Kathmandu. Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that due to political instability, the country’s economy is experiencing problems, and the problem will be solved with the formation of a stable government. Today, in a meeting with officials of Nepal Bankers Association at the Ministry of Finance at Singhdarbar, he said that the government will work with determination to solve the problems of every sector.
Finance Minister Paudel said that now that a stable government has been formed, all attention will be focused on solving the problems in the country and accordingly requested the bankers to convey a positive message to the market.
According to Finance Minister Paudel, the main challenge now is to overcome the frustration of the common people and the private sector. “The challenge now is to increase morale. No one is thinking about expanding the business. Rather than making large investments, many people are thinking about how to operate and how to pay the principal interest”, he also clarified that the government will take necessary steps for policy interventions to improve the economy.
Finance Minister Paudel is also confident that Nepal Rastra Bank will introduce monetary policy in a sensible manner when banks and financial institutions are expecting some easy arrangements from the monetary policy of the coming financial year.
Finance Minister Paudel clarified that it is an illegal activity to run various campaigns to prevent banks and financial institutions from paying their debts.
Finance Minister Paudel said that he is also studying the matter of construction businessmen yet to receive payment from the government and the necessary decision will be taken soon. He also mentioned that the statistics about the payment to be received by the builders have been published and the actual data is different. Finance Minister Poudel expressed the view that the inability to invest loans from banks and financial institutions and the increase in bad loans is a matter of concern.
During the meeting with the Minister of Finance, Sunil KC, President of Nepal Bankers’ Association, said that the banking sector is going through a difficult situation now and said that they are hopeful that the government will take appropriate initiatives to solve the problem. He said that there is a situation where banks have to raise deposits at high interest rates and deposit them in the National Bank at low rates.
He said that it will be easier for the banking sector if the amount owed by the construction industry is paid from the government and if the government pays the amount of subsidies given to various sectors.
The existing system of conducting a full tax audit within four years should be amended and a system of full audit should be introduced every year, taxes should be levied on time, if the government wants to withdraw the cases pending in the Revenue Tribunal and the Supreme Court, the government should provide some exemptions for that, when making electronic payments, 10 The bankers have given suggestions such as effective implementation of the provision of percentage value added tax (VAT) refund, appointment of the Chairman of the Securities Board as soon as possible, reduction of the income tax rate.
