KATHMANDU, August 1: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the International Finance Corporation (IFC) to assist Nepal to find a way out of existing economic challenges and to enhance its financial accessibility.
The FNCCI stated that the support and cooperation from the IFC was necessary to promote small and medium-scale industries in Nepal, to promote infrastructure development and to see the improved investment status.
During a meeting with Susan M Lund, IFC vice president for Economics and Private Sector Development, FNCCI President Chandra Prasad Dhakal urged for the assistance from the IFC to promote the economic environment in the country.
"Nepal is currently grappling with economic issues primarily due to challenges in managing the post-COVID-19 situation. The government and the mass as well have been affected by the economic slowdown, particularly the private sector," he said.
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The government's revenue decreased by around 13 percent and people's purchasing power has declined due to increasing inflation, he added.
In response, the IFC Vice President said they were ready to cooperate with the FNCCI for the promotion of the private sector.
As the IFC, World Bank Group claims, it is the largest global development institution focused on the private sector in developing countries.
The FNCCI with the collaboration of the Corporation had organized a report on the contribution of the private sector in the economy and a conference of small and middle-scale entrepreneurs.
On the occasion, Senior Vice-President of FNCCI, Anjan Shrestha, pointed out the need of making the market dynamic as most of the industries are in operation at low capacity.
Similarly, Vice-Presidents—Hemraj Dhakal and Jyotsana Shrestha shared that improvement in the tax system was necessary for Nepal.
President of the Investment and International Affairs Forum of FNCCI, Manoj Poudel, stressed on policy-level reforms for investment expansion, according to FNCCI.
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