KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has intensified its 'Save Economy' campaign claiming that country's economy has witnessed multiple challenges and private sector is on the verge of collapse.
As part of their campaign, the umbrella organisation of private sector called on top leaders of the major political parties.
Now the economy has witnessed multifaceted effects which should be immediately managed through regulatory measures, FNCCI leadership said, adding 'Save economy' campaign was placed to bail out the country from grappling with the economic crisis.
A delegation of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) meets with Minister for Commerce and Supplies Dilendra Prasad Badu at the latter's office in Kathmandu. Photo: FNCCI/Twitter[/caption]
Earlier, the delegation called on Finance Minister Janardan Sharma and Minister for Commerce and Supplies Dilendra Prasad Badu to draw their attention towards the current economic crisis being faced by the country.
In a meeting with the senior leaders including the Prime Minister, the FNCCI delegation drew their attention towards the multidimensional effects the economy was currently facing and the first quarterly review of the monetary policy of the current fiscal year stating that it could not address existing problems of the economy, the statement added.
FNCCI said that the challenges of price inflation, higher interest rates, international economic inconvenience, soaring fuel price and raw materials have further pushed the country into economic crisis.
The umbrella organisation of private sector has been putting forth its demands, including placing measures to stabilise interest rates through mobilising monetary instruments, managing liquidity challenges, holding implementation of the current capital guidelines, slashing CRR of banks and financial institutions (BFIs) by 1% and continuing with refinancing facility.
Likewise, the FNCCI has asked the authorities to allow cent per cent counting of the cash flown to the local level as a deposit for a certain time, increase capital expenditure and implement the productive industries included in the budget speech with a provision to flow loan in subsidised interest rates by developing a work procedure.
The FNCCI has also demanded to develop work produced to execute autonomous process incorporated in the budget for attracting foreign investment, put forth the process of Sovereign Country Rating of Nepal and incentivise private sector to borrow foreign loans.
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FNCCI delegation called on Prime Minister and Nepali Congress (NC) President Sher Bahadur Deuba on Tuesday. PM Deuba committed to taking necessary initiatives to resolve the problems that surfaced in the country's economy, according to a press statement issued by FNCCI. The head of the government has pledged that he will hold consultations with the Ministry of Finance and Nepal Rastra Bank (NRB) to come up with solutions. [gallery columns="2" link="file" size="full" ids="31291,31292"] In course of holding meetings with top leaders, the FNCCI delegation held separate meetings with CPN (UML) chairperson KP Sharma Oli and CPN (Maoist Centre) Chairman Pushpa Kamal Dahal, on Sunday. The delegation led by FNCCI President Shekhar Golchha urged both leaders to play leading roles to save the country’s economy as there are multi-faceted effects on the economy. [caption id="attachment_31317" align="alignnone" width="1000"]अर्थतन्त्रमा देखापरेका समस्या समाधानमा पहल गर्छु- @SherBDeuba https://t.co/0uXg0HC2tc@golchha_shekhar @ChandraPDhakal @anjanfncci @GokarnaAwasthi pic.twitter.com/Pbv4pPPeKh
— FNCCI(Established in 1965) (@fncci_nepal) December 6, 2022
A delegation of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) meets with Minister for Commerce and Supplies Dilendra Prasad Badu at the latter's office in Kathmandu. Photo: FNCCI/Twitter[/caption]
Earlier, the delegation called on Finance Minister Janardan Sharma and Minister for Commerce and Supplies Dilendra Prasad Badu to draw their attention towards the current economic crisis being faced by the country.
In a meeting with the senior leaders including the Prime Minister, the FNCCI delegation drew their attention towards the multidimensional effects the economy was currently facing and the first quarterly review of the monetary policy of the current fiscal year stating that it could not address existing problems of the economy, the statement added.
FNCCI said that the challenges of price inflation, higher interest rates, international economic inconvenience, soaring fuel price and raw materials have further pushed the country into economic crisis.
The umbrella organisation of private sector has been putting forth its demands, including placing measures to stabilise interest rates through mobilising monetary instruments, managing liquidity challenges, holding implementation of the current capital guidelines, slashing CRR of banks and financial institutions (BFIs) by 1% and continuing with refinancing facility.
Likewise, the FNCCI has asked the authorities to allow cent per cent counting of the cash flown to the local level as a deposit for a certain time, increase capital expenditure and implement the productive industries included in the budget speech with a provision to flow loan in subsidised interest rates by developing a work procedure.
The FNCCI has also demanded to develop work produced to execute autonomous process incorporated in the budget for attracting foreign investment, put forth the process of Sovereign Country Rating of Nepal and incentivise private sector to borrow foreign loans.
READ ALSO:
Published Date: December 7, 2022, 12:00 am
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