KATHMANDU

The Nepal Industrial Association’s Executive Vice President, Birendra Raj Pandey, has stated that the economy is in a state of ‘deep depression’. Speaking at a national economic debate program on Thursday, he explained that the fragile state of the economy is due to the steps taken as a result of the impact of foreign currency accumulation two and a half years ago.

He said, “The current state of the economy is a result of the steps taken as a result of the impact of foreign currency accumulation two and a half years ago. We haven’t heard any progress being made to address this issue. The treatment has been slow. The economy has entered into a deep depression. The necessary measures for improvement have not been taken.”

He also mentioned that although banks have sufficient funds for good investments, industrialists are unable to take loans, which is the root problem of the economy.

He further stated that even if expenditures do not increase and there is no improvement in the economy, the necessary reforms will not be implemented.