Hard hit by the persistently high interest rates, a prolonged liquidity crunch, and a sharp slowdown in business activities, the country's private sector bodies have swung into action to get their voice heard by the new dispensation in the Singhadurbar. On the top of their agenda is the postponement of the guidelines on working capital loans introduced by Nepal Rastra Bank. The two leading private sector organizations - The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industry (CNI)- separately met Prime Minister Pushpa Kamal Dahal at his residence on Tuesday morning. The FNCCI and CNI delegations also met Finance Minister Bishnu Poudel later in the afternoon.

The FNCCI delegation led by its President Shekhar Golchha apprised the PM about the difficulties faced by the private sector as well as the current state of the country's economy. During the meeting, Golchha raised the issue of postponement of the guideline on working capital loans and stressed the need for interest rate stability. The private sector has been lobbying hard for the postponement of the working capital loans guidelines by at least two years.

PM Dahal assured FNCCI delegates saying that he is also studying the past suggestions of FNCCI and that initiatives will be taken to resolve the problems soon with the cooperation between the Finance Ministry, Nepal Rastra Bank, and the private sector. The CNI team led by its President Vishnu Agrawal presented a concept note on 'Rebooting Nepalese Economy' along with the clear steps to be initiated immediately in order to revive the country's economy. CNI has also suggested measures that can be taken immediately by prioritizing the financial sector (liquidity crisis and high-interest rates), industrial promotion, infrastructure, tourism, energy, and information technology sectors to give momentum to the Nepali economy. "We have prioritized the economic recovery from the very first meeting of the Council of Ministers. We will be moving ahead in collaboration with the private sector," remarked PM Dahal meeting with the CNI team. CNI office bearers also met finance minister Paudel and suggested that the government take steps to bring down bank interest rates by 2 percent and defer the guidelines on working capital by two years to raise the confidence of the private sector. CNI President Agrawal urged the finance minister to implement the six unimplemented industrial zones on the model of India's Rudrapur Industrial Zone as soon as possible through the public-private partnership to encourage import-substituting industries. Govt will take all possible measures: FinMin Poudel Finance Minister Bishnu Paudel has assured the private sector that the new government has started working to resolve the problems of the economy. Poudel made such a remark during his meetings with the representatives of the FNCCI and CNI on Tuesday. Stating that the economy has not gone out of control, Poudel pledged that the government would take all possible measures to bring it back on track. “The very first meeting of the newly formed cabinet of ministers decided to take various steps to improve the economy,” said Poudel. Urging the private sector to work with high morale, he promised to extend all sorts of possible support to the private sector.