NTL in Rs 940 million debt

KATHMANDU:

National Trading Limited (NTL) is on the verge of closure due to flagging economic condition has debts running to Rs 940 million.

As a result of continuous trade deficit, the Ministry of Commerce and Supplies is in a dilemma whether to close it. The trade and transaction of the NTL is said to be on a downward spiral for the last six-seven years.

Speaking in an interaction programme on the financial crisis at NTL and ways to resolve them, Minister for Commerce and Supplies Sunil Bahadur Thapa said he had urged the Finance Minister not to close it before the preparation of the current fiscal year's budget.He further said that the General Manager at NTL would be appointed through a fair selection process.

Deputy General Manager at NTL, Satya Naryan Mehata informed that the corporation is running debts of Rs 940 million as its trade with China has decreased almost to zero for the past five years. He further cited the new Public Procurement Act, closure of duty-free liquor shops at Tribhuvan International Airport among others as the causes for national trade deficit.

Senior programme officer at NTL, Shyam Kumar Shrestha said that NTL was preparing to set up gas plants, petrol pumps and introduce trade promotion programmes in chemical fertilizer and cement to help ease the trade deficit.NTL currently has 314 employees.

Source: THT