable business environment to invest in Nepal. And such worse condition promotes outmigration of capital and talent.

The capture of regulatory institutions by a nexus of vested interested groups like ‘Thermal Gun Gang’ and politicians create a toxic ecosystem in economy that breeds corruption, inefficiency, and distrust, eroding the foundations of the economy.

Thus, restoring business confidence in Nepal requires independent regulatory bodies, strong conflict-of-interest laws, transparent procurement and IPO processes, depoliticization of the bureaucracy, and active civil society and investigative journalism. Unless systemic reform breaks this alliance, Nepali economy risks prolonged stagnation and a deeper legitimacy crisis.
(Published at Nepalkhabar on July 14 -- https://en.nepalkhabar.com/news/detail/14612/)

Green Hydrogen in Nepal: Unlocking a sustainable energy future

As the climate crisis intensifies, the global search for sustainable and clean energy solutions has become more urgent than ever. Marked by a steady rise in global average temperatures and increasingly erratic weather patterns, climate change has become the defining challenge of our time for all countries, including Nepal and the whole of South Asia.
A major cause of climate change is the global dependence on fossil fuels. Thus, to mitigate greenhouse gas emissions, it is imperative that countries transition to clean, renewable energy systems, earlier than later. In this regard, green hydrogen—produced via water electrolysis powered by renewable energy—has emerged as a potential critical enabler for countries worldwide to transition toward net-zero economies.
Nepal currently generates around 3,000 MW of hydropower, with plans to expand capacity to 28,500 MW within a decade through $ 46.5 billion in public and private investments. With hydroelectricity recognised as a priority sector by the government, there are credible grounds to foresee potential in leveraging surplus electricity towards making green hydrogen a transformative energy alternative. Additionally, specialised research institutions such as Green Hydrogen Lab at Kathmandu University has been working to develop necessary technologies to support this transition. This represents a major opportunity to engender clean industrialization domestically, diversify energy exports, and support a regional clean energy transition, according to South Asia Watch on Trade, Economics and Environment (SAWTEE).
Against this background, Senior Fellow at the Madhu Marasini and Economist at SAWTEE Prajol Joshi has prepared an issue note on “Green Hydrogen in Nepal: Unlocking a sustainable energy future”. To this, SAWTEE and the WTO Chairs Programme–Nepal at the Kathmandu University School of Management (KUSOM) jointly organized a stakeholder discussion programme to discuss the prospects of green hydrogen in Nepal, ongoing developments in the sector at global and regional levels, the challenges, and the way ahead.
In his trigger presentation Marasini, on the occasion, highlighted that energy today is more than just a resource; it has become a key tool in foreign policy and international trade. Energy diplomacy now plays a vital role in global political relations, highlighting the need for stronger coordination between nations.
Likewise, Team Leader of the Green Hydrogen Lab at KU Dr Biraj Singh Thapa emphasised that hydrogen continues to gain momentum globally, unlike in past energy transitions, Nepal is progressing in parallel with other countries, both developing and developed, in key areas such as research, human resource development, and other. "This presents a valuable opportunity for Nepal to build a hydrogen economy that reflects its specific needs and strengths."
Executive Director at the Alternative Energy Promotion Centre (AEPC) Nawaraj Dhakal remarked that green hydrogen is gaining attention in Nepal, with its inclusion in NDC 3.0 and the national budget. But awareness is still low. The government, academia, and private sector must work together to implement the policies to support adoption of green hydrogen with a clear roadmap.
Similarly, joint secretary at the Ministry of Forest and Environment Dr Maheshwar Dhakal said that green hydrogen has been included in Nepal’s NDC 3.0, signaling a shift toward sustainable energy and reduced reliance on imported fossil fuels. "Strengthening academic collaboration by Nepali Universities with Universities in China and India can support and accelerate progress through shared knowledge and research," he added.
Executive Member of the Independent Power Producers’ Association of Nepal (IPPAN) Suman Joshi, on the occasion, stated that government needs to subsidise backward and forward linkages and processes for the promotion of green hydrogen within Nepal. "That will greatly encourage private sectors to invest in green hydrogen as it can also be considered a value addition to hydropower generation," she added.
Joint secretary at the Water and Energy Commission Secretariat Sandip Kumar Dev said that to build public awareness and trust towards green hydrogen, we need to demonstrate real projects, at least through pilot projects. "The government must create supportive environment for encouraging the private sector to make investments in the sector," he said.
Likewise, vice chancellor of Kathmandu University (KU) Prof Dr Achyut Wagle stated that KU, as an academic institution, is ready to play its role in developing necessary human resources and technical innovations. "We aim to partner with utility companies, municipalities, and the private sector to drive component-based projects, despite technical challenges," he added.
Chair Emeritus of SAWTEE Dr Posh Raj Pandey concluded the programme by stating that there is a need to assess the supply and demand of green hydrogen to better understand its eco system. He further emphasised the need to be aware of hydrogen leakages while developing the ecosystem.
Participants included policymakers, academics, journalists, energy experts, industry stakeholders, and members of civil society.

खेलाडी पनि आफैँ, रेफ्री पनि आफैँ : नेपालमा चलिरहेको सबैभन्दा ठूलो ‘म्याच–फिक्सिङ’

नियामक निकायमा धमाधम सेटिङका मान्छे भर्दै सरकार, अख्तियार र सर्वोच्चको काम बढेको बढ्यै

मानौँ, फुटबल खेलमा रेफ्रीले एउटा टिमको पक्षमा निर्णय गर्‍यो वा रेफ्री आफैले गोल हान्न थाल्यो वा रेफ्रीले कुनै एक टिमलाई हातले गोल गर्न वा गलत ट्याकल गर्न छुट दियो भने के हुन्छ?

खेलको बरबाद!

यस्ता निकृष्ट क्रियाकलाप गर्ने हो भने त्यस्तो व्यक्ति प्रतिबन्धित मात्र हुँदैनन्, रंगशालामा खेल हेर्न आएका सम्पूर्ण खेलप्रेमी दर्शक पनि आक्रोशित हुन्छन्, विरोध गर्दछन्। अझ फुटबलको उन्मादी प्रशंसक भएका देशहरूमा त रेफ्री र खेलाडीहरूमाथि मैदानमै आक्रमण पनि भएका छन्।

हो, नेपालको अर्थतन्त्रमा पनि अहिले त्यस्तै हुँदैछ। नेपालको अर्थतन्त्र त्यस्तो फुटबल खेलजस्तै बनिसकेको छ, जहाँ रेफ्री आफै खेलाडी हुने गरेका छन्। नेपालमा रेफ्री पनि आफै, खेलाडि पनि आफै कसरी भइरहेका छन् अलि पछि व्याख्या गरौँला, पहिला बजार के हो र कसरी चल्छ– हेरौँ।

बजार अर्थतन्त्रमा खेलाडी निजी क्षेत्र हो भने रेफ्री नियामक निकाय हो। त्यसैले अर्थतन्त्रमा विकृति नल्याउन नियामक स्वतन्त्र, निष्पक्ष र आवश्यक योग्यतासहित उच्च नैतिकता भएको चरित्रवान् हुनुपर्छ। फुटबल खेलमा रेफ्रीले झैँ नियामकले पनि स्वतन्त्र र निष्पक्ष तथा प्रतिस्पर्धात्मक अभ्यासमार्फत बजारलाई मार्गदर्शन गर्नुपर्छ।

हुन त फुटबल खेल र खुला बजार दुई पृथक क्षेत्रजस्ता लाग्दछन्। तर, दुवै प्रतिस्पर्धा, नियम र अनुशासनमा आधारित हुन्छन्।

फुटबलमा दुई टिम एक अर्कासँग प्रतिस्पर्धा गर्छन् र बढीभन्दा बढी गोल गरेर खेल जित्ने प्रयास गर्छन्। यस्तै, खुला बजारमा विभिन्न उद्योग, कम्पनी र उद्यमीहरूले उपभोक्तालाई आकर्षित गर्न र नाफा कमाउन प्रतिस्पर्धात्मक रूपमा उत्कृष्ट सेवा प्रदान गर्छन् वा गुणस्तरीय वस्तु बेच्छन्।

फुटबल तथा खुला बजार वा बजार अर्थतन्त्र दुवैको उद्देश्य आफ्ना प्रतिद्वन्द्वीलाई खुला प्रतिस्पधामार्फत हराउनु हो। फुटबलमा बढी गोल गरेर जितेजस्तै बजारमा पनि आफ्ना उत्कृष्ट तथा गुणस्तरीय वस्तु तथा सेवाको माध्यमले बढीभन्दा बढी ग्राहकको मन जितेर प्रतिस्पर्धा गर्नु र नाफा कमाउनु नै बजार चलायमान हुनु हो। अर्थतन्त्र यसरी नै चल्छ। 

फुटबल तथा खुला बजार दुवैमा नियमको पालना निष्ठापूर्वक गरिन्छ। नियम पालना गरेरै प्रतिस्पर्धात्मक खेल खेलिन्छ र जितिन्छ। त्यस्तै, उद्यम, व्यापार वा व्यवसायमा पनि प्रतिस्पर्धा गरिन्छ र नाफा कमाइन्छ।

यसैगरी, फुटबलमा रेफ्रीले खेललाई अनुशासित, निष्पक्ष र प्रतिस्पर्धात्मक बनाउन भूमिका खेल्छ अनि नियामकले अनुशासित, स्वतन्त्र, निष्पक्ष र प्रतिस्पर्धात्मक बजार बनाउने काम गर्दछ।

नियम र रेफ्रीमा भर पर्ने फुटबलमा जसरी रेफ्रीले गलत निर्णय गर्‍यो भने खेल बिग्रन्छ, त्यसैगरी नियम तथा नियामकमा भर पर्ने बजारमा पनि नियामकले आफ्नो भूमिका नखेले, खेल्न नखोजे वा नियम तोडमरोड गरे बजार प्रणाली नै धराशायी हुन्छ। अहिले नेपालमा भइरहेको त्यही हो। बजारमा नियामकले आफ्नो भूमिका नखेले, खेल्न नखोजे वा नियम तोडमरोड गरे केही समय ‘थर्मल गन ग्याङ’जस्ता बिचौलिया स्वार्थ समूहलाई फाइदा होला तर दीर्घकालीन रूपमा अर्थतन्त्र समस्यामा पर्दछ। सम्पूर्ण नेपालीले यसको नकारात्मक असर भोग्नु पर्दछ।

त्यसैले नेपालको अर्थतन्त्रमा आज आएको समस्या रातारात आएको होइन। राजनीतिक दल तथा दलका नेताका सहयोगमा ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह तथा भुइँफट्टा वर्गले बजार प्रणालीको नियम मिचेर, झेली गरेर खेल्दा तथा अरु खेलाडीलाई फल हानेर गोल गर्न खोज्दा आज अर्थतन्त्रमा समस्या आएको हो। अर्थात् यो प्रणालीगत समस्या हो। अर्थतन्त्रमा प्रणालीगत समस्या आउनुमा ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह तथा भुइँफट्टा वर्गदेखि राजनीतिक दल र दलका नेता सबैको उत्तिकै योगदान छ।

किनकि, जसरी फुटबल खेलमा रेफ्रीले खेलाडीहरू कसरी दौडिन्छन् वा पास गर्छन् भन्नेमा हस्तक्षेप गर्दैन, त्यसैगरी बजारमा नियामकले पनि व्यवसाय कसरी चलाउने भनेर निर्देशन दिँदैन। तर, बजारमा खेलाडीको भूमिका तथा उसले नियम पालना गर्‍यो कि गरेन भन्ने कडा निगरानी गर्दछ। यदि नियम पालना नगरे, जसरी फुटबलमा रेफ्रीले खेलाडीलाई गल्तीको गम्भीरता हेरेर चेतावनी दिने (पहेँलो कार्ड)देखि खेल मैदानबाटै निकाल्ने (रातो कार्ड) जस्ता कारबाही गर्दछ, त्यसैगरी नियामकले पनि बजारका खेलाडीलाई गल्तीको गम्भीरताअनुसार कारबाही गर्नु पर्दछ।

तर, नेपालमा ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्गले खुला बजार भनेको लुट्न पाइने अर्थमा बुझाउन थाले। यिनैका इसारामा नियामक निकायले व्यवसाय कसरी चलाउने भनेर निर्देशन दिन थाले। फुटबल खेलमा रेफ्रीले खेलाडीहरू कसरी दौडिने वा पास गर्ने भनेर हस्तक्षेप गरेपछि खेल मैदानमा तनाव उत्पन्न भएजस्तै नेपालको अर्थतन्त्र यतिखेर तनावग्रस्त छ। नियामक निकाय आफ्नो काम गर्दैन तर बजारमा यसरी व्यवसाय गर भनेर सिकाउँछ, त्यो पनि ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्गको इसारामा। 

त्यसैले, नेपालमा नियम कानुन मान्ने उद्योगी व्यवसायी मात्र होइन सामान्य मानिस पनि मूर्ख मानिन थालेका छन्। संघीय गणतन्त्र नेपालमा नियम तोड्नु बहादुरी हो र नियम कानुन मान्नु मूर्खता हो भन्ने भाष्य स्थापना गर्नमा ‘थर्मल गन ग्याङ’लगायतका भुइँफट्टा वर्ग र राजनीतिक दल तथा तिनका नेता अनि कर्मचारीतन्त्रको ठूलो योगदान छ।

जुन देशमा नियम कानुन नमान्नुलाई गौरव मानिन्छ, त्यो देश वा समाजमा लोकतन्त्र वा अभिव्यक्ति स्वतन्त्रता वा उद्यमशीलता भनेको मूर्खले गर्ने हो। स्मार्ट मान्छेले ठगेर खाने हो। किनकि ठगेर खाने नेता बन्छ अनि मेहेनत गर्ने भोकै रहन्छ।

खैर, एकपटक फेरि बजार र फुटबल तिरै फर्कौँ। बजार र फुटबल उस्तै छन् तर यी दुईमा फरक पनि छ। फुटबलमा निश्चित समयपछि एउटा विजेता हुन्छ भने अर्को पराजित हुन्छ तर खुला बजारमा सबै विजेता हुन सक्छन्। खुला बजारमा जजसले प्रतिस्पर्धात्मक रूपमा गुणस्तरीय तथा सस्तो भाउमा सेवा वा वस्तु ग्राहकलाई उपलब्ध गराउन सक्छन्, ती सबै विजेता हुन्छन्।

यस्तो प्रतिस्पर्धात्मक खुला बजारले उपभोक्तालाई पनि फाइदा हुन्छ। कुनै समय टेलिफोनको लाइन लिन घुस ख्वाउनु पर्थ्यो अथवा महँगो मूल्यमा किन्नु पर्थ्यो। तर जब दूरसञ्चार क्षेत्रमा एनसेलको आगमन भयो, तब नेपाल टेलिकमको सेवा पनि प्रतिस्पर्धात्मक, गुणस्तरीय र सस्तो भयो। एनसेल तथा नेपाल टेलिकम दुवैले राम्रै नाफा पनि कमाए। एउटा सही नीतिका कारण सरकारले पनि मनग्य राजस्व पायो।

यस्तै, निजी विमान सेवा कम्पनी आएपछि नेपाल वायुसेवा निगमको महँगो भाडा कम गर्न मद्दत पुगेको छ। नेपालीको आवागमन सहज भनेको छ। किनकि प्रतिस्पर्धाले उपभोक्ता, लगानीकर्ता तथा सरकार सबैलाई फाइदा हुन्छ। 

त्यस्तै, नेपाल राष्ट्र बैंक स्वायत्त नियामक निकाय भएका कारण बैंक तथा वित्तीय संस्थाहरूले प्रतिस्पर्धात्मक ढंगमा काम गर्न पाएका छन्। यदि फेरि राष्ट्र बैंकमाथि सरकारको हैकम चल्न थाले बुझे हुन्छ, नागरिकको बचत रातारात सहकारीमा झैँ सत्ता र सरकारी संयन्त्रमा पहुँच भएका ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्गले कुनबेला पचाइदिन्छ पत्तै हुन्न।

त्यसैले नियामक निकायमा हुने नियुक्ति सर्वसाधारण नागरिकको संवैधानिक हकसँग पनि प्रत्यक्षरूपमा जोडिन्छ। ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्ग नियामक निकायमा कमजोर, लाचार, योग्यता नपुगेका, अनुभवहीन तथा आफ्नो अह्रनखटनमा चल्ने एउटा पात्र उभ्याउन चाहन्छ। त्यसपछि खेलाडी पनि आफै, रेफ्री पनि आफै, डाडुपन्यु दुवै आफ्नै हातमा।

पछिल्ला समयमा नियामक निकायमा भएका सबैजसो नियुक्तिमा विवाद आउनुको एउटा कारण राजनीतिक हस्तक्षेप हो भने अर्को कारण नियामक निकायलाई कमजोर बनाएर बजारमा आफै खेलाडी आफै रेफ्री बन्ने ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्गको चाहना पनि हो। यो अनधिकृत तथा अनैतिक चाहनामा मलजल गर्ने राजनीतिक दल तथा नेतृत्वले जति छिटो फुटबल खेलको सामान्य नियम बुझ्दछ, त्यति छिटो नेपालको अर्थतन्त्र सुधारको बाटोमा जान्छ।

अन्यथा धितोपत्र बोर्ड, नेपाल बीमा प्राधिकरण, नेपाल दूरसञ्चार प्राधिकरण, नागरिक उड्डयन प्राधिकरणजस्ता नियामक निकायहरू न स्वायत्त छन्, न त व्यावसायिक रूपमा निष्पक्षतापूर्वक काम गर्न सकेका छन्। जसका कारण बहुसंख्यक नेपाली पीडित छन्, ‘थर्मल गन ग्याङ’जस्ता केही स्वार्थ समूहको लागि हुने यी नियामक निकायले गरिदिने फाइदाले समग्र अर्थतन्त्रमा योगदान दिँदैन, उल्टो भ्रष्टाचारको जालो बढाएर भूमिगत अर्थतन्त्रलाई मलजल गर्दा नेपाल ढिलोचाँडो एफएटीएफको कालोसूचीमा पर्छ नै।

त्यसैले नेपालमा एउटा पनि योग्य र अनुभवी मान्छे नै नभए झैँ नियामक निकायहरूमा भएका पछिल्ला विवादास्पद नियुक्तिले पारदर्शिता, जवाफदेहिता र योग्यता प्रणालीको धज्जी उडाएका छन्। उदाहरणका लागि, नेपाल दूरसञ्चार प्राधिकरणका अध्यक्ष भूपेन्द्र भण्डारीले पेस गरेको कार्यअनुभवको प्रमाणपत्र नक्कली भएको उजुरीमा अख्तियार दुरूपयोग अनुसन्धान आयोगले छानबिन गरिरहेको छ।

त्यस्तै, बीमा प्राधिकरणका अध्यक्ष शरद ओझाको कार्यअनुभव नक्कली भएको आरोपमा अख्तियारमा छानबिन चलिरहेको छ। त्यति मात्र नभएर सर्वोच्च अदालतले समेत सुनुवाइ थालेको छ। अख्तियारले गम्भीरतापूर्वक छानबिन गरे अर्थमन्त्री नै फस्न सक्ने सम्भावना रहेको चर्चा पनि आजकाल मन्त्रालयमा छ। बढ्दो बीमा मर्जर, डिजिटल रूपान्तरण र नियमनमा कडाइ गर्नुपर्ने समयमै बीमा प्राधिकरणको नेतृत्व विवादमा परेपछि समग्र बीमा क्षेत्रप्रतिको विश्वास घटेको छ। 

ओझाको नियुक्तिमा खुला प्रतिस्पर्धा र कानुनी सिफारिस प्रक्रियाको उल्लंघन गरिएको आरोप पनि छ। बीमा ऐन अनुसार सम्बन्धित विषयमा पाँच वर्षको उच्च व्यवस्थापन अनुभव आवश्यक भए पनि ओझा नियुक्त हुँदा केही बीमा कम्पनीमा एजेन्ट तथा कलेज अध्यापन गरेको अनुभव मात्र थियो। उनले काम गरेको भनेर पेस गरेको कार्यानुभवमा उनले सञ्चारमाध्यममा फरक जिम्मेवारी सम्हाले पनि कार्यानुभव पेस गर्दा भने नक्कली पेस गरेको आरोप छ। उक्त नक्कली प्रमाण अख्तियार र सर्वोच्चमा उजुरीसहित पुगेका कारण अख्तियारमा मात्र नभएर सर्वोच्चले पनि अग्राधिकार दिँदै मंसिरमा पेसी तोकेको छ। सरकारमा नक्कली कागजात पेस गर्नु सरकारी कागजात किर्ते अन्तर्गत पर्दछ, जुन गम्भीर अपराध मानिन्छ।

अधिवक्ता जगदीश दाहालका अनुसार सरकारी कागजात किर्ते फौज्दारी अभियोग हो र यसमा नगद तथा कैद सजाय दुवै हुनसक्छ।

ओझाले आफूलाई नियुक्त गराउने कम्पनीका साहुलाई फाइदा हुनेगरी श्रमिक बीमा कोषसम्बन्धी निर्देशन परिवर्तन गरी एक वर्षसम्म कोष वितरण रोक्ने निर्णय गरेको आरोप पनि छ। कुनै एक कम्पनीको फाइदाका लागि गरिएको यस्तो निर्णयको सांसदहरूले समेत विरोध जनाएका थिए। यसरी कानुन उल्लंघन, नक्कली कार्यानुभवको प्रमाणपत्र, आयु र अनुभवको कमीजस्ता अनेक उजुरीका बाबजुद अर्थ मन्त्रालयले अझै निर्णायक कदम उठाइसकेको छैन। नियामक निकायहरूमा भएका विवादास्पद नियुक्तिका कारण यी नियामक निकायको संस्थागत विश्वसनीयता गुम्दै गएको छ भने समग्र बीमा क्षेत्रको विकास तथा विस्तारमा नकारात्मक असर परिरहेको बीमा कम्पनीहरू बताउँछन्।

यसैगरी, धितोपत्र बोर्ड र नागरिक उड्डयन प्राधिकरणका अध्यक्षहरू पनि विवादमा छन्। अझ धितोपत्र बोर्डका अध्यक्ष सन्तोषनारायण श्रेष्ठ त आफै रेफ्री आफै खेलाडी पनि हुन्। धितोपत्र बोर्डका अध्यक्ष श्रेष्ठमाथि व्यक्तिगत लगानी रहेको जलविद्युत् कम्पनी बुंगल हाइड्रोको आईपीओलाई फास्ट ट्र्याकमा अनुमति दिएको तर पाइपलाइनमा रहेका दर्जनौँ जलविद्युत कम्पनीको आईपीओ स्वीकृतिका लागि कमिसन मागेर पुँजी बजारको विकासलाई अवरुद्ध गरेको आरोप छ। 

स्वतन्त्र ऊर्जा उत्पादक संघ (इप्पान)ले श्रेष्ठले आफ्ना मान्छे पठाएर कमिसनको बार्गेनिङ गरेको आरोप सार्वजनिक रूपमै लगाएको छ। त्यति मात्र होइन, ट्रेड टावर लिमिटेडजस्तो कमजोर वित्तीय अवस्था तथा लिजमा लिएको जग्गाको समयअवधि सकिन लागेका कारण नागरिक सिधै ठगिन सक्ने सम्भावना भएको कम्पनीलाई आईपीओ स्वीकृति दिने, तर सरकारले नै प्रोत्साहन गरेर सरकारी नीतिअनुरूप मुलुकलाई विद्युत् निर्यात गर्न सघाउने जलविद्युत् आयोजनाका आईपीओ भने रोकेर कमिसन मागेको आरोपका बीच श्रेष्ठ नेपालमा लगानीको वातावरण नभएको सन्देश दिन प्रयोग पनि भएका छन्।

आफूलाई नियुक्ति दिलाउने समूहका लागि दोस्रो स्टक एक्सचेन्ज ल्याउन उनी मरिहत्ते गरेर लागेका छन्। बजार सिद्धान्तअनुरूप दोस्रो स्टक एक्सचेन्ज आउँदा नेपाल स्टक एक्सचेन्ज प्रतिस्पर्धी हुनुपर्ने हो। तर हिमालयन रि आएपछि नेपाल रिइन्स्योरेन्स प्रतिस्पर्धी भयो वा हुन दिइयो कि नेपाल रिइन्स्योरेन्सको व्यवसाय खुम्च्याउन नियामक निकायलाई दुरूपयोग गरियो? अनि त्यसबाट के बुझ्ने? रेफ्रीको दुरूपयोग गरेर प्रतिस्पर्धी टोलीका लागि गोलपोस्ट नै सार्ने वा सानो बनाउने खेल खेलिँदैन दोस्रो स्टक एक्सचेन्जमा पनि भन्ने के ग्यारेन्टी छ त? सरकार र सत्तामा मात्र नभएर प्रधानमन्त्रीको शयनकक्षसम्म पहुँच भएकाहरूले मैदानमा पसिसकेपछि खेलको नियम नै परिवर्तन गरेका थुप्रै उदाहरण छन्।

त्यसैले नियामक निकायले निजीक्षेत्रमैत्री प्रतिस्पर्धी वातावरण सिर्जना गर्नुको सट्टा आफ्ना मालिकअनुकूल नियम बनाउने अनि बजारमा प्रतिस्पर्धीलाई छल्ने जस्ता कार्य गर्दा संस्थागत भ्रष्टाचारका प्रवृत्ति बढेको छ र सर्वसाधारणको लागि गरिखाने अवसर संकुचित हुँदै गएको छ।

‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह र भुइँफट्टा वर्ग वा सर्वसाधारणको भाषामा भन्दा बिचौलियाले नियामक निकायमाथि कब्जा गर्दा सरकार आफैले सहजीकरण गरिदिनुले नवउद्यमी वा नियम कानुनभित्र बसेर उद्यम गर्छु भन्ने नेपाली युवा नेपालमा बस्ने वातावरण छैन। देशमा निराशा बढ्दो छ।

यस्तै परिस्थिति रहिरहे नेपालमा वैदेशिक लगानी घट्ने तथा विश्वसनीय लगानीकर्ता पलायन हुने, दक्ष जनशक्ति विदेश पलायन हुने, प्रतिस्पर्धी बजारको क्षयीककरण हुने, नियामक निकायको पतन हुने अनि सरकारी निकाय र न्याय प्रणालीमाथि अविश्वास बढ्दै जानेछ। 

त्यसैले नेपालको अर्थतन्त्रमा विश्वास पुनःस्थापना गर्न स्वतन्त्र नियामक निकाय र यी नियामक निकायमा सक्षम तथा उच्च नैतिक चरित्रको नियुक्ति, सशक्त र पारदर्शी नियम, कर्मचारीतन्त्रप्रति कठोर सरकार तथा सक्रिय नागरिक समाज अनि अनुसन्धान पत्रकारिता अत्यावश्यक छन्।

अन्तमा, जबसम्म प्रणालीगत सुधारमार्फत राजनीतिज्ञ र ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह अनि भुइँफट्टा वर्गको गठबन्धनलाई तोड्न सकिन्न, तबसम्म नेपालमा विकृत अर्थ व्यवस्था चलिरहन्छ। 

(Published at Nepalkhabar on July 

Fast-Track IPO for Santosh Narayan’s Bungel Hydro while 11 other companies wait in queue

‘Thermal Gun Gang’ leads the way, private sector trails behind

Nepal’s economy today has taken a bizarre turn, much like the plot of the once-famous Bollywood psychological suspense thriller Karthik Calling Karthik.

Despite contributing 81.55% to the country’s GDP and nearly 86% to employment generation, Nepal’s private sector now faces a severe institutional and moral crisis. Instead of focusing on merit, capacity, competition, and economic contribution, the private sector is increasingly aligning itself with vested interest groups like the so-called ‘Thermal Gun Gang’.

Like the protagonist in Karthik Calling Karthik, Nepal's private sector seems to be going through a psychological breakdown. This 2010 Hindi psychological suspense thriller that follows the story of Karthik Narayan, a shy and introverted man constantly undermined by his boss and haunted by a troubled past – like Nepal’s private sector –struggles with low self-esteem and a sense of worthlessness, until one day he begins receiving mysterious phone calls from someone claiming to be, himself. These calls, which come every morning at 5 am, guide him on how to take charge of his life. These calls and advice transform Karthik’s life. Like Karthik Nepal’s private sector suffers from a severe psychological condition – schizophrenia with dissociative identity disorder.

As a result, Nepal’s private sector that once stood as the backbone of the economy is now, due to illusion, forced to follow middlemen. The 'middleman economy,’ a term frequently used by communists to discredit market forces, seems to be a reality, and ironically thanks to communists themselves. Having said that, the Nepali Congress cannot be absolved either for its role in nurturing this middleman economy, in recent years.

On one side are hardworking entrepreneurs operating with limited resources, taking risks, and creating jobs. And on the other side are vested interest groups like the ‘Thermal Gun Gang,’ who use their access to politicians to hack the policy, and institutionalize policy corruption.

These groups aren’t interested in industrial innovation or promoting entrepreneurship, rather, aim to control licensed and quota-based trades by capturing the financial sector through their henchmen in the regulatory institutions, like Securities Board of Nepal (SEBON), and Nepal Insurance Authority (NIA). Tragically, the government itself has become a partner to these vested interest groups.

This trend became increasingly visible during the political transition following 2006/07, and particularly after 2015/16. Vested interested groups like the ‘Thermal Gun Gang’ began infiltrating policymaking processes and hacked the policies, due to their unrestricted access to bedrooms from Baluwatar to Balkot to Budhanilkantha, and Khumaltar. As a result, laws and regulations are being changed overnight. No one knows when laws governing a particular industry might suddenly shift. And ironically, everyone knows who is behind these changes—but fear and psychological intimidation prevent anyone from speaking out.

Due to this fear, some once-respected industrialists and entrepreneurs have now begun collaborating with such vested interested groups, becoming agents of ‘middleman economy’.

For vested interested groups like ‘Thermal Gun Gang’, Nepal landing on the Financial Action Task Force’s (FATF) grey or black list is of little concern, and obviously the nation is secondary; their only goal is to capture the financial sector and paralyze the economy. But history tells that such ‘middlemen’, including those with access to the Prime Minister’s bedroom, have existed in the past too, and today, they are nowhere to be found. Likewise, today’s powerbrokers will also vanish in thin air tomorrow. But strong, vibrant, free, fair, and competitive private sector is the need of a country – to propel through prosperity and development – yesterday, today and tomorrow as well.

Despite the fact, when news reports are published exposing the ‘Thermal Gun Gang’ and their allies, court orders are misused to threaten, censor, and suppress the media, creating an environment of fear. This is not only an attack on press freedom but also on public accountability. Even more alarming is that courts have started issuing orders to prevent reporting on the activities of public figures – something that directly contradicts the fundamental principles of Federal Democratic Republic of Nepal’s Constitution. This environment is more dangerous than the Panchayat regime, during which even the monarchy faced media scrutiny and courts often defended free speech.

On Sunday, Santosh Narayan Shrestha, the incumbent chair of the SEBON approved an Initial Public Offerings (IPO) for Bungel Hydro – a company in which he himself holds shares. Approving the public issuance of one’s own company’s stock, while serving the office, as the head of the regulatory institution is, thus, a clear case of conflict of interest and moral issue.

Bungel Hydro has constructed a 10.70 MW hydropower project in Bungel municipality of Bajhang district in western Nepal. The hydropower company has investment from Jalajyoti Investment Pvt Ltd (28%), Varun Investment (14%), Jay Ganesh Investment (13%), Shiv Shankar Investment (12%), Bungel Hydro Investment Ltd (12%), and some 21% is held by individual investors. According to a Himal Khabar report detailing shareholdings, the SEBON approved the IPO of Bungel Hydro on Asar 15 (June 29) to issue shares worth Rs 290.5 million. The same report reveals that SEBON chair Shrestha and his family members are among the primary shareholders.

Shareholder records, as published by the Himal Khabar, show that SEBON chair Shrestha himself holds 33,000 shares in Bungel Hydro. His father, Chop Narayan Shrestha, holds 100,000; family members Laxmi Shrestha (33,000), Sanju Shrestha (16,000), and Sunil Narayan Shrestha (33,000) also hold substantial shares. Additionally, a relative, Rajkumar Shrestha, owns 33,000 shares, bringing the family’s total to 545,000 shares. Strangely, while IPO approvals for 11 other companies remain pending, the 12th – SEBON chair Shrestha’s own company – in the pipeline, was fast-tracked and approved. This is deeply suspicious, especially considering that Bungel Hydro has been rated a weak ‘Single B’ with a high risk of defaulting on financial obligations. According to the report, construction of the Bungel Hydro began in 2018 and was targeted for commercial operation by late 2021.

However, delays pushed the operation date to August 2023, with the cost ballooning to over Rs 3.04 billion – resulting in a per-MW cost of Rs 284 million. Generally, per-MW cost of a hydropower project is considered to be at around Rs 200 million.

While there’s no legal provision barring SEBON board members of chair from holding shares in companies issuing IPOs, the ethical conflict, lack of institutional governance, and conflict of interest are undeniable, and also the Securities Act of 2006 and the Code of Conduct for Board Members of 2017 speak on these issues. Thus, this precedent could promote similar unethical behavior in the future, regardless of the amount involved or legal technicalities. The fast-tracked approval for Bungel Hydro’s IPO is a blatant violation of institutional ethics, moral standards, and regulatory impartiality. The SEBON has been, currently, approving one or two IPOs per month. At this pace, clearing all the current IPO in pipeline would take around four years. Yet, SEBON chair Shrestha’s urgency in pushing through a second stock exchange license and fast-tracking his own company’s IPO clearly shows questionable intent.

Many hydropower companies with IPOs worth billions have been left waiting for approval. The fact that Bungel Hydro, 12th in line, got approval while others wait – and no one dares to question it – indicates the Panchayat-era hangover in today’s federal democratic system.

A well-known saying from the Panchayat era was: “The powerful get comfort, while the weak get the law.” Today, even in a democratic republic, laws seem to serve only a privileged few. No wonder the disgraced figures of the Panchayat-era are emboldened to return to the streets, and threaten to throw away the democratic republic and wishes to bring the monarchy back.

Because of the influence of vested interest groups like the ‘Thermal Gun Gang’ across the legislative, the executive and the judiciary, creating an environment of uncertainty, fear, and increased risk has created illusion in the private sector. Like the protagonist in Karthik calling Karthik, Nepal’s private sector, today, suffers from a severe psychological condition – schizophrenia with dissociative identity disorder. And thousands of young people, who might have become entrepreneurs, now see emigration as their best option. Public officials are paid with taxpayers' money and must remain fully accountable to the people. The heads of regulatory institutions must embody high moral standards, transparency, and impartiality. Yet, under Shrestha’s leadership, the SEBON has seriously undermined all these values. The behavior of the board under Santosh Narayan Shrestha suggests that networks of power, not the rule of law, are now dominating regulatory institutions to hack policies and create monopoly businesses, against free, fair, competitive market norms.

If regulatory institutions like SEBON and Nepal Insurance Authority continue to serve as tools for vested interest groups, doing business in Nepal will not just be risky – it will become impossible. But history is very cruel, and it will not forgive those who wreck Nepal’s economy through fear and judicial intimidation. After all, there are countless examples of people who siphoned off wealth by hollowing out the nation, only to find that their money isn’t even safe abroad.

(Published at Nepalkhabar on July 3-- https://en.nepalkhabar.com/news/detail/14468/)

सन्तोषनारायणकै बुंगल हाइड्रोलाई फास्ट ट्रयाकमा आईपीओ, ११ कम्पनी हेरेको हेर्‍यै

‘थर्मल गन ग्याङ’ अघिअघि, निजी क्षेत्र पछिपछि

एकताका बलिउडको चर्चित मनोवैज्ञानिक थ्रिलर फिल्म ‘कार्तिक कलिङ कार्तिक’को कथावस्तु जस्तै नेपालको अर्थतन्त्र यतिबेला निकै रहस्यमय र चकित पार्नेखालको बन्दै गएको छ। 

देशको कुल गार्हस्थ्य उत्पादनमा ८१.५५ प्रतिशत र रोजगारी सिर्जनामा झण्डै ८६ प्रतिशत योगदान दिएको नेपालको निजी क्षेत्र आज एउटा गम्भीर संस्थागत र नैतिक संकटमा छ। किनकि निजी क्षेत्र आफ्नो योग्यता, क्षमता, प्रतिस्पर्धा र अर्थतन्त्रमा योगदान बिर्सेर आज ‘थर्मल गन ग्याङ’ जस्ता स्वार्थ समूहहरूका पछाडि लाग्न थालेको छ। चलचित्र ‘कार्तिक कलिङ कार्तिक’मा झैँ नेपालको निजी क्षेत्र मनोवैज्ञानिक समस्याबाट गुज्रिरहेको छ।

त्यसैले विगत केही दशकमा उद्योग व्यवसायमार्फत अर्थतन्त्रको मेरुदण्ड बन्न सफल निजी क्षेत्र अब पुनः कम्युनिस्टहरूले सधै भट्टयाउने ‘बिचौलिया अर्थतन्त्र’को संवाहकको रूपमा परिणत हुँदैछ। र, त्यो पनि कम्युनिस्टहरूकै कारण। भलै, पछिल्ला वर्षमा ‘बिचौलिया अर्थतन्त्र’लाई मलजल गर्नमा कांग्रेसको पनि हात नभएको चाहिँ होइन।

एकातिर मेहनती उद्यमीहरू छन्, जसले सीमित स्रोतसाधनमा पनि जोखिम लिएर व्यवसाय सञ्चालन गरी रोजगारी सिर्जना गर्दै आएका छन्। अर्कातिर, तथाकथित ‘थर्मल गन ग्याङ’ जस्ता स्वार्थ समूहहरू सक्रिय बनेका छन्, जसले सत्ता संरचनासम्म आफ्नो पहुँच प्रयोग गरेर नीतिगत भ्रष्टाचारलाई संस्थागत बनाउँदै लगेका छन्।

यी स्वार्थ समूहहरू कुनै औद्योगिक नवप्रवर्तन वा उद्यमशीलता प्रबद्र्धनका लागि नभई, लाइसेन्स–कोटाका नाममा अनुमतिप्राप्त कारोबार नियन्त्रण गर्ने र वित्तीय क्षेत्रलाई कब्जामा राख्न उद्यत छन्। अझ दुर्भाग्य त, सरकार आफैँ पनि यी स्वार्थ समूहका साझेदार बनेको छ।

२०६३/०६४ पछिको राजनीतिक संक्रमणकालमा अनि २०७२/७३ पछि झनै स्पष्ट बनेको यो स्वार्थी प्रवृत्तिले नीतिनिर्माण प्रक्रियामा ‘थर्मल गन ग्याङ’ जस्ता स्वार्थ समूहको प्रवेश गरायो। बालुवाटारदेखि, बालकोट अनि बुढानीलकण्ठसम्म, ‘थर्मल गन ग्याङ’ राजनीतिक नेताका शयनकक्षमा निर्बाध घुस्न थाले। यसले गर्दा नियम–कानुन र नैतिक सीमाको धज्जी उडाउँदै, रातारात कानुन फेरिने अवस्था सिर्जना भएको छ। कुन उद्योगमा कतिखेर रातारात कानुन परिवर्तन हुन्छ, कसैलाई थाहा छैन। अझ, रमाइलो के भने सबैलाई थाहा छ, कुन शक्तिले किन अर्थतन्त्र ध्वस्त बनाउनेसम्मको हर्कत रातारात गरिरहेको छ। तर, सत्तादेखि कानुनसम्मको दुरूपयोग गरेर मनोवैज्ञानिक त्रास सिर्जना गरिएको कारण सब चुप छन्।

यही त्रासका कारण केही उद्योगीहरू– जो पहिले राम्रै उद्यमी, व्यवसायीमा गनिन्थे, अब यिनै ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूहसँग सहकार्य गर्दै ‘बिचौलिया अर्थतन्त्र’को मतियार बन्न थालेका छन्। उनीहरूका लागि अब नेपाल फाइनान्सियल एक्सन टास्क फोर्स (एफएटीएफ)को ग्रे लिस्ट वा ब्ल्याक लिस्टमा पर्नु कुनै मुद्दा नै होइन। किनकि उनीहरूको लागि अब राष्ट्र गौण हो, वित्तीय क्षेत्र कब्जा गरेर अर्थतन्त्रलाई प्यारालाइज बनाउनु नै एक मात्र उद्देश्य हो। 

तर, सत्य के हो भने प्रधानमन्त्रीको शयनकक्षमा पहुँच भएका यस्ता थुप्रै ‘थर्मल गन ग्याङ’जस्ता स्वार्थ समूह अर्थात् बोलिचालीको भाषामा बिचौलिया नेपालमा हिजो पनि थिए। आज तिनका केही नामोनिसान छैन। त्यसैले यी जो छन् आज, यिनको पनि भोलि कुनै नामोनिसान रहने छैन। 

‘थर्मल गन ग्याङ’ र उनीहरूका मतियारका विरुद्धमा लेखिएको समाचारलाई अदालतको दुरूपयोग गरेर धम्काउन, हटाउन लगाई मिडियामाथि डर र दबाब सिर्जना गरिन्छ। यो प्रवृत्ति केवल प्रेस स्वतन्त्रता मात्र होइन, सार्वजनिक जवाफदेहितामाथिको पनि खुला हमला हो। अझ गम्भीर कुरा के भने सार्वजनिक व्यक्तिका क्रियाकलापबारे समाचार नलेख्न अदालतबाट आदेश जारी गरिनु आफैमा संघीय लोकतान्त्रिक गणतन्त्र नेपालको संविधानको आधारभूत मान्यता विपरीत हो। 

यो अवस्था पञ्चायतकालीन व्यवस्थाभन्दा पनि खतरनाक हो। किनकि पञ्चायतकालमा पनि कुनै बेला राजा र राजपरिवारलाई समेत सञ्चारमाध्यमहरूले प्रश्न गर्थे र अदालतले अभिव्यक्ति स्वतन्त्रताको रक्षा गर्थ्यो।

नेपाल धितोपत्र बोर्डका वर्तमान अध्यक्ष सन्तोषनारायण श्रेष्ठले गत आइतबार आफ्नो लगानी रहेको बुंगल हाइड्रो लिमिटेडलाई आईपीओ स्वीकृति प्रदान गरे। बोर्डकै अध्यक्ष भएर आफ्नै कम्पनीको सेयर निष्कासन अनुमोदन गर्नु प्रत्यक्षरूपमा स्वार्थको द्वन्द्व हो।

बझाङ जिल्लाको बुंगल नगरपालिकामा बुंगल हाइड्रोले १०.७० मेगावाट क्षमताको आयोजना निर्माण गरेको छ। उक्त आयोजनामा जलाञ्जली इन्भेस्टमेन्ट प्रालिको २८ प्रतिशत, वरुण इन्भेस्टमेन्ट प्रालिको १४ प्रतिशत, जयगणेश इन्भेस्टमेन्ट प्रालिको १३ प्रतिशत, शिवशंकर इन्भेस्टमेन्ट प्रालिको १२ प्रतिशत, बुंगल हाइड्रो इन्भेस्टमेन्ट लिमिटेडको १२ प्रतिशत र बाँकी २१ प्रतिशत सेयर अन्य व्यक्तिगत लगानीकर्ताको छ।

तर, यसअघि आईपीओको अनुमति कुरेका ११ कम्पनीको निष्कासन प्रक्रिया त्यत्तिकै थाती राखेर १२ औँ नम्बरमा रहेको नेपाल धितोपत्र बोर्डका अध्यक्ष सन्तोषनारायण श्रेष्ठको कम्पनीले अनुमति पाउनु रहस्यमय छँदैछ। अझ क्रेडिट रेटिङ एजेन्सी केयर रेटिङ नेपालले कमजोर स्तरको ‘सिंगल बी’ रेटिङ दिएको र आर्थिक दायित्व समयमा तिर्न नसक्ने उच्च जोखिम बोकेको कम्पनीलाई आईपीओ निकाल्न अनुमति दिँदा प्रश्न उठ्नु स्वाभाविक पनि हो। 

हिमालखबरमा सेयर विवरणसहित प्रकाशित एउटा रिपोर्टमा धितोपत्र बोर्डले असार १५ गते २९ करोड ५ लाख रूपैयाँको आईपीओ निष्कासनको अनुमति दिएको बुंगल हाइड्रोमा धितोपत्र बोर्ड अध्यक्ष श्रेष्ठ र उनका पारिवारिक सदस्य आधारभूत सेयरधनी रहेका खुलेको छ।

बुंगल हाइड्रोले २०७५ सालमा निर्माण सुरु गरेको थियो। २०७८ मंसिर अन्तबाट व्यावसायिक रूपमा सञ्चालन गर्ने लक्ष्य राखे पनि करिब दुई वर्ष ढिला २०८० भदौ २ बाट यो आयोजना सञ्चालनमा आएको छ। आयोजना निर्माणमा ढिलाइका कारण लागत बढेर ३.०४ अर्ब रूपैयाँभन्दा बढी खर्च भएका कारण प्रतिमेगावाट लागत २८ करोड ४० लाख रूपैयाँ पुगेको छ।

सेयरवाला दर्ता किताबले बुंगल हाइड्रोमा धितोपत्र बोर्डका अध्यक्ष श्रेष्ठको ३३ हजार कित्ता सेयर लगानी देखाउँछ। त्यस्तै, उनका बुवा चोपनारायण श्रेष्ठको १ लाख कित्ता, उनका पारिवारिक सदस्यहरू लक्ष्मी श्रेष्ठको ३३ हजार कित्ता, सन्जु श्रेष्ठको १६ हजार कित्ता र सुनिलनारायण श्रेष्ठको ३३ हजार कित्ता सेयर रहेको देखिन्छ। यस्तै, बोर्ड अध्यक्ष श्रेष्ठका नातेदार राजुकुमार श्रेष्ठको ३३ हजार कित्तालगायतका जोड्दा उनका नातेदारका नाममा कम्पनीको ५ लाख ४५ हजार कित्ता सेयर लगानी बुंगल हाइड्रोमा छ।

कानुनतः बोर्ड अध्यक्ष तथा सदस्यको स्वामित्वको कम्पनीलाई आईपीओ निष्कासन गर्न नरोके पनि नैतिकता, संस्थागत सुशासन र स्वार्थको द्वन्द्व भने पक्का देखिन्छ। 

धितोपत्र बोर्ड सम्बन्धी ऐन, २०६३ र धितोपत्र बोर्डका बोर्ड सदस्यको आचारसंहिता, २०७४ ले यस विषयमा उल्लेख छ। बोर्ड अध्यक्ष श्रेष्ठ बुंगल हाइड्रोको आईपीओ निष्कासन गर्न अनुमति दिने बैठकमा अनुपस्थित रहे पनि यस नजिरले भविष्यमा गलत प्रवृत्तिको विकास गर्न उक्साउने देखिन्छ। किनकि रकमको हिसाबले सानो देखिए पनि तथा कानुनले नछेके पनि बुंगल हाइड्रोको आईपीओ फास्ट ट्रयाकमा अनुमति दिने निर्णय संस्थागत, नैतिकता र नियामक निष्पक्षताको विरुद्ध हो। 

अनि महिनामा एकदुईवटा कम्पनीको आईपीओ निष्कासनको अनुमति दिँदा पाइपलाइनमा रहेका सबैको अनुमति दिन त करिब ४ वर्ष लाग्ने देखिँदादेखिँदै पनि यस कार्यमा तदारुकताका साथ नलागेर दोस्रो स्टक एक्सचेन्जको लाइसेन्स दिन हतार गर्नुले त्यसै पनि बोर्ड अध्यक्षको नियतमा प्रस्टै खोट देखिन्छ। 

अन्य थुप्रै जलविद्युत् कम्पनीको अर्बौं रूपैयाँको आईपीओ स्वीकृति लामो समयदेखि रोकिएको छ। अनि १२ औँ नम्बरमा रहेको अध्यक्षकै कम्पनी बुंगल हाइड्रोले फास्ट ट्र्याकमा आईपीओ अनुमति प्राप्त गर्दा प्रश्न उठाउन पनि डरमर्दो हुनुले संघीय गणतन्त्रको शासन सत्तामा पञ्चायती ह्याङओभर बाँकी नै रहेको प्रस्ट पार्छ।

किनकि करिब आधा शताब्दीअघि पञ्चायती व्यवस्था उत्कर्षमा रहँदा एउटा भनाइ चल्तीमा थियो, ‘ठूलालाई चैन, सानालाई ऐन’। संघीय गणतन्त्रकालमा पनि कानुन केवल सीमित व्यक्तिहरूको हितमा प्रयोग हुने उपकरण बन्दा पञ्चायतका बदनाम हस्तीहरूको पनि हड्डी हाँसिरहेको छ। त्यसैले उनीहरू उत्साहित भएर सडकमा आउने साहस गर्न सकेका छन्। 

नीति निर्माणदेखि न्यायिक प्रक्रिया– सबैमा प्रभाव र पहुँच राख्ने ‘थर्मल गन ग्याङ’ जस्ता स्वार्थ समूहका कारण नै हाल निजी क्षेत्रमा अनिश्चितता, डर र वैदेशिक पलायनको मानसिकता थप बलियो बनाएको छ। यही कारण हो, उद्यम गर्न चाहने हजारौँ युवा पनि विदेश जानु नै उपयुक्त ठानिरहेका छन्।

सार्वजनिक पदमा बसेका व्यक्ति जनताको करबाट तलब लिन्छन्, त्यसैले उनीहरू पूर्णरूपमा जनताप्रति जवाफदेही हुनुपर्छ। नियामक संस्थाको नेतृत्व गर्ने व्यक्तिबाट उच्च नैतिकता, पारदर्शिता र निष्पक्षता अपेक्षित हुन्छ। तर, धितोपत्र बोर्डको वर्तमान कार्यशैलीले यी सबै मूल्य तथा मान्यतालाई गम्भीर क्षति पुर्‍याएको छ।

सन्तोषनारायण श्रेष्ठको नेतृत्वमा धितोपत्र बोर्डले देखाएको आचरण नेपालमा कानुनी शासनभन्दा सत्ता–सञ्जालको शासन हाबी हुँदै गएको संकेत हो। यदि यसरी नै नियामक निकायहरू स्वार्थ समूहको हतियार बन्दै गए भने नेपालमा उद्यम गर्न जोखिमपूर्ण मात्र होइन, असम्भव हुँदै जानेछ। निजी क्षेत्रलाई त्रास तथा सञ्चारमाध्यमलाई अदालतको डण्डा देखाएर तर्साउँदैमा इतिहासले नेपालको अर्थतन्त्रको कन्तबिजोग बनाउनेलाई बिर्सने छैन। देश खोक्रो बनाएर कमाएको पैसा विदेशमा पनि सुरक्षित नभएका धेरै उदाहरण छन्।
(Published at Nepalkhabar on July 2 -- https://nepalkhabar.com/opinion/242215-2025-7-2-9-14-28)

World Bank Group's new Country Partnership Framework prioritises jobs and resilience

The World Bank’s Board of Executive Directors discussed the new 7-year Country Partnership Framework (CPF) for Nepal on May 29, 2025. The CPF focuses on the fundamentals of job creation and building resilience to natural disasters, including those linked to climate change.

“Creating jobs is not just at the heart of our mission, it is also the lifeline that can drive Nepal’s sustainable and resilient growth,” said World Bank Country Division Director for Maldives, Nepal, and Sri Lanka David Sislen. “The CPF builds on more than 60 years of partnership between the World Bank Group and Nepal and will leverage development partner collaboration and private sector solutions to drive growth, job creation, and investments.”

Under the CPF, the World Bank Group aims to make available about $2.7 billion to achieve the CPF’s outcomes of helping create more and better jobs, strengthening connectivity and access to services, and enhancing resilience to natural disasters and climate risks.

In the immediate term, the World Bank Group will prioritize policy reform for growth, tourism, digital connectivity, and integrated urban development as engines of growth and job creation.

This will include creating a more investment-friendly environment with reforms that enable private sector-driven growth and investment; enhancing digital connectivity and access to digital government services for better productivity, governance, and service delivery; and improving the competitiveness and services of urban centers like the Kathmandu Valley and secondary cities to unlock their potential as tourist and investment destinations.

“We support Nepal in creating more and better jobs, bolstering disaster preparedness, and contributing to a sustainable future by mobilising domestic and international private capital, promoting public-private partnerships, and enhancing institutional capacity,” said regional director for South Asia at IFC Imad N Fakhoury. "The World Bank Group’s Country Partnership Framework will guide our efforts in advancing reforms that will unlock private sector investment and strengthen the business environment to make a meaningful difference in the lives of the people of Nepal."

As a cross-cutting priority, the World Bank Group will help strengthen the accountability and effectiveness of public sector institutions to improve the public sector’s capacity to deliver results for Nepal and its people.

“MIGA is committed to supporting Nepal’s development goals by providing political risk insurance and leveraging other guarantee instruments through the World Bank Group Guarantee Platform,” said director for Economics and Sustainability of MIGA Sebnem Erol Madan. “By mitigating investment risks, MIGA aims to attract private sector investments that are crucial for creating jobs and strengthening economic resilience," Madan said, adding that through the partnership with the World Bank and IFC under the new Country Partnership Framework, they aim to support Nepal to harness its assets and build a more sustainable and prosperous future.

The CPF is informed by a comprehensive analytical and evaluation program, broad-based consultations with stakeholders across all seven provinces, and the government's 16th Plan, which lays out its national development priorities.

World Bank approves $257 million to improve electricity and irrigation services

The World Bank’s Board of Executive Directors approved two projects for Nepal on May 29 totaling $257 million aimed at enhancing electricity distribution services and improving irrigation services to boost agricultural productivity.

The Electricity Supply Reliability Improvement Project ($120 million) will strengthen the electricity distribution network and enhance electricity supply to users in Koshi, Bagmati, Karnali, and Sudurpashchim provinces. The project, led by Nepal Electricity Authority (NEA), will focus on constructing new distribution substations, upgrading existing networks, and implementing an automated system for real-time monitoring of distribution networks to enhance operational efficiency, a press note issued by the multilateral lending institution reads.

The Modernisation of Rani Jamara Kulariya Irrigation Project - Phase 3 ($137 million) aims to improve irrigation services and agricultural productivity by expanding access to year-round irrigation services, increasing farm productivity, and enhancing climate resilience in Kailali district, Sudurpaschim Province, it reads, adding "Jointly implemented by Department of Water Resources and Irrigation and Department of Agriculture, this project will scale year-round irrigation to an additional 17,500 hectares benefiting 160,000 people."

“An uninterrupted electricity supply and adequate, year-round irrigation services are fundamental inputs for Nepal’s sustainable development,” said Country Division Director for Maldives, Nepal, and Sri Lanka David Sislen. “The projects emphasise improved connectivity and the promotion of clean electricity generated from hydropower, alongside integrated agricultural support services to farmers to help build resilience against climate and disaster risks.”

The projects also include capacity-building initiatives for the Nepal Electricity Authority and the Water Users Association to promote innovative solutions and strengthen institutional systems for the effective management and sustainability of infrastructure.

BaYu Sambaad: Centering children and youth in climate agenda

More than 100 children and young people from across Nepal convened in Kathmandu today for the Balbalika tatha Yuwa (BaYu) Sambaad, a children and youth-led national dialogue on climate action ahead of the international Sagarmatha Sambaad. With nearly half of Nepal’s population under the age of 24, the event underscored a powerful reality: children and youth are on the frontlines of the climate crisis, and they are calling for concerted and urgent climate action.

Jointly organised by the Government of Nepal and United Nations Nepal including UNICEF, FAO and UNDP with a consortium of youth networks, namely Nepalese Youth for Climate Action, Mountain Youth Hub, World Food Forum Nepal, Global Youth Biodiversity Network and Clean Energy Nepal, the event placed children and young people at the centre of the climate conversation. Representatives from the government, civil society, development partners, private sectors, media and climate experts joined the dialogue to listen to, learn from and stand with young people.

“Climate change is not a future concern, it is today’s reality”, said 20-year-old Nischal Bhatt. “We, young people, have the passion and power to bring change," he said, adding," We urge for an enabling environment where we can contribute to a climate just and resilient society”.

Despite contributing the least to climate change, children and youth bear the brunt of its consequences from exposure to extreme heat, heavy rainfall, climate induced disasters, polluted air and water, to increased health risks, poor nutrition and learning disruptions. In Nepal, climate change has been linked to a rise in vector-borne diseases, food insecurity and school closures, all challenges that disproportionately impact children.

“Every child has the right to grow up in a safe and healthy environment. Yet, climate change threatens children’s rights every day,” said Dr Alice Akunga, United Nations Resident Coordinator to Nepal ad interim. “But today’s Sambaad proves that children and young people are not just victims - they are powerful agents of change. Their voices must shape our climate response at every level.”

The BaYu Sambaad featured an exhibition of child- and youth-led climate solutions, video show, expert sessions on climate resilience, and two intergenerational panel discussions. The first explored the impact of climate change on essential services like education, health and water . The second aligned with the themes of the upcoming Sagarmatha Sambaad – scheduled from May 16 to 18 – highlighting the connections between climate change, mountain ecosystems and the future of humanity. The Sambaad also included testimonies of children, adolescent and youths from across the Nepal.

A key outcome of the BaYu Sambaad is a declaration developed by the participating children and youth, outlining their demands, commitments and proposed actions for a more climate-resilient Nepal. This declaration will be submitted to the Sagarmatha Sambaad Secretariat ahead of the Sagarmatha Sambaad, ensuring the perspectives of children and young people directly inform Nepal’s climate policy, including the development of the third Nationally Determined Contribution (NDC) and preparations for COP30.

“Nepal is proud to be a global leader in putting youth and children at the center of our climate commitments,” said minister of Forests and Environment Ain Bahadur Shahi Thakuri, chief guest at the event. “Our second NDC already reflects this, and is among the most inclusive globally in terms of the needs of children and youth, and we are committed to making NDC 3.0 even more so," he said, adding that the BaYu Sambaad is an essential platform to translate  young people’s voices into action – in policy, in practice, and in our path toward a greener, more resilient Nepal.

Chair of the programme Dr Rajendra Prasad Mishra, Secretary of the Ministry of Forests and Environment, praised the initiative led by children and young people and stated that the conclusions from the BaYu Sambaad would guide Nepal’s policies and plans.