Kathmandu: Stakeholders and experts underscored the need for collaborative efforts between the government and the private sector to implement reforms and improve the current economic situation in Nepal. The call for coordination and cooperation among all agencies came during a program organized on the occasion of the 27th annual general assembly of the Society of Economic Journalists-Nepal (SEJON).*

Acting Prime Minister Purna Bahadur Khadka, addressing the gathering, mentioned the serious steps taken by the Prime Minister to enhance the country's economy, expressing confidence in its swift recovery. Khadka highlighted the positive intervention of the government, leading to a decrease in bank interest rates, improvement in the stock market, and a rebound in the real estate market. However, he cautioned against interest groups attempting to exploit perceived economic challenges.

Nepal Rastra Bank Governor Maha Prasad Adhikari stressed that collective efforts are required to address challenging economic conditions, emphasizing that reforms in the economy cannot be achieved through monetary policy alone. Adhikari urged stakeholders to inform the central bank if banks and financial institutions charge higher interest rates.

Sunil KC, Chairman of the Bankers' Association of Nepal, noted a decrease in bank interest rates by one percentage point and emphasized that the bank's base rate is limited to single digits. Rajesh Agrawal, Chairman of the Confederation of Nepalese Industries (CNI), argued that acknowledging economic challenges is the first step towards finding solutions.

Ramesh Hamal, Chairman of the Security Board of Nepal, pointed out that cumbersome processes in setting up enterprises hinder sufficient foreign investment in Nepal. He suggested a focus on promoting small and medium-sized industries to attract more investment.

The collective sentiments at the event highlighted the importance of synergy between the government and the private sector for effective economic reforms and revitalization.