Nepal | November 27, 2020

Private sector rues inadequate relief package

Himalayan News Service
Share Now:

Kathmandu, March 30

Representatives of the private sector have said the relief package announced by the government yesterday was welcome but inadequate.

Though the relief packages brought by both the government and Nepal Rastra Bank are timely, they only partially address the concerns of businesses and actually do not boost the morale of entrepreneurs, especially small and medium scale entrepreneurs, according to them.

“The moratorium set on tax payment and principal as well as interest rate payment is good. However, a few sectors, including the hospitality sector and small industries, have been hit rather hard by the coronavirus pandemic. Though these relief packages have tried to address businesses’ concerns in general, the government should bring special relief packages for sectors hit badly by the spread of the virus,” opined Bhawani Rana, president of the Federation of Nepalese Chambers of Commerce and Industry.

Yesterday, the government and the central bank had introduced different measures intended to provide relief to crisis-hit businesses and the public.

As a major relief to businesses and individuals who have borrowed from banks and financial institutions, the NRB has directed BFIs to extend the deadline for payment of monthly or quarterly instalments of loans until mid-July.

Similarly, the government has deferred the deadline for tax filing, including value added tax and income tax by one-and-a-half months to May 8. The government had also decided to give 25 per cent discount on electricity tariff to customers who consume up to 150 units of electricity and not to impose any late fee on electricity, water and telephone bills of Falgun (February 13 to March 13) and Chaitra (March 14 to April 12) if they weare cleared by the end of Baisakh (May 13).

Rajendra Malla, senior vice-president of Nepal Chamber of Commerce, said the relief package had failed to properly address the plight of small and medium scale entrepreneurs and daily wage earners.

“Almost all businesses have been affected by the coronavirus. However, small enterprises working at the local level have been affected more. The government should take special care of them,” said Malla.

Satish Kumar More, president of the Confederation of Nepalese Industries, welcomed the immediate relief package of the government. However, he said the government should also plan for short-term and long-term relief packages for businesses and the public, as businesses would take months to revive from the current state.

“The government, in consultation with the private sector, should identify common problems that businesses of all types are facing and introduce measures to address them gradually,” he added.

A version of this article appears in print on March 31, 2020 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

KP Sharma Oli, Harsh Vardhan Shringla

Indian foreign secy stresses on close ties between India, Nepal

KATHMANDU, NOVEMBER 26 India’s Foreign Secretary Harsh Vardhan Shringla, who arrived here today on a two-day visit, held a bilateral meeting with his Nepali counterpart Bharat Raj Paudyal. They reviewed several aspects of Nepal-India relations covering trade, transit, connectivity, infrastru Read More...

Ministry of Home Affairs

Banking channel mandatory for distribution of social security allowance

KATHMANDU, NOVEMBER 26 The Government of Nepal has made it mandatory for all 753 local levels to distribute social security allowance to beneficiaries through banking channel. A notice recently published by the Ministry of Home Affairs in the Nepal Gazette said the provision was stipulated in Read More...

UN condemns girl’s rape, murder

KATHMANDU, NOVEMBER 26 The UN in Nepal has strongly condemned the rape and killing of a six-year-old girl in Bardibas which was reported in the media. “We urge the relevant authorities to urgently follow due process and ensure that the perpetrator is held accountable,” read a press stateme Read More...

Subway construction in Kalanki

Council of trade unions slams employers

KATHMANDU, NOVEMBER 26 The Council affiliated to the International Trade Union Federation has called for including workers of the informal and self-employed sectors in the social security scheme. In a joint statement, the three large trade unions of the country – General Federation of Trade Read More...

‘Nepal will graduate to developing country soon

KATHMANDU, NOVEMBER 26 Prime Minister KP Sharma Oli stressed the need to advance the social security scheme with coordination, collaboration and cooperation among the three tiers of government. Addressing a programme organised by the Social Security Fund on the occasion of the Third Social Sec Read More...

Private sector’s role in reviving tourism stressed

KATHMANDU, NOVEMBER 26 The private sector needs to unite and work together for rehabilitation and revival of the tourism sector that has been hard-hit by COVID-19 pandemic. Speakers at an interaction organised by Nepal Tourism Board to promote tourism highlighted this. They further stressed th Read More...

Cultural sites to be rebuilt in two years

KATHMANDU, NOVEMBER 26 Minister of Culture, Tourism and Civil Aviation Yogesh Kumar Bhattarai claimed all the earthquake-damaged cultural and religious heritages would be reconstructed within two years. Inaugurating the construction of Narayan Chatubyuha temple’s entrance gate on the premise Read More...

Nepse at new high, but analysts advise caution

KATHMANDU, NOVEMBER 26 The Nepal Stock Exchange created a fresh record today, as the benchmark index advanced by 18.43 points to rest at an all-time high of 1,893.24 points. Prior to this, the all-time record of Nepse was 1,881.45 in 2018. While the Nepse index had surged as high as 1,926.92 poin Read More...