Kathmandu. Executive Director of the Nepal Electricity Authority Hitendradev Shakya has released a white paper. Shakya has issued the white paper after completing 1 month of assuming office.
The white paper shows that former Executive Director Kulman Ghisingh had sunk the Authority into debt. The white paper states that the Authority’s total liabilities are Rs 385 billion.
The white paper states, ‘The Government of Nepal has Rs 77.8 billion from internal sources and Rs 171.4 billion from foreign donor agencies under the guarantee of the Government of Nepal. There is a long-term debt of Rs 248.12 billion, which is about 39 percent of the total assets. The Authority’s total liabilities are about Rs. 385 billion.’
In addition, the financial commitment and contingent liability of the Authority as of 2080/081 is Rs. 69.57 billion. The contingent liability of the cases including the amount of claims pending against the Authority in various quasi-judicial and judicial bodies has reached Rs. 8.40 billion as of mid-Falgun 2081.
Similarly, the Authority has provided institutional guarantees worth a total of Rs. 41.13 billion for the promotion of subsidiaries and affiliated companies. Since there is no reserve for the remaining payment, the process of taking short-term loans of up to Rs. 10 billion has been moved forward.
The interest payable to the Government of Nepal is Rs. 29.5 billion and the amount due for Tanakpur electricity is Rs. 3 billion, with a total liability of Rs. 32.5 billion remaining.
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