Meeting with IMF Mission Team and CBIFIN

Kathmandu. A meeting was held between the team led by Tidian Kinda from the IMF headquarters and the team led by CBIFIN President Pawan Kumar Golyan.- On the 12th of October, Friday, the meeting and discussion was completed at CBIFIN office.

During the meeting scheduled earlier in coordination with the IMF’s office in Nepal, the current monetary policy, current capital loan guidance and pressing issues in the economic and banking sector were intensively discussed.

During the meeting, CBIFIN President Pawan Kumar Golyan reminded that there is continuous discussion and dialogue with the IMF on the overall economic and banking sector reform and development issues.

And he shed light on the situation of the banking sector, the policy and practical aspects to be adopted for reform, and the role of development partner organizations.

The representatives along with the head of the mission team, Tidian Kinda, said that although it is natural for Nepal’s economy to see a contraction in the context of the global economic slowdown, the Nepalese government needs to take immediate reform measures. Due to the fact that a beautiful country like Nepal, full of natural resources and young manpower could not catch the pace of economic progress, he expressed curiosity about the main issues that Nepal should take immediate steps for economic reform and the possible role of partner organizations.

Clearing the curiosity of the mission team, CBIFIN President Golyan, taking into account the immense potential seen in Nepal’s agriculture, forestry, energy, and mining sectors, said that the government of Nepal and its subordinate regulatory bodies should create a friendly policy and environment to create enthusiasm in the private sector as a whole.

He mentioned that the capital expenditure system should be comprehensively improved and special emphasis should be placed on the development of infrastructure, productive, employment and export sectors should be given priority with incentives.

In the same way, donor agencies and development partner organizations are also playing a positive role in import substitution and export promotion, Chairman Golyan urged the team to take necessary initiatives to provide subsidized credit investment through banks and financial institutions of Nepal.

Likewise, CBIFIN senior vice president Bhoj Bahadur Shah, vice president Rajesh Upadhyay and executive member Upendra Prasad Paudel and others expressed their belief that even though the banking sector of Nepal is facing unexpected challenges, if there is a reliable environment, policy stability and adoption of timely policies, the banking sector is capable of running the economy.