<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/636937739c7e80680e03fe38jpeg.jpg" alt="" width="1050" height="642"/><figcaption>BHANU BHATTARAI</figcaption></figure>Slippery slope is what banks have been treading on last few weeks by engaging in a price war on deposits. One can understand the soup they are in. Higher interest rates do not bring in significant new deposits, yet they are compelled to raise the rates to retain what they have.They will also be nervous about upcoming outflow from the banking system towards mid January when first tranche of annual corporate income tax is due for payment. Depositors are happy for now but imagine the plight of businesses dependent on bank debt.How long will this credit crunch last? Is there light at the end of the tunnel? Obviously, there will be some relief once government starts releasing payments to vendors and suppliers of various goods, services and developmental works – these are normally bundled toward latter half of a financial year. But judging by how banks behaved last three years, there is no guarantee that the crunch will not resurface next October.Read also:<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/opinion/banks-biting-off-more-than-they-can-chew/" target="_blank" rel="noopener">Banks biting off more than they can chew?</a>, Suman Joshi<a href="https://www.nepalitimes.com/here-now/why-does-the-credit-crisis-keep-repeating-itself/" target="_blank" rel="noopener">Why does the credit crisis keep repeating itself?</a>Band aid solutions will not work anymore. A strong medication must now be administered. It will be painful but, in many ways, <a href="https://www.nepalitimes.com/opinion/banks-biting-off-more-than-they-can-chew/">banks brought it upon themselves</a>. There are fundamental issues with our economy and banking sector that have direct relationships with monetary equilibrium.Here are examples of initiatives banks may consider without any support or concessions from the government or the central bank:Ration credit. Banks resorted to aggressive credit expansion following mandatory increase in paid up capital and in anticipation of rapid economic growth post installation of a stable government. But their reading of monetary environment proved wrong time and again. Deposit mobilisation has not kept pace nor aligned with growth in loan books. The only way forward is to direct credit flow only into areas that will help productivity, until such times that deposit-loan growth mismatch is corrected. In any case, our financial system is banking-heavy and alternative investment options like private equity and venture capital are emerging.Read also:<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://archive.nepalitimes.com/regular-columns/guest-editorial/banking-crisis-explained,1096" target="_blank" rel="noopener">Banking crisis explained</a>, Suman Joshi<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/crunching-the-numbers-on-credit/" target="_blank" rel="noopener">Crunching the number on credits</a>, Ramesh Kumar and Sikuma RaiExpansion of formal economy. There is no denying that the Nepali economy is growing, albeit driven mostly by private sector. Private wealth has multiplied in value and people are generally better off than they were. Whilst income disparity may have widened, there are reasons to believe that anticipated government spending on infrastructure and creation of enabling environment will help us continue to grow in the medium term. However, a significant part of the economy is in the shadows of formal transactions. Size of our informal economy is estimated at anything between 50 to 100% of the formal one. And we remain a predominantly cash economy. Regulations aimed at channeling financial transactions through banking institutions must be put to use effectively. Banks, on occasions, have resisted implementing regulatory guidelines on cash transactions for fear of losing deposits. We must expand the formal economy to have more money staying within the banking system. Banks can play a catalytic role in encouraging businesses to avoid cash payments.E-payments. <a href="https://www.nepalitimes.com/banner/nepals-budding-e-commerce-ecosystem/" target="_blank" rel="noopener">Digital banking</a> is also an important tool to help expand formal economy. Banks need to take their ongoing initiatives on digital channels to the next level through deeper collaboration with small businesses. For example, it should be possible for a bank (or a number of banks together) to pilot a No Cash Zone in say Durbar Marg area, or the restaurant district of Jhamel, by getting all shops or restaurants to sign up to a campaign to accept digital or card payments only. These are locations frequented by more affluent customers. It can gradually be replicated elsewhere. Obviously, if people can pay for basic purchases like milk and vegetables conveniently through a credit card or a digital wallet, they will carry less cash. That money will stay as bank deposits until spent.Cooling period. A casualty of rapid business expansion has been quality human resource within the banking industry. Growth in banks’ business and branch network create new positions which are often filled by people with lesser skills and experience. Many young bankers hop-scotch their way up through a number of banks and assume positions of responsibility without necessary skills and experience. Add to that generally aggressive lending behavior with excessive reliance on real estate collateral. Frankly, potential for sub-standard loan assets and operational risk in many Nepali banks is cringe-worthy. The IMF has already expressed their concern over quality and sustainability of unnatural growth achieved by the sector in recent years. Just like a cooling period has been made mandatory for CEOs, a mechanism must be put in place to arrest the tendency among employees at supervisory and managerial levels to move to another bank at short intervals for quick gains. Why would a bank invest on training and grooming an employee if only for another bank to offer him a higher position? Many organizations in the western world have stringent non-compete clauses in employment contracts.Writer’s note: I have been a career banker and spent 24 years in the industry. Some may think I’m critical of banks because I’ve retired from banking profession. But I’ve had a fulfilling banking career and I feel deeply indebted to Nepali banking sector for making me who I am. I strongly believe that this sector needs to be understood in correct perspective. Raising contemporary banking issues is my way of giving back to the industry. Also, it sometimes is not feasible for practicing bankers to voice their concerns. All said and done, banking remains the most transparent sector of the economy; its contributions to economic growth have been unmatched. I will continue to share my dui paisa to help regain its stature as a well-respected sector.Suman Joshi is an ex-banker and Chair of True North Associates, a private equity firm.

original

674x448

610x380

500x500

400x266

400x240

400x203

301x200

Banking on a course correction

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171144/636936869c7e80680e03fde6jpeg.jpg" alt="" width="1500" height="976"/><figcaption>Photo: YUVARAJ SHRESTHA</figcaption></figure>At a ministerial review meeting last month, Prime Minister K P Oli warned bureaucrats he would not take “If’s and but’s” anymore in expediting infrastructure projects. This was his latest strict instruction to ministries to deliver results.Various Parliament committees have also issued similar instructions. Cabinet ministers and secretaries have repeatedly instructed government officials to be result-oriented. Yet, a report this week by the Office of the Auditor General shows that four months into the fiscal year, only 11% of the budgeted capital expenditure has been spent. More frightening: the government spent three times that amount on salaries, administrative costs an overheads.“It is clear that issuing instructions alone will not work,” says economist Keshav Acharya, “instead of more instructions we need to pinpoint obstacles to implementation of projects and remove them.”Read also: <a href="https://www.nepalitimes.com/editorial/communist-capital/" target="_blank" rel="noopener">Communist capital</a>, EditorialHowever, the government already has monitoring and evaluation mechanisms in place: at the Prime Minister’s Office, the National Planning Commission, and the finance and other ministries have their own project assessment committees. Most experts blame the lack of accountability in the political leadership and a lethargic bureaucracy.There was hope that with a strong government commanding a <a href="https://www.nepalitimes.com/editorial/two-thirds-empty/" target="_blank" rel="noopener">two-thirds majority in Parliament</a>, and devolution of power to local governments, things would change. But not only has the development budget remained unspent, but there has been shocking over-spending in current expenditure (administrative cost, salaries, vehicle purchases, or allowances on foreign trips). In the first quarter, the national government spent three times more on current expenditure than on capital disbursement.The government is spending on cars, but not on maintaining roads. Whatever little is disbursed is mis-spent on unnecessary projects like this road that cuts through an ecologically sensitive wetland in Pokhara Valley (above).Most provincial governments have managed to spend even less – only about 1% of their capital expenditure in the first quarter.The inability to spend the development budget has been a chronic malaise in Nepal, but this year, it is worse because of Kathmandu’s reluctance to devolve financial decision-making to local governments. This has triggered a <a href="https://www.nepalitimes.com/here-now/crunching-the-numbers-on-credit/" target="_blank" rel="noopener">credit crunch in the banking sector</a> creation and encouraged migration. At this rate the government will not meet its <a href="http://archive.nepalitimes.com/regular-columns/guest-editorial/guest-editorial-Nepal-economic-growth,923" target="_blank" rel="noopener">8% growth target</a> this year.Says economist Dilliraj Khanal: “The entire system of development administration has become so ineffective that unless it is overhauled, we will not see growth and progress.”Read also:<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/banner/calendar-of-economic-change/" target="_blank" rel="noopener">Calendar of economic change</a>, Om Astha Rai<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://archive.nepalitimes.com/article/editorial/editorial-Nepal-economy,3746" target="_blank" rel="noopener">White swans</a>, Editorial<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://archive.nepalitimes.com/regular-columns/guest-editorial/banking-crisis-explained,1096" target="_blank" rel="noopener">Banking crisis explained</a> , Suman Joshi

1250x600

1084x550

Roadblocks

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/636934779c7e80680e03dff9jpeg.jpg" alt="" width="1400" height="1069"/><figcaption>Bhanu Bhattarai</figcaption></figure>Nepal’s banks have once more entered the dark tunnel of scarcity of loanable funds. Commercial banks have misinterpreted the monetary environment for three years in a row -- they lend aggressively during the first quarter, and run out of steam thereafter until the final quarter of the fiscal year.The seeds of the trouble were sown five years ago. As the IMF puts it in its most recent South Asia Regional Update, ‘Loose monetary conditions, along with a fourfold increase in banks’ paid-up capital in the two years to mid-2018 required by the Nepal Rastra Bank (NRB), have fueled a strong credit expansion. Private sector credit growth has averaged 22% (y/y) in the past two years, even as the NRB maintains ceilings on banks’ loan-to-deposit ratio and the loan-to-value ratio on car loans.’Nepal’s financial landscape is heavily skewed towards banking. According to a recent World Bank report, banks account for 87% of financial sector assets in Nepal. Private equity and venture capital space are still in nascent stages. The <a href="https://www.nepalitimes.com/banner/why-the-private-sector-is-spooked/" target="_blank" rel="noopener">private sector</a> thus largely depends on bank debts, and in their absence, businesses have had to postpone plans or slow down operations. This has resulted in increased cost or lost opportunities.Recurring <a href="https://www.nepalitimes.com/here-now/crunching-the-numbers-on-credit/" target="_blank" rel="noopener">credit crunches</a>, which last several months every year, have impacted the economy as a whole. Key responsible parties here are:<ul><li>Government of Nepal for its inability to spend on capital expenditures</li> 	<li>NRB for instigating the crisis and then offering regulatory forbearance that encourages banks to push prudential boundaries</li> 	<li>Banks which appear to be driven with the sole objective of servicing increased capital</li></ul>Nepal’s economic growth over past two decades has been largely led by the private sector, in spite of ineffective governments and inefficient bureaucracy. Banks should refrain from pointing fingers at NRB or the government. The NRB has not always been pro-active, its regulatory approach has often been ‘one step forward two steps back’. The government’s norm has always been to bulk up capital expenditure towards the end of the year. We want NRB and the government to be more responsive, but it will be a gradual process at best. And frankly, the banking business has thrived even in this environment, so let’s be reasonable.Read also: <a href="https://archive.nepalitimes.com/regular-columns/guest-editorial/banking-crisis-explained,1096" target="_blank" rel="noopener">Banking Crisis Explained</a>, Suman JoshiAs the most transparent sector of the economy, the onus is on the banks collectively to manage public perception and repair the community’s battered image. Here’s a list of items they need to consider:1. Anticipate better, and get your basics right. Will the market offer sufficient new deposits to fund growth in loan books? Nepal may be more stable politically, but with compromises from bureaucrats and politicians, it will be a while before their Key Performance Indicators align with Nepal’s aspirations for rapid economic growth. It is unrealistic, this early, to expect government spending to veer from tradition to follow a desired timeline that match banks’ need for new deposits.2. Who is winning that debate in the boardroom? Most banks appear to have adopted a strategy to grow lending books aggressively to meet shareholder expectations of return on equity. The impact of this on their lending behavior is worrisome. What is the quality of loan assets banks are booking when they are expanding at 22% while the economy grew at 3-4% annually over last few years? Also the continued contribution of banks to real estate buoyancy may someday come back to haunt them. Excessive reliance on real estate as collateral has affected a loan officer’s approach to lending. Under the current loan loss provisioning norms and multiple banking context, it is possible to keep masking bad loans, which raises doubts about quality of profits. The IMF has singled out this challenge and suggests: ‘Rapid credit growth underscores the need to accelerate banking sector reforms. Building on the recent amendments to the regulatory framework, loan classification, provisioning, and banks’ risk management practices should be upgraded.’3. Is it possible that many banks have bitten off more than they can chew by expanding their operations and branch network rapidly? Frequency of operational risk events suggests that quality of human resource and internal control mechanisms need significant improvement.Banks have finally acknowledged the need to adopt digital channels of delivery. Better late than never. Even so, there is little chance of sufficient investment happening here. It is not enough to link bank systems to a digital payment platform. A key driver for consumer uptake is a cultural shift within individual banks to champion digital banking services.Read also: <a href="https://www.nepalitimes.com/banner/nepals-budding-e-commerce-ecosystem/" target="_blank" rel="noopener">Nepal's budding e-commerce ecosystem</a>, Sikuma RaiClearly, Nepal is an over-banked economy with smaller banks struggling to stay relevant. Industry experts agree that there is a case for reduction in number of banks. Market prices are currently at interesting levels for more capable banks to consider acquiring other institutions. It may be easier said than done, but if there is an industry-wide resolve, the ducks will line up.Suman Joshi is a former banker and Founder and Chairman of True North Associates, a private equity firm.

Banks biting off more than they can chew?

We were used to getting stuck in Kathmandu’s notorious traffic with gas fumes and horns blaring. We are still stuck in traffic, but now it is mostly the quiet hum of EVs, and street-level air is noticeably cleaner. Alongside Norway, Nepal has the highest combustion-to-EV conversion rates in the world. And we are not even a middle-income country yet. How did we get here?&nbsp; For the first time in Nepal’s history, 2025 saw an unprecedented turn of events: two back-to-back auto shows a week apart in August, independent of each other. This was timed for the warm up to the Dasain season. &nbsp;&nbsp; The first auto show 6-11 August was the <a href="https://naimanepal.org/mobility-expo" target="_blank">NAIMA Mobility Expo 2025 </a>by the newly established Nepal Automobile Importers and Manufacturers Association which saw 35 new models, many of them EVs with 50 participating brands like Toyota, BYD, Hyundai, Kia, MG, Mahindra, Omoda &amp; Jaecoo, Proton and Leapmotor.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101711108_d8c03f5141f0086814d866543af4d95310f340a7191363e4705aedda8e4b73d0.jpg" data-media-id="editor_1" data-image-id="2025101711108_d8c03f5141f0086814d866543af4d95310f340a7191363e4705aedda8e4b73d0" data-rendition-name="original" width="1770" height="1097" loading="lazy" alt="Electric cars in Nepal NT"> </figure>  The exhibition had a strong focus on two-wheelers aimed at affordable and easy mobility in a town now known for long traffic jams (see report). NAIMA attracted a record 100,000 visitors in six days.&nbsp; The second one was the Nepal Automobile Dealer’s Association Auto Show 2025 (<a href="https://youtu.be/emSd0mUuMjU" target="_blank">NADA</a>) to address the growing demands for cars and two-wheelers. It was a natural expression of new market forces at work, on one hand, and popular taste, on the other — one influencing the other.&nbsp; This year’s NADA Auto Show was its 17th iteration, and carried a hefty legacy: exhibiting a contemporary lineup from manufacturers such as Tata, Suzuki, Xpeng and Nammi, but also classics for vintage car lovers like the 1928 Ford Model A and a rare 1955 Austin Princess Dm4 sedan.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101711108_dda7d264ddb12448cc10d9b1cb699632eee975741fc4c56055e4df904579c34f.jpg" data-media-id="editor_3" data-image-id="2025101711108_dda7d264ddb12448cc10d9b1cb699632eee975741fc4c56055e4df904579c34f" data-rendition-name="original" width="1381" height="848" loading="lazy" alt="Electric cars in Nepal NT"> </figure>  It also showcased the Deepal eVTOL (a 2-seater drone), and a humanoid robot with dog. Curious onlookers at Bhrikuti Mandap thronged the show with footfall crossing 170,000.&nbsp; Earlier this year, I had traveled to attend India's largest auto show, the <a href="https://youtu.be/OgIIvXx6yOM?si=zNmMgklzCJpagTye" target="_blank">Bharat Mobility Global expo</a> in January in New Delhi. It was part of a <a href="https://youtu.be/GT6LBKiJvyg?si=r7YaxahjSAnsIfBY" target="_blank">roadtrip</a> from one capital to another with BYD Nepal on a Dolphin. The journey took three days through Bhairawa and then the Lucknow-Agra Expressway, covering a distance of 1200km one way.&nbsp; The drive through the horrid Narayanghat-Butwal corridor alone was testimony that EVs are no longer fragile and could handle a beating. And while both Nepal's economy pales in comparison to India, it was evident that the private passenger segment is well on its way to electrification. More than 70% of all vehicles sold in Nepal last year were electric. Sales representatives are unanimous: inquiries for EVs are at an all-time high and overshadow demand for ICE (Internal Combustion Engine) vehicles. Besides four-wheelers, a fast-growing proportion of scooters were also electric.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251017111016_e4cd988ca915ddd283a86d48fac332f22f98ff776b3d22391e10156ad56d7a1a.jpg" data-media-id="editor_6" data-image-id="20251017111016_e4cd988ca915ddd283a86d48fac332f22f98ff776b3d22391e10156ad56d7a1a" data-rendition-name="original" width="1389" height="863" loading="lazy" alt="Electric cars in Nepal"> </figure>  I have spent the last two years <a href="https://youtu.be/256YQa37Ol8?si=Sv1wQ8EdvgMCiTM_" target="_blank">reviewing</a> many of these EVs. The days of batter-powered cars being small toy cars, with sub-par build quality and the range of golf carts have long gone.&nbsp; Fit and finishing in both Chinese and Indian EVs are comparable to established brand names even in Japanese and European markets. But most significantly for us in Nepal, battery technology and range have made inter-city travel on our highways imaginable. The media sometimes portrays Nepal as a prime testing/dumping ground for EVs due to lack of regulation and the proximity to the world’s largest EV exporter (China) and our tough geographical conditions. That is just a part of the story. What actually stands out is the incredible appetite for risk among Nepali buyers.&nbsp; Since the Covid pandemic charging infrastructure has spread across the country. My early trips between Kathmandu and Pokhara saw the possibility of topping up with just one charging gun at the <a href="https://rsr.com.np/" target="_blank">Riverside Springs Resort in Kurintar</a> – and I would have to wait in line, or the charger simply would not be working.&nbsp; These days, by the time I cross Kurintar from Koteswor in my Kona, I will have passed at least 10 charging stations with multiple guns. &nbsp; On my <a href="https://www.youtube.com/@casuallyannoyeddriver" target="_blank">YouTube reviews</a>, people from across the globe ask about range and handling EVs on poor road conditions like ours. The occasional skeptics also leave comments like: ‘If this works in the higher altitudes and mountainous roads of Nepal, then it should be a breeze down here in the flats of Australia and/or hills around Auckland!’  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251017111016_8b4fbe59884538849be6428eb2ce9249627a8970ed9ef4cd3c792682bf26dbed.jpg" data-media-id="editor_10" data-image-id="20251017111016_8b4fbe59884538849be6428eb2ce9249627a8970ed9ef4cd3c792682bf26dbed" data-rendition-name="original" width="1139" height="787" loading="lazy" alt="Electric cars in Nepal"> </figure>  SATURATION? However, both the NAIMA and NADA auto show also confirmed that we could be hitting a peak EV. From having just one car in one budget segment, there are now multiple alternatives stretching from the entry of below Rs3 million to the premium and high-end Rs 10 million price point.&nbsp; Furthermore, the price wars on EVs that started in China a year ago have also trickled across to Nepal. Models such as the <a href="https://youtu.be/3wFN2I81Tq0?si=T6L4SAfRpoyNNvYC" target="_blank">MG S5</a>, Nammi Vigo, BYD Atto 2 (and 1) and <a href="https://youtu.be/y214kWbWTc4?si=bIevanDZEPQdkEs4" target="_blank">Deepal S05</a> saw aggressive pricing schemes and discounts that disrupted pre-existing quotas. Consumers can suddenly afford a lot more cars, and travel a lot further for a considerably smaller price tag.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101711108_276afec1bdbd37497572939a4eada4bef74c9d075cd5851892c4dd1985edb9c5.jpg" data-media-id="editor_13" data-image-id="2025101711108_276afec1bdbd37497572939a4eada4bef74c9d075cd5851892c4dd1985edb9c5" data-rendition-name="original" width="1953" height="1107" loading="lazy" alt="Electric cars in Nepal NT"> </figure>  However, booking numbers at both auto shows did not necessarily translate into actual deliveries. The fact remains that almost 80% of registered vehicles in Nepal are still two-wheelers, and GDP per capita stands at just $1500 — among the lowest in the world.&nbsp; This means that early first-adopters are first-time buyers, and the remaining customers in the market are more skeptical and less willing. But there are also those that are unlikely to consider the EV suitable to travel to off-road rural areas. For the average Nepali family, upgrading or purchasing a new car is no small decision. It happens in five years or more with resale values being a big determinant. The EV boom may be reaching saturation.&nbsp; Both NADA and NAIMA shows drove home the message that Nepal’s transport sector is on an electric fast-track, but the road ahead will be bumpy.&nbsp; Soon after the shows, the glacial debris flow on the Bhote Kosi knocked out the Rasuwa-Kerung border with China, and earlier landslides had already blocked the Koradi checkpoint. Manufacturers are now using the less convenient Korala border in Mustang. BYD, Leapmotor and Omoda &amp; Jaecoo have begun rerouting their vehicles to make up for delivery deadlines.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101711108_62fd70a476656062005959c247b38178d8efabf8570c73929295c0a103ff4013.jpg" data-media-id="editor_14" data-image-id="2025101711108_62fd70a476656062005959c247b38178d8efabf8570c73929295c0a103ff4013" data-rendition-name="original" width="1438" height="1031" loading="lazy" alt="Electric cars in Nepal NT"> </figure>  Although the distance from the capital to the Korala border (470km) is four times longer than from Rasuwa (128km) &nbsp;and Tatopani (112km), it is still considered faster and more cost effective than shipping via India using sea routes.&nbsp; And then Nepal was engulfed in turmoil after the youth-led protests of 8-9 September and its aftermath. Many automobile showrooms around Thapathali including Tata, Hyundai and CG were vandalised and torched.&nbsp; Sushila Karki leads a caretaker government till elections are held in March, and the unsettled situation will affect the economy and investment climate as well as the automobile sector. Arnav Upadhyay reviews automobiles and promotes road safety under the handle Casually Annoyed Driver on <a href="https://www.youtube.com/@casuallyannoyeddriver" target="_blank">Youtube</a>, <a href="https://www.tiktok.com/@casuallyannoyeddriver" target="_blank">Tiktok</a> and <a href="https://www.instagram.com/casuallyannoyeddriver/" target="_blank">IG</a>, and this monthly column Drive Line in Nepali Times.

Is Nepal reaching peak EV?

While the streets of Kathmandu were erupting violent GenZ protests that brought down the government, Nepal’s athletes were achieving different kinds of breakthroughs on Spain’s mountain trails and in the cricket qualifiers in the UAE.&nbsp; On 27 September, two weeks after the uprising back home, Nepal's cricket team stunned the sporting world with their first-ever victory against a full member nation — defeating two-time World Cup champions West Indies by 19 runs, then crushing them by 90 runs two days later to seal a historic 2-0 series victory. On that very day, 5,000km away in the Spanish Pyrenees Sunmaya Budha stood on a podium alongside American and European champions, clutching a silver medal from the 3rd World Mountain and Trail Running Championships. No Asian athlete had ever finished this high in the Long Trail competition at the World Championships. While youth back home showed they would not tolerate injustice and could carve their own future, young Nepalis were securing it on the global sports stage even in moments of national crisis.&nbsp; The Long Trail event at the 2025 World Championships was designed to break even the strongest athletes. Stretching 82km through the Spanish Pyrenees, the course features an unrelenting 5,413m of elevation gain and descent.&nbsp; Athletes faced everything from steep scree slopes to narrow ridge lines, from boulder fields requiring scrambling to precipitous descents demanding total concentration. One misstep could mean injury, one lapse in focus could cost precious minutes.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101909108_81152b4754331c4858ed2d0d28204e6a92559faf089fea9ebc84156766ff228a.png" data-media-id="editor_0" data-image-id="2025101909108_81152b4754331c4858ed2d0d28204e6a92559faf089fea9ebc84156766ff228a" data-rendition-name="original" width="977" height="731" loading="lazy" alt="World Mountain and Trail Running Championships"> <figcaption>The Nepal team at the World Championships 2025 with the final four: Sangge Sherpa, Sunmaya Budha, Suman Kulung, Man Kumar Roka Magar. Photo: PREETI KHATTRI</figcaption> </figure>  WOMEN'S COMPETITION Katie Schide (USA) - Winner • Time: 9:57:59 • Average pace: 7:18 per km&nbsp; &nbsp; <a href="https://www.facebook.com/sunmaya.budha.942">Sunmaya Budha </a>(Nepal) - Silver Medal • Time: 10:23:03 • Gap behind winner: 25 minutes and 4 seconds • Average pace: 7:36 per km Most recreational trail runners need 18-24 hours to complete this course, if they can finish it at all. Budha's pace means she was running at a speed that most casual runners could not maintain on a flat course, let alone while constantly climbing and descending mountains. MEN'S COMPETITION Jim Walmsley (USA) - Winner • Time: 8:35:11 • Average pace: 6:17 per kilometer (10:07 per mile) &nbsp; <a href="https://www.facebook.com/runnersumankulung">Suman Kulung (Nepal)</a> - 32nd Place • Time: 10:06:25 • Average pace: 7:24 per km • Finished 1 hour 31 minutes behind the winner • Best performance by an Asian male athlete &nbsp; <a href="https://www.facebook.com/rokamagarmankumar764">Man Kumar Roka Magar (Nepal)</a> - 37th Place • Time: 10:10:53 • Average pace: 7:27 per km • Finished just 4.5 minutes behind Kulung <a href="https://www.facebook.com/Yetimannnnn">Sangge Sherpa (Nepal)</a> - 116th Place • Time: 12:33:09 • Average pace: 9:11 per km  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101909108_2255845b43e68b14d3b111099124f9c98898bbe9016299b9af278aca8b4377f7.png" data-media-id="editor_5" data-image-id="2025101909108_2255845b43e68b14d3b111099124f9c98898bbe9016299b9af278aca8b4377f7" data-rendition-name="original" width="977" height="904" loading="lazy" alt="World Mountain and Trail Running Championships"> <figcaption>Sangge Sherpa organising himself post gear check in Can-Franc.</figcaption> </figure>  The men's winner averaged about 6:17/km on a course where elite mountain runners were struggling. Kulung and Roka Magar maintained a 7:24-7:27/km pace—faster than many recreational runners' easy flat road pace. They were faster than dozens of European athletes who train in the Alps. Even Sherpa's 9:11/km average pace over 12+ hours represents an extraordinary feat of endurance, maintaining forward progress on some of the most challenging mountain terrain in competitive trail running. “What set Budha apart was her exceptional descending ability. She recorded the fastest downhill speed among all women in the competition—a skill honed through years of training on Nepal’s steep mountain trails,” said her team director Ryan S Blair.&nbsp; Sunmaya Budha, ranked world 8th for 100km category events and 17th in the world by the International Trail Running Association (ITRA), entered the race having recently recovered from injuries to both legs.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101909108_38d8bee04beaa6443480ecf4765e6b34f91d2d105128f292f73702072a820d25.jpg" data-media-id="editor_6" data-image-id="2025101909108_38d8bee04beaa6443480ecf4765e6b34f91d2d105128f292f73702072a820d25" data-rendition-name="original" width="1600" height="1070" loading="lazy" alt="World Mountain and Trail Running Championships"> <figcaption>Sunmaya storming in 2nd position. Photo: WMTRC2025 CANFRAC </figcaption> </figure>  While American Katie Schide dominated from the front, Budha found herself in an intense battle for second place with Italy's Fabiola Conti, a specialised skyrace and mountain marathon runner. The two runners remained locked together through much of the course, running side-by-side at key checkpoints and pushing each other through the mountain wilderness. In ultra-trail racing, where climbs are often win by fractions of minutes, the ability to descend fearlessly and efficiently can make the difference between podium positions. Budha's technical prowess on the descents gave her a advantage over her European competitors. The decisive moment came in the final 20km. At the 65km mark, Budha held a 90-second lead over Conti. By 71.5km she had extended her advantage to eight minutes — a commanding gap she maintained to the finish. In a powerful display of national pride, she approached the finish wrapped in the Nepali flag, showing the world what Himalayan athletes can achieve on the global stage. Said Preeti Khattri, team lead for Nepal: "Standing right beside the USA and European peer. Proud. No Asian athletes have ever made it this far.” MEN, TOO While Budha captured headlines with her silver medal, the performances of Suman Kulung and Man Kumar Roka Magar were equally significant. Both athletes topped Asian athletes and numerous European competitors. Suman Kulung delivered a performance that demonstrated extraordinary mental toughness and racing intelligence. What makes his 32nd place finish even more impressive is that 1.5km he encountered a severe bottleneck on narrow technical trails.&nbsp; This critical delay pushed him back to around 92nd position—a devastating setback in a world championship race where every second counts. Many athletes would have been demoralised by such an early disaster.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025101909108_e2f358723ea8abaa262e749a4c6afb0a179cf9f3e0bb4eab1d973e25b9b00f09.png" data-media-id="editor_7" data-image-id="2025101909108_e2f358723ea8abaa262e749a4c6afb0a179cf9f3e0bb4eab1d973e25b9b00f09" data-rendition-name="original" width="668" height="445" loading="lazy" alt="World Mountain and Trail Running Championships"> <figcaption>Suman Kulung coming through 65km Assisted Checkpoint. Photo: DR SIGRID FOUNDATION</figcaption> </figure>  But Kulung showed why he is Nepal's top-ranked trail runner: he launched a spectacular comeback. By the 30km mark, he had charged through the field to reach approximately 20th position — recovering over 70 places in less than 30km.&nbsp; His final time of 10:06:25 placed him ahead of runners from traditional mountain running powers including Switzerland, Austria, and Germany, and was the highest-finishing Asian male athlete in the competition.

Nepali runners score breakthroughs

Edmund Hillary once said that the Sherpa were the most researched, dissected and blood-taken ethnic group in the world. Living below the highest mountains in the world, the trans-Himalayan traders were genetically adapted to high altitude, their culture spanning both sides of the border, and with average per capita income of the Khumbu five times that of the rest of Nepal. But there are other less-known Sherpas in Nepal’s periphery: in the Langtang, Barun and Rolwaling valleys.&nbsp; Norwegian mountaineer Jon Gangdal’s latest book, Guilt &amp; Glory: Climbing with Sherpas is about his deep personal and four-decade long association with his climbing partners from Rolwaling. Guilt &amp; Glory reads more like Gangdal’s memoir and the mountains he has climbed, but it is also a tribute to the selfless friendship with fellow climbers from Nepal. It also exposes the inherently asymmetric relationship between expeditions and their employees in the Himalaya. Earlier mountaineering narratives overlooked the role of Nepal’s climbing guides in putting their clients on summits. But in recent years there has been increasing recognition that most expeditions would just not be possible without them. SUMMIT SUPPORT And that is where Gangdal’s book fits in: between the glory of a successful summit and guilt about not giving due credit to the sacrifice and professionalism of a people whose surname and ethnicity is now a synonym for support staff of G-7 Summits. After failure and tragedy on a 1994 expedition on Everest West Ridge in which his climbing partner Mingma Norbu was killed in an avalanche, Gangdal is tormented by guilt and supports his widow Ang Sona and her family. ‘The Art of Succeeding When You Have Failed’ was the title of his lecture series in which Gangdal became an outspoken critic of military-style assaults on Himalayan peaks, and self-seeking climbers on them. In a comment he wrote for <a href="https://archive.nepalitimes.com/article/nation/everest-dangerous-place-to-work,1316" target="_blank">Nepali Times in #704 in 2014 </a>after an avalanche killed 16 Nepali guides on the Khumbu Icefall, he argued that equality and safety of climbing Sherpas could only happen ‘if we turn the whole Everest pyramid upside down’. He wrote: ‘We can feel nothing but grief and pain with the families of the brave boys who gave their lives for … for what? For the glory of their nation, like at war? For the glory of their attention-seeking sahibs who have had the highest mountains in the world as their playground for more than a century? Or for what we all have to do: our daily duty to feed ourselves and our families.’ Guilt &amp; Glory expands on that theme, weaving in his climbing adventures. He realises that the egalitarian Norwegian approach in decision-making does not work in the East’ where the prevalent notion is that a leader should lead. Gangdal notes that with a few tweaks, the twain of East and West can indeed meet. In 1996 on the north face of Everest while a major tragedy was unfolding on the Nepal side, Gangdal tries to ‘play Sherpa’ hauling twice the load of his Sherpa companions and is knocked out with exhaustion and has to abandon the climb. Climbers have often justified not helping fellow climbers in distress in the Death Zone saying that ethics at sea level do not apply at eight thousand metres high on a mountain. But Gangdal quotes expedition doctor Morten Rostrup: ‘When you pass climbers who are sick or in danger on the way to the summit, you should always do something … continuing to the summit shows a lack of humanity.’ Foreign climbers are on top of Maslow’s hierarchy of needs, and in a monastery below Manaslu, Gangdal once held a long one-sided discussion with the abbott on why people’s basic needs need to be met before higher aspirations can be pursued. The asymmetry in the relation between sahibs and porters is less glaring than it used to be. Many mountaineers have struck life-long friendships with bonds with their employees and their families in Nepal. And, as Gangdal writes, ‘Education … has helped reduce the asymmetry between the Sherpa people and us foreign climbers.’ Unlike other books about Himalayan mountaineering &nbsp;this one focuses on the Rolwaling, the less visited and wilder valley in the shadow of Gauri Shankar, and protected by the goddess Tseringma.&nbsp; Noted Rolwaling Sherpas include Chhiring Dorje who made the heroic rescue on K2 in 2008, Dawa Yangzum, the first Nepali woman to summit all 14 eight-thousanders, Tamting Sherpa who has also climbed all 8,000m peaks, TGemba Tsheri who became the youngest person to climb Everst at age 16 in 2001. <a href="https://www.cambridge.org/core/books/power-of-the-periphery/deep-ecologists/75228182BC490F8AC31C8E4C8335F435" target="_blank">Rolwaling also has a strong Norwegian connection</a>, it is where <a href="https://www.theguardian.com/environment/2009/jan/15/obituary-arne-naess" target="_blank">Arne Næss</a> who coined the term ‘deep ecology’, and mountaineer and eco-philosopher <a href="https://nepalitimes.com/review/norway-nepal-a-love-story" target="_blank">Sigmund Kvaløy</a> did their research and exploration in 1971.&nbsp; There is one interesting tidbit with contemporary non-mountaineering relevance from Guilt &amp; Glory: Næss and Kvaløy’s Rowaling research was bankrolled by Arne’s brother Erling Dekke Næss, a Norwegian shipping magnate. But Rolwaling was a restricted area in those days because of Khampa activity, and the Norwegians approached Prince Gyanendra who granted them permission in return for setting up the Royal Nepal Shipping Corporation. Gyanendra became chair of that controversial company and Erling Næss was adviser. Guilt &amp; Glory is not just about mountaineering, and is sprinkled with anecdotes and encounters with everything from Maoists to yetis. It is written with compassion and a deep respect for Nepal and its people.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251017111028_3fd1da00a1362a6c3f07807ec55b9e5d9163c11fb759aa09530a5ea486751d24.jpg" data-media-id="editor_4" data-image-id="20251017111028_3fd1da00a1362a6c3f07807ec55b9e5d9163c11fb759aa09530a5ea486751d24" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Guilt &amp; Glory book"> </figure>

West meets East in the Himalaya

In 2004, Poet Durga Lal Shrestha asked me to translate 223 little poems from Newa into English. They were each written as sestet-- terse in their form but heavy in imagery and sentiment. The novice translator in me struggled to find the best way to convey his poetry in English-- but the process became a tour as I discovered my mother tongue anew. The highlight, however, was Shrestha’s handwriting. His calligraphy is immaculate. He had given me photocopies from the notebook he had written the poems in and each page looked as though they were freshly out of the press. The letters bore a consistency, unswayed by the emotions of his poetry. Sometimes, I would just stare at the handwriting in admiration.&nbsp; Someone else had been similarly besotted by his writing: “I met him 25 years ago in the UK when he was the chief guest at a Mha Puja event organised by Pasa Pucha,” recollects Ojesh Singh, writer and engineer. “We were roommates. I noticed he couldn’t stop writing.”&nbsp; Shrestha, an octogenarian now, was a teacher at Kanya Mandir School for many years, where his writing was admired by colleagues and students. Known as Janakavi or People’s Poet, a title bestowed on him by the Nepal Bhasha Parishad, Shrestha is also the recipient of the Jagadamba Shree Puraskar for his contribution to literature.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251021071052_b109f2ee6dbac911fb8002e8e8bb33a50a8f755d26662f333535d32c8573e782.jpg" data-media-id="editor_0" data-image-id="20251021071052_b109f2ee6dbac911fb8002e8e8bb33a50a8f755d26662f333535d32c8573e782" data-rendition-name="original" width="1600" height="900" loading="lazy" alt="Digitising the savant calligrapher NT"> <figcaption>From left to right: Suman Shrestha, Ananda Kumar Maharjan, Durga Lal Shrestha, Ojesh Singh, and Arbindra Man Singh. Photo: SUCHITA SHRESTHA</figcaption> </figure>  “He would write on anything he could lay his hands on. On tissue paper, envelopes, cigarette boxes. It struck me how neat and tidy his writing was,” says Singh. “The structure and size were perfectly in sync-- and as an aspiring graphic designer then, I fell in love with his writing. Later, whenever I read his books, I thought it would be nice to read them in his writing.” After sitting with the notion of turning Shrestha’s writing into a digital font for years, in 2024, he reached out to a small group of people who he thought might be allies.&nbsp; “It was during Ojesh Ji’s book launch that we met and talked about the possibility of turning Durga Lal Shrestha’s writing into font,” recalls Ananda Kumar Maharjan, who has designed the Durga Lal Shrestha font and is affiliated with Callijatra, an organisation promoting Newa calligraphy.&nbsp; For Singh, the desire to immortalise the poet's handwriting wasn’t only coming from personal admiration, it was also about preserving the writing of a language and literature leader and activist. He offered to fund the font project, which meant paying for Maharjan’s time and dedication. He also drew into the conversation Shrestha’s son Suman, who has been an integral part of the process.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251021071056_372dc34ac3ce3b70445128131a11ade8f321756c6cc7615825c4451e85f56374.jpg" data-media-id="editor_1" data-image-id="20251021071056_372dc34ac3ce3b70445128131a11ade8f321756c6cc7615825c4451e85f56374" data-rendition-name="original" width="616" height="728" loading="lazy" alt="Digitising the savant calligrapher NT"> </figure>  The others involved in the process were journalist Arbindra Man Singh, who had been scanning Shrestha’s writing for the book Hastakshar, a collection of poems printed in the author’s handwriting. Also an enthusiast of converting Shrestha’s writing to a font, Singh provided help in bringing together the scans, based on which Maharjan picked the best letter for each alphabet to create a complete set.&nbsp; “Doing this was different from other font developments I have done in the past,” explains Maharjan, who has also digitised his own handwriting into a font, called Anand. “To create Durga Lal Shrestha’s writing as font, I had to analyse his writing archive and pick the best.”&nbsp; He adds: “There was a book published in his writing, so there were scans and digital archiving done by Arbindra Ji, which became the foundation for my work.” He had to find a prototype for each alphabet based on the scans. He traced the letters on Illustrator and copied them to a MAC software called Glyphs where he had to enter each letter, using a traditional Devanagari keyboard instead of Unicode.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025102108100_2f6b8c0f3cf91682707ac356e11ad50b342a4198f56490ab68d041e875b15edb.jpg" data-media-id="editor_2" data-image-id="2025102108100_2f6b8c0f3cf91682707ac356e11ad50b342a4198f56490ab68d041e875b15edb" data-rendition-name="original" width="818" height="766" loading="lazy" alt="Digitising the savant calligrapher NT"> </figure>  “I had to be very careful to keep it accurate. Conjunctions need attention,” Maharjan says. “There are half letters, saint letters, ligatures and open type features to pay attention to, this is more advanced than the fonts I’ve created in the past.” &nbsp; Maharjan has designed this font in three different variations that users can play with. “Writing changes with age. While young, people write better, but with age, it starts to change. Since Durga Lal Shrestha hasn’t been very well lately, his hand shakes when he writes. So, we had to pick the best of his writing from the records,” he adds. “People also tend to write in different styles depending on their mood so we took the best four of every letter and traced and picked one.”&nbsp; Handwriting is deeply intimate and in this day and age of tech, becoming lost.&nbsp; What bothers me about the day of phones is that I no longer know what the writing of those close to me look like. I no longer know how you press the pen between our fingers or how you tilt it against the paper or how you pause to write periods or how the nib makes a perfect tiny orb before you drag it just so, to turn it into a comma. The familiarity of the nuances of someone’s writing is lost on us.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251021071056_2c83ab2c3ed4cfa42e6a6a637d88fd879218fb5b7391e086ab5db1a8ec173654.jpg" data-media-id="editor_3" data-image-id="20251021071056_2c83ab2c3ed4cfa42e6a6a637d88fd879218fb5b7391e086ab5db1a8ec173654" data-rendition-name="original" width="992" height="1280" loading="lazy" alt="Digitising the savant calligrapher NT"> </figure>  Ojesh Singh agrees with me. He says it’s important to keep handwriting alive as people become more and more tech-dependent. People are likely to interact even less with letters on paper, but at least we can have fonts, he says.&nbsp; A set of six books by poet Durga Lal Shrestha is set to be launched on 31October. One of them, entitled, Kawa, is typeset in the Durga Lal Shrestha Font. The font will be made available to the general public after the books have been released. In July, I had visited Shrestha, who I also call Durga Lal Taaba, as many Newa people in my generation do. Seated in the quiet of his home, he conversed about literature and language with my father and my uncle. Coming out of Taaba, Newa, which has a utilitarian function for me to communicate with my parents, sounded more like a lyric.&nbsp; I asked him what he thinks about his handwriting being archived as a font. He replied: “This body is going to be gone eventually, so I thought maybe my handwriting could live on.” Suburban Tales is a monthly column in Nepali Times based on real people in Pratibha’s life.