KATHMANDU: Experts and stakeholders are advocating for a concerted effort between the government and private sector to enact reforms aimed at bolstering the country’s current economic landscape.
During the 27th annual general assembly of the Society of Economic Journalists-Nepal (SEJON), held in Kathmandu, speakers emphasized the need for coordinated actions among all sectors to uplift the nation’s economic standing.
Acting Prime Minister Purna Bahadur Khadka highlighted the government’s earnest commitment to improving the economy, expressing confidence in its imminent recovery. Khadka pointed out positive shifts such as declining bank interest rates, improved stock market performance, and a revived real estate sector, attributing these changes to the government’s proactive interventions.
However, Khadka cautioned about certain interest groups exploiting perceived economic challenges for their own gain.
Nepal Rastra Bank Governor Maha Prasad Adhikari stressed the interconnectedness of various entities within the economic landscape, emphasizing that solely relying on monetary policies wouldn’t suffice for comprehensive economic reforms. Adhikari urged stakeholders to report instances of banks and financial institutions charging exorbitant interest rates.
Sunil KC, Chairman of the Bankers’ Association of Nepal, noted a reduction of one percentage point in bank interest rates, ensuring that the bank’s base rate remains within single digits.
Rajesh Agrawal, Chairman of the Confederation of Nepalese Industries (CNI), underscored the necessity of acknowledging economic challenges as a precursor to finding viable solutions.
Likewise, Ramesh Hamal, Chairman of the Security Board of Nepal, highlighted the insufficiency of foreign investment in Nepal due to cumbersome enterprise setup processes. Hamal advocated for prioritizing the promotion of small and medium-sized industries to stimulate economic growth.
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