Cooperatives in soup for failure to invest in productive sectors: CPN (UML) General Secretary

BHARATPUR: CPN (UML) Deputy General Secretary Pradeep Kumar Gyawali has stated that cooperatives are currently facing challenges due to their failure to invest in productive sectors.

Speaking at a press conference organised by Press Chautari Chitwan branch in Bharatpur on Sunday, Gyawali acknowledged the role of cooperatives in fostering a savings culture in Nepal, but criticised their inability to serve as a 'bridge' between producers and consumers.

"The issue arises from the fact that the majority of cooperatives nationwide have not engaged in productive activities. This situation has arisen from the practice of gathering deposits and lending them out at high interest rates," he asserted.

Gyawali opined that some cooperative promoters exploited the inability of government bodies to monitor cooperatives promptly.

He noted that around 60,000 cooperatives across the country, which hold deposits totalling Rs 800 billion, have played a significant role in promoting a savings culture.

He urged the government to take 'concrete steps' to address the issues plaguing cooperatives.

The UML leader called on everyone to undertake work that encourages young people to believe in the country's potential for prosperity.

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