NRB holds seminar; honours Dr Yadav Prasad Pant's contribution to Nepal's economy

KATHMANDU: Nepal Rastra Bank (NRB) held a one-day seminar on the topic 'The multidimensional personality of Dr Yadav Prasad Pant and his contribution to Nepal's economy' in Kathmandu on Friday.

The seminar was organised in the context of the 100th birth anniversary of the former finance minister of Nepal and former NRB governor, the late Pant.

The chief guest, Finance Minister Rameshore Prasad Khanal, discussed Dr Pant's significant contribution to laying the foundation of Nepal's modern economy and linking Nepal's economic system with the international arena.

Remembering Dr Pant as a "multidimensional personality", Finance Minister Khanal said, "He was not limited to just one discipline. He had an equal command over fiscal policy and monetary policy, as well as efficient planning, diplomacy, and politics." Finance Minister Khanal stated that Dr Pant's ideas and perspectives remained equally relevant.

In the programme, NRB Governor Prof Dr Biswo Nath Poudel discussed the initiation of important structural reforms in the country's economic system and financial sector during Dr Pant's tenure. He said Dr Pant's policy and structural efforts to introduce Rs 500 and Rs 1,000 denomination banknotes, establish the Banking Development Fund, and increase access to banking services were noteworthy.

Former finance minister Dr Prakash Chandra Lohani described the late Pant as a "thinker of modern economy" and a personality with a "far-sighted economic vision", and recalled the economic reform efforts made under Pant's leadership.

At the seminar, former governor Ganesh Bahadur Thapa said notable progress had been achieved in the expansion of banking and financial services during Pant's leadership. Parthiweshwor Prasad Timilsina, former director of NRB, recalled the creative personality of the late Pant and his works.

Former finance ministers Dr Yubaraj Khatiwada, Gyanendra Bahadur Karki and Dr Roop Jyoti, and former governors Dr Tilak Bahadur Rawal, Dipendra Purush Dhakal, Vijay Nath Bhattarai and Dipendra Bahadur Chhetri discussed various aspects of the late Dr Pant's personality. Former auditor general Bhanu Prasad Acharya, Radhesh Pant, a member of Yadav Prasad Pant Research and Development Foundation, and others recalled inspirational moments of the late Pant.

Bholaram Shrestha, former executive director of NRB, presented a working paper on "The multidimensional personality of Dr Yadav Prasad Pant and his contribution to Nepal's economy". A brief audio-visual presentation prepared by the institute on Dr Pant's biography was also shown at the seminar. Former finance ministers Dr Bhesh Bahadur Thapa, Shankar Prasad Koirala and Barsha Man Pun, NRB directors Chintamani Siwakoti, Dr Shankar Prasad Acharya and Dr Rabindra Prasad Pandey, economists, senior NRB officials, chief executive officers of banks and financial institutions, industrialists, businesspersons, media persons and members of the Pant family, among others, attended the event.

Senior Deputy Governor of the NRB, Dr Neelam Dhungana Timsina, delivered the welcome speech, and Deputy Governor Bam Bahadur Mishra facilitated the discussion session.

Dayaram Sharma Pangeni, executive director of the Office of the Governor, conducted the seminar.

Dr Pant, who was born in Kathmandu on November 17, 1925, served as NRB governor from 1968 to 1973 and as finance minister from 1980 to 1981. The late Pant was also a founding member of the National Planning Commission. During Pant's tenure, efforts were made to expand relations with international financial institutions, including the International Monetary Fund and the World Bank. The seminar was organised by the NRB in honour of Pant, recalling the policy and structural reforms of the country's economy made during his tenure.