Nepal's PM Oli's rule worsens economic situation, debt of Rs 44,892 per citizen

Kathmandu, 23 August 2020 Sunday

Nepal's KP Sharma Oli's government is taking a hard line on the border dispute with India, while the country's economic situation has become worrisome. Prime Minister Oli has been accused of escalating the dispute with India to cover up the government's failure. Now, data from the country's finance ministry shows that the Nepalese government has borrowed so much from abroad that every citizen of the country has a debt of Rs 44,892 on his head.

Nepal's news portal myrepublica says low growth in revenue collection, growth spending and government investment in sectors that have not paid off have led to the country's economy deteriorating. As of mid-July, the total debt to the government was NRs 134.67 billion, according to finance ministry records. Of the total debt owed to Nepal, Rs 733 billion was in the form of foreign debt.

According to the ministry, the country's debt is putting pressure on people. Nepal received Rs 304.70 billion in foreign aid in 2019-20, up 40.5% from the previous year. Ministry records also show that foreign aid in 2018-19 was Rs 216.86 billion, of which foreign debt was Rs 195.50 billion.

Oli's government in Nepal is facing allegations of corruption and unemployment. The government is being opposed for not being able to properly address issues such as the country's economy and the Corona virus. On the basis of all these issues, Oli's opponents in the country's ruling Communist Party of Nepal demanded his resignation. So, the Nepalese government raised the issue of Lipulekh, Kalapani and Limpiyadhura with India, which is considered an attempt to get support in the name of nationalism.