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Nepal estimates millions in damages from September protests / Photo: © AFP/File
NYSE - LSE
Nepal estimates millions in damages from September protests
Nepal on Thursday estimated that the country suffered losses of about $586 million in September's deadly anti-corruption protests that ousted the government.
The youth-led demonstrations, initially triggered by anger over a brief government ban on social media, were fuelled by deeper frustration over economic hardship and corruption.
After a police crackdown killed young protestors, the riots spread and on the second day more than 2,500 structures were torched, looted or damaged.
The committee formed to assess the damage caused during the protest submitted its report to Prime Minister Sushila Karki on Thursday, the prime minister's secretariat said in a statement.
The report said that a total of 77 people died during the movement, 20 people on 8 September, 37 on the following day and another 20 later.
"In terms of total physical damage, the committee estimates the loss to be equivalent to 84 arab 45 crore 77 lakh rupees ($586 million)," the statement said.
The report said that damage to government and public buildings accounted for half of the amount.
The unrest spread nationwide on its the second day as parliament and government offices were set ablaze, resulting in the government's collapse.
Within days, 73-year-old former chief justice Sushila Karki was appointed interim prime minister to lead the Himalayan nation to elections on March 5, 2026.
Karki's cabinet formed the committee to assess the damage soon after.
The committee also submitted a reconstruction plan, estimating a need of $252 million.
Three months on from the September 8–9 protests, and with three months to go before elections, Nepal faces daunting challenges including rising unemployment and collapsing foreign investment.
Some of Nepal's largest companies -- major contributors to state revenue -- suffered heavy losses, including Bhat-Bhateni supermarkets, the Chaudhary Group conglomerate and the telecom provider Ncell.
In Pokhara, one of Nepal's key tourist hubs, Hotel Sarowar was set ablaze.
"The loss is immense," chairman Bharat Raj Pahari told AFP in an interview earlier this month. "It has directly affected 750 family members."
The World Bank in November revised its growth projections for Nepal, warning that due to the recent unrest and "heightened political and economic uncertainty, real GDP growth is projected to slow to 2.1 percent" in 2025, from an earlier forecast of 5.1 percent.
It also raised its poverty estimate to 6.6 percent of the population this financial year, up from 6.2 percent.
C.Noh--SG
