Nepal's economy faces major challenges in 2079 BS amid pandemic and natural disasters

KATHMANDU, April 11: As the year 2079 BS draws to a close, Nepal has experienced significant economic challenges caused by the COVID-19 pandemic, natural disasters, global warming, and the Russia-Ukraine war. These events have led to business closures, job losses, inflation, and a shrinking of foreign reserves in the central bank.

In the midst of these economic difficulties, Nepal had three Finance Ministers: Janardan Sharma under Prime Minister Sher Bahadur Deuba, Vishnu Prasad Poudel under Prime Minister Pushpa Kamal Dahal, and Prakash Sharan Mahat under Prime Minister Pushpa Kamal Dahal.

The country also faced allegations of irregularities during budget allocation. Finance Minister Janardan Sharma was accused of allowing outsiders to change tax rates in the budget, but a committee later found no evidence of such interference. Meanwhile, the name "M Adhikari" made headlines, leading many to believe it was the governor of Nepal Rastra Bank, but both Adhikari and UML clarified that "M Adhikari" referred to someone else.

In addition, debtors took to the streets to protest high interest rates imposed by banks, and the country experienced two major plane crashes.

Despite these challenges, there were also some positive developments in Nepal's economy in 2079 BS. Two international banks were constructed, offering new opportunities for financial growth and investment.

Overall, the year 2079 BS proved to be a tumultuous period for Nepal's economy, with both positive and negative events shaping the country's economic landscape.