Nepal spends more on nationals studying abroad than on tourism earnings

By TIN Media | International Published 3 weeks ago on 7 February 2024
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NEPAL:

In the first half of the current fiscal year, 2023–24, Nepal spent about 50% more on funding students to study abroad than it did on revenue from foreign visitors.

According to data issued by the Nepal Rastra Bank, the South Asian nation paid as much as 443.9 million US dollars for Nepalis studying abroad by mid-January 2024, while foreign tourists spent 297.5 million dollars during the same period.

Nepal's main source of foreign exchange earnings is tourism.

The Department of Immigration reports that 108,542 Nepalis left the country in 2023 to pursue studies overseas. According to the Ministry of Education, Science, and Technology, 51,567 Nepalis were granted permission to study overseas during the first half of the current fiscal year.

As most students prefer higher education abroad, especially in wealthy nations, Nepal has been compelled to spend heavily on funding the bills of Nepalis studying abroad, according to Prakash Kumar Shrestha, head of the central bank's economic research department.

"Many people see economic opportunities in foreign countries once they complete their studies abroad," he stated to Xinhua.

As per the central bank, Nepal expended over 754 million dollars on its citizens who were studying overseas in 2022–2023. In the same time frame, overseas tourism brought in about 462 million dollars to the nation.


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