KATHMANDU, March 8: Speaker of the House of Representatives Devraj Ghimire has said that it is necessary to formulate a separate law for the operation of the cooperative sector.  

He said this while addressing a two-day conference of chief executive officers of cooperatives and financial institutions today. Speaker Ghimire said that in order to organize the cooperative sector, it is necessary for the government to bring in a law related to savings and credit cooperatives.

Speaker Ghimire also said that the relevant stakeholders are consulting and discussing the need for the provision of a separate law in this regard and said that he will provide impartial support to pass the law in this regard through parliament. He suggested necessary consultations with political parties and the government for the formulation of the law. Speaker Ghimire said that the law should be created by including the problems seen in the current situation and past experiences in cooperatives. He said that although the limit of Rs 2.5 million was set in the Cooperative Act, there were many amendment requests to parliament, so he was ready to move forward with more support.  

Speaker Ghimire suggested the effective implementation of the law as it was proposed by the government and discussed in parliament. He expressed his belief that the development of the cooperative sector will help to build a socialist economy and a socialist society.    

 
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