SMEs demand financial relief measures

KATHMANDU: The small and medium entrepreneurs demanded arrangement of financial relief for the entrepreneurs hit hard by the Covid 19 pandemic. In a joint press conference held on Sunday, the Federation of Small and Medium Entrepreneurs Nepal, the umbrella organisation of SMEs, called for the arrangement of financial relief to those facing crises due to the effects of the pandemic. On the occasion, entrepreneur Naresh Katuwal said preparations were underway for nationwide protest for the protection of country's economy. Claiming that the small and medium entrepreneurs had saved the country's national economy, he asked the government to support small industries for their survival in difficult times. Nepal National Federation of Entrepreneurs (NNFE) Chair Kumar Karki said small and medium entrepreneurs had been bearing the brunt of the economic crisis of the country exacerbated by catastrophic incidences, including earthquake and coronavirus pandemic. Entrepreneurs are compelled to resort to a suicidal path due to wrong policy measures of banks and financial institutions (BFIs). Senior vice-chair of the Federation of Nepalese National Transport Entrepreneurs (FNNTE) Punya Prasad (Saroj) Sitaula commented that the BFIs were making profit while investors were grappling with crises in the recent situation. The entrepreneurs were experiencing hard time largely because of tough measures of the BFIs when the business sector was gradually baling out of the crisis, he added. Likewise, Chairperson of Nepal Federation of Garment and Tailoring Entrepreneurs Ramkrishna Shrestha suggested the government should work to address the plights of entrepreneurs of each sector.  He accused BFIs of unilaterally increasing interest rates when SMEs were struggling to rise from the present crises brought out by the pandemic. Also speaking on the occasion, leaders of other business sectors demanded the government come forward with special policy to safeguard SMEs that are on the verge of closure due to the pressing policy of BFIs. READ ALSO:

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