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Imagination full of curiosity,

Sometimes it can take us to a place like a city.

Imagination 1 step to victory,

Your imagination makes you worthy.

Your imagination is dark and bright,

So remember to always choose the right.

Imagination gives the world of wonder,

It helps you understand the definition of sonder.

Imagination presents the world of beauty,

However it can affect your duty.

Imagination costs your life,

Day dreaming is just like getting hit by a knife.

Use imagination wisely,

So you can use it precisely.

Imagination makes you creative,

It can help you connect with your relatives.

This power of imagination takes you to a beautiful sight,

It gives you the power of self-esteem to make you right.

Imagination is the way to enjoy life,

And it can fix any type of strife.

Sourish Pokharel 

Grade 8

Stakeholders have emphasized that Nepal’s public debt should not be debated solely in terms of its size, but also in terms of how it is used, its cost, returns, sustainability, and its implications for future generations. A dialogue on “Debt, Development & Us: A Dialogue on Nepal’s Public Debt” was organized on Monday by Youth Initiative and AIDS Healthcare Foundation Nepal (AHF Nepal). The program brought together young people and experts to discuss Nepal’s public debt situation, its role in development, debt sustainability, and its links to employment, education, healthcare, and the future of young people.

During the program, Resham Thapa, Associate Professor of Economics at Tribhuvan University, delivered a context presentation on “What is Public Debt? Global Context and Nepal’s Scenario.” He provided participants with an overview of the concept of public debt, the global context, and Nepal’s public debt situation. The main attraction of the program was a panel discussion titled “Voices Behind the Debt.” Moderated by Dipesh Kumar Ghimire, the discussion featured Kalpana Khanal, economic journalist Gajendra Budhathoki, Devendra Singh, Program Development Manager at ActionAid International Nepal, and Nischal Dhungel, a PhD student at the University of Utah.

The panel discussed Nepal’s current public debt situation, debt sustainability, public expenditure, economic growth, taxation, social justice, transparency, and the returns from debt-financed projects. The discussion also focused on the need to understand public debt not merely as a government issue, but as a matter closely linked to young people’s employment, education, healthcare, skills development, entrepreneurship, and future tax obligations. Participants emphasized that Nepal’s public debt should not be assessed solely by looking at its total volume or its ratio to GDP. The source of the debt, borrowing costs and terms, areas of investment, economic and social returns, and the country’s future repayment capacity should also be considered when assessing the sustainability and effectiveness of public borrowing.

Speaking at the program, Yogesh Kafle, President of Youth Initative, said public debt should not be viewed merely as a government issue but as a matter directly connected to young people’s employment, opportunities, and future. “Public debt should not be viewed merely as a government issue; it directly concerns young people’s employment, opportunities and future. Meaningful youth participation is essential to ensure that public debt is used transparently and productively,” said Kafle.

The Capstone Accelerator program, supported by the US Embassy in Nepal as part of its Entrepreneurship Skill-Building Program, successfully concluded in Kathmandu on Friday.

The initiative brought together 20 top entrepreneurs selected through a competitive process from over 200 participants across regional workshops held in Nepalgunj, Dhangadhi, Biratnagar, Janakpur, Hetauda, Bhairahawa, and Pokhara. The finalists participated in a three-day residential program focused on business expansion, investment readiness, artificial intelligence integration, export potential, and strategic communication.

As part of the program's culmination, the entrepreneurs pitched their business models to a panel of prominent investors, industry leaders, and sector experts during a dedicated investment and global market session. Participants also showcased their products and services at the Capstone Main Street Showcase, drawing inspiration from the American "Main Street" concept to network directly with investors, business executives, and leaders from AmCham Nepal.

Addressing the event, US Embassy Public Affairs Chief Mike Harker noted that the showcase highlights the strong economic partnership between the United States and Nepal, emphasizing a commitment to economic diplomacy and private sector collaboration by investing in a new generation of innovative Nepali entrepreneurs.

The overarching Entrepreneurship Skill-Building Program was implemented by the International Development Institute (IDI) in partnership with Aadyanta Advisory. The selected entrepreneurs represent diverse sectors, including agriculture and food processing, information technology, manufacturing, creative industries, consulting, digital services, natural products, handicrafts, and social enterprises.

A growing number of Nepali nationals captured while fighting for the Russian military in Ukraine are appealing for diplomatic intervention, hoping they can be included in future prisoner exchange agreements between Russia and Ukraine instead of being directly repatriated to Nepal.

Among them is Krishna Bahadur Ghimire, who travelled from Dubai to Russia in 2023 after learning through friends that the Russian Army was recruiting foreign nationals. After serving for nearly 11 months, Ghimire was captured by Ukrainian forces during combat and is currently being held in a Ukrainian prisoner-of-war (POW) camp.

“I first want to return to Russia because I served in the Russian Army and need to claim the benefits promised under my contract,” Ghimire said through messages facilitated by the International Committee of the Red Cross (ICRC), the only channel through which prisoners are permitted to communicate with their families.

In a zoom conversation with ApEx, Ghimire sent a handwritten message to his daughter, who is studying psychology at university. “Continue your studies, fulfil your responsibilities and always maintain your dignity,” he wrote.

Although he remains uncertain about when the Russia-Ukraine war will end, Ghimire says he hopes to regain his freedom through an official prisoner exchange between the two warring countries.

Another Nepali prisoner, Pratik Pun, originally from Rolpa whose family now lives in Dang, travelled to Russia on a student visa after struggling financially following the death of his father. Expecting to combine study and employment, he later joined the Russian Army after acquaintances assured him of lucrative salaries.

Pun said he spent around Rs 500,000 on university enrolment and tuition fees before financial hardship forced him to seek other opportunities. Recruitment documents were entirely in Russian, leaving him unaware of the exact terms of his military contract.

“We were told we could earn around $86,000,” he said. Like Ghimire, Pun believes the most realistic path to freedom is through an exchange of prisoners rather than direct deportation from Ukraine. “We request Nepal to ask Russia to prioritise us in prisoner exchange negotiations,” he said. 

Similarly, Bibek Khakri travelled to Russia hoping to study while working. Financial difficulties eventually led him to enlist in the Russian military. “We do not blame the government because we made the decision ourselves,” he said. “But returning directly to Nepal will not solve our problems. We still hope Russia will honour the compensation promised under our agreement.”

Interviews with returned migrants and prisoners indicate that most Nepali recruits were under 30 years old and came from economically vulnerable backgrounds. Many had no previous military experience and learned about recruitment opportunities through relatives, friends or migrant workers already living in Russia. Several recruits initially entered Russia on tourist or student visas before eventually joining the military.

One former recruit recalled being warned by officials at the Russian Embassy in Kathmandu not to become involved in the war. Nevertheless, after borrowing approximately Rs 160,000 to finance his journey, he travelled to Russia in search of civilian employment. “I only wanted work suitable for my driving skills,” he said. “Later I met some Indian friends who told me Nepalis were being recruited into the Russian Army and would not be sent to the front lines. That is when I began thinking about joining.”

Although exact figures remain uncertain, independent estimates suggest that hundreds of Nepali citizens have joined Russian forces since the invasion of Ukraine in Feb 2022.

Reports indicate that recruitment has largely targeted migrant workers and students facing financial hardship. Human trafficking networks and informal recruiters are believed to have facilitated much of the recruitment process.

According to available estimates, hundreds of Nepalis have served in the Russian military, with dozens confirmed dead and many others reported missing, wounded or captured. Independent observers believe the actual numbers could be significantly higher because Russia has not publicly disclosed the number of foreign nationals serving in its armed forces. The Government of Nepal has repeatedly stated that Nepali citizens are prohibited from serving in foreign militaries except in countries with longstanding bilateral recruitment agreements.

To discourage further recruitment, Nepal has temporarily suspended labour permits for Russia and Ukraine, tightened visitor visa regulations, expanded no-objection certificate requirements for several countries and arrested individuals suspected of trafficking Nepalis into the Russian military.

Diplomatically, Kathmandu has repeatedly urged Moscow to stop recruiting Nepali citizens, repatriate those serving in the Russian Army, return the bodies of those killed and provide compensation to affected families.

Nepal has also requested Ukraine to release Nepali prisoners of war on humanitarian grounds.

During recent talks between Foreign Minister Shisir Khanal and Ukrainian Foreign Minister Andrii Sybiha, Nepal formally requested the release of all Nepali POWs. According to the Ministry of Foreign Affairs, the Ukrainian side expressed willingness to continue discussions on the issue.

Ukraine maintains that foreign nationals serving in the Russian Armed Forces are legally considered Russian combatants under international humanitarian law.As prisoners of war, they are detained under the Geneva Conventions and monitored by the International Committee of the Red Cross and other international organisations.

Because they were captured while serving in the Russian military, Ukrainian authorities argue that their release cannot simply be arranged through direct repatriation to Nepal. Instead, they are generally expected to be released through negotiated prisoner exchanges between Russia and Ukraine unless separate diplomatic arrangements are reached.

Meanwhile, families across Nepal continue waiting for information about relatives who remain missing, imprisoned or serving on the battlefield. Many families have appealed to the government for stronger diplomatic engagement with both Moscow and Kyiv. While Nepal has intensified discussions with both governments, many of those affected say progress remains slow.

For the Nepalis detained in Ukraine, hopes now rest largely on future prisoner exchange agreements between Russia and Ukraine.

Until then, communication with home remains limited to occasional handwritten letters delivered through the International Committee of the Red Cross—brief messages that offer reassurance to families but little certainty about when their loved ones will finally return.

Earlier this week, police raided the residence of industrialist Beni Gopal Mundanda of Debenara Group in Biratnagar. The scale of the raid was so huge that authorities blocked a roughly 500-meter stretch of Pandit Meghraj Marg—from Golcha Chowk to the District Administration Office, Morang—for nearly five hours and restricted movement of people during the operation. 

Police, however, returned empty-handed after finding no evidence of wrongdoing and subsequently gave the Mundada family a clean chit. The incident has been widely discussed within business circles as an example of what they describe as “intimidating” enforcement tactics. After drawing flak from all quarters, the Kosi Provincial Police Office has sought a written explanation from Superintendent of Police Kabit Katwal, the chief of the District Police Office, Morang.

The raid on Mundada’s residence was not an isolated event. Business leaders say aggressive law enforcement practices, which are often carried out before completing thorough investigations, are creating a climate of fear among entrepreneurs. This, they warn, is discouraging both domestic and foreign investment at a time when the economy is struggling to regain momentum.

The controversy intensified in April after the Central Investigation Bureau (CIB) detained Shekhar Golchha, former president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and chairperson of the Golchha Group, in connection with alleged share-trading irregularities flagged in preliminary findings by the Securities Board of Nepal. Similarly, Nepal Investment Mega Bank (NIMB) CEO Jyoti Prakash Pandey was arrested for performing a routine banking function: the sale of assets pledged for loan recovery. Both were later released on court orders.

In both cases, complex financial and regulatory matters were treated as immediate criminal offenses. This sent shockwaves through the business community.

In a separate case, Ramesh Sharma of Sharma and Company and Pitamar Badu of Lama Construction were reportedly detained and taken directly to a ministry for questioning over construction delays. The move has been seen by many as the high-handedness of the government and an act of bypassing standard administrative and legal channels in favor of political instruction.

After a series of arrests of businesspersons, three leading private sector umbrella bodies—the Federation of Nepalese Chambers of Commerce and Industry, the Confederation of Nepalese Industries (CNI) and the Nepal Chamber of Commerce (NCC)—called for a change in the government’s approach to handling economic offenses.

“The private sector is not opposed to legal action against the guilty. However, we urge the government to adopt a ‘hear first, detain only after guilt is proven’ principle in financial offense cases,” they said in a joint statement in April. “The trend of sudden arrests, freezing of bank accounts, and seizure of operational assets prior to completing investigations has demoralized entrepreneurs and created uncertainty in the business environment.”

While the government had assured representatives of the private sector that time that no such actions would be taken unless absolutely necessary and supported by evidence and investigation, the recent raid on businessperson Mundada’s residence had left them anxious and worrying. 

The issue has come at a time when the private sector, which accounts for 81 percent of the country’s economic output and nearly 86 percent of employment, is already grappling with sluggish growth, weak demand and limited access to credit. Instead of improving confidence and fostering a conducive environment for investment, current enforcement practices are deepening uncertainty and discouraging risk-taking.

The long-term consequences of such practices could be severe. One major concern is the deterrence of foreign direct investment. International investors closely monitor legal predictability and the protection of property rights, and arbitrary arrests and raids risk making Nepal a less attractive destination for capital. Allegations of pressure from the Prime Minister’s Office on Department of Passports officials to scrap a contract with a German firm in favor of a French company, IDEMIA, are also unlikely to inspire confidence among foreign investors.

Such activities also put domestic investment at risk. Business leaders say entrepreneurs are becoming increasingly hesitant to commit capital to large-scale projects such as hydropower, infrastructure and manufacturing. Instead, capital is remaining idle, shifting to less productive sectors or moving abroad.

The impact extends beyond individual businesses. When company leaders are detained and financial accounts are frozen, operations can grind to a halt. This can disrupt supply chains, delaying payments and put thousands of jobs at risk.

Such disruptions can also affect government revenue, as slower business activity translates into lower tax collection, potentially widening the fiscal deficit and constraining public spending on infrastructure and development projects.

The United States has intensified efforts to expand Starlink’s satellite internet services across South and Central Asia, with Nepal remaining one of the countries where discussions are still underway due to policy and legal hurdles.

Last week, Samir Paul Kapur, the US Assistant Secretary for South and Central Asian Affairs, met representatives of Starlink to receive updates on the company’s operations across the region. Following the meeting, Kapur said Starlink and its parent company SpaceX have significant potential to work with both the US government and private sector to meet the region’s growing connectivity needs.

The administration of US President Donald Trump has given greater priority to the global expansion of Starlink’s broadband internet services. While several South and Central Asian countries have already approved Starlink’s operations, US officials and company representatives are continuing consultations with other governments, including Nepal, urging them to expedite their decisions.

The Government of Nepal, however, maintains that several policy and legal issues must be resolved before Starlink can begin operating in the country.

In June, Starlink’s Global Licensing Director Rebecca Hunter met Minister for Communications and Information Technology Bikram Timalsina to discuss the possible expansion of satellite-based internet services in Nepal.

Earlier, in Nov 2024, SpaceX founder Elon Musk held a virtual meeting with Prime Minister KP Sharma Oli. During the discussion, Musk sought to bring Starlink to Nepal, while Prime Minister Oli stressed that broader consultations within Nepal were necessary before any decision could be taken. The proposal was later put on hold amid geopolitical considerations.

According to officials at the Ministry of Communications and Information Technology, Nepal’s existing telecommunications law allows a maximum of 80 percent foreign investment in telecom service providers, the same provision under which Ncell operates. Ministry sources say Starlink has been lobbying for amendments that would permit full foreign ownership.

Across the region, Bangladesh became the first South Asian country to launch Starlink services in 2025. Sri Lanka also approved the service the same year, while Pakistan granted the company a temporary no-objection certificate to begin operations.

Globally, Starlink, a satellite internet service operated by Elon Musk’s SpaceX, is now available in more than 125 countries and territories. The network is designed to provide high-speed internet access, particularly in remote and underserved areas, through a constellation of low-Earth orbit satellites.

Unlike traditional communications satellites that orbit about 36,000 kilometres above the Earth, Starlink satellites operate at an altitude of around 550 kilometres. This lower orbit enables significantly lower latency and faster internet connectivity. The system currently consists of around 10,000 satellites linked through laser communication, allowing data to be transmitted without requiring a constant direct connection to ground stations.

Starlink has also played a significant role in Ukraine since Russia’s full-scale invasion in Feb 2022. The satellite network has been used by the Ukrainian military for battlefield communications, drone operations and coordination of unmanned systems. Civilian institutions, including hospitals, emergency services, energy providers and the railway network, have also relied on the service to maintain communications during the conflict.

Despite the company’s global expansion, Starlink has faced regulatory and security scrutiny in some countries. In June, India reportedly suspended final regulatory approvals required for Starlink’s commercial launch after security agencies raised concerns over the reported use of Starlink terminals during the Iran conflict.

As Nepal continues to evaluate the proposal, the government’s decision will likely depend on balancing digital connectivity needs, investment policies, national security considerations and the country’s broader geopolitical interests.

Transactions of debentures in the secondary market surged more than tenfold in the last fiscal year, reflecting a growing shift among investors toward fixed-income instruments offering higher and more stable returns.

Data from Nepal Stock Exchange (Nepse) shows that trading of debentures rose by a whopping 927.15 percent in 2025/26 to Rs 34.26bn from Rs 3.33bn in 2024/25. More than 30m units of debentures were traded in 2025/25 compared to mere 3.1m units in the previous fiscal year.

Interestingly, a bulk of debenture transactions in fiscal year 2025/26, took place in Asar (mid-June to mid-July), the final month of the fiscal year. Monthly data show a sharp spike toward year-end, with transactions worth Rs 57.32m in Baishakh (mid-April to mid-May), rising significantly to Rs 4.69bn in Jestha (mid-May to mid-June), before surging to Rs 26.20bn in Asar.

Debenture transactions have remained strong even after the end of the fiscal year. For instance, debentures worth Rs 233m were traded on July 27 alone—nearly four times the total transactions recorded in the entire month of Baishakh. 

The surge has come despite a slowdown in market activities on the country’s only bourse in 2025/26. Nepse data shows, total turnover in the secondary market fell 24.51 percent to Rs 1,601bn in 2025/26, down from Rs 2,124bn a year earlier. Debentures worth more than Rs 4bn in a single trading session. This shows the growing preference among investors for debentures.  

Market participants say the explosive growth in debenture trading shows a gradual shift in investor preference. They say more investors are diversifying their portfolio due to falling interest rates on bank deposits and the need for portfolio diversification. The increased volatility in equity prices is also forcing investors toward debt securities which are relatively stable, they added.

A debenture is a type of debt instrument issued by companies, banks or financial institutions to raise long-term funds from investors. Unlike shares, which represent ownership in a company, debentures are essentially loans taken by the issuer from the public. Investors receive a fixed rate of interest over a specified period and the principal amount is repaid upon maturity.

Banks and financial institutions generally issue debentures to meet long-term funding needs, maintain regulatory capital requirements and diversify their sources of funds beyond deposits. They allow issuers to lock in funds for longer durations at predetermined interest rates.

Since debentures offer fixed returns and carry lower volatility, they are considered safer for investors than equities.  They are attractive instruments for investors looking for predictable income as interest payments on debentures are made twice a year. While investors can earn fixed interest on debentures issued by companies or banks, they can also make a profit by selling them before maturity if prices rise in the secondary market. 

Debentures with coupon rates as high as 11 percent are in strong demand in the secondary market, as these fixed returns are significantly higher than the interest rates of below four percent currently offered by banks on fixed deposits. Even in this low-interest environment, new corporate debentures issued in 2025/26 are offering interest rates in the range of 6-8 percent.

Typically priced at Rs 1,000 per unit, debentures require a different investment approach than equities, where price movements can offer quick gains. This has made them less appealing to short-term traders but increasingly relevant for long-term investors seeking stable income.

Market participants say the government’s preparation to bring more institutional investors into the market will help boost debenture trading in the coming years as these investors often look for stable, long-term gains. As investors continue to diversify their portfolio and seek stable returns amid declining deposit rates, the demand for debentures will increase further in the capital market.

I sought my way through a crumbling wall,

Watched the markets rise and fall,

Smoke of nations silenced the air,

The weight of greed is too vast to bear.

’29, the year Hoover rose,

The end of history drawing close,

Rumors of Hoover whispered and spread,

While the poor still begged for bread.

Tariffs rising, boiling fast,

Hoover’s choices far too vast,

Millionaires once walked with pride,

Now in the shadows, forced to hide.

Countries fall to a shattering fate,

America stalls, too slow to debate,

They stole from Germany each little spark,

To feed a furnace still burning dark.

The US weeps, peasants despair,

Europe stumbles, too weak to repair,

A man whispers a bold, daring plan

Can his New Deal revive this land?

Sourish Pokharel 

Grade 8