KATHMANDU, July 14: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel said the government's first year was 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 perspective.
"The incumbent government has made a sea change in policy for creating an investment-friendly environment. Reform in the legal framework has also gained momentum,” he noted.
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The government has introduced the Economic Procedure and Financial Responsibility (First Amendment) Act, 2081 BS, Act to Amend Some Nepalese Laws related to improving the economic and business environment and enhancing investment, the Privatization (First Amendment) Act 2081 BS, the Customs Revenue Act 2081 BS, the Banking Crimes and Punishment Act 2082 BS, and the Customs Act 2081 BS.
Similarly, the government has come up with the Appropriation Act 2082 BS, the Act to Raise National Debt 2082 BS, the Finance Act 2082 BS, the Alternative Development Finance Operational Bill 2081 BS (presented in the House of Representatives), the Internal Revenue Operational Strategy 2081 BS, standards for making public expenditure economic and effective 2081 BS, and the Foreign Aid Operational Policy 2082 BS.
However, there are challenges for the economy such as revenue collection against targets, increasing capital expenditure, and exiting from the grey list, the DPM added.
The Ministry of Finance has formed a high-level economic reforms recommendation commission and made the commission's report implementable, he explained. Minister Paudel shared an increasing trend of hearing grievances and demands from the private sector.
In regard to the economic growth rate, the previous year's liability of over 30 billion rupees has been paid off and the payment issue has been resolved, he mentioned.
In the current fiscal year, a projection of 4.61 percent has been made, while last year it was 3.87 percent, the finance minister shared. The multi-year contract process has been organized and execution friendly, he said, adding the size of the economy has increased by four trillion. "Revenue growth has reached Rs 197 billion. Remittances have increased by 15.5 percent, reaching 1,532 billion rupees from 1,327 billion rupees last year,” the minister shared.
