April 28: Former governor of Nepal Rastra Bank, Dr Tilak Rawal, said that the economy of Nepal is at the crossroads. He made such remark during the 67th anniversary of Nepal Rastra Bank. He also stated that there are problems with the economy of the nation and that the government is failing to carry out its responsibilities.
According to him, the trade deficit has increased, balance of payments disturbed, foreign exchange reserves have been declining and current account is in a deficit. Rawal said that such facts should not be hidden but rather a collective effort is needed to normalize the situation.
Stating that the global economy itself is in turmoil, Rawal said that no single person should be held responsible for the current economic crisis of the nation.
He argued that excessive imports disturbed the balance of payments.
He suggested that all the concerned authorities should work in coordination with each other in order to overcome the issues seen in the nation’s economy. Dr. Rawal stated that Maha Prasad Adhikai received justice just like him when he was suspended as the governor 20 years back.
He said that some of the negative effects of world trade have also affected Nepal's economy.
Former Governor Rawal said that giving priority to local production can help Nepal's economy during the current crisis.