KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel assured construction entrepreneurs today that their grievances regarding outstanding payments from the government will be addressed promptly.
In a meeting with the Federation of Contractors’ Association of Nepal (FCAN) at his Singha Durbar office, Minister Poudel committed to resolving issues related to overdue payments and vowed there would be no further complaints from contractors.
Minister Poudel also pledged to resolve the ongoing dispute between industrialists and the Nepal Electricity Authority over ‘dedicated line’ and ‘trunk line’ electricity fees in accordance with existing laws.
He urged construction entrepreneurs to remain calm, noting that the government has already presented its stance on the dispute.
The Finance Minister emphasized that the government would avoid creating liabilities through illegal means and would counter any such attempts.
He reiterated the government’s readiness to address the private sector’s issues and to support their complaints with practical solutions.
“The current government is committed to maintaining the trust and confidence of the private sector,” Poudel said, urging entrepreneurs to continue their contributions to nation-building with assurance of state protection.
Poudel acknowledged the challenges facing the private sector, including reduced demand, declining exports, and lower revenue collection.
He expressed concern about recent dips in capital expenditure and revenue and highlighted the need for legal, structural, and practical reforms to revitalize the construction sector and the broader private sector.
The Finance Minister sought input from construction entrepreneurs on government support and facilitation policies, assuring that the government is willing to adopt laws to make them more flexible if necessary.
He also assured that meaningful measures are being taken to address issues in the microfinance and cooperative sectors, with expectations that the upcoming monetary policy from Nepal Rastra Bank will address existing financial sector issues.
FNCCI calls for high-level mechanism to address economic issues
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal highlighted the need for a high-level mechanism involving the private sector to tackle current economic challenges.
Dhakal noted that the morale of industrialists and the general public is low, and the economy is in a weak state, necessitating serious efforts to resolve these issues.
Dhakal called for industrialists and businesspersons to be included in the government’s protocol and stressed that despite adequate liquidity and low interest rates, fresh investments are not being made.
He suggested forming a high-level mechanism without financial burden on the state to address these issues and urged the government to make significant policy decisions to motivate the private sector.
The FNCCI president also expressed concerns about the increase in illegal imports, which is affecting government revenue and creating problems for traders and entrepreneurs.
He requested the government to expedite land acquisition for development projects, construction of approach roads, and environmental impact assessments.
Additionally, he called for clarity on regulatory jurisdictions, prompt payment of dues to construction entrepreneurs, and resolution of power tariff disputes.
Dhakal also advocated for a more flexible system for managing capital funds and easing guidelines on current capital loans to support the private sector effectively.
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