Stories By 'RUPAK D SHARMA'
The government, in the next fiscal year, will allocate a big chunk of funds to empower the newly formed local bodies, conduct provincial and federal elections, build national pride and other major infrastructure projects and give continuity to post-earthquake reconstruction works.
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Prime Minister Pushpa Kamal Dahal stepped down on Wednesday, as per the deal reached earlier with the coalition partner Nepali Congress, drawing praises for eliminating power cuts from major cities, ending confusion over construction of Kathmandu-Tarai expressway and keeping the economy in a healthy state.
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Average income of Nepalis, which is growing at a sluggish pace, may not even rise at the current rate in the coming years if productivity fails to improve rapidly across various sectors, public investments do not go up and agricultural yields continue to remain low, a latest World Bank report says.
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The National Planning Commission (NPC) has devised a formula for distribution of financial resources among local bodies, which, if approved, could end the confusion over allocation of funds for authorities at the grassroots and expedite the process of formulating budget for the next fiscal year.
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The government has suspended domestic debt collection for the time being as its savings soared to a startling Rs262 billion largely because of inability to expedite spending, especially capital spending.
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Board directors and CEOs of banks and financial institutions (BFIs) will now be subject to a fine of up to Rs500,000 if they fail to maintain minimum regulatory capital buffer to protect cash parked by depositors in the case of defaults by borrowers and deterioration in financial health of institutions.
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