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FinMin Poudel says collaboration among countries necessary

COVID effects to hurt economy in the short term

2021 May 05, 17:50, Kathmandu
This undated image shows Minister for Finanace Bishnu Prasad Poudel at his office in Singha Durbar, Kathmandu. Photo: MoF

Finance Minister Bishnu Prasad Poudel has said that the second wave of the COVID-19 has created a challenging situation for the economy in the short term. He mentioned that the various effects of the coronavirus have had a severe impact on Nepal’s inclusive and sustainable development goals.

While addressing an informal virtual meeting of the finance ministers of the South Asian Association for Regional Cooperation (SAARC), Minister Poudel also mentioned that the government would do all it could to aid the economy but it would be a challenge in the short-term. He also stated that the economy was just about getting back to normal but the second wave had come as a major blow. The minister mentioned that it has severely affected tourism, production and other sectors.

Minister Poudel added that people are losing their jobs and income is also being affected due to the COVID-19. Moreover, businesses have also been impacted and market demand has plunged, he stated. In such a situation it will be difficult for the government to meet its target of inclusive development and reducing the poverty rate, he said. Poudel also mentioned that the downturn in economic activities would further hit the poor and vulnerable people and widen the inequality gap.

He also stressed on the need for a concerted and collaborative effort from governments across the world to tackle the situation created by the pandemic. Minister Poudel also said that in this age of globalisation and international collaboration it is necessary to make sure that people across the world are safe. He also expressed his belief that all the countries would cooperate and make the coronavirus vaccine available across the world.

Finance Minister Poudel also stated that it is very important that all countries have access to and are able to purchase the required number of COVID vaccines. Meanwhile, he also lauded India for ramping up the production and delivery of COVID vaccines and stated that this would help start the campaign to vaccinate people in the South Asian region as soon as possible.


Finance Minister Bishnu Prasad Poudel covid-19 coronavirus sustainable development goals South Asian Association for Regional Cooperation COVID effects SAARC
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