Kathmandu. Finance Minister Dr. Swarnim Wagle has said that the government will bring 10-12 point reform programs for the development and expansion of the market by correcting the weaknesses seen in the capital market. Stating that the capital market has become sluggish in recent times, he said that the government will work to prevent further deterioration of the situation due to irresponsible activities in the past.

Addressing the 28th annual general meeting of the Society of Economic Journalists Nepal (SEJON) here today, Finance Minister Wagle said that Nepal’s economy could be stronger if the increased capital in the banking sector was mobilized in productive sector instead of focusing on real estate and share market.

He said that there have been some weaknesses in the capital market in recent times and the market has not been able to gain the expected momentum. He said that necessary policy reforms will be made to make the market dynamic and increase investor confidence.

“The situation that has deteriorated due to irresponsible activities in the past will not be further aggravated,” said Finance Minister Wagle. He said that the government will take necessary reform programs for the development of the capital market.

Finance Minister Wagle said that preparations are underway to take necessary policy initiatives for the improvement of the overall economy along with capital market reform. He said that the government’s priority is to create an environment conducive for increasing capital mobilization in the productive sector.

He said that the problems seen in the cooperative sector have also affected the local economy. He said that unless the problems of the cooperative sector are resolved, its impact will continue to be felt on the local economic activities.

Finance Minister Wagle said that there has been a sluggishness in the real estate business in recent times and it is necessary to overcome it. He stressed on the need to address the sluggishness seen in the real estate and capital market and focus the economy towards production and job creation.

According to him, the government is preparing to identify the problems seen in the capital market and bring concrete reform programmes and to create an environment conducive to mobilize the capital that has been dormant in the country’s economy.