Finance Minister Sharma for forming cooperative sector regulatory body

KATHMANDU: Finance Minister Janardan Sharma said that Nepal needed a regulating body for the cooperatives sector.

“There are embezzlements of funds in the cooperatives but the sector lacks a regulating mechanism,” he said while addressing the 15th anniversary programme of Syuchatar Saving and Credit Cooperative Organisation on Thursday.

Minister Sharma expressed concerns over the misappropriation of funds in cooperatives. “I have heard about the embezzlement of the hard-earned money of people including senior citizens who have been depositing their allowances in the cooperatives,” he said.
He also stated that the government had started discussions about creating an agency to regulate the sector.

Minister Sharma said that cooperatives are representing the community in the national economy. “Country’s economy will prosper in collaboration of the public, private and cooperative sector,” he said.
According to him, community is the primary player in development and prosperity, and leads all other sectors. So, it should be connected with the production and help in employment generation.

He stated that the government would play a coordinating role, adding it wouldn’t invest but manage economic affairs.