Microfinance and poverty alleviation have been synonymous. Nepal has also done much to this end. Nepal has already formulated necessary policies and action plans to promote microfinance. It has taken an approach of giving priority to private sector in promoting microfinance. It is matter of pride that Nepal is ahead among the countries which have done well in developing microfinance. It is, however, ridiculous that the government is yet to realize achievement of this sector. A provision in this year’s budget, expresses government’s commitment to utilize microfinance as an effective means to provide finance in rural parts of the nation. The provision brings to light the government’s ignorance about the development of microfinance sector in Nepal over the last two decades. The budgetary provision is very much ambiguous in itself. For instance, it has mentioned the provision of propelling expansion of microfinance sector but it has not included any concrete measures. The rhetorical budget does not make any sense. In my opinion, we need to expand microfinance in the urban areas now. Central Bank has been doing good to promote microfinance throughout the country. However, we cannot take microfinance sector to the next level unless the government extends support. It is time that the government takes some concrete measures to accelerate the expansion of microfinance across the country.
Posted on: Mon, 11 Nov 2013 09:44:15 +0000
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