KATHMANDU, Aug 1: The microfinance victims' group that has been protesting for weeks in the capital has agreed to end its ongoing protest programs after signing an agreement with the government on Friday.
According to the Ministry of Finance (MoF), a five-point agreement was reached between the microfinance victims' group and the government's negotiation team late Friday night. "With the agreement, all ongoing protest programs on behalf of the victims will be withdrawn," the MoF said in a statement.
Govt and microfinance victims reach six-point agreement
According to the agreement, the provisions of the report submitted by a task force formed earlier to resolve the problems of microfinance victims will be implemented, along with an action plan, within 15 days. The task force submitted its report to the government on August 6, 2024.
Similarly, the agreement also provides for the possibility of conducting a rehabilitation program for debtors and reviewing the provisions related to blacklisting and mortgage auctions mentioned in the report.
Likewise, both sides have agreed to fully implement the Operational Guidelines, 2024 issued by the Nepal Rastra Bank for microfinance financial institutions, with the central bank monitoring their implementation.
Similarly, the local administration will be instructed to take action against illegal practices, including harassment by employees of microfinance institutions during loan recovery and the unlawful seizure of goods and property from borrowers' homes.
