Economic situation efforts on for improvements

Prime Minister Pushpa Kamal Dahal 'Prachanda' today said the present situation was not worrisome as efforts were underway to bring improvements in the country's economy by addressing the problems.

There was panic created among people alleging looming economic crisis, but the situation is not like that and such anxiety has been gradually diminishing, he said while addressing the Nepal Trade Summit-2023 here.

"Last year, panic was created alleging that Nepal's economy is about to go bankrupt like that of Sri Lanka. But now, there is no such situation. Presently, we do not mention an example of Sri Lanka. There is serious economic problem. But, the situation has not reached the point where panic have been created. The government has focused on how to ease the economic situation."

He blamed the global COVID-19 pandemic, the Russia-Ukraine war and various global political and economic episodes for Nepal's affected economy while urging all to be responsible and put in efforts for economic improvement.

The PM also stressed the need for all sectors including the government, respective sectors, development partners, main political parties and other stakeholders to come together to expedite economic activities of the country.

 To make the economy vibrant in the crisis is one of the prime needs of the hour, according to the Prime Minister who said the government was cautiously effortful to achieve an economic growth with the acceleration of economic activities. "Amidst vivid challenges, nation's economy is gradually taking a path of improvement and it has been reflected in national and international data."

Despite the projections of International Monetary Fund and the World Bank about the possibility of economic slowdown in other developed and developing countries, Nepal's economy is gradually improving, the Prime Minister claimed.

"We observe the balance of payment surplus for sometimes and the status of Forex has improved, the quantity of imports has deceased and the rise in remittance inflow is encouraging. In overall, the external indicators of nation's economy are improving. "

As he said, the maximum utilization of internal resources to advance towards an economic prosperity should be the priority of the government's upcoming policies and programmes and the budget. "Nepal is rich in water, land and other means of natural resources including forest productions and herbs. In addition to this, it is enriched by youth force. Exploration of abundant possibilities in these sectors and their proper utilization is vital to build a prosperous Nepal. "There is a need to increase domestic and foreign investment in agriculture and forest, hydropower, tourism and IT, the areas with abundant potentialities to achieve a rapid economic growth."

According to the Prime Minister, the government prioritises the agricultural sectors and has the policy of promoting agriculture, tourism hydropower and entrepreneurship to promote domestic improvement and improve exports, keeping economy vibrant. As he said, the government is serious towards taking efforts aiming to improve economic indicators.