INTERNATIONAL JOURNAL OF BUSINESS MANAGEMENT, ECONOMICS AND INFORMATION TECHNOLOGY

Vol. 3, No. 1, January-June 2011: 39-45

Global Financial Crisis and Higher Education in Nepal

SHYAM BAHADUR KATUWAL
Associate Professor, Faculty of Management, TU, Post Graduate Campus, Biratnagar, Nepal
E-mail: skatuwal@bcn.com.np / shyam_katuwal@yahoo.com

Although there is no direct impact of the global financial meltdown in Nepal as its economy is small and not much
bounded with the global market, the likely impact from external sock on foreign exchange, foreign investment, foreign
employment and remittance and the developmental activities like education which are basically depended on foreign
assistance may be apparent. The paper discusses that the education sector especially business education in Nepal may
suffer in case of denial from the educational donors to assist in preparing course materials, in the supply of teaching
and learning materials, books and in providing scholarships to Nepalese to study abroad. Consequently, it is observed
that the annual growth of foreign assistance in education in relation to the national budget has been decreased after
2008/09 and reached in negative growth of 10.6 percent in 2010/ 11.
In such a case, it is to search out alternative way of arrangement of financial resources by organizing training classes
to the corporate employees, conducting classes at leisure time to attract working persons, providing consultancy and
research support to the business houses and other governmental and non-governmental organizations to boost of the
education sector even in the thin financial support of foreign countries.

1. INTRODUCTION socio-economic and political environment inside and

Education is the key element for the overall
development of any county. Higher education, among
others, not only enhances the productive capacity of
human resources but also improves individual lives
and enriches wider society by raising wages and
productivity.
The World Bank (1999:1) explains that a single
most important key to development and poverty
alleviation is education. Education is the key to
individual and national development (Fabunmi, 2006).
He also explains that education enterprise is a very
significant one to any nation, community or people as
it is the bedrock for progress and development.
Thus, it is the responsibility of a nation to invest a
significant proportion of its resources for the
development of education sector. For this, government
has not to hesitate to allocate a handsome amount of
budget in the construction of educational institutions,
development of modern curricula suitable to market
demand, developing teaching and learning materials,
books, research works, scholarships, teachers training
and supervision etc.
At this instance, Nepal has also gone through the
systematic development of education in the country
with the financial, material and technical supports of
international communities. However, the changes in
outside the country have always affected the
mechanism of education of the country.
2. OBJECTIVES
As Nepal is deeply dependant on the support of the
donation, grants, and loans from developed countries
for its development activities, Nepal might have to pay
the adverse affect of the current financial meltdown in
the developed countries even in its educational
programs. Thus, the paper is focused to identify the
areas in which the financial crisis might bring impact
and its cost in business education. To materialise this
objective, the paper also attempts to give brief sketch
on education system, in general and management
education, in specific as the base for the assessment of
the impact of present financial crisis on education
system of Nepal.
3. POSSIBLE IMPACTS OF GLOBAL
FINANCIAL CRISIS
The global financial crisis, which came to front in the
form of hosing bubble burst in the USA in July 2008,
compelled US government to plough 200 billion US
dollar into Fannnie Mac and Fred Mac to save them
from going burst (Rana, 2009). This crisis has brought
considerable economic slowdown in most of the
developed countries in the world and, it has

Com-1D: \ Vijay Jha - (SSM) - 2011 \ 004-IJBMEIT, 3(1), 2011 \ S. S. Mukherjee

 40 / International Journal of Business Management, Economics and Information Technology
catastrophic effects on developing countries by creating
many challenges to every sphere of organisational and
economic activities, like down of stock markets, collapse
of investment banks, loss of foreign employment,
adverse effect in remittance economy, closure of
organisation, slackness in tourism business, increasing
the volume of debt servicing cost, set-back in foreign
direct investment and so on. Consequently, many
governments in the world have been taking different
rescue and correction programs and policies to prevent
their economy from the adverse effect of the global
financial crisis.
Because of low per capita income, slow pace of
economic growth, underdevelopment nature of
economy, deficit in foreign trade, greater dependency
on foreign grants and loans for developmental
activities, Nepal would not aloof from the adverse
impact of the financial crisis.
The heavy contribution of international trade and
remittance to the GDP are other causes that might
bring adverse impact on the economy of Nepal due the
policy adapted by the countries of crisis origination to
revive their economy. By the crisis, foreign debts may
rise and per capita income may go down due to the
increase in foreign trade deficit, slackness of tourism
business and decrease of remittance income in the
developing countries.
In fact, there is no direct impact of global financial
crisis on Nepal as the country has abstained from
opening its capital market to the foreigners and its
money market is not globally integrated. Similarly, the
components of money market like capital market,
foreign exchange, money market, debt and credit have
a little share in its GDP. Nevertheless, by the analysis
of the key economic indicators clearly shows that the
country could not be totally free from the present global
economic crisis as the indicators are worsening. Trade
deficit to GDP remained to 19.1 per cent in 2007/08
with the share of export by 7.5 per cent and import by
26.6 per cent (MOF, 2009).
Based on the nature and tendency of the Nepalese
economy, following areas, some of which are mutually
inclusive and cross cutting, could be adversely affected
from the present global crisis:
(i) Balance of payment,
(ii) Employment,
(iii) Inflation and
(iv) Education
The balance of payment departs from the favor of
Nepal due to negative impact on remittance, tourism,
exports and interest income because of the decrease in
interest rates in advanced counties.
Due to the reduction of investment in advanced
and developing counties by the crisis, there will be fall
in the demand for laborers in advanced countries with
the concomitant impact of the fall of foreign
employment for Nepalese workers and thereby
remittance income.
Another hit of the global financial crisis is on the
price of goods and services in developing countries.
Inflation goes up in developing countries due to
decrease in the value exchange rate of national
currency in comparison to foreign currency leading to
rise in the prices of imports. Another issue of the raise
of consumer price in developing countries is due to
change in consumer demand in crisis triggered
developed countries upon which the economy of
developing countries lies on.
4. EDUCATION SYSTEM IN NEPAL
Presently, Nepalese education system is structured
into three systems: school education, vocational
education and university education system. The
education system is guided by the national mission of
producing qualified manpower required for the national
development and to meet demand of young generation
for foreign employment.
4.1 School Education
Under the school education system, there are four tiers
of school education, viz. preprimary (ECD/PPC),
primary, lower secondary, secondary and higher
secondary school education (including polytechnic
educations) systems. The preprimary school educations
cover Nursery/Lower Kindergarten (LKG) and Upper
Kindergarten (UKG). However, mainly private
boarding schools practice the preprimary school
education system in Nepal.
The primary, lower secondary and secondary levels
of school education cover the grades 1-5, 6-8 and 9-10
respectively. The SLC (School Leaving Certificate
examination conducted at the end of class 10) is also
included in secondary school education. The
Department of Education and its machinery under the
policy direction of the Ministry of Education, Nepal
Government are responsible for administering,
managing, evaluating and monitoring school education
system in Nepal.
There is a separate autonomous body, known as
Higher Secondary Education Board (HSEB) to initiate,
manage and monitor the higher secondary school level
education comprising grades 11 and 12. It looks after
 Global Financial Crisis and Higher Education in Nepal / 41
the science, management, humanities and education
streams whereas CTEVT (Council for Technical
Education and Vocational Training) is responsible for
technical and vocational aspect of education of this level.
However, the level of higher secondary education
is still being operated by some universities in the name
of proficiency certificate level, especially by Tribhuvan
University, Nepal Sanskrit University and Kathmandu
University (only of nursing education), even if the
government has already decided to include grades 11
and 12 into the school system of education. Recently,
though it is not yet implemented, Nepal government
has decided to merge grade 1-8 into basic education
system and class 9-12 as the secondary education.
4.2 Vocational Education
With the need of providing technical education and
vocational training to develop basic and middle level
manpower in different technical fields, Nepal has
constituted a separate autonomous body, (CTEVT)
in1989. It has spread its networks across the country
through its 17 institutes and over 160 private
institutions to produce SLC, diploma and certificate
level manpower in various fields such as agriculture,
construction, health, food and dairy technology,
mechanical, electrical, computer, tourism, sanitation
etc. Total enrolment capacity of these institutes is about
12,000 (http://www.ctevt.org.np and www.ctevt.org.np/
downloadable_document/a.doc)
4.3 University Education
University education in Nepal consists Intermediate,
Bachelor, Master, M.Phil. and Doctorate levels. The
university education views to produce low, middle and
high level human resources in the general and technical
fields to fulfill the development need of the country.
To meet increasing rate of demand for higher education
six universities and two specialized institutions at the
university level have already been established and four
other universities including two additional regional
universities are in the process of opening. The six
universities in operation are Tibhuvan University (TU),
Kathmandu University, Purbanchal University, Nepal
Sanskrit University, Pokhara University and the
Lumbini Buddhist University (LBU) which has
recently been established is not in operation. They are
producing various level of human resources in the field
of management, education, art, science and technology,
engineering, medicine, environment, natural resources
and so on through their constituent and affiliated
colleges across the country.
The Lumbini Buddhist University has not involved
in producing human resources at all. Likewise, as per
the government policy to establish universities in all parts
of Nepal, government has also forwarded process for the
establishment of Mid-western University, Far-Western
University, Open University and Agriculture, Forestry
and Animal Sciences University (MOF, 2009: 163).
In the history of university education system, TU
is the first university of Nepal, which was established
in 1959. In other aspects, it is also the largest university
of the country, in terms of number of students enrolled
and the number of constituent and affiliated colleges
in the country. It offers almost 90 per cent of higher
learning opportunities in the country (Gajurel and
Dhakal, 2009).
The history of modern institutional higher
education system in Nepal starts with the
establishment of Tri-Chandra College, the first college
in Nepal, in 1918 A.D. It offered courses in
Intermediate of Arts in 1919 then after Intermediate
of Science in 1920 and Bachelor of Arts in 1923(
Singh,2009). In between the period of the
establishment of Tri-Chandra College in 1918 and the
establishment of Tribhuvan University in 1959,
alltogether 21 colleges were carried out in operation.
Out of them, five were fully government funded and
managed by the government and other 16 colleges were
operating under the grants-in-aid that supported
25-50% of their running operational costs (HMG, 1970).
All the government and private colleges were affiliated
to Patna University except Sanskrit colleges, which
were affiliated to Banaras Sanskrit University, even
if the Tribhuvan University Act was promulgation on
July 14, 1959. After the implementation of the New
Education System Plan (NESP) in 1971, all colleges
converted to the constituent colleges of Tribhuvan
University (Singh, 2009). By the end of 1 June 2010,
the size of Tribhuvan University has been expanded
with 60 constituent campuses and 732 affiliated
campuses/colleges in different fields varying from
medical and engineering to art, science and
management education (MOE, 2010).
Besides universities, three academic institutes viz.
B.P. Koirala Institute of Health and Science (BPKIHS),
National Institute of Medical Science (NIMS) and Patan
Academic of Health Science (PAHS) are single college
institutes that have been operating under special act to
produce health manpower of different kinds.
The data in the Table 1 shows the picture of
students load in constituent and affiliated colleges of
universities in Nepal.
The data on the Table 1 clearly specifies that TU
has been playing an important role in the higher
education system of the country and management
education is the part and parcel of modern education
 42 / International Journal of Business Management, Economics and Information Technology

Table 1
Number of Campuses and Students Under Different Universities (FY 2009/10)
Colleges Numbers of Students
University Type No Mgmt. Sc & Tech. Others Not specified Total Grand total
Tribhuvan* Constituent 60 45,941 24,030 1,16,909 – 1,86,880 369880
Affiliated 732 na na na 1,83,000 1,83000
Kathmandu# Constituent 6 768 2222 379 – 3369 8266
Affiliated 14 4283 490 124 – 4897
Purbanchal@ Constituent 3 4026 6234 4618 – 641 14878
Affiliated 81 – 14237
Nepal Sanskrit@ Constituent 13 – 423 2225 – 2081 2648
Affiliated 18 – 567
Pokhara@ Constituent 3 180 216 30 – 426 7638
Affiliated 23 3947 3200 65 – 7212
Grand total 834 52398 38663 114744 1,39,000 344805 344805
Source: *MOE (2010), @ MOF (2009), and #http://www.ku.edu.np

system of allmost all universities in Nepal. Despite
universities, TU has been producing more than
90 per cent of the total output of all Universities
operating in the country.
In spite of the growth of number of educational
institutions and students, educationists do not
sufficiently appreciate the present education system
of the country. They have criticized that the education
system is not employment, friendly, research oriented
and global competitive due to lack of ample skill
required to meet the demand of job market (Sharma,
2009 and Koirala, 2009).
4.3.1 Management Education in Nepal
Management education has been started in Nepal in
1954 AD (Bhadra 17, 2011 BS), in the form of commerce
education when Tri-Chandra College has started
commerce education from September 1954 AD (Bhadra
17, 2011 BS). In the beginning, the commerce education
was started with 27 and 4 students in I.Com. and
B.Com. program respectively under the umbrella of
Tribhuvan University( Acharya, 2009: 90). Then after,
because of tremendous popularity of the management
education in the career opportunity, many other
colleges of the TU and other universities in the country
have initiated to start different kinds of management
programs. In spite of different limitations for the
smooth development of education in the country,
commerce (management education) education has
become a major component of higher education system
in Nepal.
As the manpower in the field of management
promise handsome remuneration, there is dramatically
eruption of business school in the country. Similarly,
with the worldwide demand of different kinds of
manpower in the field of management, business schools
are not restricted only to produce manpower according
to national need but also targeting global need. In this
connection, management education has become a one
of the globally demanded sectors.
Now, most of the universities in the country have
been attracting students from diverse fields in their
different management education programs. With the
attraction in the field of management, allmost all colleges
under different universities and special institutes
registered from Nepal government have been offering
professional courses as well as academic courses in the
field of management. University management courses
cover Intermediate, Bachelor, Master, M. Phil.
Executive MBA and Doctorate level courses in different
field of management, i.e. business administration, hotel
and tourism management, information management,
hospitality management, natural resource management,
security management etc.
4.4 Other Sector of Education
Besides the institutional arrangement, child
development program and informal education
programs are also being conducted in specific area and
community of the country by different governmental
and non-governmental organizations and communities.
4.5 Duration of Study
The existing school education structure consists of
2 years of ECD/PPC, 5 years of Primary, 3 years of
Lower Secondary and 2 years of Secondary and Higher
Secondary each. However, it is up to 3 years course in
case of proficiency certificate level of university
 Global Financial Crisis and Higher Education in Nepal / 43

education (which is equivalent to higher secondary
school education). The Bachelor Level university
degree varies from three years to six years according
to the nature of program of university. The academic
duration for Master level, Master in Philosophy and
Ph. D consists of up to 4 years, one year and five years
respectively. Thus, in total the complete education
programme may cover up to a period of 30 years.
5. SOURCE OF FUNDS FOR EDUCATION
When the world has become a global village, our
investment in education and knowledge industry as
business by preparing graduates with need based
courses for the emerging global market will have great
advantage for the country, the individual, and it further
contributes in international job market (Pandey,
2008:196). The faster development of higher education
needs many funds. Investment in education sector to
prepare graduates required to meet the demand in
global market became necessary across the process of
globalisation. It is the need of today for every
organisation to produce graduates absorbable in the
emerging global market by preparing the need-based
courses of international job market.
From the perspective of investment, three forms
of educational institutions have been taking part in
the school, vocational and university system of Nepal
with a view to meet the national mission of education.
They are the public, private and community
institutions. The public (also known as government/
community) institutions receive regular grants either
from the government treasury or from foreign grants.
The private (known as institutional) institutions, on
the other side, are required to manage the funds by
the owner(s) privately through equity, loan or other
sources of funds. The private educational institutions,
whatever said elsewhere, are greatly motivated by
profit that‘s why they have to make an arrangement
of resources anyway to sustain it. Similarly, some
educational institutions in Nepal are established with
the greater interest of local people to have educational
institution in their localities for their overall
development. In the real sense, these are the
community colleges and schools. However, it is
ridiculous that neither these institutions receive
regular grants from the government nor anybody shows
interest to invest in these institution due to lack of
profit as in private institutions. Government does not
feel any burden for making arrangement of funds to
operate community schools and colleges. Thus, they
have to make the arrangement of funds from the loans,
donations, trusts and grants from foreign countries and
non-governmental organizations.
The Table 2 exhibits the structure and composition
of education budget in Nepal.
The data in the Table 2 shows that Nepalese
education budget has the share of only 16 percent to
the total budget. Though the government resource has

Table 2
Education Budget (Total)
In NRs. ‘000’
% of AGR of Foreign aids in % of FA AGR of
National Education education education edu. budget in edu, FA in
FY budget budget budget budget Grant Loan budget edu. budget

1999/00 77238226 10176074 13.17 – 1527980 1120288 26.02

2000/01 91621335 11749579 12.82 15.5 1701399 884696 22.01 – 2.3
2001/02 99792219 14072847 14.1 19.8 2097512 365194 17.5 – 4.8
2002/03 96124796 14402421 14.98 2.3 2115136 779830 20.1 17.6
2003/04 102400000 15613274 15.25 8.4 2173055 1055263 20.68 11.5
2004/05 111689900 18059654 16.17 15.7 3071930 2366147 30.11 68.4
2005/06 126885100 21250447 16.75 17.7 3731185 2052960 27.22 6.4
2006/07 143912300 23005525 15.99 8.3 4025694 2560801 28.63 13.9
2007/08 168995600 28390000 16.8 23.4 5548501 2205589 27.31 17.7
2008/09 236015897 39086407 16.56 37.7 8141081 2869242 28.17 42.0
2009/10 285930000 46616672 16.30 19.3 11162397 3391426 31.22 18.2
2010/11 337900000 57827542 17.11 24.1 12484411 521929 22.49 – 10.63
Average 156542114 25020870 15.98 17.47 4815024 1681114 25.97 16.18
Source: Ministry of Finance, various years of red books.
Note: AGR= Annual Growth Rate.
 44 / International Journal of Business Management, Economics and Information Technology
been the main source of funding for the education sector,
there is steady decline in proportion of Government
Education Budget for higher education (CEDA, 2007:
41). Consequently, the education budget is heavily
depended in the foreign assistance. In an average, the
foreign assistance in education budget is more than 25
percent. However, when the education budget is
calculated only on the basis of the contribution of Nepal
government, investment in education sector remains
very low i.e. only of 11.58 per cent, indicating the over
dependency of education financing on foreign support.
5.1 Impact of the Financial Crisis in Education
Sector of Nepal
Presently, the country is passing through the political
instability with minimum economic growth. Despite
the recent political fragility in Nepal on top of the global
economic crisis, the macroeconomic situation remains
broadly stable. GDP growth was 5.3% in 2008 and fell
only slightly in 2009 to 4.7%.( UN, 2010: 91).
Consequently, Nepal is facing financial crisis.
Because of the shortage of political commitment and
political intervention in the state-funded institutions
of developing countries like Nepal, the country alone
cannot meet the financial needs for higher education
at the cost of other sectors’ development. Ultimately,
the private sector has to finance the higher education
(CEDA, 2007: 148). Nevertheless, when the private
sector is not so much strong to finance in education,
there is no other option for government other than to
obtain foreign assistance in education. Consequently,
the share of foreign assistance goes up. It is true in
case of Nepal also; where the share of foreign assistance
reached up to 31 per cent (please refer the Table 2).
A least development country like Nepal, which is
mainly depended on foreign loans, aids and grants for
its developmental programs, finds itself very difficult
to operate educational institutions in the situation of
global financial meltdown as the developed countries
could shrink the foreign aid to face the problems of
crisis in their economy. The data in the Table 2 clearly
supports this assumption. The annual growth of foreign
assistance in education in relation to the national
budget in Nepal has been found to decrease after 2008/
09 and it has reached in negative growth of 10.6 per cent
in 2010/ 11.
Consequently, there is a serious financial
constraint in the higher education especially to the
state funded universities namely TU and NSU. They
are acutely facing the problem of cost recovery (CEDA,
2007). On the other, due to lack of quality education
caused by financial shortage, the enrolment in state
funded educational institutions including universities
has decreased with the concomitant impact of the
increase of enrolment in private sectors’ institutions
(MOE, 2010 a).
Correspondingly, private and community business
schools may face serious financial dearth as banks and
financial institutions tighten investment policy and
hesitate in investing to educational sector due to
lacking of fund. Such a situation may lead to collapse
of schools and colleges that are already operating in
loan, grants and donations. Thus, community college
and schools may fall greatly in the adverse impact of
financial crisis.
6. DISCUSSION
Every academic institution is challenged by the global
marketplace internally and externally as business and
commerce are increasingly going across national,
regional, and continental borders. There is a great fear
that the present global economic crisis in the western
economies may affect to the education system of the
developing economies like Nepal, whose economies and
the budget in education is heavily depended on the loan
and aids of western economies like USA, UK, Norway
etc. In such a situation, there will not be alternative
way for the country other than to cut down expenditure
including in education. Similarly, the impact of the
financial crisis on education will result from lessening
foreign scholarship, grants on books and course
materials and job opportunities to Nepalese students
in foreign universities and countries. Consequently,
the parents who are already poor have to face the
burden in financing their children’s education inside
the country and in the foreign countries.
on other side, there will be an adverse effect on
the education system, due to scarcity of fund, as many
government funding educational institutions and
programs may be closed or be reduced, and the private
sector will come in the market aggressively by opening
educational institutions with the rise in student’s fee.
Similarly, institutions established by community may
not sufficiently arrange resources due to lack of donors,
trustees, low income of people and other sustainable
financial sources. Because of which, there will always
be private dominated education in the country. It is
true in case of Nepal, where private educational
institutions are three times more than the government
funding educational institutions (please refer to the data
in the Table 1).
7. POLICY IMPLICATION
Though it is very difficult for Nepal to withstand by
the international macroeconomic challenges created by
the downturn in the developed economies, there is no
 Global Financial Crisis and Higher Education in Nepal / 45
option for Nepal other than to formulate appropriate
policies and strategies to survive and sustain the
economy.
As the financial crisis in the developed countries
throw impact negatively to the donor-dependent
countries like Nepal to conduct different educational
programs, business schools of all kinds have to take
alternative strategies to collect funds for the smooth
operation of the institutes. Otherwise, the education
system may collapse.
The school and college of management should offer
management-training programs to corporate employees
to increase the fund. Likewise, the business schools
should be conducted at the morning and evening or
leisure time to attract working persons to continue their
study by doing jobs. Business schools may strengthen
their financial position by providing consultancy and
research support to the business house, governmental
and non-governmental organizations at economic rate
of fees and remuneration.
Last but not least, though Nepal has not
experienced impact of the financial meltdown till now
because of refrained of complete opening of its
education system and economic activities to the rest of
the world, Nepal cannot avoid the ripple effects of the
financial crisis on education and thereby all round
development of the country in this era of globalization.
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