The IMF’s refusal to revive the $6 billion bailout package over the government’s initial refusal to implement austerity measures made things worse for the government. In recent weeks, the Sharif government has reduced fuel subsidies drastically and increased electricity tariffs.
In South Asia as a whole, the report said, “The Russian Federation’s invasion of Ukraine has weighed on growth in the South Asia region (SAR) after a solid recovery in the second half of last year and amplified pre-existing vulnerabilities”
Significantly, the country’s IT exports are rising and has already crossed over $2 billion in the first eight months of the current financial year. In 2021, the Overseas Investor Chamber of Commerce and Industry (OICCI) said in its report that the country had the potential of $10 billion in annual IT exports.
From Thursday this week, Nepal started selling electricity, around 37 MW to Indian buyers, Nepal Electricity Corporation spokesperson Suresh Bhattarai confirmed to The Kathmandu Post. More bids are invited to sell 200 MW in India’s power exchange market on a long-term basis.
Nepal may lose the 500 million grant from the Millennium Challenge Corporation (MCC), an independent US foreign-policy aid agency, if it fails to ratify the MCC-Nepal Compact in the Nepali Parliament by 28 February, the MCC Headquarters has warned in a letter to the Nepali government, which has been delaying the process now for over four years
The Asian Development Bank (ADB) disbursed loans worth a record $4.6 billion to India in 2021, including $1.8 billion towards coronavirus response
The Indian Finance Minister announced the introduction of ‘digital rupee’, using blockchain and other technologies in 2022-23 to give a big boost to the digital economy
The budget shows that the government’s commitment to the bottom 30-40 percent of the Indian population seems to be very limited
Amid the worsening economic crisis, Sri Lanka has written to the International Monetary Fund (IMF) seeking “technical support” in tackling the ongoing crisis, confirmed Finance Minister Basit Rajapaksa, after the government kept avoiding the IMF option for months amid domestic pressure
In what comes as a big relief to Pakistan’s struggling economy, the International Monetary Fund (IMF) has approved $1 billion for Pakistan after the latter implemented reform measures suggested by the former, thus reviving the $6 billion package, which was stalled since June last year
Afghanistan, Bhutan, Nepal, see cuts in their allocations in the financial year 2022-23, while Bangladesh, Maldives, and Myanmar receive higher funds in comparison to the last year.
Amid the growing fuel crisis exacerbated by a foreign exchange crisis, the Sri Lankan government has decided to purchase diesel from India’s state-owned Indian Oil Corporation Ltd (IOCL), and a proposal for the purchase has been cleared by the Cabinet on Tuesday
Sri Lanka has sought market access in Turkey for its goods when Turkish Foreign Minister Mevlüt Çavuşoğlu visited Sri Lanka for the promotion of the bilateral trade between the two countries
The advent of Iranian apples has resulted in a drop of over 50 percent in demand for Kashmiri apples, write Suhail Bhat and Sameer Mushtaq for South Asia Monitor
Nepal has become self-sufficient in cement production, with close to 55 plants having an annual production capacity of 15 million tonnes operating across the country
Nearly 70 years after the Indian government took over Air India from a reluctant Tatas, the flag carrier returned to its founder, the salt-to-software conglomerate Thursday
India's economy is projected to grow by 9 per cent in the next fiscal year, retaining its position as the fastest-growing major economy, the International Monetary Fund (IMF) reported on Tuesday citing its expectations of higher investments and consumption due to credit growth and better financial sector performance
The construction industry, the biggest contributor to the gross domestic product in Sri Lanka, is threatened by the shortage of cement, and now builders have urged authorities to resolve their issues
Pakistan recently decided to offer permanent residency to rich foreigners, mainly Sikhs living in the US and Canada, Afghans and Chinese, in exchange for their investment, a move the country’s Information Minister Fawad Chaudhary termed “historic.”
