मध्यमवर्ग अझै धरापमा

पछिल्लो १५ वर्षमा नेपालमा मध्यम वर्गीय नागरिकको जनसंख्या ३ गुनाले बढेको भए तापनि उनीहरु अझै धरापमा नै छन्। विश्व बैंकले बुधबार सार्वजनिक गरेको प्रतिवेदन अनुसार गरिबीबाट माथि उठेका मध्यमवर्गीय नेपाली नोकरीको अनिश्चिततका कारण पुनः गरिब हुने जोखिम यथावत नै छ।
विश्व बैंकको प्रतिवेदन मुभिङ अप द ल्याडर : पोभर्टी रिडक्सन एन्ड सोसियल मबिलिटी इन नेपालका अनुसार बितेको एक दशक आधा अर्थात २०५२ देखि २०६७ सम्ममा मध्यमवर्गीय नेपालीको संख्या कुल जनसंख्याको ७ प्रतिशतबाट २२ प्रतिशत पुगेको छ। तर, पूर्णतया जागिरमा आधारित मध्यम वर्ग आफ्नो आम्दानीको दिगोपन नहुँदा गरिबीको रेखामुनिबाट उठेर मध्यम वर्गमा परे पनि फेरि गरिबीमै झर्न सक्ने जोखिम उत्तिकै रहेको छ।
विश्व बैंकका वरिष्ठ अर्थशास्त्री तथा प्रतिवेदन लेखक शैलेश तिवारीका अनुसार ९० प्रतिशत नेपालीहरु कि त पीडित छन् कि त संघर्षरत। 'आफ्ना आवश्यकताको परिपूर्ति भए तापनि अनिश्चितताका कारण फेरि कुनै पनि दिन आवश्यकता परिपूर्तिको लागि संघर्ष गर्नुपर्ने वर्ग र गाँस, बास तथा कपास प्राप्त नभएर पीडित नेपालीहरु मानसिक रुपमा पनि पीडित छन्,' उनले विश्वप्रसिद्ध ग्यालोप सर्भेको सहारा लिँदै भने।
तिवारीका अनुसार यसको अर्थ अधिकांश मध्यम वर्गीय नेपालीहरु भविष्यको अनिश्चितताले धरापमा छन्।
मध्यम वर्गको उदयले राजनीतिक तथा सामाजिक स्थायित्व मात्र सुनिश्चित नगरी उपभोक्ता संस्कृतिको पनि विकास हुने नेपालको पछिल्ला अर्थतन्त्रका परिसूचकहरुले देखाइसकेका छन्।
बितेका दुई दशकमा नेपालले गरिबी घटाउन उल्लेख्य प्रगति गरे पनि गरिबीबाट माथि उठेको हालको मध्यमवर्गीय जनसंख्या कि त विदेशबाट प्राप्त रेमिटेन्सबाट कि ज्याला तथा तलबका कारण गरिबीबाट माथि उठेका हुनाले उनीहरुको भविष्य अनिश्चित रहेको तिवारीले बताए। रेमिटेन्स अर्थात विप्रेषण आय, गैरकृषि र कृषि क्षेत्रको उचित ज्यालाले गरिबी घटाए पनि आयको दिगोपन एवं स्थायित्व नहुँदा जोखिम बढेको पनि प्रतिवेदनले औंल्याएको छ। मध्यम वर्गको उदयले उपभोक्ता संस्कृतिको विकास हुने भएकोले देशको आन्तरिक उत्पादन खपत हुने र उद्योगधन्दा चल्दा देशभित्रै रोजगारी पनि सिर्जना हुन्छ। यस्तो रोजगारीका अवसर दिगो तथा निश्चित पनि हुन्छ।
तर, यसको लागि देशभित्रै कलकारखाना तथा उद्योगधन्दा चलाउन बढीभन्दा बढी अवसर सिर्जना हुनु आवश्यक छ। नेपालमा तत्काल सम्मानित जीवन बाँच्न धेरैभन्दा धेरै रोजगारीका अवसर सिर्जना हुनुपर्नेमा जोड दिँदै उनले पछिल्ला समयमा वैदेशिक रोजगारीमा विविध समस्या आएकोले रेमिटेन्स आयको वृद्धिदर घट्दा झन् धेरै जनसंख्या गरिबीको दुश्चक्रमा फस्ने बताए।
नेपालले सन् २०३० सम्ममा मध्यम आयको मुलुक बन्ने लक्ष्य राखेकोमा जति छिटो मध्यम वर्गीय जनसंख्या वृद्धि हुन्छ त्यत्ति नै उक्त लक्ष्य भेट्न सजिलो हन्छ। तर हालको निम्न आय वर्गको देशको सूचीबाट मध्यम आय स्तरका देशको सूचीमा उक्लन नेपालले आफ्ना नागरिकको आयको सुनिश्चितता तथा आयमा वृद्धिको लागि देशभित्रै रोजगारी सिर्जनामा जोड दिनुपर्ने पनि तिवारीले बताए।
बर्सेनि २.२ प्रतिशत बिन्दुका कदरले नेपालको गरिबी घटे पनि अझै कुल जनसंख्याको २५.२ प्रतिशत अर्थात ६५ लाख हाराहारी जनसंख्या गरिबीको रेखामुनि रहेकोले पनि बाल्यकालदेखि नै शिक्षा र स्वास्थ्यजस्ता सामाजिक विकासका अवसर सबैलाई समानरुपमा उपलब्ध गराउनुपर्ने तर्क गर्दै तिवारीले शिक्षा र स्वास्थ्यमा समान अवसर प्राप्त भए नागरिकले आफ्नो जीवनमा गरिबीबाट माथि उठ्ने बताए।
अघिल्लो पुस्ताभन्दा शिक्षा तथा रोजगारीमा धेरै अवसर तथा विकास गरेको भन्दै प्रतिवेदनले अझैं केही सीमित वर्ग र जातिले मात्र अवसरको पूर्ण सदुपयोग गरेको देखाएको छ।

Lack of access to finance hindering growth of social entrepreneurship

Lack of access to finance and acceptance are hindering the growth of social entrepreneurship in Nepal, according to the experts.
Addressing a session on 'Rebuilding Nepal through Social Entrepreneurship,' at a two-day international conference on social entrepreneurship in Kathmandu today, former finance secretary Rameshwor Khanal said that social entrepreneurs have been facing two challenges, one access to finance and the other lack of acceptance in general by the society and by the government in particular.
"The government needs to accept and expand the access to finance for social entrepreneurship," he said, giving examples of the various types of social entrepreneurship that have flourished in Nepal since long. "Likewise, social entrepreneurs should also increase their access to policy makers."
The session moderated by social entrepreneur Anil Chitrakar also discussed various aspects of social entrepreneurship like preparing sustainable business model, passion on what one does, and most importantly taking risks and celebrating the failures and mistakes that makes one a successful social entrepreneur.
The conference organised by King's College, in partnership with more than 30 organisations including Dwaitto Foundation, Samriddhi Foundation, Behruva Ventures, Sherpa Adventure Gear, Siddhartha Inc, and many more – many of which are social enterprises themselves – saw participation of more than 400 delegates and social entrepreneurs.
Presenting the keynote address at the inaugural session, Prof Jay Mitra of the University of Essex Business School, UK, differentiated between regular business entrepreneurship with that of social and citizen entrepreneurship. He opined that social entrepreneurship is distinct due to its social value, inclusiveness, sustainability, localisation and broad-based stake-holding.
Likewise, noted tourism entrepreneur, writer and social worker Karna Shakya said that his mission at this advanced age is to help imbibe the spirit of entrepreneurship on youths. Taking examples of low-cost eco-friendly tourism and alternative energy sector (especially solar), he said advanced thinking and customer-sensitivity are must for even social enterprises to grow.
On the occasion, executive director of King's College Narottam Aryal raised the discourse on 'compassionate capitalism' as a route to empower social entrepreneurs.
The conference also saw a social enterprise bazaar of 30 actual practitioners from the sector, showcasing their wares and services.
Similarly, a report 'The State and Profile of Social Enterprises and Social Entrepreneurship in Nepal' was also launched at the conference. The report concluded that there is dominance of male and Newar community in entrepreneurship in the Kathmandu Valley which started from 1965. “Younger population below 40 years of age are largely involved in enterprise creation,” the report said, adding:
“The major difference that has separated the socially responsible enterprises from commercial enterprises is the creation of social impact, either at the backward linkage during the operational phase or at the forward linkage," it reads.
The study also showed that government support is very minimal in spite of the fact that there is a strong potential for social enterprises to help solve problems associated with agriculture, education, health, unemployment and poverty. "Most organisations lack a coherent business plan and need training for that," the report further reads, adding that the social enterprises need focused training for nurturing of intention, innovation impact and income."
The study also recommended that the government should identify social enterprise as a separate entity like public or private enterprises with the support of banks and financial institutions coming in to increase financial access. "Special training packages need to be developed for the impact based Lean Canvas Business Model and business plan preparation," it adds.

Some 90 per cent of Nepalis still struggling or feel sense of insecurity

Some 90 per cent of Nepalis are either suffering from a sense of insecurity, or struggling, according to a report.
Though the middle class in Nepal has grown over three times – from 7 per cent to 22 per cent – in the 15 years between 1995 and 2010, it is still most vulnerable as they are mostly either suffering from a sense of insecurity or struggling, reads a World Bank study report titled 'Moving Up the Ladder', released in Kathmandu today.
"This group constitutes households with consumption levels high enough for their probability of falling into poverty to be minuscule," said senior economist at the World Bank and lead author of the report Sailesh Tiwari. But data on perceptions about current living standards as well as the outlook for the future collected by various Gallup surveys suggests that 90 per cent of Nepalis are actually either suffering or struggling, he added.
According to Gallup definitions, suffering households have well being that is at high risk and are more likely to be poor and deprived along other dimensions of welfare such as access to food, shelter and health. They are also likely to be under mental stress.
Likewise, struggling households are characterised by well being that is moderate or inconsistent. Even though they may not be directly deprived at any given point in time, they may expect to struggle to maintain that level in future.
"This implies that at least half of Nepal's nascent middle class is actually insecure about its future and thus probably constitutes what some have called the vulnerable middle class," Tiwari said.
The report also said the key challenge for Nepal in future is replicating the success in reducing poverty into building a larger and stronger middle class.
"This will require fostering an environment for the creation of more and better jobs within Nepal," the author suggested, adding that research undertaken for the report suggests Nepalis associate belonging to the middle class with being engaged in relatively secure professions such as government jobs, teaching, medicine and engineering and other forms of salaried employment. "But most of the job creation within Nepal in the last two decades has been in low skilled sectors such as construction and these jobs are mostly of casual nature."
The report has also suggested three main policy directions: equalise opportunities; reduce vulnerabilities and boost productivity; and create more and better jobs.
Tiwari suggested that ensuring all Nepali children – irrespective of the circumstances they are born into and circumstances they have no control over – have an equal shot at life chances is not just fair and equitable but also good for productivity and growth, apart from building the capacity to cope with natural disasters like  earthquakes, and finding an alternative to the remittances, which are not sustainable. The outflow of migrants has already started slowing down, it has pointed out.
Nepal urgently needs to create more and better jobs within Nepal to sustain the momentum of living standards improvement and to replicate the success in reducing poverty into commensurate success in building a larger middle class, Tiwari noted.
Though a quarter of Nepalis still live in absolute poverty, poverty in Nepal has decreased by a steady rate averaging 2.2 percentage points annually in the last two decades due to off-farm diversification at home and remittances from abroad, the report reads, attributing the drop in poverty to the labour income – accounted for 52 per cent – while remittances accounted for 27 per cent of the poverty reduction observed nationally between 1995 and 2010.
The report also noted that inter-generational social mobility has increased but with variations across social groups. "There are also important differences in the mobility experiences by the various caste/ethnicity groups that are consistent with the patterns of historical structural inequalities among social groups in Nepal," it reads.
There is a high degree of vulnerability among households and for every two Nepalis that escape poverty, one falls back below the poverty line, it is pointed out. "On an average, 45 per cent of Nepalis who are not directly poor are vulnerable to falling into poverty."

Nepal is 33rd most fragile state

Fund For Peace (FFP) – a Washington-based research and educational institution – has ranked Nepal as the 33rd most fragile state in the world.
Nepal with 91.2 points ranked 33rd most fragile state in the Fragile States Index (FSI) published by Fund For Peace. Nepal was ranked 36th in the index last year.
Afghanistan tops the list among the South Asian countries with 9th position, whereas Pakistan is second most fragile South Asian countries with 14th position in the index. India is ranked 70th while Maldives is the least fragile country at 91st rank.
The ranking – based on the indicators of risk and thousands of articles and reports that is re processed by the institution’s software from electronically available sources – has African country Somalia at the top of the Fragile State Index followed by South Sudan and Central African Republic, according to the Fund for Peace that has placed Sudan and Yemen in the top five most fragile countries list.
The index has ranked Finland as the most sustainable country in the list with first position, followed by Norway, New Zealand, Denmark and Switzerland.

Nepse looks up to record 1,721.77-point

Continuing bullish trend, the share market crossed the 1,700-point mark today.
Propelled by the banking group, the Nepal Stock Exchange (Nepse) index gained 36.60 points, or 2.17 per cent, in the intra-day trading today to close the market at 1,721.77 points.
Except insurance and hotels sub-groups, all the other sub-groups logged gains to push the share market upward beyond imagination as the market lacks depth to sustain the bubble.
The insurance sub-group, which has been instrumental in propelling the benchmark index to record high, shed 95.57 points to close the day's trading at 9384.04 points, whereas the Hotels sub-group also lost 26.19 points to close the day at 1,983.88 points. Shares of 132 listed companies worth Rs 1.64 billion were traded today, continuing to raise brows of observers as the country's sole bourse has been logging daily transactions worth more than Rs 1 billion in the past couple of weeks.
Lack of investment opportunity, lure of rights and bonus shares from banks and financial institutions and insurance companies, coupled with low interest rates offered by banks have fuelled the stock market growth in recent months despite the market regulator repeatedly advising investors to be cautious before putting their hard-earned money in the stock market.
According to the share market pundits, low supply of shares of insurance companies and micro finance companies has also pushed the market over the roof.
"Apart from the comparably better return than other sectors, the ongoing bullish trend is also attracting other investors to the secondary market," they claimed.
Market capitalisation climbed to Rs 1846.92 billion on Monday, which is over 80 per cent of the total gross domestic production (GDP).

'The 11th hour spending spree encouraging financial crime'

Government expenditure that remains sluggish till the 11th month of the fiscal year, gains momentum in the final month of the fiscal years, according to the historical trend of budget expenditure.
The last month of the fiscal year – from mid-June to mid-July – generally sees spending of more than a quarter of the total annual budget, figures compiled by the Financial Comptroller General’s Office shows. The trend has not only encouraged financial indiscipline but also exposed lack of accountability and gross violation of basic fundamentals of public financial management, let alone the quality of last minute expenditure.
"Last minute spending is a financial crime,” says former senior adviser to Finance Ministry Keshav Acharya.
In Fiscal Year 2010-11, the Finance Ministry had issued a directive to line ministries advising them not to spend more than 40 per cent of the total budget in the last three months from mid-April to mid-July, Acharya reminded, adding that the ministry had also asked all the government agencies not to spend more than 20 per cent in the 12th month of the fiscal year. “However, the government has failed to implement this rule.”
According to former Auditor General Bhanu Prasad Acharya, last minute spending is not only financial indiscipline but also misuse of public purse. "We cannot be assured on quality of last minute spending as it is intended to ‘just spend’ the budget,” he added.
Successive governments have been spending almost a quarter of the total budget in the last month of the fiscal year, according to the Financial Comptroller General’s Office (FCGO) data.
In 2014-15, the government had spent a total of Rs 142.5 billion in the 12th month of the fiscal year, whereas the total annual budget for the last fiscal year was Rs 618 billion. A fiscal year earlier, the government had spent Rs 117.16 billion in the last month out of the total annual budget of Rs 517.24 billion.
Likewise, the government has managed to spend only half of the total budget by the end of the 11 months of the current fiscal year.
"As of June 25, the government has been able to spend only 53.94 per cent (Rs 442.01 billion) of the total budget of Rs 819.46 billion for the current fiscal year,” the FCGO data revealed, adding that the government has been able to spent 62.25 per cent (Rs 301.42 billion) in recurrent expenditure, and 31.24 per cent (Rs 65.25 billion) in capital expenditures.
The government had allocated Rs 484.26 billion for recurrent expenditure, whereas Rs 208.9 billion was allocated for capital expenditure for the current fiscal year 2015-16.
Though the low level of capital expenditure is attributed to budgeting system as it incorporates half-baked projects and projects of political interest often not implementable, the government has been not able to spend the recurrent expenditure too.
However, finance ministry officials say that the trend of last-minute spending will continue this fiscal year as well and the remaining 20 days will see surge in overall budget spending.
Former finance secretary Rameshwor Khanal attributes last minute expenditures to some valid technical reasons but more to the systemic and governance problem.
Generally, a contractor will prepare bill after 28 days of the completion of the work, he said, adding that the engineers will then verify and evaluate the work, and the contractor will make claim for payment in another 28 days. "They should ideally get payment within 2 months of the completion of the work."
However, the paying authority will start bargaining before making payment and keeps the payment pending till they get their cut, Khanal added. “At the end of the fiscal year, either one has to give the cut to get paid or the budget will be frozen.”
The current government record system also cannot show when the work has been completed, he said.
“Thus, the bill paid at the last minute could be the payment of the work completed in January or June,” he said, adding that the paying authority takes the advantage of the lack of tracking system and bargains for the cut.
Most of the 'Payment Ministries' like the Ministry of Physical Infrastructure and Transportation and Ministry of Energy has the culture of making payment in the last hour, pushing last month’s spending figures up.
Development partners also send the record of the projects completed through their direct payment at the last month of the fiscal year. Likewise, the government schedules the debt payment in the last month of the fiscal year also pushing the spending up in the last month.
However, Khanal attributed the last hour surge in budget spending to the lack of governance, financial indiscipline, eroding capacity of bureaucracy and lack of political willpower.

'The 11th hour spending spree encouraging financial crime'

Government expenditure that remains sluggish till the 11th month of the fiscal year, gains momentum in the final month of the fiscal years, according to the historical trend of budget expenditure.
The last month of the fiscal year – from mid-June to mid-July – generally sees spending of more than a quarter of the total annual budget, figures compiled by the Financial Comptroller General’s Office shows. The trend has not only encouraged financial indiscipline but also exposed lack of accountability and gross violation of basic fundamentals of public financial management, let alone the quality of last minute expenditure.
"Last minute spending is a financial crime,” says former senior adviser to Finance Ministry Keshav Acharya.
In Fiscal Year 2010-11, the Finance Ministry had issued a directive to line ministries advising them not to spend more than 40 per cent of the total budget in the last three months from mid-April to mid-July, Acharya reminded, adding that the ministry had also asked all the government agencies not to spend more than 20 per cent in the 12th month of the fiscal year. “However, the government has failed to implement this rule.”
According to former Auditor General Bhanu Prasad Acharya, last minute spending is not only financial indiscipline but also misuse of public purse. "We cannot be assured on quality of last minute spending as it is intended to ‘just spend’ the budget,” he added.
Successive governments have been spending almost a quarter of the total budget in the last month of the fiscal year, according to the Financial Comptroller General’s Office (FCGO) data.
In 2014-15, the government had spent a total of Rs 142.5 billion in the 12th month of the fiscal year, whereas the total annual budget for the last fiscal year was Rs 618 billion. A fiscal year earlier, the government had spent Rs 117.16 billion in the last month out of the total annual budget of Rs 517.24 billion.
Likewise, the government has managed to spend only half of the total budget by the end of the 11 months of the current fiscal year.
"As of June 25, the government has been able to spend only 53.94 per cent (Rs 442.01 billion) of the total budget of Rs 819.46 billion for the current fiscal year,” the FCGO data revealed, adding that the government has been able to spent 62.25 per cent (Rs 301.42 billion) in recurrent expenditure, and 31.24 per cent (Rs 65.25 billion) in capital expenditures.
The government had allocated Rs 484.26 billion for recurrent expenditure, whereas Rs 208.9 billion was allocated for capital expenditure for the current fiscal year 2015-16.
Though the low level of capital expenditure is attributed to budgeting system as it incorporates half-baked projects and projects of political interest often not implementable, the government has been not able to spend the recurrent expenditure too.
However, finance ministry officials say that the trend of last-minute spending will continue this fiscal year as well and the remaining 20 days will see surge in overall budget spending.
Former finance secretary Rameshwor Khanal attributes last minute expenditures to some valid technical reasons but more to the systemic and governance problem.
Generally, a contractor will prepare bill after 28 days of the completion of the work, he said, adding that the engineers will then verify and evaluate the work, and the contractor will make claim for payment in another 28 days. "They should ideally get payment within 2 months of the completion of the work."
However, the paying authority will start bargaining before making payment and keeps the payment pending till they get their cut, Khanal added. “At the end of the fiscal year, either one has to give the cut to get paid or the budget will be frozen.”
The current government record system also cannot show when the work has been completed, he said.
“Thus, the bill paid at the last minute could be the payment of the work completed in January or June,” he said, adding that the paying authority takes the advantage of the lack of tracking system and bargains for the cut.
Most of the 'Payment Ministries' like the Ministry of Physical Infrastructure and Transportation and Ministry of Energy has the culture of making payment in the last hour, pushing last month’s spending figures up.
Development partners also send the record of the projects completed through their direct payment at the last month of the fiscal year. Likewise, the government schedules the debt payment in the last month of the fiscal year also pushing the spending up in the last month.
However, Khanal attributed the last hour surge in budget spending to the lack of governance, financial indiscipline, eroding capacity of bureaucracy and lack of political willpower.

असारे विकासको चटारो

वर्षैभरि (झन्डै ११ महिना) सुस्त रहेको सरकारी खर्च अचानक आर्थिक वर्षको अन्तिम महिना हवात्तै हुन्छ। असारमा मात्र कुल बजेटको एकचौथाइ खर्च हुन्छभन्दा आश्चार्य लाग्न सक्छ तर महालेखानियन्त्रकको कार्यालयको तथ्यांकअनुसार पछिल्ला चार आर्थिक वर्षको खर्च प्रवृत्ति हेर्दा वर्षका ११ महिना न्यून खर्च हुने तर असारमा भने हरेक सरकारले दिल खोलेर खर्च गर्ने गरेको प्रस्टिन्छ।
आर्थिक वर्षको अन्तिम महिनामा सबै मन्त्रालय तथा विभागको निन्द्रा खुलेझैं छिटोछिटो विकास गर्ने प्रवृत्तिले बजेट खर्च बढे पनि यस्तो प्रवृत्तिले वित्तीय अराजकता तथा आर्थिक अनुशासनहीनता बढेको विज्ञको ठहर छ।
अर्थ मन्त्रालयका पूर्व वरिष्ठ आर्थिक सल्लाहकार केशव आचार्यका अनुसार असार वित्तीय व्यवस्थापन दृष्टिले 'आपराधिक' महिना हो।
आफू अर्थको अर्थिक सल्लाहकार रहँंदा आर्थिक वर्ष २०६७/६८ मा आर्थिक वर्षको अन्तिम त्रैमास अर्थात् वैशाख–जेठ–असारमा कुल बजेटको ४० प्रतिशतभन्दा बढी खर्च गर्न नपाइने र अझ अन्तिम महिनामा त २० प्रतिशतभन्दा खर्च गर्न नपाइने नियम अर्थ मन्त्रालयले बनाएको स्मरण गर्दै उनले कानुनी रुपमा व्यवस्था गरेको भए पनि सरकार आफंैले कानुन उल्लघंन गरिरहेको बताए। 'सरकार आफैंले नियम लागू गर्न सकेन,' उनले भने।
वर्षका ११ महिनामा सरकारी ढुकुटी नागरिकको करले भरिने तर १२औं महिनामा भने दिल खोलेर खर्च गर्ने प्रवृत्तिले सार्वजनिक वित्त व्यवस्थापनमा अनुशानहीनता बढेको निवर्तमान महालेखापरीक्षक भानुप्रसाद आचार्य बताउँंछन्। उनका अनुसार सरकारी ढुकुटी खर्च गर्नेले खर्च बढाउने मात्र होइन, भएको खर्चको गुणस्तर पनि हेर्नुपर्ने हुन्छ। आर्थिक वर्षको अन्त्यमा जसरी पनि खर्च बढी देखाउने होडबाजीले खर्चको गुणस्तर घट्ने र आर्थिक अनुशासनहीनता बढ्ने उनको भनाइ छ।
चालु आर्थिक वर्षमा पनि हालसम्म अर्थात् असार पहिलो सातासम्म कुल बजेटको आधा मात्र खर्च भएको छ। तर असार अन्तिमसम्म भने खर्च उल्लेख्य बढ्ने अर्थमन्त्री विष्णु पौडेल दाबी गरिरहेका छन्।
महालेखानियन्त्रकको कार्यालयका अनुसार चालु आर्थिक वर्षको असार ९ सम्म कुल बजेटको ५३.२९ प्रतिशत (४ खर्ब ३६ अर्ब) मात्र खर्च भएको छ। जसमा ६१.८१ प्रतिशत (२ खर्ब ९९ अर्ब) चालु बजेट खर्च भएको छ भने विकास खर्चको स्थिति अझ दयनीय छ।
कार्यालयको तथ्यांकअनुसार असार ९ गतेसम्ममा ३०.९४ प्रतिशत (६४ अर्ब ६२ करोड रुपैयाँ) मात्र पुँजीगत खर्च अर्थात् विकास बजेट खर्च भएको छ। चालु आर्थिक वर्षको कुल बजेट ८ खर्ब १९ अर्ब रुपैंया हो भने यस अन्तर्गत ४ खर्ब ८४ अर्ब रुपैया चालु खर्च तथा २ खर्ब ८ अर्ब रुपैयाँ पुँजीगत खर्च छुट्ट्याइएको थियो तर हतारहतार असारे विकास गर्ने प्रवृत्ति चालु आर्थिक वर्षमा पनि दोहोरिने अर्थका अधिकारी बताउँछन्।
उनीहरुका अनुसार असार पहिलो सातासम्म आधा मात्र खर्च भएको बजेट अबको तीन सातामा ह्वात्तै हुने निश्चित छ।
बजेट खर्च असारमा ह्वात्तै हुनुमा केही जायज कारण भए पनि धेरै भने गैरकानुनी कारण रहेको पूर्व अर्थसचिव रामेश्वर खनालको भनाइ छ। 'सामान्यतया काम भएको २८ दिनमा बिलिङ गर्ने र बिलिङ गरेको २८ दिनमा भुक्तानी दिने भन्ने ऐनमै उल्लेख छ,' उनले भने, संसारभरीको प्रचलन पनि यही हो।'
तर भुक्तानी गर्ने कर्मचारीले बार्गेनिङ गरेर आफ्नो भाग नझारी भुक्तानी नगर्ने प्रवृत्तिले भुक्तानी दिन झुलाउँंदै जाने र आर्थिक वर्षको अन्तिममा पैसा फ्रिज हुने अवस्था आएपछि आफ्नो भाग झारेर मात्र भुक्तानी गर्ने प्रचलनका कारण पनि असारमा धेरै नगद भुक्तानी हुने खनालले बताए।
असारमा भएको भुक्तानी सामान्यतया वैशाख वा जेठमा भएको कामको मात्र हुनुपर्ने हो तर हालको रेकर्ड सिस्टमले खर्च कहिले भएको हो भन्ने नदेखाउन नसकेका कारण पनि भुक्तानी दिने कर्मचारीले आफ्नो भाग बार्गेनिङ गरेर असारसम्म झुलाउने गरेको उनको भनाइ छ जसका कारण असारमा मात्रै धेरै भुक्तानी हुने र खर्चको रेकर्ड देखिने गर्छ।
विशेषतः पेमेन्ट मिनिस्ट्री अर्थात् बढी रकम भुक्तानी गर्ने मन्त्रालय मानिने भौतिक योजना तथा निर्माण मन्त्रालय, यातायात र ऊर्जा मन्त्रालयजस्ता मन्त्रालयका केन्द्र तथा जिल्लाका कार्यालय तथा विभागमा पनि बिल थुपारेर राख्ने र असारमा मात्र भुक्तानी गर्ने प्रवृत्ति धेरै रहेको आचार्यको भनाइ छ।
यस्तै, नेपालका विकास साझेदारले पनि उनीहरुको प्रत्यक्ष लगानीमा भएको खर्चको विवरण वर्षको अन्त्यमा एकमुष्ट पठाउने र सरकारले वैदेशिक ऋणको भुक्तानीको समयतालिका पनि असारमै पर्ने कारण असारमा वित्तीय व्यवस्थापनअन्तर्गत खर्च बढ्नु भने स्वाभाविक रहेको खनालको तर्क छ। महालेखानियन्त्रकको कार्यालयका अनुसार वित्तीय व्यवस्थापनअन्तर्गत सरकारले चालु आर्थिक वर्षको बजेटमा १ खर्ब २६ अर्ब छुट्ट्याएकोमा असार ९ गतेसम्म ५७.५८ प्रतिशत (७२ अर्ब ७३ करोड) खर्च भएको छ।
खर्च गर्न नसक्ने तर राजस्व भने लक्ष्यअनुसार उठ्ने भएपछि सरकारी  ढुकुटीमा नगद थुप्रिने र त्यसले रोजगारी सिर्जना पनि नगर्ने, उद्यमशीलतामार्फत नागरिकको आम्दानी बढाउन मद्दत पनि नगर्नेे हुनाले अर्थतन्त्र परनिर्भर हुँदै जान्छ। सरकारले खर्च नगरेपछि निजी क्षेत्रले पनि खर्च गर्दैन र अर्थतन्त्रमै संकुचन आउँछ।
तर, राष्ट्रिय योजना आयोगका पूर्व उपाध्यक्ष गोविन्द पोखरेलका अनुसार एकतिर राजनीतिक नेतृत्व वर्गको कमजोरी र अर्कोतिर कर्मचरी वर्गको खिइँदो कार्यक्षमताबीच नियमित रुपमा गुणस्तरयुक्त खर्च बढाउन गाह्रो छ। कर्मचारी वर्गको कार्यक्षमता नबढाएसम्म असारे खर्च तथा वित्तीय अनुशासनमा सधै समस्या रहन्छ, उनी भन्छन्, नियममितरुपमा सरुवा भैरहने हुँंदा विषयगत ज्ञान नभएका कर्मचारी तथा राजनीतिक नेतृत्व वर्गको कमजोर इच्छाशक्ति तथा सुशासनको अभावमा असारे खर्च नियन्त्रण गर्नु असम्भव छ।
उनका अनुसार केन्द्रमा अर्थात् मन्त्रालयमा धेरै तर कार्यक्षेत्रमा कम कर्मचारी भएको उल्टो पिरामिडजस्तो हाम्रो कर्मचारी संयन्त्र संरचनाले पनि समयमै गुणस्तरीय खर्च वृद्धि गर्न समस्या सिर्जना गरेको छ।
नेपाल राष्ट्र बैंकका अनुसार पछिल्लो समय नाकाबन्दी हटेपछि बाह्य व्यापारसँगै स्रोतपरिचालनमा सुधार आए पनि स्रोत परिचालनको तुलनामा सरकारी खर्च न्यून भएकाले वैशाख मसान्तसम्म सरकारी ढुकुटीमा २ खर्ब १० अर्ब २२ करोड नगद मौज्दात छ।
राष्ट्र बैंकले राजस्व संकलनको वर्तमान प्रवृत्ति कायम रहे कुल राजस्व बजेटको लक्ष्य ४ खर्ब ७५ अर्बभन्दा बढी उठ्ने देखिएको पनि बताएको छ। तर, सरकारी नेतृत्वमा इच्छाशक्तिको कमी तथा तीव्र राजनीतीकरणले कर्मचारीतन्त्रको खिइँदो क्षमताका कारण बजेट खर्च भने नभएको कारण अबको २२ दिनमा सरकारले ४ खर्ब ३६ अर्बभन्दा बढी रकम अबको २९ दिनमा खर्च गर्नुपर्ने हुन्छ। तर, आर्थिक वर्षको अन्त्यमा हतारहतार गरिएको असारे विकास र त्यसको खर्चको गुणस्तर र प्रतिफल सारै न्यून हुने अघिल्ला आर्थिक वर्षले देखाइसकेका छन्।

ADB, IRRI sign knowledge partnership agreement

Asian Development Bank (ADB) president Takehiko Nakao and International Rice Research Institute (IRRI) director general Matthew Morell signed an agreement to promote food security in Asia and the Pacific by scaling up collaboration on disseminating research and other knowledge on the role of advanced agricultural technologies in providing affordable food for all.
Under the partnership agreement signed today during ADB’s Food Security Forum 2016, the two institutions will undertake annual consultations to review and ensure alignment of ongoing collaborative activities, and to develop a joint work programme. The 2016 programme will focus on expanding the use of climate-smart agriculture and water-saving technologies to increase productivity and boost the resilience of rice cultivation systems, and to minimise the carbon footprint of rice production.
“This new form of collaboration with IRRI is another step toward our shared goal of ensuring good food and nutrition for all citizens of this region," Nakao said on the occasion. "We look forward to further strengthening our cooperation in this area to promote inclusive and sustainable growth, as well as to combat climate change."
“I am delighted to build on our partnership with ADB to add a new dimension to our long-standing collaborative work,” Morell said, adding that IRRI looks forward to deepening our already strong partnership as we jointly develop and disseminate useful agricultural technologies throughout Asia.
ADB and IRRI have collaborated since 1975 on agricultural research to provide scientific solutions to a wide array of challenges including low crop yields, vulnerability to extreme weather, pests and disease, postharvest losses, deteriorating land and water resources, and greenhouse gas emissions.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.
IRRI has its headquarters in Los Baños, Philippines, and has offices in 15 countries. It is an independent, nonprofit agricultural research and educational organization established in 1960 through funding from the Ford and Rockefeller foundations, with support from the Philippine government. Its mission is to reduce poverty and hunger, improve the health of rice farmers and consumers, and ensure environmental sustainability of rice farming.

Government bows down to illegal strike by bottlers

The government has bowed down to the 'illegal strike' by the gas bottlers and revoked its earlier decision to suspend the product delivery order PDO of Himalayan Petrochemicals, the company that manufactures HP brand of gas cylinders.
Gas bottlers have been protesting by refusing to take PDO to import cooking gas since yesterday forcing to withdraw the government decision against the HP gas.
Supply of Liquefied Petroleum Gas (LPG) – popularly known as cooking gas – comes under the essential service and the bottlers' refusal against the Essential Service Act was against the law of the land. Essential Services Operation Act, 2014, states that no one shall disrupt the supply of essential consumer goods or services by exercising a monopoly or through any other means. But the LPG bottlers have challenged the government by refusing to take PDO of the cooking gas. The bottlers have declared to indefinitely stop collecting PDO from Nepal Oil Corporation (NOC) from yesterday. PDO is a document needed for importing cooking gas from India.
The weak governance, lack of political will power due to rising corruption and red tape and illegal syndicate of gas bottlers forced the government to bow down against the illegal strike putting thousands of lives at danger. The cooking gas cylinders – that are virtually bombs as they have not been undergone hydro-static test regularly as it should have been – has already taken three lives a month ago.
The talks between Supply Ministry and Nepal LP Gas Industry Association (NLPGIA) held today at the ministry concluded after the government took its earlier decision to suspend PDO of HP gas.
Consumer Protection Council – led by the supply minister – had suspended the PDO of HP gas last week. Three people were killed around a month ago on May 20, after the fatal explosion of HP Gas cylinder in Haugal tole of Lalitpur sub-metropolis.
Reacting to the government decision of PDO suspension, the association had appealed to all the bottling plants to stop buying cooking gas from India from yesterday to put 'illegal' pressure on the government to roll back its decision.
A government-formed investigation team has said in its report that further investigation is required to look into the thickness of the metal of the gas cylinder. The team has, however, ruled out the possibility of the explosion being caused due to lack of hydro-static tests.
After receiving the report on Sunday, the government had called the NLPGIA for talks on the condition that HP gas clears the compensation to the victims’ families.
The association and the victims' family today afternoon agreed on Rs 4.1 million 'blood money', and the government put stamp on the illegal deal. "There is no law and order in the country," according to consumer rights activist Jyoti Baniya, who termed the government and association deal, an illegal compromise. "This is the height of lawlessness in the country," he said, adding that government has bowed down in front of illegal strike, which will encourage the people to break the law. "Anyone can pay compensation and kill people and go unpunished, what kind of governance is it?"
The government has lifted the ban on the import of HP gas cylinders going against the recommendation of a committee of experts it had hired to probe the incident of gas cylinder explosion last month in Lalitpur that killed three people.
The ministry – which had banned the import of HP Gas last week after the probe committee blamed the poor quality of cylinders for the explosion – lifted the ban saying that the probe committee's report did not define the defects in HP Gas cylinders in concrete terms.
However, the report had clearly mentioned that many details of the exploded HP Gas cylinder and its quality could not be traced and further expert inquiry may be required to arrive at a definite conclusion. It means that the government has bowed against the pressure from the bottlers.  Weak laws and government's unwillingness to take any action had emboldened the gas bottling companies in the country to unlawfully halt the import of cooking gas, an essential commodity.
The ministry has also cited the bottlers' willingness to provide Rs 4 million as compensation apart from 0.1 million provided by the HP gas to be divided among the families of the deceased, as the justification for lifting the ban.
The association and the ministry team sat for talks after the company handed over the Rs
4.1 million compensation to the victims’ families, according to the joint secretary of the ministry Anandaram Regmi. "The Ministry will write to Nepal Oil Corporation (NOC) to issue the PDO to HP gas on a regular basis as earlier from tomorrow."
After the agreement, the bottlers have agreed to resume imports of cooking gas.

‘Livelihood revival as important as reconstruction’

The development partners have made an unequivocal call to expedite reconstruction work that directly supports livelihood recovery of earthquake-affected communities.
Speaking at a conference on ‘Livelihoods Recovery: Lessons Learnt and Way Forward’ held in Kathmandu today, they emphasised that livelihood recovery should be given equal emphasis as building houses and other infrastructure.
Speaking on the occasion, Industry Minister Som Prasad Pandey, on the occasion, said the government was serious about speeding up recovery of livelihood of the people affected by last year’s earthquake and urged the National Reconstruction Authority (NRA) to make its performance more visible on the ground.
Likewise, NRA chief executive officer Sushil Gyawali said there was huge potential for employment-creation in the construction industry. "NRA had a target of creating at least 25,000 masons and skilled workers in three months," he said.
Australian ambassador to Nepal Glenn White reiterated that livelihood recovery was as important as reconstruction. "Rebuilding houses is important,” he said, adding that livelihood recovery was more important as it helped families make decisions about their priorities about whether they wanted to build a house or send their children to school or grow a business.
UNDP country director Renaud Meyer, on the occasion, said reconstruction should not only focus on buildings but also rebuilding lives and livelihood. Meyer added that the Rapid Enterprises and Livelihoods Recovery Project (RELRP), supported by the Australian government, had supported 14,000 micro-entrepreneurs to revive their enterprises and livelihood. He added that UNDP’s Community Infrastructure and Livelihoods Recovery Project had supported 20,000 households through the reconstruction of 81 vital community infrastructures like irrigation canals, cooperative buildings, and drinking water and agricultural facilities.
The conference was jointly organised by the Industry Ministry, NRA and UNDP to share the lessons learnt in livelihood recovery following last year’s devastating earthquake. In the sideline of the event, an exhibition of products of micro-entrepreneurs revived after the earthquake was also organised.

राष्ट्रबैंकले जित्यो १० लाख डलरको मुद्दा

नेपाल राष्ट्र बैंकले अमेरिकी अदालतमा चलिरहेको सम्पत्ति शुद्धीकरणसँग जोडिएको १० लाख अमेरिकी डलरको मुद्दा जितेको छ। नौ वर्षपछि सोमबार भएको अन्तिम फैसलाबाट राष्ट्र बैंकको ठूलो रकम जोगिएको राष्ट्रबैंक अधिकारीले जनाएका छन्।
सुडान घोटालासँग जोडिएको भनिएको तरला इन्टरनेसनलका सञ्चालक असिम क्षत्री खत्रीले हालेको मुद्दामा अमेरिकी माथिल्लो अदालतले राष्ट्र बैंकका पक्षमा फैसला सुनाएको हो।
घटनाअनुसार २०६६ सालमा तरला इन्टरनेसनल नामक अमेरिकी कम्पनीले चिनियाँ नागरिक झु लिजियाङलाई नेपाल बंगलादेशको ललितपुर, भैंसेपाटी शाखामा १० लाख अमेरिकी डलर पठाएका थिए। बैंकले उक्त रकममाथि शंका गर्दै राष्ट्र बैंकलाई जानकारी गराएपछि राष्ट्र बैंकले उक्त रकम जफत गरी सम्पत्ति शुद्धीकरण मुद्दा चलाएको थियो। सँगसँगै खातासमेत रोक्का गरेको थियो।
लगत्तै अमेरिकामा बस्दै आएका तरला इन्टरनेसनलका असिम क्षेत्रीले नेपालको एक वाणिज्य बैंकले आफ्नो पैसा गैरकानुनी रुपमा फ्रिज गरेको भन्दै राष्ट्र बैंकविरुद्ध अमेरिकी जिल्ला अदालतमा मुद्दा दायर गरेका थिए। अमेरिकी जिल्ला अदालतले तरलाकै पक्षमा फैसला गरेपछि असिमले सोही आधारमा अमेरिकास्थित स्ट्यान्डर्ड चार्टड बैंकमा रहेको राष्ट्र बैंक खाताबाट उक्त रकम झिकेका थिए।
राष्ट्र बैंकको खाताबाट अचानक १० लाख डलर गायब भएपछि हल्लीखल्ली मच्चियो। लगत्तै राष्ट्रबैंकले उक्त अदालतलाई आफू वाणिज्य नभई नेपालको केन्द्रीय बैंक रहेको र शंकास्पद खाता रोक्का गर्ने अधिकार आफूसँग रहेको दाबी गरेपछि अदालतले राष्ट्र बैंकको अपिल सदर गर्दै असिमको खाता रोक्का गर्ने आदेश दिएको थियो। राष्ट्र बैंकको पैसा पनि फिर्ता भयो। तर उक्त आदेशविरुद्ध असिम माथिल्लो अदालत गएकाले मुद्दा भने जारी थियो। सोही फैसला सोमबार भएको हो।
नेपाल राष्ट्र बैंकविरुद्ध आफ्नो पैसा गैरकानुनी रुपमा फ्रिज गरेको भन्दै अमेरिकी डिस्ट्रिक्ट कोर्टमा मुद्दा हालेका थिए। डिस्ट्रिक कोर्टले हराइदिएपछि उनी २०७१ भदौमा माथिल्लो अदालत गएका थिए। माथिल्लो अदालतले सोमबार राष्ट्र बैंकको पक्षमा अन्तिम फैसला गरेको हो।
क्षत्रीले न्युयोर्कस्थित स्टान्डर्ड चार्टर्ड बैंकमा रहेको नेपाल राष्ट्र बैंकको खाताबाट राष्ट्र बैंकलाई जानकारी नगराई अदालतको आदेशमा रकम झिकेपछि राष्ट्र बैंकले अमेरिकी अदालतमा मुद्दा दायर गरेको थियो।
पछि अदालतमा राष्ट्र बैंकले आफू नेपालको केन्द्रीय बैंक भएको र उक्त रकम सम्पत्ति शुद्धीकरणसँग सम्बन्धित रहेको जानकारी गराएपछि अदालले स्टे अर्डर जारी गरको थियो। तर, मुद्दाको फैसला भने भएको थिएन।

Blockade institutionalised ‘black economy’: Experts

Experts said that the five month long blockade not only fueled the black economy and corruption but also institutionalised them.
Speaking at an interaction on ‘Post Disaster Assessment: Blockade 2015-16’ organised jointly by Nepal Economic Forum (NEF) and Alliance for Social Dialogue in Kathmandu today, they also said that the society has accepted black economy and corruption as the government was seen to support the black market activities during the period.
Journalists and political commentator Chandrakishore Jha, who is based in Birgunj, pointed that protection provided by the state to key players of the black market was a reason for the uncontrolled flourishing of the black market. He said the state had been Kathmandu-centric and indifferent to the concerns of the bordering areas, which were exemplified by the fact that during the blockade, getting supplies to Kathmandu was viewed as the priority, ignoring the people along the border towns who were also suffering as a result of the supply shock.
On the social front, he said social relations should be viewed as a key capital in the economy but dissatisfaction in the Tarai-Madhes, which gave rise to the blockade as a by-product, has heightened the discord in social relations.
Likewise, Janakpur-based social researcher and political commentator Surendra Labh said the social acceptance of the black economy exposed the society to dangers of that becoming the dominant norm. He talked about how corrupt attitude is celebrated in our society and our socialization process congratulates people geared toward materialism. Labh also talked about how different categories of people perceived the blockade differently and how it was important to view the blockade as a by-product of the discord brewing in the Tarai-Madhes.
On the occasion, NEF advisory board-member and professor at the South Asian University Mallika Shakya talked about the importance of understanding the difference in perception of the blockade from the capital and the border towns. In the context of the blockade and the black market that emerged during this period, she noted that the corrupt elite had captured and adapted the informal economy’s ways of operation to extract financial gains out of crisis situations. She also stressed on the need to view the blockade ordeal through the lenses of ‘South Asianness’.
The impact of the embargo that continued from September to February was felt across the economy as essential imports were stuck on the Indian side of the border and crippling fuel shortages badly hit the production, distribution and consumption processes of the economy, according to a report 'Post Disaster Assessment: Blockade 2015-16' prepared by the NEF and Alliance for Social Dialogue. "The private sector suffered losses totaling a staggering Rs 202.5 billion ($1.96 billion) – equivalent to almost a quarter of the current fiscal year’s budget – as a result of the blockade," it added.
For more than a year now, the Nepali economy has been gasping for breath as multiple challenges choked the country one after the other. The devastating earthquakes of 2015 claimed close to 9,000 lives and injured more than 22,000 inflicted enormous costs – estimated at $7 billion – on the economy and is expected to push close to 700,000 people below the poverty line.
Just months later, constitution-related protests in the Tarai-Madhesh region which culminated with the border blockade came as another major shock to the economy and the society at large. As the trade blockade continued, with vital supplies to the landlocked country virtually cut-off, the resultant energy crisis made its impact felt across all sectors of the economy.
On one hand, essential imports like medicines and fuel was not allowed to enter the country, and on the other hand, the crippling shortage of fuel adversely affected production, distribution, and consumption processes of the economy.
On the occasion, member of parliament and the chairman of the Parliamentary Development Committee Rabindra Adhikari stressed the importance of trade and transit diversification. He said the country cannot be truly sovereign till the day it diversifies trade and transit and moves away from excessive dependence on a single trading partner for essential commodities. Sharing his experiences of travelling across the postal highway in the Tarai, he identified it as a lifeline for national integration, highlighting that infrastructural connectivity should play a key role for integrating different geographic regions and thereby promoting overall national integration.
The key themes that emerged during the course of the discussions revolved around the need for social transformation in order to prevent corrupt attitudes becoming the new normal, moving toward a self-reliant economy through diversification of trade and transit, and demanding accountability from the government.
The longer term implications of the blockade could be much more complex and adverse, the speakers said, brainstorming in an attempt to trace the blockade’s ramifications and provide a fresh pair of lenses to the discourse.

ढुकुटीमा एक चौथाइ बजेट

सरकार एक चौथाइभन्दा बढी नगद बजेट ढुकुटीमा थुपारेर बसेको छ। नेपाल राष्ट्र बैंकका अनुसार उसको ढुकुटीमा सरकारको नगद मौज्दात करिब २ खर्ब १६ अर्ब रुपैयाँ छ। चालु आर्थिक वर्षको बजेट ८ खर्ब १९ अर्ब रुपैयाँ हो।
खर्च गर्न, विशेषतः विकास खर्च गर्नमा पूर्णतः असफल सरकारले चालु आर्थिक वर्षमा ८८ अर्ब रुपैयाँ आन्तरिक ऋण पनि उठाएकोले सरकारी ढुकुटीमा चालु आर्थिक वर्षको बजेटको एक चौथाइभन्दा बढी नगद थन्किएको हो।
पूर्वअर्थमन्त्री सुरेन्द्र पाण्डेका अनुसार अर्थतन्त्रको लागि सरकारको ढुकुटीमा एक चौथाइ नगद बजेट थुप्रिनु शुभ संकेत होइन। 'सरकारले खर्च गर्न नसक्नु भनेको देश गरिबीतिर उन्मुख भएको लक्षण हो,' उनले भने।
सरकारले सन्दुकमा पैसा थन्क्याएर बस्ने होइन, उसले त जति धेरै खर्च गर्न सक्यो उतिनै त्यस पैसाले पैसा तान्छ। अनि पुँजी निर्माण हुन्छ। यसले अर्थतन्त्र चलायमान बनाउँछ र रोजगारी सिर्जना हुन्छ। फलस्वरुप सरकारलाई नै बढीभन्दा बढी राजस्व प्राप्त हुन्छ।
ढुकुटीमा थुप्रिएको नगद सरकारले खर्च अर्थात लगानी गर्न सके त्यसबाट रोजगारी सिर्जना हुने तथा उद्यमशीलतामार्फत नागरिकको आम्दानी बढ्ने भन्दै पाण्डेले पैसाको मूल्य समयक्रममा घट्दै गइरहेको परिप्रेक्ष्यमा ढुकुटीमा पैसा थन्किनु भनेको त्यसको मूल्य घट्दै जानु भएको बताए।
सरकारले आफूसँग भएको स्रोत साधनको उचित उपयोग गरी उत्पादनशील काममा खर्च गर्न नसक्नु र ऋण पनि प्रयोग गर्न नसक्नु उसको लाचारीपन भएको पाण्डेले बताए।
वैशाख मसान्तसम्ममा ८२ अर्ब ६६ करोड बराबर आन्तरिक ऋण उठाएको सरकारले खर्च गर्न नसके पनि चालु आर्थिक वर्षमा ८८ अर्ब आन्तरिक ऋण उठाएको छ।
नेपाल राष्ट्र बैंकका अनुसार वैशाख मसान्तसम्ममा सरकारले २६ अर्ब ३० करोड रुपैयाँ बराबरको आन्तरिक ऋणको भुक्तानी पनि गरेको छ। वैशाख मसान्तसम्ममै ८२ अर्ब ६६ करोड बराबर आन्तरिक ऋण उठाएका कारण सरकारको तिर्न बाँकी आन्तरिक ऋण २ खर्ब ५३ अर्ब १५ करोड पुगेको छ। सरकारको तिर्न बाँकी आन्तरिक ऋण २०७२ असार मसान्तमा १ खर्ब ९६ अर्ब ७९ करोड रुपैयाँ थियो।
पछिल्लो समय नाकाबन्दी हटेपछि बाह्य व्यापारसँगै स्रोत परिचालनमा सुधार आए पनि स्रोत परिचालनको तुलनामा सरकारी खर्च न्यून भएकोले वैशाख मसान्तमा सरकारी ढुकुटीमा २ खर्ब १० अर्ब २२ करोड नगद मौज्दात थियो। जुन सरकारले प्रयोग गर्न नसकेर बढ्दै गएको हो।
राष्ट्र बैंकका अनुसार नाकाबन्दीको कारण चालु आर्थिक वर्षको दोस्रो महिनादेखि नौ महिनासम्म लगातार ऋणात्मक रहेको राजस्व वृद्धिदर १०औं महिनामा आइपुग्दा सकारात्मक भएको छ। वैशाख मसान्तमा सरकारको राजस्व संकलन ११.९ प्रतिशतले बढेर ३ खर्ब ५० अर्ब २७ करोड पुगेको छ। अघिल्लो वर्षको सोही अवधिमा पनि यस्तो राजस्व ११.७ प्रतिशतले नै बढेको थियो।
राष्ट्र बैंकले राजस्व संकलनको वर्तमान प्रवृत्ति कायम रहे कुल राजस्व बजेटको लक्ष्य ४ खर्ब ७५ अर्बभन्दा बढी उठ्ने देखिएको बताएको छ। तर, सरकारी नेतृत्वमा इच्छाशक्तिको कमी तथा बढी राजनीतिकरणले कर्मचारीतन्त्रको खिइँदो क्षमताका कारण बजेट खर्च भने असार २ गतेसम्ममा जम्मा ५१.७५ प्रतिशत अर्थात ४ खर्ब २४ अर्ब रुपैयाँमात्र भएको छ।
महालेखा नियन्त्रकको कार्यालयका अनुसार असार २ गतेसम्ममा ६०.१३ प्रतिशत (२ खर्ब ९१ अर्ब) चालु बजेट खर्च भइसकेको छ। विकास खर्चको स्थिति भने झन् दयनीय रहेको महालेखा नियन्त्रकको कार्यालयको तथ्यांकले देखाएको छ।
महालेखा नियन्त्रक कार्यालयको तथ्यांक अनुसार असार २ गतेसम्ममा २९.०२ प्रतिशत (६० अर्ब ६१ करोड रुपैयाँ) मात्र विकास बजेट खर्च भएको छ। चालु आर्थिक वर्षको बजेटमा २ खर्ब ८ अर्ब पुँजीगत खर्च छुट्ट्याइएको थियो। यस हिसाबले सरकारले १ खर्ब ४८ अर्बभन्दा बढी रकम अबको २९ दिनमा खर्च गर्नुपर्ने हुन्छ।
यसरी सरकारले चालु अर्थिक वर्षको बाँकी २९ दिनमा प्रतिदिन ५ अर्ब ११ करोडभन्दा बढी खर्च गर्नुपर्ने बाध्यता एकातिर छ भने अर्कातिर आर्थिक वर्षको अन्त्यमा गरिएको खर्चको गुणस्तर र प्रतिफल सारै न्यून हुने अघिल्ला आर्थिक वर्षहरुले देखाइसकेका छन्। आर्थिक वर्षको अन्तिम महिनामा आएर खर्च गर्नको लागिमात्र खर्च गर्ने र आफ्ना नजिकका आसेपासेलाई बजेट बाँड्ने गर्दा नागरिकको करको दुरुपयोग हुनेमात्र नभई आर्थिक अनुशासनहीनता तथा अराजकताले अर्थतन्त्रमा नै गम्भीर असर पार्ने हुन्छ।
असार मसान्तभित्र काम सकेर फच्र्छ्यौट नगरे बजेट फ्रिज हुने हुनाले जिल्ला जिल्लामा मात्र नभएर काठमाडौंमै पनि विभिन्न टुक्रे आयोजना असारभित्रै जबर्जस्ती गुणस्तरहीन काम गरेर भए पनि सकाउने र बिल पेस गर्ने चलन छ। यस्तै अभ्यासले विकास खर्च अबको २९ दिनमा ५० प्रतिशत पुग्ने अर्थ मन्त्रालयका अधिकारी बताउँछन्। अर्थ मन्त्रालयले समयमै स्रोतको व्यवस्था गरिदिए पनि विभिन्न प्राविधिक कारण देखाई सम्बन्धित मन्त्रालय तथा विभागले समयमा नै बजेट निकासा नगरिदिने, आयोजनाको अध्ययन नै नगरी बजेटमा चढाउने तथा खुद्रे आयोजनाको लागि पनि राजनीतिक दबाबमा बजेट छुट्ट्याउने प्रचलनले पनि विकास खर्च अपेक्षाकृत रुपमा नभएको अर्थ मन्त्रालयको दाबी छ।
यस्तै, अर्थविद विश्वम्भर प्याकुरेलका अनुसार पनि संसदमा रहेका ४० वटा ऐन पारित हुन नसक्नु, प्रशासनिक संरचनामा परिवर्तन नहुनुले आगामी आर्थिक वर्षमा पनि पुँजीगत खर्च हुन सक्नेमा आशंका छ। उनले प्रधानमन्त्रीले बजेट कार्यान्वयनमा मन्त्रीहरुलाई जिम्मेवार बनाउन कार्यान्वयनको समयसीमा नै तोकेर अनुगमन गर्नुपर्ने सुझाव दिँदै अन्तरपार्टी समझदारी नहुनु, संसदमा रहेका ऐन पारित नहुनु र प्रशासनिक र शासकीय स्वरुपमा परिवर्तन नहुनुले बजेटको कार्यान्वयनमा ठूलो चुनौती रहेको बताए।

Nepal profitable investment destination

While investors keep saying that investing in infrastructure in Nepal is challenging, the central bank governor says that the country is profitable to invest in as there aren’t enough and stringent laws and regulations here.
Not only does Nepal lack mega infrastructure projects, it also doesn’t have stringent laws, which gives enough space for investors, central bank governor Dr Chiranjivi Nepal said at a workshop on ‘Infrastructure Financing: Challenges and Opportunities’ organised jointly by the Confederation of Nepalese Industries (CNI) and Hydroelectric Investment and Development Company Ltd (HIDCL) in Kathmandu today.
Even though the reform process slowdown in the recent years has left some roadblocks for investors interested in mega infrastructure projects, there have been some positive initiatives too, he said, citing the example of the formation of Investment Board Nepal (IBN) which has been following every project closely to facilitate them.
“Investors look for five indicators before putting up their money,” the governor said, naming five indicators as political stability, policy consistency, flexible labour policy, tax policy and inflation rate. The formation of IBN has ensured some sort of policy consistency for foreign investors, he said, adding that Nepal was learning by doing and this could prove to be the best opportunity for investors.
IBN chief executive officer (CEO) Radhesh Pant, on the occasion, said that law alone cannot attract investment. “The laws should be there to gain trust from investors, but the government has to ensure that there is some profit for investors to come to invest in Nepal,” he said, adding that along with the implementation of the projects, policies should also go on improving. “But the government’s commitment and fulfillment of those commitments are a must to build trust on the government.”
Pant said the government must join hands with the private sector for the implementation of the projects as the private sector alone cannot complete the land acquisition and compensation process without the government’s participation.
Likewise, Nabil Bank chief executive officer Sashin Joshi also reiterated that without a guarantee of profit, no investor would ever invest anywhere. “Our neighbouring countries have been courting investors with incentives,” he said, asking why the investors should come to Nepal.
Nepal, he said, needed foreign investment as domestic investment was not enough to fund the infrastructure investment gap that the country faces. “Nepal needs $3 billion every year to develop hydropower alone according to the Millennium Challenge Corporation (MCC report,” he said, adding that Nepal needed $7 billion to achieve the double-digit growth which ensures Nepal’s graduation to the developing country status from the current Least Developed Country (LDC) status. “Thus, Nepal needs foreign investment in infrastructure.”
However, there are various challenges in attracting foreign investment in infrastructure.
According to member of the Infrastructure Cell of CNI Ashish Garg, Nepal needs to be in the investment radar with better credit ratings and investment protection. “Nepal also needs to develop a sustainable foreign-exchange management regime apart from simplifying the approval process by delivering a one-desk policy,” he said, adding that an enabling environment, establishment of a dedicated banking system, and building trust between the government and the private sectors are some of the way forward.
Likewise, advocate Gandhi Pandit urged the government to amend the laws to help promote project financing and attract institutional investors to Nepal.
Participants, on the occasion, also dwelt on various legal and procedural problems in project financing and how to simplify them.

Inflation still in double digits

Despite government's claims of having cracked its whip at price rises, the country's inflation is hovering at double digits.
According to the central bank's macroeconomic update, for the 10th month of the current fiscal year, consumer price inflation stood at 10 percent.
In mid-May, belying general expectations that inflation would follow the trend of continuous moderation seen from its peak of 12.1 per cent in mid-January, inflation stood at double digits, reads Nepal Rastra Bank's (NRB) monthly report published today.
"Despite the improved supply of fuel and other consumable items following the return of normalcy in the southern customs points, the reversal in the inflation trend occurred on account of rise in housing rents and education-related expenses," it says , adding, "Of the overall inflation, non-food and services group inflation of 10.4 per cent exceeded the food and beverage group inflation of 9.6 per cent in mid-May."
Among food and beverage items, the prices of pulses and legumes sub-group and the vegetables sub-group continued to remain at a higher level of 23.4 per cent and 20.1 per cent, respectively. The prices of the clothes and footwear sub-group, the housing and utilities sub-group and the alcoholic drinks sub-group saw increment of 17 per cent, 16.4 per cent and 15.9 per cent, respectively, according to the central bank.
Likewise, the report also revealed that Kathmandu Valley is the most expensive place to live in Nepal, geographically. The valley witnessed relatively higher rates of inflation at 11.5 per cent followed by the hilly region at 11 per cent, the mountain region at 9.1 per cent and the Tarai region at 8.6 per cent in mid-May.
Last year, the Kathmandu Valley, the hilly region and the Tarai region had experienced the inflation rates of 6.8 per cent, 7.7 per cent and 6.9 per cent, respectively, the report added.
Supply constraints due to the lingering impact of the April-May 2015 earthquakes and the obstruction at the southern trade routes also fuelled the inflation, widening the gap between prices in Nepal and India.
Year-over-year consumer price inflation of Nepal in the tenth month of the current fiscal year continued to remain at a higher level of 10 per cent compared to that of India at 5.8 per cent showing inflation wedge of 4.2 per cent, the report reads, adding that a year ago, such inflation in Nepal was 7.1 per cent compared to 5 per cent in India reflecting a narrower inflation wedge of 2.1 per cent only.
India's annual consumer price inflation accelerated to a near two-year high of 5.76 per cent in May, driven by surging prices of food products like pulses and sugar, which could dampen hopes of a rate cut at least during the next monetary policy review in August.
Likewise, the blockade during the Tarai-Madhesh protests also pulled the import and export figures down. According to the central bank, in the 10 months of current fiscal year 2015-16, merchandise exports decreased by 21.7 per cent to Rs 55.60 billion while merchandise imports dropped by 4.6 per cent to Rs 599.36 billion. "Exports to India and China decreased by 33.4 per cent and 35.6 per cent, respectively, whereas exports to other countries increased by 4.1 per cent in mid-May," the report says, adding that imports from China increased by 9.5 per cent whereas imports from India and other countries decreased 7.8 per cent and 4.1 per cent, respectively
Exports through Tribhuvan International Airport (TIA) and Dry Port customs office - Birgunj increased, whereas exports through other customs points decreased, the report says, adding, "On the import side, imports through Birgunj Customs Point decreased, whereas imports through other customs points increased. Likewise, trade has not yet resumed through Tatopani Customs Point."
Nepal's trade deficit also contracted – by 2.4 per cent – to Rs 543.76 billion in mid-May compared to an expansion of 10.1 per cent in mid-May last year.
The report also says that decrease in the number of outflow of the Nepali migrant workers has not hit remittance inflow hard yet. "The workers' remittances inflow grew by 10.2 per cent to Rs 538.87 billion till mid-May compared to a growth of 10 per cent in the previous year," it observed, adding that net transfer receipt increased by 11.8 per cent to Rs 628.07 billion. The number of Nepali workers seeking foreign employment, based on final approval, decreased by 22.2 per cent in the 10th month of the current fiscal year, compared to an increment of 8.9 per cent in the same period of last fiscal year.

Drop in remittance will hit economy

If remittance entering the country were to drop by 10 per cent, Nepal’s annual economic growth could drop by up to 3 percentage points compared to baseline forecasts, says a report from the World Bank.
Focusing on ‘Remittances at Risk’, the World Bank report laundhed today highlighted the possibility of near-term risk of a slowdown in remittances. "Over the last 10 years, remittances have increased substantially and they play an important role in Nepal’s economy,” the report reads, "but the economy would be hit, if the remittance inflow were to drop."
Following two massive shocks which have resulted in two years of disappointing growth, economic activity is expected to rebound modestly, growing by 4.7 per cent in fiscal year 2016-17, according to the report that has warned of a third shock – drop in remittance – that could pull the economic growth downward.
"Should a slowdown in remittance occur, appropriate monetary and fiscal policy responses are required as well as enhanced supervision of the financial sector,” the World Bank’s senior country economist for Nepal and lead author of the report, Damir Cosic said.
Following the earthquake in April 2015, the outflow of migrant workers contracted for ten months in a row. In the first nine months of Fiscal Year 2016, the number of migrant workers declined by 25 per cent year over year.
This is the steepest and longest decline since 2009, notes the report. One reason for this is that potential migrant workers chose to stay home to support their families to rebuild homes and livelihoods, the report states, adding that a weaker demand for workers from oil- and commodity-producing countries – for example Gulf Cooperation Countries (GCC) and Malaysia – is likely to have contributed to this decline.
“A potential slowdown in remittance poses a significant near-term risk to Nepal because of its outsized role in the Nepali economy,” reads the twice-yearly Nepal Development Update.
Growth in remittance at a global level contracted in 2015 for the first time since 2009 as a result of a fall in oil prices which affected activity in remittance-sending countries, notes the report. Remittance inflows to South Asia declined as well but Nepal bucked the trend as remittance increased significantly in response to the 2015 earthquakes. However, a prolonged contraction in the departure of migrant workers is an early sign of a potential slowdown in remittance to Nepal.
Meanwhile, remittances have grown to more than 30 percent of the Gross Domestic Product (GDP), making Nepal among the highest remittance-recipient countries in the world, adjusted for size of the economy.
Quoting data from the Nepal Living Standards Survey (NLSS), the report further read that out of a total work force of 14 million, some 4 million Nepalis or 28 per cent of the workforce are working overseas at present.
"The reality is that remittances play a pivotal role in the Nepali economy,” the World Bank’s country manager for Nepal, Takuya Kamata, on the occasion said, adding that remittance is nearly 10 times larger than foreign aid and 2.5 times larger than total exports.
According to the report, the rebound in growth also hinges on stabilisation of the political process, effective mobilisation of post-earthquake rebuilding efforts and the full normalisation of supply of goods.
Nepal suffered devastating earthquakes in April and May of 2015, followed by a blockade along vital transit routes that brought trade and manufacturing to a near standstill between September 2015 and February 2016. “The overall impact of the trade disruptions has been nearly as large as the impact of the earthquakes resulting in the estimated growth rate for current fiscal year 2015-16 to be lowest in 14 years,” adds the report.
The trade disruptions have further affected poverty-reduction efforts which were already hampered by the earthquakes in 2015, the report notes. “Shortage of goods has pushed up prices with inflation inching into double-digit territory affecting welfare with significant impact on the poor in Nepal.”
Despite recovery in economic activity in the forecast period, the report highlights that fiscal and external environments are likely to be less favorable. Fiscal deficit is expected to widen, as reconstruction efforts take full shape.
The government’s expenditure is expected to grow substantially after fiscal year 2015-16 owing to increase in earthquake-related expenditures. Revenues, however, is expected to pick up, but at a slower pace, resulting higher fiscal deficit.

Intra-day transaction hits record Rs 2.2 billion

Transaction sailed past the Rs 2-billion mark for the first time in the history of domestic share market today to hit an all-time high of Rs 2.2 billion.
Likewise, insurance companies and banks propelled the stock market not only to record the highest intra-day transaction today at the Nepal Stock Exchange (Nepse) but also pushed Nepse index to a record high of 1,614.15 points, up by 4.56 points or 0.28 per cent from yesterday.
With bullish trend in recent months, the stock market has been observing daily transactions of over Rs 1 billion for the last 20 days.
The stock market analysts attribute high demand for insurance and microfinance stocks in particular coupled with excess liquidity with banks and financial institutions for the upswing in the market.
Of the total trading volume, some 22 per cent or Rs 400 million transaction was recorded pf the promoter shares of Nepal Insurance Company. Likewise, large volumes of shares of Nepal Bangladesh Bank, Rural Microfinance Development Centre, Standard Chartered Bank Nepal and Everest Bank also traded hands today.
Similarly, biggest gainers of today were Bhargav Bikash Bank, Bottlers Nepal (Terai), Vijaya Laghubitta Bittiya Sanstha, Butwal Power Company and ILFCO Microfinance Bittiya Sanstha.
The rush to buy shares of insurance companies and also banks and financial institutions started after the Insurance Board and central bank instructed them to jack up their capital base. The banks have to increase their paid up capital to Rs 8 billion, whereas the Insurance board has asked life insurance companies to increase their capital base to Rs 5 billion from current Rs 500 million and non-life insurance companies to Rs 4 billion from current Rs 250 million.
Likewise, the market capitalisation also reached Rs 1,740 billion today, which is almost 80 per cent of the gross domestic production (GDP) of the country.
The share market trading that used to hover around million rupees per day has lately started to skyrocket because of fully automated share trading that fastened the securities ownership transfer and clearance services, the analysts claim.
The use of dematerialised stocks has enabled investors, who buy shares in bulk, to slice them in smaller portions before selling and profit booking, they said, adding that earlier investors used to buy shares – paper scrips – in bulk, used to pay split charges and wait for almost a month before selling them in small volumes. "With the introduction of dematerialised stocks, investors do not have to wait for long time to sell after splitting them, which has helped raise trading volume and transactions both.

टेन्डर खोल्दा सर्तमै सेटिङ

• नेपाल विद्युत प्राधिकरणले सोलु कोरिडोरको ट्रान्समिसन लाइन निर्माणको टेन्डर सूचना निकाल्यो। टेन्डरका लागि यस्ता सर्त राखिएका थिए जसअनुसार योग्य कम्पनी एउटै मात्र थियो। अन्य कम्पनीको विरोधपछि प्राधिकरणले सर्त थपथाप गरेर फेरि टेन्डर माग्यो तर अन्त्यमा टेन्डर त्यही कम्पनीले पायो जसका लागि मात्र मिल्ने गरी सुरुमा सर्त राखिएको थियो।
• नेपाल राष्ट्र बैंकले यसै महिना ५ सय रुपैयाँ दरका नोट छाप्न टेन्डर निकाल्यो। टेन्डरका सर्त हेर्दा कुनै एक विशेष कम्पनीको वेभसाइटबाट हुबहु सारिएको भेटियो जुन सर्त त्यही कम्पनीले मात्र पूरा गर्न सक्थ्यो।
सुरुमै कुनै एक विशेष कम्पनीलाई काम दिने गरी यसरी सेटिङमा टेन्डर निकालिन्छ। धेरैलाई थाहा छैन, यसरी टेन्डर माग्दा किन कुनै एक कम्पनी विशेषलाई मात्र मिल्ने सर्त राखिन्छ?
पूर्व मुख्यसचिव लीलामणि पौडेल भन्छन्, 'टेन्डर गर्दैमा पारदर्शी हुन्छ अथवा प्रतिस्पर्धी हुन्छ भनेर आँंखा चिम्लिन सकिन्न।' कानुनभित्रै बसेर पनि टेन्डरमा खेल्ने प्रशस्त ठाउँं राखिने हुँदा प्रक्रियामै गडबडी गरेका उदाहरण थुप्रै रहेको पौडेलको अनुभव छ।
आफ्नै कार्यकालमा नेपाल विद्युत प्राधिकरणले करिब ८ अर्बको डिजेल प्लान्टका लागि टेन्डर खोल्दा पहुँच पुर्यारएर एउटा जर्मनी कम्पनीलाई मात्र मिल्ने गरी 'मालाफाइड इन्टेन्सन' का साथ टेन्डर खोलिएको उनले बताए। तर 'मालाफाइड इन्टेन्सन' अर्थात् गलत नियतसाथ यस्तो टेन्डर खोलेको थाहा पाएर आफूले रद्द गरेको भन्दे उनले कानुनले टेन्डर रद्द गर्नसक्ने अधिकार दिएको पनि बताए।
पछिल्लो समयमा राजनीतिक दललाई राम्रो आम्दानीको स्रोत भएको टेन्डर प्रक्रिया नागरिकको करको दुरुपयोग गरी गरिने नीतिगत भ्रष्टाचारको स्वरुप बन्दै गएकाले कानुनी रुपमा प्रमाणित गरेर कारबाही पनि गर्न सकिने उनी बताउँंछन्। 'यस्ता मुद्दा पैसा र शक्तिको दबाबमा बिस्तारै फिजल आउट अर्थात् बिर्सने र हराउँंदै जाने गरेको छ,' उनले भने।
कुनै वस्तु वा सेवा किन्दा मूल्य तथा गुणस्तर दुवैमा प्रतिस्पर्धाका आधारमा पारदर्शी रुपमा वस्तु वा सेवा प्राप्त गर्ने प्रक्रिया नै टेन्डर हो। यस प्रक्रियाले पारदर्शिता तथा जवाफदेही बढाउँंछ र नागरिक कर दुरुपयोग हुनबाट जोगाउँंछ भन्ने विश्वव्यापी मान्यता पनि हो। तर त्यसैको आडमा राज्यकोषको दुरुपयोग गरी राज्यलाई नै वित्तीय भार परेर कमसल वस्तु तथा सेवा खरिद गरिएको नेपालमा धेरै उदाहरण रहेको पौडेलको भनाइ छ।
टेक्निकल स्पेसिफिकेसन अर्थात् प्राविधिक सर्त र गुणस्तर तथा मूल्यमा आधारित मूल्यांकनमा थोरै मात्र हेरफेर गर्नासाथ कुनै एउटा पक्षलाई मात्र मिल्ने गरी टेन्डर खोल्न सकिने व्यवस्था रहेकाले मुख्यतः यसमा नियतै महŒवपर्ण हुने पौडेलको अनुभव छ।
पहिल्यै न्यूनतम सर्त पूरा गर्ने कम्पनीबीच मात्र वित्तीय प्रतिस्पर्धाका आधारमा पनि टेन्डर गरिन्छ जसलाई अलि बढी पारदर्शी मानिन्छ। तर, पौडेलका अनुसार यसमा पनि खेल्ने प्रशस्त ठाउंँ छ। राष्ट्रिय परिचयपत्र छाप्ने टेन्डरको उदाहरण दिँदै उनले भने, 'एउटा कम्पनीले थ्रेसहोल्डमा यति धेरै नम्बर प्राप्त गर्छ कि अर्को निकटतम प्रतिस्पर्धी कम्पनीले धेरै कम रकम कबोले पनि उसले टेन्डर पाउन मुस्किल हुन्छ।'
पछिल्लो समय नेपाल राष्ट्र बैंकले मागेको ५ सय रुपैयाँ दरका नोट छाप्ने टेन्डरका सर्त हेर्दा पनि त्यो कुनै एक विशेष कम्पनीलाई मात्र मिल्ने गरी निकालिएको स्पष्ट भएको राष्ट्र बैंकस्रोतले बतायो।
नेपाली नोट छाप्न पहिल्यै न्यूनतम सर्त पूरा गर्ने कम्पनी बीच मात्र वित्तीय प्रतिस्पर्धाका आधारमा टेन्डर दिइन्छ। यो विधि अन्य विधिभन्दा अलि पारदर्शी देखिए पनि छानिएका कम्पनीबीच सिन्डिकेट भई मूल्य घट्न नगएको परिप्रेक्ष्यमा पछिल्लो समय राष्ट्र बैंकमा युवराज खतिवडा गभर्नर भएपछि उनले यसलाई व्यवस्थित गरेका थिए।
उनको कार्यकालमा छापिएका नेपाली नोटहरुका मूल्य प्रतिस्पर्धाका आधारमा घट्दै गएको पनि थियो। जस्तै, सन् २०११ मा नै हजारको प्रतिनोट ३ रुपैयाँ ८८ पैसा परेकोमा तीन वर्षपछि सन् २०१४ मा खतिवडाकै कार्यकालमा त्यही नोट ३ रुपैयाँ ५५ पैसामा छापिएको थियो। यस्तै, सन् २०१३ मा ५ सय रुपैयाँको प्रतिनोट ३ रुपैयाँ १४ पैसामा छापिएको थियो। पछिल्लो समय प्रतिस्पर्धी हँुदै आएको नोट छपाइ नेपाल राष्ट्र बैंकस्रोतका अनुसार पछिल्लो समय भत्किएको छ।
नयाँं गभर्नर चिरञ्जीवी नेपाललाई राष्ट्र बैंक बाहिरबाट गभर्नर भएकाले उनलाई प्राविधिक रुपमा नोट छपाइ प्रक्रियाबारे थाहा नहुने भएकाले टेन्डर आह्वान गर्दा नै एउटा मात्र कम्पनीलाई मिल्ने प्राविधिक सर्त राखेर देखावटी टेन्डर प्रक्रिया गरिएको राष्ट्र बैंकस्रोतको भनाइ छ।
'५ सय रुपैयाँ दरका नोटको प्राविधिक पक्ष कुनै एउटा कम्पनीको वेभसाइटमा गएर हुबहु सारिएको छ,' राष्ट्र बैंकस्रोतले नागरिकसँग भन्यो, टेन्डरमा मागिएको विवरण हेर्दा त्यही एउटा कम्पनीलाई नै दिने नियतसाथ उक्त कम्पनीको वेभसाइटबाट सम्पूर्ण प्राविधिक सर्त सारिएको स्पष्ट देखिन्छ।
नोट छपाइ प्रक्रिया सामान्य छपाइ मात्र नभएको र त्यसमा देशकै अर्थतन्त्र जोडिएको हुँंदा सुरक्षा दृष्टिकोणले नोटमा विभिन्न सेक्युरिटी फिचर हुनु स्वाभाविक भए पनि कुनै एक कम्पनीको विशेष अधिकार भएको र उसैसँग मात्र भएको सुरक्षाका विविध आयामहरु उसैको वेभसाइटबाट हुबहु सारेर टेन्डर माग्दा स्पष्ट बद्नियत देखिएको राष्ट्र बैंकस्रोतले बतायो। तर, राष्ट्र बैंकका पूर्व उच्च अधिकारीका अनुसार अर्को कम्पनीको विशेषाधिकार रहेका अर्थात् पेटेन्टेड फिचर किनेर प्रतिस्पर्धी कम्पनीले नोट छाप्ने चलन छ। सबै फिचरको पेटेन्ट एउटै कम्पनीको नहुन सक्छ तर जसको पेटेन्टको फिचर हो, उसैसँग किनेर अन्य कम्पनीले वित्तीय प्रतिस्पर्धाका आधारमा टेन्डर हाल्छन् र टेन्डर परे उक्त कम्पनीको पेटेन्ट भएको फिचर किनेर नोट छाप्छन्,' स्रोतले नागरिकसँग भन्यो।
सरकार नेतृत्व गरिरहेको नेकपा एमाले अध्यक्ष तथा प्रधानमन्त्री खड्गप्रसाद शर्मा ओली र उनकै विशेष दबाबमा हालै नियुक्त राष्ट्र बैंक डेपुटी गभर्नरको चलखेलका कारण नोट छपाइजस्तो संवेदनशील विषयमा समेत खेलबाड हुनु गम्भीर विषय भएको राष्ट्र बैंकस्रोतले जनायो।

Blind-friendly new Rs 100 denomination banknotes in the market

The central bank has issued new Rs 100 denomination bank notes, in the market from today, with extra security features.
The new Rs 100 denomination banknotes also has a special feature, which allows visually impaired people to recognise them, the central bank said in a press release issued here today. The currency note has a raised black dot, which visually impaired people can feel with their fingers and find out the denomination. "This is the first time that paper money that has been specially designed for the benefit of blind people has been put in circulation,"  it said, adding that the bank notes also has two rhinos on the back – a mother and her calf – while the old Rs 100 note had only one rhino. "
The picture of the rhinos is based on photographs of rhinos found in Chitwan of Nepal and it is intended to spread the message of wildlife conservation.
Likewise, banknote has an image of Mt Everest on the left, a map of Nepal in the middle and an image of the Ashoka pillar with the text 'Lumbini is the birthplace of Lord Buddha', according to the central bank.  There is also a picture of the temple of Mayadevi, mother of Lord Buddha, on the left side of pillar.
With a 2-mm-wide security thread that looks red or green depending on the angle of view, the banknote bears the signature of new central bank governor Dr Chiranjivi Nepal. The 100 denomination banknotes are the first series of bank notes with the signature of new governor after he took the office almost  year ago.
The central bank is also planning to issue banknotes of Rs 1,000, Rs 50, Rs 20 and Rs 500 denomination bank notes. The Rs 1,000 banknotes will have an image of two elephants with other security features.

Blind-friendly new Rs 100 denomination banknotes in the market

The central bank has issued new Rs 100 denomination bank notes in the market from today with extra security features.
The new Rs 100 denomination banknotes also has a special feature, which allows visually impaired people to recognise them, the central bank said in a press release issued here today. The currency note has a raised black dot, which visually impaired people can feel with their fingers and find out the denomination. "This is the first time that paper money that has been specially designed for the benefit of blind people has been put in circulation,"  it said, adding that the bank notes also has two rhinos on the back – a mother and her calf – while the old Rs 100 note had only one rhino. "
The picture of the rhinos is based on photographs of rhinos found in Chitwan of Nepal and it is intended to spread the message of wildlife conservation.
Likewise, banknote has an image of Mt Everest on the left, a map of Nepal in the middle and an image of the Ashoka pillar with the text 'Lumbini is the birthplace of Lord Buddha', according to the central bank.  There is also a picture of the temple of Mayadevi, mother of Lord Buddha, on the left side of pillar.
With a 2-mm-wide security thread that looks red or green depending on the angle of view, the banknote bears the signature of new central bank governor Dr Chiranjivi Nepal. The 100 denomination banknotes are the first series of bank notes with the signature of new governor after he took the office almost  year ago.
The central bank is also planning to issue banknotes of Rs 1,000, Rs 50, Rs 20 and Rs 500 denomination bank notes. The Rs 1,000 banknotes will have an image of two elephants with other security features.

Blind-friendly new Rs 100 denomination banknotes in the market

The central bank has issued new Rs 100 denomination bank notes in the market from today with extra security features.
The new Rs 100 denomination banknotes also has a special feature, which allows visually impaired people to recognise them, the central bank said in a press release issued here today. The currency note has a raised black dot, which visually impaired people can feel with their fingers and find out the denomination. "This is the first time that paper money that has been specially designed for the benefit of blind people has been put in circulation,"  it said, adding that the bank notes also has two rhinos on the back – a mother and her calf – while the old Rs 100 note had only one rhino. "
The picture of the rhinos is based on photographs of rhinos found in Chitwan of Nepal and it is intended to spread the message of wildlife conservation.
Likewise, banknote has an image of Mt Everest on the left, a map of Nepal in the middle and an image of the Ashoka pillar with the text 'Lumbini is the birthplace of Lord Buddha', according to the central bank.  There is also a picture of the temple of Mayadevi, mother of Lord Buddha, on the left side of pillar.
With a 2-mm-wide security thread that looks red or green depending on the angle of view, the banknote bears the signature of new central bank governor Dr Chiranjivi Nepal. The 100 denomination banknotes are the first series of bank notes with the signature of new governor after he took the office almost  year ago.
The central bank is also planning to issue banknotes of Rs 1,000, Rs 50, Rs 20 and Rs 500 denomination bank notes. The Rs 1,000 banknotes will have an image of two elephants with other security features.

Blind-friendly new Rs 100 denomination banknotes in the market

The central bank has issued new Rs 100 denomination bank notes in the market from today with extra security features.
The new Rs 100 denomination banknotes also has a special feature, which allows visually impaired people to recognise them, the central bank said in a press release issued here today. The currency note has a raised black dot, which visually impaired people can feel with their fingers and find out the denomination. "This is the first time that paper money that has been specially designed for the benefit of blind people has been put in circulation,"  it said, adding that the bank notes also has two rhinos on the back – a mother and her calf – while the old Rs 100 note had only one rhino. "
The picture of the rhinos is based on photographs of rhinos found in Chitwan of Nepal and it is intended to spread the message of wildlife conservation.
Likewise, banknote has an image of Mt Everest on the left, a map of Nepal in the middle and an image of the Ashoka pillar with the text 'Lumbini is the birthplace of Lord Buddha', according to the central bank.  There is also a picture of the temple of Mayadevi, mother of Lord Buddha, on the left side of pillar.
With a 2-mm-wide security thread that looks red or green depending on the angle of view, the banknote bears the signature of new central bank governor Dr Chiranjivi Nepal. The 100 denomination banknotes are the first series of bank notes with the signature of new governor after he took the office almost  year ago.
The central bank is also planning to issue banknotes of Rs 1,000, Rs 50, Rs 20 and Rs 500 denomination bank notes. The Rs 1,000 banknotes will have an image of two elephants with other security features.

Blind-friendly new Rs 100 denomination banknotes in the market

The central bank has issued new Rs 100 denomination bank notes in the market from today with extra security features.
The new Rs 100 denomination banknotes also has a special feature, which allows visually impaired people to recognise them, the central bank said in a press release issued here today. The currency note has a raised black dot, which visually impaired people can feel with their fingers and find out the denomination. "This is the first time that paper money that has been specially designed for the benefit of blind people has been put in circulation,"  it said, adding that the bank notes also has two rhinos on the back – a mother and her calf – while the old Rs 100 note had only one rhino. "
The picture of the rhinos is based on photographs of rhinos found in Chitwan of Nepal and it is intended to spread the message of wildlife conservation.
Likewise, banknote has an image of Mt Everest on the left, a map of Nepal in the middle and an image of the Ashoka pillar with the text 'Lumbini is the birthplace of Lord Buddha', according to the central bank.  There is also a picture of the temple of Mayadevi, mother of Lord Buddha, on the left side of pillar.
With a 2-mm-wide security thread that looks red or green depending on the angle of view, the banknote bears the signature of new central bank governor Dr Chiranjivi Nepal. The 100 denomination banknotes are the first series of bank notes with the signature of new governor after he took the office almost  year ago.
The central bank is also planning to issue banknotes of Rs 1,000, Rs 50, Rs 20 and Rs 500 denomination bank notes. The Rs 1,000 banknotes will have an image of two elephants with other security features.

Nepse scales new high, transaction also nears Rs 2 billion

Liquidity surplus in the banking system, attraction of rights and bonus shares of bank and financial institutions and insurance companies to raise their paid-up capital, and bullish sentiment of investors pushed the share market today to a new record high with the benchmark index approaching near 1,600 points. Along with continuing its bullish run, the market also posted record intra-day transaction of Rs 1.96 billion.
The Nepal Stock Exchange (Nepse) index jumped by 31.26 points to close at the market at 1,597.96 points due to commercial banks that gained 47.47 points.
All trading groups, except Hydropower, ended on the green zone today.
However, today's growth was led by commercial banks. A surge in the transaction of Nepal Bangladesh Bank shares pushed the commercial bank sub-index 47.47 points higher.
Nepal Bangladesh Bank has proposed issuing 80 per cent rights shares, which boosted the demand for its shares, resulting in the transaction of Rs 355.86 million today.
The share market has been in bullish trend for the past few months also due to the full-fledged implementation of dematerialised form of share trading from January 15.
Last Thursday too, the daily transaction at the stock market had set the record of high single day transaction of Rs 1.89 billion.
The excess liquidity in banking system and less investment opportunity has made the stock market lucrative investment opportunity, according ot the stock market analysts.
They also say that investors are finding it beneficial to invest in the stock market rather than park their hard-earned money in banks and financial institutions that offer average interest rates of around 5.8 percent on fixed deposits, let alone savings accounts that attract the minimum interest rates.
According to former president of Stock Brokers Association of Nepal (SBAN) Anjan Raj Poudyal the banks are offering margin lending at 8 to 9 percent interest rate as the banking system is flush with excess liquidity.
According to central bank, banks and financial institutions have extended a total of Rs 35 billion against share pledges in the first nine months of the current fiscal year, a jump by nearly Rs 11 billion compared to the corresponding period of the last fiscal year 2014-15. They had floated Rs 24 billion in margin lending in first nine months of the last fiscal year.
Till last year, average daily turnover of the stock market used to be around Rs 350 million only. However, the increase in turnover today is also due to bulk trading of promoter shares of some listed companies.

Finance Minister denies price hike

Finance Minister Bishnu Prasad Poudel has denied reports of increase in inflation rate claiming that price hike was not possible without the endorsement of budget.
"How will the market price increase without the budget being endorsed,” he asked at an interaction programme in Kathmandu today. "This is false."
However, the market price had started looking up a week before as usual due to the budget leakage that the government employees are getting their salary hiked by 25 per cent. With the grade and salary hike, the government employees will pocket some 40 per cent hike in the current salary from the next fiscal year 2016-17, starting from July 16.
The budget leakage has also made the share market swell – propelled by the insurance companies – and it turned true as the fiscal policy a week later announced hosts of insurance programmes that will expand the insurance market and fuel their profit.
Likewise, let alone liquor and cigarette that get dearer every year after the budget, the prices of essential food stuff including rice, pulses and sugar has increased by Rs 10 to Rs 50 per kg, immediately after the budget announcement. Nepal Retailer's Association (NRA) president Pabitra Man Bajracharya accepted that the whole-sellers have increased the prices of the food stuff after the budget.
Unknown to the fact that the market won't wait for the budget to endorsed, the finance minister claimed that the government would not let the inflation rate go beyond 7.5 per cent. However, the inflation rate that has been around the double digit the whole fiscal year seems looking up only, also due to government's distributive and expansionary budget.
Paudel, on the occasion, also claimed that the budget will be fully implemented. "It is very natural that those who are habituated to the political practice of yesterday doubt its implementation,” he said, stressing that his budget will be implemented. But given the track record of all the political parties, which were in power, and bureaucracy, none of the budget in last one decade has been completely implemented, neither has the economic growth been achieved nor the price hike been tamed.
The finance minister also revealed that he would table the budget implementation proposal at the Parliament very soon.
He had announced the expansionary and distributive budget of Rs 1048.92 billion on May 28. "The budget, directed toward implementation of the new Constitution, will achieve the target of 6.5 per cent economic growth in the next fiscal year," he reiterated, adding that the revenue projection and foreign aid – both ambitious – would be achieved.

Security Board halts share trading of Nepal Life

Security Board of Nepal (Sebon) has halted Nepal Life Insurance’s plans Further Public Offering (FPO) temporarily. The board has today directed Nepal Stock Exchange (Nepse) to temporarily halt company’s share trading effective from June 10.
The life insurance company was planning to issue 3.96 million units of FPO. But the board said that the company made public its FPO plans without getting its permission from the board to influence the capital market. "The company has announced its decision to float FPO at a premium rate before getting the permission from Sebon," a press release issued by the board here today read. "The announcement can create price fluctuations, which can put investors at risk."
The Securities Registration and Issue Regulations-2008 requires a company to fulfill a resolution related to the further public issue passed by the company's general meeting too.
"If the price of the proposed issue is to be fixed higher than the face value, the methodology of fixation of price and basis and justification of the premium must be provided by the issuing company," the law also states.
“The company decided on its own, which is against the securities regulations,” according to the spokesperson of the board Niraj Giri.
Transaction of Nepal Life’s shares has been halted until further decision and also to warn other listed companies to refrain from making sensitive announcements on their own, he said, adding that the board is mulling to impose regulations that require companies to take approval from Nepse and the board at the same time to prevent such acts in future. "The board has also sought clarification from the company and the necessary actions will be taken after its gets clarification."
Nepal Life yesterday announced its decision to float 3.96 million units of share at Rs 2,951 per unit. The company plans to decrease promoter shareholding to 70 per cent from current 80 per cent through the Further Public Offering.
A board meeting of the company on Wednesday had decided to float the FPO, subject to approval from the Sebon. Due to the news, the company’s shares were trading at Rs
4,888 – Rs 240.50 more than a day ago – yesterday.

Nepse hits new all-time high

Propelled by the insurance companies sub group, Nepal Stock Exchange (Nepse) today gained 19.9 points to close the market at fresh all-time high of 1,566.7 points. The insurance sub group jumped by 595.43 points today – pushing the overall Nepse index to the all time high – though the movers and shakers of the share market banking sub group lost 1.04 points.
The share market also recorded its highest ever single-day transaction of Rs 1.89 billion breaking its previous record of Rs 1.44 billion of May 23.
Share market pundits attribute the rise in the transaction to increasing demand and supply of stocks, and also the impact of the budget. The budget announcement of hosts of insurance schemes has been supportive to the insurance companies' market expansion, thereby making huge profits which would ensure better returns for the investors.
On one hand the increasing number of new buyers is getting attracted towards the stock market, whereas on the other, a number of investors are booking profits, boosting the transaction volume. Likewise, the increasing liquidity – that helped margin lending – in the banking sector is also fuelling the share market.
After hitting 1,544.65 points on May 24, the market dropped slightly to 1,483.14 points last Monday on rumours about central bank's plans to introduce a stern policy on margin lending. However, the central bank clarified that it was only the rumour, which helped boost the investors' confidence.
The share market has been in bullish trend since last couple of months due to paperless transaction and also the leakage of budget's hosts of insurance schemes. The market has been witnessing transaction of over Rs 1 billion every day – breaking all past record transaction – since last one week after the budget was leaked. Earlier, the market used to see transaction of around Rs 500 million only. Transaction started increasing after Nepse started demat transaction – or popularly known as paperless transaction of stocks – from January 15.

'Economic growth, job creation global issues'

Economic growth, reducing poverty and generating employment are the global issues at present, according to Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice president Shekhar Golchha.
Addressing the 105th meeting of the International Labour Organsation (ILO) plenary in Geneva today, Golchha said though the promulgation of new constitution in Nepal is a historic achievement, its implementation is the key to economic growth.
Though the devastating earthquakes of 2015 and border blockade has pulled down economic growth, private sector is committed to boost economy and generate employment, he said, adding that inclusive economic growth and creation of better jobs are the common concern and challenges of all. "To address these concerns, growth and expansion of economy is a must. High growth rate and generation of more jobs is possible only through additional investment. It is evident that attracting investment requires suitable policy and environment. Efficiency and competitiveness of enterprises can help them to provide improved working conditions," he added.
A Nepali delegation led by labour minister Deepak Bohara is participating in the ILO meeting in Geneva. Along with Golchha, FNCCI president Pashupati Muraraka and representatives of trade unions are also taking part in the meeting.
"Majority of least developed and developing countries have been suffering from the vicious cycle of low growth, low investment and unemployment. They lack appropriate policies and resources to increase economic growth," Golchha, who chairs the Employers' Council under FNCCI, said. "People's expectations have increased manifolds and it is not for countries like Nepal to respond to their expectations."
Golchha also said achieving social transformation is a complex task. "Besides, it requires sustainable growth of economy and appropriate policy measures to extend the coverage of social protection," he added.
Briefing the meeting about the latest development in Nepal, he also said that Nepal, for some years, has been experiencing the problem of low investment, low growth and low job creation. "Many factors like political instability, poor infrastructures and lack of suitable policy environment are some of the major factors that have been hindering economic development in Nepal," Golchha said, adding that the government has adopted the strategy of employment-led growth. "But due to many reasons, it has not been possible to achieve the goal."
On the occasion, he also highlighted the plight of Nepali migrant workers. "However, the repatriated remittance money into the country has contributed to the growth of economy significantly," he added. "Mobilisation of remitted money in productive sector and re-employment of returnees, now, has become a matter of debate."
Pitching for investment friendly environment, Golchha said formulation of suitable policy and environment are keys to attracting more investment.

Nepal to ask India not to open Integrated Check Post yet

Nepal has started a diplomatic process to request India not to operationalise the Integrated Check Post (ICP) at Raxual on the Indian side as it could increase Nepal's cost of trade, and ‘complicate’ trade between the two countries.
“We wrote a letter on Sunday requesting India to wait for completion of the ICP on the Nepal side,” according to Commerce Ministry officials. The Customs Department, Commerce Ministry and the Supplies Ministry have discussed the implications of operationalisation of the ICP on the Indian side and its impact on Nepal’s trade. “Even the Office of the Prime Minister has been looking into the issue,” the officials added.
The Raxual-Birgunj customs is the key customs point for Nepal, accounting for over 60 per cent of Nepal’s international trade.
The unilateral operation of Indian side of ICP that is aimed at providing all the services required for export-import trade, including customs, immigration, quarantine and banking, through an integrated one window on either side of the border has made the trade more difficult for the Nepali traders.
The operationalisation of the ICP on the Indian side, which is some 13 km from the current customs office, is going to hurt Nepal’s trade, according to traders. They also have expressed serious concern over India starting operations at its new ICP at Raxual.
Claiming that trading through the new ICP may hit trade through the Raxaul-Birgunj customs point until such time as the ICP on the Nepal side is completed, they said, requesting India to wait for the completion of the ICP at the Nepali side. The Indian authorities have, however, already inaugurated the ICP on their side on Friday.
Some 30 per cent work on the ICP on the Nepal side at Sirsiya is yet to be completed. India has taken responsibility for building the ICPs on both sides. The Land Port Authority of India is responsible for operating the Indian ICP.
Birgunj customs, which was blocked for almost five months during the Tarai-Madhes protests, has not only created supply shortages in the country but also encouraged the black economy due to lack of formal channel for bilateral trade.