Economy growing by zero percent still satisfactory compared to negative growth in advanced economies, says PM O...

PM assures private sector that govt will lend you support based on its capacity or even beyond going its capacity

KATHMANDU, Nov 26: Prime Minister KP Sharma Oli has said that the government will provide relief to the private sector hit by the COVID-19 as per its capacity.

Addressing the inaugural session of the 54th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) virtually, Prime Minister Oli said that the government is ready to lend its support to revive businesses and the economy of the country based on its financial capacity.

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“Business people and industrialists may feel that many countries have been providing huge money for the revival of industries and businesses. But why does the Nepal government not provide such support? The government of Nepal is not poor by heart or not willing to provide any such support,” said Prime Minister Oli.  

“However, as you are aware of the financial capacity of the government, it is appropriate to expect the support as per the guardian’s capacity. I would like to assure you that the government will lend you support based on its capacity or even beyond its capacity,” said Oli.

The assurance of the Prime Minister comes in the wake of growing complaints from the private sector that the government’s reluctance or delay to offer relief or support to the private sector has been hit hard by the COVID-19.

Stating that the country was facing a common challenge to revive the economy battered by the pandemic, he underlined a need for collective efforts to resolve it.

Prime Minister Oli mentioned that the economic growth rate of zero percent that Nepal achieved in the last fiscal year 2019/20 was still positive and satisfactory as the economic growth rate of many advanced countries was negative.

“We had projected the economy to grow by 8.5 percent in the last fiscal year. But it has been limited to nearly zero percent. Still, we have to be satisfied as the growth rate of many economically advanced countries has turned minus,” said Prime Minister Oli. “Those who had big reserves and savings, they could make up. Since we do not have any savings or reserves and have capacity to spend, it has been difficult for us,” he said.