KATHMANDU: Finance Minister Barshaman Pun has stepped forward with reassurance amidst the recent turmoil gripping the cooperative sector, plagued by embezzlement scandals amounting to billions of rupees.

Addressing concerns at a press conference held at the Ministry of Finance following the budget presentation to Parliament, Minister Pun underscored the government’s commitment to tackle the crisis head-on.

“We are resolute in our resolve to address the challenges facing the cooperative sector,” stated Minister Pun.

“Structural and policy reforms are imminent, ensuring a robust framework for cooperative operations,” he said.

Assuring worried savers, Finance Minister Pun added, “Rest assured, your hard-earned savings are secure. The misappropriated funds will be restored, and we are dedicated to resolving this issue promptly.”

In the public budget speech, the government outlined plans to reimburse up to 500,000 rupees to cooperative savers, leveraging the assets of culpable directors.

Minister Pun’s announcement coincided with the unveiling of the budget for the fiscal year 2024/025, presented in a joint session of the Federal Parliament on Tuesday.

Furthermore, he disclosed government initiatives to establish a cooperative regulatory body and promote consolidation through mergers, signaling a comprehensive strategy to fortify the cooperative landscape.