PM Oli pledges investigation into usury, cooperative fraud

Prime Minister KP Sharma Oli has pledged during a session of the House of Representatives (HoR) today to address several issues affecting Nepal's financial sector.

Responding to concerns raised by Nepali Congress lawmaker Dhanraj Gurung, the Prime Minister assured the nation of rigorous actions against usury, cooperative fraud, irregularities in microfinance, and the illicit Hundi business.

He underscored the implementation of a risk-based assessment system and rigorous supervision across various sectors including casinos, precious metals transactions, cooperatives, real estate, remittance, and banking. "These measures will help curb corruption and implement the government's policy of zero tolerance against financial misconduct."

Furthermore, the Prime Minister said comprehensive approaches: promotional, preventive, and remedial will be taken to combat corruption effectively. He emphasized the promotion of technology-based service delivery systems to enhance governance across all sectors of the state.

Moreover, Prime Minister Oli stressed the need for strengthening internal control mechanisms within all government agencies. He also announced plans to review and amend the Public Procurement Act and related laws to ensure their effective implementation in accordance with current needs.

He said the Gandaki Economic Triangular Project comprising Bharatpur-Butwal-Pokhara-Muglin-Bharapur route as announced in the budget speech aims to promote the approach of an integrated development.

The project is expected to contribute to the development of industrial, energy, agricultural and tourism sectors, he added.        

He said the bodies concerned have been directed to complete the construction of the Siddhababa Tunnel Way.

Similarly, the government aims to generate 180 megawatts of power from the dam proposed Aandhikhola Reservoir-based Project, and environmental impact assessment for this project has been endorsed, according to the Prime Minister.