Citizen's Investment Trust (CIT) — the issue and sales manager of the Nepal Telecomm (NT) shares — is 'ready' to allot NT shares."After we get green signal from the finance ministry, we will allot NT shares," a senior officer at the CIT, said, adding that CIT is sending the complete data to finance ministry on Friday.The investors have quoted a maximum of Rs 2,550 to the lowest of Rs 600 for a share that is quoted Rs 600 minimum — after adding Rs 500 premium to the face value of Rs 100 for each unit.The highest number of the investors which is at 16,157 have bidded in between Rs 601 to Rs 700, the most logical price for the NT share, according to its book value, profitability and return.The CIT has received applications from 27,617 applicants for 53,48,452 units of shares, 1.51 million less out of the floated 75 million units for the public. However, in terms of money, it has been 'successful' to collect Rs 3.62 billion, he said.The government had planned to raise at least Rs 9 billion by selling 1.5 billion units of NT's share — Rs 4.5 billion in the first phase from 75 million units of shares and Rs 4.5 billion in the second phase from the 75 million units, later."The government has almost succeeded in its target as Rs 3.62 billion has been collected," he said, adding that the amount falls short of a little less than a billion only. "Given the slackness in capital market at the time of NT's share floatation and negative campaign, its a 'huge' success," he added.As a part of divestment and privatisation plan, the government has started selling NT's 10 per cent shares to public through an auction. It had already sold five per cent to the Telecom's employees at the subsidized rate of Rs 90 per unit.The government plans to utilise the amount collected from the sale of NT's equity for rural infrastructure development and expansion of telecommunication services.
Investors' category
Amount category No of Applicants
Rs 600 - 2,350
Rs 601 to Rs 700 - 16,157
Rs 701 to Rs 800 - 5,892
Rs 901 to Rs 1000 - 1,540
Rs 1001 to Rs 1201 - 631
Rs 1201 to 1500 - 74
Rs 1501 to Rs 2000 - 18
Rs 2001 to Rs 2500 - 1
Rs 2501 above - 3
Total applicants received - 27,617
Wednesday, April 30, 2008
Tuesday, April 29, 2008
Nepal, Bahrain ink labour pact
Ramesh Lekhak, minister for Labour and Transport Management and his Bahrain's counterpart Dr Majeed Bin Muhsin Al Alawi — who arrived here in Kathmandu on Sunday on a three-day long official visit leading a nine-member delegation — signed bilateral labour pact on behalf of their respective countries today.
The agreement will now pave way for secured employment opportunities and provide legal recognition to Nepali migrant workers in the Gulf state of Bahrain.
After the signing of the accord, a joint committee will now be set up and branch offices headed by a high government officials will be opened in both the countries, said Keshar Bahadur Baniya, director general at the Department of Labour and Employment Promotion (DoLEP).
The accord will set a legal framework for Nepali migrant workers as it has clearly spelt out requirements needed for the job seekers and recruiting agencies in the source country.
The employers in Bahrain will then be bound to comply with domestic labour laws and provide facilities as per the laws. The accord seeks to protect workers' rights and prevent improper practices by private labour supply agencies which tend to exploit the workers by demanding exaggerated fees, providing false information about their working conditions in host country as well as misleading the employers in Bahrain regarding the workers' qualifications, experiences and documents.
"The government is also thinking of providing training to the job-aspirants," the minister said after the signing ceremony. "However, if thought necessary, the job-seekers can also be given training in Bahrain."
The salary will be fixed in mutual understanding between employer and the employee but it will not be less than $150," Baniya, said adding that the total cost might come to Rs 70,000.
According to DoLEP, in the last nine months, some 1,67,785 Nepalis left Nepal for foreign employment. Qatar is the most preferred destination, while Malaysia saw a decline in Nepali migrants during the period. However, the UAE received 32,453 Nepalis, a 104 per cent rise, during the first nine months.
According to the department, due to the CA elections, the outflux decreased in the month of Chaitra. During the first nine months of the current fiscal year, Bahrain received 2,947 Nepalis. "Informally, around 30,000 Nepalis are currently working in Bahrain. Most of them are unskilled labourers and employed in construction sector," Baniya added.
The government has already entered into similar agreement with South Korea. After the pact with Bahrain, Nepal is also looking forward to sign agreement with Japan.
Labour secretary Shyam Prasad Mainali is leading the Nepali delegation and is scheduled to meet his Japanese counterpart and senior office bearers of the Japan Industrial and Technical Cooperation Organisation (JITCO) during his stay in Japan.
The agreement will now pave way for secured employment opportunities and provide legal recognition to Nepali migrant workers in the Gulf state of Bahrain.
After the signing of the accord, a joint committee will now be set up and branch offices headed by a high government officials will be opened in both the countries, said Keshar Bahadur Baniya, director general at the Department of Labour and Employment Promotion (DoLEP).
The accord will set a legal framework for Nepali migrant workers as it has clearly spelt out requirements needed for the job seekers and recruiting agencies in the source country.
The employers in Bahrain will then be bound to comply with domestic labour laws and provide facilities as per the laws. The accord seeks to protect workers' rights and prevent improper practices by private labour supply agencies which tend to exploit the workers by demanding exaggerated fees, providing false information about their working conditions in host country as well as misleading the employers in Bahrain regarding the workers' qualifications, experiences and documents.
"The government is also thinking of providing training to the job-aspirants," the minister said after the signing ceremony. "However, if thought necessary, the job-seekers can also be given training in Bahrain."
The salary will be fixed in mutual understanding between employer and the employee but it will not be less than $150," Baniya, said adding that the total cost might come to Rs 70,000.
According to DoLEP, in the last nine months, some 1,67,785 Nepalis left Nepal for foreign employment. Qatar is the most preferred destination, while Malaysia saw a decline in Nepali migrants during the period. However, the UAE received 32,453 Nepalis, a 104 per cent rise, during the first nine months.
According to the department, due to the CA elections, the outflux decreased in the month of Chaitra. During the first nine months of the current fiscal year, Bahrain received 2,947 Nepalis. "Informally, around 30,000 Nepalis are currently working in Bahrain. Most of them are unskilled labourers and employed in construction sector," Baniya added.
The government has already entered into similar agreement with South Korea. After the pact with Bahrain, Nepal is also looking forward to sign agreement with Japan.
Labour secretary Shyam Prasad Mainali is leading the Nepali delegation and is scheduled to meet his Japanese counterpart and senior office bearers of the Japan Industrial and Technical Cooperation Organisation (JITCO) during his stay in Japan.
World Bank continue to support Nepal
A delegation of the World Bank's Executive Directors vowed to continue the bank's support to Nepal, irrespective to the change in guard in the government."The politics does not interfare in the decisions of the World Bank as its a non-political global institution representing 185 countries," they said, briefing the media, here before leaving for Washington today. "We respect the Nepali people's decision," they said.
They reviewed economic situation and social issues after the Constituent Assembly election before returning to Washington DC.
"It is a deliberate visit to Nepal to understand situation and challenges here," Michel Mordasini, one of the EDs, who looks after Switzerland said.
The 11 Executive Directors (EDs) — representing 91 countries — met with Prime Minister Girija Prasad Koirala, Finance Minister Dr Ram Sharan Mahat, some of the newly elected CA members, civil society and the donor community representatives.
"It was a very busy mission that held extensive discussions with government and reviewed economic situation and social issues after the successful CA polls," he said.
The high level delegation discussed possible future areas to contribute more like climate change, hydropower and infrastructure.
The delegates also met with Maoist Chairman Prachanda and second-in-command Dr Baburam Bhattarai. At the end of a 'cordial' meeting the delegates laid stress on continuity of dialogue with the emerging powers in Nepal.
The delegation did not set any pre-conditions for the government in-waiting but they believe that its a process of a continued dialogue that they are looking forward to.
They will report to the bank's headquarters in Washington for the future course of action.
The EDs said they were impressed by the peaceful CA polls and the peace and development processes were on a satisfactory track. The bank is sending a strong committment for Nepal but it depends on the performance of the government, Mordasini clarified.
From the next financial year, the World Bank — multilateral donor institution — is bringing a Joint Country Strategy paper that will be a guideline for next four-five years, he said adding that the programme should be alligned with national development strategy like how to increase growth potential and create more jobs. "It will also go side-by-side with the government's three-year interim plan," he added.
"The focus of the new country strategy paper would be on ownership of the recipient country," Mordasini said.
The Bank is financing three new projects worth $127 million after its Board meeting on May 3. It has financed four projects worth $252 million within the last 10 months.
(picture: The World Bank executives, along with Nepal country director, Susan Goldmark, pose with the Prime Minister Girija Prasad Koirala and finance secretary Bidhyadhar Mallick, in the Prime Minister's official residence at Baluwatar, Kathmandu.)
Sunday, April 27, 2008
Can Chilime add premium in its shares
Chilime Hydropower Company Ltd — the model hydropower project that opened the vista for Nepali investment deemed impossible one decade ago in hydropower sector — is planning to issue 23.04 million unit shares to public after repeated pressure by the regulatory authority of the capital market. Chilime should have floated its shares for the public long before but the regulation then was not clear on floating the shares to public before being traded at the Nepse floor.
Started in August 28, 2005, Chilime Hydropower's 7,296,000-unit shares were listed at a price of Rs 100 per unit at the Nepse on April 4, 2006 and started trading on Nepse floor from April second week without going to the public, as the Share Allotment Regulation - 2051 had not stopped the trading then.
However, according to the amendment — on September 21, 2006 — of the Share Allotment Regulation - 2051 Article (12), a company cannot trade its shares distributed to the staff before going to the public.
Chilime has asked the permission on April 4, from the Securities Board of Nepal (Sebon), the regulatory authority of capital market, to issue its shares separated for the public with Rs 500 premium in the base price of Rs 100 per unit making per unit share Rs 600.
"But it cannot add premium and has to float shares for public at Rs 100," says Rabindra Bhattarai, a share analyst. According to the Company Law, any company that has posted profits and distributed cash dividend continuously for three years can issue its shares to public adding premium. Both the rules must be fulfilled to float the share with premium. Though, there is no rule on how much premium a company can add at present, the new regulation 'Securities Registration and Issue Regulation' that the Sebon is bringing has clearly stated a rule on how to calculate the premium.
However, Chilime Hydro power has not fulfilled one of the conditions stated in the Company Law. "It has fulfilled only one condition that is it has posted profits continuously for last three years," Bhattarai says, adding that the second condition that is distribution of cash dividend for three years continuously could not be fulfilled as the Sebon ordered Chilime not to distribute cash dividend this year before going to public.
In the letter of January 27 to the Sebon the company has also clearly stated that it is, for the time being not distributing cash dividend and putting the decision on holdm, respecting the regulatory authority.
On February 10, Chilime held its 11th AGM where it has only proposed 30 per cent but has not distributed it obeying the regulator's order.
"We have applied for the shares to be issued with premium, if Sebon thinks that we can not add premium, we will obey," says Lila Nath Bhattarai, manager of the Chilime Hydropower Company Ltd.
The other interesting fact is that, in the AGM, the company has, again decided to give 10,000-unit of shares to the best staff from the public's share. It is allocating five per cent shares to Mutual Fund, 500-unit shares to Parbatikunda Secondary School and 1,80,000-unit shares for three VDCs, where the project site is located apart from 10,000-unit to the best staff. Reducing these allocations, the public will now get only 19,98,300-unit from a total separated of 23,04,000-unit separated for them.
"The staff were already given the shares but the company has again separated shares for them, which is not fair to the public," protested one investor.
Equity share structure
For public 24 per cent (23,04,000-unit) - yet to be floated
NEA 51 per cent
Staff 25 per cent (23,74050-unit)
Total shares 100 per cent (72,95,655-unit)
Fiscal year -- cash dividend
2060-61 -- Rs 10 per dividend per share
2061-62 -- Rs 20 per dividend per share
2062-63 -- Rs 35 per dividend per share
2063-64 -- 30 per cent cash dividend and 25 per cent bonus shares proposed. (But the cash dividend is cancelled due to Sebon's prohibition.)
What's in store
Apart from the present Chilime Hydropower project of 22.1 MW that is in operation, the company has planned three projects:
1. Sajen Hydroelectric Project (35 MW)
2. Sajen (Upper) Hydroelectric Project (11 MW)
3. Middle Bhotekoshi Hydroelectic Project (80 MW)
4. Rasuwagadi Hydropower Project (75 MW) – in the process of obtaining licence
Started in August 28, 2005, Chilime Hydropower's 7,296,000-unit shares were listed at a price of Rs 100 per unit at the Nepse on April 4, 2006 and started trading on Nepse floor from April second week without going to the public, as the Share Allotment Regulation - 2051 had not stopped the trading then.
However, according to the amendment — on September 21, 2006 — of the Share Allotment Regulation - 2051 Article (12), a company cannot trade its shares distributed to the staff before going to the public.
Chilime has asked the permission on April 4, from the Securities Board of Nepal (Sebon), the regulatory authority of capital market, to issue its shares separated for the public with Rs 500 premium in the base price of Rs 100 per unit making per unit share Rs 600.
"But it cannot add premium and has to float shares for public at Rs 100," says Rabindra Bhattarai, a share analyst. According to the Company Law, any company that has posted profits and distributed cash dividend continuously for three years can issue its shares to public adding premium. Both the rules must be fulfilled to float the share with premium. Though, there is no rule on how much premium a company can add at present, the new regulation 'Securities Registration and Issue Regulation' that the Sebon is bringing has clearly stated a rule on how to calculate the premium.
However, Chilime Hydro power has not fulfilled one of the conditions stated in the Company Law. "It has fulfilled only one condition that is it has posted profits continuously for last three years," Bhattarai says, adding that the second condition that is distribution of cash dividend for three years continuously could not be fulfilled as the Sebon ordered Chilime not to distribute cash dividend this year before going to public.
In the letter of January 27 to the Sebon the company has also clearly stated that it is, for the time being not distributing cash dividend and putting the decision on holdm, respecting the regulatory authority.
On February 10, Chilime held its 11th AGM where it has only proposed 30 per cent but has not distributed it obeying the regulator's order.
"We have applied for the shares to be issued with premium, if Sebon thinks that we can not add premium, we will obey," says Lila Nath Bhattarai, manager of the Chilime Hydropower Company Ltd.
The other interesting fact is that, in the AGM, the company has, again decided to give 10,000-unit of shares to the best staff from the public's share. It is allocating five per cent shares to Mutual Fund, 500-unit shares to Parbatikunda Secondary School and 1,80,000-unit shares for three VDCs, where the project site is located apart from 10,000-unit to the best staff. Reducing these allocations, the public will now get only 19,98,300-unit from a total separated of 23,04,000-unit separated for them.
"The staff were already given the shares but the company has again separated shares for them, which is not fair to the public," protested one investor.
Equity share structure
For public 24 per cent (23,04,000-unit) - yet to be floated
NEA 51 per cent
Staff 25 per cent (23,74050-unit)
Total shares 100 per cent (72,95,655-unit)
Fiscal year -- cash dividend
2060-61 -- Rs 10 per dividend per share
2061-62 -- Rs 20 per dividend per share
2062-63 -- Rs 35 per dividend per share
2063-64 -- 30 per cent cash dividend and 25 per cent bonus shares proposed. (But the cash dividend is cancelled due to Sebon's prohibition.)
What's in store
Apart from the present Chilime Hydropower project of 22.1 MW that is in operation, the company has planned three projects:
1. Sajen Hydroelectric Project (35 MW)
2. Sajen (Upper) Hydroelectric Project (11 MW)
3. Middle Bhotekoshi Hydroelectic Project (80 MW)
4. Rasuwagadi Hydropower Project (75 MW) – in the process of obtaining licence
Saturday, April 26, 2008
NRB 53rd anniversary
Nepal Rastra Bank (NRB) today celebrated its 53nd anniversary.
On the occasion, employees of the central bank voiced serious concerns over the long-absence of the regulatory authority's head.
"How can the regulatory authority function without its head for so long," the speakers questioned, adding that the morale of staff is down. "Financial sector reform programme and action against the bank defaulters have also been hit hard due to the delay in governor's case," they opined. They even challenged the government to action against the wilful defaulters.
In the last fiscal year only, three new commercial banks came into operations making it a total of 23 commercial banks. Similarly, 21 new development banks came into existence making it to a total of 58 development banks and nine finance companies came into operations making it to a total of 79 finance companies. "Now the supervisory and regulatory role of the central bank has increased," said acting governor Krishna Bahadur Manandhar.
The country has entered into a new era and for a strong economic growth, role of the central bank cannot be ruled out. "Economic inclusion is not possible without higher economic growth," he added.
"However, political stability and lasting peace are prerequisite for higher economic growth," he said, adding that rising price and plummeting exports are major concerns for the economy at present.
"Ever increasing global fuel price has also hurt our budget," he said, adding that economic stability has become a strong challenge in such a situation.
Himalaya Shumshere JBR, the founding governor of the central bank, on the occasion, said that Nepalis have done nothing for economic revolution and social transformation in last 50 years. "After one chapter of political revolution, its high time now we work for economic revolution," he added.
Gold Medal distributed
KATHMANDU: On the occasion of 53rd anniversary, acting governor, Krishna Bahadur Manandhar distributed gold medals to the 523 employees, who completed 20 years and more service in the bank. A total of five-and-a-half kg of gold was used to prepare 523 medals. Each medal contains 25-gram silver, making it a total of 13,075 gram of silver for the 523 medals. — HNS
On the occasion, employees of the central bank voiced serious concerns over the long-absence of the regulatory authority's head.
"How can the regulatory authority function without its head for so long," the speakers questioned, adding that the morale of staff is down. "Financial sector reform programme and action against the bank defaulters have also been hit hard due to the delay in governor's case," they opined. They even challenged the government to action against the wilful defaulters.
In the last fiscal year only, three new commercial banks came into operations making it a total of 23 commercial banks. Similarly, 21 new development banks came into existence making it to a total of 58 development banks and nine finance companies came into operations making it to a total of 79 finance companies. "Now the supervisory and regulatory role of the central bank has increased," said acting governor Krishna Bahadur Manandhar.
The country has entered into a new era and for a strong economic growth, role of the central bank cannot be ruled out. "Economic inclusion is not possible without higher economic growth," he added.
"However, political stability and lasting peace are prerequisite for higher economic growth," he said, adding that rising price and plummeting exports are major concerns for the economy at present.
"Ever increasing global fuel price has also hurt our budget," he said, adding that economic stability has become a strong challenge in such a situation.
Himalaya Shumshere JBR, the founding governor of the central bank, on the occasion, said that Nepalis have done nothing for economic revolution and social transformation in last 50 years. "After one chapter of political revolution, its high time now we work for economic revolution," he added.
Gold Medal distributed
KATHMANDU: On the occasion of 53rd anniversary, acting governor, Krishna Bahadur Manandhar distributed gold medals to the 523 employees, who completed 20 years and more service in the bank. A total of five-and-a-half kg of gold was used to prepare 523 medals. Each medal contains 25-gram silver, making it a total of 13,075 gram of silver for the 523 medals. — HNS
Wednesday, April 23, 2008
Maoists vow to create conducive investment environment
Maoists today assuring the entrepreneurs' team led by Surendra Bir Malakar, president of Nepal Chamber of Commerce (NCC), said that the fusion of domestic and foreign investment could help fast-paced economic development.
Maoists supremo Prachanda reassured the business fraternity that Maoists will create conducive atmosphere for national and foreign investments."
Conducive environment for promotion of domestic investment would be created as foreign investment could not be brought in without promoting the domestic investment," he said, during the meeting held at Maoists Central Office at Buddhanagar in the valley today."
Labour unrest will be a history and we will encourage healthy relationships between labour and the industrial sector," he tried to assure the business community, adding that the current problem of food and petroleum products' scarcity will be dealt efficiently. The entrepreneurs has asked him of Maoists' version on present petroleum supply situation and scarcity of other commodities.
As Maoists has emerged the largest party securing 120 in FPTP, it vowed to work together with the private sector and create a friendly environment for investment for the fast-paced economic development.
The NCC delegation also asked the Maoist leadership to make clear about their economic policy and public-private partnership. "The new government will formulate the economic policy based on the suggestions of industrialists, economists and traders," Prachanda tried to convince them.Load-shedding, security and capital flight are the major threats that are hitting the private sector hard currently. Promising to implement transitional economic policy at the moment protecting national industrial capitalism, the Maoists top brass urged the private sector to cooperate with them to bring economic development in the country.
"Donot be misguided by the our economic policy," he said assuring the private sector that it will include private sector while formulating all kinds of economic policies. During the meeting that lasted for two hours, Maoist's second-in-command Baburam Bhattarai and economic department chief Krishna Acharya were also present.
Maoists supremo Prachanda reassured the business fraternity that Maoists will create conducive atmosphere for national and foreign investments."
Conducive environment for promotion of domestic investment would be created as foreign investment could not be brought in without promoting the domestic investment," he said, during the meeting held at Maoists Central Office at Buddhanagar in the valley today."
Labour unrest will be a history and we will encourage healthy relationships between labour and the industrial sector," he tried to assure the business community, adding that the current problem of food and petroleum products' scarcity will be dealt efficiently. The entrepreneurs has asked him of Maoists' version on present petroleum supply situation and scarcity of other commodities.
As Maoists has emerged the largest party securing 120 in FPTP, it vowed to work together with the private sector and create a friendly environment for investment for the fast-paced economic development.
The NCC delegation also asked the Maoist leadership to make clear about their economic policy and public-private partnership. "The new government will formulate the economic policy based on the suggestions of industrialists, economists and traders," Prachanda tried to convince them.Load-shedding, security and capital flight are the major threats that are hitting the private sector hard currently. Promising to implement transitional economic policy at the moment protecting national industrial capitalism, the Maoists top brass urged the private sector to cooperate with them to bring economic development in the country.
"Donot be misguided by the our economic policy," he said assuring the private sector that it will include private sector while formulating all kinds of economic policies. During the meeting that lasted for two hours, Maoist's second-in-command Baburam Bhattarai and economic department chief Krishna Acharya were also present.
Tuesday, April 22, 2008
Era of cheap food over
The era of cheap food is over, an Asian Development Bank (ADB) official said Tuesday.Rajat Nag, the ADB's managing director general, said a variety of factors have contributed to soaring food prices which, even if they ease, will not return to the lower levels which the world became used to.
"We just have to accept the era of cheap food is over," Nag said. The ADB last week said soaring food prices have hampered Asia's fight against poverty and some countries may need foreign aid to feed their hungry millions.
"I don't think we are talking in any way about a famine situation. The supplies are not where we need them and that is a distribution problem. They are not available where the demands are," Nag said.
Global rice demand rose 0.9 percent last year, more than the production increase of 0.7 percent, he said.While Asia's stock of rice is its lowest in decades, the ADB believes it is still enough to meet demand, Nag said."
So we do want to temper what sometimes may appear to me is a bit of an over-reaction." Moves by some countries such as Vietnam and India to curb rice exports to ease domestic prices will likely not work in the longer term, Nag said.
"We believe it would be unproductive, counter-productive, to depend on price controls or trade measures to deal with the immediate crisis," he said.
He said controls were understandable from a domestic standpoint but such measures are "really no different from hoarding at a national level." The Manila-based ADB aims to reduce global poverty.
Nag cited a variety of factors for rising food prices. These include escalating prices of oil and other production costs, conversion of arable land to urban development and biofuel production, and environmental problems such as drought in Australia.In a report early this month the ADB cautioned that the biggest risk for the region was soaring inflation, which it foresees rising to 5.1 percent this year -- the highest in a decade.
Rice prices have roughly doubled in five years, it said.Set up in 1966, the ADB provides development aid to dozens of Asian and Pacific countries, where it says nearly 1.9 billion people still live on two US dollars a day or less. -- AFP
"We just have to accept the era of cheap food is over," Nag said. The ADB last week said soaring food prices have hampered Asia's fight against poverty and some countries may need foreign aid to feed their hungry millions.
"I don't think we are talking in any way about a famine situation. The supplies are not where we need them and that is a distribution problem. They are not available where the demands are," Nag said.
Global rice demand rose 0.9 percent last year, more than the production increase of 0.7 percent, he said.While Asia's stock of rice is its lowest in decades, the ADB believes it is still enough to meet demand, Nag said."
So we do want to temper what sometimes may appear to me is a bit of an over-reaction." Moves by some countries such as Vietnam and India to curb rice exports to ease domestic prices will likely not work in the longer term, Nag said.
"We believe it would be unproductive, counter-productive, to depend on price controls or trade measures to deal with the immediate crisis," he said.
He said controls were understandable from a domestic standpoint but such measures are "really no different from hoarding at a national level." The Manila-based ADB aims to reduce global poverty.
Nag cited a variety of factors for rising food prices. These include escalating prices of oil and other production costs, conversion of arable land to urban development and biofuel production, and environmental problems such as drought in Australia.In a report early this month the ADB cautioned that the biggest risk for the region was soaring inflation, which it foresees rising to 5.1 percent this year -- the highest in a decade.
Rice prices have roughly doubled in five years, it said.Set up in 1966, the ADB provides development aid to dozens of Asian and Pacific countries, where it says nearly 1.9 billion people still live on two US dollars a day or less. -- AFP
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