Himalayan News service

Kathmandu, April 18:

Economic experts today took stock of the abrading economic level of the country, at an interaction on "how to bring economic discipline in nation" organised by Young Journalist Group of Nepal here. Speaking at the proagramme, former finance minister Bharat Mohan Adhikari said that the nation needs a complete policy change regarding the economic discipline. He accused the responsible authority for inefficiency in making stable and progressive economy in the country. "There is no transparency and no one feels responsible for the current deteriorating economic status," Adhikari added. Dr Govind Bahadur Thapa, director at the Investigation department, Nepal Rastra Bank (NRB) said that there has been no such remarkable investment in development sector so far. "Only around nine billion rupees has been spent within the eight months of this fiscal year which is very less considering the allotted budget for development works. Due to the ongoing political instability and Maoist insurgency it has been impossible to work in rural parts of the nation," Thapa said. However, there has been a growth in import, export and remittance in comparison to the last fiscal year, he added.

Highlighting the condition of the banks in Nepal, Narendra Bhattarai, president of Bank Association said that "Nepal became unable to continue the growth trend that was experienced during 1990s." 90s was the era of private banks and finance institutions, when Nepal saw the remarkable growth in this sector. However, with all the crisis on top, banks and finance companies are not unable to provide a good yield," he added. He was not satisfied with the performance of the present management of the state banks. The management committee is unable to lower the non-performing loans which according to him is rising instead of going down as promised. Gopal Rai, former state minister accused the present government for the economic crisis faced by the country.