Nepal will not become another Sri Lanka: FNCCI Sr Veep Dhakal

KATHMANDU, April 6: Senior Vice President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal has said that although the country’s economy could face a serious challenge, the situation will not be as critical as it is in Sri Lanka. Speaking at the second National General Convention of the FNCCI, Dhakal said that the country’s economy will not face Sri Lanka’s fate.

"Employment and economic prosperity cannot be achieved unless we consume domestically produced goods," FNCCI Vice President Dhakal said. He also said that the private sector needs to work to make the economy run smoothly as the country's economy is also facing challenges

Similarly, Vice President Dhakal said that the lack of liquidity is the main problem of the economy at present. He claimed that due to the lack of liquidity, banks have increased interest rates on deposits to ease the liquidity situation. However, the rate of deposits has not increased.

He also claimed that business activities cannot move forward unless the interest rates of banks become affordable.