Economy
No survivors found after Plane Crash in Nepal
Hopes of finding survivors from Nepal’s worst air disaster in decades are fading, police say.
“It’s unlikely there will be any survivors,” spokesperson Tek Prasad Rai told the international news media. Teams were finding body parts at the scene, he added.
At least 68 people died when a flight from Kathmandu to the tourist town of Pokhara crashed and caught fire on Sunday morning.
It is still unclear what caused the crash.
Mobile phone footage showed the Yeti Airlines flight rolling sharply as it approached the airport. There were 72 passengers and crew on board the domestic flight.
A search and rescue operation that involved hundreds of Nepalese soldiers was suspended due to darkness on Sunday. It resumed on Monday morning, with 300 police personnel deployed.
Earlier, local TV reports showed rescuers scrambling around charred sections of the aircraft which hit the ground in the gorge of the Seti River, just over a kilometer from the airport.
The prime minister of Nepal declared Monday a national day of mourning, and the government set up a panel to investigate the cause of the disaster.
Local resident Divya Dhakal told how she rushed to the crash site after seeing the aircraft plunge from the sky shortly after 11:00 am local time (05:15 GMT).
“By the time I was there the crash site was already crowded. There was huge smoke coming from the flames of the plane. And then helicopters came over in no time,” she said.
“The pilot tried his best to not hit civilization or any home,” she added. “There was a small space right beside the Seti River and the flight hit the ground in that small space.”
Aviation accidents are not uncommon in Nepal, often due to its remote runways and sudden weather changes that can make for hazardous conditions.
This Himalayan nation, home to some of the most breath-taking mountains in the world, has some of the most difficult terrain to navigate.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
