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Govt takes major step toward overhauling cooperative sector with nationwide investigation and regulatory reforms


13 November 2024  

Time taken to read : 2 Minute


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KATHMANDU: The Ministry of Land Management, Cooperatives, and Poverty Alleviation has announced a comprehensive study to address issues within troubled cooperatives across Nepal.

During a meeting of the Agriculture, Cooperatives, and Natural Resources Committee at Singh Durbar on Wednesday, Secretary Arjun Prasad Pokharel revealed plans to deploy seven teams to examine and investigate cooperatives facing operational challenges.

The initiative is part of a broader government effort to reform cooperative regulations. Secretary Pokharel shared that a high-level committee, chaired by the Secretary of the Prime Minister’s Office, has been established to revise the Cooperative Act, aiming to address longstanding regulatory issues.

According to Pokharel, the move toward federalism has complicated cooperative oversight, as national standards have not been updated to reflect the new three-tier government structure.

The ministry is considering the formation of a national-level regulatory body dedicated to overseeing cooperatives, ensuring saver protections, and enforcing consistent standards.

Currently, cooperative regulation falls under the jurisdiction of associations as outlined in the constitution, which Pokharel suggested is insufficient for safeguarding savers’ interests and ensuring operational stability within the sector.

The Parliamentary Inquiry Committee’s recent report has prompted the ministry to speed up necessary legal arrangements, according to Pokharel.

During the committee meeting, members stressed the importance of establishing a powerful, independent mechanism to effectively regulate cooperatives and prevent future issues.

Publish Date : 13 November 2024 20:01 PM

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