FNCCI Urged Finance Minister Janardan Sharma to Prop up Economy

The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has urged Finance Minister Janardan Sharma for cooperation and coordination to prop up the nation’s economy. 

A delegation led by FNCCI President Shekhar Golchha met Finance Minister Sharma and drew his attention, stating that the first quarterly review of the monetary policy could not address the multi-dimensional challenges that the economy was facing. The revenue collection was insufficient even to cover the current expenditure and the inflation was at a seven-year high and the private sector was shrinking, the FNCCI President told the Finance Minister.

The FNCCI has offered different recommendations to the government and the central bank to protect the economy from its further deterioration. Revenue collection has continuously slowed down and the private sector investment has shrunk leading to pressure on the economy, it is said.     

In response, the Finance Minister appreciated the efforts taken by the FNCCI for reducing the risks that the country’s economy was witnessing.

Minister Sharma also said that the government was serious about this issue and assured cooperation between the private sector and the government.