Sunday, 19 September, 2021

Mobilise savings in infrastructure development, Minister Khatiwada tells EPF

File Photo

By A Staff Reporter
Kathmandu, Sept. 17: Finance Minister Dr. Yuba Raj Khatiwada said on Tuesday that the role of the Employees Provident Fund (EPF) was vital to mobilise the long-term savings in national development.
"The EPF is the largest institution to mobilise the long-term savings. So, it should invest in the secure and national priority project keeping the contributors’ interest in the centre," Dr. Khatiwada said while addressing the 58th anniversary of the Fund today.
Stating that the EPF is an important organ for the proper implementation of social security programmes of the government, he said that it was necessary to establish the institution as a specialised institution in the field of social security.
He said that the government would make social security more secure, reliable and stable.
“I suggest the EPF to play a crucial role in the mobilisation and investment of savings in the infrastructure development, including hydropower sector that requires a long term investment is required,” he said.
On the occasion, he urged the banks and financial institutions to encourage the investors of the capital market as the confidence of the investors was declining due to decline in the market.
“The investment climate is improving following the amendment of policies and forming a stable government. It is an opportunity for the new investors of capital market. The organisation like EPF should enter the share market for its development,” he said.
Stating that time has begun to accelerate share market, he urged the public and private funds to invest in the share market.
The EPF, the Citizen Investment Trust (CIT), Nepal Army Welfare Fund, Doorsanchar Fund are in Nepal. The total amount of the fund, including that of the private and public sectors, stands at 20 per cent of the total national gross domestic products (GDP).