“The NAC officials furnished details on Tuesday as sought by MoF," said Tankamani Sharma, Joint-Secretary at MoF, adding, “We will hold a meeting Wednesday and reach a conclusion about NAC´s decision.”
Minister for Civil Aviation and Tourism Sharad Singh Bhandari and NAC Executive Chairman Sugat Ratna Kansakar were summoned before the MoF to clarify why they released the commitment money to the aircraft manufacturer. The Public Accounts Committee (PAC) of parliamentary has also been investigating the controversy.
WFP to cut food aid
KATHMANDU, Dec 8: UN World Food Program (WFP) is facing a critical funding shortfall and is forced to make a ration cuts to 600,000 food-for-work beneficiaries starting this December. Unless the WFP manages to raise $20 million to cover the needs for the next three months, more cut in the ration is expected.
"With the lean season approaching and Nepal facing its largest cereal deficit in decades, WFP no longer has the funds to maintain this vital safety net," Richard Ragan, WFP representative in Nepal, said in a statement.
"At a time when WFP should be scaling up food assistance to protect the hungry population, a dire funding shortfall is forcing us to dramatically scale down," said Ragan adding that WFP is doing its best to raise the nearly $7 million needed each month to maintain current levels of assistance under this program.
From December 2009 to December 2010, WFP needs $83 million to maintain food assistance to 1.6 million people currently covered under its food/cash-for-work program.
Interaction on Nepse Index held
KATHMANDU, Dec 8: Finance Minister Surendra Pandey has asked investors not to take capital market as the place for speculative and short-term earning.
Speaking at an interaction on Nepse Index organized by Nepal Stock Exchange Ltd with support of Bombay Stock Exchange here on Tuesday, Minister Pandey said trading in stock market will be guided by basic economic indicators in the long run despite the role of psychological factor. Expressing commitment for the development of capital market, Pandey said the Central Depository System (CDS) -- which is at the final stage of implementation-- would bridge existing gap between increasing supply and demand of shares in the secondary market.
Finance Secretary Rameshwar Khanal said the government should end its influence in the capital market. “Investors expect government intervention at the time of both bullish and bearish period in stock trading. But we need to consider the fact that the government´s intervention in the capital market is not appropriate,” said Khanal.
Dr Surbir Poudel, chairman of Securities Board of Nepal (SEBON), stressed on the need for effective coordination among stockholders, including SEBON and Nepal Stock Exchange, while formulating policy on capital market.
Krishna Bahadur Manadhar, deputy governor of Nepal Rastra Bank, said role of the central bank was necessary in regulating capital market, dominated by financial institutions. Shankar Man Singh, general manager of Nepal Stock Exchange elaborated the significance of the interaction.
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