UN extends Nepal's preparation for leaving the least developed country group to 2029

UN extends Nepal's preparatory period for leaving the least developed country group to November 2029

Nepal has three more years before it leaves the UN's list of least developed countries. The UN General Assembly adopted resolution 81/L.8, moving the end of Nepal's preparatory period for graduation to November 24, 2029, from November 24, 2026, The Kathmandu Post reported on Friday. Nepal and Bangladesh pursued the proposal together.

The resolution passed by consensus, with no recorded vote, Nepyork reported. Khabarhub called it unanimous. Khalilur Rahman, Bangladesh's foreign minister, presides over this session of the Assembly.

Nepal asked the UN's Committee for Development Policy for more time in May, the Post said. In July the UN Economic and Social Council recommended that the Assembly decide on three-year extensions for Nepal and Bangladesh before November 24, UNB reported then. The 2026 date had been set by an Assembly resolution of November 24, 2021, Nepal's mission to the UN records.

Studies the government cites say employment in productive sectors could fall by up to 35 percent after graduation if transition measures are not in place, the Post reported.

Why it matters: None of the reports read quotes the resolution's text, so whether it sets conditions or changes any support Nepal receives during the extra three years is not known.

Sun Nepal Life's board proposes cutting its founders' holding to 51 percent

Sun Nepal Life Insurance's board decided on Thursday to propose cutting the founders' holding to 51 percent from 70 percent and raising the public's to 49 percent, Bizshala reported. The plan needs the annual general meeting and the regulator to approve it.

NEPSE slips 5.45 points to 2,690.15 and ends its first week after Dashain 2.1 percent up

NEPSE fell 5.45 points, or 0.20 percent, to 2,690.15 on Friday after three days of gains. Turnover was Rs 8.89 billion, higher than on Thursday, ShareSansar's market page shows.

Five of the 13 sector indices rose and eight fell. Development banks led, up 1.61 percent. Of the stocks traded, 102 rose, 169 fell and 8 did not move, OnlineKhabar English reported.

Friday closed the market's first full week since the Dashain break. The index ended it 55.98 points, or 2.1 percent, above 2,634.17, its close on October 16, the last session before the holiday.

Gold falls 1.1 percent to Rs 280,300 a tola

Fine gold fell Rs 3,200 to Rs 280,300 a tola on Friday, and silver fell Rs 105 to Rs 3,825, according to ShareSansar and OnlineKhabar. Neither gave a reason.

Securities board forms a committee to prepare for ETFs, REITs and derivatives, Bizshala reports

The Securities Board of Nepal has formed a seven-member committee, with members from Nepal Rastra Bank, NEPSE and the merchant bankers' association, to prepare the ground for instruments such as ETFs, REITs and derivatives, Bizshala reported. None has been approved yet.

Industry department tells factories not to release untreated wastewater into rivers, Kantipur reports

The Department of Industry has told industries across the country not to release untreated wastewater, or wastewater below environmental standards, into rivers, and joint teams will check, Kantipur reported. The report gives no deadline or penalty.

Police arrest eight, including a former Dairy Development Corporation general manager, Clickmandu reports

The Central Investigation Bureau arrested eight people on Friday, including a former general manager of the state-owned Dairy Development Corporation, on breach-of-trust and organised-crime charges, Clickmandu reported. Its preliminary probe found unlawful gains of Rs 121.3 million, the bureau said.

India allows two Nepali hydropower projects to sell 32 MW on its power exchange, Kantipur reports

India has allowed the Gharkhola (14 MW) and Madhya Modi (18 MW) hydropower projects to sell electricity on the Indian Energy Exchange's day-ahead and real-time markets until August 31, 2027, Kantipur reported on Friday. The Nepal Electricity Authority announced the permission, the paper said.

Kantipur said Nepal's total export capacity to India is now limited to 1,179 MW. It did not name the Indian body that gave the permission or say when it was given. No other outlet carried the news in the reports read for this digest.

Roads department seeks approval for a study on a permanent Rasuwagadhi road, Post reports

The roads department has asked the finance ministry to approve a study for a permanent road to the Rasuwagadhi crossing, closed by the August 26 flood, while temporary bridges are planned to reopen it, The Kathmandu Post reported. Electric vehicles make up 60 percent of imports through it.

Electricity authority schedules eight days of daytime power cuts in parts of Kathmandu

The Nepal Electricity Authority will cut power from 10:30 am to 4 pm each day from Kattik 13 to 20 (October 30 to November 6) on feeders under its Kuleshwor and Baneshwor centres while it lays underground cable, Merolagani reported.