Kathmandu: Deputy Prime Minister and Minister for Finance, Bishnu Prasad Paudel said the government’s first year went productive. Talking to RSS on the occasion of the completion of a year after assuming the ministerial berth, Paudel claimed the formative period of the government went well from economic, social, cultural, and educational fronts. “The incumbent government has made sea change in policy for creating investment-friendly environment. Reform in legal framework has also gained momentum,” he noted.
According to National News Agency Nepal, the government has introduced several legislative measures aimed at enhancing the economic and business environment. Key among these are the Economic Procedure and Financial Responsibility (First Amendment) Act, 2081, and the Act to Amend Some Nepalese Laws related to improving investment. Other notable laws include the Privatization (First Amendment) Act 2081, the Customs Revenue Act 2081, the Banking Crimes and Punishment Act 2082, and the Customs Act 2081.
The government has also initiated the Appropriation Act 2082 and the Act to Raise National Debt 2082, among others. Additionally, the Finance Act 2082 and the Foreign Aid Operational Policy 2082 have been rolled out to streamline economic procedures. Challenges persist, such as revenue collection against targets, increasing capital expenditure, and removing the country from the grey list, as noted by the Deputy Prime Minister.
The Ministry of Finance has established a high-level economic reforms recommendation commission, making its report actionable. Minister Paudel highlighted the government’s responsiveness to grievances and demands from the private sector. Economic growth projections indicate a rise to 4.61 percent in the current fiscal year, up from 3.87 percent last year. The liability of over 30 billion rupees from the previous year has been addressed, improving payment issues.
Further improvements include the organization of the multi-year contract process and an increase in the economy’s size by four trillion. Revenue growth has reached Rs 197 billion, and remittances have risen by 15.5 percent, totaling 1,532 billion rupees compared to 1,327 billion rupees last year.