Govt working hard to reduce bank interest rate: PM Prachanda

Kathmandu / Apr. 10: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has assured that the government has been seeking for ways to reduce bank interest rate.

In a discussion with the representatives of the Bank and Financial Institution (BBIS) to solicit their views on ways for reform in economy, Prime Minister Prachanda affirmed that the government was working seriously to improve economy.

“I have organized this meeting. We are holding regular and intensive discussion on mitigating pressures that has been seen in economy. We are searching for ways to minimize bank interest rate. We will reach a conclusion soon,” PM Prachanda said in the meeting, according to the PM secretariat.

The PM observed that pressure of foreign exchange reserve has now been loose. Now, improvement is seen in foreign exchange reserve and remittance. I have planning to hold a comprehensive discussion with the representatives of the private and public sectors. Solutions cannot be found out if we resort to blaming each other. I believe, challenges and pressure of economy can be taken to a positive direction by cooperation and coordination between the private sector and the government,” said the PM.

Both national and international factors have played their role in causing crisis in economy, said the PM, earthquake, COVID, Russia-Ukraine war, limitations on export are some of the reasons for this difficult situation. We are working attentively to curb leakage and increase revenue, said the PM.

We are emphsising monitoring because doing only this can bring improvement in economy. Without facilitating real estate business, it is unlikely that liquidity problem will be addressed, said the PM.

Those who have taken bank loan bust say they won’t pay back it cannot be excused. Such an undisciplined attitude cannot be discounted, he said, the government will be strict in such matter.

BFIS representatives drew the attention of the government to the security of the BFIS and their employees and assured that they would move ahead as per the expectations of the government in regard to addressing the concern of the business people and common citizens.

Finance Minister Dr. Prakash Sharan Mahat, chief secretary Shankardas Bairagi, Nepal Rastra Bank governor Maha Prasad Adhikari, Home Secretary Binod Prakash Singh, Finance Secretary Toyam Raya were present, among others, in the meeting.