PM Prachanda presents his report card at Parliament: foreign reserve increased, projects accelerated, 156 Nepalis rescued from abroad

By TRN Online, Kathmandu, June 28: Prime Minister Pushpa Kamal Dahal 'Prachanda' has presented a 35-point work report of the last six months at the parliament saying that the narrative that Nepal was facing an economic crisis similar to that of Sri Lanka, which had made people much apprehensive then, has now been dismissed with the increase in foreign exchange reserve by over 20% which suffices imports for nearly 10 months.

"When this honourable parliament was entrusting me with the responsibility of the government leadership, a narrative was fermenting that our country was heading to an economic crisis similar to that of Sri Lanka. This narrative had reached to the common people, which had made many apprehensive. But, now even the most depressed has come out of that nightmare as the foreign exchange reserve has increased by 20.9 per cent. This can suffice the imports of goods and services for 9.7 months. This has been made possible by making economy dynamic," said the PM.

PM Prachanda termed it as the nation's achievement, not only that of the government.

The PM presented the work report of the last six months at the parliament meeting today as he had pledged although there is no practice of presenting such work reports in a periodic manner.

He said that all economic indicators are positive now. Trade deficit in commodity has decreased by 15.2 per cent while remittance inflow has increased remarkably, said the PM presenting his work report for the last six months.

The PM said that the number of tourists visiting the country has doubled compared to the same six months period of the previous year.

"Nepal Electricity Authority and Nepal Oil Corporation have started getting profit while the economic condition of the Nepal Airlines Corporation is improving," he said.

The PM said that agreements of foreign assistance amounting to Rs. 35 billion have been singed in the last six months while 274 projects of foreign direct investment (FDI) amounting to the same Rs. 35 billion that can generate employment to 15,000 people have been registered.

The PM said that Nepal's diplomatic as well as economic missions were mobilized for attracting FDI in the country and that he was himself taking initiative for inviting big foreign investors to invest in different sectors in the country.

An approval has been given in the last six month for investment of Rs. 167 billion from six hydro power projects that can generate 954.30MW electricity, according to the PM.

As a result of improvement in economy, 284 domestic businesses with investment of Rs. 205 billion have been registered which can generate 20,000 jobs, PM Prachanda told the Parliament.

Prime Minister Prachanda made it a point that the way the government accelerated investigation and action against those involved in the fake Bhutanese refugee scam has dismissed the public frustration that high profile people were above the law and the investigation and related actions have infused people with confidence in democracy.

Availability of chemical fertilisers for the farmers in time has also been a point of achievement, said the PM. He also expressed commitment to ensure sufficient fertilizer for next year. "Investment board has initiated studies to establish chemical fertilizer company in the country."

In the last six months, 408MW of electricity has been added to the national grid and a basis to ensure access of electricity to all people has been made, according to the PM.

Initial agreement for export of 10,000MW electricity to India from Nepal in ten years as reached during PM Prachanda's recent India visit has been an achievement of long term importance.

Delivery of textbooks to school students at the start of the academic year across the country has been a happy matter and an achievement, said the PM, referring to the way students would not get books in time in the previous years.

PM Prachanda said that service delivery to the people has been made efficient through the use of technology and referred to the way people can get no objection letter at their mobile handset now while people do not have to queue for getting their passports. "We have made efforts to ensure paperless, cashless and queue-free service delivery, which is very significant and we have made impressive achievements in this regard."

He said that provision was being made for the community and private hospitals to provide 10 per cent of their beds for the treatment of the helpless and the poor.

Provision of pension for the families and education to the children of those people in foreign employment who have joined social security fund but by some unfortunate event lose their life has also been made, said the PM.

Labour permit related services are now available from all 753 local levels, he said.

PM Prachanda said that in the last six months 156 Nepalis who faced problems abroad were rescued while Rs. 580 million was distributed to the families of 1,094 people who lost life during foreign employment and Rs. 90 million was given to 312 workers who got disability while working abroad.

Some 22 new border outposts have been established in the last six months, said the PM.

Meanwhile, RSS adds that, The PM said that the customs offices in the northern transit points as Rasuwa, Hilsa and Kodari have come into operation during the period. He argued that the present budget has been brought with the objective of attaining economic growth, macroeconomic stability, quality social development, of ensuring social security and justice and strengthening of federalism and good governance by making the economy broader, sustainable and inclusive.    

The PM claimed that the base for attainment of high economic growth rate has been prepared by building the economic and social infrastructures in the upcoming fiscal year.    

"People's access to electricity has been increasing with the addition of 408 Megawatts power in the national grid. Preliminary agreement has been reached with India for exporting 10,000 Megawatts power annually to India while a tripartite power trade agreement is in the process of making among Nepal, India and Bangladesh," he said.     

The Prime Minister informed the lower house that an internal improvement suggestion taskforce has been formed and study was underway for making qualitative improvements in service delivery in the physical infrastructure and transport sector.    

It may be recalled here that a MoU was signed between the Electricity Production Company Limited and the National Hydroelectric Power Corporation during PM Prachanda's latest official visit to India for the development of the Phukot Karnali Hydropower Project with a production capacity of 440 Megawatts. The foundation for construction of the 400 kV Butwal-Gorakhpur transmission line was also laid during this visit.    

The Prime Minister stated that a power trade agreement is in the process of being signed between Nepal Electricity Authority (NEA) and the NTPC Electricity Trade Corporation, India and Bangladesh Power Development Board for exporting electricity up to 40 megawatts to Bangladesh from Nepal.    

He maintained that the students have got the school textbooks in their hands on time before the start of the new academic year for the first time in the country this year after his heading the government. He added that 5.5 million students studying in community schools across the country including the remote areas have got textbooks on time.    

The PM also shared that the government has implemented the guidelines on abroad studies and started providing permission letter for abroad study and the equivalence certificate for grade 10 and 12 online.    

As he said the problem in the supply of chemical fertilizer which was like an annual phenomenon has however been resolved this year. Stating that the supply of a total 78,000 metric tonnes chemical fertilizer has been guaranteed this time, the PM said so far 195,900 metric tonnes fertilizer has been imported and about 145,900 metric tonnes of this has been distributed at subsidized rate.    

Rs 30 billion has been allocated for the management of fertilizer for the next fiscal year, 2023/24, and during his visit to India, a theoretical agreement has been reached with India to jointly move ahead to open a fertilizer industry in Nepal, he said. In order to resolve problems facing victims of loan sharking, Nepal Act related to the Civil Code has been amended, and investigations into 23,118 complaints filed by the victims are underway after forming the commission related to loan sharking, he said.    

Budget has been allocated to set up a trust worth Rs 1 billion for the invention, research and startups, a theoretical approval has been granted to make the bill related to the deemed Tilganga Institute of Ophthalmology University, and the process has been put forward to establish the Pashupati Hindu University, said the PM. Similarly, all government, community and private hospitals across the country have been directed to provide free treatment to the poor, helpless and abandoned people by reserving 10 percent beds.    

The required process has moved ahead to ensure rights of vote for Nepali people living in foreign countries, he said.    

The government provided Rs 600,000 each to cricketers who won the '2023 ACC Men's Premier Cup' and the head coach and Rs 300,000 each to other team officials, he said.