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.
In a bid to revive its prized tea industry facing an export collapse, the Sri Lankan government has said it will provide fertilizer subsidies to tea cultivators who have been suffering since the ban on chemical fertilizer last year
In a tweet on Friday, Pakistan Prime Minister Khan said the Gross Domestic Product (GDP) growth for the last three years was 5.37 percent and congratulated his own government for “substantial job creation” and “rise in per capita income.”
India will not buy Nepal’s surplus electricity produced by hydropower projects having Chinese components or built by Chinese contractors, Indian authorities have reportedly conveyed to Nepal, days after the industry players from the two nations signed a landmark agreement for power trading
Bangladesh's economic success - from a "basket case" to a "bull case" - and hailed around the world, is being recognised by neighbour India as Indian High Commissioner in Dhaka Vikram K Doraiswami met FBCCI President Mohammad Jashmin Uddin and sought the cooperation of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to boost bilateral trade between the countries
India on Tuesday extended a $500 million line of credit to Sri Lanka for the import of fuel as a couple of power plants in the island country ran out of fuel amid a severe foreign exchange crisis
Sri Lanka has been exploring the option of procuring fuel, required for the operations of power plants, from India as regular supplies are affected amid a severe foreign exchange crisis
India will extend $1.5 billion in additional lines of credit to Sri Lanka, Indian External Affairs Minister S Jaishankar confirmed on Saturday, assuring the island country of its continuous “support in all possible ways for overcoming economic and other challenges”
The International Monetary Fund (IMF) Board has approved a $395.9 million extended credit facility (ECF) for Nepal to help it mitigate the pandemic’s impact on health and economic activity, supporting sustained growth and poverty reduction among others
India has extended $900 million facilities to Sri Lanka, the Indian High Commission in Colombo said, as the island country has been going through its worst economic crisis, with record low foreign exchange reserves and food shortages
After Fitch Ratings, Standard and Poor's has now downgraded Sri Lanka’s sovereign ratings to ‘CCC’ with a negative outlook from an earlier ‘CCC+’ as its currency continued to be under pressure, indicating the island country may see a sovereign default scenario this year, a prospect the country’s central bank denied
The UK government on Thursday announced the launch of free trade agreement (FTA) negotiations with India, describing it as a "golden opportunity" to put British businesses at the "front of the queue" of "India's booming economy" and its fast-growing segment of "250 million shoppers"
Nepal will begin its first 5G internet services trial in June, almost after a delay of over a year, which will cover both urban and rural areas, officials said
In any normal new year, hotels and guesthouses in the beach town Cox’s Bazar would be booming with tourists and visitors
Tourists from India dominated Sri Lanka’s tourism market last year, contributing almost 23 percent of the total 194,000 tourists who visited the island country in 2021
Pakistan Prime Minister Imran Khan on Monday launched the Pakistan-China Business Investment Forum to fast-track project approvals and investment proposals from Chinese investors
