Economic Emergency

Economic Emergency

Along with the spread of coronavirus assumed to critically hit Nepal’s market, the nation’s private sector asked the administration to declare ‘economic emergency’ and take decisive steps to cope with the condition.While in a meeting with Finance Minister Yubaraj Khatiwada, private sector delegates stated that the nation’s tourism and manufacturing sectors had previously been hit severely by the coronavirus, while stocks and enclosure areas were also expected to be negatively influenced. They asked the government to take urgent measures to reduce the influence on the country’s economy.

“The level of impact that the coronavirus is going to leave on global and Nepal’s economy is anybody’s guess. In such a context, the government should declare a state of economic emergency and introduce measures and packages to support businesses and the economy,” stated senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry, Shekhar Golchha.

As per the Golchha, the fear of the coronavirus spread in Nepal has now hit the market view and the need for non-essential goods has come down clearly. “Should the situation in India deteriorate, the Indian government could even announce a lockdown. If that happens, the supply of goods will be directly affected,” he stated. Further adding that the administration should correlate with the Indian government and increase the supply of both primary and non-essential assets in the private market. Golchha emphasised the need to quickly publish cases to help entrepreneurs in hotels, cinema theatres, restaurants and aviation.

The vice-president of Nepal Chamber of Commerce, Rajendra Malla stated the government should declare credit support and tax authorisation compliance in areas that were severely hit by the coronavirus. “The tourism sector is facing a cash shortage. Entrepreneurs are finding it difficult to pay staffers. The government should immediately announce relief packages for sectors affected by the virus, including the tourism sector,” stated Malla. Satish Kumar More, president of the Confederation of Nepalese Industries, continued that the administration should assist industrialists by bringing down percentage rates on loan.

While Khatiwada announced the administration was considering the impact of the coronavirus on manufacturing and other areas. “Effective measures will be taken to support businesses in this crucial phase after holding consultations with other government agencies.”

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