Government Drafts 18-Point National Commitment to Create Employment Through Cooperatives

The government has drafted an 18-point national commitment document outlining plans to generate employment and self-employment through cooperatives. It commits to bringing the non-banking financial sector under the direct and robust supervision of the central bank. To safeguard cooperative savers’ earnings, an integrated savings protection fund will be established, prioritizing payments to savers of distressed institutions. Kathmandu, 1st Baisakh.

The draft, based on the manifestos of all six national parties represented in the House of Representatives, emphasizes employment creation through cooperatives. In unveiling the draft national commitment, the government pledged to replace the unregulated and weak oversight of cooperatives and microfinance institutions by incorporating the non-banking financial sector under the central bank’s direct and effective supervision.

Cooperatives and microfinance institutions will be linked to the credit information center, ensuring lending based only on borrowers’ real capacity. The focus will be on productive loans, collateral-free collective guarantees, and entrepreneurship loans rooted in local skills. According to the national commitment, the cooperative federation will establish regulations and standards for cooperatives, while provincial and local governments will be responsible for effective registration, record-keeping, and good governance of cooperative institutions.

Registration, reporting, monitoring, and information systems for cooperatives will be fully digitized. The government also commits to commercializing cooperatives, enhancing branding, implementing quality certification, and expanding national and international market access through e-commerce. Additionally, employment and self-employment opportunities will be created through cooperatives targeting youth, women, laborers, and marginalized communities.