KATHMANDU, DECEMBER 1

Acting Prime Minister and Defence Minister Purna Bahadur Khadka stated that the government is serious about attempts by certain interest groups to exploit the economic crisis for political advantages.

At a program organized on the 27th anniversary of the Society of Economic Journalists Nepal (SEJON), the acting PM urged the general public not to follow unruly crowds and to trust the government.

'There is no alternative to the federal, democratic, and republic system achieved through the sacrifice of thousands of people and a long political struggle. It is the need of the hour to strengthen and make this system more responsive to the people,' he mentioned.

Stating that the government is actively committed to resolving the problems in the country's economy, the Defence Minister expressed belief that the economy would soon head in the right direction. He further said the government is ready to move forward through constructive dialogue and collaboration with all-private sector and stakeholders-for the reform of the economy.

The world's economy has been affected by the corona pandemic, the Russia-Ukraine war, and the Israel-Palestine conflict, and Nepal has not remained untouched by this, he observed, pointing out, 'We should focus our efforts on increasing income and employment by improving the investment environment.'

Sharing that the government is serious about resolving all problems seen in the economy, the acting PM mentioned that the government has been making possible efforts to improve it, and signs of gradual improvement have started to be seen in this sector.

There are some positive signs in the economy, he said. 'There are not only problems in the economy. There are some clear rays of hope and improvements as well. Tourist influx is increasing, investment in the service sector is increasing.

Remittances are also encouraging. Incomes entering through the information technology sector have emerged as a new dimension of the country's economy. The government is continuously working to increase revenues. It is at work with a plan to make capital expenditures high and of high quality.' To attract investments, the government is organizing the investment summit.

Acting PM Khadka pointed out the important role of economic journalists in times of economic problems, asking them to contribute to the economic development of the country through journalism.

On the occasion, the Nepal Rastra Bank Governor Maha Prasad Adhikari said the regulation and monitoring of banks and financial institutions were being done effectively.

Similarly, Chairperson of the Securities Board of Nepal Ramesh Hamal blamed cumbersome administrative procedures for not being able to attract sufficient investments.

President of the Confederation of Nepalese Industries Rajesh Kumar Agrawal stressed the need for the respective sectors, including the government, to work responsibly for the economic improvement in the country.

Also, President of the Nepal Chamber of Commerce Rajendra Malla commented that the amendment to the provision regarding the blacklisting of loan guarantors was positive.

Likewise, President of the Nepal Bankers' Association Sunil KC shared that the loan interest rate and the base rate had been decreasing lately while admitting that bad loans are increasing in banks and financial institutions.