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Kathmandu. The entrepreneur-businessman had a meeting with Prime Minister Sher Bahadur Deuba. In their meeting with Prime Minister Deuba, they discussed the problems seen in the economy.
In the meeting, Prime Minister Deuba assured to take necessary steps to solve the problems seen in the economy, according to Federation of Nepalese Industry and Commerce. In a meeting with the delegation including the officials of the Federation in Baluwatar on Tuesday, Prime Minister Deuba promised to find a solution after discussing with the Ministry of Finance and the National Bank.
In the meeting with the delegation of the federation led by the president Shekhar Golchha on behalf of the federation which is in the campaign to save the economy, Prime Minister Deuba promised to take the lead in solving the problem by inviting everyone including the private sector.
Earlier on Sunday, the Federation delegation team had met CPN - UML Chairman KP Sharma Oli and CPN Maoist Center Chairman Pushpa Kamal Dahal separately and asked them to protect the country's economy as it is risk-oriented.
In the meeting, Oli and Prachanda promised to take initiatives to solve the problems seen in the economy, the federation said.
The Federation delegation, which met Finance Minister Janardhan Sharma on Friday, met Industry, Commerce and Supply Minister Dilendra Prasad Badu on Monday afternoon.
In the meeting with the top leaders including Prime Minister Deuba, the delegation has expressed concern that the economy has been affected in multiple ways and even the first quarter review of the current year's monetary policy has failed to address the existing problems and has asked for cooperation and coordination in solving the problem.
The suggestion given by the federation in the meeting is as follows:
According to the banks, about 60 billion rupees of refinancing will be returned from the financial institutions by the end of December. This will not only cause problems for entrepreneurs, it will further deepen the lack of liquidity in the market. Therefore, at least one year loan renewal facility should be given.
The mandatory cash ratio should be reduced by one percentage point. The policy rate should be reduced.
Liquidity management measures should be adopted by transferring the money in the government treasury.
It should be arranged that the amount going to the local level should be calculated at 100% for a certain period.
Lack of capital expenditure is an old problem of the country and lack of liquidity in the market requires special initiatives to increase expenditure. It is necessary to immediately implement the plan to increase the expenditure in the context that the Ministry of Finance has identified the reason for the lack of capital expenditure.
In order to attract foreign investment, the automatic process mentioned in the budget will have to be implemented. In this regard, an immediate procedure should be made to increase foreign investment.
Country Rating, which has been included in the government's policies and programs, should be done immediately. Bonds and other instruments can be used to bring in international funds. Policy reforms are needed to bring in funds from other investment sources.
The private sector and banks should be facilitated and encouraged to take loans from abroad.
The provision of providing loans to manufacturing industries at a lower interest rate than other businesses mentioned in the government's budget statement should be made a procedure and implemented immediately.
