The Confederation of Nepalese Industries (CNI) has said that the global economic slowdown caused by the financial crisis has inflicted Nepali manufacturing industries a loss of 20 billion Nepali rupees (about 250 million U.S. dollars), The Kathmandu Post reported on Monday.
"Mainly the industries related to iron, plastic, edible oil, metals and other manufacturing industries have been badly hurt by the ongoing global crisis," said CNI President Binod Chaudhary, as quoted in a press statement issued by CNI on Sunday.
Leading a delegation of CNI on Sunday, Chaudhary met Finance Minister Baburam Bhattarai, the statement said.
The CNI delegation further expressed concerns that it (global recession) could affect tourism, foreign investment, housing and financial transactions and remittance inflow. They cautioned that it could also hit the government's revenue collection target.
The delegation sought immediate steps from the government -- such as reduction in cash reserve ratio of banks, among others -- to shield the key sectors of the economy from further adverse impacts.
Bhattarai, on the other hand, responded that he would form a task force to ascertain the impact of the global economic slowdown and identify measures to shield the country's economy.
Source: Xinhua
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