Economic situation not worrisome; efforts on for improvement: PM Dahal

KATHMANDU: Prime Minister Pushpa Kamal Dahal has said the present situation is not worrisome as efforts are underway to bring improvements in the country's economy by addressing the problems. There was panic created among people alleging looming economic crisis, but the situation is not like that and such anxiety has been gradually diminishing, he said while addressing the Nepal Business Summit 2023 in Kathmandu today. "Last year, panic was created alleging that Nepal's economy is about to go bankrupt like that of Sri Lanka. But now, there is no such situation. Presently, we do not mention an example of Sri Lanka. There is a serious economic problem. However, the situation has not reached the point where panic has been created. The government has focused on how to ease the economic situation." He blamed the Covid 19 pandemic, Russia-Ukraine war and various global political and economic episodes for Nepal's affected economy while urging all to be responsible and put in efforts for economic improvement. [caption id="attachment_36184" align="alignnone" width="1000"] Prime Minister Pushpa Kamal Dahal addresses Nepal Business Summit 2023 held in Kathmandu, on Sunday, May 7, 2023. Photo: RSSS[/caption] The PM also stressed the need for all sectors including the government, respective sectors, development partners, main political parties and other stakeholders to come together to expedite the economic activities of the country. To make the economy vibrant in the crisis is one of the prime needs of the hour, according to the Prime Minister who said the government was cautiously effortful to achieve economic growth with the acceleration of economic activities. "Amid vivid challenges, the nation's economy is gradually taking a path of improvement and it has been reflected in national and international data." Despite the projections of the International Monetary Fund (IMF) and the World Bank about the possibility of economic slowdown in other developed and developing countries, Nepal's economy is gradually improving, the Prime Minister claimed. "We observe the balance of payment surplus for sometimes and the status of Forex has improved, the quantity of imports has deceased and the rise in remittance inflow is encouraging," he said and added, "Overall, the external indicators of the nation's economy are improving." The maximum utilisation of internal resources to advance towards economic prosperity should be the priority of the government's upcoming policies and programmes and the budget, he said. "Nepal is rich in water, land and other means of natural resources including forest productions and herbs.  In addition to this, it is enriched by youth force. Exploration of abundant possibilities in these sectors and their proper utilisation is vital to building a prosperous Nepal. There is a need to increase domestic and foreign investment in agriculture and forest, hydropower,  tourism and IT, the areas with abundant potential to achieve rapid economic growth." According to PM Dahal, the government prioritises agricultural sectors and has policy for promoting agriculture, tourism hydropower and entrepreneurship to promote domestic improvement and improve exports, keeping the economy vibrant. The government is serious towards taking efforts aiming to improve economic indicators, he said. The Government of Nepal, Confederation of Banks and Financial Institutions Nepal (CBFIN) and Nepal Business Institute jointly organised Nepal Business Summit 2023. READ ALSO:

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