Nepal coalition to aim for growth

Nepal’s ruling coalition will provide incentives for exporters and lift import curbs as part of efforts to put the economy on a higher growth trajectory if it is returned to power in a general election next month.
Led by the centrist Nepali Congress party and a group of former Maoist rebels, the five-party alliance, which has been in government since July last year, hopes to win voters’ confidence in the Nov. 20 vote for the 275-member parliament.
Nepal, one of the poorest countries in Asia wedged between China and India, is recovering steadily after two years of the coronavirus pandemic and surging energy prices this year.
A ban on the import of cars, liquor, and mobile telephones could soon be lifted following an increase in foreign exchange reserves. In April, the government banned the import of 10 luxury items including cars and televisions after foreign currency reserves dipped. Curbs on many goods were later lifted. Foreign exchange reserves stood at $9.42 billion, sufficient to cover imports for eight months.