Government to deposit Rs 15.50bn

KATHMANDU: The government has decided to deposit Rs 15.50 billion in the business continuity loan repayment account that was formed with the objective of giving continuity to the business of entrepreneurs affected by COVID-19 pandemic.

According to the Ministry of Finance, Rs 5 billion will be deposited from Nepal Oil Corporation, Rs three billion from Nepal Rastra Bank, Rs two billion from Citizens Investment Fund and Rs two billion from Deposit and Credit Guarantee Fund.

Similarly, Rs one billion will be deposited from Nepal Reinsurance Company Ltd, Rs one billion from Employees Provident Fund, Rs one billion from Nepal govt and Rs 500 million from Rastriya Beema Sansthan.

According to Shishir Kumar Dhungana, secretary of the Ministry of Finance and chairman of the Business Continuity Credit Flow Steering Committee, a commitment of Rs 30 billion has been received in the repayment account.

In the Business Continuity Loan Flow Procedure issued by the Ministry of Finance, it was mentioned that the government would set up a Rs 50 billion fund to disburse concessional loans to businesses affected by the pandemic.

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