Prime Minister Prachanda Highlights that the Economic Recovery Would be the Government's Top Priority
During the meeting of official delegation of Federation of Nepalese Chamber of Commerce and Industry (FNCCI), newly elected Prime Minister, Prachanda, has said that revival of the economy will be the first priority of the government.
Nepal operates on a parliamentary system of government, which means that the Prime Minister is not directly elected by the people but rather is appointed by the President based on the results of parliamentary elections and the ability of a political party or coalition to form a government. Likewise, Prachanda, as Pushpa Kamal Dahal, has been chosen Nepal's new prime minister for a third time.
On his first official delegation of FNCCI meeting this morning, Prachanda has said that revival of the economy will be the first priority of the government and a decision has been taken in this regard from the first meeting of the Council of Ministers. He also said that he would respect the concerns of the private sector regarding the sensitive state of the economy.
On the same occasion, Shekhar Golchha, president of the Federation, recommended that the central bank (Nepal Rastra Bank) use all available financial instruments to solve the current liquidity contraction issue and delay the current capital loan direction, which has emerged as the biggest challenge facing industrial business operations, for at least two years.
He requested with the Prime Minister to end the predicament in which the economy has been negatively impacted in numerous ways, the issue has not been resolved despite the review of the monetary policy, and particularly because of the general banking issue, industrialists are facing extremely challenging circumstances.
On the other hand, the delegation of Confederation of Nepalese Industries (CNI) led by the President Mr. Vishnu Kumar Agrawal has suggested that the improvement of the country's economy, which is in a challenging situation, should be the first priority of the new government.
The Confederation has also presented the Prime Minister with a plan that outlines specific actions that must be taken right away to revive the nation's struggling economy. In order to give the Nepalese economy a boost, the Confederation has also recommended actions that can be taken right away, prioritizing the financial sector (with its liquidity crisis and high interest rates), industrial promotion, infrastructure, tourism, energy, and information technology sectors. President Agarwal expressed confidence that the government will give the Confederation's suggestion top priority and put it into practice.
Lastly, Prime Minister Prachanda stated that he was seeking similar recommendations from business to boost the economy. According to him, the government's top priority is boosting the economy, and he would work with other governments to achieve this.
