The coronavirus forced lockdown is going to damage our economy by 2 per cent to 4 per cent of the GDP, according to the Prime Minister.
“The adequate attention of the government has been drawn to the analyses of various subject experts that the damage to our GDP shall be to the tune of 2 per cent to 4 per cent due to this pandemic,” said the premier addressing the nation today morning on the occasion of New Year 2077 BS.
“Relevant agencies of the government have already been tasked to estimate post-epidemic damages,” he said, adding that as the speed of the pandemic will be predictable within the coming week, broader evaluation process will be conclusive only after that. “Apart from the social and psychological cost of this pandemic, the consequent global economic recession is going to inflict profound impact on the emerging economies such as ours.”
The PM also vowed to bring plans to revive the country's economy which has hit hard by the deadly virus. According to various studies, the country is losing some Rs 5 billion everyday due to lockdown. The government had imposed lockdown from March 24 to contain the spread of Covid-19 – popularly known as coronavirus – as maintaining the physical distancing is key to contain the deadly pandemic that has already claimed over 100,000 lives across the globe.
Talking about the $29 million cooperation agreement that has been concluded with the World Bank as emergency support for prevention of coronavirus infection, along with, some $1,563 million on different headings, arranged from various development partners including the World Bank, the Prime Minister assured that policy to implement the employment programme targeting those youths on overseas employment, who are at the risk of losing job due to the possible global economic slowdown, and those unemployed youths within the country will be dealt and promoting agro-based, small and medium enterprises (SMEs), concrete plan will be put in place in collaboration with the relevant entrepreneurs, experts and youths themselves to explore the potential new areas of self-employment.
The pandemic has hit hard the daily wages workers, and unorganised sector employees as the lockdown has snatched their jobs, and livelihood.
As the government has been charged of neglecting the people of lower strata, and also those around the poverty line, the premier claimed to announce an 'economic recovery package' through its policy and programme and budget to connect the missing link with the broken production-relation and how to run again the obstructed production system. “Once we flatten the curve of this pandemic, we will surely adopt the policy of 'investment, investment and, again investment' in order to enhance economic activities,” he said, adding that currently the government study and survey is focused on 'how to connect the missing link with the broken production-relation' and 'how to run again the obstructed production system'. “Based on the findings and recommendations of the study, the government will announce an 'economic recovery package' through its policy and programme and budget.”
“With the end of this pandemic, a dialogue needs to be initiated about human-centred new world order,” he added.
PM Oli also to not get his salary, which will go to the government established fund, until the pandemic ends.
Reciting his wish list, the premier said that it was government’s plan to inaugurate Ranipokhari – in the first half of the first month (Baishakh) of the New Year 2077 BS –damaged by the devastating earthquake of 2015. “It was contemplated that the Dharahara would be rising not only up to the 10th floor but beyond that,” he said, adding that awarding of contract would have been concluded for the Sunkoshi-Marin Diversion project. “A new programme would have been announced on public transport.”
However, due to the epidemic, the country has arrived at a juncture that requires postponement of a number of projects, creates obvious delays in construction works and makes it necessary for the transfer of budgets to another headings and the rearrangement of the priority sectors, Oli said, adding that the highest and only priority today, as we all know, is the health and safety of all the citizens. “The most important development and reconstruction activity at present is to ensure the prevention of the infection from spreading.”
“The adequate attention of the government has been drawn to the analyses of various subject experts that the damage to our GDP shall be to the tune of 2 per cent to 4 per cent due to this pandemic,” said the premier addressing the nation today morning on the occasion of New Year 2077 BS.
“Relevant agencies of the government have already been tasked to estimate post-epidemic damages,” he said, adding that as the speed of the pandemic will be predictable within the coming week, broader evaluation process will be conclusive only after that. “Apart from the social and psychological cost of this pandemic, the consequent global economic recession is going to inflict profound impact on the emerging economies such as ours.”
The PM also vowed to bring plans to revive the country's economy which has hit hard by the deadly virus. According to various studies, the country is losing some Rs 5 billion everyday due to lockdown. The government had imposed lockdown from March 24 to contain the spread of Covid-19 – popularly known as coronavirus – as maintaining the physical distancing is key to contain the deadly pandemic that has already claimed over 100,000 lives across the globe.
Talking about the $29 million cooperation agreement that has been concluded with the World Bank as emergency support for prevention of coronavirus infection, along with, some $1,563 million on different headings, arranged from various development partners including the World Bank, the Prime Minister assured that policy to implement the employment programme targeting those youths on overseas employment, who are at the risk of losing job due to the possible global economic slowdown, and those unemployed youths within the country will be dealt and promoting agro-based, small and medium enterprises (SMEs), concrete plan will be put in place in collaboration with the relevant entrepreneurs, experts and youths themselves to explore the potential new areas of self-employment.
The pandemic has hit hard the daily wages workers, and unorganised sector employees as the lockdown has snatched their jobs, and livelihood.
As the government has been charged of neglecting the people of lower strata, and also those around the poverty line, the premier claimed to announce an 'economic recovery package' through its policy and programme and budget to connect the missing link with the broken production-relation and how to run again the obstructed production system. “Once we flatten the curve of this pandemic, we will surely adopt the policy of 'investment, investment and, again investment' in order to enhance economic activities,” he said, adding that currently the government study and survey is focused on 'how to connect the missing link with the broken production-relation' and 'how to run again the obstructed production system'. “Based on the findings and recommendations of the study, the government will announce an 'economic recovery package' through its policy and programme and budget.”
“With the end of this pandemic, a dialogue needs to be initiated about human-centred new world order,” he added.
PM Oli also to not get his salary, which will go to the government established fund, until the pandemic ends.
Reciting his wish list, the premier said that it was government’s plan to inaugurate Ranipokhari – in the first half of the first month (Baishakh) of the New Year 2077 BS –damaged by the devastating earthquake of 2015. “It was contemplated that the Dharahara would be rising not only up to the 10th floor but beyond that,” he said, adding that awarding of contract would have been concluded for the Sunkoshi-Marin Diversion project. “A new programme would have been announced on public transport.”
However, due to the epidemic, the country has arrived at a juncture that requires postponement of a number of projects, creates obvious delays in construction works and makes it necessary for the transfer of budgets to another headings and the rearrangement of the priority sectors, Oli said, adding that the highest and only priority today, as we all know, is the health and safety of all the citizens. “The most important development and reconstruction activity at present is to ensure the prevention of the infection from spreading.”
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