Investment from private sector will now increase: Finance Minister Mahat

KATHMANDU: Finance Minister Prakash Sharan Mahat has said the flow of investment from the private sector will now increase as the monetary policy has adopted the policy of decreasing the interest rate. Nepal Rastra Bank (NRB) unveiled the Monetary Policy for the fiscal year 2023/24 on Sunday. The monetary policy will help stimulate the economy, Minister Mahat said while addressing a press conference organised by Nepal Press Union Rupandehi in Butwal Sub-Metropolitan City, on Monday. He added that investment will increase with the reduction in the interest rate and this will lead to an increase in employment. Stating that the government has made a plan of fulfilling the revenue collection target in the current fiscal year, he underscored the need for awarding contracts on time to boost capital sector spending. "The monetary policy has decreased the policy rate and determined it at 6.5%. This means the bank interest rate automatically becomes flexible and capital flow increases in the market. As a result of this, the slowed-down economy will be stimulated," Minister Mahat said. He reiterated that there is no situation for despondency as the government is moving forward by making development its major priority.  He expressed confidence that the economic sector will take a reform trajectory once the capital expenditure is increased. The finance minister claimed that it was through his initiatives that the government succeded in confiscating 100 kilograms of smuggled gold from Tribhuvan International Airport in Kathmandu. He stated that they were successful in confiscating the smuggled gold due to the provision of awarding the informer, and asserted that a detailed investigation will be conducted in this matter. Finance Minister Mahat, who is also the spokesperson for Nepali Congress, said that the live streaming of the party's central committee meeting through Facebook has enhanced transparency and brought the facts before the public. According to him, the live broadcast of the meeting has helped clarify many misconceptions in the party. READ ALSO:

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