Biratnagar : Finance Minister Prakash Sharan Mahat has assured that the issue of high bank interests would be addressed through an upcoming monetary policy.

In his address to a province-level interaction on formulation of budget and revenue policy for the upcoming fiscal year here today, the Minister said the interest rates would be reduced through the monetary policy.

“Private sector knows about causes of economic slowdown,” he said, adding that the liberal monetary political was necessary to address the problem of interest rates. As he shared on the occasion, he has already advised the Nepal Rastra Bank (NRB) to proceed towards that end. “The NRB has taken the matter seriously and I am hopeful of the solution.”

Stating that the central bank was an independent body and it had in one circumstance tightened the monitory, he said, “Now it is urgent to act liberally.”

He took time to stress the need of increasing capital expenditure and resolving the issues like delayed contract process and site clearance causing hurdles in accelerating the development projects. “Efforts for increasing capital expenditure should be taken from the very first day of fiscal year,” the Minister asserted. (RSS)

KATHMANDU: Nepali Congress leader Dr. Prakash Sharan Mahat has criticized own party government for acting sluggishly and claimed that the criticism reflected the concerns of party members in ensuring the success of Sushil Koirala led government.

Speaking at an interaction program organized by the Reporters Club Nepal on Sunday, Mahat called on the government to press on implementing important development projects like the Kathmandu-Terai Fast Track, Nijgad International Airport, Mahakali Integrated Irrigation Hydropower, Sunkoshi Hydropower projects, among others.

He further suggested that the government should table budget with special budget for local level elections, increase in old age allowance among others. While conceding that the government has not been able to make substantial progress in drafting the constitution, he called on the government to play an active and effective role in the constitution drafting process.