Finance Minister Paudel acknowledges failure of self-regulatory provision in cooperative act

Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel says the problems surfaced in the Cooperative sector since the self-regulatory provision in the Cooperative Act did not work well.

In a discussion with the special parliamentary committee formed to investigate the misappropriation of cooperatives’ funds, Finance Minister Poudel pledged to bring those who misused the funds under the ambit of law.

The Finance Minister also claimed that Nepal’s economy is oriented to socialism adding that the constitution has ensured the proper management of public, private and cooperative institutions.

The special parliamentary committee also discussed with National Planning Commission Vice Chair Dr. Shiva Raj Adhikari and Nepal Rastra Bank Governor Maha Prasad Adhikari regarding the problems that surfaced in the cooperative sector.