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.
For months, the government has been in talks with the IMF not only for the revival of the $6 billion bailout package but also for extending the program's scope to $8 billion and period. After coming to power in April and promising to prioritize the economy, the new government led by Shehbaz Sharif now appears reluctant on tough measures, possibly due to the prevailing uncertain political environment
Last month, Commerce Minister Piyush Goyal said India hopes to become a permanent exporter of wheat, shipping as much as 15 million tons this year, compared with about 7.2 million in 2021-22. Officials are pushing the World Trade Organization to relax rules so that India can export from state reserves, Goyal said
The Indian government has decided to supply this quantity of urea immediately to Sri Lanka at the request of the Colombo despite a ban on the export of urea from India. Sri Lanka is the only country after Nepal to receive such assurance
The extension of exemption will help Afghan traders. Earlier, New Delhi also provided 50,000 metric tonnes of wheat to the country in the grip of a humanitarian crisis
Overall, the ties between the two countries are growing in all important domains, including security cooperation, climate change, food security, and energy sectors. In September 2021, two countries launched the US-Bangladesh Energy Taskforce, an initiative to help advance energy cooperation among the stakeholders of both countries
The government on Thursday announced a temporary ban on foreign tours of its employees and deferred the implementations of large projects relying on heavy imports as part of measures to save dollars, reported The Daily Star
In recent months, several prominent people in Pakistan, including officials and businessmen, have been advocating the resumption of trade ties with India which, they said, could greatly help the country’s ailing economy
With the improvement of the Covid-19 situation worldwide, the global apparel supply chain is also recovering fast. As a result, exports from Bangladesh are growing at a faster clip
With the commencement of the Upper Tamakoshi hydropower project (456MW) last year, Nepal is expected to have around 600MW-800MW of surplus electricity this year. And, this will grow in the coming years as many small hydro projects are nearing completion
The new government, which came to power only last month, has squarely blamed former prime minister, Imran Khan, for the mismanagement of the economy. Ismail said Khan had left the fastest growing inflation in the history of Pakistan, and took record loans during his tenure, reported The Express Tribune.
Revenues from tourism contribute almost 70 percent of the country’s total GDP. In a recently released growth prospect, the Asian Development Bank (ADB) projected the Maldives to grow by 11 percent, mainly because of the rebound in the tourism industry
The World Bank has estimated Nepal’s hydropower potential around 20,000 MW. So aligning its energy policy closely with the BBIN (Bangladesh, Bhutan, India, Nepal) sub-regional vision will provide it with the much-needed potential for the export of this surplus energy to larger power consumers like India and Bangladesh
Of the $6 billion original bailout program, Pakistan managed to get only $3 billion as the previous government failed to fulfill its commitments for reforms. Furthermore, these reforms were further weakened when the outgoing government of former prime minister Imran Khan drastically reduced the prices of electricity and fuel
Pakistan is looking for the release of the $1 billion from the IMF package, Ismail said earlier, while blaming the country’s former prime minister Imran Khan for stalling the IMF program. During his last days in power, Khan had announced huge subsidies on fuel and electricity, a move that scuttled almost a year of reform work of his own government to get the IMF program back on track
Hasina said the country has made huge success in agricultural production and that should be leveraged in the export sector
