Kathmandu. The National Cooperative Federation has incurred a loss of Rs 2.75 crore.

According to the audit report of the FNCCI for the last fiscal year, the company has incurred a loss of Rs 1,76,81,938 till the end of the last fiscal year. The company had posted a net profit of Rs 3,35,290 in the corresponding period of the previous FY.

According to the federation, the total income proposed for the fiscal year 2081/82 will be Rs 6,92,59,250 out of which a total of Rs 6,87,37,994 will be spent and Rs 5,21,255 and Rs 63 will be saved.

According to the Federation, the expected progress could not be achieved as the works could not be completed as stipulated in the annual work progress report. According to the FNCCI, the physical progress till mid-July of the last fiscal year was 68 per cent while the financial progress was 34.69 per cent.

According to the federation, due to the lack of management of the liabilities of the retired employees in the gratuity fund, the amount of the retirement payment had to be accounted for, the second of the approved programs like National Youth Symposium and International Agriculture Fair could not be held due to the adverse situation in the cooperative sector ।

Likewise, the FNCCI has been unable to receive budget from the governments for the programs that were supposed to be run with the support of the federal government and partner agencies, and the education training programs, seminars, and partnership programs with business organizations could not be completed as per the target due to the adverse situation in the national and cooperative sector.