EMAN organises interaction on ‘Present Economic Challenges and Its Remedy’

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel inaugurates an interaction programme organised by Economic Media Association Nepal (EMAN) in Kathmandu, on Wednesday, February 1, 2023. Photo: RSS

KATHMANDU: Economic Media Association Nepal (EMAN) organised an interaction on ‘Present Economic Challenges and Its Remedy’ in Kathmandu, on Wednesday.

Addressing the programme, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel said the preparation of budget for the next fiscal year and the current budget expenditure depends on the government’s capacity and needs.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel addresses an interaction programme organised by Economic Media Association Nepal (EMAN) in Kathmandu, on Wednesday, February 1, 2023. Photo: RSS

He said homework has begun for the preparation of budget for the next fiscal year keeping the policy departure.

A discussion began on the estimated size of resources and budget for next year. Suggestions are received from various sides on making policy departures. For it to happen, objective analysis will be stressed, the Minister reminded.

He further informed that the government adopted the policy of slashing current expenses which are not adequate for now. We need to be clear about policies and mechanisms that are unnecessary and consider whether they need to be scrapped.

The Finance Minister expressed worries over the revenue collection not meeting the target and said it must be evaluated seriously.

Nepal Rastra Bank Governor Maha Prasad Adhikari addresses an interaction programme organised by Economic Media Association Nepal (EMAN) in Kathmandu, on Wednesday, February 1, 2023. Photo: RSS

On the occasion, Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari said once the economy comes on track, the monetary policy will be made soft. He stressed boosting domestic production for overall balance in the economy. He made it clear that all problems being faced by the private sector could not be addressed. “Monetary policy has its own limitation, but the expectations are beyond limitation,” Governor Adhikari commented.

He hoped the liquidity problem would fizzle out gradually. Adhikari suggested that if an industrialist is victimised by financial institution he/she should inform the central bank.

Chief Executive Officer of Investment Board, Sushil Bhatta, suggested that economic work procedure and Fiscal Liability Act should be implemented effectively in order to increase capital expenditure. An environment should be made conducive for foreign investment, he added.

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Shekhar Golchha addresses an interaction programme organised by Economic Media Association Nepal (EMAN) in Kathmandu, on Wednesday, February 1, 2023. Photo: RSS

On the occasion, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Shekhar Golchha expressed his view that there were various reasons behind sheer shrinkage of the national economy. “There is a huge production cost in Nepal while revenue collection has dropped owing to the ban on import of some goods,” he said, and added with the dented economic cycle, cooperatives and microfinance have been facing problems.

Confederation of Banks and Financial Institution Nepal (CBFIN) President and industrialist Pawan Kumar Golyan, Nepal Chamber of Commerce (NCC) Senior Vice President Kamalesh Kumar Agrawal, and banker Manoj Gyawali also addressed the programme.

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