<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110141148/636d01229c7e80680e0a3614jpeg.jpg" alt="" width="1050" height="637"/><figcaption></figcaption></figure>Nepal Rashtra Bank’s (NRB) tightness on share collateral, signs of a lack of liquidity and the opening up of other investment avenues post-lockdown are some of the factors behind the share market’s sharp decline of late.On Sunday, <a href="http://www.nepalstock.com/" target="_blank" rel="noopener noreferrer">Nepal Stock Exchange (Nepse)</a> recorded the highest-ever fall in its history after the market dropped by 5.03% in just the first two hours of trading. A 40-minute long circuit break was imposed, as 60 companies saw their share values decline by 10%, and the Nepse index to 2782.52 points.A slight recovery was soon posted, but Nepse still fell by 3.7% from the previous day, losing 108.26 points from 2928.8 points to an end-of-day total of 2811.16 points. By day’s end, 31 companies lost up to 10% value on their shares.Despite the fall in the index, there were as many if not more people trading shares and the volume of transactions were unaffected, with 23 million 79 thousand shares of 223 companies clocking in Rs11.24 billion in turnover.The current dip in the share market is in sharp contrast to the <a href="https://www.nepalitimes.com/latest/despite-politics-nepals-stock-market-is-bullish/" target="_blank" rel="noopener noreferrer">boom during the lockdowns and prohibitory orders</a> when other investment sectors remained shut, allowing big and small investors to trade from home with the online trading system flourishing unabated.Bank interest rates also fell as the investment sector shrunk during the closures. As demand for credit in other sectors began to decline, banks also increased their investments in equity securities. As a result, the stock market traded at a record high with a turnover of Rs19.55 billion and Rs21.64 billion on 14 May and 15 July respectively.However, since then with the reopening of other sectors, the demand for bank loans has increased. There are indications that the lack of investment capital will be repeated. As such, banks are preparing to raise interest rates.The share market’s decline has been particularly concerning over the last week, falling from 3044 points to 2817 in five days. This has resulted in a loss of Rs1.5 trillion, down to Rs39.44 trillion on Sunday from last week’s Rs40.89 trillion.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110141148/636d01249c7e80680e0a3615jpeg.jpg" alt="" width="623" height="351"><figcaption></figcaption></figure>Sunday’s fallout also prompted the Capital Market Reform Struggle Committee, led by investor Ram Krishna Dhakal, to demand the resignation of NRB governor Maha Prasad Adhikari for activities that have negatively influenced the share market.The committee has put forward 15-point demands including the limit of Rs120 million on margin loans brought by the central bank through monitory policy to be scrapped, the cap on dividends distributed by microfinance companies to be removed and the provisioning be modified.As per the NRB’s new stricter monetary policy, banks and financial institutions are allowed to give a maximum loan of Rs40 million to an individual or institution on the security of shares. Similarly, an investor can take a loan of only Rs120 million by pledging shares.Read also: <a href="https://www.nepalitimes.com/latest/instability-to-cost-nepal-dear-in-2021/" target="_blank" rel="noopener noreferrer">Instability to cost Nepal dear in 2021</a>, Ramesh KumarThe NRB didn’t only tighten its monetary policy, but all subordinate banks were also placed under strict restrictions, effectively banning them from share trading.To be clear, the NRB’s austere policies have caused the market correction by dislodging the confidence of large and institutionalised share traders, says share market analyst Mukti Aryal.The <a href="https://www.nepalitimes.com/here-now/insider-trading-taints-nepal-capital-market/" target="_blank" rel="noopener noreferrer">Sarbottam Cement share scandal</a>, in which Nepal Securities Board Chairperson Bhishma Raj Dhungana and Nepse CEO Chandra Singh Saud engaged in insider trading on IPOs, had recently dented confidence in the fledgling stock market.But the only way forward is for the NRB to examine its restrictive policies, adds Aryal: “The tightening of stock pledges is the chief reason for the market’s decline. Pledging one’s own assets as securities for trading should not be restricted.”However, instead of agitating against the regulatory bodies, investors themselves must adopt careful share-trading practices, says a share broker, adding that it is natural for the market to fall after being propped up by companies that very recently had bad portfolios.“If investors had invested in companies with solid portfolios, none of this would be happening,” he says. “Instead of investing smartly in profitable companies, investors hedged their bets on hydropower projects, development banks and finance, following the market rumours rather than prudent investment.”Translated by Kaustubh Dhital from the <a href="https://www.himalkhabar.com/news/125732?fbclid=IwAR1n22ltLRWRA6Yi8Lg23aGzl8ZLzgKvIlBx_UTy1R_3m9GZlgogZ9Y4F80" target="_blank" rel="noopener noreferrer">Nepali language original</a> in Himal Khabar.

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Inside Nepal’s biggest stock market tumble

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109141112/636ba76b9c7e80680e073781jpeg.jpg" alt="" width="1500" height="1000"/><figcaption>Photo: AJAYA UPADHAYAYA</figcaption></figure>As serious as the rapid spread in Nepal of the novel coronavirus looks, even more frightening is what the lockdown meant to prevent it will do to the <a href="https://www.nepalitimes.com/here-now/nepals-economy-already-weak-takes-direct-hit/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/here-now/nepals-economy-already-weak-takes-direct-hit/&amp;source=gmail&amp;ust=1598352647267000&amp;usg=AFQjCNHMB3uRxLtXPB1J9V0PQdJF-f6E6w">country’s economy</a>. The health impact of the virus may pale in comparison to <a href="https://www.nepalitimes.com/latest/nepal-plans-to-revive-economy-hit-by-covid-19/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/nepal-plans-to-revive-economy-hit-by-covid-19/&amp;source=gmail&amp;ust=1598352647267000&amp;usg=AFQjCNHZ73Q3ug57-h3IKB7NUBfuqD8LyQ">long-term damage</a> to the country from a prolonged lockdown that enters its sixth month today.It is difficult to make predictions on how Nepal’s economy will fare till the end of the year because that will depend on how the virus behaves. But all indications are of that SARS-CoV-2 is here to stay, and that it will resurface with added virulence in winter.On 21 July when Finance Minister Yubaraj Khatiwada triumphantly announced that the pandemic in Nepal had peaked, and the <a href="https://www.nepalitimes.com/latest/nepal-ends-covid-19-lockdown/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/nepal-ends-covid-19-lockdown/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNEfmOWpPyfs0PHIzdD4yHmecUC6hg">lockdown had been lifted</a>, traders, businesses and industries were cautiously optimistic. But since then there has been a surge, with cases and fatalities more than doubling in the past three weeks.Aside from essential food and other items, business transactions are down by more than half since 24 March when the restrictions were first announced. Even when the lockdown was eased last month, the people’s purchasing capacity had gone down and businesses did not really pick up.The Rastra Bank estimates that it will take at least nine months after the lockdown is fully lifted for the economy to come back to previous levels. This means Nepal is not going to see a recovery this fiscal year. The central bank says 22.5% of those employed in the country have lost their jobs in the past five months of lockdown.The central bank expects Nepal’s economic growth rate to plunge from 6.9% last year to less than 1% this year. But the World Bank is even more pessimistic, it says the growth rate may even go into negative 2.8% if the crisis continues.“Everything is at a complete standstill, there are no transactions taking place except people buying food from day to day,” says Shekhar Golchha of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI). “The question is how long before businesses run out of cash to pay salaries, and families run out of savings.”Factories along the Itahari-Biratnagar and Simara-Birganj corridors have been hardest hit not just by the plunge in demand but because workers who had returned from India after 21 July started falling sick.One of those hit was Jagadamba Steels, whose Sahil Agrawal says: “The sale of steel rods had picked up somewhat after the lockdown was lifted, but after workers tested positive, the local administration closed the factories. Now, with the lockdown everything is closed.”Even worse hit is the tourism and <a href="https://www.nepalitimes.com/latest/domestic-flights-need-to-resume-so-the-economy-can-take-off/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/domestic-flights-need-to-resume-so-the-economy-can-take-off/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNHQz5xiYmnvrrNu2XXeOqvI6eqyXQ">aviation sector</a> where revenue is zero for the past five months. Banks had given loans worth Rs1.1 trillion for hotels and restaurants, and had lent Rs40 billion to the transport sector. They are not in a position to replay even the interest, let alone the capital.Imports are down 20%, from Rs1.7 trillion in the first half of last year compared to only Rs85 billion in the same period this year. That should be good news, but it means the <a href="https://www.nepalitimes.com/latest/nepal-unveils-covid-19-budget/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/nepal-unveils-covid-19-budget/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNEHmYyroAVpq5ZVmt1E9zdYH6duUQ">government’s tax revenue</a> has gone down by more than half.The middle class has been hit hardest with incomes falling. Of the 923,000 registered businesses in Nepal, nearly all are small and medium enterprises employing less than ten people. As a result, house and property transactions have gone down by half last month compared to the same period in 2019.“Except for mobile phones, motorcycles, fast moving consumer goods, nothing else is moving,” says Golchha. “Even when they do shop consumers are buying cheaper items, which is an indicator of a drastic fall in income.”Even the sale of alcohol products are down by up to 80%. Bhat Bhateni Supermarket’s Panu Poudel says turnover in the nationwide chain had picked up after 21 July, but was still down by a third, but now it is back to zero again.But the real barometer of just how bad the crisis is can be felt in the banking sector where on the one hand liquidity is overflowing because of reduction in loan disbursement, but collection has also shrunk because of defaults. The print editions of the Nepali language press in the past month are full of bank notices for auctions of collateral property. However, even if the property is up for auction, they may be no buyers.In the whole of July-August the banks collected Rs34 trillion in loan repayments, but they lent only Rs28 billion. “The reason is that it is difficult enough just to survive for businesses, and they are in no position to take a loan to invest,” says businessman Pashupati Murarka.The government had told borrowers they had a grace period till December to repay bank loans without being put on the defaulters’ black list, but it is looking like even that is being optimistic.One ray of hope for businesses was that public spending would increase in the run up to Dasain, which this year falls at the end of October. But most businessmen have given up on a Dasain-Tihar revival this year. Car sales used to go up at this time, but the Nepal Automobile Dealers’ Association has cancelled its annual auto show, and its chair Krishna Dulal says: “This year we are just trying to get by, there is no hope for sales.”With revenue down, the government will be forced to borrow. But the state borrowing already makes up 37% equivalent of the GDP, and it could go up to 51% by the end of this fiscal year. Economist Govinda Bahadur Thapa says the government may run out of money if the current trend continues. He says: “We have brought the economy to a standstill to save lives, but we need to save the economy as well. It is a very difficult balance.”Former finance secretary Rameshore Khanal is not as pessimistic. Although he does not discount the seriousness of the crisis, he thinks what could save Nepal is that it is still largely a subsistence economy and families have coping mechanisms to get by in times of extreme hardships. For example, <a href="https://www.nepalitimes.com/latest/cash-flow-crisis-for-migrants-and-families/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/cash-flow-crisis-for-migrants-and-families/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNEYYoLn_p_-ES3VLLcSEZMh_J0QPQ">remittances from Nepalis working overseas</a> have not gone down despite predictions it would drop drastically.He says the <a href="https://www.nepalitimes.com/latest/ways-nepal-can-rebound-from-covid-19/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/ways-nepal-can-rebound-from-covid-19/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNH425REk3c_X8wnX5A6WbreQBdGKw">crisis also presents opportunities</a> for the government. “We can have a pro-active policy to channel unemployed Nepalis to the jobs 1.5 million Indian workers used to do before they went home, and this would be the time to flood the market with liquidity in order to inject cash and raise purchasing power.”Read also: <a href="https://www.nepalitimes.com/latest/ways-nepal-can-rebound-from-covid-19/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/ways-nepal-can-rebound-from-covid-19/&amp;source=gmail&amp;ust=1598352647268000&amp;usg=AFQjCNH425REk3c_X8wnX5A6WbreQBdGKw">Ways Nepal can rebound from Covid-19</a>, Bikash Pandey

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Economic cost of 5 months of Nepal lockdown

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171152/636937c29c7e80680e03fe5ajpeg.jpg" alt="" width="700" height="793"/>After ten years of blood and 12 years of trying to come to terms with why it was shed, Nepalis had great hopes for 2018.Last year this time, there was a sense of achievement and optimism. The first <a href="https://archive.nepalitimes.com/article/editorial/the-election-fever-federal-and-parliamentary-election,3982" target="_blank" rel="noopener">elections for three levels of government</a> under the new Federal Constitution had been held. The UML <a href="https://archive.nepalitimes.com/article/nation/show-stopper-headline,4101" target="_blank" rel="noopener">Maoist alliance swept the elections</a>, and the expected unification of the two <a href="http://archive.nepalitimes.com/article/nation/a-two-party-state,3968" target="_blank" rel="noopener">parties</a> was supposed to mark the end of unstable coalition politics, and finally deliver development. We had a straight-shooting <a href="https://www.nepalitimes.com/opinion/oli-here-for-good/" target="_blank" rel="noopener">can-do prime minister</a>, who despite failing health, had shown gumption and promise during campaigning.One year later, much of the <a href="https://www.nepalitimes.com/banner/let-a-thousand-flowers-bloom/" target="_blank" rel="noopener">euphoria has evaporated</a>. The past year has been one of missed opportunities, miscues, inaction and blatant blunders. Two months after the election results became clear, the lameduck Nepali Congress prime minister finally stepped down and the two communist alpha males K P Oli and Pushpa Kamal Dahal decided to <a href="https://www.nepalitimes.com/here-now/one-body-two-heads/" target="_blank" rel="noopener">co-chair their united party</a>, and rotate the prime ministership.Formal party unification took another month. Still, there was hope that Oli would hit the ground running, even if it was through showcase development, cleaning up the roads of the capital and launching major projects.Alas. It may have been unrealistic of us to expect the same septuagenarians from the same parties to suddenly govern with accountability and efficiency. The Nepali people did not expect much, so they were not surprised to see no improvement in their lives. The roads were still dug up, the <a href="http://archive.nepalitimes.com/article/nation/public-transport-syndicate,3531" target="_blank" rel="noopener">bus syndicates</a> that Home Minister Ram Bahadur Thapa promised to eradicate were still around, tanker operators were still striking for the right to steal oil, the culprits who absconded with 33 kg of smuggled gold were never caught, nor those responsible for the <a href="https://www.nepalitimes.com/banner/justice-for-sale/" target="_blank" rel="noopener">rape-murder of Nirmala Panta in Kanchanpur</a>.There were some bright spots, and these were mostly in sectors led by efficient and relatively young former UML ministers in the Cabinet like <a href="https://www.nepalitimes.com/banner/does-nepal-need-a-4th-international-airport/" target="_blank" rel="noopener">Rabindra Adhikari</a> (Tourism), <a href="https://www.nepalitimes.com/here-now/win-win-migration/" target="_blank" rel="noopener">Gokarna Bista</a> (Labour) or <a href="https://www.nepalitimes.com/banner/calendar-of-economic-change/" target="_blank" rel="noopener">Yubaraj Khatiwada</a> (Finance). But even they are finding it difficult within their ministries to get the wheels of government to turn.The rent-seeking state is so habituated to extortion and extraction that Bista has run into a wall in implementing his ground-breaking accord with the new regime in Malaysia to remove <a href="https://www.nepalitimes.com/banner/kleptocrats-of-kathmandu-and-kualalampur/" target="_blank" rel="noopener">exploitation and costs for Nepali migrant workers</a>. Adhikari, despite all his efforts, cannot go beyond cosmetic improvements at Kathmandu airport. Khatiwada’s valiant efforts at fiscal discipline and capital spending are not yielding results, and this has resulted in a <a href="https://www.nepalitimes.com/opinion/banking-on-a-course-correction/" target="_blank" rel="noopener">liquidity crisis that threatens the banking sector</a>.If that is how honest politicians are prevented from delivering, one can imagine what is happening in the ones led by corrupt and ruthless ministers lining their pockets as if there was no tomorrow. The sordid list of impunity and abuse of authority is long and makes for thoroughly depressing reading every morning: ambassadors on the take from traffickers, justices who hurriedly clear criminals ahead of their imminent retirement, absconding multiple-murderers appearing on stage with the CDO and police, and a ministerial secretary demanding a Rs250 million bribe to release funds for the much-delayed Melamchi water project.What is worse is that the public is now so cynical about officials plundering the state that these investigative reports do not even raise eyebrows anymore. Media exposes cause a brief flutter before society shrugs, and moves on.We hoped to be able to wish our readers a happy new year 2019. But Nepal and Nepalis will probably just muddle through another 52 weeks.

A year wasted

In the black and white photograph, General Wangdu smiles broadly in front of the dusty cactus garden in Kathmandu’s Annapurna Hotel. With an ill-fitting jacket and shaggy hair he looks benign enough, but this was the last leader of the Tibetan freedom fighters who led the resistance against the Chinese from their remote mountain hideouts in <a href="https://nepalitimes.com/here-now/comings-and-goings-in-mustang">Mustang</a>. Five months later, Wangdu was dead. Snapped in March 1974, I had only recently arrived in Nepal. How did I meet this legendary fighter? Possibly with his devoted camp follower, Lynne Klapecki, and probably in the Om Restaurant near Freak Street which was the preferred <a href="https://nepalitimes.com/banner/hippie-trail-nostalgia-in-kathmandu">hippie hang-out</a>. Om Lobsang and his brother Yeshe were <a href="https://archive.nepalitimes.com/page/earthquake-brings-back-memories-of-camps-for-tibetan-refugees">refugees from East Tibet </a>whose cafe offered a friendly welcome and<a href="https://nepalitimes.com/multimedia/momo-loco"> the best momos</a> - they became my in-laws after I married their eldest brother Tenzin, but that was a decade later.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_4573b34282b0f5395c007243d6bef12c7ba76bfd520419e994cdcea048d795a1.jpg" data-media-id="editor_4" data-image-id="2025052403054_4573b34282b0f5395c007243d6bef12c7ba76bfd520419e994cdcea048d795a1" data-rendition-name="original" width="1000" height="1583" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>Photo: LISA CHOEGYAL</figcaption> </figure>  Wangdu’s English was enthusiastically rudimentary, but even riding around town with him on the back of an aging <a href="https://nepalitimes.com/here-now/kathmandu-s-new-motorbike-museum">motorbike</a>, he was a commanding presence. Always flanked by armed outriders, impressive scars marked his forearms and a pistol hung from the cord around his neck. A charismatic guerrilla leader, Wangdu was celebrated by his followers for his tough commitment and respected for his measured pragmatism. He seemed so young to have shouldered such a responsibility of command, leading hundreds of hardened <a href="https://archive.nepalitimes.com/article/nation/50-years-after-the%20raid-into-Tibet,1012#google_vignette">Khampa combatants </a>through what had been a particularly <a href="https://nepalitimes.com/news/heavy-snowfall-over-nepal-himalaya">brutal winter in Mustang</a>, the last bastion to hold out against the Chinese invasion of their Tibetan homeland.&nbsp; The freedom fighters of Tibet, known as the Chushi-Gangdruk, had emerged to resist the <a href="https://nepalitimes.com/editorial/territorialism">Chinese takeover</a> of Tibet during the 1950s. Estimated to be 80,000-strong at the time of <a href="https://nepalitimes.com/here-now/what-or-who-after-the-dalai-lama">the Dalai Lama</a>’s final escape to India in 1959, the sheer number of Chinese deployed into Tibet eventually forced the Chushi-Gangdruk to retreat to Mustang, From this high Himalayan stronghold, they continued cross-border raids on the Chinese People’s Liberation Army (PLA) throughout the 1960s.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_8a4a935ba25ae79dc3a63bb5c14626927020e5ec098093c45ccb9a5982e009fd.jpg" data-media-id="editor_10" data-image-id="2025052403054_8a4a935ba25ae79dc3a63bb5c14626927020e5ec098093c45ccb9a5982e009fd" data-rendition-name="original" width="1114" height="676" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>Guerrillas known as the Chushi-Gangdruk emerged to resist the Chinese annexation of Tibet during the 1950s. Photo courtesy: MIKEL DUNHAM</figcaption> </figure>  Their Kathmandu base was a small discreet lodge in a back lane near Rani Pokhari. Sipping sweet tea from a blue mug with a chipped lid, I sat bemused in a corner of the Mustang Hotel room whilst Wangdu and his cohorts received a battered brown suitcase from their CIA connection, a tousle-haired American in a leather jacket. Heaved onto the dingy bedspread that covered the thin mattress, it was clicked open to reveal piles of neatly stacked dollar bills.&nbsp; I cannot think why Wangdu allowed me to witness this handover but I was clearly no threat, a newly arrived world traveller with no understanding of the stakes nor any Nepali or <a href="https://nepalitimes.com/multimedia/tibetan-music-in-nepals-sacred-valley">Tibetan language</a>. Despite armed guards in the corridor,Wangdu radiated confidence and bravado, and there was a practiced familiarity to the tense transaction. This deadly dance for many years had been funded by the Americans, tolerated by <a href="https://nepalitimes.com/here-now/the-kingdom-within-a-republic">Mustang’s residents</a>, and permitted by King Mahendra and the Nepali authorities who it suited to turn a blind eye.&nbsp; But Mahendra died in 1972, and times were changing. Richard Nixon’s ping-pong diplomacy thawed the cold war and signalled a fresh entente with China. Nepal’s yet-to-be-crowned <a href="https://nepalitimes.com/here-now/if-birendra-was-alive-nepal-could-still-be-a-monarchy">King Birendra </a>was under pressure to curb the irritating incursions against the PLA launched from the Nepali territory of Mustang. Keen to appease his northern neighbour, on several occasions the King summoned Wangdu for peace talks but, despite increasingly overwhelming odds, Wangdu refused to surrender.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_a8efd5cfb92cd997bd7cb74296a936fef46e2f7428f9cd642b03f1ac4ea11ecb.jpg" data-media-id="editor_14" data-image-id="2025052403054_a8efd5cfb92cd997bd7cb74296a936fef46e2f7428f9cd642b03f1ac4ea11ecb" data-rendition-name="original" width="1055" height="885" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>General Wangdu flanked by two Tibetan resistance fighters in Mustang in the 1970s. Photo courtesy: MIKEL DUNHAM</figcaption> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_75969125a745847a2ef82b6fe8b9106c0b21a116d85b8efdf5d2ee89a347bb31.jpg" data-media-id="editor_15" data-image-id="2025052403054_75969125a745847a2ef82b6fe8b9106c0b21a116d85b8efdf5d2ee89a347bb31" data-rendition-name="original" width="1044" height="792" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>King Birendra with General Wangdu (right in dark glasses) taken in 1974 possibly in Mustang after one of their few attempts at negotiation. Photo courtesy: RAJRNDRA KUNWAR</figcaption> </figure>  While I naively rode pillion around Kathmandu in the spring sunshine, Wangdu was in the midst of what turned out to be his final round of negotiations with the Nepal government. Refusing to cease hostilities with the Chinese, Wangdu must have suspected the cost of his decision, making his cheerful smile in the photograph all the more poignant and brave. It was only much later that I appreciated the significance of the moment. Wangdu had been sent to replace the first resistance leader in Mustang, Baba Gen Yeshe, a much derided corrupt character who stole money meant for his troops and exploited fleeing refugees by seizing their treasures. Baba Gen Yeshe never forgave Wangdu,and sought revenge in May 1974 by betraying him and his commanders to the Nepal authorities. Renewed Chinese incursions from the north, active PLA collusion with the Nepali forces under the new King, and treachery from within the Chushi-Gangdrukranks combined to seal their fate.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_e0987a7c90d76431b0d7d5e6115ebfe3dbda7ab939e5941e079c18d722e884c0.jpg" data-media-id="editor_16" data-image-id="2025052403054_e0987a7c90d76431b0d7d5e6115ebfe3dbda7ab939e5941e079c18d722e884c0" data-rendition-name="original" width="1400" height="769" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>British television journalists George Patterson and Adrian Cowell embedded themselves with Khampa guerrillas and accompanied them from Tsum Valley on a cross border raid on a Chinese Army convoy in 1964. Photo: ESSAYS ON NEPAL / SAM COWAN</figcaption> </figure>  Mikel Dunham, renowned author of Buddha’s Warriors, writes: ‘It is possible that Wangdu was waiting for some cue from the Dalai Lama’s government-in-exile in Dharamsala, India. It is equally possible – during that last, <a href="https://nepalitimes.com/multimedia/the-human-cost-of-nepal-s-yarsa-gold-rush?fbclid=IwZXh0bgNhZW0CMTEAAR31-Cqw8oyIwMPzf_35e4Skr0ululJvLf3_vDkzHn-AYG2h8uPw2rqqErg_aem_tGVn5coY1-jA7fze_xqhew">desolate winter </a>– that he made the decision to go out in glory rather than admit defeat. Over the last fifteen years, Wangdu had experienced Tibet’s organized resistance being squeezed and shoved around by every conceivable outside force.&nbsp; First they had been pushed out of their own country by the PLA; then they had been refused sanction while on <a href="https://nepalitimes.com/opinion/borderlines/nepal-india-trans-boundary-bonds?fbclid=IwAR0PpJ5zUEbwdug3g_U3ar6FUugngRY0S8Tl2v_7wqzrsHmXWcXsKjvL4t4">Indian soil</a>; then they were abandoned by the Americans because, apparently, Nixon wanted to make friends with Wangdu’s mortal enemies, the communists; then they had been betrayed by the vampiric Baba Gen Yeshe – a Tibetan and, even worse, a fellow Khampa; and now, finally Wangdu’s army was being evicted by the Nepalis. One thing was certain: Wangdu was a warrior. To imagine Wangdu simply giving up and settling down in the pacific squalor of a <a href="https://nepalitimes.com/here-now/elderly-left-in-bhutan-refugee-camp">refugee camp </a>was unthinkable.’  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_8fc1ffef4ae751628b90ae781b66e11e51e4fdde2787207c9042efbee345ce49.jpg" data-media-id="editor_20" data-image-id="2025052403054_8fc1ffef4ae751628b90ae781b66e11e51e4fdde2787207c9042efbee345ce49" data-rendition-name="original" width="500" height="746" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>The much derided Baba Gen Yeshe, the first Tibetan resistance leader in Mustang, who betrayed Wangdu for personal gain. Photo courtesy: MIKEL DUNHAM</figcaption> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025052403054_b1d833cdb00d3ac4416b844d8730475cd88c238caaaf8da69889a584eea229a3.jpg" data-media-id="editor_21" data-image-id="2025052403054_b1d833cdb00d3ac4416b844d8730475cd88c238caaaf8da69889a584eea229a3" data-rendition-name="original" width="500" height="656" loading="lazy" alt="The last days of the Khampa NT"> <figcaption>Aditya SJB Rana of the Royal Nepal Army whose team ambushed Wangdu and his cohorts at the top of Tinker Pass in Darchula, West Nepal. Photo courtesy: GAUTAM SJB RANA</figcaption> </figure>  By August 1974 the game was up. Wangdu and six of his exhausted party were killed on their horses by <a href="https://archive.nepalitimes.com/news.php?id=7270">the Royal Nepal Army</a> on the brink of escape. The officer in charge, Aditya SJB Rana, cleverly predicted their route into India after they failed to silence a police radio in Yari. A carefully laid ambush trapped them near the summit of the Tinker Pass in Darchula,at 5,000 meters the highest military operation of its time. Wangdu’s body was helicoptered to Kathmandu, and a big show made of the royal Nepal victory.&nbsp; The Tibetan armed insurgency against China had reached its end.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250524030520_3ff9c6fc85a65bc9a2c3afe9736d9f5f9413de752e790a5d9dca0981ea94f9b4.jpg" data-media-id="editor_23" data-image-id="20250524030520_3ff9c6fc85a65bc9a2c3afe9736d9f5f9413de752e790a5d9dca0981ea94f9b4" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="The last days of the Khampa NT"> </figure>

The Last Days of the Khampa

Starting 17 September Turkish Airlines will fly daily to Seville, one of Spain’s major tourist draws. This is Turkish’s sixth destination in Spain after Madrid, Barcelona, Valencia, Malaga, and Bilbao. Seville is in the Andalusia region on Spain’s south coast with a rich Moor history. There are approximately 30,000 Nepalis living in Spain.&nbsp;

Turkish to Seville

The newly-formed Himalayan Art Council is set to launch Nepal’s National Art Protection Platform that seeks to preserve <a href="https://nepalitimes.com/banner/the-history-of-heritage">Nepal’s unique cultural heritage </a>using<a href="https://nepalitimes.com/here-now/artificial-censorship"> AI-powered tools</a>. The Council seeks to safeguard <a href="https://nepalitimes.com/banner/nepali-art-going-places">Nepali art works</a> from neglect, theft and counterfeiting as well as preserve existing artwork and celebrate living masters by giving them a cultural space to continue the <a href="https://nepalitimes.com/banner/sacred-survival">sacred art traditions</a>. "We are introducing a new digital platform designed to preserve, verify and elevate <a href="https://nepalitimes.com/banner/nepals-new-generation-of-alternative-artists">Nepal’s art for generations to come,</a>” says a statement from the Council, adding that the digital platform will use AI told for authentication and blockchain to keep track of works of art. Artists can now be protected by <a href="https://nepalitimes.com/multimedia/ayo-ai?fbclid=IwAR1uwmTVq4gUB70ljfRezjzukD9ArWXPuMnUikopeQ8PoiZMjicToPSwhKE&amp;=1">AI tools</a> that detect forgeries, identify their work even when unsigned, and ensure they receive proper recognition and credit. The archives will be searchable with translated inscription and interactive guides. Says curator Meena Lama: “AI and blockchains are tools that give us the power to detect fakes and identify unsigned paintings and track every piece. With these tools we can restore trust, secure authorship and give artists the dignity they deserve.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250514170544_2ab58f6313c0458f75114a692b0016bd9efb3b59d5f8f07f0da72e1e37b82f53.jpg" data-media-id="editor_6" data-image-id="20250514170544_2ab58f6313c0458f75114a692b0016bd9efb3b59d5f8f07f0da72e1e37b82f53" data-rendition-name="original" width="1300" height="1000" loading="lazy" alt="Artwork at the Traditional Art Exhibition at Patan Museum."> <figcaption>Artwork at the Traditional Art Exhibition at Patan Museum.</figcaption> </figure>  The Council is also holding an exhibition of Nepali cultural masterpieces with 50 historical <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/Buzz-the-art,671">thangka and paubha </a>by past masters and <a href="https://nepalitimes.com/review/between-the-sacred-and-everyday">contemporary works by current artists</a>. This curated collection is a living tribute to <a href="https://nepalitimes.com/here-now/when-yaks-go-so-does-culture">Himalayan culture</a> with economic depictions of deities, mandala and sacred narratives. The exhibition at <a href="https://nepalitimes.com/multimedia/a-portal-into-patan-s-past-and-present">Patan Museum</a> also provides an opportunity to meet painters and custodians of art and culture. Read also: <a href="https://nepalitimes.com/review/golden-deities">Golden deities</a>, Sewa Bhattarai ‘The exhibition is only the first step in a long journey to ensure that Nepali art is no just seen but fully understood, <a href="https://archive.nepalitimes.com/article/nation/Narratives-of-Faith-and-Memory-Remembering-the-Lost-Sculptures-of-Kathmandu-exhibition,987">protected and remembered</a>,’ the Council says. Artist Kailash K Shrestha of Artudio has spent decades promoting thankha and paubha traditions because of their beauty and devotional meaning. But he also says artists are underpaid, exploited and ignored. He adds, “AI and blockchain are not just buzzwords, they are powerful tools that can protect Nepal’s artists from fraud, verify authenticity and build a permanent record of provenance.” Traditional Art Exhibition Till 17 May Patan Museum

Digital protection for Nepal’s art

<a href="https://www.instagram.com/prabalgurung/" target="_blank">Prabal Gurung</a> left Nepal for New York in 1999 to escape years of bullying, sexism and homophobia, and to pursue his dream of becoming a fashion designer. He <a href="https://www.youtube.com/watch?v=KqN0VaoAI5w" target="_blank">realised his dream</a>, but did not escape discrimination and racism in the new world. Propelled by passion for fashion, Gurung overcame everything America threw at him. He has attained <a href="https://www.vanityfair.com/style/story/prabal-gurung-recalls-his-first-met-gala-when-zoe-saldana-was-at-his-side?srsltid=AfmBOooy-H0oGgxMit864FnW_Pmw8mUnV8rYrh-co-f6OyYK6m2ip5hP" target="_blank">fame and recognition</a> for his haute couture dress designs while remaining true to his Nepali roots, and is even more resolute in <a href="https://www.youtube.com/watch?v=dSmNauyzACk" target="_blank">fighting prejudice</a> in all its forms. Prabal Gurung’s newly-released memoir <a href="https://www.amazon.com/Audible-Walk-Like-Girl-Memoir/dp/B0DG11HCDQ?fbclid=IwY2xjawKZfpxleHRuA2FlbQIxMQABHuZcIJO2OXyXcRm1oq1iG6wzeoF7VJFrQ7GXOFI0YxuZZ4id_CNvSZSZZIna_aem_pG_mOKG73RTnYvN8JaC4fA">Walk Like a Girl</a> is a saga of harrowing abuse in boarding schools in Nepal and India, only finding himself facing a different kind of bullying in the US. He prevails over it all to be where he is today: an award-winning American fashion designer with his own label. Walk Like a Girl was launched last week in New York at a time when everything Gurung fought for — tolerance, inclusion and diversity — are in retreat in his adopted country because of a president who has espoused a culture of bullying. The book is a searing, raw exposé of how cruel and abusive people can be even at a young age in school. On the other hand, it also shows that there are generous, compassionate and open-minded souls out there. In his book, <a href="https://www.youtube.com/watch?v=K4le_uWX7YE">Prabal Gurung</a> calls out those who tormented and tried to hold him back (some of their names have been altered). The moral of his story is: resist, never stop believing in yourself, do not let others define you, never lose sight of your dream, and help those who have been kept out. “Walk like a girl” was a slur used by bullies back in school in Nepal and India for Gurung’s effeminate ways. He fought back then, and he is still resisting by turning those words into something to be proud of.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250519170544_4ffc9c3f565dd2cfa754d10b224816897b82bb31ebaee91b6d79d469fc96f14e.jpg" data-media-id="editor_6" data-image-id="20250519170544_4ffc9c3f565dd2cfa754d10b224816897b82bb31ebaee91b6d79d469fc96f14e" data-rendition-name="original" width="1000" height="1253" loading="lazy" alt="Prabal Gurung NT"> <figcaption>Prabal Gurung at home in Kathmandu in the 1990s.</figcaption> </figure>  “Living through it all was one thing, but writing about it is one of the hardest things I have done in my life,” admitted Gurung during the launch. “I broke down constantly during the six-year writing process.” He continues: “I did not want this to be a victim’s book. I did not want to burden my readers with my emotions. I wanted my struggle to be an inspiration for others facing what I faced. I am grateful to those who bullied me in school, they made me a stronger person ready to face the world.” Indeed, this book is a departure from his earlier one titled simply, Prabal Gurung (Abrams, 2019), which was a lush pictorial autobiography of his career in fashion. Walk Like a Girl is not a typical fashion book, it is an intimate tale of <a href="https://archive.nepalitimes.com/news.php?id=16997">Gurung’s travails and triumphs</a>, and how he willed himself to succeed. Prabal pays a lavish tribute to his mother Durga Rana. We find out she is a descendant of the first wife of the eldest son of Jang Bahadur Rana who was banished to Palpa in the late 19th century. Prabal’s father served in the Singapore Police and that is where he was born before the family returned to Nepal when he was four. Gurung relates with brutal honesty about the violence his mother endured from his father. Durga raises three children as a single mother in Nepal, and Prabal credits her for his fierce determination to resist patriarchy and injustice, which in time manifests itself in his hyper-feminine and subversive dress designs. Writing the book has been a cathartic experience for Gurung, who says he is now relieved of the burdens of his past. It no longer haunts him, and he does not have to prove anything to anyone anymore. Walk Like a Girl has life lessons not just for the <a href="https://www.instagram.com/p/DJmOcSgxdWz/" target="_blank">fashion industry</a>, but for every other profession. How can my job serve a greater cause? Gurung tells us his work is <a href="https://asiasociety.org/blog/asia/why-designer-prabal-gurung-doesnt-want-just-stick-fashion" target="_blank">bigger than just making clothes</a>, it is about making the world a better place because it could do with a lot of improvement.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250519170544_d75296ad8bfdc00d88935f40d23543c6fea3d4d6a10e61a99d6cfc6127f2ee5b.png" data-media-id="editor_10" data-image-id="20250519170544_d75296ad8bfdc00d88935f40d23543c6fea3d4d6a10e61a99d6cfc6127f2ee5b" data-rendition-name="original" width="1516" height="1000" loading="lazy" alt="Prabal Gurung"> </figure>  This story of chasing the American dream may sound familiar to many immigrants: knocking on doors for jobs, rejections, trying to survive from day to day on expensive rent, and dealing with subtle racism in white America. Gurung finds racism is rife, and he is often mockingly called ‘gaysian’. He writes: ‘There was a strong hypocrisy — this idea of independence felt like a marketting ruse … and for all the talk of feminism in America, these high society women were trapped by the patriarchy just like in Nepal and India.’ After a trek to the Khumbu region in 2013, Gurung is inspired to use the colours, palette and textures of Nepal for his collection exhibited on Manhattan’s 8th Avenue. A major buyer tells him bluntly: “Stick to making pretty dresses … if I need to see a collection like this, I could buy a copy of National Geographic.” The New York Times was equally dismissive: ‘The designer tries to draw connections between blistered techo-fabric used to construct it and the topography of his homeland, Nepal. But, at the moment, he has lost his map.’ One potential investor tells Gurung he cannot design for Americana because “you do not look American”. Gurung wants to use expletives, but restrains himself. After a fundraiser in New York for the Nepal earthquake in 2015, some belittled his effort, saying: “Here comes the saviour."&nbsp; Read also: <a href="https://nepalitimes.com/review/prabal-gurung-by-prabal-gurung">Prabal Gurung by Prabal Gurung</a>, Kunda Dixit The Gurkha DNA must be dominant in Prabal Gurung’s genes because he does not take such mistreatment lying down. When asked by a fashion publicist why he was designing clothes for fat people, he snaps back: “Because of people like you.” He joins the Black Lives Matter and #MeToo movements, launches the Shikshya Foundation charity in Nepal, and has powerful allies among celebrities who wear clothes he designed: Michelle Obama, Oprah Winfrey, Sara Jessica Parker, Kamala Harris, Deepika Padukone … it is a long list.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250519150556_48a5f4211991a23fa85b64bbd5377575ca7081d97309d7542035591dda5180fe.png" data-media-id="editor_12" data-image-id="20250519150556_48a5f4211991a23fa85b64bbd5377575ca7081d97309d7542035591dda5180fe" data-rendition-name="original" width="1114" height="1534" loading="lazy" alt="Being Prabal Gurung by design"> <figcaption>Nigerian novelist Chimamanda Ngozi Adichie wearing Atelier Prabal Gurung’s design for Met Gala 2025 in which the theme was ‘Superfine: Tailoring Black Style’. </figcaption> </figure>  “I don’t dress women to look beautiful, they already are,” Gurung says. “I try to bring out their innate strength and grace.” <a href="https://www.instagram.com/stories/highlights/17908766880140171/" target="_blank">Admirers</a> tell Gurung he makes it all look so easy, but he used to put up a strong facade to not show his own vulnerabilities in public. “I was closed because of my childhood experiences,” he says. “I was always on guard to defend myself because I never knew where the next punch would come from.” But in <a href="https://www.youtube.com/watch?v=PPVepzPA210" target="_blank">Walk Like a Girl,</a> Gurung comes to terms with his vulnerability, and bares his soul. It has not been easy, it took sustained will power and support from his mother, sister Kumudini and a circle of close friends. “I made unbelonging my power,” he says. “Nepal is where I still have my heart and soul. Nepal grounds you. It is where people go to find themselves. But I escaped.” Recently appointed vice-chair of the <a href="https://cfda.com/about-cfda" target="_blank">Council of American Fashion Designers</a>, Gurung says: “I can’t believe I am here, it feels like it is happening to someone else. Writing this book, the healing has finally begun.” <h2>‘Everything is better in color’</h2> The Met Gala was two weeks later, and my table was an example of everything I’d been fighting for all these years as my guests represented everything I believed in: dynamic, powerful, influential women who were unapologetically original and unabashedly graceful. I was grateful to Anna for inviting me to host and dress a table that reflected my ethos—and for her guidance in doing so. I was also aware of the privilege as one of the first-­ever Asian fashion designers—not just from Nepal, but from the entire continent— to get the opportunity to do so. That fact was not lost on me. I reached out beyond the expected Hollywood celebrities and well-­known socialites to curate a table of exceptional women who inspired me. I invited Deepika Padukone and Alia Bhatt for their first-­ever Met Galas, as well as Michelle Yeoh, Mindy Kaling, Camila Cabello, Ashley Park, Denée Benton, KiKi Layne, Quannah Chasinghorse, and Grace Elizabeth. Together we checked many boxes: Asian, Black, Latinx, and Indigenous, each woman undeniably chic and powerful, a dazzling array of skin tones and experiences that proved my decades‑in‑the-­making hypothesis: everything is better in color. Excerpt from Walk Like a Girl Viking © 2025 by Prabal Gurung  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250519170520_6b91d560e9f072c37d16876901058c073a51ffa05e7ad1b9461d19e1c9c28215.jpg" data-media-id="editor_16" data-image-id="20250519170520_6b91d560e9f072c37d16876901058c073a51ffa05e7ad1b9461d19e1c9c28215" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Prabal Gurung book details NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250519170520_345240c21be400e2ce2ec629b52bd82bb53890e5bd86fe95b48340d84b5f1748.jpg" data-media-id="editor_17" data-image-id="20250519170520_345240c21be400e2ce2ec629b52bd82bb53890e5bd86fe95b48340d84b5f1748" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Prabal Gurung book details NT"> </figure>  &nbsp;