Prime Minister KP Sharma Oli Assured rigorous Actions Against Usury, Cooperative Fraud

Kathmandu, July 22 — Prime Minister KP Sharma Oli committed to addressing several pressing issues affecting Nepal’s financial sector during a session of the House of Representatives (HoR) today. Responding to concerns raised by Nepali Congress lawmaker Dhanraj Gurung, the Prime Minister assured rigorous actions against usury, cooperative fraud, irregularities in microfinance, and the illicit Hundi business.

Prime Minister Oli acknowledged the alarming increase in financial irregularities and pledged to use the government’s full strength to combat them. He expressed his commitment to promoting justice, promising thorough investigations and accountability for those involved in such practices.

“We will implement a risk-based assessment system and rigorous supervision across various sectors including casinos, precious metals transactions, cooperatives, real estate, remittance, and banking,” Oli stated. “These measures will help curb corruption and implement the government’s policy of zero tolerance against financial misconduct.”

The Prime Minister outlined a comprehensive approach to combating corruption effectively, emphasizing promotional, preventive, and remedial measures. He highlighted the promotion of technology-based service delivery systems to enhance governance across all sectors of the state.

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

Discussing development projects, the Prime Minister mentioned the Gandaki Economic Triangular Project, which comprises the Bharatpur-Butwal-Pokhara-Muglin-Bharapur route. Announced in the budget speech, this project aims to promote an integrated development approach and is expected to contribute to the development of industrial, energy, agricultural, and tourism sectors.

He also directed the concerned bodies to complete the construction of the Siddhababa Tunnel Way. Furthermore, the government aims to generate 180 megawatts of power from the proposed Aandhikhola Reservoir-based Project, with the environmental impact assessment for this project already endorsed.

Prime Minister Oli’s commitments signal a strong stance against financial misconduct and a focus on sustainable development, reflecting the government’s dedication to addressing critical economic and governance issues in Nepal.