KATHMANDU — The World Bank has revised Nepal’s economic growth Nepal’s and said the growth rate has reached 7.5 percent in the fiscal year 2017 due to good agricultural output, elimination of power cuts and higher government spending, among others.
Earlier, the World Bank had projected Nepal’s economy to expand by 6 percent in 2016-17. This is the highest economic growth rate in the country since 1994.
“About half a million households, eligible to receive housing reconstruction grants, have received the first of three tranches. Second tranche payments have started and are expected to pick up by the end of fiscal year 2017. And a series of management reforms has eliminated power cuts in several major cities across Nepal,” the WB has said in a press statement issued on Thursay,
The World Bank has said that the best monsoons in recent years, increased availability of electricity, and greater investment as the earthquake reconstruction gathered momentum are said to be behind such progress.
Transport has revived while wholesale and retail trades have normalised, according to the WB update.
Tourism is also recovering, with arrivals reaching pre-crisis levels during the September-December 2016 tourist season. Inflation has decelerated primarily due to the normalisation of imports and moderating inflation in India as a result of demonetisation, statement reads.
However, country’s exports remain slow due to sluggish India-bound exports and continued appreciation of the effective exchange rate resulting in the trade deficit.
“Government revenue and spending have performed well,” said Takuya Kamata, the World Bank’s Country Manager for Nepal. “Revenue has exceeded the six months’ target and spending, including on capital goods, has also significantly picked up compared to previous years and is on par with revenue.”Follow @gorkhapost
TIA to operate services for 21 hrs daily from upcoming mid-May
KATHMANDU — Minister for Culture, Tourism and Civil Aviation Rabindra Adhikari has said that the Tribhuvan International Airport (TIA), the only international airport in the country, would be operated for 21 hours daily.
In an interaction organized by the Nepal Tourism Infrastructure Development Council here in the Ministry on Tuesday, Minister Adhikari shared that the Ministry was preparing to operate the TIA for 21 hours daily from upcoming mid-May.
He added that the move was targeted to lessen air traffic pressure as the TIA is facing acute air traffic pressure as of late.
He added that though he was planning to operate 24 hours services in the TIA, it takes time to this effect. He also shared that night flights currently available from Kathmandu to Dangadhi will be extended to Bhadrapur of Jhapa in the near future.
Experts in tourism and culture sectors suggested Minister Adhikari to adopt effective plans and programmes for the development of these sectors.Follow @gorkhapost