Ex-finance ministers point out various economic challenges Nepal is likely to face in post-coronavirus pemic situation

KATHMU, May 7: Former prime minister Baburam Bhattarai has mentioned that the COVID-19 pemic must be taken as a possibility to rebuild the nation’s economic system.

Bhattarai made the assertion whereas addressing a gathering of the Finance Committee below the House of Representatives (HoR) at Singha Durbar on Thursday.

“Today, we’re passing by a tough interval created by the coronavirus outbreak. But, we will take it as a possibility to rebuild our economic system,” he mentioned.

The former prime minister burdened the necessity for collaboration between the federal government the personal sector to deal with the challenges triggered by coronavirus. “We must also intently observe the worldwide financial scenario whereas chalking out our home technique to face the challenges to be emerged as a result of coronavirus pemic,” Bhattarai, who can also be a former finance minister, mentioned.

On the event, former finance minister Surendra Pey urged the entrepreneurs to make a listing of entrepreneurs, classifying them based mostly on their financial vulnerability to the adversarial scenario created by the novel coronavirus, submit it to the Finance Committee of the HoR. “Based on the checklist, the federal government can prioritize present reduction to essentially the most weak entrepreneurs,” he seen.

Another former finance minister Gyanendra Bahadur Karki mentioned that remittance influx to the nation is predicted to drop as thouss of Nepalis could return residence within the coming days. “On the one h, there will probably be extra unemployed youths, whereas on the opposite h the nation will lose remittance. Therefore, we now have to make a plan to take care of this example accordingly. We can suppose one thing on tips on how to make our youths self-employed at residence,” he mentioned.

During the assembly, representatives from the Federation of Nepali Chambers of Commerce Industry, Nepal Chamber of Commerce, Confederation of Nepalese Industries, Construction Entrepreneurs Association of Nepal, Federation of Nepal Cottage Small Industries shared quite a lot of issues that the nation’s personal sector is at the moment dealing with as a result of coronavirus outbreak.

They additionally urged the federal government to carry a separate reduction bundle for industrialists. “If the federal government doesn’t carry a separate reduction bundle, the industries will be unable to revive within the post-COVID-19 scenario. At the identical time, hundreds of thousands of staff affiliated to varied industries will lose their jobs,” they mentioned.

The entrepreneurs additionally shared that the manufacturing business is having a tough time even because the nation is dealing with meals scarcity.