सिंहदरबार संवाददाता
Kathmandu. The Ministry of Finance has discussed economic reforms with former Finance Secretaries. The former Finance Secretaries have suggested taking bold steps for further reforms in the economy.
At a program organized at the Ministry of Finance, they have suggested to ruthlessly cut back on unprofitable projects, focus on large projects, make fiscal federalism effective, make the relevant ministries and departments responsible for capital expenditure, and increase coordination between the federal, provincial, and local levels.
Similarly, they have suggested to adopt frugality in current expenditure, increase internal resources, make expenditure effective in projects of national pride, and minimize the informal economy. The former Finance Secretaries have emphasized on the need to organize insurance, cooperatives, capital markets, and corporations. They say that the Money Laundering and Investigation Department should be brought under the Ministry of Finance.
The former secretaries also suggest that foreign aid should focus on investment rather than aid and loans, that climate finance should be emphasized, and that a budget should be brought that is factual and implementable. They have also suggested the Ministry of Finance to review and integrate social security, eliminate sick industries based on studies, consider tax exemptions, find more options in the field of revenue mobilization, increase liquidity in the market, and pay special attention to areas where the state has long-term liabilities.
Similarly, they have emphasized prioritizing alternative financial management, keeping revenue targets realistic rather than ambitious, increasing capital expenditure, harmonizing fiscal policy and monetary policy, formulating policies and budgets based on facts, effectively implementing existing laws and regulations, maintaining policy stability, and focusing on the service sector.
They have also suggested to improve the business environment in a way that makes the sector easier. The program was attended by former Chief Secretary and former Finance Secretary Dr. Bimal Koirala, former Finance Secretaries Rameshwor Khanal, Bhanu Acharya, Krishnahari Baskota, Suman Sharma, Dr. Rajan Khanal, Shishir Dhungana, Madhu Marasini and former Revenue Secretaries Lalshankar Ghimire and Ramsharan Pudasaini.
Finance Secretary Ghanshyam Upadhyay and Revenue Secretary Dinesh Kumar Ghimire have said that they will move forward by considering the suggestions received from the former secretaries.
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