'Govt, private sector cooperation vital for economic revitalization'

Kathmandu, Dec 1: Stakeholders and experts have called for collective efforts of the government and private sector to bring about reforms in the current economic situation of the country.     

At a programme here Friday on the occasion of the 27th annual general assembly of Society of Economic Journalists-Nepal (SEJON), the speaker said that coordination and cooperation among all the agencies is required for the improvement of the country's economic condition.     

On the occasion, Acting Prime Minister Purna Bahadur Khadka said that the Prime Minister has taken serious steps to better the country's economy and claimed that economy will recover soon.     

Khadka was of the view that bank's interest rate has decreased, stock market has improved and the real estate market has bounced back due to the government's positive intervention.     

Khadka, however, said that some interest groups are attempting to take advantages by showing the challenges of economy.     

Likewise, Governor of Nepal Rastra Bank Maha Prasad Adhikari said that no entity can remain in isolation by pointing fingers on others regarding the challenging economic conditions. He added that only the monetary policy cannot ensure reforms in economy.     

Governor Adhikari also urged the stakeholders to inform the central bank if any bank and financial institutions charge higher interest rate.     

Also speaking at the event, Chairman of Bankers' Association of Nepal Sunil KC said the interest rate of the banks has decreased by one percentage point and the bank's base rate is limited to the single digit.     

During the event, Chairman of Confederation of Nepalese Industries (CNI) Rajesh Agrawal argued that solution could be explored only if we admit the challenges of economy.     

Similarly, Chairman of Security Board of Nepal Ramesh Hamal said foreign investment was not imported sufficiently in Nepal due to cumbersome processes in setting up enterprises and added that Nepal should lay emphasis on promotion of small and medium-sized industries. (RSS)