FNCCI calls on 'Save Economy' campaign

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has intensified its 'Save Economy' campaign claiming that country's economy has witnessed multiple challenges and the private sector has come on the verge of collapse.

As part of their campaign, the umbrella organization of the private sector has called on top leaders of the major political parties.

Now the economy has witnessed multifarious effects which should be immediately managed through regulatory measures, FNCCI leadership said, adding 'save economy campaign' was placed to bail out the country from grappling with the economic crisis.

In a press statement issued by FNCCI after calling on Prime Minister and Nepali Congress (NC) President on Tuesday, it is noted, "PM Deuba has assured to take necessary initiatives to resolve the problems surfaced in country's economy".

The head of the government has pledged that he would hold consultations with the Ministry of Finance and Nepal Rastra Bank to come up with resolving measures.

In course of holding meetings with top leaders, the FNCCI delegation also separately called on CPN (UML) chairperson KP Sharma Oli and CPN (Maoist Centre) chair Pushpa Kamal Dahal on Sunday.

According to the FNCCI source, the delegation urged former Prime Ministers Oli and Dahal to help avert the crisis that appeared in the national economy.

Earlier, the delegation called on Finance Minister Janardan Sharma and Minister for Commerce and Supplies Dilendra Prasad Badu to draw their attention toward the current crisis facing the country's economy.

In a meeting with the senior leaders including the Prime Minister, the FNJ delegation drew their attention towards the multidimensional effects the economy was currently facing, and the first quarterly review of the monetary policy of the current fiscal year was not able to address existing problems of the economy, the statement added.

FNCCI said that the challenges of price inflation, higher interest rates, international economic inconvenience, soaring fuel price, and raw materials have further pushed the country into an economic crisis.

The umbrella organization has been putting forth its demands, including placing measures to stabilize interest rates through mobilizing monetary instruments, managing liquidity challenges, holding implementation of the current capital guidelines, slashing CRR of banks and financial institutions by one percent, and continuing with refinancing facility.

Likewise, the FNCCI has asked the authorities to allow cent percent counting of the cash flown to the local level as a deposit for a certain time, increase capital expenditure and implement the productive industries included in the budget speech with a provision to flow loan in subsidized interest rates by developing a work procedure.

The FNCCI has also demanded to develop work produced to execute autonomous processes incorporated in the budget for attracting foreign investment, put forth the process of Sovereign Country Rating of Nepal, and incentivize the private sector to borrow foreign loans.