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2 Min Read KATHMANDU, March 5 (Reuters) - Nepal’s economy contracted for the first time in four decades in the last fiscal year due to a months-long lockdown to contain the COVID-19 pandemic, officials said on Friday. Nepal, wedged between China and India, ordered a strict lockdown in March last year, completely shutting down virtually all economic activity for nearly four months to curb the spread of the novel coronavirus. Ishwari Prasad Bhandari, a senior official of the government’s Central Bureau of Statistics (CBS) said Nepal’s GDP shrank by 1.99% in the year ending July 15. It grew by 6.75% in the previous year. ....
Stakeholders call for more transboundary cooperation to address disaster risk in the Koshi River basin Format Earlier this year, the South Asian floods of 2020 were declared a humanitarian crisis when millions across the subcontinent were impacted. Already reeling from the COVID-19 pandemic, some 9.6 million people in India, Bangladesh, and Nepal were displaced or adversely affected by the monsoon floods. In the transboundary Koshi River basin, spread across China, India, and Nepal, the situation was equally grim this year with a number of landslides and an alert on potential glacial lake outburst risk from China to Nepal. Many of these disasters have major cascading impacts on downstream communities, affecting sustainable development in the basin. ....