Kathmandu: The Finance Ministry has held discussions with former finance and revenue secretaries to seek their recommendations on the country’s economic progress. At a programme organized at the Finance Ministry on Sunday, the former secretaries suggested that the government should cut budget from non-performing projects and focus on mega projects.
According to National News Agency Nepal, the former secretaries emphasized the need for the government to ensure effectiveness in fiscal federalism, hold ministries and departments accountable to increase capital expenditure, and deepen inter-governmental relations across the three levels of government. They advised that austerity measures should be put in place, internal revenue sources increased, and budgets effectively spent on national pride projects to reduce the informal economy.
Additionally, recommendations included systematic operations of insurance companies, cooperative organizations, the capital market, and state-owned enterprises. They stressed the importance of prioritizing foreign investment over foreign assistance and loans, as well as emphasizing the significance of climate financing.
The former secretaries highlighted the need for the upcoming fiscal year’s budget to be implementable. They also suggested reviewing social security, integrating it into a comprehensive approach, exploring more revenue mobilization areas, ensuring market liquidity, and focusing on areas that create long-term liabilities for the state.
Furthermore, they urged the government to create an enabling environment for private sector growth. Present at the event were former chief secretary and finance secretary Bimal Koirala, former finance secretary Rameshwor Khanal, Bhanu Acharya, Krishna Hari Baskota, Suman Sharma, Rajan Khanal, Shishir Khanal, Madhu Marasini, and former revenue secretaries Lal Shankar Ghimire and Ramsharan Pudasaini.