First Business News Portal in English from Nepal
KATHMANDU: Finance Secretary Madhu Kumar Marasini has said that Nepal’s economy is not in an downfall situation as rumored in the market.
Speaking at the CEO Conference organized by the Management Association of Nepal (MAN) in the Capital on Friday, Marasini claimed that Nepal would not reach the status of Sri Lanka under any circumstances.
“At present, Nepal Rastra Bank has more than Rs 1,171 billion in foreign exchange reserves, while the government has obligation worth only Rs 40 billion in debt and interest liabilities this year. The economy is moving in the direction of course correction and there is nothing to worry as economic activities are booming,” he said.
Marasini said that some problems have been seen in Nepal’s economy due to the recent increase in imports amidst very low domestic production. “I would like to urge all banks and financial institutions and all investors to help build a self-reliant economy by increasing domestic production rather than importing from abroad.”
Marasini further said that the government is ready to support the private sector by different means as the private sector contributes more than 70 percent to the economy and is the leader of the country’s economy.
Minister for Information and Communication Technology Gyanendra Bahadur Karki expected that the outcome of the CEO’s conference would help the government formulate future policies. “I hope that the program will help in resolving the problems and challenges faced by the private sector in the aftermath of Covid-19,” said Karki, adding, “The government is always ready to facilitate and assist the private sector in any matter.”
Speaking on the occasion, Kiran Kumar Shrestha, President of MAN, said that the conference would provide solutions to the problems that have arisen while conducting business in different areas and those problems can be solved in a Nepali fundamental way. “This conference will provide guidance on how to deal with such issues in the coming days.”
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