Co-op sector should be made dignified, credible and sustainable: Minister Shrestha

Kathmandu, Nov 19: Minister for Land Management, Cooperatives and Poverty Alleviation, Shashi Shrestha has underscored the need of making the cooperative sector dignified, credible and sustainable. Inaugurating the 30th General Assembly of Nepal Federation of Savings and Credit Cooperative Unions Ltd. (NEFSCUN) here today, she pledged to move ahead through collaboration with the cooperatives sector to achieve the goal of development.

Minister Shrestha said that the Ministry has forwarded preparations for a ‘Vision Paper’ to develop the cooperative sector as the basis of the nation’s prosperity, describing the cooperative sector as an important and sensitive component of the three-pillar economic policy.

Expressing the confidence that the contribution of the saving and credit cooperative institutions would be significant towards achieving the national goal of poverty alleviation through social empowerment, the Cooperative Minister said the role of cooperative is very important to strengthen the national economy, to integrate the scattered labour, skill, capital and technology and to promote overall production, productivity and create employment through extensive networking.

“The saving and credit cooperative institutions have a crucial role in building an independent and self-sufficient economy by promoting entrepreneurship,” she reiterated. Minister Shrestha said the cooperatives and the banks are different from the legal, administrative and theoretical perspectives, and stressed the need of operating the saving and credit cooperatives and multi-purpose cooperative through collective cooperation and democratic practices.

Noting that public trust and reliance on cooperatives has been declining due to some activities of some cooperatives going beyond the basic principles and values, Minister Shrestha urged the cooperatives to take initiatives for having institutional good-governance. NEFESCUN president KB Uprety spoke on the important role of the cooperatives in achieving economic prosperity for the nation.