KATHMANDU, OCTOBER 12

Prime Minister Pushpa Kamal Dahal has announced that the government is prepared to establish a high-level mechanism to address the current economic challenges.

The Prime Minister made this statement while addressing the 'National Economic Debate,' organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today. During his speech, he expressed the government's willingness to create such a mechanism as proposed by the private sector.

He emphasized the need for all sectors to come together in a centralized effort to improve the economy, stating, 'We require a mechanism that can provide suggestions and guidelines to initiate a new dimension in economic reforms.' He added that efforts to enhance the economy could begin from this point, affirming the government's readiness to implement the mechanism proposed by the private sector.

Chandra Prasad Dhakal, Chairperson of the Dialogue and FNCCI President, proposed the establishment of the high-level mechanism to enhance the country's economy, and the Prime Minister, who addressed the program afterward, agreed to the proposal.

Prime Minister Dahal expressed the government's intention to take a 'bold decision' for economic reforms, underlining that addressing the overall economic issues requires more than minor adjustments. He reiterated, 'Reforms of a piecemeal nature are insufficient, and a policy shift is needed.'

The Prime Minister also disclosed that the government has been working diligently to align financial and monetary policies to improve the economic situation. He stressed that without facilitating the private sector in their business ventures, the overall economic condition of the nation cannot improve, and Nepal will need to make decisions regarding addressing the economic challenges.

The Prime Minister declared that the government would restructure the nation's economy through the policies and programs of the upcoming fiscal year.

Ramesh Rijal, Minister for Industry, Commerce, and Supplies, expressed concern that the narrative of an economic crisis is affecting the morale of citizens and called for a united effort from all sectors, including the private sector, to improve the economy. He emphasized that while the economy may not be growing significantly, it is not in a state of decline either.

FNCCI President Dhakal provided an extensive overview of the economic situation, emphasizing the urgency of collaborative action between the government and the private sector to enhance it.

Poshraj Pandey, the Chief Economic Advisor of the Ministry of Finance, stated that the current economic challenges are a continuation of problems accumulated in the past.'