Kathmandu. The government has prepared a 408-point action plan to implement the report of the Rameshwor Khanal-led High Level Economic Reform Commission within three years.
According to the action plan, the report will be implemented within three years. In the action plan, a body has also been designated to implement the issues prepared by the Commission.
Nepal Rastra Bank (NRB) has been asked to maintain the period for foreign exchange reserves to sustain imports of goods and services from five to seven months. According to the action plan, the foreign exchange reserves will be able to sustain the import of goods and services for five to seven months after the Rastra Bank does so.
In the context of interest rates, the Rastra Bank should make arrangements to get loans to productive and export-oriented sectors at a fixed interest rate. This has to be facilitated by the Ministry of Finance. From this, loans will be provided to productive export-oriented sectors at fixed interest rates.
In order to promote productive industries and exports, the Rastra Bank will have to make arrangements for the first home loan taken by people with fixed income and fixed income at a fixed interest rate for a certain period of time, which is expected to reduce the interest rate gap between loans and deposits within one year of the fixed rate of interest being stable for a certain period.
Nepal Rastra Bank (NRB) has to reduce the interest rate gap between loans and deposits to reduce the operating cost of the banking system, enhance capacity and maintain financial stability.
Similarly, the Rastra Bank has to adopt the interest rate policy within one year so that the actual interest rate on deposits will be positive and the interest rate on loans will remain in a single high digit or low double digit. According to the action plan, Nepal Rastra Bank (NRB) will develop the bond market to address interest rate fluctuations in the economy.
According to the action plan, the Ministry of Finance should make arrangements for alternative finance within a year to provide financial resources easily at low interest rates. It will be monitored by the Prime Minister and the Council of Ministers, according to the action plan. It is stated that alternative finance will have been mobilized through this work done by the Ministry of Finance during this period.
Similarly, the Ministry of Finance will cut government spending and reduce indirect tax rates. This is expected to reduce government spending and indirect tax rates.
The concerned ministries will adopt measures to reduce production and business costs. This will reduce the cost of production and business. The goal is to control black marketing and ensure the supply of goods and services.
As per the decision of the Council of Ministers on May 27, the committee was formed under the coordination of secretary of the Office of the Prime Minister and Council of Ministers with revenue secretary at the Ministry of Finance and secretary (industry) of the Ministry of Industry, Commerce and Supplies as members.
The committee was given the responsibility of preparing an action plan for the implementation of the recommendations made by the report of the High Level Economic Reform Suggestion Commission- 2081, formed under the chairmanship of former Secretary Rameshwor Prasad Khanal.
The Cabinet had approved the action plan prepared by the same committee.
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