Prime Minister KP Sharma Oli has said that financial cooperatives will not fail if they are run according to the principles of cooperatives. Neither can such cooperatives cause any problems to their members.
In yesterday's meeting of the Parliamentary Inquiry Special Committee regarding misuse of savings of financial cooperatives, Prime Minister Oli said that problems have surface because people have joined financial cooperatives with intentions of taking non-cooperative and unfair benefits.
"Cooperatives that operate within the rules have not faced any problem. There will be a problem if we do not go by the rules," he said while warning of taking strict action against those found of taking unfair advantage in any cooperatives institution.
He reminded that since the Constitution considers financial cooperatives as one of the pillars of the economy the government is giving importance to it accordingly. There are important aspects of co-operatives that collect small capital and increase income and employment through different activities in various sectors.
Prime Minister Oli also hoped that the inquiry committee would study and investigate in an impartial manner and come to a conclusion and give clear recommendations as to what can be made to address and solve the problems in the financial cooperatives sector.
Mentioning that the government is looking for people who have absconded after misappropriating funds of various financial cooperatives, Prime Minister Oli expressed his belief that it would be easy to bring them back to Nepal through INTERPOL after the investigation on the matter is over.
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