Kathmandu, Aug. 2 -- Youth entrepreneurs who have received or are in line to receive credit under the government's Youth Self-Employment Programme will be happy to know that the interest rate on loans has been slashed from the existing 10 percent to 8 percent.

A board meeting of the Youth and Small Entrepreneurs Self-Employment Fund held last month decided to reduce the interest rate for borrowers effective from July 16. The fund channelises its resources to entrepreneurs aged from 18-50 years through banks and financial institutions and cooperatives.

The decision follows moves by the government and the central bank to ensure that firms and people hit hard by the Covid-19 pandemic have access to funds at a lower interest rate.

"The red...