KATHMANDU, May 4: Senior economist and former vice-chairman of the National Planning Commission, Dr Swarnim Wagle has said that the Nepali economy is not heading toward a crisis, unlike the present situation of Sri Lanka. Speaking at a program organized by the Society of Economic Journalists Nepal (SEJON) on Wednesday, Dr Wagle said that although there is a rumor of Nepal's economy going bankrupt like that of Sri Lanka, it is not true.
Stating that the recent economic crisis in Sri Lanka was created due to the arrogance and ignorance of their government, Dr Wagle said that the country is facing a crisis due to wrong policies such as tax exemptions, evaluation of returns and taking foreign loans for the construction of infrastructures without any study and research.
Wagle all set for ‘Koreana Coffee Guff’
According to Dr Wagle, Nepal has not taken any loans it cannot pay back, adding that the country's balance of payments is not in a deficit, either. However, he said that the indicators that are already going in the wrong direction should be brought back on the right track to avoid any further issues in the future.
Similarly, Wagle stressed the need for not formulating any economic policies without an in-depth study, accurate transmission of information by counselors to people running the country and to be aware of corruption to avoid a similar situation like Sri Lanka. Furthermore, stating that the money of the state is being distributed under the social security fund, grants and relief, he said that the government should spend money only after doing adequate study.
SEJON President Janardan Baral, Executive Director of the Institute for Integrated Development Studies (IIDS) Bishwash Gauchan, president of the Federation of Nepalesei Chambers of Commerce and Industry (FNCCI) Shekhar Golchha, vice-president of Nepal Bankers Association Sunil KC, senior economist and representative of The World Bank, Alice Joan Brooks, senior economist Nara Bahadur Thapa, former head of Statistic Division of the International Monetary Fund (IMF) Manik Lal Shrestha, president of Confederation of Nepalese Industries (CNI) Vishnu Kumar Agrawal and president of Nepal Chamber of Commerce Rajendra Malla were among others present at the program.
