Srilanka, our neighbouring is witnessing its worst economic crisis since independence. There is an acute shortage of food, fuel and cooking gas.
Several hospitals have had to suspend routine surgeries as they have run out of life-saving medicines. Authorities had to cancel examinations for millions of students, due to a shortage of paper.
Sri Lanka has to repay foreign debt totalling nearly $7 billion this year. The country is in talks with the International Monetary Fund for possible loan assistance.
And our country may also experience the same.
Recently, Nepal Rastra Bank (NRB) Spokesperson Gunakar Bhatta has said that the government has decided to stop the import of luxury items to prevent the decline of the foreign exchange (forex) reserves of the country. Nepal Foreign Exchange Reserves were measured at 10.9 USD bn in Mar 2021, compared with 11.1 USD bn in the previous month During the five months of the fiscal year 2021-22 (mid-July to mid-December), the country's merchandise exports soared 105.6 per cent from Rs 102.92 billion. However, the amount pales when compared to a surge of 59.5 per cent in imports to Rs 838.41 billion.
While the export-import ratio rose to 12.3 per cent in the review period from 9.5 per cent in the corresponding period of the previous year, the total trade deficit increased by 54.7 per cent to Rs 735.49 billion.
While seeing this we can conclude that our nation is also walking the same path as we import a needle to gundruk from another country. Nepal's government has blocked the import of foreign goods to save foreign Exchange but it will harshly affect the common people.
LET'S REMEMBER THIS AND VOTE FOR THE RIGHT CANDIDATE. COUNTRY DEPENDS ON OUR HAND.
