Nepal launches relief plan for massive destruction after "Gen Z" protests
(MENAFN) Nepal’s interim government has introduced a significant relief and austerity program to tackle the extensive damage caused by recent youth-led “Gen Z” protests, local reports stated on Thursday.
The demonstrations resulted in more than 70 fatalities and caused billions of dollars in destruction. According to assessments, the total losses are roughly equivalent to Nepal’s budget for one and a half years, or nearly half of the nation’s GDP.
The Cabinet-approved package aims to stabilize vulnerable sectors, support economic recovery, and ensure the continuity of business activities after the violent protests that ultimately led to the removal of Prime Minister KP Sharma Oli’s elected government.
A preliminary evaluation by the private sector indicated that businesses alone suffered losses of about 80 billion Nepalese rupees (around $563 million), with close to 15,000 direct jobs affected. Tourism emerged as one of the industries most severely impacted.
The relief plan offers several measures to help businesses restart operations. Firms and professional organizations affected by vandalism, arson, or looting will receive a 50% exemption on customs and excise duties for importing furniture, machinery, and equipment.
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