Nepal’s revenue rose 6% in mid March-mid June this year, and the country’s public debt is trending down the past four years due to budget surpluses led by strong revenue growth combined with subdued capital spending, so says an IMF report released this week.
Spending rose to 42% during the same period while capital expenditure in the first 11 months of the fiscal year was Rs120 billion, up 116% from last year. The execution rate. however, remained low, at 38.5% of the budget. Total remittances amounted to $534 million in May and grew 8% in the past 3 months copared to last year, supporting the current account.
The Best Airline
Amid the present crisis in the Gulf, Doha-based Qatar Airways has been named ‘Airline of the year’ at the annual Stytrax World Airline Awards held in Paris.
Funding for Fairfield
International Finance Cooperation (IFC), a member of the World Bank Group, has provided $2.75 million to Nepal Hospitality and Hotel Private Limited to develop the 3-star hotel, Fairfield Marriott, in Thamel, Kathmandu. IFC also got $2.75 million from the Dutch bank FMO expand tourism infrastructure.
Turkish wins big
Turkish Airlines was a big winner at the Stytrax World Airline Awards in Paris this week, bagging four awards: Best Airline in Southern Europe, Best Business Class On-board Catering, World’s Best Business Class Lounge and Best Business Class Dining Lounge.
Best First Class
Not to be outdone, Etihad Airways emerged as the best first-class carrier at the Stytrax World Airline Awards in Paris this week. It won the World’s Best First Class, Best First Class On-board Catering and Best First Class Airline Seat.
Fly with Thai
Thai Airways wasn't far behind the biggest winners at the recent Stytrax World Airline Awards in Paris, France. Thai took home three awards: World's Best Economy Class, World's Best Airline Lounge Spa and Best Economy Class Onboard Catering.