Newly Appointed FM - Bishnu Paudel Clarifies that his First Priority is to Raise the Morale of the Private Sector Investors

At the Ministry of Finance (MoF) today, Bishnu Prasad Paudel, the recently appointed Minister of Finance, met with a delegation of representatives from the Federation of Nepalese Chamber of Commerce and Industry (FNCCI). Additionally present at the meeting was the Secretary of the Ministry of Finance and the Governor of the Nepal Rastra Bank.

On this occasion, Shekhar Golchha, the president of the Federation also provided a briefing on the most recent situation of the economy. To address the current economic issues, Chairman Golchha has also offered ideas on behalf of the federation.

At the meeting, chairman Golchha recommended that the central bank should use all available monetary instruments for liquidity management and interest rate stability. Also, the current capital loan direction, which has emerged as the biggest issue in the operation of the industry, should be delayed for at least two years. President Golchha also underlined that the newly elected government's only priority should be on reviving the economy given the fragile situation of the nation's economy.

The private sector, which is aware of how sensitive the economy is, wants the finance minister to take significant action, according to the federation's president, Golchha. The Federation has highlighted the fact that the revenue is insufficient to meet even basic costs, prices have increased to their highest level in seven years, and the private sector—which drives the economy—is currently contracting.

Clarifying the same issue, Finance Minister has highlighted that the relationship between the government and the private sector is interdependent and if the morale of the private sector declines, the economy will also decline, so his first priority is to raise the morale of the private sector.