Let us make policy decisions based on an economy that appears to be improving: FNCCI Senior VP Dhakal

KATHMANDU:Chandra Prasad Dhakal, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that the troubled economy can be put back on track as soon as the country's economy, which is undergoing reform, can be changed accordingly.

Senior Vice President Dhakal, speaking at the Sixth Provincial Assembly of the Federation of Nepal Chambers of Commerce and Industry in Pokhara on Monday, said, "Some economic indicators are now seen as positive. Remittances have risen. Foreign tourists have increased in number. The bank's liquidity has also increased. As a result, if we can move forward with a new policy system based on this, we will be able to overcome the current economy's problems."

He stated that, in comparison to the economic situation of neighboring countries, Nepal has problems in the economy due to strict policies, and that the current situation is difficult for businessmen.

"After the covid pandemic, whether it is because of our internal policies or because of the Russia-Ukraine war, our economy has been affected. The current problem has arisen as a result of policies that claim that raising interest rates will solve the liquidity problem and that stopping imports will solve the current crisis. All of these policies were ineffective. There are some encouraging signs in the economy right now. If a new political arrangement based on this can be reached, the economy will be able to overcome its current problems. "It can be brought into rhythm as soon as possible," he explained.

He stated that in the current difficult situation, everyone must work together to move forward.

"There is an economic problem. At the moment, one side cannot solve the problem by blaming the other. To solve the current problem, the Nepal government, Nepal Rastra Bank, and the banking sector should all work together. We must all work together to overcome this situation "He stated.

He cited the example of unanimous leadership elections in all provinces where elections have been held so far, and he proposed a similar election in this Gandaki province.