KATHMANDU: Finance Minister Prakash Sharan Mahat has said that it will take some time to see the results of the reforms made in the economy.
Speaking at an interaction with the newly elected executive committee of the Society of Economic Journalists-Nepal (SEJON), Minister Mahat said, "It's painful, it's slow, but it's in a positive direction." "There are some difficulties in implementation, so it will take time to see the results as expected. He said when all concerned agencies fulfil their responsibilities, it will not take time to rise above the existing problems.
He cited the investors' reluctance as the reason for not being able to invest in the capital market and real estate even though remittances have increased. He asserted that because of the loose policy in the past, the loans that flowed to unproductive sectors are now in trouble.
During the interaction, the finance minister informed that the government has prepared to form a high-level committee to study the problems seen in the revenue, and making preparations for budget management.
On the occasion, Finance Minister Mahat lamented the trend of the large number of students going abroad to study after completing higher secondary education. He stated that the practice of drawing a conclusion that there are no opportunities in Nepal is wrong. "There is opportunity in the country that has a lot of things to be done," he said and reiterated that going abroad does not guarantee a bright future. However, he said youths who have left the country in foreign employment have helped in the national economy.
Mentioning about private sector's concern over the agitation and demands made by contractors' associations, the finance minister said that the issues mentioned by the private sector are not necessarily correct. "The contractors were protesting saying that the government had not paid them and even started agitation, however, in essence, their demand was for an extension of the contract time or deadlines," Minister Mahat pointed out. "We may have shortcomings, but just because the private sector says something it doesn't mean everything is right."
Regarding reform, the minister said that there is more problem in implementation than the announcement.
SEJON President Sujan Oli welcomed the steps taken by the finance minister in the structural reform of the economy and informed that SEJON will support overcoming the challenges in the economy.
