In FY 2022/23, Nepal’s most-imported product was high-speed diesel, totaling NPR 153.769 billion, which is remarkably close to its total exports of NPR 157.14 billion for the entire year.
NTIS 2023 has included some of the implementation and assessment measures required for the success of the strategy. The strategy proposes additional roles and responsibilities for the multilateral trade and trade facilitation division including facilitation of good and services trade, gathering and analysis of trade market intelligence data, etc.
In the realm of Fintech, while emerging economies like Nepal have made strides in adopting technologies like payment gateways, cashless payments, and online banking, the global landscape of financial technology encompasses a diverse range of innovations. These span the integration of banking data with third-party financial services, the application of Artificial Intelligence and big data analytics to discern consumer behavior patterns for credit risk assessment and enhanced services.
Nepal foreign exchange (forex) reserves have become an important aspect of inflation control since Nepal’s economy is heavily dependent on imports. Due to a large flow of remittances and reduced imports of goods in the first half of FY 2022/23, the current account deficit dropped from 12.8% to 12.03% by 0.5% of the total GDP.
To meet the requirements of achieving the SDGs, concerted efforts need to be devised. While some goals may currently seem out of reach for completion by 2030, measures can be implemented to bring them back on track.
With the Article IV consultations targeted for Nepal, it is reassuring to learn that a transparent monitoring process is in place that has resulted in the five key areas where necessary interventions and effective implementations are required.