Kathmandu: Finance Minister Rameshore Khanal has emphasized the importance of a market-oriented liberal economy in response to the gradual transformation of Nepal’s economic landscape. At a seminar organized by the Nepal Rastra Bank (NRB) on the contributions of Dr. Yadav Prasad Pant to Nepal’s economy, Minister Khanal identified political and policy instability as critical challenges facing the nation.
According to National News Agency Nepal, Minister Khanal noted that both external and political factors are exerting pressure on Nepal’s economy. He pointed out that the economic structure is evolving, with a noticeable decline in the industry sector’s contribution while the service and production sectors are experiencing rapid growth. Despite the challenges, he expressed optimism that the expected economic growth rate can be achieved with an 8 percent loan imbursement.
Minister Khanal also paid tribute to Dr. Yadav Prasad Pant, acknowledging his historic role in integrating Nepal’s economy with international mechanisms and fostering coordination between the agriculture and industry sectors. The seminar was held to commemorate the 100th birth anniversary of Dr. Pant, a former governor and finance minister.
Governor of NRB Dr. Bishwo Nath Paudel remarked that while political changes can occur swiftly, economic reforms and transformations require time. Former Finance Minister Dr. Prakash Chandra Lohani highlighted the issue of limited production and high imports, alongside remittance-driven consumption, as factors slowing the country’s development.
In addition, Dr. Yubraj Khatiwada, another former finance minister, urged the current finance minister to prioritize economic considerations over political pressures. Dr. Rup Joyti, also a former finance minister, advocated for the promotion of entrepreneurship in the current economic context.
Dr. Pant, a prolific author, has contributed nearly two dozen books on economics, planning, and Nepal’s economic diplomacy, leaving a lasting legacy in the field.