Saturday, February 29, 2020

Government postpones Visit Nepal 2020 promotions abroad

 The government has finally postponed the promotional campaign of Visit Nepal 2020 (VNY2020) due to aggressive spread of coronavirus (Covid-19) across the globe.

Speaking at the Buddhist Chamunda Heritage Walk event today, minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai informed that the government was focused on promoting domestic tourism by postponing the tourism promotional activities overseas until the situation comes under control. “The government took the decision after the coronavirus outbreak that started in China spread to Europe, America, Gulf nations and the East Asian countries,” Bhattarai said, adding that the promotion of the mega tourism campaign has been postponed for a short span of time and will be resumed soon.

“Once the coronavirus epidemic is brought under control, the government will ramp up its tourism campaign promotional activities,” he promised.

The government had – on January 1 – launched the mega tourism campaign Visit Nepal 2020 aiming at hosting 2 million foreign tourists into the country. The government has also allocated Rs 100 million – in current fiscal year 2019-20 – for the campaign, though the coronavirus threat started in January in China. The coronavirus has not posed any threat to Nepal as of now as a 32-year-old Wuhan-returnee – who tested positive over a month ago – recovered from the disease after receiving treatment in quarantine.

The ministry also accepted that the target of bringing in 2 million tourists in the country will be difficult to meet because of the coronavirus outbreak.

Friday, February 28, 2020

Finance Minister claims to achieve nearly double-digit growth, despite coronavirus threat

 Nepal is hardly hit by the coronavirus threat and Finance Minister Dr Yuba Raj Khatiwada today claimed that the country will achieve economic growth close to double digits in the current fiscal year.

Addressing the third International Conference on Economics and Finance organised by the central bank today, the finance minister even claimed that the economic indicators in fiscal 2019-20 are positive so far, which will trigger higher economic growth.

“Our programmes, policies and plans are focused on alleviating poverty and achieving Sustainable Development Goals (SDGs),” he said, adding that as indicators of the economy are positive, the country will record economic growth close to double digits this fiscal year.

Initially, the government – in the budget for the current fiscal year – had set 8.5 per cent economic growth. However, the finance minister is still optimistic about meeting the growth target, despite his own decision to revise the budget downward by Rs 147 billion for the current fiscal year. In the mid-term review of the budget for fiscal year 2019-20, he had revised the budget downward to Rs 1.385 trillion from the initial budget of Rs 1.532 trillion. He has not only revised the budget size downward, but also the revenue mobilisation target and expenditure projections. 

Despite the high optimism of the finance minister, senior resident representative of International Monetary Fund (IMF) to Nepal, India and Bhutan Luis E Breuer – addressing the central bank conference – said that higher economic growth in the present context is not possible for Nepal.

“Though Nepal has the prospect to grow higher with favourable policies, the country is expected to witness only five to six per cent economic growth this year based on today’s policies,” he added.

On the occasion, central bank governor Dr Chiranjibi Nepal said that it is challenging to achieve the economic growth target due to the negative impact of the coronavirus outbreak.

Former vice chairman of National Planning Commission (NPC) Dr Swarnim Wagle – citing that Nepal’s economy could not progress in line with the social and political transformation in recent years – said that achieving higher economic growth is unrealistic. “We have not been able to build a strong and proper base to achieve higher economic growth,” he added.

The central bank is organising the two-day conference to discuss economic and financial sector issues with policymakers, practitioners and researchers. The conference will discuss on macroeconomic policies, macro prudential policies, macro-financial linkages, fiscal federalism, public finance, decentralisation, globalisation, international trade and exchange rate regimes.

Likewise, the conference will also discuss on capital flows, remittance, business cycle, inclusive growth, poverty reduction, income inequality, unemployment, education, health, labour, tourism, energy, payment system, FinTech, RegTech, SupTech, cyber security, financial inclusion, financial access, microfinance finance, green financing, financial development, financial stability, financial consolidation and capital market development, according to the central bank.

Japan hands over Eye Hospital to Nepal Netra Jyoti Sangh Udayapur

 The ambassador of Japan to Nepal Saigo Masamichi today handed over an eye hospital to the Nepal Netra Jyoti Sangh Udayapur in Triyuga Municipality.

At the handover ceremony, ambassador Saigo said that the assistance will enable patients to get better eye care while contributing to raise the standard of all services provided by the hospital. “The project for the construction of an Eye Hospital in Udayapur District was funded by the Grant Assistance for Grassroots Human Security Projects (GGP) of the Japanese Government,” according to a press note issued by the Japanese Embassy in Kathmandu. “The total grant assistance was $81,192 (approximately Rs 8.8 million).

The Government of Japan decided to support the construction of an eye hospital in Triyuga Municipality, Udayapur District, because previously the region did not have a specialized eye hospital, the press note reads, adding that it is expected to assist the improvement of eye care for people in Udayapur and neighboring districts. 

The embassy – in the press note claimed that it believes the project can also contribute towards enhancing the bilateral relations between Japan and Nepal.

Thursday, February 20, 2020

Nepal needs additional investment of $879 million for safer roads

Nepal needs to invest an estimated extra $879 million in road safety over the next decade to halve its road crash fatalities, according to a new World Bank report.
Released today at the Third Global Ministerial Conference on Road Safety in Stockholm, the report ‘Road Safety in South Asia: Opportunities for Shared Regional Initiatives’ points to the high death rate on the roads in the eastern subregion – which comprises Bhutan, Bangladesh, India, and Nepal – caused by chronic lack of investment in systemic, targeted, and sustained road safety programmes and identifies relevant investment priorities to reverse the trend.
In Nepal, road crash deaths and injuries have been on a sharp upward trajectory since the early 2000s with a fatality rate of 8.59 per 100,000 population in fiscal year 2017-2018 as per official reports.
“Years of rapid economic growth in South Asia, followed by a steep rise in vehicle ownership have led to mounting traffic deaths and contributed to lost economic opportunities,” said World Bank vice president for South Asia Hartwig Schafer. “South Asia’s road safety crisis is unacceptable but preventable,” he said, adding that the good news is that South Asian countries recognise the urgent need to protect their people, save lives, and sustain their journey toward greater prosperity. “We at the World Bank stand ready to support their efforts.”
While urgent national-level actions in countries across the eastern subregion, which accounts for the bulk of South Asia’s population, vehicles, and road crash fatalities, remain a top priority, the report also calls for regional initiatives to make roads and vehicles safer.
The report emphasises the need to focus on regional trade corridors where crashes are significant, and roads are unsafe. All categories of road users and vehicle types – animals, pedestrians, bicycles, rickshaws, motorcycles, motorized three-wheelers, cars, minibuses, buses, mini trucks, trucks, and agricultural vehicles – are represented in these corridors with narrow lanes, limited or no shoulders, and inadequate pedestrian facilities.
The road safety conditions on these regional corridors mirror the nature and scale of conditions prevalent on national highways. Crash data collected in a sample of highway sections across Nepal, India, and Bangladesh reveal alarming annual fatality rates ranging from 0.3 to 3 fatalities per kilometer, at a yearly average of 0.87 fatalities per kilometer.
To better monitor the effectiveness of road safety efforts, the report recommends a shared regional initiative to harmonize crash data management and analysis systems across South Asia. Currently, South Asian countries are in varying stages of developing crash data and performance management systems that analyse the underlying factors behind each crash; whether it was defective road infrastructure, faulty vehicle design or human error.
The report suggests South Asian countries could join the proposed regional road safety observatory for Asia and the Pacific to complement these efforts and to facilitate more rapid and effective knowledge transfer.
“Historically, when countries reached motorisation levels of between 50–100 vehicles per 1,000 people, road crashes became one of the leading causes of death and injuries,” lead transport specialist at the World Bank Arnab Bandyopadhyay said, adding that improving road safety was then recognised as a national development priority. “This holds important road safety lessons for the South Asia region where the rate of vehicle ownership has doubled over the past decade and remains on an upward trajectory.”
The report's proposed regional initiatives will go a long way in helping countries improve road safety, he added.

Monday, February 17, 2020

ADB registers record disbursement

The Asian Development Bank (ADB) achieved a record disbursement of $323.7 million for development projects in Nepal in 2019. Some of the projects contributing to 2019’s record disbursement include the Earthquake Emergency Assistance Project ($38.5 million), the South Asia Subregional Economic Cooperation (SASEC) Power System Expansion Project ($28.7 million), Food Safety and Agriculture Commercialisation Programme ($25 million), Regional Urban Development Project ($22.1 million), Rural Connectivity Improvement Project ($20.2 million), and Supporting School Sector Development Programme ($20 million).
“ADB’s support to Nepal in the infrastructure sector has increased in the recent years with larger but fewer projects,” said ADB country director for Nepal Mukhtor Khamudkhanov, speaking at a country portfolio review meeting jointly organised by ADB and the Finance Ministry today. “But while disbursement has picked up pace, challenges remain and the overall performance of ADB operations in Nepal could be much better.”
“For better and quicker results on the ground, higher lending needs to be matched with improved implementation and enhanced technical capacity of implementing agencies,” he said, adding that difficult terrain and remoteness of project sites, addressing safeguards issues, and the country’s ongoing transition to federalism that takes time have also posed challenges in effective implementation of development programmes. “We appreciate the consistent efforts by the Finance Ministry to progressively address risks and constraints through regular country and tripartite portfolio review meetings, with active participation of line ministries and relevant agencies.”
At a special ceremony held in conjunction with the meeting, finance secretary Sishir Kumar Dhungana presented awards to ADB-supported projects that showed excellent results in 2019.
The Third Small Towns Water Supply and Sanitation Sector Project and Community Managed Irrigated Agriculture Sector (Additional Financing) won the outstanding project management teams awards. The Urban Water Supply and Sanitation Sector Project was awarded the best team for procurement management prize. Likewise, the SASEC Power System Expansion Project received the best team award in the categories of environmental and social safeguard monitoring; the Third Small Towns Water Supply and Sanitation Sector Project won the gender equality and social inclusion award; and the SASEC Road Connectivity Project bagged the financial management and disbursement accolade.
“These awards recognise the project teams' excellence not only in effective project management which helped save time and prevent cost overruns, but also prioritise gender equality and social inclusion, as well as environmental sustainability and social safeguards,” Khamudkhanov added.
Since the start of its operations in Nepal in 1969, ADB has provided about $6 billion in financial and technical assistance to the country. The assistance provided by ADB to date focus on the energy, transport, urban development, water supply and sanitation, agriculture and irrigation, education sectors, among others.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members, 49 from the region.

Monday, February 10, 2020

India builds secondary school in Nuwakot

Government of India built Aiselubhume Secondary School in Kispang of Nuwakot, District as part of its post-earthquake reconstruction in Nepal.
The school was ceremonially inaugurated today by former Prime Minister and chairman of Nepal Communist Party (NCP) Puspa Kamal Dahal (Prachanda), according to a press note issued by the Indian Embassy in Kathmandu.
“Minister of Energy, Water Resources and Irrigation Barsaman Pun (Ananta) also graced the inaugural ceremony, where first secretary (earthquake reconstruction) Shuchita Kishore represented the Embassy of India,” the press note read, adding that the project was implemented by Central Level Project Implementation Unit of the Education Ministry.
Aiselubhume Secondary School was established in 1990 (2046 BS). The school is affiliated to National Examination Board and is providing quality education to nearly 637 students.
The newly built infrastructures constructed with the Government of India’s grant assistance of Rs 39.57 million, consist of three blocks – a three storied academic block containing six classrooms, a two storied academic block containing four classrooms along with furniture and separate sanitation facilities for boys and girls – reads the press note, expecting that the newly built infrastructure is expected to boost learning environment of students. “Government of India remains committed to continue collaborating with government and people of Nepal for completion of post-earthquake reconstruction projects in Nepal.”

NAC to launch Narita flights on March 2

Nepal Airlines Corporation (NAC) is starting commercial flights to Narita in Japan from March 2.
The introductory airfare of Kathmandu-Narita flight has been set at Rs 73,000 per person for a round-trip and Rs 37,000 per person for one-way, according to the national flag carrier. “The introductory fare will be in place for a limited time and is subject to change in the future.”
In the initial phase, NAC will operate three flights per week in the sector; on Mondays, Wednesdays and Fridays. The flights are scheduled to depart from Tribhuvan International Airport (TIA) at 1:25am and return at 6:25pm on the same day, the NAC informed.
Each business class traveller will be allowed to carry up to 50 kg luggage, while the baggage limit for the economy class travellers has been set at 46 kg, it informed, expecting the direct Narita flight to add to the convenience of travellers to and from Japan and especially benefit air travellers in Tokyo and surrounding areas. “As Narita is comparatively closer to Tokyo, NAC expects the new service to ease Nepalis working and studying in the capital city of Japan.”
It will help to bring in more Japanese tourists to Nepal at comparatively less price,” the NAC added.

Sunday, February 9, 2020

Nepalis to become old without becoming rich

Nepalis are going to become old without becoming rich despite plethora of opportunities and possibilities of development in the country.
Nepal has not been working seriously in achieving the targets of Sustainable Development Goals (SDGs), neither has it been able to connect to the green economy, said former vice chair of the National Planning Commission (NPC) Dr Swarnim Wagle, addressing a session on ‘green economy’, in the first iteration of Sgarmatha Sambaad.
“The agriculture-based economy of ours has entered into the service sector skipping the industrial development, which has made the achievement of SDGs even harder” he said, adding that Nepal must embrace green economy for the prosperity. “The delinking of the economy has increased the danger of the current youth generation to become old without becoming rich.”
Nepal has the demographic advantage as around 65 per cent of Nepalis are under the age of 40. But according to the World Bank, Nepal will become ageing country in a decade, meaning the country has a window of 10 years to be developed country. Otherwise, Nepalis wil become old without becoming rich, the World Bank study reveals.
Climate change has affected almost all the sectors including agriculture, hydropower, infrastructure and even banking, according to Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Bhawani Rana.
Emphsising on the green economy to achieve SDGs, she said the private sector has also been affected by the climate change. “The solution is to give more priority to the climate change and green economy,” she added.
Nepal is organising ‘Sagarmatha Sambaad’, a multi-stakeholder, permanent global dialogue forum in Kathmandu on April 2-4 under the theme ‘Climate Change, Mountains and the Future of Humanity’.
Addressing the inaugural session, foreign minister Pradeep Kumar Gyawali said the government plans to promote the biennial ‘Sgarmatha Sambaad’ as the soft power of Nepal’s diplomacy.
“‘Sagarmatha National Sambaad’ has been organised to stimulate national-level dialogue in the run-up to the Sagarmatha Sambaad,” he said adding that it will be a forum to deliberate on the most prominent issues of global, regional and national significance. “Nepal will also utilise the platform for sharing its experience.”
Stating rationale behind adopting the theme of climate change for the first iteration of the event, Gyawali said that Nepal is bearing the brunt of climate change despite the fact that it had negligible contribution to green-house gas emission. “Mostly the climate change agenda has been raised by the western world and island counties such as Maldives, but Himalayan states which faced equal threat lagged behind,” he said, adding that Sagarmatha Sambaad wants to create a link to ensure collaboration between highland and island states.

Tourist arrivals plunges in January

Tourist arrivals in the first month of the 2020 – the year Nepal is observing as Visit Nepal Year 2020 (VNY2020) – has dropped by 2 per cent compared to January 2019.
According to Nepal Tourism Board (NTB), a total of 79,686 tourists entered Nepal in January, down from 81,273 in the same month last year. “Of the total tourists, 65,983 flew into the country whereas remaining 13,703 entered the country through land routes," a press note issued by the board reads.
The government has inaugurated VNY2020 campaign amid much fanfare across the country on January 1 wishing to host 2 million tourist in the year. But January turned into an unfavourable month for the national campaign VNY2020 due to the recent incidents of tourist bus accident, avalanche in Annapurna region, death of Indian tourists and recent announcement of the Chinese government to halt outbound tourist groups, the board explained.
As China is the second largest market, the fall in the number of Chinese tourists is going to affect Nepali tourism industry, chief executive officer (CEO) of NTB Dhananjay Regmi said, adding that the board is postponing all its promotional activities in China for the short-term. “Instead, the board is preparing to add more activities for other countries.”
“Tourism is at the receiving end of coronavirus outbreak in China,” he said, adding that not only has Chinese tourists been affected, the fear of coronavirus has taken over its effect on tourists from India and Europe as well.
Though, Nepal is looking towards new another destinations including Japan, South Korea, and Sri Lanka, among others, as well as in the Middle East, the coronavirus outbreak in Hubei province of China could impact global tourism industry too making the outlook for February also not promising.
“The outlook for February is also not satisfactory, according to the tourism entrepreneurs. “The number is declining in February,” they said, adding that the drop could be even harsh in the second month. “The arrival graph is going down mainly due to drop in tourist numbers from China.”
India, China, the US, Myanmar and Thailand are the top five markets for Nepal as Nepal received 16,882 and 13,303 visitors from India and China, respectively, while it welcomed 6,386 visitors from the US, 4,447 from Myanmar and 4,010 from Thailand in January.
According to the board, some 39.1 per cent of the total tourists that visited Nepal in January were from Asian countries – except SAARC – and 26.9 per cent were from SAARC countries, whereas some 13 per cent of the total visitors were from European countries and 9.2 per cent were from the US. “Some 4.1 per cent of the total tourist, who visited Nepal in January were from Oceania region,” the board added.

Bangladesh grants LoI to GMR to ink PPR

Bangladesh has granted letter of intent (LoI) to GMR to sign power purchase agreement (PPA) to buy 500 megawatts (MW) of electricity from the 900-MW Upper Karnali Hydro Electric Project (UKHEP), the first Nepal, India and Bangladesh – three country – joint hydel project.
The project head of Upper Karnali Hydro Electric Project KK Sharma confirmed that the LoI has paved the way for the project to ink the financial closure with various banks and financial institutions. “The LoI means that the Bangladeshi government has finalised all necessary legal issues to materialise the plan to buy energy from us,” he said, adding that the Bangladesh government had already – on December 18 – finalised the PPA rate with GMR. “At that time the Cabinet Committee on Public Purchase of Bangladesh had approved power purchase agreement rate to purchase 500 MW of energy generated by the project.”
Bangladesh has confirmed to import 500 MW of electricity through Indian firm GMR at a tariff rate of 7.72 cents (Rs 8.80 IC) per unit for a period of 25 years. The development of the project is going to open doors for the first-ever trilateral power trade, apart from ending suspicions that the project will never materialise.
The company is planning to complete the necessary works for the PPA within the next four months and by the next six months the project will ink the financial closure agreement, Sharma said, adding that the company will be able to sign the PPA in June, if everything goes as planned. “The buying entity will enter into a PPA for the purchase of the electricity at the rate of 7.712 cents per unit for a period of 25 years.”
The company also plans to complete the process of engineering, procurement and construction (EPC) and award the contract to the selected firm by March.
The Upper Karnali Hydro Electric Project will be the first Nepal-based private company to export hydropower to Bangladesh through India according to the trilateral agreement. The project also plans to develop its own transmission line to evacuate the electricity it generates in Nepal. The power generated from the plant will be evacuated through a 400 kV double circuit transmission line up to the interconnection point of Power Grid Corporation of India, in India. The Indian party will get IC 4 paisa per unit as a trading margin for transmitting the power to Bangladesh. The supply of power to Bangladesh from India is expected to become exemplary in terms of regional power trade agreement.
Estimated to cost around $1.5 billion, the company plans to collect 15 per cent of investment through Nepali banks and financial institutions (BFIs). It has already signed initial agreement with Nabil Bank and Nepal Investment Bank, which are interested to lead the debt consortium for the 15 per cent financing. “The project is in talks with the Indian Exim Bank, Chinese Exim Bank, Asian Development Bank (ADB), World Bank (WB) and Netherlands Development Finance Company and other multilateral lenders for the remaining project financing.”
The run-of-the-river hydropower project was awarded to the Indian Group through an international competitive bidding process in 2008 on a build, own, operate and transfer model as an export-oriented project aimed at the Indian market. Nepal will receive 27 per cent free equity and 12 per cent free energy from the project. Nepal will receive 108 MW out of the remaining 400 MW for free, while GMR plans to sell the remainder to the Indian government.
Expected to complete about five years, the project developer has to transfer the full ownership of the project to the Nepal government at the end of the 25-year concession period.

Wednesday, February 5, 2020

Nepal Telecom rolls out 4G in 77 districts

Nepal Telecom (NT) has successfully expanded its 4G telecom service in all the 77 districts across the country.
Speaking during an event organised to mark the 16th anniversary of the state-owned telecommunication company, here today, managing director of NT Dilli Ram Adhikari claimed that the company had successfully tested its 4G telecom service in Simikot, the headquarters of Humla district, on Tuesday (???). “Humla was the last district that was to be connected to NT’s 4G service.”
With the successful expansion of its 4G service in Humla, NT has become the first and largest telecom service provider of the country, he confirmed, adding that the NT has – till date – installed 3,683 4G service compatible base transceiver station (BTS) towers across Nepal and has also set up 200 towers recently that are only 4G compatible.
Claiming that the NT is expanding its service as per the demand from the consumers, Adhikari said that the NT plans to upgrade 2,200 BTS towers to make them 4G compatible, while add new 640 4G BTS towers across the country soon. “The company has started to implement the federal system and is in the process of converting its regional offices into provincial headquarters to provide effective service to NT subscribers.”
The state-owned telecom company has been working hard to expand its services to compete with the private sector telecom service providers. But it has been riled by the increasing trade union activities, decelerating the productivity of employees.
Addressing the programme, minister for Communications and Information Technology Gokul Prasad Baskota took a swipe at the trade unions. “The government will not tolerate anyone trying to permeate politics in state companies that provide essential services,” he said, adding that the ones, who are interested in politics should join the political parties. 

Bankers urge central bank to review spread rate calculation method

Bankers today asked the central bank to change the method of calculating interest rate spread through the mid-term review of Monetary Policy.
They – at an interaction programme held by the central bank today in Kathmandu – said that the current calculation method will hit the profits of the banks and financial institutions (BFIs). “The provisions aimed at reducing profit of banks will affect the entire banking and financial sector,” they said, urging the Nepal Rastra Bank (NRB) to review such provisions.
The central bank should promote merger and acquisition policy to make the financial sector more reliable and robust, president of Nepal Bankers Association (NBA) Bhuvan Dahal said, adding that the provisions, however, related to spread rate calculation and others have been affecting banks. “The government policies should not affect the income of BFIs as they are expanding their services and network with huge investment in technology and security.”
The association had in August officially objected the central bank’s revision of the formula to calculate the spread rate, which they are mandated to maintain. “The change in the calculation of spread rate will directly affect the income tax being paid by BFIs and also hit their lending capacity,” Dahal said.
According to central bank rule, banks cannot include their interest-earning from investments in government securities while calculating the spread rate as allowed earlier. The central bank has also barred banks from incorporating the earnings from investment in the spread rate calculation.

Tuesday, February 4, 2020

Nepal Buildcon Expo from Friday

Media Space Solutions (Nepal) and Futurex Trade Fair & Events Pvt Ltd (India) are jointly organising an industry focused exhibition ‘6th Nepal Buildcon International Expo 2020’, in Kathmandu from February 7 to February 9.
The expo was conceptualised to congregate all architects, designers, developers, engineers, contracting companies, material suppliers and technology providers of the region under one roof for displaying and sourcing products expediently, according to a press note issued by the organiser. But the concept has evolved over time and has become a premier platform for hosting and promoting cutting-edge innovations in the industry and creating better business networking opportunities among decision makers and pre-eminent stakeholders of procurement companies and suppliers.
Nepal Constructions Industry is one of the fastest growing service industries in Nepal. Construction equipment and materials market have grown by double the amount. “Nepal offers promising employment opportunities in roads and airports, irrigation and hydropower, real state and housing and Public Private Partnership (PPP) in infrastructure development,” the press note reads, adding that the government is also focused on attracting foreign direct investment in the sector. “This exhibition is supported by the most illustrious and eminent associations and organisations related to the construction industry.”
More than 200 + Companies from 15+ countries are expected to showcase their brands and products in the expo. The title sponsor for the exhibition is ‘Bahubali Cement’; a brand of Balaji Cement Industries (P) Ltd and the expo is supported by Society of Nepalese Architects (SONA), Society of Consulting Architectural and Engineering Firms (SCAEF), Interior Designers Association Of Nepal (IDEA NEPAL) and Confederation of Indian Industry (CII). The exhibition will evince the related core spheres of the industry like Architecture, Green and Innovative materials, Pre-Fabrication, wearables and mobility, predictive analytics, construction techniques, engineering services and many more,” the organisers said, adding that Nepal is in the midst of major ongoing infrastructure upgrade, aimed at making the country's financial capital more 'workable. “There has been a significant movement in the sector towards redevelopment and has encouraged investments in this sector and Nepal Buildcon 2020 will value of a key supply chain for national development of the country.”
‘Nepal Buildcon 2020’ will coincide with a very exciting and important phase in real estate evolution and will allows suppliers and manufacturers the opportunity to be identified and exposed in a more detailed and comprehensive manner to the building, architectural and design industry.

Monday, February 3, 2020

Price of petrol, diesel down, cooking gas up

Nepal Oil Corporation (NOC) has reduced the price of petrol, diesel and kerosene by Re 1 per litre, each effective from tonight.
The state oil monopoly has but increased price of Liquefied Petroleum Gas (LPG) – popularly known as cooking gas – by Rs 25 per cylinder, according to the NOC. “With these adjustments, price of petrol will cost Rs 110 per litre, while price of diesel and kerosene will cost Rs 99 per litre each,” the NOC spokesperson Birendra Goit said, adding that the cooking gas will cost Rs 1,375 per cylinder. “The fuel prices have been revised in line with prices of petroleum products determined by Indian Oil Corporation (IOC) for February.”
The IOC sends petroleum price every fortnight, according to the international price fluctuation. The domestic price is however, depended on the price list the IOC, which is the sole supplier of the petroleum products to NOC.