ADB estimates economic growth by 4.3 per cent

The Asian Development Bank has projected Nepal’s economy to grow by 4.3 per cent, at market prices, in fiscal year 2023/2024.

This is up from an estimated growth of 1.9 per cent in FY 2022/2023, says the Asian Development Outlook (ADO) September 2023, the latest edition of the ADB's flagship publication.

With moderation in inflation and comfortable foreign exchange reserves, the Nepal Rastra Bank adjusted its monetary policy stance by lowering the policy rate by 50 basis points to 6.5 per cent, which is expected to help lower commercial interest rates and stimulate economic activities, states the report while adding that services are expected to perform well with expansions coming from real estate, wholesale and retail trade and accommodation and food services. Agriculture growth may however decelerate owing to deficient rainfall in June and erratic weather patterns, further aggravated by lumpy skin outbreak in cattle.

The report also projects annual average inflation to fall to 6.2 per cent in the current FY from 7.7 per cent in the previous fiscal year on subdued oil price increases and a decline in inflation in India, Nepal’s main source of import.

“Despite some progress in restoring price and external sector stability, fiscal challenges persist. While the estimated fiscal deficit for FY2024 is moderate at 2.4% of GDP, much lower than the deficit of 6.1% in FY2023, the actual deficit could be substantially higher if the government does not meet its ambitious revenue target for FY2024,” said ADB Principal Economist for Nepal Jan Hansen.

External risks remain relatively well contained. Considering the recent trends and the central bank’s prudent monetary policy stance, the target of maintaining foreign exchange reserves sufficient to sustain at least seven months of imports seems achievable. Amid stable remittances and higher imports, the current account deficit is expected to widen to 1.8 per cent of GDP as growth revives in current FY.

Downside risks to the economic outlook in the FY may arise from more contractionary economic policy by the authorities to stem price rises given the uncertainties centered around geopolitical tensions. This may dampen consumption and domestic production and adversely affect growth, adds the monthly report.

Source: National News Agency RSS

Nepali government delegation meets BGMEA President to discuss trade opportunities

A delegation representing the Ministry of

Industry, Commerce and Supplies of Nepal held a meeting with Faruque Hassan,

President of the Bangladesh Garment Manufacturers and Exporters Association

(BGMEA) today.

During the meeting held at BGMEA Complex in Dhaka, both sides discussed

issues of mutual interests, potential areas of collaboration, and trade and

investment opportunities between the two countries.

The Nepali delegation, led by Baburam Gautam, Director General of the

Department of Industry within the Government of Nepal, exchanged ideas and

information with the BGMEA President, said a press release.

The discussion encompassed a wide range of topics, including the thriving

readymade garment industry in Bangladesh, its future prospects, and the

strategic vision for its continued growth.

Faruque shared insights into Bangladesh's emphasis on diversifying its market

for garment exports and its ongoing efforts to explore new export

destinations.

He expressed a keen interest in exporting readymade garments to Nepal and

emphasized the importance of collaboration between the two countries to

unlock mutually beneficial opportunities.

The Nepali delegation highlighted the investment potential within Nepal and

showcased the various opportunities available to investors.

In the meeting, both parties expressed willingness to work together to

realize mutual benefits.

Source: Bangladesh Sangbad Sangstha

Only economic development can give stability to democratic system: PM Dahal

Prime Minister Pushpa Kamal Dahal 'Prachanda' has said that the stability of democracy is possible only with the development of the economic sector. He further said that the campaign against hunger to raise the standard of living of citizens and the reduction of unemployment is indispensable for the sustainable development of democracy.

Prime Minister Dahal, who is here to attend the 78th United Nations General Assembly, addressed the conference on 'Democracy Delivers' hosted by US Secretary of State Anthony Blinken and USAID Chief Administrator Samantha Power here today.

He said that the process of economic transformation is now Nepal's priority. Nepal is always ready to create an investment-friendly environment by empowering the private sector. Our policies, rules and laws have ensured this.

Stating that hydropower development is an important basis for economic development, the Prime Minister expressed his belief that its results would contribute to the expansion of clean energy in the South Asian region.

Discussing the impact of climate change, he said, "Nepal is ready to achieve zero carbon emission target by 2045 and we will fulfill the commitment that 25 percent of Nepal's territory will remain covered by forest." He also reiterated the urge being made to developed countries to provide the funds as per their commitment to the Climate Fund by 2025.

Prime Minister Dahal said that Nepal and the US hold similar values in democracy, human rights, justice and empowerment and lauded US support to the socio-economic development endeavours of Nepal.

The Prime Minister also shared said that Parliament has passed the Millennium Challenge Compact (MCC) with 12 points of explanatory notes and it is ready to be implemented and completed on time.

Prime Minister Dahal clarified that the Constitution of 2015 promulgated after a long struggle provides for periodic elections, separation of power, balanced society, independent judiciary, protection and promotion of human rights and fundamental rights of citizens. Free press, inclusive participation, individual rights, social justice and rule of law are the main features of the constitution.

"Nepal has expressed its full commitment to building a society based on fully inclusive and participatory principles. Accordingly, 41 percent women were elected in the local elections held last year", he said. Nepal is working to improve the environment for free and fair elections by increasing people's participation.

Referring to the ongoing peace process in Nepal, he said Nepal has succeeded resolving the armed conflict under a political system that is rarely seen in the world, while an inclusive constitution has been created by the elected representatives.

Dahal said that he was taking the initiative to establish a center for conflict victims to manage transitional justice.

Source: National News Agency RSS

Non-implementation of fundamental rights shows parties’ weakness: Former Speaker Dhungana

Former Speaker Daman Nath Dhungana has said non-implementation of fundamental rights reflect weaknesses of current ruling parties.

During a programme organized as part of the BP Literature Festival at NC central office on Wednesday, former Speaker Dhungana said provisioning such many fundamental rights- 31- on the one hand and showing reluctance to implement these is contradictory.

He further viewed, "Current constitution is dominated by the Maoist party. If not, why to give him frequent leadership? The constitution is not functional."

Similarly, Constituent Assembly member and former minister Nilambar Acharya said it was worrying that the laws required within three years of constitution for its implementation were not made yet.

"If the democracy is to be strengthened as per BP's thoughts, economic progress is imperative," he underscored, adding that such exodus of Nepali youths reflects aggression towards political leadership.

On the occasion, Nepali Congress General Secretary Gagan Thapa, however, claimed that NC brought Maoist party under its agenda during promulgation of constitution.

Source: National News Agency RSS

Bangladesh gets Digital Cooperation Organization membership

Bangladesh has become a member of the Digital

Cooperation Organization (DCO), a global multilateral body that aims to

enable digital prosperity for all by accelerating the inclusive growth of the

digital economy.

Bangladesh formally accepted the membership of the DCO yesterday at

Bangladesh permanent mission to the United Nations in New York, an ICT

Division press release said today.

To this end, State Minister for ICT Junaid Ahmad Palak signed the charter, on

behalf of Bangladesh, for becoming a DCO member state.

Speaking on the occasion, Palak said the Digital Cooperation Organization has

a huge market of 800 million people living in about 15 countries and

Bangladesh officially became a member of DCO.

"As we became a member of DOCOI, now scopes have been created for us for

availing four opportunities. The first one is that there will be an

opportunity to do business with digital entrepreneurship startups in

Bangladesh. Secondly, opportunity will be created to invest in Bangladesh

from different countries. Third, Bangladesh's cyber security will be

strengthened through mutual cooperation of 15 member state," he said.

Fourth, the state member said, works continue on startup passport - meaning

that startups of one country can work in the 15 countries.

DCO Secretary-General Deemah Al Yahya and Bangladesh's Access to Information

(A2I) Policy Advisor Anir Chowdhury were, among others, present.

Source: Bangladesh Sangbad Sangstha

7th partnership meeting of Red Crescent Society ends

The two-day 7th Partnership Meeting 2023 of Bangladesh Red Crescent Society ended here today with the pledge to strengthen the mutual relations among various countries and humanitarian organizations by uniting with the power of humanity.

Information and Broadcasting Minister Dr Hasan Mahmud addressed the closing function as the chief guest at a hotel in the city where 17 countries participated.

International Federation of Red Cross and Red Crescent Societies (IFRC) Governing Board Vice President Maha Barjas Al Bajras addressed it as special guest.

Dr Hasan said the government of Prime Minister Sheikh Hasina is working relentlessly to materialize the dream of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. The Red Crescent always plays a pivotal role to the cause of distressed humanity, he added.

Prime Minister Sheikh Hasina, he said, has given shelter to Rohingyas. And the Red Crescents has extended their support there also, he noted.

The Red Crescent always supports Bangladesh in tackling every disaster.

Barjas extended thanks to the Bangladesh Red Crescent Society for organizing the successful meeting.

Red Crescent Society vice chairman Nur Ur Rahman, Secretary General Kazi Shafiqul Azam, Treasurer M A Salam, IFRC head of delegation

Sanjeev Kafle and International Committee of Red Cross head of delegation Agnes Dhur, among others, addressed the function.

Bangladesh Red Crescent Society chairman Major General (retd) ATM Abdul Wahab presided over.

Source: Bangladesh Sangbad Sangstha

Governance weaknesses can be overcome by political righteousness: President Paudel

President Ramchandra Paudel has said the governance weaknesses are to be overcome by our political righteousness and it is necessary for us to make democracy result-oriented by establishing its sanctity.

At a programme organised at Sheetal Niwas on Wednesday on the occasion of Constitution Day and National Day, 2080, President Paudel said, "We must remain watchful to make sure that the achievements of people's movements are not again weakened from any quarter. We should remain alert to ensure that the provisions of democratic constitution are not subverted from anywhere."

He mentioned that the present Constitution has not only ended all kinds of discrimination and inequalities nurtured under authoritarian, centralized and unitary state system but has also made Nepali people sovereign of state power in real sense.

"Our constitution, while stipulating federal democratic republic has not only envisaged political, economic, social, religious and cultural freedoms but also justice to the helpless and income to the indigent," President Paudel said, "The diverse range of rights, provisioned in the constitution are aimed at providing unhindered freedom to the destitute people while giving them opportunities to uplift their life standards."

Politically, the country has attained 'republic', the highest level of achievement that people aspired for a long time but the true meaning of the republic remains to be understood and internalized, he viewed, adding it still remains for us to properly understand that the republic is the system that not only ensures people's direct participation but also excepts people to transform their conduct in accordance with spirit of the system.

The President viewed that there are an ample possibility of making the country a distinct nation with Nepali ingenuity and as the world's one of the advanced nations and have an important opportunity before the people. But this is possible only if we all work relentlessly to bring about drastic and righteous changes in our conduct and character in consonance with the democratic culture.

There is no alternative to moving ahead protecting Constitution and safeguarding the political achievements, he shared. "Our culture and nature have opened for us the door of infinite possibility to generate employment and income in the country. If we could properly harness energy sector, modernize agriculture realm and expand tourism domain, of course by dint of ensuring good governance and ending all kinds if mismanagement, Nepal can easily reach the category of the world's one of the advanced nations", said the President.

The President said the country has been hit by natural disasters triggered by climate change for the past several years, pointing out the need to move ahead in concrete manner with international community for addressing the challenges posed by climate crisis.

He also paid heartfelt tributes to martyrs who sacrificed their valuable lives for the establishment of democratic republic in Nepal, expressing sincere gratitude to the democratic fighters who endured imprisonment and also exile during democratic movements and remained unwaveringly active in favour of the political transformation in the country.

Present on the occasion were Vice-President Ramsahaya Prasad Yadav, Acting Prime Minister Purna Bahadur Khadka, Chief Justice Bishwombhar Shrestha, Nepali Congress President Sher Bahadur Deuba, Chairperson of CPN (Unified Socialist) Madhav Kumar Nepal, former Chairperson of Council of Minister, Khilraj Regmi, Deputy Prime Minister and Home Minister Narayan Kaji Shrestha, ministers, former lawmakers, high-ranking officials of government, heads and representatives of diplomatic missions in Nepal, media persons as well as other personalities.

Source: National News Agency RSS

PM for developing global cooperation framework to prevent pandemic

Prime Minister Sheikh Hasina today (Wednesday) called for developing an international cooperation framework as part of the prevention of pandemics, placing five proposals to be addressed by the global community.

"The COVID-19 pandemic has been a turning point for us all. We lost many around the world. We realized that nature has its own limits for human intervention. We also experienced unprecedented global solidarity. We admitted that none of us is secure until everyone is," she said.

She said this while addressing the 78thUNGA High-Level Meeting on Pandemic Prevention, Preparedness and Response (PPPR) at the Conference Room of the United Nations Headquarters here.

"We must draw on our collective lessons to scale up good practices and avoid past mistakes. Equity and solidarity must form the core of our efforts," she said.

The Prime Minister put forth five priorities to prevent the pandemics.

The three priorities among the five are - concessional international financing for health system strengthening in developing countries, mobilizing resources and expertise for pandemic surveillance, prevention, preparedness and response in a science-based manner; ensuring equitable and unrestricted access for all to quality, affordable, and effective pandemic products, including vaccines.

The remaining two priorities are production diversification of pandemic products through access to technology and know-how; and developing an international cooperation framework for access and benefit sharing among concerned parties, with WHO in the lead.

"To that end, we hope to see fair and concrete outcomes from a pandemic treaty and amendments to the International Health Regulations (2005) Bangladesh will remain constructively engaged with both processes," Sheikh Hasina said.

Thematic Ambassador of Climate Vulnerable Forum (CVF) Saima Wazed was present at the meeting.

The Prime Minister said Bangladesh was no exception to the COVID-19 impacts.

"Yet, we ranked fifth globally in COVID-19 recovery by one index. From the start, we had to strike a balance between saving lives and protecting livelihoods," she said.

The premier said they adopted a National Preparedness and Response Plan with the support of WHO.

"We ensured the free provision of medicines and PPE for those in need. The number of ICU beds was more than doubled. From zero facilities, testing laboratories were set up in 885 centres. Oxygen supplies were secured in almost all hospitals," she added.

Around 11,000 doctors and 13,000 medical support staff were recruited within months, she said, adding: "With a fatality rate of 1.46% our frontline workers did wonders."

"A dedicated digital app was launched to administer vaccines entirely free of charge. We reached vaccine coverage of 93% with at least a second dose. I called for pandemic vaccines to be considered global public goods," she said.

The Prime Minister said their government rolled out a stimulus package worth 26.9 billion US dollars.

"We provided direct food assistance to more than 40 million low-income people. Bangladesh extended support to other friendly countries as well as to our migrant workers abroad," she added.

Source: Bangladesh Sangbad Sangstha

National Day observed in Japan

The Nepali embassy in Tokyo hosted a special ceremony on 19 September in Tokyo on the occasion of Constitution Day.

The function was attended by members of the National Diet, ambassadors and the heads of diplomatic missions, high-ranking officials of the Japanese government, Governors and Mayors of various Prefectures, representatives of the Japanese business community and the Nepali community in Japan, according to a press release issued by the Nepali Embassy in Japan.

On the occasion, Ambassador of Nepal to Japan, Dr Durga Bahadur Subedi extended best wishes to the Nepali community residing in Japan and expressed his belief that the Day would inspire all Nepali people to work unitedly for peace, development and prosperity of Nepal. He highlighted the longstanding friendly relations between Nepal and Japan, and underlined that both the Nepali and Japanese people had strong faith in the principles and values of democracy, peace, peaceful co-existence, love, brotherhood and cooperation.

Ambassador Dr Subedi appreciated the generous and continued cooperation of the government and the people of Japan for overall socioeconomic development of Nepal. He further mentioned that the relationship between the two countries was not confined to the government and government level alone but also growing vigorously at the peoples’ level.

In her congratulatory message, Minister of Foreign Affairs of Japan, Yoko Kamikawa extended her best wishes for continued success and prosperity of the people of Nepal and for the further development of friendly relations between Nepal and Japan. Foreign Minister Kamikawa further mentioned that since the promulgation of the Constitution of Nepal in 2015, the Japanese government had been actively supporting for the consolidation of democracy in Nepal. Highlighting the extensive people-to-people ties between Nepal and Japan, the Foreign Minister said that more than one hundred forty thousand Nepali people in Japan were contributing to Japanese society in various fields. She further said that in the capacity of Foreign Minister of Japan, she would make every effort to further strengthen bilateral relations in various fields including political and economic arena.

Similarly, President of Japan-Nepal Parliamentary Friendship League, Toshihiro Nikai, extended congratulations to the government and people of Nepal. He expressed happiness that democracy in Nepal was thriving after the promulgation of Constitution in 2015. Nikai mentioned that the Japan-Nepal Parliamentary Friendship League was happy to see Ram Chandra Poudel as the President of Nepal who served as the first President of Nepal-Japan Parliamentary Friendship Group.

He further stressed that relations between the two countries could not flourish only by the efforts of diplomats and politicians alone and but wider engagement and cooperation at the peoples’ level was. President of the League also mentioned that as the President of Japan-Nepal Parliamentary Friendship League would continue to work for the promotion of Nepal-Japan relations.

Similarly, Chief of Protocol of the Japanese government, Takehiro Shimida, expressed his best wishes for continued peace, progress and prosperity of Nepal and Nepali people and for the further development of relations between Nepal and Japan.

On the occasion, renowned and popular Nepali singer Ananda Karki and musician Shikhar Santosh performed Nepali songs. Also, some Nepali cultural dances were also performed by the Nepali artists in Japan.

Over four hundred people attended the function.

Earlier, on September 16, the Embassy hosted a special ceremony to celebrate the National Day among the Nepali community in Japan.

Source: National News Agency RSS

President mourns death of actress, dancer Zeenat Barkatullah

President Mohammed Shahabuddin today expressed profound shock and sorrow at the death of Ekushey Award-winning dancer and television actress Zeenat Barkatullah.

In a condolence message, he recalled her contributions to the country's cultural arena, terming it as an irreparable loss.

The Head of State prayed for eternal peace of the departed soul and conveyed deepest sympathy to the bereaved family.

Actress Zeenat Barkatullah died of old-age complications at her own residence in the city's Dhanmondi area this afternoon.

Source: Bangladesh Sangbad Sangstha