'Institutional governance a must for high economic growth rate'

File – Gunakar Bhatta, Executive Director, BRI Regulation, Nepal Rastra Bank (NRB) speaks at a programme organised by Samriddhi Foundation in Kathmandu, on Thursday, December 22, 2022. Media9

KATHMANDU: It has been noted that institutional governance and robust human resource is indispensable for attaining higher economic growth rates in the present unfavourable situation.

At a programme organised by the Society of Economic Journalists-Nepal (SEJON) under the ‘SEJON knowledge series’ on Tuesday, Nepal Rastra Bank (NRB) Spokesperson Gunakar Bhatta, highlighted the importance of institutional governance to drive the economy to the right path.

Investment is needed for development and the internal environment should be enabling for investment, he said. “In order to attain the anticipated economic growth rate, we need adequate capital, competent human resources and elements of production. The most important to that end is institutional governance”.

Bhatta further noted that the robust human capital and institutional capacity could reflect a positive impact on the economy.

Moreover, he claimed that the effectiveness of banks and financial institutions (BFIs) is comparatively higher than other sectors due to the prevalence of institutional governance. “Comparatively, the banking sector was transparent and stable since its regulation is effective”.

The BFIs disclose their performance data every month and the data as well as several monetary tools are mobilised for management, he added.



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