NC accuses govt of inviting economic crisis

Published On: December 6, 2018 06:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 6: Main opposition Nepali Congress (NC) has accused the ruling Nepal Communist Party (NCP) government of pushing the country toward an economic crisis.

Citing the decline in the foreign direct investment by 75 percent in last three months [compared to last year], the main opposition party has criticized the government for failing to fix economic problems of the country and failing to create conducive environment for investment. The main opposition party has also blamed the current government for the share market crash, ballooning trade deficit and depletion of foreign exchange reserve among other weak macroeconomic indicators.

“Various government statistics after nine months of government performance have clearly indicated that communist government has been pushing the country toward an economic crisis,” reads the draft of economic proposal of the party prepared to be presented at the Mahasamiti meeting of the party.

The NC has also warned about possible risk of capital flights from the country due to mistrust of the communist government. “Trade deficit of the country has crossed one third of the gross domestic product (41.2 percent) after the NC stepped down from the government,” reads the NC's document.

The government has been blamed for raising the tax rates, fixing the customs in a way that discourages investment, industrialization and agricultural products in the NC's economic proposal. “The government has been working to promote crony capitalism. The government which in under the grip of a party cannot attract foreign investment for the country's development,” reads the report.

The opposition has also accused the government of failing to employ economic diplomacy to attract international investors.

The NC has also accused the government of protecting certain contractors and discouraging others who disagree with 'unethical conditions' of the communist party.

Stating that government's dillydallying over the appointment of office bearers on Natural Resources Financial Commission exposed the government's intention to centralize power, the NC has questioned the government's commitment to federalism.

NC's economic proposal has talks about promoting commercialization and modernization in agriculture sector and developing the tourism industry in the country. The opposition has also proposed banning fossil-fuel-vehicles after 2030 and promoting electric vehicles.

The opposition has also proposed bringing in a reputed international partner for making the national flag career Nepal Airlines profitable, and emphasizing railway, tunnel and cable car networks. Increasing the production of electricity, its domestic use and export are in priority of the NC's economic policies for the coming years. NC has also proposed providing elderly age allowances from 65 years.

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