KATHMANDU: Finance Minister Prakash Sharan Mahat has stated that the country's economy is returning to normal.
At an interaction organised by the Economic Media Association Nepal (EMAN) to mark its first anniversary in Kathmandu today, Finance Minister Mahat reiterated that the country's economy was moving in a positive direction.
"Much money was spent in the past in unproductive sectors. The economy was under pressure while meeting these expenses. Now, capital expenditure will increase, and the economy is gradually finding its rhythm," he said.
He emphasized that debtors should repay their loans and that various sectors, including the private sector, media, government, and civil society, should work towards improving the economy. He expressed confidence that the economy would improve with collective efforts.
"We have capital, but there is a problem in spending it. Expenditure will increase in the coming days," he added.
Similarly, Nepal Rastra Bank Executive Director Guru Prasad Paudel noted that Nepal's economy was becoming dynamic. He mentioned that imports were declining and remittance inflow was increasing.
He clarified that the credit flow in banks and financial institutions was not as it should be and urged the media to disseminate news that gives a positive message to the economy.
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal expressed regret that although economic indicators were improving, the positive message was not reaching the public. He stated that the private sector had already provided recommendations to the government for the Investment Summit to be held in April and emphasized the need to create an environment conducive to investment.
Nepal Chambers of Commerce Kamalesh Kumar Agrawal highlighted the need to boost the morale of the private sector to uplift the economy.
National Cooperative Federation of Nepal (NFC) Chairperson Om Devi Malla pointed out that problems had arisen in the cooperative sector because it was run in individuals' interest.
Nepal Bankers' Association President Sunil KC and Confederation of Nepalese Industries (CNI) Industry Committee Chair Laxmi Prasad Subedi, among others, praised EMAN's role in the country's economic development.
EMAN President Royal Acharya said that EMAN had been advocating for the national economy and raising voices for banks and financial institutions.