Construction Federation Demands 'Construction Holiday' Amid Soaring Material Costs
Summary
The Federation of Contractors' Associations of Nepal has urged the government to declare a 'Construction Holiday' due to soaring prices of fuel and construction materials that threaten to increase infrastructure costs significantly.
Key Points
- The Federation of Contractors' Associations of Nepal (FCAN) demands a 'Construction Holiday' until construction material prices stabilize.
- Sharp increases in fuel prices, such as diesel, petrol, and kerosene, are causing financial strain for construction entrepreneurs.
- Price hikes in steel bars and cement, along with a shortage of bitumen due to halted exports from India and alleged carteling, are exacerbating burdens on Nepal's construction sector.
- FCAN requests government action to adjust project prices as per the Public Procurement Act to mitigate economic impacts.
