Responding With Policy To COVID-19 Crisis

Responding With Policy To COVID-19 Crisis

              

 

The coronavirus pandemic has become a global phenomenon. No country regardless of its size or economic vitality has been able to aloof itself from this. Very few countries which implemented early precautionary measures have been able to minimize insurmountable loss of wealth and human casualties. In this connection, it was indeed a quick maneuver by our state mechanism to realize its possible intensity which forged a timely lockdown. This has been by far the most effective measure to protect the country from possible human casualties. Though on one hand, it has caused some difficulties to the general public, on the other it has saved the country from possible severity of the mass engulfing of the virus. However, prolonged lockdown has put the economy on the verge of recession. The virus will stay with us for a long time until the vaccine arrives, which is no anytime sooner. In this situation, the best thing to do is to continue contemporary preventive measures while also taking precautionary measures to control the damage on the economic front.

 

The IMF predicts the global economy to contract by 3% in 2020 making the current crisis the worst recession since the great depression of the 1930s. The IMF has named this crisis as "The Great Lockdown", because of the global nature of the crisis whose speed and scale of impact is unparallel to any other crisis before and has forced the countries to opt for withdrawing of all social activities through the lockdown. 

 

In response to the crisis, central banks and governments across the globe have introduced various policy measures. Such policy measures are aimed to facilitate the economy to have a V-shaped recovery. In the US the Federal Reserve has approved a $2.2 trillion stimulus package. Similarly, Japan has introduced the largest ever stimulus package worth more than $550 billion of about 10% of its Gross Domestic Product. Many other countries have followed the suit. 

 

Following the pandemic, the IMF, the World Bank, Center Bureau of Statistics, Nepal, etc have estimated the growth rate of Nepal for the current fiscal year to range within 1.5 to 2.5 percent. Though such projection might change depending upon the duration of the crisis, it is obvious that the economy will be hit hard. Given the composition of our GDP, various sectors that contribute to the GDP will be affected in varying intensity. 

 

Sectoral Impact

The structure of the Nepalese economy is primitive akin to that of the developing countries. Nearly more than one-fourth of the GDP is contributed by the primary sector. According to the Economic Survey 2018/19, the contribution to GDP of the Primary, Secondary, and Tertiary sectors account for 27.6%, 14.6%, and 57.9% respectively. 

 

Amongst all the sectors, the agriculture sector is least affected and with some arrangements, the government can control the damage. A major contributor to the agriculture sector is paddy, which will sustain its contribution to a large extent. Further, improvement in the supply chain will ensure the marketability of other Agro-products even in a difficult period. In the secondary sector, the manufacturing is disturbed severely on account of the paucity of workers, disturbances of the supply chain, etc. The construction sector is likely to be moderately affected. Continuing the construction activities of large scale projects will ensure that this sector will help to control the damage.  

 

The contribution of the service sector in the economy of the country is paramount. Here the wholesale and retail trade sector with 14.4% of GDP has the highest share. On account of disruption of the supply chain, diminished purchasing power of self-employed, huge layoff of employees and contract workers this sector will also be moderately affected. Another sector that has been hit hard is the hotel and restaurant sector. It was because of the corona crisis that Visit Nepal 2020 was canceled. The downfall in this sector will also negatively affect other sectors like transportation and communication, earnings of the financial intermediaries, agriculture, aviation, etc. As the COVID crisis prolongs, this area will be affected for a longer period. Even after the lockdown, it will take time for this sector to revive.  

 

Another factor that has a vital role in the functioning of our economy, i.e Remittance will also be severely hit. The total inflow of remittance for last fiscal year was NPR 879 billion which for this year is estimated to be limited within NPR 800 billion. With the major destination country's economy forecasted to be in recession, the fall in remittance will continue in days to come. As such new job opportunities abroad will diminish increasing the return of the workers, escalating the unemployment problem in the country. Dive in remittance and number of outgoing migrant workers will lead to multifold repercussions on the economy of the country; liquidity problems in the banking sector, pressure on forex earning, decrease the overall economic activities, and increase the poverty level and inequality in the country. 

 

 

 

Policy measures adopted

Amidst this crisis, Nepal Rastra Bank has announced policy measures to facilitate the economy. The measures aim to lubricate the functioning of the economy via ensuring liquidity ease, reducing the cost of borrowing, flexible provisioning of the loans and its servicing, enhancement of the refinance package, allowing easy access to supplemental capital, and so on.  

 

Furthermore, the government has the responsibility to manage multifold challenges and prioritize its actions. For this, it has introduced various measures in the recently announced fiscal policy for the upcoming fiscal year. For eg, the budget of the health care sector has been increased by Rs 20 billion reaching Rs 90.69 billion aiming to  strengthen the overall health care infrastructure and support our fight against the pandemic.

 

The policy also emphasizes the agricultural sector with the introduction of some novel ideas. Policies aiming to enhance the infrastructure in the agro sector for robust supply chain management, linking products to the market, storage of products, agro-insurance, land bank, irrigation plants, etc when implemented will modernize our agricultural sector, enhance the level of food security in the country and save our expenses on imports. 

 

Furthermore, the policy aims to absorb the unemployed workforce in the agriculture sector and other sectors by creating employment opportunities, addressing those who have been laid off from their job, including the returnee migrant workers. Touted as labor-friendly, the policy also aims to create employment opportunities via the PM Employment Program, has focused on skill-based training, emphasized on subsidized loan via banks and financial institutions, stringent management of the foreign employees working in Nepal, etc. 

 

Consideration has also been taken in line with the frugality measures, for eg withholding all the additional perks and benefits going to the employees, downsizing the Member of Parliament's fund, etc. The policy looks like one to be adhered to during times of crisis.  Along with all these provisions the recently announced fiscal policy looks promising and optimistic.

 

In a nutshell, the overall policy measures recommended are sound and aim to address the dynamics of the current crisis. However, its real excellence will be reflected in its proper implementation. Similarly, the duration of the crisis will also be another limiting factor that might demand some flexibility in due course of time. As such it is pertinent to ensure that the stated policies are timely implemented in a coordinated and transparent manner so that the damage emanating from the corona pandemic can be contained.

Embracing Digital Finance System Need Of Hour

Embracing Digital Finance System Need Of Hour

Financial inclusion can be defined as a state whereby Individuals and businesses have access to meaningful and affordable financial products and services. It means that customers regardless of their geographical location, ethnic, social-cultural, educational, or economic background have access to suitable financial products while ensuring fairness in service delivery at a reasonable cost.

The popularity of financial inclusion is because of the role it plays in reducing poverty and bringing prosperity. Financial inclusion is generally measured in terms of access of people and business to a bank account. Having a bank account means that people can save, send and receive payments as such people are connected with one of the important parts of life-- banking. Such an account serves as a starting point for the users to facilitate day to day living, make immediate and long-term financial plans, and make use of a wide variety of financial services.

Access to finance at present is not only limited to having a bank account in physical banks. With the use of modern technology in the field of banking and finance, financial services are offered through mobile phones, personal computers, the internet, or via linkage of the card to a digital payment platform known as digital financial services (DFS). For any product offerings to be called DFS, it should enable the users to perform basic banking functions like payments, savings, borrowings, etc making use of the internet, and without having to go to the physical branch location. DFS is a broad terminology and also includes Mobile Financial Services (MFS) which means the use of a mobile phone to access financial service and execute financial transactions.

Financial inclusiveness throughout the globe has been low. The World Bank estimates that around 1.7 billion adults worldwide do not have a basic transaction account. In Nepal, around 60 percent of the population is still said to be outside the coverage of the formal banking channel. Low financial literacy, complex KYC requirement, unequal access to infrastructure, convenience in using informal market tools, lack of trust, and inadequate financial awareness are the reasons for staying outside banking services.

Government of Nepal (GoN) has introduced measures to increase the access of people to financial services. It has planned to open a physical branch of commercial banks in all local levels of the government. With about 81 percent of Nepal's population living in rural areas, the increase in number of banks in local level will increase bankable population. Banking at doorsteps will create convenience for the users which were a matter of privilege some years back.  Similarly, the government has launched an opening bank accounts campaign targeting every citizen. To ensure its effectiveness the process of opening bank accounts has been simplified. Opening the bank account earlier required a copy of citizenship but now can be done just by presenting a copy of the driving license, national identity card. Similarly, such accounts will receive a deposit of Rs. 100 from the bank’s side.

The government has also introduced the 'Digital Nepal' campaign which highlights the role of digital financial services to promote digitization of financial transactions. It recommends increasing the limit of digital transactions, reduce the cost of digital financial transactions, issue of national biometric cards, and introduce telecommunication companies into the payment industry. The government, together with other stakeholders can create an enabling environment to promote digital financial services. For instance, recently Bangladesh introduced the 'Digital Bangladesh' campaign which largely increased financial inclusion. Bangladesh, in 2018 had 47 percent of adults in the financial channel, a 10 percent increase from 2017. Such progress was due to a larger portion of the population having access to MFS. Such stories can also be found in countries like Kenya (mPesa), China( Alipay, Wechat), etc. Our own homegrown MFS providers include e-Sewa, IME pay, sparrow pay, etc. that have been gaining momentum.  

A large unbanked population together with a predominantly cash-based economy has been a constant problem to the Nepali financial system for long. A solution can be the extension of digital financial services throughout the country. With mobile penetration rate greater than 100 percent, declining cost per unit of data, high-speed internet solutions, expansion of physical infrastructure, 50 percent internet penetration rate, the environment is conducive for the expansion of digital financial services. This context is more suitable to popularise mobile financial services. The population base with wide access to mobile and internet can be tapped to open digital wallets which would be game-changing to enhance financial inclusion in Nepal. Licensed mobile financial services providers from Nepal Rastra Bank in the form of PSP’s and PSO’s can tap the unbanked population across the country.

Digital finance is instrumental to ensure broader financial inclusion. Similarly, in contrast to the traditional brick and mortar banking, digital finance is more affordable and convenient.  The major advantage of digital finance comes from its ability to offer product offerings at an affordable price, ensuring interoperability across various service providers. It also enables regulators to easily check the flow of black money or undue financial transactions. Another advantage would be the efficiency factor. The use of innovative digital financial services can have a long-lasting positive impact on banking performance.  

Access to digital finance is likely to boost the gross domestic product of the economy by providing service users with a wide range of digital finance products and services. Under banked groups like SME’s, women, and the population on the bottom of the pyramid will have access to financial services. This will boost aggregate expenditure leading to a positive contribution to GDP and will also contribute to the reduction of the poverty level.

The government should build coordination with concerned stakeholders and create an enabling legal and physical infrastructure to promote digital finance in the country. Making use of the technology to offer existing banking solutions and leveraging the benefit of technology to offer mobile financial services across the country will significantly enhance financial inclusion in the country. Such measures will significantly add to the government’s mission of ‘Digital Nepal’.

(The author is an Assistant Director at Nepal Rastra Bank.)

कोरोनापछिको वैदेशिक रोजगार व्यवस्थापन

कोरोनापछिको वैदेशिक रोजगार व्यवस्थापन 

२०७७ बैशाख, २५

विश्वव्यापी रूपमा अप्रत्याशित किसिमले देखिएको कोरोना महामारीले विश्व अर्थतन्त्रलाई संकटग्रस्त बनाएको छ । कोरोनाले निम्त्याएको संकट बहुआयामिक रहेको र यसले पार्ने प्रभाव सन् १९३० ठूलो आर्थिक मन्दीभन्दा गहिरो हुने विभिन्न अन्तरराष्ट्रिय निकायहरूले आकलन गरेका छन् ।

पर्यटन, उत्पादनमूलक तथा निर्माण क्षेत्र आदिमा उल्लेख्य रोजगारी सृजना तत्कालका लागि सम्भव छैन । यस्तो अवस्थामा मुलुकको कुल गार्हस्थ्य उत्पादनमा ठूलो अंशको योगदान गर्ने कृषिक्षेत्रमा रोजगारी सृजना गर्नुपर्ने हुन्छ ।

अन्तरराष्ट्रिय मुद्राकोष (आईएमएफ) का अनुसार सन् २०१९ मा विश्व अर्थतन्त्रको वृद्धिदर २ दशमलव ९ प्रतिशत रहेकोमा सन् २०२० मा ३ दशमलव शून्य प्रतिशतले ऋणात्मक हुनेछ । विभिन्न भौगोलिक क्षेत्रहरूको तुलनामा दक्षिण एशियाको आर्थिक क्षेत्रमा भने कोरोनाले न्यून प्रभाव पार्ने मूल्यांकन आईएमएफले गरेको छ । अधिकांश मुलुकहरूको अर्थतन्त्र ऋणात्मक रहने तर नेपालमा भने करीब २ दशमलव ८ प्रतिशत वृद्धि भित्र सीमित हुने आकलन विश्व बैंकले अप्रिल, २०२० मा सार्वजनिक गरेको दक्षिण एशियासम्बन्धी प्रतिवेदनमा उल्लेख छ । यद्यपि कोरोना महामारी अझै पनि नियन्त्रणमा नआएको र कहिले नियन्त्रणमा आउँछ भन्ने निश्चित नभएकाले यसले पार्ने असरलाई यकिन गर्ने प्रयास अभैm हतारो हुन्छ । यस्तो अवस्थामा हाम्रो अर्थतन्त्रलाई सकेसम्म कोरोनाको दुष्प्रभावलाई न्यूनीकरण गर्न आवश्यक छ ।

वैदेशिक रोजगारीको अवस्था
आर्थिक वर्ष २०६३/६४ मा वैदेशिक रोजगारीमा जाने नेपालीको कुल संख्या २ लाख थियो भने आव २०७४/७५ मा आइपुग्दा श्रमस्वीकृति लिई वैदेशिक रोजगारीमा जानेको संख्या ५० लाख नाघिसकेको छ । सो अंकमा रोजगारीका लागि भारत गएका नेपालीहरूको लगत नभएको र श्रमस्वीकृति नलिई जानेहरू समेत समावेश नभएकाले वैदेशिक रोजगारीमा गएका नेपालीको संख्या अझ उच्च रहेको अनुमान गर्न सकिन्छ । नेपालले संस्थागत रूपमा ११० मुलुकलाई वैदेशिक रोजगारीका लागि खुला गरेकोमा व्यक्तिगत रूपमा करीब १७२ मुलुकमा नेपालीहरू कामका लागि गएका छन् । १७२ मुलुकहरूमा पनि मुख्य गन्तव्यका रूपमा मलेशिया, कतार, साउदी अरेबिया र यूएई रहेका छन् ।

कोरोना प्रभावले गर्दा आर्थिक गतिविधिहरू कम भई अर्थतन्त्र शिथिल हुँदै जाँदा यसको प्रभाव वैदेशिक रोजगारीमा समेत देखिँदै छ । अन्तरराष्ट्रिय श्रम संगठन (आईएलओ)ले कोरोना महामारीका कारण विश्वमा करीब ५० प्रतिशत (अर्थात् करीब २ अर्ब ७० करोड) कामदारको रोजगारी खोसिएको तथ्य सार्वजनिक गरेको छ । यस्तो अवस्थामा रोजगारका लागि नेपालीहरू गएका मुलुकहरूको अर्थतन्त्र पनि नकारात्मक रूपमा प्रभावित भएकाले त्यहाँ रहेको नेपालीको रोजगारी खोसिने अवस्था आएको छ । वैदेशिक रोजगारीका अवसरमा कमीका कारण हाल त्यँहा रहेका नेपालीहरू स्वदेश फर्कनुपर्ने अवस्था छ भने हरेक वर्ष श्रमबजारमा प्रवेश गर्ने जनशक्तिसमेत नयाँ रोजगारीबाट वञ्चित हुने स्थिति छ । यसरी कोरोनाका कारण हाम्रो मुलुकमा पनि कल कारखानाहरू बन्द भई समग्र आर्थिक गतिविधिहरूमा कमी भएकाले बेरोजगारी समस्या भयावह हुने देखिन्छ ।

विप्रेषणको अवस्था
कोरोनाका कारण विप्रेषणमा पनि नकरात्मक प्रभाव पर्ने देखिन्छ । आर्थिक वर्ष २०६५/६६ मा रू. २०९ अर्बको विप्रेषण आप्रवाह रहेकोमा आर्थिक वर्ष २०७५/७६ सम्म आइपुग्दा सो रकममा वृद्धि भई रू. ८७९ अर्ब पुगेको छ । कोरोना विपत्तिसँगै यस वर्ष भने विप्रेषणमा कमी भई करीब रू. ८०० अर्बमा सीमित हुने अनुमान गरिएको छ । वैदेशिक रोेजगारीमा गएका अधिकांश नेपाली आधारभूत कार्यमा संलग्न भएकाले विप्रेषणको रकममा ठूलो कमी नआउने कतिपयको राय भए तापनि अधिकांश गन्तव्य मुलुकको अर्थतन्त्र ऋणात्मक हुने भएकाले सो अनुसार नहुने देखिन्छ ।

विप्रेषण आप्रवाहका कमीले नेपालको अर्थतन्त्रमा बृहत् प्रभाव पर्ने छ । बैंकिङ क्षेत्रमा तरलता, कर्जा प्रवाह तथा असुलीमा समस्या, वैदेशिक मुद्राको आर्जनमा कमीका कारण कोषमा दबाब, सरकारको राजस्व आम्दानीमा कमी, विप्रेषण प्राप्त गर्ने घर परिवारमा क्रयशक्तिमा कमी आदि तत्काल देखिने असर हुन् । मध्यम तथा लामो समयमा भने यसले गरीबी वृद्धि तथा आर्थिक असमानतामा समेत ठूलो फरक ल्याउने देखिन्छ । यसले गर्दा सन् १९७० देखि मुलुकले गरेको गरीबी निवारणका प्रयासलाई समेत असर गर्ने देखिन्छ ।

आगामी बाटो

आर्थिक मन्दीका कारण विश्वका विभिन्न मुलुकहरूले राहत प्याकेजको घोषण गरिरहेका छन् । हाम्रो मुलुकमा पनि कोरोनाका कारण अर्थतन्त्रका पर्ने नकारात्मक प्रभाव न्यूनीकरण गरी अर्थतन्त्रको रिकभरी तत्काल होस् भनी सरकारी निकायबाट विभिन्न व्यवस्था आएका छन् । यस सम्बधमा हाम्रो मुलुकले ल्याउने विभिन्न प्याकेजहरूले वैदेशिक रोजगारीबाट फर्कनेलाई समेत सम्बोधन गर्न जरुरी छ ।

विप्रेषण आप्रवाहको कमीले नेपालको अर्थतन्त्रमा बृहत् प्रभाव पर्ने छ । बैंकिङ क्षेत्रमा तरलता, कर्जा प्रवाह तथा असुलीमा समस्या, वैदेशिक मुद्राको आर्जनमा कमीका कारण कोषमा दबाब, सरकारको राजस्व आम्दानीमा कमी, विप्रेषण प्राप्त गर्ने घर परिवारमा क्रयशक्तिमा कमी आदि तत्काल देखिने असर हुन् ।

अर्थतन्त्रको यस कठिन घडीलाई सकारात्मक रूपमा लिई वैदेशिक रोजगारीमा रहिरहेको परनिर्भरतामा कमी ल्याउन आवश्यक छ । बन्दाबन्दीे सकिनासाथ वैदेशिक रोजगारीमा गएका नेपालीहरू स्वदेश फर्कने हुँदा ठूलो संख्यामा रहेका नेपालीलाई स्वदेश ल्याउन तयारी गर्नुपर्ने देखिन्छ । कृषि छोडेर शहरतिर काम गर्नेहरू पनि अहिले गाउँ फर्केको अवस्थामा उनीहरूको शीप तथा अनुभवका आधारमा रोजगारीको सृजना गर्नुपर्ने अर्को चुनौतीसमेत रहेको छ । पर्यटन, उत्पादनमूलक तथा निर्माण क्षेत्र आदिमा उल्लेख्य रोजगारी सृजना तत्कालका लागि सम्भव छैन । यस्तो अवस्थामा मुलुकको कुल गार्हस्थ्य उत्पादनमा ठूलो अंशको योगदान गर्ने कृषिक्षेत्रमा रोजगारी सृजना गर्नुपर्ने हुन्छ । यस महामारीलाई हामीले कृषिमा आत्मनिर्भर बन्ने अवसरका रूपमा लिनुपर्छ ।

व्यावसायिक तथा वैज्ञानिक कृषिखेतीका लागि आवश्यक कानून तथा भौतिक पूर्वाधारको निर्माण गर्न जरुरी छ । यसबाट निजीक्षेत्रलाई समेत विश्वासमा लिई कृषिमा ठूलो सफलता प्राप्त गर्न सकिन्छ । यसका साथै वैदेशिक रोजगारीबाट फर्केकाहरूलाई कृषिमा आधारित लघु तथा साना उद्यमका लागि सहुलियत कर्जा सहज रूपमा उपलब्ध गराउनुपर्छ । यसका लागि सहकारी तथा लघुवित्त वित्तीय संस्थाहरूलाई परिचालन गर्न सकिन्छ ।

यसैगरी स्थानीय तहले कृषि कार्यको प्रवर्द्धनका लागि बीउबिजनहरू सहज रूपमा उपलब्ध गराउने, आवश्यक तालीमको प्रबन्ध गर्ने, बजार व्यवस्थापनको काम गर्ने, उत्पादनको उचित मूल्य कायम गरी किसान र उपभोक्ताहरूलाई बिचौलियाको मारबाट बचाउने, स्थानीय अवसरमा आधारित भएर व्यावसायिक योजनाअनुसार कृषि कार्य गर्ने, बाँझो कृषि भूमि प्रयोगका लागि बाध्यात्मक नीति निर्माण गर्ने आदि काम गर्न सक्छन् । यसरी स्थानीय तहमा आर्थिक गतिविधि वृद्धि भएमा यसले विकास निर्माणमा पनि गति ल्याउनेछ ।

वैदेशिक रोजगारको क्षेत्रमार्फत अर्थतन्त्रमा पार्ने नराम्रो प्रभाव न्यूनीकरणका निम्ति सरकारले तथा सरोकारवालाले वैदेशिक रोजगारीबाट फर्किएका कामदारहरूको दक्षता मुलुकमै प्रयोग हुने गरी योजना निर्माण गर्न आवश्यक छ । फर्किएका कामदारहरूलाई मुलुकमै स्वरोजगार बनाउने तथा आत्मनिर्भर अर्थतन्त्रको निर्माणमा लाग्न प्रोत्साहन गर्न सहयोगी हुने योजना तथा कार्यक्रमलाई प्राथमिकता दिनुपर्छ ।

लेखक नेपाल राष्ट्र बैंकमा कार्यरत छन् ।

Green Finance for Sustainable Economic Development

Green Finance for Sustainable Economic Development 

  

Introduction

Green Finance refers to the range of innovative financial instruments as well as mechanisms/initiatives that promote green investments. This means more capital flows to sustainable sectors like renewable energy, clean transportation, sustainable water management, etc and less to the unsustainable sectors like mining, coal industry, etc. It is to increase financial flows from banks and financial institutions (public, private and not-for-profit sectors) to sustainable development priorities that have positive and durable environmental externalities. 

A crucial essential about green finance is to generate environmental benefits as part of a strategy to attain inclusive, resilient and sustainable development. The underlying concept is that sustainable financing will lead to sustainable economic growth with better managed environmental and social risks, while also ensuring a better rate of return on the projects. As such green finance covers a wide range of financial product offerings including banking, investment and insurance products such as green bonds, green investment funds, climate risk insurance, etc. Hereby sustainability we mean maintaining a balance between various factors and forces in action, i.e striking a balance between the need and wants of the individuals (being shaped by the cultural, political and economic factors), while also considering their impacts on the environment. 

Fig: Sustainability Pyramid

Global Practices

Green finance has been talk of the town after the declaration of the United Nations Sustainable Development Goals 2015 and the Paris Climate Agreement 2016, which garnered global understanding to the fact that green finance is vital for sustainable economic development .

Since then the practice ensuring that sustainable ventures will get the desired financing and institutions that create hazardous environmental repercussions get the least priority (if not financing at all) has been prevalent. Such practices have been implemented by regional economic blocks, individual countries, investors groups, etc. For eg, regional economic unions like European Union (EU) have made it necessary for companies to reveal their environmental and social policies. Investors have also formed a union based on their common interest in green finance.  For eg, the investor community has come together almost two decades ago adhering to a set of principles known as United Nations Principles for Responsible Investment that covers the environmental, social and governance aspects in their investment policies and practices. Such community at present has 2000 signatories with 81 trillion dollars of the worth of assets and investment.

Similarly countries across the world have formed and implemented a framework that requires the banks to consider environmental and social risks while processing investment projects. However, implementing green financing is not possible through the involvement of a single party/agent. 

Who is responsible?

It is not only the responsibility of the government to ensure that sustainable development measures are adopted. Practical solutions to green finance demands proactive participation of three important stakeholders: Government, Business Enterprises and Citizens.

On the government side, the onus is on the government to develop a regulatory framework and institutional set up that promotes green financing. Similarly from the business side, they must be generous to contribute financial resources to back-up the efforts of the government as the development of eco-friendly infrastructure requires a huge amount of investment from both the government and the private sector. Such investment should be dedicated to the sector of clean energy, transportation, manufacturing, etc which have a direct impact to reduce carbon and other emissions. Similarly, the business community should also encourage research and development initiatives to promote eco-friendly projects, ensure optimum forward and backward linkages with the common interest entities. 

To ensure the longevity of the efforts of the government and the business, citizens should also play a part in their share. This includes awareness and willingness of the citizens to support environment-friendly projects and products from such projects, willingness to pay for such products, desire to work for such firms, and so on. On top of all, the role of global organizations like the United Nations, The World Bank, the European Union, etc is also important as these set the international best practices. 

Nepal's approach to Green Financing

Nepal's concern for sustainable economic development practices dates back to 1950. Before 1950 Nepal revealed its environmental concerns through species conservation and forest use, in 1950-1980 through natural resources conservation and utilization, since 1980’s through policies, and 1985 (from Seventh National Plan) onwards with a focus on Environmental Impact Assessment(EIA), EIA guidelines and in the 1990s through laws. 

Government of Nepal has also accorded due importance to sustainable economic development via formulation of Policies (National Agricultural Policy 2004, Industrial Policy 2011, Climate Change Policy 2011), strategies (Poverty Reduction Strategy 2003, Sustainable Development Agenda, 2000) and programs (National Adaptation Plan of Action 2010), to ensure sustainable economic development. Nepal is a party to the United Nations Framework Convention on Climate Change(UNFCCC), has ratified the Paris Agreement and has also adopted the Sustainable Development Goals. All these initiatives illustrate that we are concerned about environment-friendly development approaches and continuing with this tendency the country has given pivotal importance to green finance.

One of the important stakeholders of green finance are the central bank of the country. As guardians of financial stability, central banks have serious concerns for sustainable development. Effective implementation of green finance initiatives will ensure financial and microeconomic stability mitigating possible risk of high inflation or that of business continuity emanating from climate change or other environmental risks. Hence increase in investment in sustainable and eco-friendly projects has been a topmost priority of the central banks throughout the globe.

Nepal joined the global bandwagon of green finance movement after Nepal Rastra Bank(NRB) became a member of Sustainable Banking Network (SBN), which is a network of central bank and banking associations from emerging markets that was set up in 2012 to foster green and sustainable finance.  NRB has duly recognized sustainability as a central tenet of economic growth. It has demonstrated a strong commitment to environmental sustainability and has integrated principles of sustainable development in its policies and programs. The Unified Directives 2019 issued by the bank  has made it mandatory for licensed banks and financial institutions(BFIs) to undergo Environmental Impact Analysis before disbursing the loan. Similarly, it has also issued Guidelines on Environmental & Social Risk Management for Banks and Financial Institutions 2018. The guidelines aims to establish the Environmental and Social Risk Management Framework as the standard process for evaluation and integration of environmental and social issues in the functioning of banks and financial institutions and requires BFIs to develop and implement an Environmental and Social Management System (ESMS) consistent with local environmental, social laws and regulation, and overtime with recognized international standards such as IFC’s Performance Standards on Environmental and Social Sustainability. The guidelines focus on assessing air emissions and air quality, water use and conservation, wastewater and water quality, solid wastes, labor and working conditions, biodiversity and ecosystem services, culture, and natural heritages, etc.

As a result of these practices, BFIs have started to lend more to the sustainable sectors like electric vehicles, while enforcing stringent lending to hazardous coal based industries, crushers, industries based on fossil fuels, etc. For a country like Nepal, which is all set up to produce surplus clean electricity (more than demand) in the upcoming years, these measures will not only protect our lush natural resources but will also save us a huge amount of currency that goes in importing of fuels. 

Conclusion  

Green finance is certain to gain momentum in the future with most of the countries worldwide focusing on measures to curb pollution and greenhouse effects, and with regulators having placed stringent requirements regarding compliance and disclosure. The need of the time is to revamp existing measures making it more suitable to the local context. While doing so reference of the global best practices should also be taken. Such measures should be able to garner coordination across stakeholders to ensure that green finance efforts are implemented sustainably and comply with international best practices. Incentivizing public financial investments, more awareness across the stakeholders, etc can furthermore promote green financing. Similarly, stakeholders should also be proactive enough to implement the policies and strategies in place. 

All these initiatives will ensure the effectiveness of green finance for ensuring sustainable economic development. For a country like Nepal with robust tourism potential(lush-green resources, varied biodiversity, cultural and historical heritage, etc), implementation of green finance and other practices of sustainable economic development is a must. 

Published in Upahar(Magazine of Economics and Management), Souvenir of Rastriya Banijya Bank Limited, 2076

— v —

Raising Financial Literacy

Amish Dhungel and Dwaipayan Regmi

On observing the lifestyle of the villagers, they seem to have no financial plans. They spend money right away, with no vision for the future, and are in no mood to open a bank account. This vividly represents the poor level of financial planning on account of poor financial literacy.

Financially literate means consumers are able to make wise choices in using financial products, make sound financial decisions, and optimize resources through better financial planning.

With sound financial literacy, individuals can eradicate financial distress in the future. It also means ensuring better financial discipline and making better use of scarce financial resources.

Studies indicate that financial literacy in Nepal is low. Only 45% of the adult population has a bank account, as per the World Bank report of 2017, which indicates a low level of financial literacy, though it could also be because of poor financial access.

Ensuring a greater deal of financial literacy in Nepal requires the active engagement of three parties - regulatory agencies, Banking, and Financial Institutions, and educational institutions.

Nepal Rastra Bank, as a regulatory agency, has shown ample interest in promoting financial literacy.

It has been organizing financial literacy campaigns throughout the country. Similarly, it has been organizing financial literacy programs, celebrating International Money Week, implemented a Clean Note Policy, developed promotional materials relating to financial literacy, adopted stringent Client Protection measures and formulated a financial literacy national strategy.

Similarly, a directive issued by the central bank provides financial literacy and financial consumer protection. It has instructed licensed entities to practice simplified and transparent banking practices and mandatorily organize financial literacy programs.

Following the instructions by the bank, BFIs (banks and financial institutions) have been allocating some of their resources for financial literacy campaigns as part of their Corporate Social Responsibility (CSR).

Similarly, the regulator of the securities market in Nepal, SEBON, is also promoting financial literacy. 

Recently it took membership of OECD INFE (International Network of Financial Education), making it the first organization from Nepal to forge such a partnership. It has also organized an international conference on Financial Consumer protection and financial education in coordination with the OECD.

Another regulatory body in the financial sector that looks after the insurance sector, Rastriya Beema Samiti (Insurance Board), also has financial (insurance) literacy in its agenda. Similarly, insurance companies licensed by the board have also been found organizing insurance literacy programs in the country as part of their CSR initiative. However, the education sector has lagged behind in imparting basic financial knowledge to the students. 

It is important to include financial education in the syllabus of the educational institutions as knowledge and skills transferred at a young age will come handy throughout life. As such, students have little knowledge about general banking skills. They are not taught about saving, investment or entrepreneurship. They don’t have proper knowledge of what the BFIs do. Even though commercial banks have reached almost every local level, people prefer to keep money at home. When the salary gets credited into their account, they rush to the banks the very next day and take out all the money to the last paisa.

The onus lies on the educational institutions to impart financial knowledge to the students. A coordinated approach must be taken by the central bank, Ministry of Education and educational institutions to develop a financial literacy curriculum so that students are not shut out from another life-saving skill. For the time-being educational institutions can launch financial literacy programs themselves, or take the help of the BFIs, which are now present in almost all the local levels. Such initiatives should also be a priority of the local level Gaupalikas and Nagarpalikas. Local-level bodies can inculcate financial literacy not only to the school level students but also to every household by setting up various groups.

Financial literacy is a must for society’s upliftment. The government has made financial literacy and financial inclusion a priority. In addition to bank branches, it has also given priority to use of alternative channels to increase financial access. Likewise, the use of IT-based channels like mobile banking, internet banking, and branchless banking has been gaining popularity in Nepal. All these reveal an increase in financial service access to the customers.

However, supply requires a demand for service delivery to be effective. Stakeholders should consider imparting financial literacy to the targeted customers to ensure that the customers receive the services well. This not only ensures the financial well-being of the customers but also ensures market expansion, capital formation and proper use of scarce resources while strengthening the economic sector and stability. All these help in the sustainable growth of the economy.

Studies indicate that financial literacy in Nepal is low. Ensuring a greater deal of financial literacy in Nepal requires the active engagement of three parties — regulatory agencies, Banking, and Financial Institutions, and educational institutions.

Dhungel is Assistant Director at NRB and Regmi is Assistant Manager at Rastriya Banijya Bank 

Digital Finance Ensures Inclusion

Digital Finance Ensures Inclusion

Financial inclusion can be defined as a state whereby Individuals and businesses have access to meaningful and affordable financial products and services. It means that customers regardless of their geographical location, ethnic, social-cultural, educational, or economic background have access to suitable financial products while ensuring the fairness in service delivery and at a reasonable cost.

The popularity of financial inclusion is because of the role it plays in reducing poverty and boosting prosperity. Financial inclusion is generally measured in terms of access of people and business to a bank account. Having a bank account means that people can save, send and receive payments as such people are connected with one of the important parts of life - Banking. Such an account serves as a starting point for the users to facilitate day to day living, make immediate and long-term financial plans, make use of wide varieties of financial services, etc.

Access

Access to finance at present is not only limited to have a bank account in physical banks. With the use of modern technology in the field of banking and finance, financial services are offered through mobile phones, personal computers, the internet, or via linkage of the card to a digital payment platform is known as digital financial services(DFS). For any product offerings to be called DFS, it should enable the users to perform basic banking functions like payments, savings, borrowings, etc making use of the internet, and without having to go to the physical branch location. DFS is a broad terminology and also includes Mobile Financial Services(MFS) which means the use of a mobile phone to access financial service and execute financial transactions.

Historically financial inclusiveness throughout the globe has been low. The World Bank estimates that around 1.7 billion adults worldwide(or 31% of adults) do not have a basic transaction account. In the case of Nepal around 60% of the population is still said to be outside the coverage of formal banking channels. Low financial literacy, complex KYC requirement, unequal access to infrastructure, convenience in using informal market tools, lack of trust in financial service providers, inadequate financial awareness, etc has excluded a large portion of citizens from the ambit of Banking Industry.

Government of Nepal (GoN) having realized the importance of financial inclusion has introduced measures to increase the access of people to financial services. It has prioritized to open a physical branch of commercial banks at all local levels of the government. As of October, 2019, only 12 local levels out of 753 do not have a physical branch.  All these local levels are likely to have a branch by the end of the current fiscal year. With about 81% of Nepal's population living in rural areas, the increase in the number of banks at the local level will increase the bankable population. Banking at doorstep will create convenience for the users which was a matter of privilege some years back.  Similarly, GoN has launched an opening bank accounts campaign targeting every citizen. To ensure its effectiveness the process of opening bank accounts has been simplified. Opening the bank account earlier required a copy of citizenship but now can be done by presenting a copy of the driving license, national identity card, etc. Similarly, such accounts will receive a deposit of Rs. 100 from the bank's side.

GoN has also introduced 'Digital Nepal' campaign which highlights the role of the Digital Financial Services to promote digitization of financial transactions. It recommends to increase the limit of digital transactions, reduce the cost of digital financial transactions, issue of national biometric card, introduce Telecommunication Company (TelCo’s) into payment industry, etc As such,  Government of Nepal, together with other stakeholders can create an enabling environment to promote digital financial service. For instance, recently Bangladesh introduced 'Digital Bangladesh' campaign which largely increased the financial inclusion in the country. The country in 2018 had 47% of adults in the financial channel, which was a 10% increase from 2017. Such a number has soared up to 60.0% as per a recent study report from Nepal Rastra Bank. Such progress is because of a larger portion of the population having access to Mobile Financial Services(MFS). The growth was possible because of the Government’s financial inclusion strategy via ‘Digital Bangladesh’ that promoted Mobile Financial Services(MFS) like bKash, Rocket, iPay, etc . Such stories can also be found in countries like Kenya (mPesa), China(Alipay,Wechat),etc. Our own homegrown Mobile Financial Service providers like esewa, IME pay, sparrow pay, etc have been gaining momentum.  

A large unbanked population together with a predominantly cash-based economy has been a constant problem to the Nepalese financial system for a long period of time. A solution to both of these can be via an extension of digital financial services throughout the country. With mobile penetration rate greater than 100%, declining cost per unit of data, high-speed internet solutions, expansion of physical infrastructure, 50% of internet penetration rate, etc the environment is supportive for the establishment of a conducive ecosystem of digital financial services. This context is more suitable to popularize mobile financial services. This population base with wide access to mobile and internet can be tapped easily to open a digital wallet that would be game-changing to enhance financial inclusion in Nepal. Licensed mobile financial services providers from Nepal Rastra Bank in the form of PSP’s and PSO’s can tap virgin unbanked population across the country.

  

Digital finance is instrumental to ensure broader financial inclusion. Similarly, in contrast to the traditional brick and mortar banking, digital finance is more affordable and convenient.  The major advantage of digital finance comes from its ability to offer product offerings at an affordable price, ensuring interoperability across various service providers, etc.  It also enables the regulators to easily check/control the flow of black money, or undue financial transactions. Another advantage would be the efficiency factor. The use of innovative digital financial services can have a long-lasting positive impact on banking performance.  

Contribution

Access to digital finance is also more likely to boost the gross domestic product of the economy by providing service users with a wide range of digital finance products and services. Under banked groups like SME’s, women, and the population on the bottom of the pyramid will have access to financial services. This will boost aggregate expenditure leading to a positive contribution to GDP and will also contribute to the reduction of the poverty level. With this collection of government revenues, fees and charges will also increase. As such Government in coordination with other stakeholders should create an enabling legal and physical infrastructure to promote digital finance in the country. Making use of the technology to offer existing banking solutions and leveraging the benefit of technology to offer mobile financial services across the geographical areas will significantly enhance financial inclusion in the country. Such measures will significantly add to the government’s mission of ‘Digital Nepal’.

*Writer is an Assistant Director at Nepal Rastra Bank.

(The article was published in The Rising Nepal, a national English daily of Nepal. )

सार्वजनिक संस्थानहरुको वतर्मान अवस्था र भावी कार्यदिशा

सार्वजनिक संस्थानहरुको वतर्मान अवस्था र भावी कार्यदिशा

नागरिकका लागि अत्यावश्यक वस्तु तथा सामाग्री सर्वसुलभ र सुपथ मूल्यमा उपलब्ध गराउने, सो वस्तु तथा सेवाको उच्च मूल्यवृद्धि हुन नदिने आदि उद्देश्य राखी सार्वजनिक संस्थानहरू स्थापित भएका हुन्छन् । यसका साथै सार्वजनिक संस्थानहरूले स्थानीय स्रोतसाधनको भरपुर उपयोग गर्ने, मुलुकको सन्तुलित विकास गर्ने, उच्च आर्थिक वृद्धिका लागि पूर्वाधार तयार गर्ने, बजारमा निजीक्षेत्रकोे एकाधिकार हटाउने, उल्लेख्य संख्यामा रोजगारी सृजना गर्ने जस्ता कार्य मार्फत लोककल्याणकारी राज्य र आत्मनिर्भर अर्थतन्त्रको निर्माण गर्ने दिशातर्फ अग्रसर हुने लक्ष्य आत्मसात् गरेका हुन्छन् । 

सन् १९९० को दशकमा नेपालमा सार्वजनिक संस्थानहरूको उल्लेख्य संख्यामा स्थापना भएको देखिन्छ । सो समयमा निजीक्षेत्र बलियो नभएको, ठूला पूर्वाधार निर्माणमा निजीक्षेत्रसँग आवश्यक पूँजी तथा अनुभवसमेत कम भएकाले सरकारले विभिन्न मोडालिटी (पूर्ण वा अधिकांश लगानी) मा औद्योगिक, व्यापारिक, सेवा, सामाजिक, जनोपयोगी, वित्तीय आदि क्षेत्रमा सार्वजनिक संस्थानहरूको स्थापना गरेको पाइन्छ । 

संस्थानहरूको अवस्था
अधिकांश सार्वजनिक संस्थान घाटामा सञ्चालित छन् । मुनाफामा रहेको संस्थानहरू पनि एकाधिकार तथा केहीमा हालसालै चालिएका सुधारका प्रयासका कारण सुधारोन्मुख अवस्थामा छन् । यसरी सार्वजनिक संस्थानहरूलाई साविककै व्यवस्थापन संरचना र कार्यसम्पादन अन्तर्गत चलिरहन दिए जनताबाट उठाएको करको दुरुपयोग भइरहने तथा बजेट घाटा बढ्दै जाने निश्चित छ । 

वित्तीय अवस्था 
केही सार्वजनिक संस्थानकोे वित्तीय अवस्था बलियो छ र राजस्व आम्दानीमा ठूलो योगदान दिइरहेका छन् । केही संस्थानमा दैनिक प्रशासनिक खर्च धान्नसमेत सरकारको ढुुुकुटी प्रयोग भइरहेको छ । संस्थानको खर्चमा नियन्त्रण गर्न नसक्नु, भएका व्यवसाय पनि प्रभावकारी रूपमा सुचारू गर्न नसक्नु, नयाँ क्षेत्रमा व्यापार व्यवसायलाई लग्न नसक्नु, उच्च व्यवस्थापनमा उत्तरदायित्व कम हुनु, प्रतिस्पर्धी तवरले विद्यमान बजारका सिद्धान्त अनुरूप कार्य कुशलतामा सुधार ल्याउन नसक्नु, आदि कारणले गर्दा केही संस्थानहरूको क्षमतामा दिनानुदिन कमी आइरहेको छ । आव २०७४/७५ को आँकडा हेर्दा अस्तित्वमा रहेको ३९ संस्थानमध्ये दुई बन्द छन् भने सञ्चालित ३७ मध्ये ११ संस्थान घाटामा छन् । केही संस्थानको उद्देश्य मुनाफाभन्दा पनि जनजीवनलाई चाहिने वस्तु तथा सेवा सरल तरीकामा पु¥याउनु भएकाले नाफाघाटाको हिसाब गर्नु उपयुक्त मानिँदैन । यद्यपि न्यूनतम मुनाफा सार्वजनिक संस्थान सञ्चालनको अनिवार्य शर्त हुनुपर्छ र सो आर्जन गर्नतर्फ संस्थानहरू अग्रसर हुनैपर्छ । 

नीतिगत व्यवस्था
कुनै समयमा ६२ ओटा सार्वजनिक संस्थान रहेकोमा नेपाल सरकारले चलाएको निजीकरणको नीतिले उक्त संस्थानहरूको संख्या घट्दो छ । खुला उदार अर्थतन्त्रको उदयसँगै प्रतिस्पर्धी बन्न नसकेका र सरकारको प्राथमिकतामा पर्न नसकेका संस्थानहरूको संख्या घटी हाल ३९ मा सीमित भएको छ । तिनमा पनि ३७ मात्र सञ्चालनमा छन् । 

सञ्चालनमा रहेको संस्थानहरू विभिन्न ऐन अन्तर्गत स्थापना भएका हुन् । कम्पनी ऐन अन्तर्गत २८ ओटा, संस्थानसम्बन्धी ऐन अन्तर्गत ६ ओटा, सञ्चार संस्थान ऐन अन्तर्गत ३ ओटा र संस्थान ऐन अन्तर्गत २ ओटा संस्थान सञ्चालनमा रहेका छन् । यसरी विभिन्न ऐन अन्तर्गत सञ्चालनमा रहेकाका कारण तिनको सञ्चालन प्रक्रिया तथा प्रावधानहरूमा भिन्नता रहेको पाइन्छ । संस्थान सञ्चालकहरूको संख्या पनि फरक फरक रहेको पाइन्छ । ५ देखि १५ जनासम्म सञ्चालक भएको पाइन्छ । तसर्थ समान प्रकृतिका संस्थानहरूको सञ्चालनका प्रक्रिया तथा प्रावधानमा एकरूपता ल्याउन नीतिगत व्यवस्था गर्न आवश्यक छ ।

तालुक निकाय
सार्वजनिक संस्थानहरूले अर्थ मन्त्रालयका अतिरिक्त आप्mनो तालुक मन्त्रालयमा पनि रिर्पोटिङ गर्नुपर्ने हुन्छ । फरकफरक निकायहरूमा रिर्पोटिङ गर्ने अवस्थाले संस्थानहरूमा ढिलासुस्ती तथा कार्यालय सञ्चालनमा अस्पष्टता आउन सक्छ । अलगअलग सार्वजनिक संस्थानहरूको नियमनकारी निकाय पनि अलग नै रहेका छन् । छरिएर रहेका नियमनकारी निकायलाई एउटा बलियो निकाय अन्तर्गत ल्याउन सके संस्थानहरूको संस्थागत सुशासनको अवस्थामा सुधार आउन सक्ने कल्पना गर्न सकिन्छ । विषयगत मन्त्रालय र अर्थ मन्त्रालयबीच संस्थानको सञ्चालन र व्यवस्थापनका लागि स्पष्ट खाका तयार गरी लागू गरेमा यसबाट संस्थान सञ्चालनमा भइरहेको जटिलता हटन गई सञ्चालनमा सहजीकरण हुन्छ । यसर्थ सार्वजनिक संस्थानहरूको नियमन तथा रिर्पोटिङका लागि एक सशक्त सरकारी निकायको गठन अपरिहार्य छ ।

सञ्चालन मोडालिटी 
यसैगरी संस्थानहरूलाई उनीहरूको उद्देश्य अनुसार वर्गीकरण गर्नुपर्छ । आधारभूत सेवा प्रदान गर्ने, रणनीतिक रूपमा चाहिने तथा निजीक्षेत्रको उपस्थिति नभएका क्षेत्रमा संस्थानहरूमा सरकारी स्वामित्व राखिरहन उपयुक्त हुन्छ भने मुनाफाको उद्देश्य राखिएका तथा पर्याप्त निजी प्रतिस्पर्धी भएका संस्थानहरूलाई निजीकरण गर्दा उपयुक्त हुन्छ । 

समाजमा वस्तु र सेवाहरूको वितरणका लागि चाहिने र निजीकरण गर्न नमिल्ने संस्थानहरू जस्तै नेपाल आयल निगम, नेपाल विद्युत् प्राधिकरण आदिलाई हेर्ने दृष्टिकोण र निजीक्षेत्र सहभागी संस्थानहरू जस्तै हेटौंडा सिमेन्ट, नेशनल टे«डिङ लिमिटेड जस्ता संस्थानलाई हेर्ने दृष्टिकोणमा फरकपन ल्याउन जरुरी छ । पहिलो वर्गका संस्थानहरूमा प्रतिस्पर्धी वातावरण बनाई कार्य सम्पादनमा सुधार ल्याउन जरुरी छ भने दास्रो वर्गका संस्थानहरूलाई निजीकरण तर्फ लैजान जरुरी छ । 

संस्थागत संरचना
सार्वजनिक संस्थानहरूको संरचना हेर्दा संस्थानहरू बोझिलो रहेको अनुभव हुन्छ । कर्मचारी संख्या, कर्मचारी खर्च र मुनाफालाई तुलनात्मक रूपमा अध्ययन गर्दा सो तथ्य उजागर हुन्छ । अत्यधिक कर्मचारीका कारण संरचना भद्दा भई कर्मचारी खर्च बढेको छ । यसले मुनाफामा नकारात्मक असर गर्छ । आव २०७४/७५ मा सरकारी स्वामित्वको तीन बैंकको जम्मा कर्मचारी संख्या ६ हजार ४९९ रहेको देखिन्छ । यो भनेको समग्र वाणिज्य बैंकहरूको कुल कर्मचारीको २० प्रतिशत हो । तर, कुल कर्जा प्रवाहमा यी बैंकहरूको योगदान जम्मा १४ प्रतिशत मात्र रहेको छ । यसैगरी २०७५/७६ मा पूर्ण सरकारी स्वामित्वको राष्ट्रिय वाणिज्य बैंकको कर्मचारी संख्या १९७३ रहेको देखिन्छ । उसले रू. ५ अर्ब ४२ करोड मुनाफा गरेको छ । सोही अवधिमा मुनाफामा दोस्रो रहेको नबिल बैंकले १०८५ कर्मचारीका साथ रू. ४ अर्ब २२ करोड मुनाफा आर्जन गरेको देखिन्छ । यसरी यी दुई संस्थाको प्रतिकर्मचारी मुनाफामा निजीक्षेत्रको नबिल बैंक करीब १२ लाखले अघि छ । यसरी तथ्यांकले सार्वजनिक संस्थानहरूमा कर्मचारीहरूको उत्पादकत्व कम रहको यथार्थलाई उजागर गर्छ । सो तथ्य अरू सार्वजनिक संस्थानको हकमा अझ भयावह रहेकोे अनुमान गर्न सकिन्छ । 

संस्थानहरूलाई आवश्यक पर्ने कर्मचारीहरू प्रतिस्पर्र्धाका आधारमा छनोट गर्ने, कर्मचारीहरूलाई उच्च नतीजाका लागि कार्य सम्पादन सम्झौता गरी स्वतन्त्र निकायबाट कार्यसम्पादन मूल्यांकनको व्यवस्था गर्ने प्रणालीको सृजना गरे हालको अवस्थामा सुधार आउन सक्छ । संस्थानहरूको संगाठनिक संरचनामा सुधार ल्याई र प्रविधिमैत्री प्रणलीका माध्यमबाट रिपोर्टिङ व्यवस्था मिलाउन जरुरी छ । 

सार्वजनिक संस्थानहरूको सञ्चालनका लागि ठूलो सुधार आवश्यक छ । उच्च व्यवस्थापनका लागि करारनामा गर्नु, कर्मचारी भर्नामा पारदर्शिता कायम गर्न लोकसेवा आयोगका माध्यमबाट काम गर्नु, कर्मचारीहरूलाई बा≈य हस्तक्षेपबाट मुक्त गर्ने प्रयास गर्नु, संस्थानहरूले सुधार गर्न नसकेको अवस्थामा सरकारी अनुदानमा रोक लगाउनु आदि सरकारी तहबाट सुधारका प्रयास भएका छन् । संस्थानहरूको सुधारको प्रयासलाई कायम गर्दै संस्थानहरूलाई निजीकरण गर्ने, प्रतिस्पर्धी बनाउन पहल गर्ने, व्यावसायिक सिद्धान्तका आधारमा कार्य गर्न प्रेरित गर्ने, संस्थागत तथा नीतिगत सुधारको थप व्यवस्था गर्ने आदि जस्ता विषयमा वर्तमान सरकारले दीर्घकालीन सोच राखी काम गर्न जरुरी छ । 

लेखक नेपाल राष्ट्र बैंकमा कार्यरत छन् । 

 Published in Arthik Abhiyan National Daily on Sep 12, 2019.

लघुवित्तमा विद्यमान समस्या: मर्जरबाट समाधान निस्कला ?

  लघुवित्तमा विद्यमान समस्या:  मर्जरबाट समाधान निस्कला ?

Sep 12, 2019 

लेख | दृष्टिकोण

 

सन् १९९० को दशकमा उदार अर्थतन्त्रको उदयसँगै नेपालमा वित्तीय संस्थाहरूको स्थापनाका लागि इजाजत प्रक्रिया सरलीकरण भयो । वित्तीय सेवाको पहुँच विस्तार मार्फत मुलुकका ग्रामीण क्षेत्रमा बसोवास गर्ने आर्थिक तथा सामाजिक रूपले पिछडिएका जनसमुदायका लागि रोजगारी सृजना र आय वृद्वि आदि मार्फत जीवनस्तर सुधारमा बंगालादेशका लघुवित्त संस्थाहरूले उल्लेख्य योगदान पुर्‍याएकोे मोडल अनुसरण गर्दै ग्रामीण विकास बैंकहरूको स्थापना गरी नेपालमा लघुवित्त क्षेत्रको स्थापना गरेको पाइन्छ । 

लघुवित्त वित्तीय संस्थाहरू २०७५ चैत मसान्तसम्म मुुलुुकका ७७ जिल्लामा ८९ संस्थाका ३ हजार ४१२ शाखाबाट लघुवित्त वित्तीय संस्थाको सेवा पुगिसकेको छ । लघुवित्त सेवाप्रदायकहरूको कुल सम्पत्ति/दायित्व २०७५ चैत मसान्तसम्ममा रू. २ खर्ब ५४ अर्ब पुगेको छ । त्यसै गरी कुल कर्जा तथा सापट रू. २ खर्ब १७ अर्ब पुगेको छ । 

यी मध्ये कतिपय संस्था वाणिज्य बैंकजस्तै सक्षम छन् भने कतिपय संस्थामा स्थायित्व सकंट समेत देखिएको छ । लघुवित्त वित्तीय संस्थाहरूको संख्या बढ्दै गएको परिप्रेक्ष्यमा विविध प्रगतिका हुँदाहुँदै पनि आज लघुवित्त क्षेत्रमा उल्लेख्य समस्या रहेका छन् ।

सेवा विस्तार 
लघुवित्तको सेवा विस्तार सकारात्मक नै भए पनि सोचे अनुरूप भएको छैन । सेवा विस्तारका लागि विविध अड्चनमध्ये मुलुकको भौगोलिक विकटताका प्रमुख हो । पहाडी र हिमाली क्षेत्रले देशको ८३ प्रतिशत भूभाग ओगटेकोमा सो क्षेत्रका अधिकांश भूभागमा अझै पनि सडक, बिजुली, यातायात, सञ्चार, सुरक्षा जस्ता वित्तीय सेवा विस्तारका लागि अत्यावश्यक पूर्वाधार दयनीय अवस्थामा छन् । 

साथै, ग्रामीण जनतामा वित्तीय साक्षरताको स्तर कमजोर भएकाले कर्जा प्राप्त गर्ने र त्यसलाई परिचालन तथा सदुपयोग गर्ने क्षमता कमजोर छ । यीबाहेक कमजोर सुरक्षाका कारण विकट क्षेत्रमा सेवा पुर्‍याउन गाह्रो भएको छ । 

कर्जा दोहरोपन 
लघुवित्त संस्थाहरूका लागि कर्जा सूचना प्रदान गर्ने संयन्त्रको अभावका कारण एकै व्यक्तिले विभिन्न संस्थावाट कर्जा लिई कर्जा नतिर्ने तथा संस्थाको सम्पत्ति दुरुपयोग गर्ने घटनाहरू असंख्य मात्रामा आइरहेका छन् । उच्च मुनाफाबाट प्रेरित भएर अस्वस्थ्य प्रतिस्पर्धाका कारण फरकफरक संस्थाले एउटै ऋणीलाई कर्जा प्रवाह गर्ने होडबाजीले दोहोरोपना बढ्दै गएको छ । आर्थिक वर्ष (आव) २०७६/७७ को बजेट वक्तव्यले लघुवित्तको कारोबारलाई कर्जा सूचना केन्द्रको दायरामा ल्याउने व्यवस्था गरेको र त्यसको प्रभावकारी कार्यान्वयन हुन बाँकी रहेको देखिन्छ । 

उच्च ब्याजदर 
पूँजीको लागत बढी हुने कारणले लघुवित्त संस्थाले कर्जामा लिने ब्याजदर पनि बढी हुने गरेका छ । यस अतिरिक्त ग्रामीण घरदैलोमा नै ग्राहकलाई वित्तीय सेवा प्रदान गर्नैपर्ने, कर्जा लिने ग्राहकलाई तालीम, शीप आदि दिनुपर्ने कारणले कर्जाको ब्याज बढी हुँदै जान्छ । 

वित्तीय स्रोतका लागि बैंकिङ क्षेत्रसँग भर पर्नुपर्ने भएकाले पनि कोषको लागत उच्च भएको देखिन्छ । हाल लघुवित्त वित्तीय संस्थाहरूले १८ प्रतिशत हाराहारीमा कर्जा उपलब्ध गराइरहेका छन् । वाणिज्य बैंकहरूबाट १२ देखि १४ प्रतिशतसम्म कर्जा लिएर लगानी गर्दा ४ प्रतिशत मार्जिन मात्र राख्दा पनि सो ब्याजदर पुग्छ । 

एकातिर ब्याजदर उच्च छ भने अर्कातिर संस्थाको मुनाफा अस्वाभाविक भएकाले ब्याजदर नै अस्वाभाविक हो कि भन्ने विवाद छ । यसर्थ स्रोतको उचित व्यवस्थापन गर्दै लघुवित्त वित्तीय संस्थाको ब्याजदरलाई एक वाञ्छित सीमाभित्र राख्न जरुरी छ । यसो गर्दा हामीले लघुवित्तका माध्यमबाट चाहेको जीवनस्तर वृद्घि र गरीबी न्यूनीकरणमा परिणाममुखी उपलब्धि प्राप्त गर्न सक्ने अवस्था सृजना हुन्छ । 

स्रोत संकलनको दायरा 
सर्वसाधारणबाट बचत संकलन गर्न हाल दुई संस्थाले मात्र अनुमति पाएका छन् । लघुिवत्त संस्थाहरूले आफ्नै सदस्यबाहेक सर्वसाधारणबाट बचत लिन सक्दैनन् । स्रोत अभावको पूर्तिका लागि सर्वसाधारणबाट बचत संकलन गर्न पाउनुपर्ने माग निकै लामो समयदेखि रहिरहेको छ । 

अहिले सर्वसाधारणबाट बचत स्वीकार गर्ने लघुवित्त संथाले कुल बचतको २ प्रतिशत रकम र सर्वसाधारणबाट बचत स्वीकार नगर्ने लघुवित्त संस्थाले शून्य दशमलव ५ प्रतिशत रकम अनिवार्य नगद मौज्दात राख्नुपर्ने प्रावधान छ । लघुवित्त संस्थालाई सर्वसाधारणको बचत संकलन गर्न दिँदा नेपाल राष्ट्र बैंकको प्रावधान अनुसार विना ब्याज रकम राख्नुपर्ने सीमा बढ्नेछ ।  

साथै, पछिल्लो चरणमा आएर बैंक तथा वित्तीय संस्थाहरूले आफ्नै सहायक कम्पनीका रूपमा लघुवित्त संस्थाको स्थापना गरेका छन् । यसले गर्दा स्रोत अभावको समस्या भएको र यसबाट लघुवित्त संस्थालाई विपन्न वर्ग अन्तर्गत जाने कर्जाको स्रोत साँघुरिने देखिन्छ किनकि आफ्नै संस्थालाई कर्जा प्रवाह गरेर स्रोतको सुनिश्चितता गर्नुपर्ने हुन्छ । 

संस्थागत सुशासन
अधिकांश लघुवित्त संस्थाहरू संस्थागत सुशासनको विषयमा कमजोर देखिएका छन् । संस्थाको सञ्चालक समितिमा योग्य व्यक्तिको चयन हुन नसक्नु, उपलब्ध व्यक्तिहरूमा बैंक तथा वित्तीय संस्थाका बारेमा यथेष्ट जानकारी नहुनु, संस्थाका स्रोतसाधनलाई व्यक्तिगत कार्यमा प्रयोग गर्नु, उच्च मुनाफाद्वारा उत्प्रेरित भई कर्मचारीहरूलाई व्यवसाय विस्तारका लागि अनुचित दबाब दिनु, कर्मचारीहरूको वृत्ति विकास, सरुवा, बढुवामा विधिसम्मत रूपमा काम नगर्नु आदि समस्या छन् । 

यसैगरी कर्मचारीहरूको हकमा क्षमतावान् कर्मचारीहरूको अभाव रहनु, बैंकको रकम अपचलन गर्ने, पद तथा संस्थाको सम्पत्तिको दुरुपयोग गर्ने, कर्जा सीमाभन्दा बढी कर्जा प्रवाह गर्ने, आवश्यक प्रक्रिया पूरा नगरी लापरबाहीपूर्ण तरीकाले कर्जा लगानी तथा असुली गर्नेे आदि क्रियाकलापलेसंस्थागत सुशासन कमजोर हुँदै गएको छ ।

मर्जर तथा प्राप्ति 
बैंक तथा वित्तीय संस्था स्थापनालाई प्रतिष्ठासँग जोड्ने चलनले लघुवित्त नै भए पनि स्थापना गरौं न भन्ने सोचाइका कारण लघुिवत्त संस्थाको संख्या बढेको हो । ‘पानी धेरै परेपछि खोला धेरै धमिलो हुन्छ’ भनेझैं लघुिवत्त क्षेत्रमा पनि संख्यात्मक वृद्धिका कारण उल्लेख्य समस्या आइरहेका छन् ।

चुक्ता पूँजी पुर्‍याउन नसक्नु, स्रोतको अभावमा कर्जा लगानी गर्न नसक्नु, गुणस्तरीय जनशक्तिको अभाव तथा भएका कर्मचारीको उचित व्यवस्थापन गर्न नसक्नु, कर्मचारी खर्चमा वृद्धि, नियमनकारी निकायको नीतिगत परिधिभित्र बस्न नसक्नु, संस्थागत खर्चमा मितव्ययी हुन नसक्नु, सूचनाप्रविधिमा उच्च खर्च आदि कारणले लघुवित्त क्षेत्रमा अझ अप्ठ्यारो दिन नआउला भन्न सकिँदैन । साथै लघुिवत्तहरूले विना धितो कर्जा प्रवाह गर्ने भएकाले सो कर्जासँग सम्बद्ध भएर आउने जोखिम उच्च हुन्छ । त्यसैले यस्तो कर्जा जोखिमका कारण थोरै चुक्ता पूँजी हुने संस्थाहरूलाई गाह्रो अवस्था आउन सक्छ । 

अतः लघुिवत्तको क्षेत्रमा मर्जरको अझ ठूलो सान्दर्भिकता छ । यसका लागि नेपाली अर्थतन्त्रले धान्ने आकारमा ल्याउने गरी नेपाल राष्ट्र बैंकले केही वर्षयता बैंक तथा वित्तीय संस्थाहरूको मर्जर सम्बन्धी नीति अंगीकार गरेको । मौद्रिक नीतिले समेत साबिकका सहुलियतमा थप छूटको व्यवस्था गरी सो नीति जारी राखेको छ । सहुलियतको आधारमा संख्या नघटेमा आगामी दिनमा नेपाल राष्ट्र बैंकले बाध्यात्मकारी मर्जर नीति नल्याउला भन्न सकिँदैन ।

उच्च आर्थिक वृद्धितर्फ अग्रसर भइरहेको हाम्रो अर्थतन्त्रको वृद्धिदरलाई स्थायित्व प्रदान गर्न लघुवित्त क्षेत्रको ठूलो भूमिका छ । रोजगारी वृद्धि, गरीबी निवारण, आय आर्जनमा वृद्धि, महिला सशक्तीकरण, साक्षरता वृद्धि, सामाजिक चेतना वृद्धि, आदिद्वारा सामाजिक, आर्थिक रूपान्तरणमा लघुवित्त क्षेत्रको उल्लेखनीय भूमिका हुने कुरामा द्विविधा नहोला । यसर्थ माथि उठेका मुद्दाहरूको आवश्यक सुनुवाइका निमित्त सरोकारवालाहरूको सक्रिय सहभागिताबाट प्रयास गर्न नितान्त जरुरी छ । लघुवित्त क्षेत्रलाई स्वच्छ, स्वस्थ, व्यवस्थित र मर्यादित बनाउन सरकार तथा नियमनकारी निकाय, लघुवित्त संस्थाहरू, सम्पूर्ण लघुवित्तकर्मी र सरोकारवालाहरूले उचित ध्यान दिनुपर्छ ।

लेखक नेपाल राष्ट्र बैंकका सहायक निर्देशक हुन् ।

 Published in Arthik Abhiyan National Daily on Sep 12, 2019.