Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Amidst medical practitioner Durga Prasai’s upcoming demonstration in Kathmandu, scheduled for Thursday to advocate for the relief of debtors from financial institutions, including banks, Prime Minister Pushpa Kamal Dahal issued a stern warning against loan defaulters.
In recent months, Prasai has been actively campaigning for the liberation of debtors, calling for the forgiveness of their loans, a stance that has been perceived as running counter to existing laws. In various public forums, he has consistently highlighted this matter.
Concurrently, during a dialogue with representatives from the private sector and government agencies at Singha Durbar on Tuesday, Prime Minister Dahal underscored the government’s firm stance on addressing the issue of loan defaulters. In summarizing the discussions, he emphasized, “The government will take stringent measures against anyone advocating for the non-payment of debts through coercion or violating constitutional provisions, laws, values, and norms.” He emphasized that acts of dishonesty and immorality could not be overlooked.
Prime Minister Dahal indirectly referenced businessman Durga Prasai, asserting that the State could not provide exemptions to individuals deliberately defaulting on loans. He maintained that compelled non-payment of loans goes against constitutional principles, laws, and societal values.
Moreover, he announced that the Nepal Rastra Bank has been assigned the responsibility of assisting borrowers facing challenges in repaying their loans due to the sluggish economy. Additionally, a specialized regulatory body will be established within six months to address issues within cooperatives.
PM Dahal concluded by mentioning that the outcome of the discussions, guided by the recommendations from the commission focused on tax system reform, will be instrumental in enhancing the investment and production-friendly revenue structure.
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