Cabinet recommends two ordinances including Press Council Act, approves ADB loan

The Council of Ministers meeting held on Tuesday decided to recommend to President Ramchandra Paudel that two ordinances be issued. According to government spokesperson Sasmita Pokharel, the recommendation covers an ordinance to amend the Press Council Act, 2048, and an ordinance to amend certain Nepal Acts including those related to culture, tourism and civil aviation.

The meeting also decided to accept a concessional loan of $285 million and a grant of $20 million from the Asian Development Bank (ADB) for road improvement. The total assistance amounts to about $305 million, or roughly Rs 45.75 billion.

Similarly, the meeting gave the Ministry of Finance consent to make additional rights-share investment by the Government of Nepal in Nepal Reinsurance Company Limited. With this decision, the previously halted process of issuing rights shares will move forward.

The government also decided to participate, under the leadership of Foreign Minister Shishir Khanal, in the 31st Conference of the Parties (COP31) to the UN Framework Convention on Climate Change, to be held in Turkey. The meeting additionally extended the deadline for distribution of tenant (mohi) land.