Nepal’s economy is doing well, therefore don’t be alarmed, according to the Finance Minister

Nepal’s finance minister said on Monday that the Himalayan nation is performing well, dismissing opposition claims that the country’s economy will continue to deteriorate over the next few days. On Monday, his three former Finance Ministers of Nepal – Vishnu Paudel, Surendra Pandey and Dr. Yuvaraj Katiwada – affiliated with the Communist Party of Nepal (United Marxist-Leninist) (CPN-UML), the country’s newest his 12-item joint statement on the economic scenario of They complained that the country’s economy was headed for crisis and that aggressive intervention should put it on the right track.

Recognizing that the country’s economy is functioning well.” In another context, the Finance Minister said the investigation into Nepal’s Rastra Bank governor, Nepal’s central bank made clear that it complied. Lastra Bank Act. Nepal’s government last week suspended the NRA governor for neglecting his duties. A commission of inquiry has been set up to look into the matter and further decisions will be made based on the commission’s report, he said.

“Based on an assessment of the details available, the country has not yet experienced a major economic crisis,” Foreign Minister Janardhan Sharma said Monday while providing an update on the country’s economy. Sharma dismissed a joint statement by his three former finance ministers, who belong to the largest opposition party, his CPN-UML. Sharma went on to say that misinformation on the matter was being spread to discourage traders and mislead the public, and believed such practices should stop.

The minister assured Nepal’s economy was moving in a positive direction despite the COVID-19 crisis and the ‘battle’ between Russia and Ukraine, ignoring rumors about the country’s sluggish economy. I urged everyone to More than 631 billion rupees of remittances have been sent to the country so far this financial year, down 4.9 per cent from the same period last year, he stressed. However, he acknowledged that the country’s trade deficit exceeded Rs 1.29 trillion as of April 8, 2022 of this financial year.

In addition, a proposal was made to temporarily ban the importation of expensive and luxury vehicles and not allow government vehicles to be used on public holidays.

During this period, more than INR 1,450 crore of goods were imported and more than INR 159 crore of goods were exported. The ministry said imports increased by 33.9% and exports by 72.8% from the same period last year. Similarly, the country’s current foreign exchange reserves are over Rs 1,171 billion compared to Rs 1,399 billion at the end of the previous year, he said.