NCC, IMF discuss economic recovery
KATHMANDU: Nepal Chamber of Commerce (NCC) and International Monetary Fund (IMF) on Wednesday held a high-level discussion regarding economic recovery following the Gen-Z protests.
The meeting was held at Chamber Bhawan in Jamal, Kathmandu, and brought together NCC President Kamlesh Kumar Agrawal and a delegation led by Pranav Gupta, IMF Resident Representative in Nepal. They covered the loss of life and property during the protests, vandalism in private sector and the overall economic impact.
IMF representative Gupta questioned President Agrawal about the damage caused during the Gen-Z protests and the private sector’s preparedness for recovery.
NCC President Agrawal stated that losses to Nepal, with a current GDP of $43 billion, could amount to around 3%, or approximately $1.25 billion.
He said that government policy facilitation to aid the economy and support private sector after the protests had encouraged businesses. Measures include customs and other tax exemptions on damaged structures, instructions for the immediate settlement of advance payments against insurance claims and subsidised loans for affected entrepreneurs and companies.
Agrawal added that, despite the difficult situation, the private sector was maintaining high morale and collaborating closely with the government and relevant bodies.
During the meeting, IMF Representative Gupta committed to working with private sector to restore Nepal’s economy to its former state.
