Rana lauds role of remittance in battling poverty: NEPAL monEy expo— 2005

Himalayan News Service

Kathmandu, April 9:

The First Nepal Money Expo-2005 kicked off here today with an objective of providing a platform to customers and service providers to conduct financial transactions. The expo is organised by Information Nepal DC Pvt Ltd (INDCPL) and Madhukar Shumshere JB Rana, minister of finance, inaugurated the three-day long event at the Birendra International Convention Centre, Kathmandu.

Speaking on the occasion, Rana said that remittance has been playing a crucial role in poverty alleviation in Nepal. Referring to the decrease in poverty from 38 per cent to 30 per cent as a great achievement, he said, “The government is committed to promote foreign employment.” He also urged that the banks and financial institutions to enhance their performance and management to become capable in this competitive era. “Though the financial sector witnessed an unprecedented boom in last decade, we still need to do a lot to become competitive,” Rana said.

Following the February 1, Rana said, “A recent bullish trend in the stock market and proposed Non-Resident Nepali conference are a few that Nepal has a conducive environment for investment.” He also reiterated that government’s strong stance at taking action against the wilful defaulters. “The government will continue its reform programmes in order to make the financial sector sound and vibrant as well as competitive,” Rana said.

Deoraj Rai, executive director of INDCPL, said that the event is aimed at bringing major players of finance sector under one roof considering at the increasing trend of consumer financing in Nepal. “It will play an important role in fulfilling the void prevailing between the consumers and service providers,” he said. More than 45 organisations, including nine commercial and development banks, four insurance companies, six money transfer companies and two finance companies with three automobiles dealers, are displaying a wide range of their products and services. Housing and real estate companies are also promoting their services during the event. A currency display of more than 200 countries is an interesting part of the expo. Fashion show, and musical programme are other attractions. More than 35,000 visitors are expected to visit the expo. Presented by Green Wood Villas, The Himalayan Times, Annapurna Post and Image Channel are the official media partners.