Kathmandu. The government is going to increase the efficiency of allocation in government expenditure and focus investment on high-return projects. President Ram Chandra Poudel made this announcement while presenting the policy and program for the upcoming fiscal year 2082/83 at a joint meeting of the Federal Parliament today.
He said, ‘Unnecessary public structures will be abolished, merged or restructured.’ Keeping current expenditure within the desired limits, public sector investment will be focused on promoting and complementing private sector investment.’
The government is going to make structural transformations in the tax system to promote industrialization, investment promotion and enhance the competitiveness of the economy, as well as develop a taxpayer-friendly revenue system through tax administration reform and the use of information technology.
The policy and program states, ‘Foreign assistance will be mobilized through the national system based on development needs and priorities. Foreign investment will be focused on high-yield industrial and physical infrastructure projects.’
President Poudel stated that assistance will be mobilized to enhance Nepal’s access to the Climate Finance Fund, development of innovative technologies, private sector investment, and productivity of the economy. Similarly, he mentioned that an alternative finance fund will be established to meet the needs of project investment.
The government will pass the Finance Mobilization Bill in this session of Parliament and, in line with the strategy of the Sixteenth Plan, will focus on implementing information technology, tourism, agriculture, energy and green industrialization as new bases for employment-oriented economic growth and structural transformation, and achieving the Sustainable Development Goals by 2030.
It is also said that a strategy will be implemented to facilitate the transition from a least developed country to a developing country in 2026.
‘Laws related to trade agreement expansion, alternative finance and barter will be formulated. “The capacity and transparency of the capital market will be increased by attracting private capital to potential public infrastructure through innovative financial instruments, strengthening the Securities Board and restructuring the stock exchange,” President Poudel said.
He also mentioned that the second financial sector development strategy will be implemented. “The second financial sector development strategy will be implemented. An asset management company will be established to manage non-banking assets and bad loans of banks and financial institutions. The development of the ‘digital’ economy and cashless financial transactions will be enhanced by expanding information technology infrastructure,” President Poudel said.
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