Economic condition not as bad as being rumoured : PM Dahal

KATHMANDU, APRIL 10: Prime Minister Puspa Kamal Dahal has expressed readiness to cooperate and collaborate with the private sector for the sake of the national economy. Speaking at the 72nd Annual General Meeting (AGM) of the Nepal Chamber of Commerce (NCC) held in the capital today, he came up with such a remark. 

He also claimed that the economic condition has improved significantly over the last three months ."Our economy is not in as battered as rumored in the market.  "For example, the current  foreign exchange reserves are adequate to sustain imports and service external debts for over 10 months."  

Speaking on the same occasion, Finance Minister Dr. Prakash Sharan Mahat, said that the investment climate in the country is not as conducive as it should be. "Owing to increment in the interest rates of banks, the return on investment (RoI) is low. Thus,  potential investors are shying away from pouring their bucks in business projects."

Similarly, Rajendra Malla, president of the NCC, stated that the higher interest rates are discouraging the commercial activities of the country. He also lamented that the economy is going downhill with the collected revenues being inadequate to cover even the current expenditure.