Out of the shadow

Article Abstract:

The thrust of Nepal's new budget is to reduce economic reliance on India by lowering tariffs, systematizing duties and easing controls on foreign exchange. Exporters can now retain 75% of foreign exchange earnings instead of just 65%. The Nepalese government also intends to make the local currency fully convertible by 1994. Although Indian imports enjoy exemption on additional duties levied foreign products, Nepal has also lowered the rate of additional duty on non-luxury products from 50% to just 20%. The budget valued at 33.6 billion Nepalese rupees took effect on Jul 16, 1992.

Analysis, Budget, Budgeting, Budgets

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Now come the carrots: Nepal tries hard to attract investors

Article Abstract:

Nepal is offering attractive incentives to encourage foreign investment. A seven-year tax holiday for new tourist and industrial development, the right to repatriate earnings and permission to own 100% equity in new projects has been promised to foreigners. At a meeting in Kathmandu in Dec 1992, foreign and local businessmen undertook to start 115 industrial projects worth US$650 million in Nepal. If these projects go ahead, Nepal will expand its industrial base which comprises only 14% of its GDP.

Foreign investments

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Darkness visible: World Bank pulls the plug on Nepal dam

Article Abstract:

Funding for Nepal's largest planned hydroelectric power project recently collapsed, and with it any hope of ending the country's blackouts in the next decade. The World Bank withdrew the $175 million it had pledged for the 201-megawatt Arun 3 dam, citing Nepal's political and financial inability to meet its share of the committment. The country presently has only 240 MW of capacity, supplying power to 1.8 million people, 9% of the population.

Regulation and Administration of Communications, Electric, Gas, and Other Utilities, Energy Supply, World Bank, Power resources, Hydroelectric power plants, International economic relations, Nepalese foreign relations

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