First Business News Portal in English from Nepal
KATHMANDU: Finance Minister Janardan Sharma has said that the country should not choose the path of lockdown under any circumstances.
He made this remark while speaking at the second annual general meeting of the Confederation of Banks and Financial Institutions Nepal (CBFIN) held in the capital on Monday.
“The new variant of coronavirus has spread rapidly in recent times, but now the path of lockdown should not be adopted,” he said.
He said that the country’s economy would slide into crisis due to the lockdown. “Some people are worried that there will be a lockdown again,” he said. “If we take the path of stagnation again, our economy will not be able to cope.”
Finance Minister Sharma has said that the tendency to earn more profits even in times of crisis should be abandoned.
He said that there should be no more profit-making in times of crisis. Stating that some reduction can be made from 30 per cent tax as demanded by banks and financial institutions, Minister Sharma said that banks should not be guided by profit motive in times of crisis.
“Isn’t there a need to get rid of the mentality of making more profit even in times of crisis or not,” he said. “This feeling is not seen. Together in times of crisis, one must save the other.”
He said that the banks and financial sector have a great contribution in the domestic production of the country and stressed on the need for the government, private sector and others to help each other in difficult times.
“The main problem is the tendency to make more profit even in times of crisis,” he said. Minister Sharma urged the banks to open branches in South Korea and other countries.
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