“Economy is returning to normalcy”

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KATHMANDU, FEBRUARY 8: Minister for Finance Dr. Prakash Sharan Mahat asserted that the country’s economy was returning to normalcy. At an interaction organized by the Economic Media Association Nepal (EMAN) marking its first anniversary here yeterday, Minister Mahat reiterated that the country’s economy was moving in a positive direction.

“A lot of money was spent in unproductive sectors in the past. The economy was under pressure while paying the obligation of the said expenses. Now the capital expenditure will increase. The economy is gradually picking a rhythm,” the Minister assured. Stating that the debtors obtaining loans from banks and financial institutions should pay their loans at any cost, he viewed that the private sector, media, government and civic society among others should work towards improving the country’s economy. He held the opinion that the economy would pick a pace with collective efforts. “We have capital but there is a problem in spending it. The expenditure will increase in the coming days,” he said.

Similarly, Nepal Rastra Bank’s Executive Director Guru Prasad Poudel observed that Nepal’s economy has become dynamic lately. He shared that the import was gradually declining and remittance inflow was increasing. He clarified that the way credit flow ought to be ensured in the banks and financial institutions was not the case. He urged the media to disseminate news that gave a positive message to the economy.

Similarly, Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal lamented that although the indicators of the economy were becoming positive lately, the positive message could not be spread among the general public. Stating that the private sector had already furnished recommendations to the government to facilitate the part of laws for the Investment Summit to be held in the coming April, he pressed to create an enabling environment for investment.

Likewise, Kamalesh Kumar Agrawal, Vice-President of Nepal Chambers of Commerce, spoke of the need to boost the morale of the private sector to uplift the country’s economy. National Cooperatives Federation of Nepal’s President Om Devi Malla viewed that the problems stemmed in the cooperatives sector since it was run in individuals’ interest.

Nepal Bankers Association’s President Sunil KC, Confederation of Nepalese Industries Committee Coordinator Laxmi Prasad Subedi among others lauded the role of EMAN for the economic development of the country. Royal Acharya, President of EMAN, said that EMAN had been enhancing advocacy on the cause of the national economy and was raising voices for banks and financial institutions.