Kathmandu [Nepal], February 7: Nepal spent nearly 50 percent more in financing students to study abroad than earning from foreign tourists during the first half of the current 2023-24 fiscal year, the central bank said on Tuesday.
The South Asian country spent as much as 443.9 million U.S. dollars for Nepalis studying abroad by mid-January 2024, while foreign tourists spent 297.5 million dollars during the same period, according to data released by the Nepal Rastra Bank.
Tourism is a major foreign currency earner for Nepal.
According to the Department of Immigration, as many as 108,542 Nepalis traveled abroad in 2023 for study. During the first six months of the current fiscal year, a total of 51,567 Nepalis had been allowed to study abroad, the Ministry of Education, Science and Technology said.
Nepal has been forced to spend big on financing the bills of Nepalis studying abroad as most students prefer higher education abroad, particularly in developed countries, said Prakash Kumar Shrestha, chief of the central bank's economic research department.
"Many people see economic opportunities in foreign countries once they complete their studies abroad," he told Xinhua.
In 2022-23, Nepal spent approximately 754 million dollars on nationals studying abroad, according to the central bank. During the same period, the country earned approximately 462 million dollars from foreign tourists.
Source: Xinhua
