Nepal Unveils Relief Plan After "Gen Z" Demonstrations
(MENAFN) Nepal’s caretaker administration has introduced a long-demanded recovery and cost-cutting initiative to respond to the large-scale devastation triggered by youth-driven "Gen Z" uprisings earlier this month, local press reported on Thursday.
The sweeping demonstrations resulted in over 70 fatalities and inflicted damage worth billions of dollars. The projected financial setback is nearly equivalent to Nepal’s budget for a year and a half, or almost half of the nation’s GDP, according to a local English-language daily.
The program, endorsed by the Cabinet, seeks to stabilize vulnerable sectors, support rehabilitation, and maintain the flow of economic activity in the aftermath of the violent turmoil that toppled the elected leadership of Prime Minister KP Sharma Oli.
An early evaluation by the private sector indicates that businesses alone sustained losses of nearly 80 billion Nepalese rupees ($563 million), while about 15,000 direct jobs were impacted. The tourism sector was among the most severely affected industries.
The relief initiative includes multiple concessions to assist enterprises in resuming their operations. Companies and professional bodies harmed by arson, looting, or vandalism will be granted a 50% reduction in customs and excise duties to import furniture, machinery, and tools.
For uninsured businesses that incurred damages, tax agencies will acknowledge valuations through simplified mechanisms, enabling deductions under the country’s taxation framework.
Additional provisions involve reconstruction credit facilities and an extension of repayment schedules for both principal amounts and interest.
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