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Urge of tourism entrepreneurs to bring monetary policy to include small and medium enterprises.

As the tourism entrepreneurs have not been able to reap the expected benefits from the monetary policy of the current fiscal year, they have urged the NRB to bring a monetary policy that will provide relief and concessions to all types of entrepreneurs. In the virtual interaction on the suggestions of the tourism sector in the monetary policy of the new fiscal year, the Nepal Tourism Board said that tourism should be given priority in the monetary policy as other sectors should also be mobilized.

Speaking on the occasion, Executive Director of Nepal Rastra Bank Dr. Prakash Kumar Shrestha said that the past monetary policy has helped many entrepreneurs but not all of them could get rid of it due to limited funds and some procedural complexities. He said that tourism was the most affected area from Covid and it was given high priority. However, banks and financial institutions also have their own limitations and procedures, so loans can only be given by following them, he said.

Joint Secretary at the Ministry of Culture, Tourism and Civil Aviation, Taranath Adhikari, said that the monetary policy should be formulated in such a way that all the entrepreneurs can get relief and concessions. Speaking on the occasion, Chandra Rijal, vice-chairman of the Nepal Tourism Board, said that many businessmen and workers could flee the region if the tourism business was not given high priority in the monetary policy. He said that the government and the Nation Bank have the responsibility to save the distressed businessmen and workers.

Similarly, Krishna Shah, a member of the board, said that monetary policy should be introduced to facilitate tourism promotion, loans and interest. He suggested to take initiative to use Indian currency of five hundred, thousand and two thousand rupees in Nepal to increase Indian tourist arrivals. Similarly, another board member Pampha Poudel Dhamala said that the current monetary policy is expected to address the demands of small and medium entrepreneurs as they could not benefit from the past monetary policy.

Dr. Dhananjay Regmi, Chief Executive Officer of the Board, said that it was necessary to address the demands of the entrepreneurs as the tourism sector was not the most affected even though the tourism sector was most affected. He said that other sectors would also be mobilized if tourism could be made viable, adding that saving this sector should be the priority now. Director of the Board, Santosh Pant, informed that the Board has already submitted the demands of all the entrepreneurs to the Ministry.

Maniraj Lamichhane, Director and Information Officer of the Board, facilitated the interaction. He urged the NRB to make arrangements for small and medium entrepreneurs to get loans without collateral on the basis of their business and also on the basis of certificates. The chairpersons of various umbrella organizations related to tourism and experts in the field of tourism also gave suggestions.