Govt to release funds for NOC within a week

KATHMANDU, March 15:

The government is releasing Rs 2 billion as borrowing and Rs 800 million as VAT refunds to cash-strapped Nepal Oil Corporation (NOC) within a week.

Newly appointed Home and Foreign Affairs Minister Madhav Prasad Ghimire made the assurance at a meeting with Commerce Secretary Lal Mani Joshi, Finance Secretary Shanta Raj Subedi and representatives of the private sector, in a bid to ease the supplies of petroleum products.

“NOC will be able to increase its stock of petroleum products to ensure smooth supplies once it gets Rs 2 billion as borrowing and a VAT refund of Rs 800 million,” said Commerce Secretary Joshi.

Source: Republica