April 11: Finance Minister Janardan Sharma has instructed the heads of Nepal’s missions abroad to take initiative to send as much remittances as possible from Nepali nationals living in foreign countries. He also directed the diplomatic mission chiefs to take initiative to increase the visit of foreign tourists to Nepal. He gave such directives in a virtual meeting on Sunday afternoon with ambassadors, acting ambassadors, consul generals and heads of missions of more than two dozen countries.
Admitting that the government was under pressure to increase foreign exchange reserves and improve the balance of payments, Finance Minister Sharma said that all parties should work together during such crisis.
“We are under pressure to increase our foreign exchange reserves. You have to play a crucial role in this matter. Encourage the citizens to send money as remittances. Create an environment for more tourists to come to Nepal through various tourism promotion programs,” said Minister Sharma.
Stating that the inflow of remittance from mid-March to mid-April was Rs 91 billion, Minister Sharma said that there is a need to increase the inflow of remittances.
“We are bringing various packages to increase remittances. Homework has been done to give a certain percentage of reservation in IPO and FPO to those who send remittance through formal channels,” the minister furthers stated.
Finance Minister Sharma also said that an investment conference should be organized to create an environment for increasing foreign investment in Nepal. \
“We are creating a linear modality that allows borrowing only when a larger project is being built and the loan can be repaid by the project itself. We have also made it easy for non-resident Nepalis to open accounts in dollars,” he added. Minister Sharma also asked the envoys to give suggestions for the kinds of products in demand in various countries and if they can be produced in Nepal.
Finance Secretary Madhu Kumar Marasini said that the economy is under pressure and the government is taking measures to improve it gradually. Speaking on the occasion, Acting Governor of Nepal Rastra Bank Neelam Dhungana pointed that the economy is under pressure and everyone needs to work together for improvement.