PM Consults with Stakeholders to Revive Economy

KATHMANDU, NOVEMBER 22: Prime Minister Pushpa Kamal Dahal held discussions with politicians, private sector leaders, economists and stakeholders on the country’s current economic situation.
The PM yesterday consulted with the stakeholders and experts to fix the country’s economy as the economic activities have not progressed despite several attempts made by the government.
The PM had also discussed with the officials of different ministries, the National Planning Commission, Nepal Rastra Bank and others earlier on Monday.
During Tuesday’s discussions, the PM said that the government wished to collect recommendations from different sides as the country’s economy is under pressure although it is gradually improving.

“Some indicators of the economy are positive but it is not free from pressure. Further consultations are required to resolve the problems seen at present,” PM Dahal added.
Likewise, the President of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) Chandra Prasad Dhakal said that the demand side has shrunk and the business community has witnessed insurmountable distress. He shared that the private sector was facing more hardships as the government turned a deaf ear to their problems.

During the meeting, the private sector raised issues such as deficit in government accounts, increment of budget on the heading of fiscal management but a decline in capital expenditure, inflation remaining over seven percent in the last 20 months, operation of cement and trouble in the operation of small and medium entrepreneurs.
The private sector has stressed the need for the state to increase capital expenditure and enable an investment-friendly environment.

Among the recommendations furnished by the private sector include evaluating Nepal’s sovereign rating, increasing electricity supply, bringing into operation unused airports with priority on the tourism sector and expediting road connectivity.

The FNCCI drew the government’s attention to the compulsion of Nepali students to get an education in the bordering towns of India due to the halt in the establishment of new nursing colleges. The umbrella body of the private sector also drew attention to the flight of foreign capital.

The FNCCI put forth a proposal for the formation of a high-level mechanism headed by the prime minister to address the problems. Prime Minister Dahal said the process to this effect has already started. He further said he was aspiring to receive inputs and deliberations as to how such a mechanism would work in resolving existing economic problems.