By Babbler

The government has requested the United Nations to retain Nepal’s status as an “underdeveloped” country for another three years. Although Nepal was scheduled to graduate to the status of a “developing country,” the government chose to delay the transition, citing possible financial risks. At the same time, Nepal’s debt burden continues to rise, and the country has been placed on the grey list by the Financial Action Task Force (FATF), with a warning that Nepal could face blacklisting if financial irregularities are not addressed.

It appears unlikely that the government will be able to resolve all these challenges immediately. As a result, Nepal risks remaining trapped in the category of underdeveloped nations for an indefinite period.

The Economy Is Ailing

The Nepal Rastra Bank has been continuously absorbing excess deposits from commercial banks to manage surplus liquidity in the financial system. Ordinary citizens are struggling to find safe and profitable investment opportunities. In the absence of secure alternatives, they are compelled to keep their savings in banks despite receiving only minimal interest returns.

Traditionally, the land and share markets were considered attractive sectors for investment. However, the monetary policies introduced by Nepal Rastra Bank have discouraged investment in both areas. The sudden tightening of policies related to land and share trading has caused heavy losses for many investors. Banks that issued loans against land collateral are also facing difficulties.

Meanwhile, allegations of corruption within the Finance Ministry have further weakened public confidence. Officials of the Securities Board of Nepal (SEBON) have reportedly been appointed on the basis of political influence and commission payments rather than competence and integrity.

On the other hand, SEBON has allegedly allowed financially weak companies to issue Initial Public Offerings (IPOs) based on questionable audit reports. This has created a dangerous trend in the share market, where ordinary investors are deceived into investing in loss-making companies.

One example is a publication house that received permission to issue an IPO despite continuously operating at a loss. After the IPO issuance, the chairman and senior executives of the publication house reportedly raised their salaries to as much as six hundred thousand rupees per month along with other benefits, effectively exploiting the money of ordinary shareholders. It is difficult to imagine how such a company will become profitable while its executives continue to enrich themselves. If such practices are not controlled, public trust in the share market will continue to erode.

Monkey Terror

While Nepal’s neighboring countries are making remarkable technological and economic progress, Nepal’s Parliament is busy debating how to tackle the growing menace of monkeys and wild boars.

Reports suggest that many farmers have abandoned their villages after repeated destruction of crops by monkeys. Wild boars have also become a serious threat to agriculture, yet the government has failed to find an effective solution.

There are several measures that could help control the growing population of monkeys and wild boars. The use of fertility-control methods, controlled culling, or even exporting to foreign countries could be considered. In addition, planting fruit trees and other food sources inside forests may reduce their movement into farmlands. Farmers can also be encouraged to cultivate crops that monkeys tend to avoid.

The problem has already become severe, and the government must act swiftly to protect farmers and agricultural production.

QUOTES OF THE WEEK

It has already been a month since the Home Ministry has been without a minister. Meanwhile, Rohingyas are reportedly entering Nepal in large numbers by bus through border checkpoints using Indian Aadhaar cards and voter ID cards. This trend appears to have intensified following the political changes in Bengal. How can this be stopped?

—Upen Singh

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Policies to control or suspend the registration of new vehicles based on road capacity and traffic congestion exist in other countries as well. However, such restrictions are generally imposed on private vehicles. In Nepal, the registration ban has instead been applied to public transport vehicles, which should actually be encouraged. Even EV buses have been included in the restriction. How did such a situation arise?

—Surya Raj Acharya

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The West Bengal government has been removing illegal Bangladeshi settlers who had occupied public land, and similar eviction drives have reportedly taken place in Bandra as well. Now, will Nepal become a safe zone for them? Will the government tighten security along the Nepal–India border, or allow Nepal to turn into a shelter camp?

—Prasad Chak

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This is not about any particular individual. The practice of sending people abroad for medical treatment at the expense of the state treasury should be permanently ended. For this, not just a one-time decision but a proper law passed by Parliament is necessary.

A humble request to the Balen-led government with its overwhelming majority: let such a law be enacted during the current parliamentary session itself.

Within the country, the state should arrange medical treatment for high-ranking officials at government hospitals. If treatment abroad is absolutely necessary, there is no reason why distinguished officials cannot bear the expenses themselves, just as ordinary citizens often have to sell their property and pay from their own pockets for foreign treatment.

And if, despite all this, it is deemed impossible not to send them abroad, then the state must have the courage to say firmly: perhaps this was the limit of the service that the concerned dignitary could provide to the nation.

—Bishnu Rijal

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What a coincidence it is that Uber’s entry into Nepal and the suspension of registration for public transport vehicles have happened at the same time.

—Rabindra Shahi

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Rohingyas were displaced by Myanmar’s military government and entered Bangladesh as refugees. They live in refugee camps in Cox’s Bazar. Their situation does not appear to have any direct connection with the recent elections in West Bengal, India.

Rather, what Nepal needs to pay immediate attention to is the movement of those 9.1 million Bangladeshi Muslims reportedly removed from the voter list in West Bengal.

Aadhaar cards and voter ID cards are documents that can be verified. It should be possible to distinguish Indian citizens from non-citizens by checking details such as the date of issuance of voter IDs. The key issue is to activate the agencies under the Home Ministry, including the police and intelligence bodies. Any delay in this regard could lead to various complications in the future.

—Dhruba H. Adhikary

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Remember, the very first teacher never attended a school.

—𝐃𝐞𝐞𝐩𝐚𝐤 𝐑𝐚𝐣 𝐉𝐨𝐬𝐡𝐢

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A businessman or industrialist who invests without proper analysis and chooses the wrong sector is likely to incur heavy losses. Similarly, it would be appropriate for the present government to review and analyze development investments made by successive governments over the past three to four decades. A systematic assessment of how hundreds of billions of rupees were spent, and to what extent those investments contributed to nation-building, would be highly useful for future planning.

For example, the Parliament building at Baneshwor and the ministerial residences at Pulchowk were already functional and adequate for use. In the words of South Korean economist Ha-Joon Chang, in a country like Nepal—one of the least developed nations with very low per capita income—why is there a need for “rich-country-style” facilities for lawmakers and ministers?

The expenditure of nearly 20 billion rupees on the new Parliament building and the ministerial quarters at Bhainsepati could have been utilized to construct six or seven flyovers or overpasses at major intersections in Kathmandu, which would have significantly reduced traffic congestion.

Therefore, it is necessary to study and evaluate whether public funds have been invested in small and large projects that provide limited national benefit or whether they have been directed toward genuinely productive development priorities.

—Sugat Kansakar

It is argued that the present Constitution forms the very foundation of the political spectacle currently being witnessed. Critics claim that this constitution was introduced on a flawed basis and driven by self-interested, power-seeking actors pursuing their own gains. According to this view, as long as the same constitution remains fully in force, it may not lead to a meaningful solution; instead, the country could face further decline.

Therefore, some suggest that an urgent and serious reconsideration of the constitutional framework is necessary, and that a way forward should be sought by revisiting the foundations of the 2047 Constitution.

—Dibakar Pant

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Limpiyadhura, Lipulekh, and Kalapani are integral parts of Nepal, just as hands, feet, eyes, ears, and the head are inseparable parts of the human body. In the same way, Nepal does not need to “claim” them as if they were external territories. Just as no one can own another person’s body parts simply by claiming them, these inseparable parts of Nepal do not become India’s territory merely because of its claim.

—Ratan Bhandari

Excerpted and translated by Sushma Shrestha.