Nepal needs to overcome major financial challenges to meet its development goals: FWEAN President Gyawali

Published On: August 21, 2024 04:45 PM NPT By: Republica | @RepublicaNepal

Unity should be emphasized to solve challenges of financial development

KATHMANDU, Aug 21: Shova Gyawali, the president of the Federation of Women Entrepreneurs’ Associations of Nepal (FWEAN), has said that Nepal needs to overcome major financial challenges to meet its development goals.

Addressing a program titled ‘Dialogue on Financing for Development’ held in Kathmandu on Tuesday, Gyawali said that although Nepal has made some progress, it faces financial challenges in achieving the sustainable development goals (SDGs).

Mentioning the framework prepared by the United Nations in 2015 to achieve the SDGs by 2030, she said that Nepal's progress is slower than expected and the financial gap is increasing.

Gyawali said, “We have gathered here today. However, we have not been able to make progress as expected. The financial gap, which was estimated at $2.5 trillion annually in 2015 has now exceeded $4 trillion, which has profoundly impacted developing countries such as Nepal.

She mentioned that the per capita national income has yet to rise from the list of least developed countries and US$23 billion is annually needed to achieve the Sustainable Development Goals from 2023 to 2030.

Similarly, she said that the rapid decline in foreign investment has negatively impacted Nepal's economic structure and posed challenges in achieving trade loss and revenue targets.

Although Nepal is set to graduate from the category of Least Developed Countries (LDCs) in 2026, she said that financial pressures will still impact women and backward communities.

She said, “Today's dialogue is not only timely, it is also very necessary. This will create a friendly environment to collect both national and international support to achieve the sustainable development goals. Our united voice will guide the necessary reforms.”

Emphasizing the importance of determination, unity, and commitment for Nepal to achieve its development goals, Gyawali said, “The challenges are significant. However, we can overcome these challenges together. Let's utilize today's dialogue as an essential step for a better future.”