FIEUN Hosts a Social Dialogue: Addressing Challenges, Solutions & Future Strategies in Nepal’s Financial Sector

In response to the pressing economic circumstances in Nepal, the Financial Institute Employees Union in Nepal (FIEUN) took the initiative to organize a social dialogue dedicated to the country’s finance industry. 

The event witnessed an impressive turnout of 90 participants, including representatives from finance industry enterprise unions, management personnel, CEOs, the Minister of Finance, and the Acting Governor of the Central Bank of Nepal. The primary aim was to gather concerned stakeholders to collectively address the challenges, identify potential solutions, and provide valuable insights for the upcoming Monetary Policy in Nepal.

Finance Minister Mr Prakash Sharan Mahat emphasized that financial crises do not just impact investors and bankers but everyone in the country. It is imperative for all stakeholders in the finance sector to understand their roles and responsibilities. Therefore, the social dialogue focuses on effectively addressing these responsibilities in the industry.

Mr Nar Bahadur Thapa, former Executive Director of the Central Bank of Nepal (NRB), presented a working paper that discussed the challenges, solutions, and future strategies of the financial sector in Nepal. Acting Governor Ms Nilam Dhungana Timilsina of the Central Bank of Nepal (NRB) emphasized the role of the NRB in controlling inflation, maintaining the external balance of payments, and ensuring stability in the financial sector.

Mr Padam Raj Regmi, President of FIEUN, delivered a crucial message, cautioning against neglecting unions in the policy-making process. He deliberated on the need for an enhanced governing system that prioritizes transparency, accountability, and inclusivity, particularly during times of crisis.

Mr Shankar Lamichhane, President of UNI Nepal Liaison Council, underscored the significance of collaborative partnerships between NBA, NRB, government agencies and unions. With over 100,00 workers engaged in the industry, there is a pivotal role for workers in safeguarding their workplaces and their livelihoods.