Preparation for Providing Concessional Loans to Those Going for Foreign Employment

The government has initiated a plan to provide concessional loans to youth aspiring to go for foreign employment. The Ministry of Labour, Employment, and Social Security has advanced this plan to end the compulsion for workers going abroad for employment to take loans at high interest rates from individuals.

Krishna Prasad Bhusal, the Undersecretary and Information Officer of the Ministry, stated that workers seeking foreign employment are compelled to look for loans even for service fees, and the government is discussing arrangements to provide such individuals with loans at low-interest rates through banks. “Discussions are ongoing with various banks to provide loans at low-interest rates to Nepali workers going abroad,” he said. “Workers will be required to conduct regular remittance transactions and gradually repay the principal and interest through the same bank providing the loan.”

It has been stated that if the arrangement for obtaining loans through banks can be implemented, it will also strengthen the implementation of the ‘Free Visa, Free Ticket’ provision applied in some countries for foreign employment. The Ministry believes this will put an end to the high interest rates and financial exploitation imposed on youth aspiring for foreign employment. By arranging loans through banks for workers going abroad, the Ministry expects that the service fees of manpower companies will also be regulated.

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