Kathmandu. Finance Minister Dr. KATHMANDU: Swarnim Wagle has discussed with the departmental heads of Nepal Rastra Bank (NRB) about the measures to ease the financial crisis for the citizens and private sector entrepreneurs.
A total of 18 executive directors of Nepal Rastra Bank (NRB) were present in the meeting organized by the Ministry of Finance. At the beginning of the discussion, Finance Minister Dr. Wagle described him as an experienced and capable economist of the state.
Initiating the discussion, he said, “You are able economists who have worked in important departments of the Nepal Rastra Bank. Your knowledge of the economic and financial situation of the country as a whole should be applied at this crucial time of nation building. “Now, give me a suggestion, how we can help the citizens and the industrialists and entrepreneurs of private sector who are facing financial crisis?”
Stating that the foundation of economic transformation should be laid on the basis of the new budget implementation, he said that the economy should be made dynamic and the citizens and private sector facing financial crisis due to the past policies should be encouraged. He also urged the executive directors to suggest ways to give a second chance to thousands of citizens who have been blacklisted due to bad debt.
He also expressed the belief that the path to economic prosperity could be captured through clean regulation and investment-friendly facilitation from the NRB that implements the monetary instrument. The executive directors, who were open in the discussion with the Finance Minister, said that the confidence of the market has gradually increased after the formation of the new government and there are signs that the economy will pick up soon.
They said that the economy battered by the Covid pandemic has not yet picked up momentum and it is a challenge to uplift the citizens and private sector industrialists who are suffering from it. They said that thousands of blacklists added in a short span of time and the frustration caused by it have affected the market and that it needs to be addressed.
They were of the view that it was imperative to do something immediately to remove the citizens, industrialists and entrepreneurs from the stigma of blacklisting while ensuring the full investment security of the financial institutions with savings of the people.
