PM Oli promises investigation into usury, cooperative fraud

KATHMANDU, JULY 22 :Prime Minister KP Sharma Oli pledged during a session of the House of Representatives (HoR) today to address several issues affecting Nepal's financial sector. Responding to concerns raised by Nepali Congress lawmaker Dhanraj Gurung, the Prime Minister assured the nation of rigorous actions against usury, cooperative fraud, irregularities in microfinance, and the illicit Hundi business. He expressed commitment to promoting justice, promising thorough investigations and accountability for those involved in such practices.

Prime Minister Oli acknowledged the alarming increase in financial irregularities, promising to use the government's full strength to combat them. He underscored the implementation of a risk-based assessment system and rigorous supervision across various sectors, including casinos, precious metals transactions, cooperatives, real estate, remittance, and banking. "These measures will help curb corruption and implement the government's policy of zero tolerance against financial misconduct."

Furthermore, the Prime Minister outlined comprehensive approaches—promotional, preventive, and remedial—to combat corruption effectively. He emphasized the promotion of technology-based service delivery systems to enhance governance across all sectors of the state.

Moreover, Prime Minister Oli stressed the need for strengthening internal control mechanisms within all government agencies. He also announced plans to review and amend the Public Procurement Act and related laws to ensure their effective implementation in accordance with current needs.

He mentioned the Gandaki Economic Triangular Project, comprising the Bharatpur-Butwal-Pokhara-Muglin-Bharapur route, as announced in the budget speech, which aims to promote an integrated development approach. The project is expected to contribute to the development of the industrial, energy, agricultural, and tourism sectors, he added.

He stated that the concerned bodies have been directed to complete the construction of the Siddhababa Tunnel Way. Similarly, the government aims to generate 180 megawatts of power from the proposed Aandhikhola Reservoir-based Project, and the environmental impact assessment for this project has been endorsed, according to the Prime Minister.