Country has not gone through any big economic crisis: Minister Sharma

KATHMANDU: Minister for Finance Janardan Sharma has asserted that the national economy has not faced any crisis. "The country has not gone through any big economic crisis based on the evaluation of available details so far," Minister Sharma said at a press conference organised at his office on Monday to brief on the latest situation of the country's economy. Sharma said that misinformation on the issue was making the rounds with an intent to discourage traders and mislead people and viewed such acts should be stopped. "The government is alert and aware of making the country's economy function smoothly." In another context, Minister Sharma clarified that investigation into Nepal Rastra Bank Governor, Maha Prasad Adhikari, was conducted in compliance with the law and the Rastra Bank Act. A probe committee was formed to look into the matter and further decisions will be taken acting on the report submitted by the committee, he said and informed that the Cabinet meeting held on Thursday decided to launch probe into Governor. He said although loan expansion was more than the deposits, it had not yielded quality results for the national economy. Urging one and all not to go by rumours about the country's flagging economy, Minister asserted that country's economy was moving in a positive direction despite the Covid 19 crisis and 'struggle' between Russia and Ukraine. According to him, industries were being operated properly and the inflow of remittance was also positively increasing. The country recorded remittance inflow amounting to over Rs 91 billion as of mid-March this year, it was shared. He claimed that the revenue collection was also exceeding the expectations. In a bid to increase remittance inflows, Minister Sharma informed that the proposal seeking approval for setting up reserve fund for Nepali migrant workers abroad to invest, set aside the quotas for IPO and FPO, allow the remittance companies to use wallets and reduce the cost of fuel used in the government and governmental agencies had been forwarded. The Finance Minister shared that a proposal has been made to temporarily ban the import of expensive and luxurious vehicles and not to allow the vehicles belonging to government agencies to be used on public holidays. READ ALSO:

• Minister Sharma directs envoys to take initiative to increase inflow of remittance, tourists
• NRB Governor Adhikari suspended
• Overall economy has not gone into tailspin yet: NRB
• Finance Ministry seeks public suggestions for upcoming budget