Economy returning to normalcy: Finance Minister Mahat

KATHMANDU: Minister for Finance Dr Prakash Sharan Mahat asserted that the country’s economy was returning to normalcy.

At an interaction organized by Economic Media Association Nepal (EMAN) marking its first anniversary here today, Minister Mahat reiterated that country’s economy was moving in the positive direction.

“A lot of money was spent in unproductive sector in the past. The economy was under pressure while paying the obligation of the said expenses. Now the capital expenditure will increase. Economy is gradually picking a rhythm,” the Minister assured.

Stating that the debtors obtaining loan from banks and financial institutions should pay their loan at any cost, he viewed that the private sector, media, government and civic society among others should work towards improving country’s economy.

He held the opinion that the economy would pick a pace with collective efforts.

“We have capital but there is problem in spending it. The expenditure will increase in coming days,” he said.

Similarly, Nepal Rastra Bank’s Executive Director Guru Prasad Poudel observed that Nepal’s economy was becoming dynamic lately.

He shared that the import was gradually declining and remittance inflow was increasing.

He clarified that the way credit flow ought to be ensured in the banks and financial institution, it was not the case. He urged the media to disseminate news that give positive message to economy.

Similarly, Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal lamented that although the indicators of economy were becoming positive lately, the positive message could not be spread among the general public.

Stating that the private sector had already furnished recommendations to the government to facilitate on the part of laws for the Investment Summit to be held in coming April, he pressed to creating an enabling environment for investment.

Likewise, Kamalesh Kumar Agrawal, Vice-President of Nepal Chambers of Commerce, spoke of the need to boost the morale of the private sector to uplift country’s economy.

National Cooperatives Federation of Nepal’s President Om Devi Malla viewed that the problems stemmed in the cooperatives sector since it was run in individuals’ interest.

Nepal Bankers Association’s President Sunil KC, Confederation of Nepalese Industries Committee Coordinator Laxmi Prasad Subedi among others lauded the role of EMAN for the economic development of the country.

Royal Acharya, President of EMAN, said that EMAN had been enhancing advocacy on the cause of national economy and was raising voices for banks and financial institutions.