INTERNATIONAL HELP SOUGHT TO RESCUE NEPALIS FROM LIBYA

IOM, RED CROSS ASSISTANCE SOUGHT FOR REPATRIATIONOF REMAINING NEPALIS FROM LIBYA

Kathmandu, 14 March: Government has asked two international organizations to help repatriate some Nepalis still stranded in Libya, a foreign ministry official said.
Forty Nepalis are still stranded in Tripoli and Misurata.
Government has requested International Organization for Migration (IOM) and International Committee of the Red Cross (ICRC) for their rescue, Foreign Minister Spokesman Harish Chandra Ghimere said.
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NA SUGGESTION FOR MAOIST INTEGERATION
Kathmandu, 14 March: Nepal Army (NA) has forwarded a new unofficial alternative for Maoist army integration, Annapura Post reports.
NA has recommended a new unit under its command with Maoist fighters.
There’ll be specified personnel of three state security agencies and National Investigation Department besides Maoists.
Leaders of three big parties are discussing the proposal.
The unit will be deployed for security of industries, development work, protection of forests and wildlife and fighting natural disasters.
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CIAA INDICTS SHITAULA, IGP THAKURI
Kathmandu, 14 March: The Commission for the Investigation of Abuse of Authority has indicted more than 53 incumbent and former officials of Nepali Police in the purchase of Armoured Personnel Carriers for Nepali peacekeeping mission in Darfur.

A highly-placed source at the CIAA told The Himalayan Times that the investigating teams had submitted their reports to Secretary Bhagawati Kumar Kafle on Friday.

According to the source, the CIAA investigations found former home minister Krishna Prasad Sitaula, Home Secretary Umesh Mainali, former IGPs Hem Bahadur Gurung and Om Bikram Rana, incumbent IGP Ramesh Chand Thakuri and other top police officers involved in the scam.

Ishwori Prasad Paudel probed the technical aspects of the purchase while Shyam Prasad Khanal probed financial aspects of the scam.

The probe found that Rs 300 million was embezzled out of a total of Rs 500 million allocated for purchasing the APCs and spare parts.

The reports upheld the Parliamentary State Affairs Committee report that had found around 150 persons involved in the scandal.

Government Joint-Attorney Rajendra Subedi is investigating the legal aspects of the scam.

According to the report, the purchased APCs were very old and violated the UN standards and there was no justification for purchasing spare parts.

According to another source, the committee, which has been analysing legal aspects, will interrogate former IGP Hem Bahadur Gurung and incumbent Ramesh Chand Thakuri.

The CIAA source also added that a case would be filed at the Special Court after the

commission endorses the report of investigating committees.
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DEMAND FOR 1,000 WORKERS IN SOUTH KOREA


Kathmandu, 14 March:: South Korea is hiring nearly 1,000 Nepalis in March under Employment Permit System (EPS). EPS Nepal has got demand for 981 workers from Human Resource Department (HRD) South Korea and 127 Nepalis have already left for the destination on March 7, The Himalayan Times reports.

According to EPS Nepal, 212 Nepalis are leaving the country for Seoul on Monday, and 171 on Tuesday. Two more batches of 217 and 252 Nepali workers will join their jobs in South Korea on March 21 and March 28.

Meanwhile, Nepal government is planning to create a new roster for EPS as more than half of 4,096 Nepalis have already got call from South Korea. The government is creating a roster of 6,000-7,000 for the current year. EPS Nepal is planning to take the Test of Proficiency in Korean (TOPIK) on July 22-23. As per the plan, result will be announced in August and new roster for 2011 will be developed in October. Recruitment form new roster will start immediately after the establishment of the roster.

South Korea is a dream job market for Nepalis where they can earn $1,000 per month. The earning is best among other preferred-destinations Malaysia and Gulf countries. Nepali workers in Malaysia are earning around $150 while average earning in Gulf countries is $180 a month. Around 8,000 Nepalis are working in South Korea and 6,500 are from EPS. Nepalis working in South Korea send around Rs five billion in remittance to the country.
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LIQUIDITY SITUATION EASES
Kathmandu, 14 March: Although the liquidity crunch in the banking system has become a continuous phenomenon over the last one-and-a-half years, situation improved to some extent last week after the Nepal Rastra Bank issued repos (repurchase agreement), The Kathmandu Post reports..

Over the last one month, the central bank has issued repos worth Rs 20 billion and the market currently has Rs 14 billion in liquidity. “Banks witnessed a surplus of Rs 2 billion in liquidity against their actual requirement last week,” said a senior official of the central bank.

Another NRB official said the repayment of repos by banks and their demand for less Standing Liquidity Facility (SLF) — a short term liquidity injection from the central bank — also suggest that the liquidity situation has eased to some extent. Currently, banks have Rs 710 million in SLF which is an indication of the improvement. Earlier, they used to have Rs 3 billion in SLF every day, according to the official.

However, bankers complain that the situation has not improved as they are failing to attract deposits and the government expenditure is also not so encouraging. “We do not have enough liquidity to lend,” said Upendra Poudel, chief executive officer of NMB Bank. “We are lending selectively.” Poudel said his bank has become cautious in realty lending and margin lending (loans against shares) as they are relatively more risky areas.

With the sluggish growth in deposits compared to credit, banks are facing extra liquidity pressure. As of the first week of March, deposits of commercial banks stood at Rs 630 billion against Rs 631 billion at the end of the last fiscal year. Over the period, credit soared to Rs 510 billion from Rs 462 billion. This increased the credit-to-deposit ratio to 88 percent from 80 percent.

Both old and new banks are feeling the heat in liquidity. Nabil Bank, the country’s oldest joint venture bank, is also under the liquidity pressure. “We are mainly lending to older projects. We hardly lend to the new ones,” said Nabil Bank CEO Amrit Charan Shrestha.

With a dull deposit collection, Nabil has reduced its credit target as well. “We have reduced our lending target to Rs 36 billion this year from the planned Rs 40 billion,” said Shrestha.

Even after the eight months of the current fiscal year, the government is failing to spend the budget allocated for capital expenditure. The government treasury holds around Rs 18 billion and the failure to spend the amount has affected the liquidity situation in the banking sector.

As of the first half of the current fiscal year, only Rs 9 billion of the Rs 129 billion earmarked under the capital expenditure head was spent, according to finance ministry.

The inter-bank lending rate has continued remain in double digits over the last two weeks, except on March 10 when it was at 9.95 percent. The inter-bank lending rate is one of the key indicators of the liquidity situation in the banking sector. The higher is the inter-bank lending rate, the severe the liquidity pressure.

On Feb. 27, the rate was at 10.20 percent and it continued to remain above 10 percent almost every day since then. “Even if the central bank injects liquidity or the government pays some funds to state-owned banks, their impact on the overall liquidity situation has so far been brief,” said Shrestha of Nabil.
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MEDIA GOOGLE

‘Bhimnen Thapa slit his throat and killed himself when he attempted to work for the people and country. Do you want Babauram should meet similar fate while working for you? Baburam is prepared to be another Bhimsen Thapa if it’s a crime to work for the people; but I’llnever compromise on work.)

(Irate Maoist Vice-chairman Baburam Bhattrai warns party opponents who attempted unsuccessfully to thwart his Gorkha visit Sunday, Kantipur, 14 March).
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