Cooperatives and financial institutions should focus on raising lifting living standards: President

Kathmandu, Nov. 21: President Dr. Ram Baran Yadav has stressed on the need for the cooperatives, and financial institutions to focus on raising the living standards of the people under the poverty line.

Inaugurating the 49 th SEACEN Governors’ Conference and high level seminar here today, the President said the institutions should  engage in reducing poverty as the sustainable and inclusive economic growth is the need of the hour and the private sector should also undertake economic activities by taking their responsibility towards the society.

Finance Minister Shankar Prasad Koirala while informing about Nepal’s present economic condition, said controlling price hike was challenging for the government.

The inflow of remittances, foreign currency reserve, and the existing current account saving has helped make Nepal’s economy lively and that the government was active in implementing financial reform.

He also informed that the government was active in expanding banking and financial services in the rural areas.

IMF Deputy Managing Director Naoyuki Shinohara said IMF was positive in increasing investment in development projects and to strengthen the economy of developing countries.

From the chair Mongolian Central Bank Governor Naidansuren Zoljargal said central banks should engage in attaining sustainable economic development by reducing financial risks, and expanding financial literacy.

Nepal Rastra Bank (NRB) Governor Dr. Yubaraj Khatiwada said unofficial financial transactions have created problems in market and financial risks had increased.

Convener of the Conference and Deputy Governor of NRB Gopal Prasad Kafle said it was a matter of glory for Nepal to have organized the conference in Nepal for the second time after a span of 26 years.