Key Business Highlights in Nepal: NEA Profit, IMF Reforms, NEPSE Gain, NRB Forex Rates, Hetauda Substation Completion, and Aviation Sector Proposal

Nepal is making significant strides in its economic development, with key reports indicating positive growth and reforms in various sectors. The Nepal Electricity Authority (NEA) reported a profit exceeding Rs 11 billion for the first nine months of the fiscal year 2080-81 BS, showcasing a remarkable improvement from the previous year. This achievement is attributed to various factors such as reduced electricity leakage, increased domestic consumption, exports to India, and cost-cutting measures.

Moreover, the International Monetary Fund (IMF) has acknowledged Nepal’s progress and reforms, forecasting economic growth to reach 4.9% in the fiscal year 2024-25. The implementation of various programs and strategies, such as the Domestic Revenue Mobilisation Strategy and capital project execution plan, has contributed to this positive outlook.

In the financial market, the Nepal Stock Exchange (NEPSE) ended the week with a 0.40% gain and a turnover of Rs 20.78 arba, reflecting investor confidence and market stability. Additionally, Nepal Rastra Bank (NRB) announced stable forex rates for major foreign currencies, indicating a steady foreign exchange market.

Infrastructure development is also on the rise, with the completion of the 400-KV Hetauda substation and other substations under the Nepal-India Electricity Transmission and Trade Project. These projects aim to enhance electricity transmission and distribution, contributing to the stability of the power supply in the region.

In the aviation sector, Minister Hit Bahadur Tamang’s proposal to privatize ground handling services at Gautam Buddha International Airport signifies a shift towards efficiency and innovation through competition. While this move may raise concerns about service quality and reliability, it also highlights the government’s efforts to promote entrepreneurship and improve service standards in the tourism industry.

Overall, Nepal’s economic landscape is evolving, with various sectors showing promising growth and reforms. Stay tuned for more updates on the country’s business happenings with Economic Digest, your go-to source for concise yet comprehensive summaries of Nepal’s economic news.