Nepali Times ePaper
Dear Nepali Times Reader,
Nepal's public debt has soared like a Himalayan peak. It increased fourfold in the past eight years, from Rs540 billion post-earthquake in 2015 to Rs2.38 trillion this month, half of which is external debt.
The revenue growth slowdown in the last fiscal year means the government's ability to cover expenses is also reduced, leading to increased borrowing both domestically and internationally.
Nepal now allocates 18% of its annual budget to debt servicing, meaning we have to borrow more to pay back loans.
Despite being less than India or Japan, Nepal's debt-financed projects lack tangible returns, and therein lies the problem. Ramesh Kumar explains this on page 1 report.
Other highlights in this week’s issue:
The government plans to construct a Rs25 billion dam in Shivapuri National Park to flush the Bagmati River flowing through Kathmandu. Critics argue the project is extravagant and poses financial, seismic, and environmental risks.
Janakpur, with its Janaki Temple and unique cultural heritage, is positioned as a twin to Ayodhya, 500km away in India. Take a pictorial tour of the birthplace of Sita and its connection to Lord Ram. Saurav Thapa Shrestha's pictures.
Kathmandu Valley's harmonious funeral practices among different faiths have been disrupted due to a lack of space. Minority religions are especially affected, but even Hindu cremation sites are crowded. Alisha Sijapati reports.
Kathmandu Mayor Balen Shah’s plan to further encroach on Tundikhel, the view tower building spree, and constricted open spaces reflects a broader issue of nationwide maldevelopment, with misallocated funds for unnecessary projects. Editorial by Sonia Awale.
This and more at nepalitimes.com.
Have a great weekend.
Nepali Times