As economic crisis deepens, Nepali minister calls private sector to join hands together

As country’s economy is facing both external and internal pressures, Finance Minister Janardan Sharma has made his commitment to address the issues country’s economy is facing at present.

Addressing the 13th AGM of the Nepalese Association of Financial Journalists (NAFIJ) in Kathmandu on Wednesday, the Finance Minister opined, “The government does not have different views towards the private sector. It is considered as an important part of the country.” The government has taken the private sector as its own part and the suggestions by the private sector would always be incorporated in the government’s policy, he shared. Saying the problems seen were not stemming only due to internal reasons but also due to external scenario globally, he expressed the view that the government and private sector should move ahead together to resolve the problems.

He further said that newly elected people’s representatives should carry out activities according first priorities to the necessity of development activities. The FM said, “Citizens have desires for development activities. It is the constitutional requirement. Increasing production and replacing imports are important in the current situation. I urge all bodies of the state to be committed for the same.”

Similarly, Governor of the Nepal Rastra Bank, Maha Prasad Adhikari, opined that although the private sector was facing problems due to various reasons including a liquidity crunch, this situation would not last forever.

Although liquidity in the market has eased to some extents in the recent period, there were still some challenges taking place from mid-December, 2022 to mid-January 2023, mentioned Adhikari.

He stressed the need for seriously thinking over concerns of the private sector for the state to intervene to end problems seen in the country’s economy.

“The private sector wants the state to directly intervene with the country’s economy. But, there may be a counterproductive. Balance in one sector may get disturbed while carrying out reforms in another. So, all things cannot be corrected at once,” he said.

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