KATHMANDU: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ emphasized that the cooperative movement should align with the path of socialism, necessitating positive efforts to achieve this goal.

Inaugurating the first national conference of the Cooperative Centre Nepal (CCN) today, Prime Minister Dahal highlighted the importance of steering the cooperative movement in the right direction by studying various issues related to cooperatives at all levels of party committees.

He acknowledged that Nepal’s cooperatives have been affected by the global economic crisis, leading to a sector-wide crisis.

The government, Dahal added, has been adopting various policy and practical measures to address these challenges.

The Prime Minister explained that the upcoming fiscal year’s budget includes necessary amendments to cooperative-related laws to ensure legal operation of cooperatives.

A regulatory body will be established to oversee savings and credit cooperatives.

Furthermore, he announced the formation of a high-powered parliamentary committee tasked with studying cooperatives in crisis, investigating fund embezzlement, recommending actions against the guilty, and suggesting solutions for the sector’s long-term stability.

He expressed confidence that the committee would provide essential recommendations for resolving the cooperative sector’s problems.

Prime Minister Dahal also emphasized the allocation of budget to enhance production and productivity by commercializing and modernizing agriculture.

He announced the “Investment Decade (2081-2091)” in agriculture, aimed at boosting investment in the sector.

The Prime Minister underscored the special priority given to the promotion of the private sector, development of agriculture, energy, information technology, tourism, infrastructure, industry, education, and health.

He noted that the cooperative sector’s role would be significant in implementing the programs outlined in the budget.

Prime Minister Dahal stressed that efforts to undermine the cooperative movement under the guise of addressing problems should be halted, acknowledging that the cooperative movement in Nepal has faced serious challenges recently.