KATHMANDU, March 22: All protest programs initiated by cooperative victims have been suspended following the agreement reached between the victim side and the government negotiation team.

On Thursday, the victim side and the government negotiation team formed a high-powered committee at Singha Durbar and reached an eight-point agreement including the immediate return of the fund of depositors, and the victim side decided to suspend all the protest programs.

Pitambar Ghimire, registrar of the Department of Co-operatives, said the two sides have also agreed to audit the accounts of troubled cooperatives in the agreement signed in the presence of the Minister of Land Management, Cooperatives and Poverty Alleviation Balaram Adhikari.

The two sides have also agreed to immediately implement the recommendations made by the Cooperative Sector Reforms Recommendation Taskforce - 2080 to strengthen the institutional capacity of cooperative institutions affected by existing problems such as manpower, resource allocation, proper management of assets and liabilities, and to promptly take legal action against cooperative managers, operators, and associated staff who commit offenses in accordance with the law. The agreement also states that the Savings and Loan Security Fund, Loan Information Center, and Loan Recovery Tribunal shall be established for the immediate implementation of the recommendations.

Speaking at the program, Minister Adhikari said that the government will immediately proceed with the implementation of the agreement. He assured the victims of Cooperative Savings that there will be no delay in making legislation required to carry out certain tasks related to it.