Economy is now getting back on track, PM claims

KATHMANDU, OCTOBER 23:Prime Minister KP Sharma Oli has stated that the economy was in disarray when his government took office, but signs of recovery are now emerging.

Speaking at the Prime Minister’s Office in Singha Durbar today, Oli outlined key achievements from his first 100 days. He said the creation of major bodies, such as the Economic Advisory Commission, aligned with the private sector’s needs, has boosted business confidence. As a result, commitments for investments worth around NPR 34 billion have been secured in 200 industries.

Oli also mentioned that Nepal's sovereign credit rating, handled by an international agency, is nearing completion. Despite natural disasters, the stock market is recovering and showing steady progress.

On petroleum infrastructure, he highlighted an agreement between Nepal Oil Corporation and Indian Oil Corporation to expand pipelines from Siliguri (India) to Charali (Jhapa) and from Amlekhgunj to Lothar (Chitwan), along with building new terminal facilities.

To maintain the quality of goods, services, and processes, the Nepal Accreditation Center has been established. This body will oversee the competence, transparency, and reliability of institutions responsible for setting quality standards across the country.

Oli further noted that federal government spending, as of mid-October, had slightly increased compared to the same period last year, reaching NPR 329 billion. Revenue collection also grew by 13.3%, totaling approximately NPR 248 billion.