Kathmandu: Prime Minister KP Sharma Oli stated that financial cooperatives would not fail if they are managed according to cooperative principles and regulations. He emphasized that cooperatives operating within the rules cannot cause issues for their members.

Speaking at a meeting of the Parliamentary Inquiry Special Committee, formed to investigate the misuse of savings in financial cooperatives, PM Oli said that problems have emerged because individuals have joined cooperatives with the intention of gaining unfair benefits.

"Cooperatives that follow the rules have not faced any issues, but problems arise when the rules are not adhered to," he warned, stressing that strict action would be taken against those found exploiting the cooperative system.

PM Oli highlighted that the Constitution recognizes cooperatives as a key pillar of the economy, and the government is giving them due importance. He underscored the role of cooperatives in mobilizing small capital and promoting income and employment across various sectors.

The Prime Minister expressed confidence that the inquiry committee would conduct a fair investigation and provide clear recommendations to resolve the issues in the financial cooperative sector.

Additionally, PM Oli mentioned that the government is working to track down individuals who have absconded after misappropriating cooperative funds. He expressed optimism that after the investigation is complete, it would be easier to bring these individuals back to Nepal through INTERPOL.