Government Commission Finds Cooperative Sector in Crisis Due to Financial Irregularities and Weak Regulation

Kathmandu. A high-level inquiry commission formed by the government has concluded that the cooperative sector is heading towards a crisis due to increasing financial irregularities, weak regulation, and activities contrary to the basic principles of cooperatives.

The report prepared by the commission formed by the government to investigate irregularities in cooperatives has concluded that although the cooperative sector is an important basis for Nepal's socialist-oriented economy, public trust has significantly eroded due to a lack of effective regulation and good governance.