Briefs (Spotlight Weekly)

THE STATE-OWNED RASTRIYA BANIJYA BANK (RBB) has posted the net profit of Rs 1.1 billion in the current fiscal year. It was revealed during the 40th anniversary celebrations that the bank earned the operating profit of Rs 400 million this fiscal year. In the first quarter of current fiscal year, the bank collected deposits worth Rs 42.46 billion. In the previous year, the bank had to bear the net loss of Rs 4.84 billion in the same period. Likewise, in the previous year, the bank had registered operating loss of Rs 3.24 billion in the same period. After the Nepal Rastra Bank (NRB) intervened in its management two years ago, the financial state of RBB has gradually improved. The bank currently serves around 1.2 million depositors whereas it has given loan to 2,31,000 people as well as institutions. According to chief executive of the RBB, Bruce F. Henderson, the RBB has now started to expand its investment portfolio by starting to provide education and housing loans.

NEPALESE WORKERS SEND RS 48 BILLION worth of remittance every year from the Gulf region alone. This was revealed at a conference of Nepalese of the Gulf Region organized by Non Resident Nepalese Gulf Society in Doha, Qatar. This figure is based on estimation that each Nepalese worker, on average, earns Rs 120,000 a year. Over 400,000 Nepalese work in Gulf countries like Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Oman and Kuwait. Whereas the Nepalese working in the United States or European countries are found to spend most of their earnings on their own lifestyles, the Gulf workers send back their earnings to support their families back in Nepal. It is said that Gulf workers use the first year of earnings to pay the loans they take to come to overseas for work. From the second year, they begin to send money to their families. Badri Prasad Pandey, president of NRN Gulf Society, said that although Gulf workers sent 47% of the total remittance received by Nepal, the government was still indifferent to their concerns. Many Nepalese representatives said that although most employers bear the travel expense of the employees, the latter are made to spend over Rs 100,000 by the manpower companies for the same purpose.

THE BRITISH GOVERNMENT HAS OFFERED to cover 10 percent of the amount the government of Nepal owes to the International Development Association (IDA). “This offer is part of the multilateral debt relief initiative launched by the UK government in September last year to help increase the resources that are available to countries for spending on poverty reduction,” a press release issued by the British Embassy said. British Ambassador to Nepal, Keith George Bloomfield, has handed over a letter sent by Hilary Benn, UK secretary of state for international development, to finance minister Bharat Mohan Adhikary. “I am delighted to be able to make this generous offer to the people of Nepal on behalf of the people of the UK, and hope it will make a significant contribution towards achieving the millennium development goals in Nepal,” the envoy said in the statement. The British government further expressed hope that this offer will enable the government of Nepal to spend equivalent savings to finance plans set out in the Nepali poverty reduction strategy.

THE FEASIBILITY SURVEY OF THE KOSI-KIMATHANKA road, which will connect India with China via Nepal, is to begin immediately. In the recently announced supplementary budget, the government has set aside Rs 3 million for the purpose. At a program organized in the capital on Saturday (January 22), Deputy Prime Minister and Finance Minister Bharat Mohan Adhikary said that if the survey is completed soon, then the government will set aside budget for its construction next year. He repeated that the project is included in the national program of the government. The proposed road will connect Jogbani (Indian border) with Kimathanka (Tibetan border). The residents of Kosi zone had been pressing for this 310 km road since last one decade. “Not only us but India and China also need this road. I have talked with the Chinese ambassador frequently and he has shown interest to help in its construction,” said Adhikary. Although Kimathanka border point is already opened, it has not come into full operation due to lack of road. The proposed road will start from Jogbani and move on to Leguwa area of Dhankuta and then follow the bank of Arun river to reach Kimathanka. Of this total length, motorable road already exists up to Leguwa. And even among the remaining 130 km of road, the Arun project had already surveyed the section between Leguwa and Fyaksinda of Sankhuwasabha district. Therefore, now the survey needs to be conducted for only the remaining 80 km stretch between Fyaksinda and Kimathanka. Compiled from reports

THE SUPREME COURT (SC) has revoked its earlier stay order against the appointment of the governor of the Nepal Rastra Bank (NRB) after a writ petition was filed challenging the legitimacy of one of the members of the committee that recommended three names for the post. The division bench of Justices Anup Raj Sharma and Sharada Prasad Pundit has observed that there will be no irreparable loss of the petitioner’s fundamental rights if the apex court does not continue with the stay order. The decision has paved way for the government to appoint NRB governor from among the names recommended by the three-member committee led by Deputy Prime Minister and Finance Minister Bharat Mohan Adhikary. Two other members of the committee included Dr. Badri Prasad Shrestha and former governor Ganesh Bahadur Thapa. The petitioner had challenged the legitimacy of Thapa claiming that he headed a private finance company. The committee had proposed the names of three candidates – Dr. Yubaraj Khatiwada, deputy governor Bijaya Nath Bhattarai and Dr. Parthiveshwore Timilsina for the post of NRB governor.

TWO SECURITY GUARDS WERE KILLED and another injured when a shoot-out occurred within the premises of Indian Embassy in Lainchour early in the morning on Tuesday (January 18). Sources said the incident occurred after an enraged colleague opened fire at them inside the living quarters of the Central Industrial Security Force (CISF) – the security guards attached to the Embassy. “The preliminary enquiry has found that an altercation had occurred among some guards and one of them shot at the others, killing two and wounding the third. The injured guard is in stable condition at Teaching Hospital,” states the press release issued by the Embassy. Those killed have been identified as constables T. Shankar and R. Kannan.