November 10: The Federation of Nepalese Commerce and Industry (FNCCI), the umbrella organization of the private sector of Nepal, has expressed solidarity with the agitating industrialists who have been protesting across the country over hike in interest rates and the Working Capital Loan Guidelines  implemented by the Nepal Rastra Bank. The federation has expressed its solidarity with the demands put forward by the district chapters of FNCCI and the associate members of the federation who have been opposing the policy of the central bank.

A meeting of FNCCI held on Wednesday expressed its solidarity with the agitating business community and has requested the central bank to manage liquidity crisis and stabilize interest rate and also to postpone the Working Capital Loan Guidelines. FNCCI has also requested all provincial chapters and member organizations to suspend the ongoing protest program. Likewise, the federation has also requested to provide support from their respective areas to make the elections successful.

During the period leading up to the election, the federation leadership will continue to be in dialogue with the government and Nepal Rastra Bank, and the federation has expressed its belief that the problems faced by the private sector will be resolved through dialogue. Even after the election, if the demands of the private sector are not addressed by the concerned bodies, the federation has said that it will announce more protest programmess in favour of economic stability and to establish the rights of the private sector.

Businessmen have been holding protest programmes across the country after Dashain stating that the government has introduced policies including a hike in interest rates that have affected the business. 

FNCCI unveiled the "Perceptions of FNCCI for Economic Stability '' on Wednesday and expressed the demands would be addressed in the meantime. It is mentioned in the statement that if the demand is not addressed even before the election, FNNCI will introduce other programs.

The federation said that lack of demand in the market has been affecting business, and the private sector is suffering due to the increase in interest rates and the guidelines implemented by the central bank. 

"The federation is in solidarity with the demands put forward by the district unions," the federation said in a statement. 

"However, the election of the members of the House of Representatives and the State Assembly is going to be held on November 20, and the election is important for the democratic system and open market economy," the statement added.