The government has formed a high-level inter-ministerial study task force under the coordination of Foreign Minister Shishir Khanal to assess and manage the impact on Nepal due to the developing situation in West Asian countries.

Lok Bahadur Poudel Chhetri, spokesperson for the Ministry of Foreign Affairs, informed that the task force was formed on Monday and work has already begun. According to him, the task force has 10 members, including secretaries from the ministries of foreign affairs, labor, finance, industry, energy, tourism, etc.

Point number 95 of the 100-day agenda on governance reform issued by the government mentions the formation of an inter-ministerial task force to study the impact of international and regional crises and to prepare necessary policies and strategies based on that within 30 days.

In this point, provision has been made to form a high-level task force with representation from the concerned ministries to assess and manage the multifaceted impacts that may be caused to Nepal in the economic, foreign employment, supply chain, energy and social sectors in a timely manner due to the developing situation in West Asia.

The task force has a detailed study and has an agenda to submit a report with short-term, medium-term and long-term policy and program measures within 7 days. However, there is confusion as to whether the 7 days are counted from the date the task force was formed or from the date the Council of Ministers approved the agenda. It is stated that the necessary decisions and implementation process will be taken immediately based on the report.

A month after the war in West Asia began, the government has formed a task force to assess and manage the impact on Nepal. However, the impact of the ongoing war in West Asia has started to be felt directly and indirectly in Nepal.

As the disruption in Iran's 'Strait of Hormuz' has affected global energy supply, various countries have been forced to manage the shortage and rising costs of petroleum products. Nepal is dependent on India for petroleum products and gas. With the increase in prices in the international market, the Indian Oil Corporation (IOC) had sent a new price list to Nepal, increasing petrol by Rs 31 and diesel by Rs 54.

On 1 Chaitra, Nepal Oil Corporation had increased the price of petrol by Rs 15 per liter and diesel and kerosene by Rs 10. Less than 11 days later, petrol and diesel prices were increased by Rs 15 and Rs 15 respectively.

Since the war began, the impact of the increase in the price of petroleum products has also started to be seen in the manufacturing industry. Plastic industries in particular have been forced to close due to shortage of raw materials, while even the operating industries have cut production by about 30 percent.

As the overall security situation in Nepal is affected due to the ongoing war in West Asia, it is seen that almost half of the remittances entering Nepal will be affected. The ongoing tensions in Qatar, Saudi Arabia, Bahrain, Kuwait, the United Arab Emirates (UAE) and Oman are likely to have a direct impact on tourism, trade and foreign employment.